ABN 64 089 145 424
Annual Report
30 June 2014
CRUCIBLE GOLD LIMITED
ABN 64 089 145 424
Table of Contents
Corporate Directory ................................................................................................................................... 2
Chairman’s Letter ....................................................................................................................................... 3
Review of Operations ................................................................................................................................. 4
Directors’ Report ........................................................................................................................................ 9
Auditor’s Independence Declaration....................................................................................................... 22
Corporate Governance Statement .......................................................................................................... 23
Consolidated Statement of Profit or Loss and Other Comprehensive Income ..................................... 27
Consolidated Statement of Financial Position ........................................................................................ 28
Consolidated Statement of Changes in Equity ........................................................................................ 29
Consolidated Statement of Cash Flows ................................................................................................... 30
Notes to the Consolidated Financial Statements ................................................................................... 31
Directors’ Declaration .............................................................................................................................. 57
Independent Auditors Report .................................................................................................................. 58
Additional Shareholder Information........................................................................................................ 60
Annual Report – 30 June 2014
Page 1
CRUCIBLE GOLD LIMITED
ABN 64 089 145 424
Corporate Directory
CRUCIBLE BOARD
Tim Fry
Non-Executive Chairman
Simon Coxhell
Executive Director
Peter Pawlowitsch
Ken Richards
Michel Mian
Non-executive Directors
Ian Hobson
Company Secretary
SHARE REGISTER
Computershare Investor Services Pty Ltd
Level 2 Reserve Bank Building
45 St Georges Terrace
Perth WA 6000
Telephone +61 8 9323 2000
Facsimile +61 8 9323 2033
AUDITOR
BDO Audit (WA) Pty Ltd
38 Station Street
Subiaco WA 6008
STOCK EXCHANGE
Crucible Gold Ltd shares are
listed on the Australian Securities Exchange
ASX Code: CUG
PRINCIPAL AND REGISTERED OFFICE IN AUSTRALIA
Suite 5, 95 Hay Street
Subiaco WA 6008
PO Box 229 Subiaco WA 6904
Telephone: +61 8 9486 8237
Facsimile : +61 8 9226 3764
Email:
info@cruciblegold.com.au
Website: www.cruciblegold.com.au
SOLICITOR
Nova Legal
Grd Floor 10 Ord Street
West Perth WA 6005
BANKER
ANZ Bank
118 Victoria Street
Bunbury WA 6230
Annual Report - 30 June 2014
Page 2
CRUCIBLE GOLD LIMITED
ABN 64 089 145 424
Chairman’s Letter
Dear Shareholders
CHAIRMAN’S LETTER
It has been a challenging year for Crucible Gold Ltd (“Crucible or the Company”). As pre-empted in last
year’s annual report, the lack of exploration funds as investors have reduced their risk appetite for junior
exploration companies, particularly in those with exposure to the gold sector in West Africa has been
further exacerbated with the more recent retreat of the gold price. Crucible has not been immune to these
fundamental changes in the investment climate and as a consequence the board and management of your
Company have been focussed on preserving cash and seeking opportunities in other commodities and also
other market sectors.
The ongoing exploration in Cote d’Ivoire has been significantly reduced and after a long wait the company
was finally granted its Aboisso and Bodite licences. First pass exploration has been completed and
anomalous gold values returned. The Company has completed second pass program with results pending.
The search for new opportunities outside of the resource sector culminated in a transaction with a
Melbourne based technology company, Medulla Group Pty Ltd in April 2014, the owner of the “dubber”
technology.
The dubber technology suite provides call recording and audio asset management in the cloud. This leading
edge platform has been designed and built to accommodate all businesses globally, record their calls and
manage their recordings centrally. Dubber will be available across all devices and instantly accessible for
many and varied user cases.
Dubber is a software technology suite in a multi-billion dollar hardware centric market place. It provides
enhanced service at a fraction of the cost base and is flexible to a myriad of applications, not easily
achievable with current market solutions. These benefits include immediate access to the call recording at
any time from any location and the ability to asset manage and utilise recordings within existing enterprise
systems as is the case for other forms of content, but largely not for voice recording.
In July 2014 Crucible exercised its option to purchase a total of 100% of dubber, via the issue of shares and
further investment. The transaction is based on dubber reaching certain milestones relating to its economic
and commercial outcomes and at this time, indications are positive that the commercialisation of the
product is building with strong interest from many potential users and re-sellers. The completion of the
transaction is still subject to shareholder approval with shareholder meetings expected in November 2014.
On behalf of the Board, I would like to thank all staff and contractors for their contribution to the continuing
development of the Company. I would also like to thank our shareholders for their continued support.
Yours faithfully
Peter Pawlowitsch
For Tim Fry,
Chairman
Annual Report - 30 June 2014
Page 3
CRUCIBLE GOLD LIMITED
ABN 64 089 145 424
Review of Operations
Corporate
REVIEW OF OPERATIONS
August 2013:
25,250,000 Performance Shares cancelled.
April 2014:
Placement of 3,900,000 shares at 2.5c raising $97,500
June 2014:
2 for 1 Renounceable Rights Issue at 2.5c completed with shortfall oversubscribed raising
approximately $1.5m
Exploration Activities
Poya Project – Burkina Faso
Crucible Gold has an 88.89% interest in the Poya Gold Exploration Licence covering 111 square kilometres of
prospective Birimian volcanic ground. The licence is situated in central Burkina Faso within the Hounde
Greenstone Belt.
Figure 1. Simplified regional geological and structural map of Burkina Faso.
The work completed by Crucible has highlighted the gold potential of the project area and during the course
of the year a number of discussions with private and public potential joint venture partners took place. As
yet no transaction regarding Poya has been made, but in the light of reduced exploration activity in West
Africa a joint venture partner will continue to be sought to fund the next stage of exploration.
Annual Report - 30 June 2014
Page 4
CRUCIBLE GOLD LIMITED
ABN 64 089 145 424
Cote d’Ivoire – Applications and Granted Licences
REVIEW OF OPERATIONS
The Company had originally applied for seven exploration licence applications for ground considered
prospective for gold mineralisation within the Birimian Greenstone sequence in Cote d’Ivoire.
GIS data interpretation incorporating aeromagnetics, mapped and interpreted geology and landsat review
identified three licence areas of particular interest, and under prospecting authorisation first pass sampling
on the three licence areas (Vavoua, Bodite Aboisso) was completed.
Crucibles local geologist and field assistants travelled to the three licences and accessed the areas on
walking tracks and roads and took samples at nominal 200 metre centres over the interpreted and mapped
structures and contact zones.
The results for Bodite and Aboisso are considered interesting requiring further evaluation, whilst the
Vavoua results have only one isolated anomalous result and no further work is being considered. The
licences for Bodite and Aboisso have now been granted and second pass program has been completed and
results are pending.
Competent persons statement
The comments regarding the geology, prospectivity and exploration results, in this document, have been made by
Simon Coxhell, (Member Australasian Institute of Mining and Metallurgy), who is a consultant and director employed
by Crucible Gold Ltd. Mr Coxhell has sufficient experience, relevant to the style of mineralisation and type of deposit
under consideration and to the activity which he has undertaken to qualify as Competent Persons as defined in the
2012 Edition of the Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC
Code). Mr Coxhell consents to the inclusion in the report of the matters based on his information in the form and
context in which it appears.
Annual Report - 30 June 2014
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CRUCIBLE GOLD LIMITED
ABN 64 089 145 424
New Project Review
REVIEW OF OPERATIONS
The recent down turn in investor appetite for junior exploration companies, particularly in West Africa has
resulted in the Company making a number of adjustments to its planned operations and exploration
programs, including actively reviewing opportunities in other jurisdictions, commodities and market sectors.
The search for new opportunities outside of the resource sector culminated in a transaction with a
Melbourne based technology company, Medulla Group Pty Ltd (“Medulla”) in April 2014, the owner of the
“dubber” technology, developing an affordable and user friendly cloud based software providing call
recording and audio asset management.
The dubber technology suite provides call recording and audio asset management in the cloud. This leading
edge platform has been designed and built to accommodate all businesses globally, record their calls and
manage their recordings centrally. Dubber will be available across all devices and instantly accessible for
many and varied user cases.
Dubber is a software technology suite in a multi-billion dollar hardware centric market place. It provides
enhanced service at a fraction of the cost base and is flexible to a myriad of applications, not easily
achievable with current market solutions. These benefits include immediate access to the call recording at
any time from any location and the ability to asset manage and utilise recordings within existing enterprise
systems as is the case for other forms of content, but largely not for voice recording.
The browser-based technology will include cheap IP based telephone calls/recording and a ‘freemium’ to
subscription business model. It is available in a scalable enterprise platform with promising early domestic
sales and a future plan to internationalise through a system of integration/consultancy firms plus
distribution and resellers.
The terms of the agreement with Medulla are described below.
Grant of Option
(a)
Crucible will provide $500,000 of funding to dubber via convertible notes (Convertible Notes) to
commercialise its product. These funds may result in Crucible owning up to 7.5% of the issued
capital of Medulla. If Crucible exercises the Option, the Convertible Notes will automatically convert
at the Conversion Ratio described below. If Crucible does not exercise the Option, Medulla may
elect to repay the amounts advanced under the Convertible Notes or alternatively, elect to convert
the Convertible Notes into shares in Medulla, on a conversion ratio (Conversion Ratio) of 1.5% of
the issued capital of Medulla for every $100,000 converted. The amounts advanced in respect of the
Convertible Notes were advanced as follows:
$100,000 advanced upon execution of the Term Sheet;
$200,000 will be advanced upon expiry of the 30 day Due Diligence Period;
$200,000 will be advanced on the date which is 60 days after the execution the Term Sheet.
(b)
The shareholders of Medula grant an option to Crucible to buy 100% of the issued capital of
Medulla for the consideration of 136,565,880 Shares and Performance Shares in Crucible to be
issued to the Medulla shareholders and Medulla’s advisers and consultants on the terms set out
below (Consideration Shares).
(c)
The Option may be exercised at any time in the period up to 90 days from 24 April 2014.
Annual Report - 30 June 2014
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CRUCIBLE GOLD LIMITED
ABN 64 089 145 424
Upon exercise of the Option:
REVIEW OF OPERATIONS
(a)
The Consideration Shares will be issued as follows to the Medulla shareholders and its advisors:
(i)
(ii)
Ordinary Shares: 29,020,250 ordinary shares to be issued upon completion of the
Acquisition;
Performance Shares: The
listed below
(Performance Shares), which will be issued upon completion of the Acquisition and will
each convert into 1 ordinary share in the capital of Crucible upon achievement of each of
the performance milestones listed below (Performance Milestones):
issue of 107,545,630 performance shares
(A)
(B)
(C)
(D)
Performance Milestone 1: 20,484,882 Performance Shares that convert on
achievement of dubber attaining 1000 paying end users. This milestone is to be
achieved by completion of the Acquisition otherwise this tranche of Performance
Shares will immediately lapse;
Performance Milestone 2: 20,484,882 Performance Shares that convert on
achievement of dubber attaining 3000 paying end users. This milestone expires
within 6 months of completion of the Acquisition;
Performance Milestone 3: 33,287,933 Performance Shares that convert on
achievement of dubber attaining 100,000 paying and/or free end users (in
aggregate during the relevant period). This milestone expires within 2 years and 3
months after completion of the Acquisition; and
Performance Milestone 4: 33,287,933 Performance Shares that convert on
achievement of the business operated by dubber breaking even, based on cash
received versus cash paid (factoring the net effect of movement in creditors) over a
rolling 3 month period. If this milestone is achieved, then Performance Milestone 3
will be deemed achieved. This milestone expires within 2 years and 3 months after
completion.
(b)
The Consideration Shares described above will be issued subject to the following:
(i)
(ii)
Crucible will convene a meeting of its shareholders and seek the shareholder approvals;
Crucible will issue a prospectus for the offer of ordinary shares at an issue price of $0.20
each to raise $3,000,000 (or such lesser amount as permitted by ASX and agreed upon by
the parties as satisfactory for achieving dubber’s business objectives) in relation to its re-
compliance with Chapters 1 and 2 of the Listing Rules; and
(iii)
Crucible will file an application with ASX to be readmitted to the official list following
shareholder approval for a change of nature and scale of Crucible’s activities.
(c)
1,000,000 ordinary Crucible shares will be issued to Crucible’s Adviser, as an introduction and
facilitation fee in respect of the Acquisition.
Annual Report - 30 June 2014
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CRUCIBLE GOLD LIMITED
ABN 64 089 145 424
REVIEW OF OPERATIONS
(d)
Crucible agrees to provide additional funding to Medulla for the marketing, sales and distribution of
dubber’s software, by way of an interest free unsecured loan on an as needs basis until completion
of the Acquisition (Loan), on the following terms:
(i)
the Loan is repayable as follows:
(A)
if Crucible’s shareholders do not approve the Acquisition (or completion of the
Acquisition cannot occur for any reason):
(1)
(2)
Medulla must repay all amounts advanced within 90 days of the
shareholder meeting (or such other event) which causes the Acquisition to
fail; or
Medulla must convert the Loan into ordinary shares within 90 days of the
shareholder meeting (or such other event) which causes the Acquisition to
fail. The Loan will convert on the Conversion Ratio;
if Medulla does not elect to either repay the Loan or convert within the 90 day
timeframe as above, the Loan will automatically convert into ordinary shares in
accordance with the Conversion Ratio;
(B)
if Crucible shareholder approval is obtained in respect of the Acquisition, and
completion of the Acquisition occurs, then all amounts advanced are repayable by
Dubber in full on call by Crucible;
(e)
Crucible will undertake a capital consolidation as in accordance with the ASX Listing Rules.
Pro-forma Capital Structure
A summary of the pro-forma capital structure (prior to equity raising and capital consolidation) is set out
below:
Current Balance
90,043,920
9,950,000
Shares
Options
Proposed to be issued:
(a)
Consideration Shares &
Performance Shares
(b)
Introduction Fee
136,565,880
1,000,000
Nil
Nil
Balance after exercise of Option
227,609,800
9,950,000
Crucible has been pleased with the progress of the dubber business since entering into the option in April
2014 and in July 2014 advised of its decision to proceed with the 100% acquisition of the dubber business.
New technologies quickly evolve and we believe the first mover advantage of dubber should result in a
positive outcome for Crucible shareholders as the business aims to deliver increased clients and commercial
opportunities and grow into a successful cloud based telecommunication platform.
Annual Report - 30 June 2014
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CRUCIBLE GOLD LIMITED
ABN 64 089 145 424
Directors’ Report
DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2014
Your directors present their report of Crucible Gold Limited and its controlled entities (the Group) for the
financial year ended 30 June 2014.
