Corporate Directory
GME Resources Ltd
ABN 62 009 260 315
Directors
Michael Delaney PERROTT AM B.Com, Chairman
James Noel SULLIVAN FAICD, Managing Director
Peter Ross SULLIVAN BE, MBA, Director
Company Secretary
Mark Pitts B.Bus FCA
Registered Office and
Principal Place of Business
247 Balcatta Rd
Balcatta WA 6021
Telephone: (08) 9273 1204
(08) 9315 5475
Facsimile:
Web Site: www.gmeresources.com.au
Auditors
HLB Mann Judd
Chartered Accountants
Level 4, 130 Stirling Street
Perth WA 6000
Share Registry
Computershare Registry Services Pty Ltd
Level 2, Reserve Bank Building
45 St George’s Terrace
Perth WA 6000
GPO Box D182
Perth WA 6001
Telephone: (08) 9323 2000
(08) 9323 2033
Facsimile:
Securities Exchange Listing
The Company’s shares are quoted on the Official List of
Australian Securities Exchange Limited Ticker code: GME
State of Registration
Western Australia
Table of Contents
Chairman’s Letter
Operations Report 2013
Corporate Governance
Directors’ Report
Auditor’s Independence Declaration
Consolidated Statement of Profit or Loss and Other
Comprehensive Income
Consolidated Statement of Financial Position
Consolidated Statement of Changes In Equity
Consolidated Statement of Cash Flows
Notes to the Financial Statements
Directors’ Declaration
Independent Auditor’s Report
Shareholder Information
1
2
17-22
24-29
30
31
32
33
34
35-51
52
53-54
55
Chairman’s Letter
Dear Shareholder
Your Directors continue to be encouraged by the quality of our primary asset, the NiWest nickel laterite project.
More work is being done globally with nickel laterite which has led to increased confidence in the potential to extract
nickel using the heap leach method. I draw your attention to the encouraging metallurgical results the company has
achieved through the past year.
The increasing confidence and technical development is further assisted by the location of our assets which are subject
to Western Australian and Australian laws and regulations. When comparing other resource locations throughout the
world with the regulatory and physical environment of our assets one concludes that the project is well located. This
provides considerable security to those whom we will work with to develop these resources.
In the annual report you will note the considerable additional work which has been done to further support our ability
to treat the ore .The test work completed demonstrates the mineralisation contained within the NiWest resources is
highly leachable. Combined with the proposed changes to the processing circuit design we believe the engineering study
currently underway is the appropriate step forward for the Company.
I’d like to thank my fellow Board members once again for their strong and active involvement in the management of the
company and the development of the project. In particular I’d like to recognise Mr Geoff Motteram, who stood down
from the Board but remains a shareholder and active supporter of the project. We wish Mr Motteram every success in
his retirement.
We look forward to seeing you at our AGM.
Yours faithfully
Michael Perrott AM
Chairman
Page 1 - GME Resources Ltd - Annual Report 2013
Operations Report 2013
“Heap Leaching combined with Direct Solvent Extraction and
Electrowinning is a potential game changer for GME’s NiWest Project.
The new process adopted by the Company has the capacity to unlock a
significant resource of nickel through a simplified low risk process route
within a low capital and operating cost environment when compared to
traditional nickel laterite process routes.
Combining these elements with all of the other unique attributes of the
NiWest Project, the development case for a project of this standing is
very compelling.”
NiWest Nickel Laterite Project: (GME - 100%)
Attributes of the NiWest Nickel Laterite Project:
•
•
•
•
•
•
•
•
•
•
•
•
Low Sovereign Risk – North Eastern Goldfields of Western Australia
Globally Significant Resource (JORC 2004) – 75 million tonnes averaging 1% Nickel and 0.06%
Cobalt with over 70% drill tested to measured and indicated categories (0.8% Ni cut-off
grade). Sufficient resources to support 20 year operation at a production rate of 3.5 million
tonnes per annum
Heap Leach Development – simple process, low tech, low capital intensity and low operating
cost environment.
Extensive column test work completed indicating up to 75% Ni extraction is achievable
Scoping Study in progress for Heap Leach Plant and Processing Circuit utilising Direct Solvent
Extraction and Electrowinning to produce LME Nickel cathode.
Production Target – Heap Leaching Operation - 3.5 million tonnes per annum generating
25,000 tonnes of LME grade Nickel per annum
Significant de risking with world first nickel laterite heap leach development commercialised
on similar ore types at Glencore Xstrata’s Murrin Murrin Nickel Refinery adjacent to the
NiWest Project
Existing Major Infrastructure – Open access rail linked to deep water ports, gas pipeline,
bitumen road, serviced mining towns.
Ideal Heap Leach Environment – Semi desert, unpopulated, flat terrain
Development of proprietary Intellectual Property to enhance acid consumption rates
Solid Tenure – All resources located on Granted Mining Leases
Feasibility Study partially completed includes environmental studies/surveys and delineation
of water resources including water license, mine scheduling and trial mine permitting.
Page 2 - GME Resources Ltd - Annual Report 2013
2011
Project Overview
GME through its 100% owned subsidiary, NiWest Limited owns the NiWest Nickel Laterite Project located at Murrin Murrin
in the North Eastern Goldfields of Western Australia. The project contains 100 million tonnes of nickel laterite resource
located from surface to 60 metres depth that can be exploited by low strip ratio open pit mining.
Resources located at seven areas within close proximity have been extensively drilled tested. A data base of over 4,000
bore holes for 165,000 metres of drilling have been utilised by independent consultants to calculate resource estimates.
Over 70% of the resources are drill tested to Measured and Indicated category under JORC 2004.
Over the past five years the Company has completed numerous laboratory column test programs simulating a Heap Leach
(HL) operation. Results from these programs have consistently returned nickel extraction rates between 70 and 80%. The
graphs on following pages demonstrate the typical nickel extraction rates from 4 metre column test programs completed
on Hepi, Mt Kilkenny and Eucalyptus (includes Camelback) ore samples.
As a result of the successful column leach test programs, the Company completed (2007) a Pre-Feasibility Study (PFS)
on developing a 1.5 million tonne per annum heap leach operation. The PFS completed by Aker Kvaerner demonstrated
the development of a heap leach project at NiWest was technically feasible and economically attractive.
Following a strategic review which included results from the PFS, the NiWest resources base and further encouraging
column test results, the scale of the NiWest Project was increased significantly. In 2008 the Company commenced work
on a Feasibility Study aimed at optimising the NiWest resources through the development of a large scale heap leach
operation targeting an annual production rate of 3.5 million tonnes. Based on a mining head grade averaging 1% nickel,
there are sufficient resources to sustain a 20 year mining operation.
Work on the Feasibility Study was wound down in 2010 following sustained down turn in global commodity and capital
markets. Considerable work was completed up to this point that included infill resource drilling, water resource drilling
including a 2.0GL per annum water license, mine scheduling, waste characterisation and environmental surveys covering
base line biological flora, fauna and vertebrate. Approval for a trial mine was also granted at the Hepi project.
Page 3 - GME Resources Ltd - Annual Report 2013
OPERATIONS REPORT 2013 CONTINUED
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Under the current proposed mining schedule, 90% of the first seven years production comes
from the Mt Kilkenny project.
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Eucalyptus Project: 0.8% Ni Resource envelope -28 million tonnes averaging 1% Ni.
Page 4 - GME Resources Ltd - Annual Report 2013
OPERATIONS REPORT 2013 CONTINUED
De-Risking the Project
Extensive metallurgical test work has been completed on the NiWest nickel laterite ores to date, indicating that they
are amenable to heap leaching.
Adding further support to the viability of developing a heap leaching project utilising nickel laterites in the Murrin
Murrin region was the recent commercialisation of the World’s first fully integrated Nickel Heap Leach operation at the
adjacent Murrin Murrin Nickel Refinery.
The Company believes that the successful heap leach project at Glencore Xstrata’s Murrin Murrin Nickel Refinery
provides substantial de risking at the front end of the operation and strengthens confidence that this low cost, low tech
processing option is the optimal development route for the NiWest project.
In June the Company appointed MWorx Pty Ltd as metallurgical consultants. Principal, Mr David Readett is a Metallurgical
Engineer with over 25 years’ experience in hydrometallurgy specialising in heap leach, solvent extraction and
electrowinning technologies. Mr Readett’s most recent position was a six year management role in the Project
Development Group at the Murrin Murrin Nickel Refinery that included the development of the nickel heap leach
operation on the site.
Nickel Extraction v Time
%
i
N
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n
o
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t
c
a
r
t
x
E
%
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N
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100
90
80
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10
0
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0
Eucalyptus Central
Eucalyptus North
Camel Back
Hepi with floc
Hepi
Kilkenny
0
10
20
30
40
50
60
70
80
90
100
110
120
130
140
Time, days
Time days
Nickel Extraction v Time
Hepi # 1 Comp.
MK North # 1 Comp.
MK Central # 1 Comp.
Mk North # 2
0
20
40
60
80
Time, days
100
120
140
160
Above graphs demonstrate the typical nickel extraction rates from 4 metre column test programs
completed on Hepi, Mt Kilkenny and Eucalyptus (includes Camelback) ore samples.
Page 5 - GME Resources Ltd - Annual Report 2013
OPERATIONS REPORT 2013 CONTINUED
Rational to Metallurgical Test Program
Following a review of previous studies and the flow sheet adopted for the large scale plant, the Company elected to
undertake a new metallurgical program to test an alternative processing route known as Direct Solvent Extraction (DSX)
aimed at simplifying the processing plant and reducing projected development and operating costs for the proposed
heap leach project.
The original flow sheet adopted for the PFS and FS was designed around a processing circuit that produced a Mixed
Sulphide Product which is a high value nickel concentrate (+50%Ni). Whilst this product is highly sort after by refiners,
the loss of approximately 20% of the contained nickel value to refining charges impacts significantly on the project
economics.
The approach to DSX calls for
standard iron removal followed by
direct application of solvent
extraction followed by electro-
winning to produce LME grade
nickel cathode and a cobalt
carbonate bi-product.
Other than the obvious benefit
gained by producing LME cathode,
the DSX process removes capital
intensive steps of intermediate
product
and
intermediate product dissolution
for refining and metal production,
making the development capital
more akin to an oxide copper
heap leach project.
precipitation
Based on the above factors the
Company formed the view that
there were substantial economic
and operational benefits to be
gained by testing the applicability
of DSX EW processing route for
the NiWest Project. A schematic
of the proposed flow sheet is
provided to the right.
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Results from Metallurgical
Test Program
The first stage of the test work
involved running a series of
column leach tests to simulate a
four stage counter current heap
leach generating pregnant nickel
solution (PLS). The column tests
demonstrated that high nickel
extraction rates can be expected from heap leaching the NiWest laterite ores with 79% nickel and 22% cobalt taken up
in the PLS, replicating results from previous test work completed.
Proposed NiWest DSX – EW flow sheet
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(cid:32)
(cid:97)(cid:67)(cid:111)(cid:67)
(cid:32)
(cid:32)
(cid:32)
(cid:101)(cid:116)(cid:97)(cid:110)(cid:111)(cid:98)(cid:114)(cid:97)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:67)(cid:111)(cid:32)(cid:67)(cid:97)(cid:114)(cid:98)(cid:111)(cid:110)(cid:97)(cid:116)(cid:101)
(cid:111)(cid:114)(cid:80)
(cid:116)(cid:99)(cid:117)(cid:100)(cid:111)
(cid:80)(cid:114)(cid:111)(cid:100)(cid:117)(cid:99)(cid:116)
(cid:105)(cid:78)(cid:69)(cid:77)(cid:76)
(cid:76)(cid:77)(cid:69)(cid:32)(cid:78)(cid:105)
(cid:101)(cid:100)(cid:111)(cid:104)(cid:116)(cid:97)(cid:67)
(cid:67)(cid:97)(cid:116)(cid:104)(cid:111)(cid:100)(cid:101)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:78)(cid:105)(cid:32)(cid:69)(cid:87)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
The second stage of program was to test the removal of impurities (iron and aluminium) from the PLS via neutralisation
prior to the SX processing. With tight control of pH levels the test work demonstrated that iron and aluminium can be
precipitated with no loss of nickel or cobalt.
Page 6 - GME Resources Ltd - Annual Report 2013
OPERATIONS REPORT 2013 CONTINUED
In stage three of the program, Solvent Extraction shake out tests were performed using a range of pH. These tests have
indicated that a 90% (per stage) pick up of nickel and cobalt can be achieved with no pick up of calcium and all remaining
Aluminium was also picked up in the SX stage.
The test work showed the potential to generate a purified and upgraded Ni solution suitable for electrowinning. It was
not considered necessary to undertake electrowinning tests at this stage.
The test work also produced positive results from the Company’s Acid Regeneration Process (patent application lodged)
indicating that a 25-30% reduction in acid consumption may be achievable. This is significant, in that acid costs are
expected to represent 40 -50% of the heap leach operating costs.
The test work demonstrated that:
•
•
•
•
•
•
Counter current column tests
on NiWest ore indicate +75%
Ni extraction
rates are
achievable
High metal strengths in PLS
can be achieved using
counter current approach
Iron and Aluminium removal
can be achieved from the
heap leach PLS via pH control
Potential exists to minimise
limestone consumption using
for
stage
final
neutralisation
heap
Strong potential exists to
reduce acid consumption
utilising the Company Acid
Regeneration process
Solvent Extraction has been
demonstrated to be able to
recover Nickel and Cobalt
directly from the neutralised
heap leach PLS
Scoping Study
To progress the development of
the new processing flow chart, and
prior to proceeding with large
scale test work the Company has
engaged
to
complete a Scoping Study that will
capital and
the
investigate
operating costs for a heap leach
operation utilising Direct Solvent
Extraction and Electrowinning
applicable to the NiWest Project.
engineers
two
The Company has completed numerous large scale column tests that
consistently indicate nickel extraction rates between 70 and 80% are
achievable.
MWorx has been appointed as the
Metallurgical Engineer to oversee
the study in conjunction with
Tenova Bateman Technologies who are globally recognised as a technology developer with engineering capability and
experience in the design and delivery of SXEW plants.
Page 7 - GME Resources Ltd - Annual Report 2013
OPERATIONS REPORT 2013 CONTINUED
The Scoping Study will be based on a 3.5 million tonne per annum heap leach operation optimising 1% nickel and 0.06%
cobalt head grades. The study will also consider a range of smaller start-up operations utilising reagents that are
available locally that could scaled up to the optimum size.
The study will include the following;
•
•
•
•
•
•
•
•
Conceptual Flow Sheet
Preliminary Mass Balance
Conceptual Layout
Process Description
Order of Magnitude Capital Costs
Order of Magnitude Operating Costs
Preliminary Equipment List
Scope of work for large scale metallurgical test program to provide detailed design data for SX EW plant.
The Company expects to report the results from the scoping study by December 2013. At this point the company will be
in a better position to outline its plan and the timing as to advancing the large scale metallurgical test program and re
commencing work on the feasibility study.
