GENESIS MINERALS LIMITED
ANNUAL FINANCIAL REPORT
A.B.N. 72 124 772 041
FOR THE YEAR ENDED 30 JUNE 2013
TABLE OF CONTENTS
FINANCIAL STATEMENTS
CHAIRMAN'S MESSAGE
REVIEW OF OPERATIONS
CORPORATE GOVERNANCE STATEMENT
DIRECTORS' REPORT
AUDITORS' 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 AUDIT REPORT
ASX ADDITIONAL INFORMATION
PAGE
1
2
11
16
26
27
28
29
30
31
61
62
64
GENESIS MINERALS LIMITED
CHAIRMAN’S MESSAGE
Dear Fellow Shareholder
I am pleased to present the Annual Report of the Company for the year ended 30 June 2013.
During 2012 Genesis commenced exploration of the Las Opeñas Project in San Juan, Argentina with
its first ever drilling program completed at the Project in November 2012. The program at Las
Opeñas Project discovered wide zones of near surface gold mineralisation with silver, lead and zinc.
We believe the results support Genesis’ belief that Las Opeñas has the potential to host a multi-
million-ounce gold deposit in a large epithermal system.
In February 2013 Teck Argentina Limited, a subsidiary of Canada’s largest diversified mining
company Teck Resources Limited, elected to earn-back to 60% of the Project. We believe Teck’s
decision to earn back into the Las Opeñas Project is extremely positive and validated our belief in the
Project and its geological potential. Teck has a track record of exploration and development success
at both 100 per cent-owned and joint venture projects in South America. We are delighted that
Genesis’ shareholders stand to benefit from its involvement at Las Opeñas. Teck have recently
commenced exploration at the Project and we look forward to the results from this work over the
short term.
Genesis also continued to explore the Poncha Project in San Juan during the year. We completed
our second drilling program at Poncha during April 2013 following up on high-grade epithermal gold
mineralisation returned in 2012. The wide spaced drilling completed at Poncha from the most
recent drilling returned encouraging results. Exploration also continued at our Cerro Verde Project
in northern Chile. Our exploration effort at Cerro Verde continues to highlight the potential for
significant mineralisation to be discovered at the Project.
The Company continues to operate as efficiently as possible with an excellent core group of
employees and contractors. We continue to focus on under explored geological terranes that we
consider to be highly prospective and have the potential for significant gold or copper deposits. Las
Opeñas is an example of this strategy working for us and the faith that is place in our team by a
leading mining and exploration house such as Teck. We also continue to seek highly prospective and
transformational advanced copper and gold projects in Chile, Argentina and elsewhere in Latin
America.
As a board we are cognisant of the challenging times in the junior mining sector and our strategy to
grow the value of the Company is strongly informed by what investors are looking for in a junior and
the need to operate as efficiently as possible.
On behalf of the Board I would like to thank you for your continued support and I look forward to
keeping you informed of our progress during the forthcoming year.
Richard Hill
Chairman
1
GENESIS MINERALS LIMITED
REVIEW OF OPERATIONS
During the year Genesis Minerals Limited (“Genesis”) continued exploration on the Poncha and Las
Opeñas Gold Projects in San Juan, Argentina and its Cerro Verde Copper-Gold Project in northern
Chile.
Genesis discovered wide zones of gold mineralisation with associated silver, lead and zinc during its
first drilling program at its Las Opeñas Project during November 2012.
At Poncha a second drill program was completed during April 2013. Drilling targeted the Southern
Epithermal Target following up high-grade gold mineralisation (Genesis ASX release dated July 30,
2012) intersected in 2012 and porphyry and epithermal style mineralisation at the Northern
Porphyry Target.
In Chile at the Cerro Verde Project Genesis completed further geochemical sampling programs,
project wide geological mapping and a ground magnetic survey.
Figure 1. Project locations
Figure 2. Argentinean Project locations
Poncha and Las Opeñas Projects, San Juan, Argentina
Genesis has an agreement with Teck Argentina Ltd. (“Teck”), a wholly owned subsidiary of Teck
Resources Limited, to acquire 100% of Teck’s right and interest in the Poncha Project subject to an
earn-back right or royalty to Teck.
At Las Opeñas Teck elected to exercise their right to earn-back in to a 60% interest in the Las Opeñas
Project in February 2013. Teck must now incur expenditures equal to four times Genesis’
expenditures multiplied by the percentage interest Teck is earning back (60%), to a maximum of $1.2
million.