DIRECTORS
The names of the directors in office at any time during, or since the end of, the year are:
NAMES
POSITION
Mr Tim Fry
Mr Peter Pawlowitsch
Mr Ken Richards
Mr Simon Coxhell
Mr Michel Mian
Chairman
Non-executive Director
Non-executive Director
Executive Technical Director
Non-Executive Director
The directors have been in office since the start of the financial year to the date of this report.
COMPANY SECRETARY
Mr Ian Hobson was appointed as company secretary on 17 October 2011 and holds a Bachelor of Business
degree and is a Chartered Accountant and Chartered Secretary. Mr Hobson provides company secretary
services and corporate, management and accounting advice to a number of listed public companies.
PRINCIPAL ACTIVITIES
The principal activities of Crucible Gold Limited and its controlled entities consisted of exploration for gold
and other mineral resources.
OPERATING RESULTS
The loss from ordinary activities after providing for income tax amounted to $950,999 (2013: $1,651,746).
REVIEW OF OPERATIONS
A review of operations for the financial year and the results of those operations is contained within the
review of operations preceding this report.
DIVIDENDS PAID OR RECOMMENDED
No dividends were paid or declared since the start of the financial year. No recommendation for payment of
dividends has been made.
FINANCIAL POSITION
As at 30 June 2014 the Group had cash and cash equivalents on hand of $1,119,997 (2013: $971,800). Net
assets have increased by $657,646 to $1,732,554 mainly due to the capital raising of $1,598,232 carried out
during the financial year.
SIGNIFICANT CHANGES IN STATE OF AFFAIRS
Significant changes in the state of affairs of the Company during the financial year are detailed in the review
of operations.
In the opinion of the directors, there were no other significant changes in the state of affairs of the
Company that occurred during the financial year under review not otherwise disclosed in this report or in
the financial report.
Annual Report - 30 June 2014
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CRUCIBLE GOLD LIMITED
ABN 64 089 145 424
DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2014
MATTERS SUBSEQUENT TO BALANCE DATE
The directors advised on 24 July 2014 that the Company had exercised its option to acquire 100% of the
shares in Medulla Group Pty Ltd, the holding company for Dubber Pty Ltd subject to the necessary
regulatory and shareholder approvals.
Otherwise, no matters or circumstances have arisen since the end of the financial year which significantly
affected or could significantly affect the operations of the Group, the results of those operations or the
state of affairs of the Group in future financial years.
LIKELY DEVELOPMENTS AND EXPECTED RESULTS OF OPERATIONS
Likely developments in the operations of the Group and the expected results of those operations in future
financial years have not been included in this report as the inclusion of such information is likely to result in
unreasonable prejudice to the Group.
ENVIRONMENTAL REGULATIONS
The Group's operations are not regulated by any significant environmental regulations under a law of the
Commonwealth or of a state or territory. The controlled entities are compliant with the applicable
environmental laws of Cote d’Ivoire.
Annual Report - 30 June 2014
Page 10
CRUCIBLE GOLD LIMITED
ABN 64 089 145 424
INFORMATION ON DIRECTORS
Mr Tim Fry
Experience
DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2014
Chairman
Mr Fry was formerly Executive General Manager – West
Africa for Lihir Gold Ltd, an ASX listed gold producer with
annual production
in excess of 1 million ounces and
operations
in Australia, Papua New Guinea and Cote
d’Ivoire. In his role as Executive General Manager with Lihir,
Mr Fry had
for operations, business
development in the region and a significant gold exploration
programme in excess of US$30 million. He subsequently held
a key leadership role as part of the integration team
following the Lihir merger with Newcrest Mining Ltd in mid
2010.
responsibility
Prior to joining Lihir, Mr Fry was President of Dyno Nobel
Asia Pacific (2002-2008), a company he had been with since
1992. As part of Dyno Nobel’s global management team he
played an integral role in steering the company through
European private equity ownership, sale to a Macquarie
Bank lead consortium in 2005, listing on the ASX in early
2006 to the subsequent sale of the business to Incitec Pivot
Ltd in June 2008. Mr Fry has extensive experience in the
mining, resources and civil engineering industries and has a
B. Eng (Hons) degree in Mining, ACSM, MAICD.
Interest in Shares and Options
950,000 ordinary shares (150,000 of these shares are held
indirectly)
1,000,000 options
Directorships held in other listed entities
during the three years prior to the current
year
Mr Fry holds no other directorships of ASX listed companies
currently or during the last three years.
Mr Peter Pawlowitsch
Experience
Non-executive Director
Mr Pawlowitsch holds a Bachelor of Commerce from the
University of Western Australia, is a current member of the
Certified Practising Accountants of Australia and also holds a
Master of Business Administration from Curtin University.
These qualifications have underpinned more than twelve
years’ experience in the accounting profession and more
recently in business management and the evaluation of
businesses and mining projects.
Interest in Shares and Options
1,350,000 shares
1,000,000 options
All shares and options are held indirectly.
Annual Report - 30 June 2014
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CRUCIBLE GOLD LIMITED
ABN 64 089 145 424
DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2014
Directorships held in other listed entities
during the three years prior to the current
year
Mr Pawlowitsch is a director of Ventnor Resources Ltd and
Kunene Resources Ltd (formerly Bannon Ltd), both ASX-
listed companies, but otherwise held no other directorships
in ASX listed companies during the last three years.
Mr Ken Richards
Experience
Non-executive Director
Mr Richards has in excess of 25 years’ experience as a
Managing Director in various companies listed and unlisted
and in various industries. He holds a Bachelor of Commerce
and Master of Business Administration degrees from the
University of Western Australia and is a fellow of the
Australian Institute of Company Directors.
Interest in Shares and options
3,228,880 ordinary shares held indirectly
1,000,000 options held directly
Directorships held in other listed entities
during the three years prior to the current
year
Mr Richards is the managing director of Leaf Energy Ltd
which is listed on the ASX and held no other directorships of
ASX listed companies during the last three years.
Mr Simon Coxhell
Experience
Interest in Shares and Options
Directorships held in other listed entities
during the three years prior to the current
year
Mr Michel Mian
Experience
Executive Technical Director
Simon Coxhell is a geologist with a Bachelor of Science and
Masters Qualifying from James Cook University, Townsville.
Mr Coxhell has over 26 years’ experience encompassing all
aspects of the resource sector
including exploration,
development and mining.
Mr Coxhell has evaluated and assessed numerous projects
across many commodities including gold, copper, iron ore,
diamonds, vanadium ,rare earths, mineral sands, garnet and
oil shale. Also completing many JORC compliant resource
estimates for gold, mineral sands, garnet, rare earths, oil
shale and vanadium resources.
Mr Coxhell has been a member of AUSIMM since 1993.
30,000 ordinary shares and 1,000,000 options held directly
220,000 ordinary shares and 1,000,000 options held
indirectly
Mr Coxhell is a former executive director of ASX listed
companies Venus Resources Ltd, Navigator Resources Ltd
and Cohiba Minerals Ltd. Otherwise, he held no other
directorships in ASX listed companies during the last three
years.
Non-executive Director
Mr Mian is an Economist by training, and has been involved
in the exploration & mining sector from 1996 to 2009, first
with Equigold Cote d’Ivoire as President Director General &
Chairman of the board. Mr Mian played a key role in
securing the significant land package for Equigold (in excess
of 18,000 km2) and the subsequent discovery of the 2.9
MOz, Bonikro deposit. From 2009 to 2010 Mr Mian was
Annual Report - 30 June 2014
Page 12
CRUCIBLE GOLD LIMITED
ABN 64 089 145 424
DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2014
President of Lihir Gold Cote d’Ivoire and following the
merger of Lihir Gold Ltd and Newcrest Mining Ltd, Mr Mian
took on the role as President of Newcrest Cote d’Ivoire from
September 2010 to December 2011. Newcrest Mining Ltd,
presently now operates the Bonikro mine and has an
extensive exploration programme in the country.
Mr Mian has been awarded the following honorific medals
for his community and business services:
Gold Medal for the Best African Manager in Madrid in 2006;
Gold Medal for the award 2007 at Meridian Hotel in Paris;
his company has been granted the award for the excellence
of service quality.
Officer of National Order of Cote d’Ivoire by his Excellency
the Head of State for services rendered to Cote d’Ivoire.
Interest in Shares and Options
250,000 ordinary shares
1,000,000 options
All shares and options are held directly
Directorships held in other listed entities
during the three years prior to the current
year
Mr Mian held no other directorships of ASX listed companies
during the last three years.
Annual Report - 30 June 2014
Page 13
CRUCIBLE GOLD LIMITED
ABN 64 089 145 424
DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2014
REMUNERATION REPORT (AUDITED)
Non-executive and executive Directors – see pages 11 to 13 above
The objective of the Company’s executive reward framework is to ensure reward for performance is
competitive and appropriate for the results delivered. The framework aligns executive reward with
achievement of strategic objectives and the creation of value for shareholders, and conforms to market best
practice for delivery of reward. The Board ensures that executive reward satisfies the following key criteria
for good reward governance practices:
•
•
•
•
•
competitiveness and reasonableness
acceptability to shareholders
performance linkage / alignment of executive compensation
transparency
capital management.
The Company has structured an executive remuneration framework that is market competitive and
complimentary to the reward strategy of the organisation.
Alignment to shareholders’ interests:
•
•
focuses on finding projects or businesses that with success create shareholder value and
returns
attracts and retains high calibre executives.
Alignment to program participants’ interests:
•
•
•
•
rewards capability and experience
reflects competitive reward for contribution to growth in shareholder wealth
provides a clear structure for earning rewards
provides recognition for contribution.
The framework currently consists of fixed salaries and options.
The overall level of executive reward takes into account the performance of the company. The company is
involved in mineral exploration and assessing new projects and businesses and did not derive a profit and
therefore growth in earnings is not considered relevant. Shareholder wealth is dependent upon successfully
finding a new project or business and has fluctuated accordingly. During the same period, average executive
remuneration has been cut to conserve cash balances.
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 to ensure non-executive directors’ fees and payments are appropriate and in line with the market.
The Chairman is not present at any discussions relating to determination of his own remuneration.
Non-executive directors’ fees are determined within an aggregate directors’ fee pool limit, which is
periodically recommended for approval by shareholders. The total maximum currently stands at $250,000.
Annual Report - 30 June 2014
Page 14
CRUCIBLE GOLD LIMITED
ABN 64 089 145 424
DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2014
REMUNERATION REPORT (AUDITED) (CONTINUED)
DIRECTORS’ FEES
The base remuneration has been reviewed and resulted in a reduction in the annual directors’ fees.
Directors’ remuneration is inclusive of committee fees.
RETIREMENT ALLOWANCES FOR DIRECTORS
There is no provision for retirement allowances for non-executive directors.
EXECUTIVE PAY
The executive pay and reward framework has three components:
I. base pay and benefits
II.
III. other remuneration such as superannuation.
long-term incentives through participation in the Employee Share Option Scheme
The combination of these comprises the executive’s total remuneration;
I.
I. Base pay
Structured as a total employment cost package which may be delivered as a combination of cash and
prescribed non-financial benefits at the executives’ discretion.
Executives are offered a competitive base pay that comprises the fixed component of pay and
rewards. Base pay for senior executives is reviewed annually to ensure the executive’s pay is
competitive with the market. An executive’s pay is also reviewed on promotion.
There is no guaranteed base pay increases included in any senior executives’ contracts.
Executives may receive benefits
entertainment.
II.
Incentives
including memberships, car allowances and reasonable
There is no formal Employee Share Option Scheme. Any allotments of options to executives are
considered by the Board depending on individual performance. Performance remuneration is not
related to company performance. The Company is still in exploration, project and new business
evaluation phase.
III. Other
Directors and employees are permitted to nominate a superannuation fund of their choice to receive
superannuation contribution.
IV. Service Agreements
Contracts held with the executive directors and key management personnel are outlined below.
Annual Report - 30 June 2014
Page 15
CRUCIBLE GOLD LIMITED
ABN 64 089 145 424
DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2014
REMUNERATION REPORT (AUDITED) (CONTINUED)
EMPLOYMENT DETAILS OF MEMBERS OF KEY MANAGEMENT PERSONNEL AND OTHER EXECUTIVES
The following table provides employment details of the person who was, during the financial year, a
member of key management personnel of Crucible Gold Limited:
KEY MANAGEMENT PERSONNEL
POSITION HELD AS AT 30
JUNE 2014
CONTRACT DETAILS
(DURATION & TERMINATION)
Simon Coxhell
Technical Director
from
reduced
A consultancy fee was payable to Coxsrocks Pty
Ltd, which is associated with Mr Coxhell. The
contract expired 16 October 2013. The fee payable
then
the contract stipulated
payment of $10,000 per month for 10 days work,
plus $1,000 per day for additional work carried out
to $5,000 per month for 5 days work and a three
month termination provision. There were no
no
termination
superannuation contributions were made.
payable,
benefit
and
Ken Richards
Non-executive
Director
A consultancy fee is payable to Kellen Investments
Pty Ltd, which is associated with Mr Richards. The
contract commenced on 30 May 2014 for a term
of 6 months (extendable by 12 months). The
consultancy fee payable is $65,000 for 6 months,
and then $11,667 per month for the subsequent
term, with a three month termination provision.
There is no termination benefit payable, and no
superannuation contributions are made.
During the year, the Directors received non-performance based options as part of their remuneration
package. The options were issued with an exercise price above the share price to act as an incentive to
increase shareholder wealth.
The employment terms and conditions of other key management personnel are not formalised in contracts
of employment.
USE OF REMUNERATION CONSULTANTS
The company did not engage remuneration consultants to review its existing remuneration policies or
provide recommendations to determine levels of remuneration.
Annual Report - 30 June 2014
Page 16
CRUCIBLE GOLD LIMITED
ABN 64 089 145 424
DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2014
REMUNERATION REPORT (AUDITED) (CONTINUED)
REMUNERATION DETAILS
The following table of benefits and payment details, in respect to the financial year, the components of
remuneration for each member of the key management personnel of Crucible Gold:
CASH
SALARY,
FEES AND
LEAVE
$
POST-
EMPLOYMENT
BENEFITS-
SUPER-
ANNUATION
$
TOTAL
$
SHARE BASED
PAYMENTS -
OPTIONS
$
REMUNERATION
CONSISTING OF
OPTIONS DURING
THE YEAR
%
Directors
Mr Tim Fry (1)
Mr Peter Pawlowitsch (1)
Mr Ken Richards (1)
Mr Simon Coxhell (1)
Mr Michel Mian
2014
2013
2014
2013
2014
2013
2014
2013
2014
2013
33,750
91,000
74,755
85,197
31,667
30,000
89,833
125,000
23,417
31,000
3,122
6,750
2,209
5,703
1,927
2,745
1,233
-
-
-
18,270
-
18,270
-
18,270
-
18,270
-
18,270
-
55,142
97,750
95,234
90,900
51,864
32,745
109,336
125,000
41,687
31,000
Total Key Management
Personnel
2014
253,422
8,491
91,350
353,263
2013
362,197
15,198
-
377,395
(1) Includes consulting fees paid to associated companies
33
-
19
-
35
-
17
-
44
-
26
-
There were no performance related payments made during the year. Performance hurdles are not attached
to remuneration options. However, the Board determines appropriate vesting periods to provide rewards
over a period of time to key management personnel.