NiWest Nickel Laterite Project Resource (JORC 2004) Statement at various Ni cut of grades
0.7% COG
CATEGORY
TOTAL
Measured
Indicated
Inferred
Combined
0.8% COG
CATEGORY
TOTAL
Measured
Indicated
Inferred
Combined
1.0% COG
CATEGORY
TOTAL
Measured
Indicated
Inferred
Combined
1.2% COG
CATEGORY
TOTAL
Measured
Indicated
Inferred
Combined
Tonnes
(Millions)
45.86
32.28
30.32
108.46
Tonnes
(Millions)
34.22
22.41
19.09
75.73
Tonnes
(Millions)
19.21
8.47
5.07
32.74
Tonnes
(Millions)
7.43
2.23
1.29
10.96
%Ni
0.96
0.92
0.89
0.93
%Ni
1.04
0.99
0.96
1.01
%Ni
1.19
1.14
1.14
1.17
%Ni
1.37
1.31
1.28
1.34
%Co
0.06
0.06
0.06
0.06
%Co
0.07
0.06
0.06
0.06
%Co
0.08
0.08
0.07
0.08
%Co
0.09
0.09
0.09
0.09
Ni Metal
(tonnes)
441,692
295,631
270,250
1,007,573
Ni Metal
(tonnes)
355,198
222,273
184,038
761,509
Ni Metal
(tonnes)
228,996
96,299
57,741
383,036
Ni Metal
(tonnes)
101,534
29,165
16,591
147,290
Co Metal
(tonnes)
28,229
18,502
19,600
66,331
Co Metal
(tonnes)
23,037
14,189
11,303
48,529
Co Metal
(tonnes)
15,215
6,461
3,786
25,463
Co Metal
(tonnes)
6,681
1,981
1,106
10,067
A JORC (2004) compliant resource statement for the NiWest Project was prepared by independent resource geologists
/ consultants, Ravensgate Minerals Industry Consultants. Over 70% of the resource is drill tested to measured and
indicated categories.
Page 8 - GME Resources Ltd - Annual Report 2013
OPERATIONS REPORT 2013 CONTINUED
GOLD PROJECTS:
Golden Cliffs NL (GME - 100%)
The Company holds a number of
prospective gold projects in Leonora
Laverton region through its 100% owned
subsidiary Golden Cliffs NL. All of the
respective project areas contain
historical gold working and have been
subjected
levels of
exploration
including mapping,
sampling and drilling.
varying
to
Whilst the Company’s gold projects are
relatively small in size and potential to
discover a stand-alone mine is limited,
they are highly prospective and there is
very good potential to develop short
term, highly profitable mines that can
be exploited utilising third part
treatment plants within the area. The
Devon Gold Project is a good example
of this and has been the Company’s
principal gold focus over the past year.
Devon Gold Project
The Devon Gold Project is situated over the Laverton Greenstone Belt within the Central Laverton Domain of the
Laverton Tectonic Zone. The Sunrise Dam (>7.7 million ounces) and Red October (>0.5 million ounces) and
Wallaby/Granny Smith deposits (>.8.8 million ounces) deposits occur to the north of the Devon Gold Mine.
Drilling at the Devon project has delineated continuous mineralisation over a strike length of 700 metres. Gold grades
from 1 – 20 grams have been recorded in numerous surface costeans along the strike. Close spaced drilling programs
below the costeans and historical working have identified mineralised lodes containing over 50,000 ounces of gold from
surface to 80 metres. Metallurgical test work completed indicates the ore is amenable to standard CIL treatment with
gold recoveries expected in the range of 91%- 94%.
Over the past year, work at the Devon included RC drilling, updated resource estimate, metallurgical test work, site
rehabilitation, heritage surveys and optimisation studies. A miscellaneous licence for a haul road to link the project to
the Linden-Leonora Road was granted in April this year.
The Devon project is a relatively small tenement that hosts a shallow moderate grade gold resource that can be
exploited by open pit mining. Development of the project has been delayed while the company works through Native
Title matters that are complicated by an association to a previous claim group. Aboriginal Heritage surveys have been
completed and have cleared the tenements of sites, paving the way for grant of mining lease once Native Title matters
are completed.
A further round of drilling in December resulted in a number of significant shallow high grade intersections. These results
were incorporated into the data base and used to produce an updated resource estimate.
2012 Drilling Highlights
12DV014
4 metres @ 10.02g/t
from 2 metres
12DV011
4 metres @ 7.51g/t
from 8 metres
12DV002
1 metres @ 13.65g/t
from 6 metres
12DV006
4 metres @ 7.82g/t
from 36 metres
12DV017
2 metres @ 8.24g/t
from 35 metres
12DV022
3 metres @ 13.28g/t
from 5 metres
Page 9 - GME Resources Ltd - Annual Report 2013
OPERATIONS REPORT 2013 CONTINUED
The revised resource estimate calculated by
Ravensgate Minerals Industry Consultants at the
Devon resulted in a 4% increase in total contained
gold, from 50,000 ounces to 52,000 ounces and an
increase in the indicated tonnes by 26% from
274,000 tonnes to 346,000 tonnes. The resource
estimate is compliant to JORC 2004 standards.
(cid:68)(cid:69)(cid:86)(cid:79)(cid:78)(cid:32)(cid:71)(cid:79)(cid:76)(cid:68)(cid:32)(cid:80)(cid:82)(cid:79)(cid:74)(cid:69)(cid:67)(cid:84)
Updated Resource Estimate
JORC
Classification
Tonnes
Measured
0
g/t
Grade Contained
Ounces
Gold
0
-
Indicated
346,165
Inferred
157145
3.07
3.52
34,171
17,786
(cid:78)
(cid:109)
(cid:32)
(cid:48)
(cid:48)
(cid:48)
(cid:44)
(cid:48)
(cid:54)
(cid:55)
(cid:44)
(cid:54)
Total
503,310
3.21
51,957
(cid:79)(cid:76)(cid:89)(cid:77)(cid:80)(cid:73)(cid:67)
(cid:80)(cid:51)(cid:57)(cid:47)(cid:52)(cid:54)(cid:51)(cid:55)
(cid:68)(cid:69)(cid:86)(cid:79)(cid:78)
(cid:80)(cid:51)(cid:57)(cid:47)(cid:52)(cid:54)(cid:51)(cid:56)
(cid:76)(cid:51)(cid:57)(cid:47)(cid:50)(cid:50)(cid:50)
(cid:72)(cid:97)(cid:117)(cid:108)(cid:32)(cid:82)(cid:111)(cid:97)(cid:100)
(cid:84)(cid:101)(cid:110)(cid:101)(cid:109)(cid:101)(cid:110)(cid:116)
(cid:76)(cid:97)(cid:121)(cid:111)(cid:117)(cid:116)
(cid:52)(cid:52)(cid:54)(cid:44)(cid:48)(cid:48)(cid:48)(cid:32)(cid:109)(cid:69)
Above: Devon Gold Project
location plan
Left: Devon drill hole plan showing
high grade results along the strike.
Cross section markers are indicated
by the red line.
The following cross sections located at
various points along the Devon lode
demonstrate the nature of shallow high
grade gold mineralisation intersected by
drilling at the Devon Project.
The Company continues to explore
options for the development of this
project. Discussions with third party
processors in area indicate there are
opportunities to have ore treated.
(cid:32)
(cid:78)
(cid:109)
(cid:48)
(cid:48)
(cid:48)
(cid:56)
(cid:53)
(cid:55)
(cid:44)
(cid:44)
(cid:54)
(cid:52)(cid:52)(cid:52)(cid:44)(cid:48)(cid:48)(cid:48)(cid:32)(cid:109)(cid:69)
Page 10 - GME Resources Ltd - Annual Report 2013
(cid:52)(cid:48)(cid:48)(cid:82)(cid:76)
(cid:51)(cid:53)(cid:48)(cid:82)(cid:76)
(cid:52)(cid:48)(cid:48)(cid:82)(cid:76)
(cid:51)(cid:53)(cid:48)(cid:82)(cid:76)
The following cross sections located at various points along the Devon lode.
OPERATIONS REPORT 2013 CONTINUED
(cid:53)(cid:50)(cid:48)(cid:48)(cid:109)(cid:69)
(cid:53)(cid:50)(cid:53)(cid:48)(cid:109)(cid:78)
(cid:53)(cid:51)(cid:48)(cid:48)(cid:109)(cid:78)
(cid:53)(cid:51)(cid:53)(cid:48)(cid:109)(cid:69)
(cid:68)
(cid:86)
(cid:71)
(cid:68)
(cid:68)
(cid:86)
(cid:80)
(cid:86)
(cid:80)
(cid:48)
(cid:48)
(cid:48)
(cid:48)
(cid:57)
(cid:57)
(cid:53)
(cid:55)
(cid:56)
(cid:49)
(cid:50)
(cid:68)
(cid:86)
(cid:48)
(cid:50)
(cid:50)
(cid:50)(cid:109)(cid:32)(cid:64)(cid:32)(cid:50)(cid:46)(cid:52)(cid:53)(cid:103)(cid:47)(cid:116)(cid:32)(cid:65)(cid:117)
(cid:51)(cid:109)(cid:32)(cid:64)(cid:32)(cid:49)(cid:57)(cid:46)(cid:50)(cid:56)(cid:103)(cid:47)(cid:116)(cid:32)(cid:65)(cid:117)
(cid:52)(cid:109)(cid:32)(cid:64)(cid:32)(cid:49)(cid:49)(cid:46)(cid:57)(cid:55)(cid:103)(cid:47)(cid:116)(cid:32)(cid:65)(cid:117)
(cid:75)(cid:101)(cid:121)
(cid:50)(cid:48)(cid:49)(cid:50)(cid:32)(cid:100)(cid:114)(cid:105)(cid:108)(cid:108)(cid:32)(cid:104)(cid:111)(cid:108)(cid:101)
(cid:77)(cid:105)(cid:110)(cid:101)(cid:114)(cid:97)(cid:108)(cid:105)(cid:115)(cid:101)(cid:100)(cid:32)(cid:105)(cid:110)(cid:116)(cid:101)(cid:114)(cid:115)(cid:101)(cid:99)(cid:116)(cid:105)(cid:111)(cid:110)
(cid:80)(cid:114)(cid:101)(cid:32)(cid:50)(cid:48)(cid:49)(cid:50)(cid:32)(cid:100)(cid:114)(cid:105)(cid:108)(cid:108)(cid:32)(cid:104)(cid:111)(cid:108)(cid:101)
(cid:77)(cid:105)(cid:110)(cid:101)(cid:114)(cid:97)(cid:108)(cid:105)(cid:115)(cid:101)(cid:100)(cid:32)(cid:105)(cid:110)(cid:116)(cid:101)(cid:114)(cid:115)(cid:101)(cid:99)(cid:116)(cid:105)(cid:111)(cid:110)
(cid:77)(cid:105)(cid:110)(cid:101)(cid:114)(cid:97)(cid:108)(cid:105)(cid:115)(cid:101)(cid:100)(cid:32)(cid:122)(cid:111)(cid:110)(cid:101)
(cid:70)
(cid:97)
(cid:117)
(cid:108)
(cid:116)
(cid:50)(cid:53)(cid:109)
(cid:71)(cid:77)(cid:69)(cid:32)(cid:82)(cid:101)(cid:115)(cid:111)(cid:117)(cid:114)(cid:99)(cid:101)(cid:115)(cid:32)(cid:76)(cid:105)(cid:109)(cid:105)(cid:116)(cid:101)(cid:100)
(cid:68)(cid:101)(cid:118)(cid:111)(cid:110)(cid:32)(cid:80)(cid:114)(cid:111)(cid:106)(cid:101)(cid:99)(cid:116)
(cid:67)(cid:114)(cid:111)(cid:115)(cid:115)(cid:32)(cid:83)(cid:101)(cid:99)(cid:116)(cid:105)(cid:111)(cid:110)(cid:32)(cid:51)(cid:49)(cid:50)(cid:50)(cid:48)(cid:109)(cid:78)
(cid:53)(cid:50)(cid:48)(cid:48)(cid:109)(cid:69)
(cid:53)(cid:50)(cid:53)(cid:48)(cid:109)(cid:78)
(cid:53)(cid:51)(cid:48)(cid:48)(cid:109)(cid:78)
(cid:68)
(cid:86)
(cid:80)
(cid:49)
(cid:49)
(cid:52)
(cid:49)
(cid:50)
(cid:68)
(cid:86)
(cid:48)
(cid:49)
(cid:52)
(cid:52)(cid:109)(cid:32)(cid:64)(cid:32)(cid:49)(cid:48)(cid:46)(cid:48)(cid:50)(cid:103)(cid:47)(cid:116)(cid:32)(cid:65)(cid:117)
(cid:75)(cid:101)(cid:121)
(cid:50)(cid:48)(cid:49)(cid:50)(cid:32)(cid:100)(cid:114)(cid:105)(cid:108)(cid:108)(cid:32)(cid:104)(cid:111)(cid:108)(cid:101)
(cid:77)(cid:105)(cid:110)(cid:101)(cid:114)(cid:97)(cid:108)(cid:105)(cid:115)(cid:101)(cid:100)(cid:32)(cid:105)(cid:110)(cid:116)(cid:101)(cid:114)(cid:115)(cid:101)(cid:99)(cid:116)(cid:105)(cid:111)(cid:110)
(cid:80)(cid:114)(cid:101)(cid:32)(cid:50)(cid:48)(cid:49)(cid:50)(cid:32)(cid:100)(cid:114)(cid:105)(cid:108)(cid:108)(cid:32)(cid:104)(cid:111)(cid:108)(cid:101)
(cid:77)(cid:105)(cid:110)(cid:101)(cid:114)(cid:97)(cid:108)(cid:105)(cid:115)(cid:101)(cid:100)(cid:32)(cid:105)(cid:110)(cid:116)(cid:101)(cid:114)(cid:115)(cid:101)(cid:99)(cid:116)(cid:105)(cid:111)(cid:110)
(cid:77)(cid:105)(cid:110)(cid:101)(cid:114)(cid:97)(cid:108)(cid:105)(cid:115)(cid:101)(cid:100)(cid:32)(cid:122)(cid:111)(cid:110)(cid:101)
(cid:50)(cid:109)(cid:32)(cid:64)(cid:32)(cid:50)(cid:46)(cid:52)(cid:53)(cid:103)(cid:47)(cid:116)(cid:32)(cid:65)(cid:117)
(cid:70)
(cid:97)
(cid:117)
(cid:108)
(cid:116)
(cid:50)(cid:53)(cid:109)
(cid:71)(cid:77)(cid:69)(cid:32)(cid:82)(cid:101)(cid:115)(cid:111)(cid:117)(cid:114)(cid:99)(cid:101)(cid:115)(cid:32)(cid:76)(cid:105)(cid:109)(cid:105)(cid:116)(cid:101)(cid:100)
(cid:68)(cid:101)(cid:118)(cid:111)(cid:110)(cid:32)(cid:80)(cid:114)(cid:111)(cid:106)(cid:101)(cid:99)(cid:116)
(cid:67)(cid:114)(cid:111)(cid:115)(cid:115)(cid:32)(cid:83)(cid:101)(cid:99)(cid:116)(cid:105)(cid:111)(cid:110)(cid:32)(cid:51)(cid:49)(cid:51)(cid:48)(cid:48)(cid:109)(cid:78)
Page 11 - GME Resources Ltd - Annual Report 2013
OPERATIONS REPORT 2013 CONTINUED
(cid:68)
(cid:68)
(cid:86)
(cid:86)
(cid:80)
(cid:80)
(cid:52)(cid:48)(cid:48)(cid:82)(cid:76)
(cid:50)
(cid:48)
(cid:48)
(cid:49)
(cid:49)
(cid:52)
(cid:51)(cid:53)(cid:48)(cid:82)(cid:76)
(cid:76)(cid:82)(cid:48)(cid:53)(cid:51)
(cid:51)(cid:48)(cid:48)(cid:82)(cid:76)
(cid:76)(cid:82)(cid:48)(cid:48)(cid:51)
(cid:76)(cid:82)
(cid:52)(cid:48)(cid:48)(cid:82)(cid:76)
(cid:82)(cid:48)(cid:48)(cid:52)
(cid:121)(cid:101)
(cid:101)(cid:75)
(cid:75)(cid:101)(cid:121)
(cid:51)
(cid:51)(cid:53)(cid:48)(cid:82)(cid:76)
(cid:51)(cid:48)(cid:48)(cid:82)(cid:76)
(cid:76)(cid:82)
(cid:82)(cid:48)(cid:48)(cid:51)
(cid:68)
(cid:68)
(cid:86)
(cid:86)
(cid:80)
(cid:48)
(cid:49)
(cid:54)
(cid:53)(cid:49)(cid:48)(cid:48)(cid:109)(cid:69)
(cid:80)
(cid:49)
(cid:49)
(cid:49)
(cid:68)
(cid:68)
(cid:86)
(cid:86)
(cid:80)
(cid:80)
(cid:49)
(cid:48)
(cid:49)
(cid:68)
(cid:86)
(cid:80)
(cid:48)
(cid:49)
(cid:50)
(cid:50)
(cid:56)
(cid:50)
(cid:53)(cid:50)(cid:48)(cid:48)(cid:109)(cid:78)
(cid:49)
(cid:50)
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(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
(cid:32)
Page 12 - GME Resources Ltd - Annual Report 2013
Laverton Downs - Fairfield Gold Prospect
The Fairfield Gold Prospect is located within the Laverton Downs tenement approximately 15 kilometres north of the
Laverton town ship. There are numerous historical workings along the strike length of the zone and drilling has extended
mineralisation to a depth of up to 50 metres. Mineralisation at Fairfield is hosted by quartz veins associated with the
steep west dipping lithological contact between hanging wall basalt and the footwall package of felsic and clastic
sediments.
OPERATIONS REPORT 2013 CONTINUED
Page 13 - GME Resources Ltd - Annual Report 2013
OPERATIONS REPORT 2013 CONTINUED
Historic gold workings in the area extend for several hundreds of metres and are intimately associated with a northwest
trending felsic-greenstone contact. Historic production is some 411 ounces from 416 tons mined from shafts and drives
to a depth of about 30 metres.
A number of drilling programs have been undertaken at Fairfield with mixed results, however there does appear to be
potential to prove up small high grade pods that could be developed by open pits. With a number of gold plants within
a 50km radius of this project, ore could be toll treated or sold at the gate.
The cross sections on the previous page show the high grade nature of the Fairfield.
Further infill drilling will be required to support the historical drill hole data and confidence that economic grades can
be repeated over the mineralised area.
Abednego Prospect
The Abednego Project is located 45 kilometres east of
Leonora. The Leonora – Laverton main road passes through
the tenement package. The Abednego Project tenements are
centred over the Federation Shear, a northeast trending
splay off the northwest trending Keith Kilkenny Tectonic
Zone located some 15 kilometres to the southwest of the
project area. Historical records show that the Federation
and Homeward Bound mines produced 1823 ounces from
1240 tonnes of ore (average grade of 45 g/t).
The area has been subjected to numerous exploration phases
for various commodities since the early 1960s. The western
group of tenements host the historic Federation, Homeward
Bound and Federation North gold workings which are located
on or adjacent to the Federation Shear, the controlling
structure of these gold occurrences.
Other than the above mentioned prospects that are clearly
identified by historical underground workings, a number of
gold anomalies were identified within the tenement
package. The Sonex prospect, discovered by a soil
geochemical program lies over a shear fault approximately
two kilometres east of the Federation share.
Shallow aircore Drilling at the Sonex prospect has revealed a
body of supergene mineralisation. Further deep drilling
intersected high grade primary mineralisation between 70
and 75 metres below surface.
Drilling campaigns completed by various companies have been undertaken at all of the gold prospects in the tenement
package. Results from these programs have been complied and loaded into the Company’s data base. The table opposite
shows a summary of significant drilling results at the respective prospects.
Work at the Abednego project over the past year included updating the data base, reviewing all previous results,
prospecting and metal detecting by local prospecting groups and rehabilitation of drill sites at the Sonex prospect.
The Abednego project is considered to have good potential to provide a pipeline of small to moderate tonnage medium
grade open pit gold deposits. The project is located 50 kilometres east of Leonora and is adjacent to the Leonora
Laverton bitumen road providing good access to treatment plants in the area. Future exploration will focus on infill
drilling programs aimed at upgrading the prospects to evaluate the development potential.
Page 14 - GME Resources Ltd - Annual Report 2013
ABEDNEGO PROJECT – Historical Drilling Results
OPERATIONS REPORT 2013 CONTINUED
Prospect Name
Federation Well
Federation North
Sonex
Hole ID
HBC31
FRC1
HBC20
HBC47
FRC8
HBC56
FRC4
FRC11
HBC51
FNR3
FNRC10
FNRC8
FNR15
HBR9
HBR8
HBC40
FNR1
FNR17
FNR6
ABC13
ABR93
ABR95
ABC13
ABR29
Intercept
20m @ 2.5g/t
8m @ 5.4g/t
15m @ 2.5g/t
15m @ 2.0g/t
2m @ 14.8g/t
3m @ 7.4g/t
12m @ 1.5g/t
15m @ 1.2g/t
10m @ 1.6g/t
22m @ 2.5g/t
10m @ 3.7g/t
9m @ 3.4g/t
12m @ 3.1g/t
8m @ 5.0g/t
28m @ 1.6g/t
9m @ 2.6g/t
12m @ 1.7g/t
8m @12.5g/t
4m @ 2.9g/t
5m @ 15.0g/t
6m @ 7.2g/t
3m @ 2.6g/t
8m @ 3.1g/t
2m @ 7.8g/t
From
22 metres
16 metres
12 metres
45 metres
32 metres
28 metres
9 metres
Surface
37 metres
8 metres
1 metre
5 metres
Surface
12 metres
2 metres
24 metres
Surface
Surface
12 metres
70 metres
36 metres
10 metres
57 metres
36 metres
Corporate
In June, long term Director Geoff Motteram tendered his resignation as a director of the Company. Mr Motteram, a
highly experienced Metallurgical Engineer served as director for over 15 years and was instrumental in overseeing and
developing the metallurgical processes that are likely to be utilised in the development of the NiWest Heap Leach
Project. The Company would like to recognise the importance of Mr Motteram’s technical input over a significant period
of time and wish him well in retirement.
Rights Issue
In February 2013 the Company raised $1,062,853 through a Non Renounceable Rights issue. Under the offer, 40,859,784
entitlements to ordinary fully paid shares issued at 2.6 cents were taken up by shareholders representing 71.4%
participation rate. Funds from the rights issue are to be used to continue improving the Company’s Nickel and Gold
assets.
Tenement Rationalisation
Following the sustained down turn and weakness in the market, the Company completed a review of it tenement holding
and has relinquished a number of non – core tenements in an effort to conserve cash. None of tenements relinquished
contain nickel or gold resources and are not required for the future development.
Competent Persons Statement
The information in this report that relates to Exploration Results and Mineral Resources is based on information
compiled by Mr Stephen Hyland, who is a member of The Australasian Institute of Mining and Metallurgy. Mr Hyland
is a Principal Consultant with Ravensgate Minerals Industry Consultants who consults to the Company. Mr Hyland has
sufficient experience, which is relevant to the style of mineralization, type of deposits under consideration and to the
activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian
Code for Reporting of Mineral Resources and Ore Reserves”. Mr Hyland consents to the inclusion in the report of the
matters based on information provided in the form and context in which it appears.
Page 15 - GME Resources Ltd - Annual Report 2013
OPERATIONS REPORT 2013 CONTINUED
Tenement Schedule
As at 20 September 2013
Project
Tenements
Company Interest
Comments
Abednego West
P39/4729 - 4733, P39/4736 - 4738
Golden Cliffs 100%
Placer Royalty 2% Gold
P39/4751, P39/4572, P39/4496,
M39/0825, M39/0427 P39/5090
Duck Hill
E31/733
GME 50%
ATL Exp 50%
Eucalyptus
M39/744
NiWest 100%
Anglo Gold Rights
Nickel royalty
M39/289, M39/430 M39/344
NiWest 100%
Minara Royalty
M39/666 and M39/674
M39/313, M39/568,
M39/802 - 803
NiWest 100%
Old City gold rights
Ni Royalty
Hawk Nest
M38/218
Hepi
M39/717 - 718, 819
Laverton Downs
E38/1876,
Linden
P39/4637 - 4638
MLA39/1077 - 1078
P39/2974 - 2976 MLA 39/500
Mertondale
M37/591
Mt Kilkenny
M39/878 - 879
GME 100%
NiWest 100%
Golden Cliffs 100%
Golden Cliffs 100%
GME 100%
GME 10%
NiWest 100%
NiWest 100%
90% Haoma Mining
Retford Royalty
Murrin Murrin
M39/426, 456, 552, 553 and 569
Golden Cliffs rights
Nickel laterite royalty
(Minara Resources)
to non-nickel laterite
20 cents per tonne
Murrin North
M39/758
Waite Kauri
M37/1216
NiWest 100%
NiWest 100%
Wanbanna
M39/460
NiWest 80%
20% Wanbanna Pty Ltd
Misc. Licences
L39/194, L37/175, L31/46, L40/25
NiWest 100%
Haul Roads, Water
L39/215, L39/177, L37/205
Resources
LEGEND
E:
Exploration Licence
P:
Prospecting Licence
PLA: Prospecting Licence Application
M:
Mining Lease
ELA: Exploration Licence Application
L:
Miscellaneous Lease
MLA: Mining Lease Application
Page 16 - GME Resources Ltd - Annual Report 2013
Corporate Governance Statement
INTRODUCTION
The Board of Directors of GME Resources Limited (the “Company”) has adopted the following Corporate Governance
Principles promulgated by the ASX Corporate Governance Council and is responsible for the adherence to these
Principles. These Principles and Practices are reviewed regularly and upgraded or changed to reflect changes in law and
what is regarded as best practice. A description of the Company's main Corporate Governance Principles and Practices
is set out below.
ROLE OF THE BOARD
The Board has adopted the following Statement of Matters for which the Board will be responsible:
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
Review and determine the Company's strategic direction and operational policies;
Review and approve business plans, budgets and forecasts and set goals for management;
Appoint and remunerate Chief Executive Officer and Senior Staff;
Review performance of Chief Executive Officer and Senior Staff;
Review financial performance against Key Performance Indicators on a monthly basis;
Approve acquisition and disposal of tenements;
Approve exploration and mining programs;
Approve capital, development and other large expenditures;
Review risk management and compliance;
(10) Oversee the Company's control and accountability systems;
(11) Report to shareholders; and
(12) Ensure compliance with environmental, taxation, Corporations Act and other laws and regulations.
MANAGING DIRECTOR
GME's most senior employee is the Managing Director who is appointed and subject to annual reviews by the Board. The
Managing Director recommends policies, strategic direction and business plans for the Board's approval and is responsible
for managing the Company's day-to-day business.
BOARD INDEPENDENCE
The Board consists of three directors, but up to 10 directors can serve on the board. Mr James Sullivan is the only
executive; the remainder are non-executive. Currently the three Directors are:
Michael D Perrott
Chairman
James N Sullivan
Managing Director
Peter R Sullivan
Geoffrey M Motteram
Director
Director
Director since 1996
Director since 2004
Director since 1996
Resigned 30 June 2013
Mr M Perrott is considered an Independent Director on the Board according to the definitions by the Australian Securities
Exchange Corporate Governance Council ("Council").
Mr P Sullivan is a substantial shareholder and Mr J Sullivan is an executive and therefore neither director is considered
"independent" in accordance with the definitions of the Council.
As such, the Company does not comply, with the Council's recommendation, Item 2.1, that the majority of the Company's
Directors should be Independent Directors.
Page 17 - GME Resources Ltd - Annual Report 2013
CORPORATE GOVERNANCE CONTINUED
The Board has in addition adopted a series of safeguards to ensure that independent judgement is applied when
considering the business of the Board:
•
•
•
•
Directors are entitled to seek independent professional advice at the Company's expense. Prior written approval
of the Chairman is required but this is not unreasonably withheld.
Directors having a conflict of interest with an item for discussion by the Board must absent themselves from a
board meeting where such item is being discussed before commencement of discussion on such topic.
The Independent Directors confer on a "needs" basis with the Chairman with such discussion if warranted and
considered necessary by the Independent Directors.
The Board considers non-executive directors to be independent even if they have minor dealings with the Company
provided they are not a substantial shareholder. Transactions with a value in excess of 5% of the Company's annual
operating costs are considered material. A director will not be considered independent if he has transactions in
excess of this materiality threshold.
TENURE OF THE BOARD
The Directors are expected to review their membership of the Board from time to time taking into account the length
of service on the Board, age, qualification and experience in light of the needs of the Company and direction of the
Company together with such other criteria considered desirable for composition of a balanced board and the overall
interests of the Company.
A Director is expected to resign if the remaining Directors recommend that a Director should not continue in office, but
is not obliged to do so.
CHAIRMAN
The current Chairman is Mr Michael D Perrott - AM. Mr Perrott brings a wealth of business experience, connections and
drive to the Board. The Chairman's role is separated from the role of the Managing Director.
The Chairman's role includes:
•
•
•
•
•
•
Providing effective leadership on formulating the Board's strategy;
Representing the views of the Board to the public;
Ensuring that that the Board meets at regular intervals throughout the year and that minutes of meeting accurately
record decisions taken and where appropriate the views of individual Directors;
Guiding the agenda, information flow and conduct of all board meetings;
Reviewing the performance of the Board of Directors; and
Monitoring the performance of the management of the Company.
NOMINATION COMMITTEE
Due to the small size of the Company and the number of Board members, the Board does not have a formal nomination
committee structure. Any new directors will be selected according to the needs of the Company at that particular time,
the composition and the balance of experience on the Board as well as the strategic direction of the Company.
Should the need arise to consider a new Board member, some or all of the Directors would form the committee to
consider the selection process and appointment of a new director.
At each annual general meeting the following directors retire:
•
•
•
One third of directors (excluding the Managing Director);
Directors appointed by the Board to fill casual vacancies or otherwise;
Directors who have held office for more than three years since the last general meeting at which they were
elected.
DETAILS ON CURRENT DIRECTORS
Details on current Directors, including their skills and experience, are included in the Directors' Report.
Page 18 - GME Resources Ltd - Annual Report 2013
ETHICAL AND RESPONSIBLE DECISION-MAKING
In making decisions, the Directors of the Company, its officers and employees, take into account the needs of all
stakeholders:
CORPORATE GOVERNANCE CONTINUED
•
•
•
•
•
•
Shareholders;
Employees;
Community;
Creditors;
Contractors; and
Government (Federal, State and Local).