Annual Report - 30 June 2014
Page 17
CRUCIBLE GOLD LIMITED
ABN 64 089 145 424
DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2014
REMUNERATION REPORT (AUDITED) (CONTINUED)
COMPENSATION OPTIONS TO KEY MANAGEMENT PERSONNEL
The following options were granted as equity compensation benefits to directors. The options were issued
free of charge. Each option entitles the holder to subscribe for one fully paid ordinary share in the Company
at various exercise prices with various expiry dates.
KEY MANAGEMENT
PERSONNEL
NUMBER
GRANTED
NUMBER
VESTED AND
EXERCISABLE
GRANT
DATE
VALUE PER
OPTION AT
GRANT
DATE
EXERCISE
PRICE
FIRST EXERCISE
DATE
LAST EXERCISE
DATE
Tim Fry
1,000,000
1,000,000
25/11/2013
$0.01827
$0.05
24/12/2013
25/11/2016
Peter Pawlowitsch
1,000,000
1,000,000
25/11/2013
$0.01827
$0.05
24/12/2013
25/11/2016
Ken Richards
1,000,000
1,000,000
25/11/2013
$0.01827
$0.05
24/12/2013
25/11/2016
Simon Coxhell
1,000,000
1,000,000
25/11/2013
$0.01827
$0.05
24/12/2013
25/11/2016
Michel Mian
1,000,000
1,000,000
25/11/2013
$0.01827
$0.05
24/12/2013
25/11/2016
Total
5,000,000
5,000,000
The assessed value at grant date of options to the individuals is included in the remuneration tables above.
The total value of the options at grant date was $91,350. Fair values at grant date are determined using a
Black-Scholes option pricing model that takes into account the exercise price, the term of the option, the
impact of dilution, the share price at grant date and expected price volatility of the underlying share, the
expected dividend yield and the risk-free interest rate for the term of the option.
SHARES ISSUED TO KEY MANAGEMENT PERSONNEL ON EXERCISE OF COMPENSATION OPTIONS
No shares were issued to directors on exercise of compensation options during the year.
VOTING AND COMMENTS MADE AT THE COMPANY’S 2013 ANNUAL GENERAL MEETING (‘AGM”)
At the 2013 AGM, 100% of the votes received supported the adoption of the remuneration report for the
year ended 30 June 2013. The company did not receive any specific feedback at the AGM regarding its
remuneration practices.
LOANS WITH KEY MANAGEMENT PERSONNEL
There were no loans to key management personnel or their related entities during the financial year.
OTHER TRANSACTIONS WITH KEY MANAGEMENT PERSONNEL
Payments totalling $7,500 were paid to Avitus Capital Ltd, a company associated with Mr Pawlowitsch, for
consulting fees (not provided by Mr Pawlowitsch) (2013: $630).
Payments totalling $39,275 were paid to Ventnor Resources Ltd (a company associated with Mr
Pawlowitsch) for rent for the Company’s West Perth offices and shared expenses (2013: $12,709).
The Company paid an amount of approximately $3,486 (2013: $6,112) to TD Continental (a company
associated with Mr Mian) for field staff.
Annual Report - 30 June 2014
Page 18
CRUCIBLE GOLD LIMITED
ABN 64 089 145 424
DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2014
REMUNERATION REPORT (AUDITED) (CONTINUED)
The Company entered into sub-underwriting agreements for the renounceable rights share issue completed
during the year, with entities associated with two of its Directors. Coxrocks Pty Ltd (a company associated
with Mr Coxhell) and Kellen Investments Pty Ltd (a company associated with Mr Richards), as sub-
underwriters, subscribed for shares to the value of $4,500 and $65,000 respectively. The sub-underwriters
received no fees for acting as sub-underwriters.
ADDITIONAL DISCLOSURES RELATING TO KEY MANAGEMENT PERSONNEL
SHAREHOLDINGS
The number of ordinary shares in Crucible Gold Limited held by each key management person of Crucible
Gold Limited during the financial year is as follows:
BALANCE AT
BEGINNING OF
YEAR
GRANTED AS
REMUNERATION
DURING THE YEAR
ISSUED ON
EXERCISE OF
OPTIONS DURING
THE YEAR
ACQUIRED/
(DISPOSED)
DURING THE YEAR
BALANCE AT END
OF YEAR
Mr Tim Fry
Mr Peter Pawlowitsch
Mr Ken Richards
Mr Simon Coxhell
Mr Michel Mian
450,000
450,000
628,880
50,000
250,000
1,828,880
-
-
-
-
-
-
-
-
-
-
-
-
500,000
900,000
2,600,000
200,000
-
4,200,000
950,000
1,350,000
3,228,880
250,000
250,000
6,028,880
OPTIONS HOLDINGS
The number of options over ordinary shares held by each key management person of Crucible Gold Limited
during the financial year is as follows:
BALANCE AT
BEGINNING
OF YEAR
GRANTED AS
REMUNERATION
DURING THE
YEAR
2,550,000
2,925,000
-
1,000,000
2,000,000
8,475,000
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
5,000,000
Mr Tim Fry
Mr Peter Pawlowitsch
Mr Ken Richards
Mr Simon Coxhell
Mr Michel Mian
EXERCISED
DURING
THE YEAR
OPTIONS
EXPIRED/
CANCELLED
BALANCE
AT END OF
YEAR
VESTED
DURING THE
YEAR
VESTED AND
EXERCISABLE
VESTED
AND UNEX-
ERCISABLE
-
-
-
-
-
-
(2,300,000) 1,250,000
(675,000) 3,250,000
- 1,000,000
- 2,000,000
(2,000,000) 1,000,000
(4,975,000) 8,500,000
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
5,000,000
1,000,000
3,000,000
1,000,000
2,000,000
1,000,000
8,000,000
250,000
250,000
-
-
-
500,000
This is the end of the remuneration report.
Annual Report - 30 June 2014
Page 19
CRUCIBLE GOLD LIMITED
ABN 64 089 145 424
DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2014
MEETINGS OF DIRECTORS
During the financial year, 3 meetings of directors (including committees of directors) were held.
Attendances by each director during the year were as follows:
NUMBER ELIGIBLE TO ATTEND
NUMBER ATTENDED
DIRECTORS' MEETINGS
Mr Tim Fry
Mr Peter Pawlowitsch
Mr Ken Richards
Mr Simon Coxhell
Mr Michel Mian
3
3
3
3
3
2
3
3
3
2
Due to geographic diversity of the board members a number of resolutions (8) were discussed via email and
messaging and then formalised by way of a circular resolution.
INDEMNIFYING OFFICERS OR AUDITORS
Crucible Gold Limited has paid premiums to insure directors against liabilities for costs and expenses
incurred by them in defending legal proceedings arising from their conduct while acting in the capacity of
director of Crucible Gold Limited, other than conduct involving a wilful breach of duty in relation to Crucible
Gold Limited.
OPTIONS
At the date of this report, the unissued ordinary shares of Crucible Gold Limited under option, including
those options issued during the year and since 30 June 2014 to the date of this report, are as follows:
GRANT DATE
DATE OF EXPIRY
13 December 2011
23 February 2012
25 November 2013
13 December 2014
23 February 2015
25 November 2016
EXERCISE
PRICE
NUMBER UNDER
OPTION
0.40
0.40
0.05
1,000,000
500,000
5,000,000
6,500,000
During the year options were issued as follows:
5,000,000 options expiring 25 November 2016, exercisable at 5 cents each
During the year the following options expired:
6,500,000 options exercisable at 40 cents each, expired on 12 April 2014
No options were exercised during the year.
Subsequent to year end and up to the date of this report, no other options have been issued or exercised.
2,200,000 options and 1,250,000 performance options, exercisable at 40 cents each expired on 26
September 2014.
Annual Report - 30 June 2014
Page 20
CRUCIBLE GOLD LIMITED
ABN 64 089 145 424
DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2014
PROCEEDINGS ON BEHALF OF COMPANY
No person has applied for leave of Court to bring proceedings on behalf of Crucible Gold Limited or
intervene in any proceedings to which Crucible Gold Limited is a party for the purpose of taking
responsibility on behalf of Crucible Gold Limited for all or any part of those proceedings.
Crucible Gold Limited was not a party to any such proceedings during the year.
NON-AUDIT SERVICES
The Board of Directors is satisfied that the provision of non-audit services during the year is compatible with
the general standard of independence for auditors imposed by the Corporations Act 2001. The directors are
satisfied that the services disclosed below did not compromise the external auditor's independence for the
following reasons:
all non-audit services are reviewed and approved by the board prior to commencement to
ensure they do not adversely affect the integrity and objectivity of the auditor; and
the nature of the services provided do not compromise the general principles relating to auditor
independence in accordance with APES 110: Code of Ethics for Professional Accountants set by
the Accounting Professional and Ethical Standards Board.
The following fees were paid to the external auditors for non-audit services during the year ended 30 June
2014:
Taxation advice – BDO Corporate Tax (WA) Pty Ltd
Due diligence report – BDO East Coast Partnership
2014
$
2013
$
16,340
9,000
25,340
20,573
-
20,573
AUDITOR'S INDEPENDENCE DECLARATION
The auditor’s independence declaration for the year ended 30 June 2014 has been received and can be
found on page 22 of the Annual report.
Signed in accordance with a resolution of the Board of Directors:
Peter Pawlowitsch
Director
Dated: 26 September 2014
Annual Report - 30 June 2014
Page 21
Tel: +61 8 6382 4600
Fax: +61 8 6382 4601
www.bdo.com.au
38 Station Street
Subiaco, WA 6008
PO Box 700 West Perth WA 6872
Australia
DECLARATION OF INDEPENDENCE BY PETER TOLL TO THE DIRECTORS OF CRUCIBLE GOLD LIMITED
As lead auditor of Crucible Gold Limited for the year ended 30 June 2014, I declare that, to the best of
my knowledge and belief, there have been no contraventions of:
1.
2.
the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and
any applicable code of professional conduct in relation to the audit.
This declaration is in respect of Crucible Gold Limited and the entities it controlled during the period.
Peter Toll
Director
BDO Audit (WA) Pty Ltd
Perth, 26 September 2014
BDO Audit (WA) Pty Ltd ABN 79 112 284 787 is a member of a national association of independent entities which are all members of BDO Australia Ltd ABN 77 050 110 275, an Australian company
limited by guarantee. BDO Audit (WA) Pty Ltd and BDO Australia Ltd are members of BDO International Ltd, a UK company limited by guarantee, and form part of the international BDO network
of independent member firms. Liability limited by a scheme approved under Professional Standards Legislation (other than for the acts or omissions of financial services licensees) in each State
or Territory other than Tasmania.
CRUCIBLE GOLD LIMITED
ABN 64 089 145 424
CORPORATE GOVERNANCE STATEMENT
FOR THE YEAR ENDED 30 JUNE 2014
Corporate Governance Statement
BOARD COMPOSITION
The skills, experience and expertise relevant to the position of each director, and board committee member,
who is in office at the date of the annual report and their term of office, are detailed in the Director’s report.
The independent directors of the Company are Tim Fry, Peter Pawlowitsch, Ken Richards and Michel Mian.
When determining the independent status of a Director the Board used the Guidelines detailed in the ASX
Corporate Governance Council’s Principles of Good Corporate Governance and Best Practice Recommendations.
The Board sets out below its “if not why not” report in relation to those matters of corporate governance where
the Company’s practices depart from the Recommendations.
Principle 1:
1.1
1.2
1.3
ASX Principle
Lay solid foundations for
management and oversight
Companies should establish the
functions reserved to the board and
those delegated to senior executives
and disclose those functions
Companies should disclose the
process for evaluating the
performance of senior executives
Companies should provide the
information indicated in the Guide to
reporting on Principle 1
Principle 2:
Structure the board to add value
2.1
2.2
2.3
2.4
2.5
A majority of the board should be
independent directors
The chair should be an independent
director
The roles of chair and chief executive
officer should not be exercised by
the same individual
The board should establish a
nomination committee
Companies should disclose the
process for evaluating the
performance of the board, its
committees and individual directors
A = Adopted
N/A = Not adopted
Annual Report - 30 June 2014
Status
Reference/comment
A
A
A
A
A
A
Matters reserved for the board are included in the Board Charter, a
copy of which is available on the Company’s website.
The Board’s policy is to perform annual verbal reviews of the
effectiveness of the Board, its committees, individual directors, and
senior executives. All directors have an opportunity to contribute to
the review process. The performance criteria take into account each
director’s contribution to setting the direction, strategy and financial
objectives of the Group, and monitoring compliance with regulatory
requirements and ethical standards. The Board may undergo periodic
formal assessment processes, including assessment of the Board’s
committees, where applicable. An independent third party consultant
may be used to facilitate the assessment.
An informal process of Board review is outlined in the Nomination
Committee Charter.
Evaluations of the Board and executives did not occur during the year
as set out above.
The board compromises five directors, four of whom are
independent (Tim Fry, Peter Pawlowitsch Ken Richards and Michel
Mian).
The Chairman Tim Fry is an independent director.
The roles are held by different individuals.
N/A
A
The directors consider that given the small size of the company and
the board that the functions of this committee are best dealt with by
the entire board.
Satisfied.
Board Performance Evaluation Policy is available at
www.cruciblegold.com.au in the Corporate Governance section
Page 23
CRUCIBLE GOLD LIMITED
ABN 64 089 145 424
CORPORATE GOVERNANCE STATEMENT
FOR THE YEAR ENDED 30 JUNE 2014
ASX Principle
Status
Reference/comment
2.6
Companies should provide the
information indicated in the Guide to
reporting on Principle 2
A
The skills and experience of Directors as well as their period of office
are set out in the Company’s Annual Report (Directors’ Report) and
on its website.
A statement as to the Company’s materiality threshold can be found
in the Board Charter on the Company’s website.
Principle 3:
3.1
3.2
3.3
3.4
Promote ethical and responsible
decision-making
Companies should establish a code
of conduct and disclose the code
Companies should establish a policy
concerning diversity and disclose the
policy or a summary of that policy.
The policy should include
requirements for the Board to
establish measurable objectives for
achieving gender diversity and for
the Board to assess annually both
the objectives and progress in
achieving them
Companies should disclose in each
annual report the measurable
objectives for achieving gender
diversity set by the Board in
accordance with the diversity policy
and progress towards achieving
them
Companies should disclose in each
annual report the proportion of
women employees in the whole
organisation, women in senior
executive positions and women on
the board.
A
N/A
N/A
A
The Company has established a Code of Conduct which can be
viewed on its website.