The Directors, officers and employees of the Company are expected to:
•
•
•
•
•
•
Comply with the laws and regulations both by the letter and in spirit;
Act honestly and with integrity;
Avoid conflicts of interest by not placing themselves in situations which result in divided loyalties;
Use the Company's assets responsibly and in the interests of the Company, not take advantage of property,
information or position for personal gain or to compete with the Company;
To keep non-public information confidential except where disclosure is authorised or legally mandated; and
Be responsible and accountable for their actions and report any unethical behaviour.
TRADING IN COMPANY SECURITIES
The Company encourages Directors and employees to adopt a long-term attitude to their investment in the Company’s
securities. All Directors and employees (including their immediate family or any entity for which they control
investment decisions), must ensure that any trading in securities issued by the Company is undertaken within the
framework set out in the Securities Trading Policy.
The Securities Trading Policy does not prevent Directors or employees (including their immediate family or any entity
for which they control investment decisions) from participating in any share plan or share offers established or made by
the Company. However, Directors or employees are prevented from trading in the securities once acquired if the
individual is in possession of price sensitive information not generally available to all security holders.
In keeping with recent listing rule amendments, additional restrictions are placed on trading by Directors, executives
and other personnel as determined by the Chairman and Company Secretary from time to time (‘Key Management
Personnel’).
Key management personnel must not deal in Company Securities at any time if in possession of any inside information
relating to those securities.
In addition to the overriding prohibition against dealing in the Company's securities when a person is in possession of
inside information, Key Management Personnel and their associated parties are at all times prohibited from dealing in
the Company's securities during prescribed ‘closed’ periods. The Company has nominated closed periods to be during
the week prior to the release of the Company’s Quarterly Reports (including the Appendix 5B) unless exceptional
circumstances apply.
The Securities Trading Policy also includes a clause prohibiting directors and executives from entering into transactions
in associated products which operate to limit the economic risk of security holdings in the Company over unvested
entitlements.
In accordance with Listing Rules, a director must notify the ASX within 5 business days after any change in the director's
relevant interest in securities of the Company or a related body corporate of the Company.
A director must notify the Company Secretary in writing of the requisite information within 2 business days in order for
the Company Secretary to make the necessary notifications to ASIC and ASX as required by the Corporations Act and the
ASX Listing Rules.
Page 19 - GME Resources Ltd - Annual Report 2013
CORPORATE GOVERNANCE CONTINUED CORPORATE GOVERNANCE CONTINUED
INTEGRITY OF FINANCIAL REPORTING
GME's Managing Director and Company Secretary report in writing to the Board:
•
•
That the Company's financial reports are complete and present a true and fair view, in all material respects, of
the financial condition and operational results of the Company and Group; and
That the above statement is founded on a sound system of internal control and risk management which implements
the policies adopted by the Board and that the Company's risk management and internal controls are operating
efficiently in all material respects.
AUDIT COMMITTEE
The Company does not have a formal audit committee as, in the opinion of the Directors, the scope and size of the
Company's operations do not warrant it. As such the Company is not in strict compliance of the Council's
Recommendation 4.2 that the Board should establish an audit committee. It should be noted however that when the
Council's Recommendation was made it was emphasised that it was more relevant for large companies.
The Board regularly reviews the scope of audits, the level of audit fees and the performance of auditors.
The Board also is continually assessing to ensure the independence of the external auditor is maintained. The Company
will and does, if necessary, use other consultants to avoid any potential independence issues.
TIMELY AND BALANCED DISCLOSURE TO AUSTRALIAN SECURITIES EXCHANGE
The Company has procedures in place to identify matters that are likely to have a material effect on the price of the
Company's securities and to ensure those matters are notified to the Australian Securities Exchange in accordance with
its listing rule disclosure requirements.
Information to the market and media is handled by the Chairman, the Managing Director or the Company Secretary. In
particular, the Company Secretary has been nominated as the person responsible for communications with Australian
Securities Exchange. This role includes responsibility for compliance with the continuous disclosure requirements of the
Australian Securities Exchange Listing Rules and overseeing and coordinating information disclosures to Australian
Securities Exchange, analysts, brokers, shareholders the media and the public.
All disclosures to Australian Securities Exchange are posted on the Company's website soon after clearance has been
received from Australian Securities Exchange.
The Chairman, the Managing Director and Company Secretary are monitoring information in the marketplace to ensure
that a false market does not emerge in the Company's securities.
COMMUNICATION WITH SHAREHOLDERS
It is the Company's communication policy to communicate with shareholders and other stakeholders in an open, regular
and timely manner so that the market has sufficient information to make informed investment decisions on the
operations and results of the Company.
The information is communicated to the shareholders through:
•
•
•
•
•
•
Continuous disclosure announcements made to the Australian Securities Exchange;
Distribution of the annual report to shareholders together with a notice of meeting;
Posting of half-yearly results and all Australian Securities Exchange announcements on the Company's website;
Posting of all major drilling results;
Posting of all media announcements on the Company's website; and
Calling of annual general meetings and other meetings of shareholders to obtain approval for Board action as
considered appropriate.
On the Company's website, information about the Company's projects is shown.
At annual general meetings and other general meetings of shareholders, shareholders are encouraged to ask questions
of the Board of Directors relating to the operation of the Company.
Page 20 - GME Resources Ltd - Annual Report 2013
CORPORATE GOVERNANCE CONTINUED
RISK MANAGEMENT
Due to its size of operation and size of the Board, there is no formal board committee to identify, assess and monitor
and manage risk. Responsibility for day to day control and risk management lies with the Managing Director and Company
Secretary (financial risk) with reporting responsibility to the Board. The Board monitors risks including but not limited
to compliance with development and environmental approvals, tendering, contracting and development, pricing of
products, quality, safety, strategic issues, financial risk, joint venture, accounting and insurance. Any changes in the risk
profile for the Company are communicated to its stakeholders via an announcement to Australian Securities Exchange.
PERFORMANCE
The Board has adopted a self-evaluation process to measure its own performance. The Chairman evaluates the
performance of each director, and the Board evaluates the performance of the Chairman. Performance of senior
executives is evaluated by the Managing Director in cooperation with the Chairman. All performance evaluations are
measured against budget, goals and objectives set.
All Directors of the Board have access to the Company Secretary who is appointed by the Board. The Company Secretary
reports to the Chairman, in particular to matters relating to corporate governance.
All board members have access to professional independent advice at the Company's expense provided they first have
obtained the Chairman's approval which will not be unreasonably withheld.
REMUNERATION
Managing Director and Non-executive Directors
The Directors are remunerated for the services they render the Company and such services are normally carried out
under normal commercial terms and conditions. Remuneration is also determined having regard to how Directors are
remunerated for other similar companies, the time spent on the Company's matters and the performance of the
Company. Engagement and payment for such services are approved by the other Directors with no interest in the
engagement of services.
The Board has no retirement or termination benefits. Payments to all Directors are set out in the Director's Report.
Senior Executives
The remuneration of senior executives is discussed and determined by the Board upon receiving advice from the
Managing Director. The remuneration packages are set at levels intended to attract and retain the executives capable
of managing the Company's operations.
The remuneration of senior executives, where applicable, is set out in the Directors' Report.
General
Due to the staff size and the close involvement of the Board in the operations of the Company, the Company does not
operate a formal remuneration committee. All remuneration paid to the Chairman, Non-executive Directors, Executive
Directors and senior executives are all reviewed and discussed by the Board.
The Company does not operate an employee share option plan and there are no options outstanding issued to Directors.
INTERESTS OF STAKEHOLDERS
It is the Company's objective to create wealth for its shareholders and provide a safe and challenging environment for
employees and for the Company to be a valuable member of the community as a whole.
The Company's ethical and responsible behaviour is set out under the heading "Ethical and Responsible Decision-making".
The Company's core values are summarised as follows:
•
•
•
•
•
•
•
Provide value to its shareholders through growth in its market capitalisation;
Act with integrity and fairness;
Create a safe and challenging workplace;
Be participative and recognise the needs of the community;
Protect the environment;
Be commercially competitive; and
Strive for high quality performance and development.
Page 21 - GME Resources Ltd - Annual Report 2013
CORPORATE GOVERNANCE CONTINUED
Diversity
The Board has adopted a diversity policy that details the purpose of the policy and the employee selection and
appointment guidelines, consistent with the recommendations of the Corporate Governance Council. The Board believes
that the adoption of an efficient diversity policy has the effect of broadening the employee recruitment pool, supporting
employee retention, including different perspectives and is a socially and economically responsible governance practice.
The Company employs new employees and promotes current employees on the basis of performance, ability and
attitude. The Board is continually reviewing its practices with a focus on ensuring that the selection process at all levels
within the organisation is formal and transparent and that the workplace environment is open, fair and tolerant.
Gender Diversity
The Company, in keeping with the recommendations of the Corporate Governance Council provides the following
information regarding the proportion of gender diversity in the organisation as at 30 June 2013:
Females employed in the Company as a whole
Females employed in the Company in senior positions
Females appointed as a Director of the Company
1 / 4
0 / 0
0 / 3
Proportion of female
/ total number of persons employed
The recommendations of the Corporate Governance Council relating to reporting require a Board to set measurable
objectives for achieving diversity within the organisation, and to report against them on an annual basis. The Company
has implemented measurable objectives as follows:
Measurable Objective
Adoption and promotion of a Formal Diversity
Policy.
Objective
Satisfied
Yes.
To ensure Company policies are consistent with
and aligned with the goals of the Diversity Policy.
To provide flexible work and salary arrangements
to accommodate family commitments, study and
self-improvement goals, cultural traditions and
other personal choices of current and potential
employees.
To implement clear and transparent policies
governing reward and recognition practices.
Yes.
Yes.
Yes
Comment
The Company has adopted a formal diversity
policy which has been made publicly available
via the ASX and the Company’s website.
The Company’s selection, remuneration and
promotion practices are merit based and as such
are consistent with the goals of the Company’s
Diversity Policy.
The Company does, where considered
reasonable, and without prejudice,
accommodate requests for flexible working
arrangements.
The Company grants reward and promotion
based solely on merit and responsibility as part
of its annual and ongoing review processes.
The Company has not implemented specific measurable objectives regarding the proportion of females to be employed
within the organisation or implement requirements for a proportion of female candidates for employment and Board
positions. The Board considers that the setting of quantitative gender based measurable targets is not consistent with
the merit and ability based policies currently implemented by the Company.
The Board will consider the future implementation of gender based diversity measurable objectives when more
appropriate to the size and nature of the Company’s operations.
Page 22 - GME Resources Ltd - Annual Report 2013
Consolidated Financial Report 2013
GME Resources Ltd
ABN 62 009 260 315
CONTENTS
Directors’ Report
Auditor’s Independence Declaration
Consolidated Statement of Profit or Loss and Other
Comprehensive Income
Consolidated Statement of Financial Position
Consolidated Statement of Changes In Equity
Consolidated Statement of Cash Flows
Notes to the Financial Statements
Directors’ Declaration
Independent Auditor’s Report
Shareholder Information
24-29
30
31
32
33
34
35-51
52
53-54
55
Page 23 - GME Resources Ltd - Annual Report 2013
Directors’ Report
Your Directors present their report of GME Resources Limited and its controlled entities for the financial year ended 30
June 2013. In order to comply with the provisions of the Corporations Act 2001, the directors report as follows:
DIRECTORS
The names of Directors in office at any time during or since the end of the year are:
Michael Delaney Perrott
James Noel Sullivan
Peter Ross Sullivan
Geoffrey Mayfield Motteram
(Non-executive - Chairman)
(Managing Director)
(Non-executive - Director)
(Non-executive - Director) Resigned 30 June 2013
Directors have been in office since the start of the financial year to the date of this report unless otherwise stated.
PRINCIPAL ACTIVITIES
The principal activities of the consolidated entity are mineral exploration and investment.
No significant change in the nature of these activities occurred during the year.
OPERATING RESULTS
The net loss after income tax attributable to members of the Company for the financial year to 30 June 2013 amounted
to $939,194 (2012: $1,393,156).
OVERVIEW OF OPERATING ACTIVITY
The Company, through its 100% owned subsidiary NiWest Limited owns the NiWest Nickel Laterite Project which contains
100 million tonnes of lateritic nickel resources that have systematically drill tested to Jorc 2004 standards.
Over the past 5 years the Company has been progressing metallurgical and engineering studies aimed at commercialising
the development of a large scale heap leach operation and solution processing circuit.
Further test work was completed over the past year that has resulted in a significant change to the processing circuit
away from producing a high grade nickel concentrate to producing LME grade nickel Cathode. The new process which
utilised the tried and tested process of Solvent Extraction and Electrowinng technology is expected to have a significant
impact on the overall economics for the project.
The Company has now appointed engineers Tenova Bateman Technologies and MWorx Metallurgical Consultants to
complete a scoping study utilising the new flow chart for a 3.0 – 3.5 million tonnes per annum Heap Leaching Solvent
Extraction/Electrowinning operation.
Deliverables from the study are:
o
o
o
o
Conceptual Flow Sheet
Conceptual Layout
Order of Magnitude Capital Costs
Preliminary Equipment List
o
o
o
Preliminary Mass Balance
Process Description
Order of Magnitude Operating Costs
Resources at the NiWest Project are highly defined with 70% drill tested to measured and indicated categories (JORC
2004) which are sufficient to support a 20 year operation.
The results from the scoping study are expected to be available by December 2013, at which time the Company will
review and advise of the next phase for the development.
The Company also owns a number of gold assets close by to the NiWest Nickel Project through its 100% subsidiary Golden
Cliffs NL. Over the year the Company progressed drilling, resource modelling and metallurgical test work at the Devon
Gold Project.
The Devon gold mine hosts a 500,000 tonnes resource averaging 3.3 g/t (JORC 2004). Mineralised lodes have been drill
tested from surface down to 80 metres. The Company continues to work on this project with the view to either develop
in its own right or with joint venture partners. Further work is planned in the new financial year.
The Company undertook a comprehensive review of it tenement holding of both Nickel and Gold projects. A number of
non-core tenements were relinquished to reduce overall holding costs.
Page 24 - GME Resources Ltd - Annual Report 2013
DIRECTORS’ REPORT CONTINUED
FINANCIAL POSITION
At the end of the financial year the consolidated entity had $761,847 (2012: $866,555) in cash and at call deposits.
Carried forward exploration and evaluation expenditure was $32,347,488 (2012: $32,104,931).
During the year issued capital increased from 343,175,391 to 384,663,864 shares at the end of 2013. The movement
related to a non-renounceable rights issue as announced in February 2013.
DIVIDENDS
No dividends have been paid or declared since the start of the financial year. No recommendation is made as to
dividends.
SIGNIFICANT CHANGES IN STATE OF AFFAIRS
There were no significant changes in the state of affairs of the Group during the financial year.
AFTER BALANCE DATE EVENTS
No matters or circumstances have arisen since the end of the financial year which significantly affected or may
significantly affect the Group’s operations, the results of those operations or the Group’s state of affairs in future
financial years.
LIKELY DEVELOPMENTS
The Group’s areas of interest are in the exploration stage, and although the results of work carried out to date are
encouraging it is not possible to predict the likely developments. The Group will continue its mineral exploration and
investment activities with the object of finding further mineralised resources and exploiting those already discovered.
The Board is following a strategic plan for the growth of the Group, however, further information about likely
developments, future prospects and business strategies as they pertain to the operations and expected results of those
operations have not been included in this report as the Directors reasonably believe that disclosure of this information
would be likely to result in unreasonable prejudice to the Group.
INFORMATION ON DIRECTORS AND COMPANY SECRETARY
Michael Delaney Perrott AM BCom FAIM (Chairman)
Director since 1996
Mr Perrott has been involved in the construction and contracting industry since 1969. He is currently Chairman and
director of various listed and unlisted public and private companies. Mr Perrott is also a member of the Board of Notre
Dame University and SANE Australia and a council member for the State Ministerial Council for Suicide prevention.
Mr Perrott has been Chairman of the Company since his appointment as a director in 1996.
Other current directorships of listed companies
Director of Schaffer Corporation Limited since February 2005 and VDM Group Ltd since July 2009.
Former directorships of listed companies in last 3 years
Nil
James Noel Sullivan FAICD (Managing Director)
Director since 2004
Mr Sullivan has over 20 years experience in commerce providing services to the mining and allied industries.
Mr Sullivan was instrumental in establishing and managing the Golden Cliffs Prospecting Syndicate which acquired and
pegged a number of prospective tenements in the Eastern Goldfields. The Golden Cliffs Prospecting Syndicate was
subsequently acquired by the Company in 1996. Mr Sullivan has extensive knowledge in mining and prospecting in the
North Eastern Goldfields and in particular on matters involving tenement administration, native title negotiation and
supply and logistics of services. Mr Sullivan’s practical knowledge in these areas will be of great benefit to the Company
as it seeks to develop its assets for the benefit of its shareholders.
Other current directorships of listed companies
Mr Sullivan has been a director of Kumarina Resources Ltd (now Kumarina Resources Pty Ltd) since March 2010, Kumarina
was delisted in June 2013.
Former directorships of listed companies in last 3 years
Nil
Page 25 - GME Resources Ltd - Annual Report 2013
DIRECTORS’ REPORT CONTINUED
Peter Ross Sullivan BE, MBA (Non-executive Director)
Director since 1996
Mr Sullivan is an engineer and has been involved in the management and strategic development of resource companies
and projects for more than 20 years.
Other current directorships of listed companies
Mr Sullivan has been a director of Resolute Mining Limited since June 2001, and Kumarina Resources Ltd (now Kumarina
Resources Pty Ltd) since February 2011, Kumarina was delisted in June 2013.
Former directorships of listed companies in last 3 years
Nil
Geoffrey Mayfield Motteram BMetE (Hons), MAusIMM (Non-executive Director)
Resigned 30 June 2013
Mr Motteram is a metallurgical engineer with over 30 years’ experience in the development of projects in the Australian
resources industry.
He has extensive experience in gold and base metals having been involved with WMC’s Kwinana Nickel Refinery and
Kalgoorlie Nickel Smelter. He subsequently joined BHP, and later Metals Exploration, where he was involved in the
evaluation of gold and base metal projects. Since 1989 he has acted as a Mining Project and Metallurgical Consultant.
He was involved in the formation of Minara Resources Limited (formerly Anaconda Nickel Limited) in 1994 and controlled
the technical development of the Murrin Murrin Joint Venture until the end of 1997. He is a former director of Minara
Resources Limited.
Mr Motteram has been a non-executive director of the Company since 1997, and provides technical support to the
Company.
Former directorships of listed companies in last 3 years
Mr Motteram was a director of Mount Magnet South Limited from 31 May 2006 to 14 September 2011, and a director of
Kumarina Resources Ltd (now Kumarina Resources Pty Ltd) until 30 June 2013. Kumarina was de-listed in June 2013.
Mr Mark Edward Pitts B.Bus FCA
(Company Secretary)
Mr Pitts was appointed to the position of Company Secretary in February 2009. Mr Pitts is a Chartered Accountant with
over 25 years’ experience in statutory reporting and business administration. He has been directly involved with, and
consulted to a number of public companies holding senior financial management positions. He is a partner in the
corporate advisory firm Endeavour Corporate. Endeavour offers professional services focused on Company Secretarial
support, commercial and financial advice and supervision of ASIC and ASX compliance requirements.
REMUNERATION REPORT (AUDITED)
The remuneration report is set out in the following manner:
•
•
•
•
Policies used to determine the nature and amount of remuneration
Details of remuneration
Service agreements
Share based compensation
Remuneration Policy
The Board of Directors is responsible for remuneration policies and the packages applicable to the Directors of the
Company. The broad remuneration policy is to ensure that packages offered properly reflect a person’s duties and
responsibilities and that remuneration is competitive and attracts, retains, and motivates people of the highest quality.
The Managing Director, Executive and Non-executive Directors are remunerated for the services they render to the
Company and such services are carried out under normal commercial terms and conditions. Engagement and payment
for such services are approved by the other Directors who have no interest in the engagement of services.
At the date of this report the Company had not entered into any packages with Directors or senior executives which
include performance based components.
Page 26 - GME Resources Ltd - Annual Report 2013
Details of Remuneration for Directors
Remuneration levels are competitively set to attract and retain appropriately qualified and experienced directors and
senior executives. The Board of Directors obtains independent advice as appropriate when reviewing remuneration
packages.
Details of the nature and amount of each element of the emoluments of the key management personnel of the
companies in the Group are:
DIRECTORS’ REPORT CONTINUED
2013
Executive Directors
James N Sullivan
Non-executive Directors
Michael D Perrott
Geoffrey M Motteram*
Peter R Sullivan
Executives
Mr Mark Pitts
*
Resigned 30 June 2013
2012
Executive Directors
James N Sullivan
David J Varcoe *
Non-executive Directors
Michael D Perrott
Geoffrey M Motteram
Peter R Sullivan
Executives
Mr Mark Pitts
*
Resigned 4 May 2012
Short
Term
Benefits
Post
Employment
Benefits
Salary & Fees
$
Superannuation
$
Long
Term
Benefits
Options
$
120,000
30,000
24,000
24,000
60,000
258,000
-
-
-
-
-
-
-
-
-
-
-
-
Short
Term
Benefits
Post
Employment
Benefits
Salary & Fees
$
Superannuation
$
Long
Term
Benefits
Options
$
40,000
216,099
30,000
24,000
24,000
40,228
374,327
-
21,610
-
-
-
-
21,610
-
-
-
-
-
-
-
Total
$
120,000
30,000
24,000
24,000
60,000
258,000
Total
$
40,000
237,709
30,000
24,000
24,000
40,228
395,937
Performance
Related
%
-
-
-
-
-
-
Performance
Related
%
-
-
-
-
-
-
-
The Company and its subsidiaries had one employee as at 30 June 2013.
Service Agreements
There are no service agreements with any of the Company’s Directors.
Share Based Compensation
There is currently no provision in the policies of the Group for the provision of share based compensation to Directors.
The interest of Directors in shares and options is set out elsewhere in this report.
Loans to Directors and Executives
There were no loans entered into with Directors or executives during the financial year under review.
Related party transactions with Directors and executives are set out in Note 14 to the Financial Report.
END OF REMUNERATION REPORT
Page 27 - GME Resources Ltd - Annual Report 2013
DIRECTORS’ REPORT CONTINUED
DIRECTORS’ AND EXECUTIVES’ INTERESTS
The relevant interests of Directors either directly or through entities controlled by the Directors in the share capital of
the Company as at the date of this report are:
Director
Michael D Perrott
James N Sullivan
Peter R Sullivan
Geoffrey M Motteram
Ordinary Shares
Opening Balance
15,656,505
16,813,359
16,411,593
6,180,592
Net Change
2,609,417
2,802,224
8,679,982
1,030,098
Ordinary Shares
Closing Balance
18,265,922
19,615,583
25,091,575
7,210,690
MEETINGS OF DIRECTORS
During the year, 4 meetings of directors were held. Attendances were:
Michael D Perrott
James N Sullivan
Peter R Sullivan
Geoffrey M Motteram
Number Eligible to Attend
Number Attended
4
4
4
4
4
4
4
3
OPTIONS
At the date of this report there were no options on issue.
There were no shares issued during the year or since the end of the year upon exercise of options.
AUDIT COMMITTEE
The Board reviews the performance of the external auditors on an annual basis and meets with them during the year to
review findings and assist with Board recommendations.
The Board does not have a separate audit committee with a composition as suggested in the best practice
recommendations. The full Board carries out the function of an audit committee.
The Board believes that the Company is not of a sufficient size to warrant a separate committee and that the full board
is able to meet objectives of the best practice recommendations and discharge its duties in this area.
INDEMNIFYING OFFICERS OR AUDITORS
The Company has not, during or since the financial year, in respect of any person who is or has been an officer or the
auditor of the Company or of a related body corporate, indemnified or made any relative agreement for indemnifying
against a liability incurred as an officer or auditor, including costs and expenses in defending legal proceedings.
ENVIRONMENTAL REGULATION
The Group’s exploration and mining tenements are located in Western Australia. There are significant regulations under
the Western Australian Mining Act 1978 and the Environmental Protection Acts that apply. Licence requirements relating
to ground disturbance, rehabilitation and waste disposal exist for all tenements held.
The Directors are not aware of any significant breaches during the period covered by this report.
PROCEEDINGS ON BEHALF OF COMPANY
No person has applied for leave of Court, pursuant to section 237 of the Corporations Act 2001, to bring proceedings on
behalf of the Company or intervene in any proceedings to which the Company is a party for the purpose of taking
responsibility on behalf of the Company for all or any part of those proceedings.
The Company was not a party to any such proceedings during the year.
Page 28 - GME Resources Ltd - Annual Report 2013
DIRECTORS’ REPORT CONTINUED
NON-AUDIT SERVICES
Details of amounts paid or payable to the auditor for non-audit services provided during the year by the auditor are
outlined in Note 11 to the financial statements. The Directors are satisfied that the provision of non-audit services is
compatible with the general standard of independence for auditors imposed by the Corporations Act 2001.
The Directors are of the opinion that the services do not compromise the auditor’s independence as all non-audit
services have been reviewed to ensure that they do not impact the impartiality and objectivity of the auditor and none
of the services undermine the general principles relating to auditor independence as set out in Code of Conduct APES
110 Code of Ethics for Professional Accountants issued by the Accounting Professional & Ethical Standards Board.
AUDITOR’S INDEPENDENCE DECLARATION
A copy of the auditor’s independence declaration as required under section 307C of the Corporations Act 2001 is set out
on the following page.
This report is signed in accordance with a Resolution of Directors.
James Sullivan
Managing Director
Perth, Western Australia
20th September 2013
Page 29 - GME Resources Ltd - Annual Report 2013
Page 30 - GME Resources Ltd - Annual Report 2013
Consolidated Statement of Profit or Loss and Other
Comprehensive Income
For the year ended 30 June 2013
Other income
Depreciation expense
Exploration expenditure written off
Management and consulting fees
Administration expenses
Loss before income tax benefit
Income tax benefit
Net loss for the year
Other comprehensive income
Items that will not be reclassified to profit or loss:
Reversal of asset revaluation reserve
Tax on items that will not be reclassified to profit or loss
Total items that will not be reclassified to profit or loss
Other comprehensive income for the period, net of tax
Note
2
6
2
3
CONSOLIDATED
2013
$
33,602
2012
$
172,289
(4,087)
(16,907)
(729,855)
(1,303,595)
(70,000)
(29,967)
(242,248)
(214,976)
(1,012,588)
(1,393,156)
73,394
-
(939,194)
(1,393,156)
-
-
-
-
1,125
-
1,125
1,125
Total comprehensive loss for the year
(939,194)
(1,392,031)
Basic loss per share (cents per share)
Diluted loss per share (cents per share)
13
Cents
(0.26)
(0.26)
Cents
(0.43)
(0.43)
The accompanying notes form part of this financial statement.
Page 31 - GME Resources Ltd - Annual Report 2013
Consolidated Statement of Financial Position
As at 30 June 2013
CURRENT ASSETS
Cash and cash equivalents
Trade and other receivables
TOTAL CURRENT ASSETS
NON-CURRENT ASSETS
Trade and other receivables
Plant and equipment
Deferred exploration and evaluation expenditure
TOTAL NON-CURRENT ASSETS
TOTAL ASSETS
CURRENT LIABILITIES
Trade and other payables
TOTAL CURRENT LIABILITIES
TOTAL LIABILITIES
NET ASSETS
EQUITY
Issued capital
Option reserve
Accumulated losses
TOTAL EQUITY
The accompanying notes form part of this financial statement.
Note
10(b)
4
4
5
6
7
8
8
CONSOLIDATED
2013
$
761,847
14,849
776,696
2012
$
866,555
34,834
901,389
183,000
4,117
183,000
8,204
32,347,488
32,104,931
32,534,605
32,296,135
33,311,301
33,197,524
77,911
93,558
77,911
93,558
77,911
93,558
33,233,390
33,103,966
51,180,072
50,111,454
973,537
973,537
(18,920,219)
(17,981,025)
33,233,390
33,103,966
Page 32 - GME Resources Ltd - Annual Report 2013
Consolidated Statement of Changes in Equity
For the year ended 30 June 2013
CONSOLIDATED
Note
Issued
Capital
$
Financial
Assets Reserve
$
Option
Reserve
$
Accumulated
Losses
$
Total
$
Balance at 30 June 2011
49,093,323
(1,125)
973,537
(16,587,869)
33,477,866
Loss for the year
Re-classification on sale of asset
Total comprehensive loss for the year
-
-
-
-
1,125
1,125
Transaction with owners
in their capacity as owners
Shares issued (net of costs)
Balance at 30 June 2012
1,018,131
50,111,454
Loss for the year
Total comprehensive loss for the year
-
-
Transaction with owners
in their capacity as owners
Shares issued (net of costs)
8
Balance at 30 June 2013
1,068,618
51,180,072
-
-
-
-
-
-
-
-
-
-
(1,393,156)
(1,393,156)
-
1,125
(1,393,156)
(1,392,031)
-
1,018,131
973,537
(17,981,025)
33,103,966
-
-
-
(939,194)
(939,194)
(939,194)
(939,194)
-
1,068,618
973,537
(18,920,219)
33,233,390
The accompanying notes form part of this financial statement.
Page 33 - GME Resources Ltd - Annual Report 2013
Consolidated Statement of Cash Flows
For the year ended 30 June 2013
Cash flows from operating activities
Proceeds from facilitation fee
Payments to suppliers and employees
Payments for exploration and evaluation
Interest received
Research and development tax offset
Other income
Note
CONSOLIDATED
2013
$
2012
$
-
(312,224)
(966,994)
31,048
73,394
-
100,000
(287,491)
(1,616,535)
45,124
-
20,200
Net cash outflow from operating activities
10(a)
(1,174,776)
(1,738,702)
Cash flows from investing activities
Proceeds from sale of assets
Net cash inflow from investing activities
Cash flows from financing activities
Proceeds from issue of shares
Payment of costs associated with issue of shares
Net cash inflow from financing activities
1,450
1,450
10,864
10,864
1,078,700
1,026,974
(10,082)
(8,844)
1,068,618
1,018,130
Net decrease in cash and cash equivalents
(104,708)
(709,708)
Cash and cash equivalents held at the start of the year
866,555
1,576,263
Cash and cash equivalents held at the end of the year
10(b)
761,847
866,555
The accompanying notes form part of this financial statement.