The Company has adopted a diversity policy which can be viewed on
its website. The Company recognises that a diverse and talented
workforce is a competitive advantage and encourages a culture that
embraces diversity. However, the policy does not include
requirements for the board to establish measurable objectives for
achieving gender diversity. Given the Company’s size and stage of
development as an exploration company, the board does not think it
is yet appropriate to include measurable objectives in relation to
gender. As the Company grows and requires more employees, the
Company will review this policy and amend as appropriate.
The Company has adopted a diversity policy which can be viewed on
its website. The Company recognises that a diverse and talented
workforce is a competitive advantage and encourages a culture that
embraces diversity. However, the policy does not include
requirements for the board to establish measurable objectives for
achieving gender diversity. Given the Company’s size and stage of
development as an exploration company, the board does not think it
is yet appropriate to include measurable objectives in relation to
gender. As the Company grows and requires more employees, the
Company will review this policy and amend as appropriate.
The proportion of women employees in the whole organisation is
50%.
There are currently no women in senior executive positions.
There are currently no women on the board.
3.5
Companies should provide the
A
information indicated in the Guide to
reporting on Principle 3
Principle 4:
Safeguard integrity in financial
reporting
4.1
The board should establish an audit
A
committee
The Audit Committee Charter is available on the Company’s website.
The directors consider that given the small size of the company and
the board that the functions of this committee are best dealt with by
the entire board.
4.2
consists only of non-executive
The audit committee should be
structured so that it:
•
directors
•
independent directors
is chaired by an independent
•
chair, who is not chair of the board
has at least three members
•
consists of a majority of
N/A
N/A
N/A
N/A
A = Adopted
N/A = Not adopted
Annual Report - 30 June 2014
Page 24
CRUCIBLE GOLD LIMITED
ABN 64 089 145 424
CORPORATE GOVERNANCE STATEMENT
FOR THE YEAR ENDED 30 JUNE 2014
ASX Principle
Status
Reference/comment
4.3
4.4
Principle 5:
5.1
5.2
Principle 6:
6.1
6.2
Principle 7:
7.1
The audit committee should have a
formal charter
Companies should provide the
information indicated in the Guide to
reporting on Principle 4
Make timely and balanced
disclosure
Companies should establish written
policies designed to ensure
compliance with ASX Listing Rule
disclosure requirements and to
ensure accountability at a senior
executive level for that compliance
and disclose those policies or a
summary of those policies
Companies should provide the
information indicated in the Guide to
reporting on Principle 5
Respect the rights of shareholders
Companies should design a
communications policy for
promoting effective communication
with shareholders and encouraging
their participation at general
meetings and disclose their policy or
a summary of that policy
Companies should provide the
information indicated in the Guide to
reporting on Principle 6
Recognise and manage risk
Companies should establish policies
for the oversight and management
of material business risks and
disclose a summary of those policies
7.2
The board should require
management to design and
implement the risk management and
internal control system to manage
the company’s material business
risks and report to it on whether
those risks are being managed
effectively. The board should
disclose that management has
reported to it as to the effectiveness
of the company’s management of its
material business risks
A = Adopted
N/A = Not adopted
Annual Report - 30 June 2014
A
N/A
A copy of the Audit Committee Charter is available on the company
website.
.
A
A
A
A
A
A
The Company has established written procedures to ensure
compliance with ASX Listing Rule disclosure and accountability of
senior executives for compliance. The policy can be found on the
Company’s website.
The Board receives monthly updates on the status of the Company’s
activities and any new or proposed activities. Disclosure is reviewed
as a routine agenda item at each Board Meeting which are held as
required.
In line with adherence to continuous disclosure requirements of ASX
all shareholders are kept informed of major developments affecting
the Company. This disclosure is through regular shareholder
communications including the Annual Report, Quarterly Reports, the
Company website and the distributions of specific releases covering
major transactions and events or other price sensitive information.
The Company has formulated a Communication Policy which can be
viewed on the Company website.
The Board has established policies and practices designed to identify
significant areas of business risk and to effectively manage those risks
in accordance with the Company’s risk profile. This includes
assessing, monitoring and managing operational, financial reporting,
and compliance risks for the Group. The Company’s Risk
Management Policy can be viewed on the Company website.
The Company’s Risk Management Policy can be viewed on the
Company website.
The board recognises its responsibility for identifying areas of
significant business risk and ensuring that arrangements are in place
to adequately manage these risks. This issue is regularly reviewed at
board meetings and a risk management culture is encouraged
amongst employees and contractors.
Page 25
CRUCIBLE GOLD LIMITED
ABN 64 089 145 424
CORPORATE GOVERNANCE STATEMENT
FOR THE YEAR ENDED 30 JUNE 2014
ASX Principle
Status Reference/comment
7.3
The board should disclose whether it
A
Assurance received.
has received assurance from the
chief executive officer (or
equivalent) and the chief financial
officer (or equivalent) that the
declaration provided in accordance
with section 295A of the
Corporations Act is founded on a
sound system of risk management
and internal control and that the
system is operating effectively in all
material respects in relation to
financial reporting risks
Companies should provide the
information indicated in the Guide to
reporting on Principle 7
7.4
Principle 8:
8.1
Remunerate fairly and responsibly
The board should establish a
remuneration committee
8.2
8.3
8.4
•
•
•
The remuneration committee should
be structured so that it:
consists of a majority of independent
directors
is chaired by an independent chair
has at least three members.
Companies should clearly distinguish
the structure of non-executive
directors’ remuneration from that of
executive directors and senior
executives
Companies should provide the
information indicated in the Guide to
reporting on Principle 8
A
N/A
N/A
N/A
The directors consider that given the small size of the
company and the board that the functions of this committee
are best dealt with by the entire board.
A
Refer to the Remuneration Report in the Company’s Annual Report.
A
The executive directors and executives receive a superannuation
guarantee contribution required by the government, which is
currently 9.25% (changed to 9.5% from 1/7/14), and do not receive
any other retirement benefits.
A = Adopted
N/A = Not adopted
Further information about the Company’s corporate governance practices is set out on the Company’s website at
www.cruciblegold.com.au.
Annual Report - 30 June 2014
Page 26
CRUCIBLE GOLD LIMITED
ABN 64 089 145 424
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER
COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2014
Consolidated Statement of Profit or Loss and Other Comprehensive Income
NOTE
2014
$
2013
$
Income from continuing operations
Depreciation and amortisation expense
Administrative expenses
Exploration expenditure write off
Occupancy costs
Share based payments
Loss before income tax expense
Income tax expense
Loss after income tax expense
Other comprehensive income
Items that may be reclassified to profit or loss
Exchange differences on translation of foreign operations
Total comprehensive loss for the year
Loss from continuing operations attributable to:
Members of the parent entity
Non-controlling interests
Total comprehensive income for the year ended is attributable to:
Owners of Crucible Gold Limited
Non-controlling interests
Loss per share
2
2
8
3
14,751
14,751
45,302
45,302
(35,388)
(35,706)
(499,015)
(642,497)
(310,087)
(1,005,403)
(29,910)
(91,350)
(13,442)
-
(950,999)
(1,651,746)
-
-
(950,999)
(1,651,746)
2,103
(24,070)
(948,896)
(1,675,816)
(921,443)
(1,610,981)
(29,556)
(40,765)
(919,550)
(1,632,644)
(29,346)
(43,172)
From continuing operations:
Basic loss per share (cents) attributable to ordinary equity holders of
the company
Diluted loss per share (cents)
12
12
(3.26)
n/a
(6.17)
n/a
The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes.
Annual Report - 30 June 2014
Page 27
CRUCIBLE GOLD LIMITED
ABN 64 089 145 424
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2014
Consolidated Statement of Financial Position
NOTE
2014
$
2013
$
ASSETS
CURRENT ASSETS
Cash and cash equivalents
Trade and other receivables
Other assets
TOTAL CURRENT ASSETS
NON-CURRENT ASSETS
Property, plant and equipment
Exploration expenditure
Other assets
TOTAL NON-CURRENT ASSETS
TOTAL ASSETS
LIABILITIES
CURRENT LIABILITIES
Trade and other payables
TOTAL CURRENT LIABILITIES
TOTAL LIABILITIES
NET ASSETS
EQUITY
Issued capital
Reserves
Accumulated losses
Capital and reserves attributable to owners of the company
Non-controlling interests
Total equity
4
5
7
6
8
7
9
10
11
11
22
1,119,997
971,800
104,489
554,191
6,976
30,220
1,778,677
1,008,996
61,683
94,080
-
-
-
22,950
61,683
117,030
1,840,360
1,126,026
107,806
107,806
107,806
51,118
51,118
51,118
1,732,554
1,074,908
10,155,008
8,639,816
993,326
899,873
(9,291,859)
(8,370,416)
1,856,475
1,169,273
(123,921)
(94,365)
1,732,554
1,074,908
The above consolidated statement of financial position should be read in conjunction with the accompanying notes.
Annual Report - 30 June 2014
Page 28
CRUCIBLE GOLD LIMITED
ABN 64 089 145 424
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2014
Consolidated Statement of Changes in Equity
Ordinary
Shares
$
Accumulated
Losses
$
Reserves
$
Non-
Controlling
Interests
$
Total
$
2014
Balance at 1 July 2013
8,639,816
(8,370,416)
899,873
(94,365)
1,074,908
Loss attributable to members of the
parent entity
Loss attributable to non-controlling
interests
Translation differences on translation of
foreign operations
Total comprehensive loss for the year
Transactions with owners in their
capacity as owners:
Shares issued during the year
Transaction costs
Options issued during the year
Balance at 30 June 2014
2013
-
-
-
-
(921,443)
-
-
-
-
-
(921,443)
(29,556)
(29,556)
2,103
-
2,103
(921,443)
2,103
(29,556)
(948,896)
1,598,232
(83,040)
-
-
-
-
-
-
91,350
-
-
-
1,598,232
(83,040)
91,350
10,155,008
(9,291,859)
993,326
(123,921)
1,732,554
Balance at 1 July 2012
8,639,816
(6,759,435)
923,943
(53,600)
2,750,724
Loss attributable to members of the
parent entity
Loss attributable to non-controlling
interests
Translation differences on translation of
foreign operations Foreign exchange
Total comprehensive loss for the year
Transactions with owners in their
capacity as owners:
-
-
-
-
-
(1,610,981)
-
-
-
-
-
(1,610,981)
(40,765)
(40,765)
(24,070)
-
(24,070)
(1,610,981)
(24,070)
(40,765)
(1,675,816)
-
-
-
-
Balance at 30 June 2013
8,639,816
(8,370,416)
899,873
(94,365)
1,074,908
The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes
Annual Report - 30 June 2014
Page 29
CRUCIBLE GOLD LIMITED
ABN 64 089 145 424
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2014
Consolidated Statement of Cash Flows
CASH FROM OPERATING ACTIVITIES:
Payments to suppliers and employees
Interest received
NOTE
2014
$
2013
$
(568,376)
(657,919)
12,733
45,302
Net cash used in operating activities
18
(555,643)
(612,617)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property, plant and equipment
Payment of security bond
Loans to other entities
Exploration and evaluation expenditure
Net cash used by investing activities
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issue of shares
Payment of share issue costs
Net cash provided by financing activities
OTHER ACTIVITIES:
Net increase/ (decrease) in cash held
Foreign exchange movement
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of financial year
(814)
(2,761)
(20,000)
(525,000)
-
-
(287,038)
(511,112)
(832,852)
(513,873)
1,598,232
(60,096)
1,538,136
-
-
-
149,641
(1,126,490)
(1,444)
(40,447)
971,800
2,138,737
1,119,997
971,800
The above consolidated statement of cash flows should be read in conjunction with the accompanying notes
Annual Report - 30 June 2014
Page 30
CRUCIBLE GOLD LIMITED
ABN 45 116 153 514
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Notes to the Consolidated Financial Statements
This financial report includes the financial statements and notes of Crucible Gold Limited (the Company).
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Crucible Gold Limited is a company limited by shares, incorporated and domiciled in Australia.
The financial report is a general purpose financial statement that has been prepared in accordance with
authoritative
Australian Accounting
pronouncements of the Australian Accounting Standards Board and the Corporations Act 2001. Crucible
Gold Limited is a for-profit entity for the purpose of preparing the financial statements.
Standards, Australian Accounting
Interpretations, other
Australian Accounting Standards set out accounting policies that the AASB has concluded would result in a
financial report containing relevant and reliable information about transactions, events and conditions. The
financial statements and notes also comply with International Financial Reporting Standards. Material
accounting policies adopted in the preparation of this financial report are presented below and have been
consistently applied unless otherwise stated.
The financial reports have been prepared on an accruals basis and are based on historical costs, modified,
where applicable, by the measurement at fair value of selected non-current assets, financial assets and
financial liabilities.
These financial statements are presented in Australian dollars, rounded to the nearest dollar.
GOING CONCERN
The ability of the Group to continue as a going concern is dependent on the Company being able to raise
additional funds as required to meet ongoing exploration commitments, commitments associated with the
acquisition of Dubber Pty Ltd, business operating costs and for working capital. The Directors believe that
they will be able to raise additional capital as required and are in the process of evaluating the Group’s cash
requirements. The Directors believe that the Group will continue as a going concern. As a result, the
financial report has been prepared on a going concern basis. However, should the Group be unsuccessful in
undertaking additional raisings, the Group may not be able to continue as a going concern. No adjustments
have been made relating to the recoverability and classification of liabilities that might be necessary should
the Group not continue as a going concern.
A.
REVENUE RECOGNITION
Interest revenue is recognised using the effective interest rate method, which, for floating rate
financial assets, is the rate inherent in the instrument. All revenue is stated net of the amount of
goods and services tax (GST).
B.
PRINCIPLES OF CONSOLIDATION
SUBSIDIARIES
The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of
Crucible Gold Limited (“Company” or “parent entity”) as at 30 June 2014 and the results of all
subsidiaries for the year then ended. Crucible Gold Ltd and its subsidiaries together are referred to in
these financial statements as the Group or the consolidated entity.
Subsidiaries are all entities (including special purpose entities) over which the Group has control. The
Group has control over an entity when the Group is exposed to, or has rights to, variable returns from
its involvement with the entity, and has the ability to use its power to affect those returns.
Annual Report - 30 June 2014
Page 31
CRUCIBLE GOLD LIMITED
ABN 45 116 153 514
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They
are de-consolidated from the date that control ceases.
The acquisition method of accounting is used to account for business combinations 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
impairment of the asset transferred. Accounting policies of subsidiaries have been changed where
necessary to ensure consistency with the policies adopted by the Group.
The acquisition of subsidiaries is accounted for using the acquisition method of accounting. Refer to
the 'business combinations' accounting policy for further details. A change in ownership interest,
without the loss of control, is accounted for as an equity transaction, where the difference between
the consideration transferred and the book value of the share of the non-controlling interest acquired
is recognised directly in equity attributable to the parent.