Page 34 - GME Resources Ltd - Annual Report 2013
Notes to the Financial Statements
For the year ended 30 June 2013
STATEMENT OF ACCOUNTING POLICIES
1.
GME Resources Limited (the “Company”) is a listed public Company, incorporated and domiciled in Australia. The
consolidated financial statements of the Company for the financial year ended 30 June 2013 comprise the Company and
its subsidiaries (together referred to as the “Group”).
Basis of preparation
(a)
The financial statements are a general-purpose financial report, which have been prepared in accordance with the
requirements of the Corporations Act 2001, Australian Accounting Standards and Interpretations and complies with other
requirements of the law. The financial statements have also been prepared on a historical cost basis.
The accounting policies detailed below have been consistently applied to all of the years presented unless otherwise
stated.
The financial statements are presented in Australian dollars.
The Company is a listed public Company, incorporated in Australia and operating in Australia. The Group’s principal
activities are mineral exploration and investment.
(b) Adoption of new and revised standards
In the year ended 30 June 2013, the Directors have reviewed all of the new and revised Standards and Interpretations
issued by the AASB that are relevant to the group’s operations and effective for the current annual reporting period.
Amendments to AASB 101 'Presentation of Financial Statements'
The amendment (part of AASB 2011-9 'Amendments to Australian Accounting Standards - Presentation of Items of Other
Comprehensive Income') introduces a new terminology for the statement of comprehensive income and income
statement. Under the amendments to AASB 101, the statement of comprehensive income is renamed as a statement of
profit or loss and other comprehensive income and the income statement is renamed as a statement of profit or loss.
The amendments to AASB 101 retain the option to present profit or loss and other comprehensive income in either a
single statement or in two separate but consecutive statements. The company has elected to adopt the new terminology
for the statement of profit and loss and other comprehensive income.
The amendments to AASB 101 also require items of other comprehensive income to be grouped into two categories in
the other comprehensive income section: (a) items that will not be reclassified subsequently to profit or loss and (b)
items that may be reclassified subsequently to profit or loss when specific conditions are met. Income tax on items of
other comprehensive income is required to be allocated on the same basis - the amendments do not change the option
to present items of other comprehensive income either before tax or net of tax. The amendments have been applied
retrospectively, and hence the presentation of items of other comprehensive income has been modified to reflect the
changes. Other than the above mentioned presentation changes, the application of the amendments to AASB 101 does
not result in any impact the financial position or performance of the Company.
It has been determined by the Directors that, other than AASB 101, there is no impact, material or otherwise, of the
new and revised Standards and Interpretations on the Group’s business and, therefore, no change is necessary to Group
accounting policies.
The Directors have also reviewed all new Standards and Interpretations that have been issued but are not yet effective
for the year ended 30 June 2013. As a result of this review the Directors have determined that there is no impact,
material or otherwise, of the new and revised Standards and Interpretations on the Group’s business and, therefore, no
changes are necessary to Group accounting policies.
Significant accounting judgements and key estimates
(c)
The preparation of financial statements requires management to make judgements, estimates and assumptions that
affect the application of accounting policies and the reported amounts of assets, liabilities, income and expense. Actual
results may differ from these estimates.
Page 35 - GME Resources Ltd - Annual Report 2013
NOTE 1 STATEMENT OF ACCOUNTING POLICIES CONTINUED
The recoverability of the carrying amount of exploration and evaluation costs carried forward has been reviewed by the
Directors. In conducting the review, the recoverable amount of the Group’s deferred exploration and evaluation
expenditure of $30,376,002 relating to the NiWest nickel laterite project has been assessed by reference to the higher
of fair value less costs to sell.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions are recognised in the period in
which the estimate is revised if it affects only that period, or in the period of the revision and future periods if the
revision affects both current and future periods.
The cashflow model used to support the assessment is calculated over a period of 20 years, being the estimated life of
the mine. The discount rate is 8% and for the purpose of this exercise, future nickel and cobalt prices of USD 17,600 and
USD 44,000 per tonne respectively have been assumed with a long term AUD/USD exchange rate of $0.90.
Variations to expected future cash flows, and timing thereof, could result in significant changes to the impairment test
results, which in turn could impact future financial results.
The accounting policies and methods of computation adopted in the preparation of the financial statements are
consistent with those adopted and disclosed in the Company’s financial statements for the financial year ended 30 June
2012.
(d) Going concern
The financial report has been prepared on the going concern basis, which contemplates the continuity of normal business
activity and the realisation of assets and the settlement of liabilities in the normal course of business.
As disclosed in the financial statements, the Group recorded an operating loss of $939,194 and a cash outflow from
operating activities of $1,174,776 for the year ended 30 June 2013 and at balance date, had net current assets of
$698,785.
The Board considers that the consolidated entity is a going concern and recognises that additional funding is required
to ensure that the consolidated entity can continue to fund its operations and further develop its mineral exploration
and evaluation assets during the twelve month period from the date of this financial report. Such additional funding can
be derived from sources including:
•
•
•
The placement of securities under the ASX Listing Rule 7.1 or otherwise;
An excluded offer pursuant to the Corporations Act 2001; or
The sale of assets.
Accordingly, the Directors believe that subject to prevailing equity market conditions, the consolidated entity will obtain
sufficient funding to enable it to continue as a going concern and that it is appropriate to adopt that basis of accounting
in the preparation of the financial report. Should the consolidated entity be unable to obtain sufficient funding as
outlined above, there is a material uncertainty that may cause significant doubt as to whether or not the consolidated
entity will be able to continue as a going concern and therefore, whether it will realise its assets and extinguish its
liabilities in the normal course of business and at the amounts stated in the financial report.
The financial statements do not include any adjustments relating to the recoverability and classification of recorded
asset amounts or to the amounts and classification of liabilities that might be necessary should the consolidated entity
not continue as a going concern.
Statement of compliance
(e)
The financial statements were authorised for issue on 20th September 2013.
The financial statements comply with Australian Accounting Standards, which include Australian equivalents to
International Financial Reporting Standards (AIFRS). Compliance with AIFRS ensures that the financial statements,
comprising the financial statements and notes thereto, complies with International Financial Reporting Standards (IFRS).
Basis of consolidation
(f)
The consolidated financial statements comprise the financial statements of GME Resources Limited and its subsidiaries
as at 30 June each year.
The financial statements of the subsidiaries are prepared for the same reporting period as the parent Company, using
consistent accounting policies.
Page 36 - GME Resources Ltd - Annual Report 2013
NOTE 1 STATEMENT OF ACCOUNTING POLICIES CONTINUED
In preparing the consolidated financial statements, all intercompany balances and transactions, income and expenses
and profit and losses resulting from intra-group transactions have been eliminated in full. Subsidiaries are fully
consolidated from the date on which control is transferred to the Group and cease to be consolidated from the date on
which control is transferred out of the Group. Control exists where the Company has the power to govern the financial
and operating policies of a group so as to obtain benefit from its activities.
Business combinations have been accounted for using the purchase method of accounting. Unrealised gains or
transactions between the Group and its associates are eliminated to the extent of the Group’s interests in the associates.
Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Accounting policies of associates have been changed where necessary to ensure consistency with the policies adopted
by the Group.
Non-controlling interests represent the portion of profit or loss and net assets in subsidiaries not held by the Group and
are presented separately in the Consolidated Statement of Profit or Loss and Other Comprehensive Income and within
equity in the Consolidated Statement of Financial Position. Losses are attributable to the non-controlling interests even
if that results in a deficit balance.
The Group treats transactions with non-controlling interests that do not result in a loss of control as transactions with
equity owners of the Group. A change in ownership interest results in an adjustment between the carrying amounts of
the controlling and non-controlling interests to reflect their relative interests in the subsidiary. Any difference between
the amount of the adjustment to non-controlling interests and any consideration paid or received is recognised within
equity attributable to owners of GME Resources Limited.
When the Group ceases to have control, joint control or significant influence, any retained interest in the Group is
remeasured to its fair value with the change in carrying amount recognised in profit or loss. The fair value is the initial
carrying amount for the purposes of subsequently accounting for the retained interests as an associate, joint controlled
entity or financial asset. In addition, any amounts previously recognised in other comprehensive income in respect of
that entity are accounted for as if the Group had directly disposed of the related assets or liabilities. This may mean
that amounts previously recognised in other comprehensive income are reclassified to profit or loss.
Revenue recognition
(g)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue
can be reliably measured. The following specific recognition criteria must also be met before revenue is recognised:
Interest income
Interest revenue is recognised on a time proportionate basis that takes into account the effective yield on the financial
asset.
Borrowing costs
(h)
Borrowing costs are recognised as an expense when incurred except those that relate to the acquisition, construction or
production of qualifying assets where the borrowing cost is added to the cost of those assets until such time as the assets
are substantially ready for their intended use or sale.
Cash and cash equivalents
(i)
Cash and short-term deposits in the Consolidated Statement of Financial Position comprise cash at bank and on hand.
Cash equivalents are short term, highly liquid investments that are readily convertible to known amounts of cash and
which are subject to an insignificant risk of changes in value.
For the purposes of the Consolidated Statement of Cash Flows, cash and cash equivalents consist of cash and cash
equivalents as defined above, net of outstanding bank overdrafts.
Trade and other receivables
(j)
Trade receivables, which generally have 30-90 day terms, are recognised and carried at original invoice amount less an
allowance for any uncollectible amounts. An allowance for doubtful debts is made when there is objective evidence that
the Group will not be able to collect the debts. Bad debts are written off when identified.
Page 37 - GME Resources Ltd - Annual Report 2013
NOTE 1 STATEMENT OF ACCOUNTING POLICIES CONTINUED
Income tax
(k)
Current tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered
from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are
enacted or substantively enacted by the balance date.
Deferred income tax is provided on all temporary differences at the balance date between the tax bases of assets and
liabilities and their carrying amounts for financial reporting purposes.
Deferred income tax liabilities are recognised for all taxable temporary differences except:
•
•
when the deferred income tax liability arises from the initial recognition of goodwill or of an asset or liability in a
transaction that is not a business combination and that, at the time of the transaction, affects neither the
accounting profit nor taxable profit or loss; or
when the taxable temporary difference is associated with investments in subsidiaries, associates or interests in
joint ventures, and the timing of the reversal of the temporary difference can be controlled and it is probable that
the temporary difference will not reverse in the foreseeable future.
Deferred income tax assets are recognised for all deductible temporary differences, carry-forward of unused tax assets
and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible
temporary differences and the carry-forward of unused tax credits and unused tax losses can be utilised, except:
•
•
when the deferred income tax asset relating to the deductible temporary difference arises from the initial
recognition of an asset or liability in a transaction that is not a business combination and, at the time of the
transaction, affects neither the accounting profit nor taxable profit or loss; or
when the deductible temporary difference is associated with investments in subsidiaries, associates or interests in
joint ventures, in which case a deferred tax asset is only recognised to the extent that it is probable that the
temporary difference will reverse in the foreseeable future and taxable profit will be available against which the
temporary difference can be utilised.
The carrying amount of deferred income tax assets is reviewed at each balance date and reduced to the extent that it
is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset
to be utilised.
Unrecognised deferred income tax assets are reassessed at each balance date and are recognised to the extent that it
has become probable that future taxable profit will allow the deferred tax asset to be recovered.
Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when
the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively
enacted at the balance date.
Income taxes relating to items recognised directly in equity are recognised in equity and not in profit or loss.
Deferred tax assets and deferred tax liabilities are offset only if a legally enforceable right exists to set off current tax
assets against current tax liabilities and the deferred tax assets and liabilities relate to the same taxable entity and the
same taxation authority.
Tax consolidation legislation
GME Resources Limited and its 100% owned Australian resident subsidiaries have implemented the tax consolidation
legislation. Current and deferred tax amounts are accounted for in each individual entity as if each entity continued to
act as a taxpayer on its own. GME Resources Limited recognises both its own current and deferred tax amounts and those
current tax liabilities, current tax assets and deferred tax assets arising from unused tax credits and unused tax losses
which it has assumed from its controlled entities within the tax consolidated group.
Assets or liabilities arising under tax funding agreements with the tax consolidated entities are recognised as amounts
payable or receivable from or payable to other entities in the Group. Any difference between the amounts receivable
or payable under the tax funding agreement are recognised as a contribution to (or distribution from) controlled entities
in the tax consolidated group.
Page 38 - GME Resources Ltd - Annual Report 2013
NOTE 1 STATEMENT OF ACCOUNTING POLICIES CONTINUED
Other taxes
(l)
Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred is
not recoverable from the Australian 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 Consolidated Statement
of Financial Position are shown inclusive of GST.
The net amount of GST recoverable from, or payable to, the taxation authority is included as part of receivables or
payables in the Consolidated Statement of Financial Position.
(m) Plant and equipment
Plant and equipment is stated at cost less accumulated depreciation and any accumulated impairment losses. Such cost
includes the cost of replacing parts that are eligible for capitalisation when the cost of replacing the parts is incurred.
Similarly, when each major inspection is performed, its cost is recognised in the carrying amount of the plant and
equipment as a replacement only if it is eligible for capitalisation.
Depreciation is calculated on a straight-line basis over the estimated useful life of the assets as follows:
Plant and equipment – over 4 to 5 years.
The assets' residual values, useful lives and amortisation methods are reviewed, and adjusted if appropriate, at each
financial year end.
Impairment
(i)
The carrying values of plant and equipment are reviewed for impairment at each reporting date, with recoverable
amount being estimated when events or changes in circumstances indicate that the carrying value may be
impaired.
The recoverable amount of plant and equipment is the higher of fair value less costs to sell and value in use. In
assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax
discount rate that reflects current market assessments of the time value of money and the risks specific to the
asset.
For an asset that does not generate largely independent cash inflows, recoverable amount is determined for the
cash-generating unit to which the asset belongs, unless the asset's value in use can be estimated to be close to
its fair value.
An impairment exists when the carrying value of an asset or cash-generating units exceeds its estimated
recoverable amount. The asset or cash-generating unit is then written down to its recoverable amount.
For plant and equipment, impairment losses are recognised in the Consolidated Statement of Profit or Loss and
Other Comprehensive Income.
(ii) Derecognition and disposal
An item of plant and equipment is derecognised upon disposal or when no further future economic benefits are
expected from its use or disposal.
Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal
proceeds and the carrying amount of the asset) is included in profit or loss in the year the asset is derecognised.
Investments and other financial assets
(n)
Financial assets in the scope of AASB 139 Financial Instruments: Recognition and Measurement are classified as either
financial assets at fair value through profit or loss, loans and receivables, held-to-maturity investments, or available-
for-sale investments, as appropriate. When financial assets are recognised initially, they are measured at fair value,
plus, in the case of investments not at fair value through profit or loss, directly attributable transactions costs. The
Group determines the classification of its financial assets after initial recognition and, when allowed and appropriate,
re-evaluates this designation at each financial year-end.