Non-controlling interest in the results and equity of subsidiaries are shown separately in the
statement of profit or loss and other comprehensive income, statement of financial position and
statement of changes in equity of the consolidated entity. Losses incurred by the consolidated entity
are attributed to the non-controlling interest in full, even if that results in a deficit balance.
Where the consolidated entity loses control over a subsidiary, it derecognises the assets including
goodwill, liabilities and non-controlling interest in the subsidiary together with any cumulative
translation differences recognised in equity The consolidated entity recognises the fair value of the
consideration received and the fair value of any investment retained together with any gain or loss in
profit or loss.
C.
SEGMENT REPORTING
Operating segments are reported in a manner consistent with the internal reporting provided to the
chief operating decision maker. The chief operating decision maker, who is responsible for allocating
resources and assessing performance of the operating segments, has been identified as the full Board
of Directors.
D.
FOREIGN CURRENCY TRANSLATION
Functional and presentation currency
(i)
The consolidated financial statements are presented in Australian dollars, which is the functional and
presentation currency of Crucible Gold Limited.
Transactions and balances
(ii)
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 profit or loss.
(iii) Foreign operations
The assets and liabilities of foreign operations are translated to the functional currency as exchange
rates at the reporting date. The income and expenses of foreign operations are translated to
Australian dollars at exchange rates at the dates of the transactions.
Annual Report - 30 June 2014
Page 32
CRUCIBLE GOLD LIMITED
ABN 45 116 153 514
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
D.
FOREIGN CURRENCY TRANSLATION (CONTINUED)
Foreign currency difference are recognised in other comprehensive income, and presented in the
foreign currency translation reserve in equity.
On consolidation, exchange differences arising from the translation of any net investment in foreign
entities are recognised in other comprehensive income. When the settlement of a monetary item
receivable from or payable to a foreign operation is neither planned nor likely in the foreseeable
future, foreign exchange gains and losses arising from such a monetary item are considered to form
part of a net investment in a foreign operation and are recognised in other comprehensive income,
and are presented in the translation reserve in equity. When a foreign operation is sold or any
borrowings forming part of the net investment are repaid, the associated exchange differences are
reclassified to profit or loss, as part of the gain or loss on sale.
E.
FINANCE INCOME
Finance income comprises interest income earned on funds invested in bank accounts and call
deposits. Interest is recognised on an accruals basis in the income statement, using the effective
interest method.
F.
INCOME TAX
The income tax expense (revenue) for the year comprises current income tax expense (income) and
deferred tax expense (income).
Current income tax expense charged to the profit or loss is the tax payable on taxable income
calculated using applicable income tax rates enacted, or substantially enacted, as at the end of the
reporting period. Current tax liabilities (assets) are therefore measured at the amounts expected to
be paid to (recovered from) the relevant taxation authority.
Deferred income tax expense reflects movements in deferred tax asset and deferred tax liability
balances during the year as well as unused tax losses.
Current and deferred tax expense (income) is charged or credited directly to equity instead of the
profit or loss 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 the end of the reporting period. Their measurement also reflects the manner in which
management expects to recover or settle the carrying amount of the related asset or liability.
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.
Annual Report - 30 June 2014
Page 33
CRUCIBLE GOLD LIMITED
ABN 45 116 153 514
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
F.
INCOME TAX (CONTINUED)
Where temporary differences exist in relation 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 temporary difference can be controlled and it is not probable that the reversal will
occur in the foreseeable future.
Current 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.
G.
PROVISIONS
Provisions are recognised when a Group company has a legal or constructive obligation, as a result of
past events, for which it is probable that an outflow of economic benefits will result and that outflow
can be reliably measured.
H.
BUSINESS COMBINATIONS
The acquisition method of accounting is used to account for all business combinations, regardless of
whether equity instruments or other assets are acquired. The consideration transferred for the
acquisition of a subsidiary comprises the fair values of the assets transferred, the liabilities incurred
and the equity interests issued by the group. The consideration transferred also includes the fair
value of any asset or liability resulting from a contingent consideration arrangement and the fair
value of any pre-existing equity interest in the subsidiary. Acquisition-related costs are expensed as
incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business
combination are, with limited exceptions, measured initially at their fair values at the acquisition
date. On an acquisition-by-acquisition basis, the group recognises any non-controlling interest in the
acquired asset either at fair value or at the non-controlling interest’s proportionate share of the
acquiree’s net identifiable assets. The excess of the consideration transferred and the amount of any
non-controlling interest in the acquire over the fair value of the net identifiable assets acquired is
recorded as goodwill, If those amounts are less than the fair value of the net identifiable assets of the
subsidiary acquired and the measurement of all amounts has been reviewed, the difference is
recognised directly in profit or loss as a bargain purchase. 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.
Contingent consideration is classified either as equity or a financial liability. Amounts classified as a
financial liability are subsequently remeasured to fair value with changes in fair value recognised in
profit or loss.
Annual Report - 30 June 2014
Page 34
CRUCIBLE GOLD LIMITED
ABN 45 116 153 514
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
I.
CASH AND CASH EQUIVALENTS
Cash and cash equivalents include cash on hand, deposits held at call with banks, other short-term
highly liquid investments with original maturities of three months or less, and bank overdrafts. Bank
overdrafts are shown within short-term borrowings in current liabilities in the statement of financial
position.
J.
TRADE RECEIVABLES
Trade receivables are recognised initially at fair value and subsequently measured at amortised cost
using the effective interest method, less provision for impairment. Trade receivables are generally
due for settlement within 30 days. They are presented as current assets unless collection is not
expected for more than 12 months after the reporting date.
Collectability of trade receivables is reviewed on an ongoing basis. Debts which are known to be
uncollectable are written off by reducing the carrying amount directly. An allowance account
(provision for impairment of trade receivables) is used when there is objective evidence that the
group will not be able to collect all amounts due according to the original terms of the receivables.
Significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy or
financial reorganisation, and default or delinquency in payments (more than 30 days overdue) are
considered indicators that the trade receivable is impaired. The amount of the impairment allowance
is the difference between the asset’s carrying amount and the present value of estimated future cash
flows, discounted at the original effective interest rate. Cash flows relating to short-term receivables
are not discounted if the effect of the discounting is immaterial.
The amount of the impairment losses is recognised in profit or loss within other expenses. When a
trade receivable for which an impairment allowance has been recognised becomes uncollectable in a
subsequent period, it is written off against the allowance account. Subsequent recoveries of amounts
previously written off are credited against other expenses in profit or loss.
K.
FINANCIAL INSTRUMENTS
Initial recognition and measurement
Financial assets and financial liabilities are recognised when the entity becomes a party to the
contractual provisions to the instrument. For financial assets, this is the equivalent to the date that
the company commits itself to either the purchase or sale of the asset (i.e. trade date accounting is
adopted). Financial instruments are initially measured at fair value plus transactions costs, except
where the instrument is classified 'at fair value through profit or loss', in which case transaction costs
are expensed to profit or loss immediately.
Classification and subsequent measurement
Financial instruments are subsequently measured at either of fair value, amortised cost using the
effective interest rate method, or cost. Fair value represents the amount for which an asset could be
exchanged or a liability settled, between knowledgeable, willing parties. Where available, quoted
prices in an active market are used to determine fair value. In other circumstances, valuation
techniques are adopted. Amortised cost is calculated as:
(a)
(b)
(c)
the amount at which the financial asset or financial liability is measured at initial recognition;
less principal repayments;
plus or minus the cumulative amortisation of the difference, if any, between the amount
initially recognised and the maturity amount calculated using the effective interest method;
and
less any reduction for impairment.
(d)
Annual Report - 30 June 2014
Page 35
CRUCIBLE GOLD LIMITED
ABN 45 116 153 514
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
K.
FINANCIAL INSTRUMENTS (CONTINUED)
The effective interest method is used to allocate interest income or interest expense over the
relevant period and is equivalent to the rate that exactly discounts estimated future cash payments
or receipts (including fees, transaction costs and other premiums or discounts) through the expected
life (or when this cannot be reliably predicted, the contractual term) of the financial instrument to the
net carrying amount of the financial asset or financial liability. Revisions to expected future net cash
flows will necessitate an adjustment to the carrying value with a consequential recognition of an
income or expense in profit or loss.
The Group does not designate any interest as being subject to the requirements of accounting
standards specifically applicable to financial instruments.
Financial assets at fair value through profit or loss
(i)
Financial assets are classified at ‘fair value through profit or loss’ when they are either held for
trading for the purpose of short-term profit taking, derivatives not held for hedging purposes, or
when they are designated as such to avoid an accounting mismatch or to enable performance
evaluation where a group of financial assets is managed by key management personnel on a fair value
basis in accordance with a documented risk management or investment strategy. Such assets are
subsequently measured at fair value with changes in carrying value being included in profit or loss.
Loans and receivables
(ii)
Loans and receivables are non-derivative financial assets with fixed or determinable payments that
are not quoted in an active market and are subsequently measured at amortised cost.
Loans and receivables are included in current assets, except for those which are not expected to
mature within 12 months after the end of the reporting period. All other loans and receivables are
classified as non-current assets.
Financial liabilities
(iii)
Non-derivative financial liabilities (excluding financial guarantees) are subsequently measured at
amortised cost.
Convertible notes are issued from the Company and are convertible at the option of the holder, and
the number of shares to be issued does not vary with changes in their fair value.
The liability component of a convertible note is recognised at the fair value of a similar liability that
does not have an equity conversion option. The equity component is recognised initially at the
difference between the fair value of the convertible note as a whole and the fair value of the liability
component.
Any directly attributable transaction costs are allocated to the liability and equity components in
proportion to their initial carrying amounts.
Annual Report - 30 June 2014
Page 36
CRUCIBLE GOLD LIMITED
ABN 45 116 153 514
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
K.
FINANCIAL INSTRUMENTS (CONTINUED)
DERECOGNITION
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 expired. 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
profit or loss.
L.
PROPERTY, PLANT AND EQUIPMENT
Each class of property, plant and equipment is carried at cost or fair value as indicated, less, where
applicable, any accumulated depreciation and impairment losses.
PLANT AND EQUIPMENT
Plant and equipment are measured on the cost basis.
DEPRECIATION
The depreciable amount of all fixed assets including buildings and capitalised leased assets, but
excluding freehold land, is depreciated on a straight-line basis over the asset's useful life to the
company commencing from the time the asset is held ready for use. Leasehold improvements are
depreciated over the shorter of either the unexpired period of the lease or the estimated useful lives
of the improvements.
The estimated useful lives used for each class of depreciable assets are:
CLASS OF FIXED ASSET
Exploration Equipment
Furniture, Fixtures and Fittings
Computer Equipment
Computer Software
USEFUL LIFE
4 years
4 years
3 years
3 years
The assets' residual values and useful lives are reviewed, and adjusted if appropriate, at the end of
each reporting period. An asset's carrying amount is written down immediately to its recoverable
amount if the asset's carrying amount is greater than its estimated recoverable amount.
Gains and losses on disposals are determined by comparing proceeds with the carrying amount.
These gains and losses are included in the statement of profit or loss and other comprehensive
income. When revalued assets are sold, amounts included in the revaluation surplus relating to that
asset are transferred to retained earnings.
Property, plant and equipment is derecognised and removed from the statement of financial position
on disposal or when no future economic benefits are expected. Gains and losses from derecognition
are measured as the difference between the net disposal proceeds, if any, and the carrying amount
and are recognised in the statement of profit or loss and other comprehensive income.
Subsequent costs are included in the property, plant and equipment's carrying value or recognised as
a separate asset when it is probable that future economic benefits associated with the item will be
realised and the cost of the item can be measured reliably. All other repairs and maintenance are
recognised in the statement of profit or loss and other comprehensive income.
Annual Report - 30 June 2014
Page 37
CRUCIBLE GOLD LIMITED
ABN 45 116 153 514
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
M.
EXPLORATION AND DEVELOPMENT EXPENDITURE
Exploration and evaluation expenditures in relation to each separate area of interest are recognised
as an exploration and evaluation asset in the year in which they are incurred where the following
conditions are satisfied:
i)
ii)
the rights to tenure of the area of interest are current; and
at least one of the following conditions is also met:
a.
the exploration and evaluation expenditures are expected to be recouped through
successful development and exploration of the area of interest, or alternatively, by its
sale; or
exploration and evaluation activities in the area of interest have not, at the reporting
date, reached a stage which permits a reasonable assessment of the existence or
otherwise of economically recoverable reserves, and active and significant operations in,
or in relation to, the area of interest are occurring.
b.
Exploration and evaluation assets are initially measured at cost and include acquisition of rights to
explore, studies, exploratory drilling, trenching and sampling and associated activities and an
allocation of depreciation and amortisation of assets used in exploration and evaluation activities.
General and administrative costs are only included in the measurement of exploration and evaluation
costs where they are related directly to operational activities in a particular area of interest.
Exploration and evaluation assets are assessed for impairment when facts and circumstances suggest
that the carrying amount of an exploration and evaluation asset may exceed its recoverable amount.
The recoverable amount of the exploration and evaluation asset is estimated to determine the extent
of the impairment loss (if any). Where an impairment loss subsequently reverses, the carrying
amount of the asset is increased to the revised estimate of its recoverable amount, but only to the
extent that the increased carrying amount does not exceed the carrying amount that would have
been determined had no impairment loss been recognised for the asset in previous years.
N.
IMPAIRMENT OF ASSETS
At each reporting date, the Group assesses whether there is any indication that an asset may be
impaired. The assessment will include the consideration of external and internal sources of
information including, dividends received from subsidiaries, associates or jointly controlled entities
deemed to be out of pre-acquisition profits. If such an indication exists, an impairment test is carried
out on the asset by comparing the recoverable amount of the asset, being the higher of the asset's
fair value less costs to sell and value in use, to the asset's carrying value. Any excess of the asset's
carrying value over its recoverable amount is expensed to the statement of profit or loss and other
comprehensive income.
Where an impairment loss on a revalued asset is identified, this is debited against the revaluation
surplus in respect of the same class of asset to the extent that the impairment loss does not exceed
the amount in the revaluation surplus for that same class of asset.
Non-financial assets, other than inventories, deferred tax assets, assets from employee benefits,
investment properties, biological assets, and deferred acquisition costs, are assessed for any
indication of impairment at the end of each reporting period. Any indication of impairment requires
formal testing of impairment by comparing the carrying amount of the asset to an estimate of the
recoverable amount of the asset. An impairment loss is calculated as the amount by which the
carrying amount of the asset exceeds the recoverable amount of the asset.
Annual Report - 30 June 2014
Page 38
CRUCIBLE GOLD LIMITED
ABN 45 116 153 514
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
N.
IMPAIRMENT OF ASSETS (CONTINUED)
Intangible assets with an indefinite useful life and intangible assets not yet available for use are
tested for impairment annually regardless of whether there is any indication of impairment.