All regular way purchases and sales of financial assets are recognised on the trade date i.e. the date that the Group
commits to purchase the asset. Regular way purchases or sales are purchases or sales of financial assets under contracts
that require delivery of the assets within the period established generally by regulation or convention in the
marketplace.
Page 39 - GME Resources Ltd - Annual Report 2013
NOTE 1 STATEMENT OF ACCOUNTING POLICIES CONTINUED
(i)
Financial assets at fair value through profit or loss
Financial assets classified as held for trading are included in the category ‘financial assets at fair value through
profit or loss’. Financial assets are classified as held for trading if they are acquired for the purpose of selling in
the near term. Derivatives are also classified as held for trading unless they are designated as effective hedging
instruments. Gains or losses on investments held for trading are recognised in profit or loss.
(ii) Held-to-maturity investments
Non-derivative financial assets with fixed or determinable payments and fixed maturity are classified as held-to-
maturity when the Group has the positive intention and ability to hold to maturity. Investments intended to be
held for an undefined period are not included in this classification. Investments that are intended to be held-to-
maturity, such as bonds, are subsequently measured at amortised cost. This cost is computed as the amount
initially recognised minus principal repayments, plus or minus the cumulative amortisation using the effective
interest method of any difference between the initially recognised amount and the maturity amount. This
calculation includes all fees and points paid or received between parties to the contract that are an integral part
of the effective interest rate, transaction costs and all other premiums and discounts. For investments carried at
amortised cost, gains and losses are recognised in profit or loss when the investments are derecognised or
impaired, as well as through the amortisation process.
(iii) Loans and receivables
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not
quoted in an active market. Such assets are carried at amortised cost using the effective interest method. Gains
and losses are recognised in profit or loss when the loans and receivables are derecognised or impaired, as well
as through the amortisation process.
(iv) Available-for-sale investments
Available-for-sale investments are those non-derivative financial assets that are designated as available-for-sale
or are not classified as any of the three preceding categories. After initial recognition available-for sale
investments are measured at fair value with gains or losses being recognised as a separate component of equity
until the investment is derecognised or until the investment is determined to be impaired, at which time the
cumulative gain or loss previously reported in equity is recognised in profit or loss.
The fair value of investments that are actively traded in organised financial markets is determined by reference
to quoted market bid prices at the close of business on the balance date. For investments with no active market,
fair value is determined using valuation techniques. Such techniques include using recent arm’s length market
transactions; reference to the current market value of another instrument that is substantially the same;
discounted cash flow analysis and option pricing models.
Exploration and evaluation expenditure
(o)
Exploration and evaluation costs, including the costs of acquiring licences, are capitalised as exploration and evaluation
assets on an area of interest basis. Costs incurred before the Group has obtained the legal rights to explore an area are
recognised in the Consolidated Statement of Profit or Loss and Other Comprehensive Income.
Exploration and evaluation assets are only recognised if the rights of the area of interest are current and either:
•
•
the expenditures are expected to be recouped through successful development and exploitation of the area of
interest; or
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 continuing.
Exploration and evaluation assets are assessed for impairment if:
•
•
sufficient data exists to determine technical feasibility and commercial viability; and
facts and circumstances suggest that the carrying amount exceeds the recoverable amount (see impairment
accounting policy 1(p)).
For the purposes of impairment testing, exploration and evaluation assets are allocated to cash-generating units to
which the exploration activity relates. The cash generating unit shall not be larger than the area of interest.
Page 40 - GME Resources Ltd - Annual Report 2013
NOTE 1 STATEMENT OF ACCOUNTING POLICIES CONTINUED
Once the technical feasibility and commercial viability of the extraction of mineral resources in an area of interest are
demonstrable, exploration and evaluation assets attributable to that area of interest are first tested for impairment and
then reclassified to mining property and development assets within property, plant and equipment.
Impairment of assets
(p)
The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any such
indication exists, or when annual impairment testing for an asset is required, the Group makes an estimate of the asset’s
recoverable amount. An asset’s recoverable amount is the higher of its fair value less costs to sell and its value in use
and is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent
of those from other assets or groups of assets and the asset's value in use cannot be estimated to be close to its fair
value. In such cases the asset is tested for impairment as part of the cash-generating unit to which it belongs. When the
carrying amount of an asset or cash-generating unit exceeds its recoverable amount, the asset or cash generating unit
is considered impaired and is written down to its recoverable amount.
In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount
rate that reflects current market assessments of the time value of money and the risks specific to the asset. Impairment
losses relating to continuing operations are recognised in those expense categories consistent with the function of the
impaired asset unless the asset is carried at revalued amount (in which case the impairment loss is treated as a
revaluation decrease).
previously recognised
An assessment is also made at each reporting date as to whether there is any indication that
impairment losses may no longer exist or may have decreased. If such indication exists, the recoverable amount is
estimated. A previously recognised impairment loss is reversed only if there has been a change in the estimates used to
determine the asset’s recoverable amount since the last impairment loss was recognised. If that is the case the carrying
amount of the asset is increased to its recoverable amount. That increased amount cannot exceed the carrying amount
that would have been determined, net of depreciation, had no impairment loss been recognised for the asset in prior
years. Such reversal is recognised in profit or loss unless the asset is carried at revalued amount, in which case the
reversal is treated as a revaluation increase. After such a reversal the depreciation charge is adjusted in future periods
to allocate the asset’s revised carrying amount, less any residual value, on a systematic basis over its remaining useful
life.
(q) Trade and other payables
Trade payables and other payables are carried at amortised costs and represent liabilities for goods and services
provided to the Group prior to the end of the financial year that are unpaid and arise when the Group becomes obliged
to make future payments in respect of the purchase of these goods and services. Trade and other payables are presented
as current liabilities unless payment is not due within 12 months.
Issued capital
(r)
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.
Earnings per share
(s)
Basic EPS is calculated as net result attributable to members, adjusted to exclude costs of servicing equity (other than
dividends) and preference share dividends, divided by the weighted average number of ordinary shares, adjusted for any
bonus element.
Diluted EPS is calculated as net result attributable to members, adjusted for:
•
•
•
costs of servicing equity (other than dividends) and preference share dividends;
the after tax effect of dividends and interest associated with potential dilutive ordinary shares that have been
recognised as expenses; and
other non discretionary changes in revenues or expenses during the period that would result from the dilution of
potential ordinary shares; divided by the weighted average number of ordinary shares and potential dilutive
ordinary shares, adjusted for any bonus element.
Page 41 - GME Resources Ltd - Annual Report 2013
NOTE 1 STATEMENT OF ACCOUNTING POLICIES CONTINUED
Segment reporting
(t)
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating
decision maker. The chief operating decision maker, who is responsible for allocating resources and assessing
performance of the operating segments, has been identified as the Board of Directors of GME Resources Limited.
Leases
(u)
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards
of ownership to the lessee. All other leases are classified as operating leases.
Operating lease payments are recognised as an expense on a straight line basis over the lease term, except where
another systematic basis is more representative of the time pattern in which economic benefits from the leased asset
are consumed.
Parent entity financial information
(v)
The financial information for the parent entity, disclosed in Note 19 has been prepared on the same basis as the
consolidated financial statements.
CONSOLIDATED
2013
$
2012
$
32,152
45,124
-
1,450
-
33,602
36,825
53,005
18,281
12,155
-
77,911
44,071
242,248
100,000
6,965
20,200
172,289
40,228
42,923
31,564
13,978
6,827
53,515
25,941
214,976
2.
REVENUE AND EXPENSES
Operating Activities
(a) Revenue:
Interest received
Proceeds from:
Facilitation fee for prospecting rights
Profit on sale of assets
Other
Total revenue
(b) Expenses:
Administration costs:
Audit Fees
Corporate compliance costs
Employee expenses
Insurance
Loss on sale of investments
Office costs
Other
Page 42 - GME Resources Ltd - Annual Report 2013
3.
(a)
INCOME TAX
Income tax recognised in profit and loss
The major components of tax expense are:
Adjustments recognised in the current year in
relation to the current tax – R&D tax offset
Total tax benefit
CONSOLIDATED
2013
$
2012
$
73,394
73,394
-
-
The prima facie income tax expense on pre-tax accounting result
from operations reconciles to the income tax provided in the financial statements as follows:
Accounting loss before tax from continuing operations
(1,012,588)
(1,393,156)
-
-
Income tax benefit calculated at 30%
Non-deductible expenses
Unused tax losses and tax offset not recognised as deferred tax assets
R&D tax incentive offset
Unrecognised deferred tax assets/liabilities
Income tax benefit reported in the
Consolidated Statement of Comprehensive Income.
(b) Unrecognised deferred tax balances
Unrecognised deferred tax assets comprise:
(303,777)
(417,947)
196
380,228
73,394
21
527,576
-
(76,647)
(109,650)
73,394
Losses available for offset against future taxable income
11,567,444
11,187,216
Capital allowance differences
Capital raising costs
Accrued expenses and liabilities
Unrecognised deferred tax liabilities comprise:
Exploration expenditure
Accrued income
4,089
13,619
5,809
4,079
14,153
5,809
11,590,961
11,211,258
9,704,247
9,631,479
331
9,704,578
9,631,479
Income tax benefit not recognised directly in equity during the year:
Capital raising costs
3,024
2,653
Potential deferred tax assets attributable to tax losses and capital losses carried forward have not been brought to
account because the Directors do not believe it is appropriate to regard realisation of the future tax benefit as
probable.
Tax Consolidation
Effective 1 July 2003, for the purposes of income taxation, the Company and its 100% wholly owned subsidiaries
formed a tax consolidated group. The head entity of the tax consolidated group is GME Resources Limited.
Page 43 - GME Resources Ltd - Annual Report 2013
4.
TRADE AND OTHER RECEIVABLES
Current
Accrued interest
GST Refundable
Non-current
Bonds
The average credit period on sale of goods and rendering of services is 30 days.
5.
PLANT AND EQUIPMENT (NON-CURRENT)
Plant and equipment - at cost
Less accumulated depreciation
Total plant and equipment
Reconciliation of the carrying amount of plant and equipment:
Carrying amount at the beginning of the year
Additions
Disposals
Depreciation
Carrying amount at the end of the year
CONSOLIDATED
2013
$
1,104
13,745
14,849
2012
$
-
34,834
34,834
183,000
183,000
740,666
(736,549)
4,117
743,365
(735,161)
8,204
8,204
-
-
(4,087)
4,117
27,236
-
(2,125)
(16,907)
8,204
6.
DEFERRED EXPLORATION AND EVALUATION EXPENDITURE (NON-CURRENT)
Deferred exploration and evaluation expenditure - at cost
Movements:
Balance at beginning of the year
Direct expenditure
Less expenditure written off
32,104,931
31,797,475
972,412
1,611,051
33,077,343
33,408,526
(729,855)
(1,303,595)
32,347,488
32,104,931
The ultimate recoupment of the above deferred exploration and evaluation expenditure is dependent on the
successful development and commercial exploitation or, alternatively, sale of the respective areas at amounts
sufficient to recover the investment.
The write-off of expenditure is based on tenements relinquished, and the evaluation of the carrying values of the
remaining tenements as at 30 June 2013.
7.
PAYABLES (CURRENT)
Trade payables and accruals
77,911
77,911
93,558
93,558
Trade payables and accruals are non-interest bearing and normally settled on 30 day terms.
Details of exposure to interest rate risk and fair value in respect of liabilities are set out in Note 16. There are no
secured liabilities as at 30 June 2013.
Page 44 - GME Resources Ltd - Annual Report 2013
CONSOLIDATED
2013
$
2012
$
8.
CONTRIBUTED EQUITY AND RESERVES
384,663,864 (2012: 343,175,391) ordinary shares, fully paid
51,180,072
50,111,454
Ordinary shares
Balance at the beginning of the year
Entitlement issue (a)
Entitlement issue
Costs associated with entitlement issue
50,111,454
49,093,323
1,078,700
-
-
1,026,974
(10,082)
(8,843)
Balance at the end of the year
51,180,072
50,111,454
Balance at the beginning of the year
Entitlement issue (a)
Entitlement issue
Balance at the end of the year
No of
Shares
No of
Shares
343,175,391
322,635,902
41,488,473
-
-
20,539,489
384,663,864
343,175,391
(a) In February 2013, 41,488,473 ordinary shares were issued under a non-renounceable rights issue at 2.6c per share.
Reserves
The option reserve is used to record the fair value of options issued and there have been no further issues of options
during the year.
9.
CONTROLLED ENTITIES
Name of Controlled Entity
(Country of Incorporation)
GME Sulphur Inc (USA)
GME Investments Pty Ltd (Australia)
Golden Cliffs NL (Australia)
NiWest Limited (Australia)
Percentage
Owned
Company’s Cost of
Investment
2013
%
100
100
100
100
2012
%
100
100
100
100
2013
$
-
-
616,893
4,561,313
5,178,206
2012
$
-
-
616,893
4,561,313
5,178,206
Page 45 - GME Resources Ltd - Annual Report 2013
10. CONSOLIDATED STATEMENT OF CASH FLOWS
(a) Reconciliation of cash flows from operating activities
Loss from ordinary activities after tax
(939,194)
(1,393,156)
CONSOLIDATED
2013
$
2012
$
Depreciation / amortisation
Gain on sale of assets
Net loss on sale of shares
Exploration costs written off
Tenement reversion account written off
Exploration costs capitalised (excluding creditors)
Decrease/(increase) in receivables
Increase/(decrease) in sundry creditors
4,087
(1,450)
-
729,855
7,026
16,907
(6,965)
6,827
1,303,595
-
(966,994)
(1,621,652)
(1,106)
(7,000)
6,242
(50,500)
Net cash outflows from operating activities
(1,174,776)
(1,738,702)
(b) Reconciliation of cash and cash equivalents
Cash balance comprises:
Cash at bank
Deposits at call
10,384
751,463
761,847
28,349
838,206
866,555
Cash at bank earns interest at floating rates based on daily bank deposit rates.
Short term deposits are made for varying periods between 3 to 6 months depending on the immediate cash
requirements of the Group, and earn interest at the respective short-term deposit rates.
11. AUDITOR’S REMUNERATION
Amounts received or due and receivable by the auditors of GME Resources Ltd for:
-
-
an audit or review of the financial statements
of the Company and any other entity in the Group
other services in relation to the Company
and any other entity in the Group
35,425
27,270
1,400
36,825
12,958
40,228
12. SEGMENT REPORTING
The Group has adopted AASB 8 Operating Segments which requires operating segments to be identified on the basis of
internal reports about components of the Group that are reviewed by the chief operating decision maker, being the
Board of GME Resources Limited, in order to allocate resources to the segment and assess its performance. The
Board of GME Resources Limited reviews internal reports prepared as consolidated financial statements and strategic
decisions of the Group are determined upon analysis of these internal reports. During the period, the Group operated
predominantly in one business and geographical segment being the resources sector in Australia. Accordingly, under
the ‘management approach’ outlined only one operating segment has been identified and no further disclosure is
required in the notes to the consolidated financial statements.
Page 46 - GME Resources Ltd - Annual Report 2013
13. LOSS PER SHARE
Basic and diluted loss per share (cents)
CONSOLIDATED
2013
$
Cents
(0.26)
$
2012
$
Cents
(0.43)
$
Loss used in calculation of basic and diluted earnings per share
(939,194)
(1,393,156)
Weighted average number of ordinary shares outstanding
during the year used in calculation of basic and diluted earnings per share
359,316,112
325,899,711
14. DIRECTORS’ AND EXECUTIVES’ DISCLOSURES
(a) Details of Key Management Personnel
(i) Directors
Michael Delaney Perrott – Non-executive Chairman
James Noel Sullivan – Managing Director
Peter Ross Sullivan – Non-executive Director
Geoffrey Mayfield Motteram – Non-executive Director (Resigned 30 June 2013)
(ii)
Executives
Mark Pitts – Company Secretary
(b) Compensation of Key Management Personnel
(i) Compensation Policy
The Board of Directors is responsible for remuneration policies and the packages applicable to the Directors of the
Company. The Board remuneration policy is to ensure that packages offered properly reflect a person’s duties and
responsibilities and that remuneration is competitive and attracts, retains, and motivates people of the highest
quality.
The Managing Director and Non-executive Directors are remunerated for the services they render to the Company
and such services are carried out under normal commercial terms and conditions. Engagement and payment for
such services are approved by the other Directors who have no interest in the engagement of services.
There are no retirement or termination benefits payable to the Board or senior executives.
At the date of this report the Company had not entered into any packages with Directors or senior executives which
include performance based components. The Company does not operate an employee share option plan.
(ii)
Compensation of Key Management Personnel for the year ended 30 June 2013
Short
Term
2013
Post
Employment
Benefits
Salary & Fees
$
Superannuation
$
Long
Term
Benefits
Options
$
120,000
30,000
24,000
24,000
60,000
258,000
-
-
-
-
-
-
-
-
-
-
-
-
Total
Benefits
$
120,000
30,000
24,000
24,000
60,000
258,000
Executive Directors
James N Sullivan
Non-executive Directors
Michael D Perrott
Geoffrey M Motteram*
Peter R Sullivan
Executives
Mr Mark Pitts
*
Resigned 30 June 2013
Page 47 - GME Resources Ltd - Annual Report 2013
NOTE 14 DIRECTORS’ AND EXECUTIVES’ DISCLOSURES CONTINUED
(iii)
Compensation of Key Management Personnel for the year ended 30 June 2012
Executive Directors
James N Sullivan
David J Varcoe *
Non-executive Directors
Michael D Perrott
Geoffrey M Motteram
Peter R Sullivan
Executives
Mr Mark Pitts
Short
Term
2012
Post
Employment
Benefits
Salary & Fees
$
Superannuation
$
Long
Term
Benefits
Options
$
40,000
216,099
30,000
24,000
24,000
40,228
374,327
-
21,610
-
-
-
-
21,610
-
-
-
-
-
-
-
Total
Benefits
$
40,000
237,709
30,000
24,000
24,000
40,228
395,937
*
Resigned 4 May 2013
(c) Shareholdings of Key Management Personnel (Consolidated)
Director
Michael D Perrott
James N Sullivan
Peter R Sullivan
Geoffrey M Motteram
Ordinary Shares
Opening Balance
15,656,505
16,813,359
16,411,593
6,180,592
Net Change
2,609,417
2,802,224
8,679,982
1,030,098
Ordinary Shares
Closing Balance
18,265,922
19,615,583
25,091,575
7,210,690
(d) Other transactions and balances with Key Management Personnel
There were no other transactions with key management personnel during this financial year.
15. FINANCIAL INSTRUMENT DISCLOSURES
Financial risk management objectives
The Group is exposed to market risk (including interest rate), credit risk and liquidity risk.
The Group does not issue derivative financial instruments, nor does it believe that it has exposure to such trading or
speculative holdings through its investments in associates.
Risk management is carried out by the Board as a whole, which provides the principles for overall risk management, as
well as policies covering specific areas such as foreign exchange risk, interest rate risk, and liquidity risk. The Group
uses different methods to measure different types of risk to which it is exposed. Where appropriate these methods will
include sensitivity analysis in the case of interest rate, and other price risks and aging analysis for credit risk.
(a) Categories of financial instruments
2013
Financial Assets
Cash assets
Receivables
Payables
Weighted
Average
Effective
Rate
3.3%
n/a
n/a
Floating
Interest
Rate
$
10,384
-
10,384
-
-
Fixed Interest Rate Maturing
Over 1
Within 1
year
$
934,463
-
934,463
-
-
year
$
-
-
-
-
-
Non-interest
Total
Bearing
$
-
14,849
14,849
77,911
77,911
$
944,847
14,849
959,696
77,911
77,911
Page 48 - GME Resources Ltd - Annual Report 2013
NOTE 15 FINANCIAL INSTRUMENT DISCLOSURES CONTINUED
2012
Financial Assets
Cash assets
Receivables
Payables
Weighted
Average
Effective
Rate
3.92%
n/a
n/a
Floating
Interest
Rate
$
211,349
-
211,349
-
-
Fixed Interest Rate Maturing
Over 1
Within 1
year
$
838,206
-
838,206
-
-
year
$
-
-
-
-
Non-interest
Total
Bearing
$
-
34,834
34,834
93,558
93,558
$
1,049,555
34,834
1,084,389
93,558
93,558
(b) Interest rate risk sensitivity analysis
The Company and the Group are exposed to interest rate risk, which is the risk that a financial instrument’s value will
fluctuate as a result of changes in market interest rates, in respect of the cash balances and deposits.
The sensitivity analyses below have been determined based on the exposure to interest rates for instruments at the
reporting date and the stipulated change taking place at the beginning of the financial year and held constant
throughout the reporting period. A 50 basis point increase or decrease is used when reporting interest rate risk
internally to key management personnel and represents management’s assessment of the change in interest rates.
At reporting date, if interest rates had been 50 basis points higher and all other variables were held constant, the
Group’s net loss before tax and equity would reduce by $4,248 and increase by $4,248, respectively (2012:$ 5,247). A
reduction in the interest rate would have an equal but opposite effect.
(c) Liquidity risk
The Company manages liquidity risk by continually monitoring cash reserves and cash flow forecasts to ensure that
financial commitments can be met as and when they fall due.
(d) Credit risk
Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer
contract, leading to a financial loss. The Group is not significantly exposed to credit risk from its operating activities,
however, the Board does monitor receivables as and when they arise. The maximum exposure to credit risk at the
reporting date is the carrying value of each class of financial asset mentioned above. The Group does not hold
collateral as security.
No material exposure is considered to exist by virtue of the possible non-performance of the counterparties to
financial instruments and cash deposits.
(e) Capital management risk
The Company controls the capital of the Group in order to maximise the return to shareholders and ensure that the
Group can fund its operations and continue as a going concern.
The Company effectively manages the Group’s capital by assessing the Group’s financial risks and adjusting its capital
structure in response to changes in these risks and the market. These responses include the management of
expenditure and debt levels, distributions to shareholders and share issues.
There have been no changes in the strategy adopted by management to control the capital of the Group since the
prior year.
(f) Net fair values
The net fair value of the financial assets and financial liabilities approximates their carrying value. Other than listed
investments that are measured at the quoted bid price at balance date adjusted for transaction costs expected to be
incurred, no financial assets and financial liabilities are readily traded on organised markets in standardised form.
The aggregate net fair values and carrying amounts of financial assets and financial liabilities are disclosed in the
Consolidated Statement of Financial Position and in the notes to and forming part of the financial statements.
Page 49 - GME Resources Ltd - Annual Report 2013
16. COMMITMENTS AND CONTINGENT LIABILITIES
There were no capital commitments or contingent liabilities, not provided for in the financial statements of the Group
as at 30 June 2013, other than:
(a) Mineral Tenement Leases
In order to maintain current rights of tenure to mining tenements, the Group in its own right or in conjunction with
its joint venture partners may be required to outlay amounts of approximately $1,888,500 (2012: $2,017,965) per
annum on an ongoing basis in respect of tenement lease rentals and to meet the minimum expenditure requirements
of the Western Australian and Queensland Mines Department. These obligations are expected to be fulfilled in the
normal course of operations by the Group or its joint venture partners and are subject to variations dependent on
various matters, including the results of exploration on the mineral tenements.
(b) Claims of Native Title
Legislative developments and judicial decisions (in particular the uncertainty created in the area of Aboriginal land
rights by the High Court decision in the “Mabo” case and native title legislation) may have an adverse impact on the
Group’s exploration and future production activities and its ability to fund those activities. It is impossible at this
stage to quantify the impact (if any) which these developments may have on the Group’s operations.
Native title claims have been made over ground in which the Group currently has an interest. It is possible that
further claims could be made in the future. The Company has established access agreements with the major claimant
groups in the area. All of the mineral resources are located on granted mining leases. Once granted there is no
opportunity for veto of project development under the Native Title act however owners must adhere to the provisions
of the Aboriginal Heritage Act 1972 which regulates how to deal with specific heritage sites that may exist on the
tenement.
(c) Non-cancellable Operating Lease Commitments
Within one year
One year or later and no later than five years
CONSOLIDATED
2013
$
10,681
4,853
15,534
2012
$
45,920
76,680
122,600
17. INTERESTS IN BUSINESS UNDERTAKINGS - JOINT VENTURES
The Company has entered into a number of agreements with other companies to gain interests in project areas.
These interests will be earned by expending certain amounts of money on exploration expenditure within a specific
time. The Company can, however, withdraw from these projects at any time without penalty. The amounts required
to be expended in the next year have been included in Note 16 – Commitments and Contingent Liabilities.
18. RELATED PARTIES
Total amounts receivable and payable from entities in the wholly owned Group at balance date:
Non-current receivables
Loans net of provisions for non- recovery
Current payables
Loans
14,235,410
13,588,952
1,387,360
1,353,728
During the year, the consolidated entity paid $13,801 (2012:$13,498) for commercial rent of a property owned by a
director related entity. $46,143 (2012: $1,522) was paid to Kumarina Resources Pty Ltd (a director related entity) for
shared premises lease and administrative salaries. $8,844 (21012: nil) was also paid to Kumarina for exploration
services, and $15,700 (2012: Nil) was received from Kumarina for shared administrative salaries.
Page 50 - GME Resources Ltd - Annual Report 2013
19. PARENT ENTITY DISCLOSURE
As at, and throughout, the financial year ended 30 June 2013
the parent Company of the Group was GME Resources Limited.
Results of the parent entity
Loss for the period
Other comprehensive income
Total comprehensive result for the period
Financial position of the parent entity at year end
Current assets
Total assets
Current liabilities
Total liabilities
Total equity of the parent entity comprising of:
Share capital
Option reserve
Accumulated losses
Total equity
20. SUBSEQUENT EVENTS
CONSOLIDATED
2013
$
2012
$
(340,835)
(287,589)
-
1,125
(340,835)
(286,464)
776,696
866,555
34,328,221
33,647,620
1,463,269
1,463,269
1,410,451
1,410,451
51,180,072
50,111,454
973,537
973,537
(19,288,657)
(18,947,822)
32,864,952
32,137,169
No matters or circumstances have arisen since the end of the financial year which significantly affected or may
significantly affect the Group’s operations, the results of those operations or the Group’s state of affairs in future
financial years.
Page 51 - GME Resources Ltd - Annual Report 2013
Directors’ Declaration
1.
In the opinion of the Directors of GME Resources Limited (the “Company”):
a.
The financial statements, notes, and the additional disclosures are in accordance with the Corporations Act 2001
including:
i)
ii)
giving a true and fair view of the Consolidated Entity’s financial position as at 30 June 2013 and of its
performance for the year then ended; and
complying with Australian Accounting Standards (including the Australian Accounting Interpretations) and
Corporations Regulations 2001.
there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become
due and payable.
the financial statements and notes thereto are in accordance with International Financial Reporting Standards
issued by the International Accounting Standards Board.
This declaration has been made after receiving the declarations required to be made to the Directors in accordance
with Section 295A of the Corporations Act 2001 for the financial year ended 30 June 2013.
b.
c.
2.
This declaration is signed in accordance with a resolution of the Board of Directors.
James Sullivan
Managing Director
Perth, Western Australia
20th September 2013
Page 52 - GME Resources Ltd - Annual Report 2013
Page 53 - GME Resources Ltd - Annual Report 2013
Page 54 - GME Resources Ltd - Annual Report 2013
Shareholder Information
The following additional information, applicable at 1 October 2013 is required by the Australian Securities Exchange Ltd
in respect of listed public companies only.
Shareholding
Distribution of Shareholders
a.
1
1,001
5,001
10,001
100,001
1,000
–
5,000
–
–
10,000
– 100,000
and over
TOTAL
b.
The number of shareholders holding less than a marketable parcel is 788.
Number of
Holders
89
301
156
521
218
1,285
c.
The names of the substantial shareholders listed in the holding Company’s register as at 1 October 2013 are:
Shareholder
ICM Limited
MANDALUP INVESTMENTS PTY LTD
PETER ROSS SULLIVAN
JAMES NOEL SULLIVAN
d.
Voting Rights
Number
130,546,281
33,001,231
25,091,575
19,615,583
% of issued
capital
33.94
8.58
6.52
5.10
The voting rights attached to each class of equity security are as follows:
Ordinary shares
—
meeting or by proxy has one vote on a show of hands.
Each ordinary share is entitled to one vote when a poll is called, otherwise each member present at a
Page 55 - GME Resources Ltd - Annual Report 2013
e.
20 Largest Shareholders — Ordinary Shares
Name
1 HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
MANDALUP INVESTMENTS PTY LTD
DUNCRAIG INVESTMENTS SERVICES PTY LTD
EQUITY TRUSTEES LIMITED
HARDROCK CAPITAL PTY LTD
TWO TOPS PTY LTD
MR PETER ROSS SULLIVAN
MANDALUP INVESTMENTS PTY LTD
NAVIGATOR AUSTRALIA LTD
MMP (WA) PTY LTD
PROTAX NOMINEES PTY LTD
SULLIVANS GARAGE PTY LTD
MD NICHOLAEFF PTY LTD
HARDROCK CAPITAL PTY LTD
MR JAMES NOEL SULLIVAN
MR DOUGLAS STUART BUTCHER
TUNZA HOLDINGS PTY LTD
MR DONALD ANTHONY SULLIVAN
MS EMILY JESSICA PATTIWAEL
MR MERVYN ROSS SULLIVAN + MRS MARY SULLIVAN
Number of
Ordinary
Fully Paid
Shares Held
% Held of
Issued
Ordinary
Capital
132,568,636
24,517,847
18,265,922
11,508,024
11,394,630
10,390,539
9,027,100
8,483,384
6,677,062
6,261,803
5,663,777
5,388,332
5,232,368
4,478,444
4,288,174
4,267,311
3,603,121
3,032,833
2,590,858
2,510,898
280,151,063
34.46
6.37
4.75
2.99
2.96
2.70
2.35
2.21
1.74
1.63
1.47
1.40
1.36
1.16
1.11
1.11
0.94
0.79
0.67
0.65
72.83
Stock Exchange Listing
Quotation has been granted for all the ordinary shares of the Company on all Member Exchanges of the Australian
Securities Exchange Limited. The ASX code is GME.
Page 56 - GME Resources Ltd - Annual Report 2013