The recoverable amount is the greater of the asset's fair value less costs to sell and its value in use.
The asset's value in use is calculated as the estimated future cash flows discounted to their present
value using a pre-tax rate that reflects current market assessments of the time value of money and
the risks associated with the asset. Assets that cannot be tested individually for impairment, are
grouped together into the smallest group of assets that generates cash inflows (the asset's
cash-generating unit).
Impairment losses are recognised in the statement of profit or loss and other comprehensive income.
Impairment losses are allocated first, to reduce the carrying amount of any goodwill allocated to
cash-generating units, and then to other assets of the group on a pro-rata basis.
Assets other than goodwill are assessed at the end of each reporting period to determine whether
previously recognised impairment losses may no longer exist or may have decreased. Impairment
losses recognised in prior periods for assets other than goodwill are reversed up to the carrying
amounts that would have been determined had no impairment loss been recognised in prior periods.
O.
TRADE AND OTHER PAYABLES
Trade and other payables represent the liability outstanding at the end of the reporting period for
goods and services received by the company during the reporting period which remain unpaid. The
balance is recognised as a current liability with the amounts normally paid within 30 days of
recognition of the liability.
P.
GOODS AND SERVICES TAX (GST)
Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of
GST incurred is not recoverable from the Tax Office. In these circumstances the GST is recognised as
part of the cost of acquisition of the asset or as part of an item of the expense. Receivables and
payables in the statement of financial position are shown inclusive of GST.
Q.
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 tax, from the proceeds. Incremental costs directly 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.
R.
EARNINGS PER SHARE
Basic earnings per share
(i)
Basic earnings per share is calculated by dividing the profit attributable to ordinary shareholders of
the company by the weighted average number of ordinary shares outstanding during the financial
year.
(ii) Diluted earnings per share
Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to
take into account the after 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.
Annual Report - 30 June 2014
Page 39
CRUCIBLE GOLD LIMITED
ABN 45 116 153 514
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
S.
SHARE-BASED PAYMENT TRANSACTIONS
Employees of the Company receive remuneration in the form of share-based payment transactions,
whereby employees render services
("equity-settled
transactions").
in exchange
instruments
for equity
When the goods or services acquired in a share-based payment transaction do not qualify for
recognition as assets, they are recognised as expenses.
The cost of equity-settled transactions and the corresponding increase in equity is measured at the
fair value of the goods or services acquired. Where the fair value of the goods or services received
cannot be reliably estimated, the fair value is determined indirectly by the fair value of the equity
instruments using the Black Scholes option valuation technique.
Equity-settled transactions that vest after employees complete a specified period of service are
recognised as services received during the vesting period with a corresponding increase in equity.
T.
NON-CURRENT ASSETS CLASSIFIED AS HELD FOR SALE
Non-current assets are classified as held for sale if their carrying amount will be recovered principally
through a sale transaction rather than through continued use. They are measured at the lower of
their carrying amount and fair value less cost to sell. For non-current assets to be classified as held for
sale, they must be available for immediate sale in the present condition and their sale must be highly
probable. Non-current assets are not depreciated while they are classified as held for sale. Non-
current assets classified as held for sale are presented separately on the face of the statement of
financial position, in current assets.
U.
CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS
The directors evaluate estimates and judgments incorporated into the financial statements based on
historical knowledge and best available current information. Estimates assume a reasonable
expectation of future events and are based on current trends and economic data, obtained both
externally and within the company.
KEY ESTIMATES – IMPAIRMENT
The Group assesses impairment at the end of the reporting period by evaluating conditions specific to
the company that may be indicative of impairment triggers. Recoverable amounts of relevant assets
are reassessed using value-in-use calculations which incorporate various key assumptions.
KEY JUDGMENTS - EXPLORATION AND EVALUATION EXPENDITURE
The Group capitalises expenditure relating to exploration and evaluation where it is considered likely
to be recoverable or where the activities have not reached a stage which permits a reasonable
assessment of the existence of reserves. While there are certain areas of interest from which no
reserves have been extracted, the directors are of the continued belief that such expenditure should
not be written off since feasibility studies in such areas have not yet concluded.
KEY JUDGEMENTS - SHARE-BASED PAYMENT TRANSACTIONS
The Company measures the cost of equity-settled transactions with employees by reference to the
fair value of the equity instruments at the date at which they are granted. The fair value is
determined using the Black-Scholes method. The related assumptions are detailed in note 19. The
accounting estimates and assumptions relating to equity-settled share-based payments would have
no impact on the carrying amounts of assets and liabilities within the next annual reporting period
but may impact expenses and equity.
Annual Report - 30 June 2014
Page 40
CRUCIBLE GOLD LIMITED
ABN 45 116 153 514
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
U.
CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS (CONTINUED)
Shares and options were issued as part of the acquisition of African subsidiary companies. The fair
value is determined using the Black-Scholes method, and the related assumptions are outlined in
note 19.
Performance based shares were granted as part of the acquisition of subsidiary companies in West
Africa. No value has been brought to account as at this stage that the options have not vested and the
performance hurdles in relation to these options are considered to have a low probability of
achievement within the three year timeframes.
V. NEW ACCOUNTING STANDARDS FOR APPLICATION IN FUTURE PERIODS
In the year ended 30 June 2014, the Company has reviewed all of the new and revised Standards and
Interpretations issued by the AASB that are relevant to its operations and effective for the current
annual reporting period.
It has been determined by the Company that there is no impact, material or otherwise, of the new
and revised Standards and Interpretations on its business and, therefore, no change is necessary to
the Group accounting policies.
The Company has also reviewed all new Standards and Interpretations that have been issued but are
not yet effective for the year ended 30 June 2014.
Reference
Title
Summary
AASB 9
Financial
Instruments
AASB 9 AAB 9 addresses the classification, measurement and
derecognition of financial assets and financial liabilities. Since
December 2013, it also sets out new rules for hedge
accounting.
IFRS 15
(issued
June 2014)
Revenue from
contracts with
customers
An entity will recognise revenue to depict the transfer of
promised goods or services to customers in an amount that
reflects the consideration to which the entity expects to be
entitled in exchange for those goods or services. This means
that revenue will be recognised when control of goods or
services is transferred, rather than on transfer of risks and
rewards as is currently the case under IAS 18 Revenue.
Application
date for
Group
1 July 2017
1 July 2017
Impact on
Group’s financial
report
The Group has
considered these
standards and
determined that
there is no impact
on the Groups
financial
statements.
Due to the recent
release of this
standard the
company has not
yet made an
assessment of the
impact of this
standard.
The Group has not elected to early adopt any new Standards or Interpretations.
W. PARENT ENTITY FINANCIAL INFORMATION
The financial information for the parent entity, Crucible Gold Ltd, disclosed in note 21 has been
prepared on the same basis as the consolidated financial statements.
Annual Report - 30 June 2014
Page 41
CRUCIBLE GOLD LIMITED
ABN 45 116 153 514
2. LOSS FOR THE YEAR
Interest income
Income from continuing operations
Administrative expenses:
Audit fees
Accounting
Consulting fees
Directors fees and benefits
Legal fees
Securities exchange and registry fees
Travel expenses
Other administration
3.
INCOME TAX
A.
INCOME TAX EXPENSE
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
2014
$
2013
$
14,751
14,751
26,409
43,590
122,615
123,710
55,976
34,065
23,454
69,196
45,302
45,302
30,260
17,514
119,327
186,198
14,099
21,165
132,942
120,992
499,015
642,497
2014
$
2013
$
Loss from continuing operations before income tax expense
(921,443)
(1,610,981)
Tax at the Australian tax rate of 30%
(276,433)
(483,294)
Tax effect of amounts not deductible (taxable) in calculating
taxable income
Deferred tax asset not brought to account on temporary
differences & tax losses
Income tax expense
B.
UNRECOGNISED DEFERRED TAX ASSETS
Timing differences
Tax losses – revenue
Tax losses - capital
Offset against deferred tax liabilities recognised
Deferred tax assets not brought to account
There are no franking credits available to the Group.
132,852
226,335
143,581
-
256,959
-
9,789
1,677,000
323,367
2,010,156
-
2,010,156
5,507
1,534,602
-
1,540,109
-
1,540,109
Annual Report - 30 June 2014
Page 42
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
CRUCIBLE GOLD LIMITED
ABN 45 116 153 514
4. CASH AND CASH EQUIVALENTS
Cash at bank
The company’s exposure to interest rate risk is outlined in note 13.
5. TRADE AND OTHER RECEIVABLES
CURRENT
Trade receivables
Prepayments
Other receivables
2014
$
2013
$
1,119,997
1,119,997
971,800
971,800
2014
$
2013
$
-
57,191
47,298
104,489
-
4,220
2,756
6,976
Trade and other receivables are all due within three months of this report and no impairment provision has
been made. Information about credit and liquidity risk is outlined in note 13. Prepayments consist of
prepaid insurance and consulting fees.
6. PROPERTY, PLANT AND EQUIPMENT
PLANT AND EQUIPMENT
- at cost
- additions
- foreign exchange movement
- accumulated depreciation
Total property, plant and equipment
2014
$
2013
$
139,210
814
2,177
(80,518)
61,683
120,072
2,761
16,377
(45,130)
94,080
MOVEMENTS IN CARRYING AMOUNTS
Movement in the carrying amount for each class of property, plant and equipment between the beginning
and the end of the current financial year:
Balance at 30 June 2014
Balance at the beginning of the year
Additions
Foreign exchange movement
Depreciation expense
Carrying amount at the end of 30 June 2014
Balance at 30 June 2013
Balance at the beginning of the year
Additions
Foreign exchange movement
Depreciation expense
Carrying amount at the end of 30 June 2013
Annual Report - 30 June 2014
COMPUTER
EQUIPMENT
$
OFFICE
RENOV-
ATIONS
$
FURNITURE
$
PLANT &
EQUIPMENT
$
TOTAL
$
4,726
814
111
(3,209)
2,442
7,052
-
712
(3,038)
4,726
19,742
-
431
(5,657)
14,516
22,612
-
3,481
(6,351)
19,742
24,587
-
584
(9,320)
15,851
26,785
2,761
4,090
(9,049)
24,587
45,025
-
1,051
(17,202)
28,874
54,199
-
8,094
(17,268)
45,025
94,080
814
2,177
(35,388)
61,683
110,648
2,761
16,377
(35,706)
94,080
Page 43
CRUCIBLE GOLD LIMITED
ABN 45 116 153 514
7. OTHER ASSETS
CURRENT
Loans receivable
Guarantees
Convertible note advances
NON-CURRENT
Loans receivable
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
2014
$
2013
$
18,724
10,467
525,000
554,191
-
-
554,191
19,918
10,302
-
30,220
22,950
22,950
53,170
The loan represents expenditure incurred on the Group’s office in Abidjan, Côte d’Ivoire on behalf of the
landlord. Rent due on the premises is offset against the loan, and interest charged on the outstanding
balance.
The convertible note advances are non-interest bearing funding to Dubber Pty Ltd (“Dubber”), in
accordance with the binding term sheet with Dubber, Medulla Group Pty Ltd (“Medulla”) and Medulla’s
shareholders, with the funds used for the commercialisation of Dubber’s voice recording software. If the
commercialisation proves successful, Crucible Gold Ltd will have the right to buy all of the issued capital of
Medulla, via a call option (“option”) granted under the term sheet. If the Company exercises the option
(which the Company did on 24 July 2014), the convertible notes convert into shares in Dubber, on a
conversion ratio of 1.5% of the issued capital of Dubber for every $100,000 converted.
Risk management policies in regard to credit and currency risk are outlined in note 13.
8. EXPLORATION EXPENDITURE
Balance at beginning of the year
Expenditure incurred during the year
Expenditure incurred during the year expensed
Impairment
Exploration expenditure at cost
2014
$
2013
$
-
310,087
(310,087)
-
-
494,291
511,112
(511,112)
(494,291)
-
The recoverability of the carrying amount of the transaction and evaluation assets is dependent upon the
successful development and commercial exploitation, or alternatively, sale of the respective areas of
interest. The exploration expenditure has been written-off in 2014 as the recoverability criteria by further
exploration or sale is not considered capable of satisfaction.
Annual Report - 30 June 2014
Page 44
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
CRUCIBLE GOLD LIMITED
ABN 45 116 153 514
9. TRADE AND OTHER PAYABLES
CURRENT
Trade payables
Other payables
All payables are expected to be settled within 12 months.
Risk management policies in regard to liquidity and currency risk are
outlined in note 13.
10. ISSUED CAPITAL
90,043,920 (2013: 26,114,640) Ordinary shares
Share issue costs written off against share capital
10.
ORDINARY SHARES
Balance at 30 June 2013
Issued for cash pursuant to placement – 6 May 2014
Issued for cash pursuant to renounceable rights issue
– 5 June 2014
Issued for cash pursuant to renounceable rights issue
– 27 June 2014
Share issue costs
Balance at 30 June 2014
Balance at 30 June 2012
Balance at 30 June 2013
PERFORMANCE SHARES
Balance at 30 June 2013
Cancellation of shares – 6 September 2013
Balance at 30 June 2014
Balance at 30 June 2012
Balance at 30 June 2013
2014
$
2013
$
69,773
38,033
107,806
39,997
11,121
51,118
2014
$
2013
$
10,628,194
(473,186)
10,155,008
9,029,962
(390,146)
8,639,816
NO.
$
26,114,640
3,900,000
8,639,816
97,500
15,201,127
380,028
44,828,153
90,043,920
1,120,704
(83,040)
10,155,008
26,114,640
26,114,640
8,639,816
8,639,816
25,250,000
(25,250,000)
-
25,250,000
25,250,000
-
-
-
-
-
The performance shares were to automatically convert into ordinary shares on the satisfaction of certain
milestones expiring 26 September 2014. No value had been brought to account as the milestones are
considered to have a low probability of being achieved within the timeframe.
The performance shares were cancelled by resolution of the shareholders on 20 August 2013.
Annual Report - 30 June 2014
Page 45
CRUCIBLE GOLD LIMITED
ABN 45 116 153 514
10. ISSUED CAPITAL (CONTINUED)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
OPTIONS
At the end of the year, the following options over unissued ordinary shares were outstanding:
GRANT DATE
DATE OF EXPIRY
26 September 2011
26 September 2011
13 December 2011
23 February 2012
25 November 2013
26 September 2014
3 years after performance milestones met and
expire on 26 September 2014 if performance
milestone not met by that date.
13 December 2014
23 February 2015
25 November 2016
EXERCISE
PRICE
NUMBER UNDER
OPTION
0.40
2,200,000
0.40
0.40
0.40
0.05
1,250,000
1,000,000
500,000
5,000,000
9,950,000
CAPITAL RISK MANAGEMENT
The group’s objectives when managing capital are to safeguard the ability to continue as a going concern, so
that benefits to stakeholders and an optimum capital structure are maintained.
In order to maintain or adjust the capital structure, the company may return capital to shareholders, cancel
capital, issue new shares or options or sell assets.
11. RESERVES AND ACCUMULATED LOSSES
OPTION RESERVE
(I)
The option reserve is used to accumulate amounts received on the issue of options and records items
recognised as expenses on valuation of incentive based share options.
Balance at 30 June 2013
Grant of incentive based share options
Balance at 30 June 2014
Balance at 30 June 2012
Balance at 30 June 2013
(II)
FOREIGN CURRENCY RESERVE
NO.
$
10,200,000
5,000,000
15,200,000
10,200,000
10,200,000
923,943
91,350
1,015,293
923,943
923,943
The foreign currency reserve is used to record exchange differences arising from the translation of the
financial statements of foreign operations.
Opening balance
Currency translation differences
Closing balance
2014
$
2013
$
(24,070)
2,103
(21,967)
-
(24,070)
(24,070)
Annual Report - 30 June 2014
Page 46
CRUCIBLE GOLD LIMITED
ABN 45 116 153 514
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
11. RESERVES AND ACCUMULATED LOSSES (CONTINUED)
(III) ACCUMULATED LOSSES
Opening balance
Total comprehensive loss for the year
Closing balance
12. EARNINGS PER SHARE
Loss used to calculate basic EPS
Loss used in calculation of dilutive EPS
2014
$
2013
$
(8,370,416)
(921,443)
(9,291,859)
(6,759,435)
(1,610,981)
(8,370,416)
2014
$
2013
$
(921,443)
N/a
(1,610,981)
N/a
Weighted average number of ordinary shares outstanding during the year used in calculating basic EPS.
2014
NO.
2013
NO.
Weighted average number of ordinary shares outstanding
during the year - No. used in calculating basic EPS
28,287,084
26,114,640
13. FINANCIAL RISK MANAGEMENT
Financial instruments consist mainly of deposits with banks and accounts receivable and payable.
The totals for each category of financial instruments, measured in accordance with AASB 139 as detailed in
the accounting policies to these financial statements, are as follows:
Financial Assets
Cash and cash equivalents
Trade and other receivables
Total Financial Assets
Financial Liabilities
Trade and other payables
Total Financial Instruments
WEIGHTED AVERAGE
INTEREST RATE (%)
NOTE
2014
$
2013
$
2.25
-
-
4
5,7
9
1,119,997
601,489
1,721,486
107,806
1,613,680
971,800
60,146
1,031,946
51,118
980,828
The carrying amounts of these financial instruments approximate their fair values.
Annual Report - 30 June 2014
Page 47
CRUCIBLE GOLD LIMITED
ABN 45 116 153 514
13. FINANCIAL RISK MANAGEMENT (CONTINUED)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FINANCIAL RISK MANAGEMENT POLICIES
Exposure to key financial risks is managed in accordance with the Group’s risk management policy with the
objective to ensure that the financial risks inherent in mineral exploration activities and new business
reviews are identified and then managed or kept as low as reasonably practicable.
The main financial risks that arise in the normal course of business are market risk (including currency risk
and interest rate risk), credit risk and liquidity risk. Different methods are used to measure and manage
these risk exposures. Liquidity risk is monitored through the ongoing review of available cash and future
commitments for exploration expenditure. Exposure to liquidity risk is limited by anticipating liquidity
shortages and ensures capital can be raise in advance of shortages. Interest rate risk is managed by limiting
the amount interest bearing loans entered into by the company. It is the Board's policy that no speculative
trading in financial instruments be undertaken so as to limit expose to price risk.
Primary responsibility for identification and control of financial risks rests with the Company Secretary,
under the authority of the Board. The Board is apprised of these risks from time to time and agrees any
policies that may be undertaken to manage any of the risks identified.
Details of the significant accounting policies and methods adopted, including criteria for recognition, the
basis of measurement and the basis on which income and expenses are recognised, in respect of each
financial instrument are disclosed in Note 1 to the financial statements. The carrying values less the
impairment allowance for receivables and payables are assumed to approximate fair values due to their
short term nature. Cash and cash equivalents are subject to variable interest rates.
SPECIFIC FINANCIAL RISK EXPOSURES AND MANAGEMENT
(a) Credit risk
Exposure to credit risk relating to financial assets arises from the potential non-performance by
counter parties of contract obligations that could lead to a financial loss to the company.
The company trades only with recognised, creditworthy third parties.
The company has no customers and consequently no significant exposure to bad debts or other credit
risks.
With respect to credit risk arising from financial assets, which comprise cash and cash equivalents and
receivables, the exposure to credit risk arises from default of the counter party, with a maximum
exposure equal to the carrying amount of these instruments. The majority of cash and deposits is
held with ANZ Bank, a AA- credit rated bank.
(b) Liquidity risk
Liquidity risk arises from the possibility that the company might encounter difficulty in settling its
debts or otherwise meeting its obligations related to financial liabilities.
Prudent liquidity risk management implies maintaining sufficient cash reserves to meet the ongoing
operational requirements of the business. It is the company’s policy to maintain sufficient funds in
cash and cash equivalents. Furthermore, the company monitors its ongoing research and
development cash requirements and raises equity funding as and when appropriate to meet such
planned requirements. The company has no undrawn financing facilities. Trade and other payables,
the only financial liability of the company, are due within 3 months.
Annual Report - 30 June 2014
Page 48
CRUCIBLE GOLD LIMITED
ABN 45 116 153 514
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
13. FINANCIAL RISK MANAGEMENT (CONTINUED)
SPECIFIC FINANCIAL RISK EXPOSURES AND MANAGEMENT (CONTINUED)
(b) Liquidity risk (continued)
The tables below reflect an undiscounted contractual maturity analysis for financial liabilities.
Cash flows realised from financial assets reflect management's expectation as to the timing of
realisation. Actual timing may therefore differ from that disclosed. The timing of cash flows
presented in the table to settle financial liabilities reflects the earliest contractual settlement dates
and does not reflect management's expectations that banking facilities will be rolled forward.
Financial liability and financial asset maturity analysis
WITHIN 1 YEAR
1 TO 5 YEARS
TOTAL CONTRACTUAL CASH
FLOW
2014
$
2013
$
2014
$
2013
$
2014
$
2013
$
Financial assets – cash flows receivable
Trade and other receivables
Total expected inflows
601,489
601,489
37,196
37,196
Financial liabilities due for payment
realisable
Trade and other payables
Total anticipated outflows
Net (outflow)/inflow on financial
instruments
(c) Market risk
107,806
107,806
51,118
51,118
493,683
(13,922)
-
-
-
-
-
22,950
22,950
601,489
601,489
60,146
60,146
-
-
107,806
107,806
51,118
51,118
22,950
493,683
9,028
i. Interest rate risk
The company’s cash-flow interest rate risk primarily arises from cash at bank and deposits subject to
market bank rates. The company does not have any borrowings or enter into hedges. An increase/
(decrease) in interest rates by 1% during the whole of the respective periods would have led to an
increase/(decrease) in both equity and losses of less than $11,200.
ii. Currency risk
The Company operates in West Africa and is exposed to foreign exchange risk arising from currency
exposures, primarily with respect to the Central African Franc (XOF).
Foreign exchange risk arises from future commercial transactions and recognised assets and liabilities
denominated in a currency that is not the entity’s functional currency. The risk is measured using
sensitivity analysis and cash flow forecasting,
Due to the small scale of the Company’s foreign operations at this stage, the group does not hedge
foreign exchange exposure.
(d) Fair value
The Group does not have any financial instruments that are subject to recurring fair value
measurements. Due to their short-term nature, the carrying amounts of the current receivables and
current trade and other payables is assumed to approximate their fair value.
Annual Report - 30 June 2014
Page 49
CRUCIBLE GOLD LIMITED
ABN 45 116 153 514
14. OPERATING SEGMENTS
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
IDENTIFICATION OF REPORTABLE SEGMENTS
The Group has identified its operating segments based on the internal reports that are reviewed and used
by the Board of Directors (chief operating decision makers) in assessing performance and determining the
allocation of resources.
The Group is managed primarily on the basis that it has only one main operating segment, which involves
the exploration of mineral resources, presently solely in West Africa. All the Group’s activities are
interrelated, and discrete financial information is reported to the Board of Directors as a single segment.
Accordingly, all significant operating decisions are based upon analysis of the Group as one segment.
The financial results from this segment are equivalent to the financial statements of the Group as a whole.
The accounting policies applied for internal purposes are consistent with those applied in the preparation of
these financial statements.
Segment income
Revenue
Administration expenses
Impairment of capitalised
exploration expenditure
CORPORATE
GOLD WEST AFRICA
TOTAL
30 JUN 2014
$
30 JUN 2013
$
30 JUN 2014
$
30 JUN 2013
$
30 JUN 2014
$
30 JUN 2013
$
12,733
(621,681)
42,549
(643,913)
2,018
(33,982)
2,753
(47,732)
14,751
(655,663)
45,302
(691,645)
-
-
(310,087)
(1,005,403)
(310,087)
(1,005,403)
30 JUN 2014
$
30 JUN 2013
$
30 JUN 2014
$
30 JUN 2013
$
30 JUN 2014
$
30 JUN 2013
$
Exploration expenditure
Total assets
Plant and Equipment
Current liabilities
-
1,758,660
883
(105,598)
-
928,282
2,289
(44,591)
-
81,700
60,800
(2,208)
-
197,744
91,791
(6,527)
-
1,840,360
61,683
(107,806)
-
1,126,026
94,080
(51,118)
15. AUDITORS' REMUNERATION
Remuneration of the auditor of the company, BDO Audit (WA)
Pty Ltd, for:
Audit services
Taxation advice – BDO Corporate Tax (WA) Pty Ltd
Payments to other auditors
Due diligence report – BDO East Coast Partnership
Total remuneration to auditors
2014
$
2013
$
26,409
16,340
42,749
9,000
51,749
30,260
20,573
50,833
-
50,833
16. CONTINGENT LIABILITIES AND CONTINGENT ASSETS
The Consolidated entity has no material contingent assets or liabilities as at reporting date.
Annual Report - 30 June 2014
Page 50
CRUCIBLE GOLD LIMITED
ABN 45 116 153 514
17. RELATED PARTY TRANSACTIONS
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
SUBSIDIARIES
The consolidated financial statements incorporate the assets, liabilities and results of the following
subsidiaries in accordance with the accounting policy described in note 1 B.:
NAME
COUNTRY OF INCORPORATION
CLASS OF SHARES
Westaf Pty Ltd
JEM Resources Pty Ltd
Major Star SA
Major Sun Mining Company Ltd
Cote Gold Pty Ltd
Queen Gold Pty Ltd
Cote Gold SA
Queen Gold SA
Westaf SA
Australia
Australia
Côte d’Ivoire
Ghana
Australia
Australia
Côte d’Ivoire
Côte d’Ivoire
Côte d’Ivoire
Ordinary
Ordinary
Ordinary
Ordinary
Ordinary
Ordinary
Ordinary
Ordinary
Ordinary
EQUITY HOLDING
2013
2014
%
%
100
100
90
90
100
100
100
100
100
100
100
90
90
100
100
100
100
100
PARENT ENTITY
Crucible Gold Limited is the ultimate Australian parent entity and ultimate parent of the Group.
KEY MANAGEMENT PERSONNEL
Refer to the Remuneration Report contained in the Directors' Report for details of the remuneration paid or
payable to each member of Crucible Gold Limited's key management personnel for the year ended 30 June
2014.
The totals of remuneration paid to key management personnel of the company during the year are as
follows:
Short-term employee benefits
Post-employment benefits
Share-based payments
2014
$
2013
$
253,422
8,491
91,350
353,263
362,197
15,198
-
377,395
OTHER TRANSACTIONS WITH KEY MANAGEMENT PERSONNEL
Payments totalling $7,500 were paid to Avitus Capital Ltd, a company associated with Mr Pawlowitsch, for
consulting fees (not provided by Mr Pawlowitsch) (2013: $630).
Payments totalling $39,275 were paid to Ventnor Resources Ltd (a company associated with Mr
Pawlowitsch) for rent for the Company’s West Perth offices and shared expenses (2013: $12,709).
The Company paid an amount of approximately $3,486 (2013: $6,112) to TD Continental (a company
associated with Mr Mian) for field staff.
Annual Report - 30 June 2014
Page 51
CRUCIBLE GOLD LIMITED
ABN 45 116 153 514
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
17. RELATED PARTY TRANSACTIONS (CONTINUED)
OTHER TRANSACTIONS WITH KEY MANAGEMENT PERSONNEL (CONTINUED)
The Company entered into sub-underwriting agreements for the renounceable rights share issue completed
during the year, with entities associated with two of its Directors. Coxrocks Pty Ltd (a company associated
with Mr Coxhell) and Kellen Investments Pty Ltd (a company associated with Mr Richards), as sub-
underwriters, subscribed for shares to the value of $4,500 and $65,000 respectively. The sub-underwriters
received no fees for acting as sub-underwriters.
18. CASH FLOW INFORMATION
(a)
Reconciliation of Cash Flow from Operations with Profit
after Income Tax
Net loss for the period
Non-cash flows in profit
Depreciation
Share based payments
Exploration written off
Investments written off
Loans written off
Foreign exchange
Other - Exploration expensed
Changes in assets and liabilities
(Increase)/decrease in trade and term receivables
(Increase)/provision for annual leave
Increase/(decrease) in trade payables and accruals
Net cash outflows from operating activities
19. SHARE-BASED PAYMENTS
The Group does not have an Employee Share or Option Plan.
During the year, no shares were issued as share based payments.
2014
$
2013
$
(950,999)
(1,651,746)
35,388
91,350
-
-
-
-
310,087
35,706
-
494,291
-
-
-
511,112
(71,730)
-
30,261
(555,643)
22,458
(2,817)
(21,621)
(612,617)
On 25 November 2013, the Group granted 1,000,000 incentive options to each of the directors. Using the
Black and Scholes Option valuation methodology, the fair value of the options issued were calculated using
the following inputs:
Number of options:
Exercise price:
Expected exercise date:
Each option was valued at AUD $0.01827
Risk free interest rate:
Share price at date of issue:
Expected volatility:
5,000,000
AUD $0.05
25 November 2016
3.04%
AUD $0.029
120%
The expected volatility was based on the historic volatility (based on the remaining life of the options),
adjusted for any expected changes to future volatility due to publicly available information.
The Black and Scholes Option pricing model was used as the method of valuation for all option issues.
Service and non-market performance conditions attached to the transactions are not taken into account in
determining fair value.
Annual Report - 30 June 2014
Page 52
CRUCIBLE GOLD LIMITED
ABN 45 116 153 514
19. SHARE-BASED PAYMENTS (CONTINUED)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
A summary of the movements of all Company options issued as share based payments is as follows:
Options outstanding as at 30 June 2012
Options outstanding as at 30 June 2013
Granted
Expired
Options outstanding as at 30 June 2014
NUMBER
WEIGHTED
AVERAGE
EXERCISED PRICE
11,450,000
11,450,000
5,000,000
(6,500,000)
9,950,000
$0.40
$0.40
$0.05
$0.40
$0.22
The weighted average remaining contractual life of options outstanding at year end is 1.54 years (2013: 2.28
years).
MOVEMENTS IN OPTIONS
DATE
DETAILS
25 November 2013
12 April 2014
12 April 2014
Balance at 30 June 2013
Director’s incentives
Expiration - Part consideration for acquisition of JEM Resources
Pty Ltd
Expiration - Part consideration for acquisition of Westaf Pty Ltd
Balance at 30 June 2014
Balance at 30 June 2012
Balance at 30 June 2013
NUMBER OF
OPTIONS
11,450,000
5,000,000
(5,000,000)
(1,500,000)
9,950,000
11,450,000
11,450,000
The expenses from share based payments are disclosed in the consolidated statement of profit or loss and
other comprehensive income.
20. EVENTS AFTER THE END OF THE REPORTING PERIOD
The directors advised on 24 July 2014 that the Company had exercised its option to acquire 100% of the
shares in Medulla Group Pty Ltd, the holding company for Dubber Pty Ltd (“Dubber”) subject to the
necessary regulatory and shareholder approvals. The Company agreed to provide additional funding to
Dubber for the marketing, sales and distribution of its software, by way of an interest free unsecured loan
on an as needs basis until completion of the acquisition of Dubber. The funding required is approximately
$200,000 per month.
Otherwise, no matters or circumstances have arisen since the end of the financial year which significantly
affected or could significantly affect the operations of the company, the results of those operations or the
state of affairs of the company in future financial years.
The financial report was authorised for issue on 26 September 2014 by the board of directors.
Annual Report - 30 June 2014
Page 53
CRUCIBLE GOLD LIMITED
ABN 45 116 153 514
21. PARENT ENTITY FINANCIAL INFORMATION
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Summary Financial information
The individual financial statements for the parent entity show the following aggregate amounts:
Statement of financial position
Current assets
Non-current assets
Total assets
Current liabilities
Total liabilities
Net Assets
Equity
Issued capital
Reserves
Accumulated losses
Total equity
Loss for the year
Total comprehensive loss
2014
$
2013
$
1,757,777
883
1,758,660
105,598
105,598
1,653,062
925,993
2,288
928,281
44,591
44,591
883,690
10,140,779
1,015,293
(9,503,010)
1,653,062
8,625,587
923,943
(8,665,840)
883,690
(837,170)
(837,170)
(2,425,717)
(2,425,717)
The parent entity had no expenditure commitments or contingent liabilities at 30 June 2014 or 30 June
2013. The loans owed by and investments in subsidiaries have been written-off as there is no reasonable
prospect of recovery.
Annual Report - 30 June 2014
Page 54
CRUCIBLE GOLD LIMITED
ABN 45 116 153 514
22. NON-CONTROLLING INTERESTS (NCI)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Set out below is summarised financial information for each subsidiary that has non-controlling interests that
are material to the group. Amounts disclosed are before intercompany eliminations.
Ownership interest held by non-controlling interests
Summarised statement of financial position
Current assets
Non-current assets
Total assets
Current liabilities
Non-current liabilities
Total liabilities
Net Assets
Accumulated NCI
Summarised statement of profit or loss and other
comprehensive income
Loss for the year
Other comprehensive income
Total comprehensive loss
Losses allocated to NCI
Summarised cash flows
Cash flows from operating activities
Cash flows from investing activities
Cash flows from financing activities
Foreign exchange movement
Net (decrease) in cash and cash equivalents
MAJOR STAR SA
2014
%
10
$
20,899
60,801
81,700
2,207
1,336,586
1,338,793
2013
%
10
$
82,999
114,742
197,741
6,527
1,143,683
1,150,210
(1,257,093)
(952,469)
(123,759)
(94,204)
(295,553)
(9,071)
(414,401)
(31,456)
(304,624)
(445,857)
(29,556)
(41,440))
-
(241,355)
192,902
(12,619)
4,565
(395,463)
395,689
(31,456)
(61,072)
(26,665)
Transactions with non-controlling interests
-
-
Annual Report - 30 June 2014
Page 55
CRUCIBLE GOLD LIMITED
ABN 45 116 153 514
23. COMMITMENTS
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
The Company’s Poya tenements in Burkina Faso require minimum expenditure of 270,000 Central African
Francs (CFA) per square kilometre. The Poya tenements cover 112 square kilometres, therefore the annual
commitment is 30,240,000 CFA, which at the exchange rate at 30 June 2014 is AUD$66,717 per annum
(2013: AUD$65,671).
On 1 January 2012, the Company commenced a new lease for offices in Abidjan, Cote d’Ivoire. The lease is
for a three year term with payments of 2,250,000 CFA per quarter in advance. These payments are to be
offset against an amount for leasehold improvements that was paid by the Company on behalf of the lessor,
which amounted to 25,693,850 CFA. Interest will be charged to the lessor on the outstanding balance by the
Company at a rate of 7% per annum.
At 30 June 2014 the amount owed to the Company was 8,486,819 CFA, which at the exchange rate at 30
June 2014 was AUD 18,724 (2013: AUD35,022).
There were no contingent liabilities at 30 June 2014 or 30 June 2013.
The Company has not declared a dividend.
Annual Report - 30 June 2014
Page 56
CRUCIBLE GOLD LIMITED
ABN 45 116 153 514
DIRECTORS’ DECLARATION
Directors’ Declaration
The directors of the company declare that:
1.
The financial statements and notes, as set out on pages 27 to 56 are in accordance with the
Corporations Act 2001, including:
(a)
(b)
complying with Accounting Standards, the Corporations Regulations 2001 and other mandatory
professional reporting requirements; and
give a true and fair view of the consolidated entity’s financial position as at 30 June 2014 and of
it’s performance for the financial year ended on that date.
2.
The Managing Director and Company Secretary have each declared that:
(a)
(b)
the financial records of the company for the financial year have been properly maintained in
accordance with section 286 of the Corporations Act 2001;
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.
4.
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.
Note 1 confirms that the financial statements also comply with International Financial Reporting
Standards as issued by the International Standards Board.
This declaration is made in accordance with a resolution of the Board of Directors.
Peter Pawlowitsch
Director
Dated: 26 September 2014
Annual Report - 30 June 2014
Page 57
Tel: +61 8 6382 4600
Fax: +61 8 6382 4601
www.bdo.com.au
38 Station Street
Subiaco, WA 6008
PO Box 700 West Perth WA 6872
Australia
INDEPENDENT AUDITOR’S REPORT
To the members of Crucible Gold Limited
Report on the Financial Report
We have audited the accompanying financial report of Crucible Gold Limited, which comprises the
consolidated statement of financial position as at 30 June 2014, the consolidated statement of profit or
loss and other comprehensive income, the consolidated statement of changes in equity and the
consolidated statement of cash flows for the year then ended, notes comprising a summary of
significant accounting policies and other explanatory information, and the directors’ declaration of the
consolidated entity comprising the company and the entities it controlled at the year’s end or from
time to time during the financial year.
Directors’ Responsibility for the Financial Report
The directors of the company are responsible for the preparation of the financial report that gives a
true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001
and for such internal control as the directors determine is necessary to enable the preparation of the
financial report that gives a true and fair view and is free from material misstatement, whether due to
fraud or error. In Note 1, the directors also state, in accordance with Accounting Standard AASB 101
Presentation of Financial Statements, that the financial statements comply with International
Financial Reporting Standards.
Auditor’s Responsibility
Our responsibility is to express an opinion on the financial report based on our audit. We conducted our
audit in accordance with Australian Auditing Standards. Those standards require that we comply with
relevant ethical requirements relating to audit engagements and plan and perform the audit to obtain
reasonable assurance about whether the financial report is free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in
the financial report. The procedures selected depend on the auditor’s judgement, including the
assessment of the risks of material misstatement of the financial report, whether due to fraud or error.
In making those risk assessments, the auditor considers internal control relevant to the company’s
preparation of the financial report that gives a true and fair view in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the company’s internal control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of accounting estimates made by the directors, as
well as evaluating the overall presentation of the financial report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our audit opinion.
Independence
In conducting our audit, we have complied with the independence requirements of the Corporations
Act 2001. We confirm that the independence declaration required by the Corporations Act 2001, which
has been given to the directors of Crucible Gold Limited, would be in the same terms if given to the
directors as at the time of this auditor’s report.
BDO Audit (WA) Pty Ltd ABN 79 112 284 787 is a member of a national association of independent entities which are all members of BDO Australia Ltd ABN
77 050 110 275, an Australian company limited by guarantee. BDO Audit (WA) Pty Ltd and BDO Australia Ltd are members of BDO International Ltd, a UK
company limited by guarantee, and form part of the international BDO network of independent member firms. Liability limited by a scheme approved under
Professional Standards Legislation (other than for the acts or omissions of financial services licensees) in each State or Territory other than Tasmania.
Opinion
In our opinion:
(a)
the financial report of Crucible Gold Limited is in accordance with the Corporations Act 2001,
including:
(i)
giving a true and fair view of the consolidated entity’s financial position as at 30 June 2014
and of its performance for the year ended on that date; and
(ii) complying with Australian Accounting Standards and the Corporations Regulations 2001; and
(b)
the financial report also complies with International Financial Reporting Standards as disclosed in
Note 1.
Emphasis of matter
Without modifying our opinion, we draw attention to Note 1 in the financial report, which indicates
that the ability of the consolidated entity to continue as a going concern is dependent upon the future
successful raising of necessary funding through equity, successful exploration, subsequent exploitation
of the consolidated entity’s tenements and the Dubber Pty Ltd transaction. These conditions, along
with other matters as set out in Note 1, indicate the existence of a material uncertainty that may cast
significant doubt about the consolidated entity’s ability to continue as a going concern and therefore,
the consolidated entity may be unable to realise its assets and discharge its liabilities in the normal
course of business.
Report on the Remuneration Report
We have audited the Remuneration Report included in the directors’ report for the year ended 30 June
2014. The directors of the company are responsible for the preparation and presentation of the
Remuneration Report in accordance with section 300A of the Corporations Act 2001. Our responsibility
is to express an opinion on the Remuneration Report, based on our audit conducted in accordance with
Australian Auditing Standards.
Opinion
In our opinion, the Remuneration Report of Crucible Gold Limited for the year ended 30 June 2014
complies with section 300A of the Corporations Act 2001.
BDO Audit (WA) Pty Ltd
Peter Toll
Director
Perth, 26 September 2014
CRUCIBLE GOLD LIMITED
ABN 64 089 145 424
ASX INFORMATION
FOR THE YEAR ENDED 30 JUNE 2014
Additional Shareholder Information
The following additional information is current as at 25 September 2014.
SUBSTANTIAL SHAREHOLDERS
NAME
DR PAUL ANTHONY PORTER & DR TI-WAN NG
J P MORGAN NOMINEES AUSTRALIA LIMITED
MR JASON PETERSON & MRS LISA PETERSON
UNITS
% OF UNITS
11,000,000
7,613,669
5,000,000
12.22
8.46
5.55
RANGE OF HOLDING – ORDINARY SHARES
HOLDERS
SHARES
1 - 1000
1001 - 5000
5001 - 10,000
10,001 - 100,000
100,001 and above
276
156
77
135
102
746
86,502
411,766
652,143
5,516,721
83,376,788
90,043,920
There are 209 shareholders with less than a marketable parcel.
VOTING RIGHTS
Each fully paid ordinary share carries voting rights of one vote per share.
THE TOP 20 HOLDERS OF ORDINARY SHARES ARE:
RANK
NAME
UNITS
% OF UNITS
1.
2.
3.
DR PAUL ANTHONY PORTER & DR TI-WAN NG
J P MORGAN NOMINEES AUSTRALIA LIMITED
MR JASON PETERSON & MRS LISA PETERSON
AURO PTY LTD
SCINTILLA STRATEGIC INVESTMENTS LIMITED
SUNSHORE HOLDINGS PTY LTD
KELLEN INVESTMENTS PTY LTD
4.
5.
6.
7.
8. MORPARQ PTY LTD
9.
10.
11.
12. WILBERFORCE PTY LTD
13.
14.
FENCOURT ENTERPRISES PTY LTD
NATIONAL AUSTRALIA TRUSTEES LIMITED
RIVERVIEW CORPORATION PTY LTD
15.
ELDON AUSTRALIA PTY LTD
GOLDFIRE ENTERPRISES PTY LTD
JOHN WARDMAN & ASSOCIATES PTY LTD
SHARP HOLDINGS PTY LTD
NATIONAL NOMINEES LIMITED
ZERO NOMINEES PTY LTD
16.
17.
18.
19. MR JASON BALL & MRS JANE BALL
JAYVEE INVESTMENTS PTY LTD
20.
Totals: Top 20 holders of ORDINARY SHARES (TOTAL)
Annual Report - 30 June 2014
11,000,000
7,613,669
12.22
8.46
5,000,000
3,600,000
3,500,000
2,800,000
2,600,000
1,999,990
1,998,163
1,668,728
1,600,000
1,500,000
1,500,000
1,215,000
1,100,000
1,100,000
1,038,976
1,005,000
1,000,000
1,000,000
53,839,526
5.55
4.00
3.89
3.11
2.89
2.22
2.22
1.85
1.78
1.67
1.67
1.35
1.22
1.22
1.15
1.12
1.11
1.11
59.79
Page 60
ASX INFORMATION
FOR THE YEAR ENDED 30 JUNE 2014
CRUCIBLE GOLD LIMITED
ABN 64 089 145 424
UNQUOTED EQUITY SECURITIES
The following unlisted options have been issued:
5,000,000 options exercisable at 5 cents expiring 25 November 2016
Number of holders: 5
Vault (WA) Pty Ltd holds 1,000,000 options or 20%
Timothy Fry holds 1,000,000 options or 20%
Ken Richards holds 1,000,000 options or 20%
Simon Coxhell holds 1,000,000 options or 20%
Michel Mian holds 1,000,000 options or 20%
1,000,000 options exercisable at 40 cents expiring 13 December 2014
1 holder Coxsrocks Pty Ltd 100%
500,000 options exercisable at 40 cents expiring 23 February 2015
1 holder Eric Kinnan 100%
SECURITIES UNDER ESCROW
Nil
SCHEDULE OF TENEMENTS
The Group has an interest in the following tenements:
PROJECT
Poya Project,
Burkina Faso
Bodite, Cote
d’Ivoire
Aboisso, Cote
d’Ivoire
TENEMENT
Decree no 2010-10-
216/MCE/SG/DGMGC 88.89%
INTEREST
No. 416
No. 417
90%
90%
Annual Report - 30 June 2014
Page 61