Upon completion of the earn-back by Teck a Joint Venture Company shall be formed to explore and,
if warranted, develop the Project with the parties’ Joint Venture interests being 60% Teck and 40%
Genesis.
The Poncha and Las Opeñas Projects are located 200km northwest of the regional capital San Juan
and about 40km northwest of the town of Rodeo in the foothills of the Andes, at elevations of
between 2,800m and 4,500m above sea level. Infrastructure in the area is good. Access to the
Projects is gained via good paved and gravel roads from Rodeo.
2
GENESIS MINERALS LIMITED
REVIEW OF OPERATIONS
Las Opeñas
Genesis completed its first drilling program at Las Opeñas in November 2012, intersecting a wide
zone of gold mineralisation in drill hole 12 LODH 003, with analytical results including:
o 115m @ 0.58g/t gold, 3.5g/t silver, 0.24% lead and 0.65% zinc from 18m to end of
hole
including 47.1m @ 0.84g/t gold, 3.5g/t silver, 0.21% lead and 0.63% zinc
from 80.4m
Hole 12 LODH 011 located 340m to the northwest of 12 LODH 003 intersected:
o 29.4m @ 0.57g/t gold, 9.9g/t silver, 0.29% lead and 1.1% zinc from 65m
In addition to the results from holes 12 LODH 003 and 011, very encouraging results from near
surface were returned from 10 of the other 12 holes drilled, including:
o 12 LODH 005 - 8.15m @ 0.55 g/t gold, 4.78 g/t silver, 0.32% lead and 0.88% zinc
o 12 LODH 007 - 1.50m @ 4.75 g/t gold, 14.8 g/t silver, 0.3% lead and 0.48% zinc
o 12 LODH 009 - 59.6m @ 0.24 g/t gold, 2g/t silver, 0.1% lead and 0.27 % zinc
Drill results are shown in Table 1.
Figure 3. Las Opeñas drill hole locations and results.
Very wide zones of strongly anomalous base metal mineralisation (see Figure 3) were returned from
all holes targeting the breccias at Las Opeñas, including:
o 12 LODH 005 - 87.9m @ 0.20% lead and 0.43% zinc
o 12 LODH 007 - 104m @ 0.11% lead and 0.53% zinc
o 12 LODH 008 - 97.9m @ 0.14% lead and 0.45% zinc
Mineralisation intersected in 12 LODH 003 (see Figure 4) is hosted by a weakly to moderately argillic
altered, polymictic breccia comprising clasts of dacite, granodiorite and fine-grained sediments.
Pyrite, sphalerite and galena occur as disseminations within the clasts and matrix as well as within
veinlets cutting both clasts and matrix. The mineralisation is open at depth and along strike and is
interpreted to develop in an overall ENE orientation.
3
GENESIS MINERALS LIMITED
REVIEW OF OPERATIONS
Figure 4. Schematic cross section 12 LODH 003
Figure 5. Schematic cross section 12 LODH 011.
Gold mineralisation in hole 12 LODH 011 (see Figure 5) is hosted within moderately silicified,
strongly argillic altered polymictic breccias and fine grained sediments with pyrite, sphalerite and
galena mineralisation being strongly disseminated and within later crosscutting veinlets. Only one
hole tested this target.
Figure 6. High-grade vein targets and breccia hosted mineralisation
4
GENESIS MINERALS LIMITED
REVIEW OF OPERATIONS
Teck commenced exploration at the Las Opeñas Project during the June 2013 quarter and to date
has completed an Induced Polarisation (IP) and Resistivity survey over the areas initially drilled by
Genesis, supplemented with a property-wide ground magnetic survey, detailed mapping and
geochemical sampling.
Table 1 Significant mineralisation > 0.1g/t gold – 12 LODH 001 to 12 LODH 014
Hole ID
12-LODH-001
East
Posgar2
2,466,310
North
Posgar2
6,705,426
3,321
12-LODH-002
2,466,310
6,705,425
3,319
12-LODH-003
2,466,239
6,705,395
3,335
mRL
Depth
Az
Dip
From
To
Interval
33.35
17.65
12-LODH-005
2,465,740
6,705,083
3,440
113
150
100
101
134
150
0
150
109
119
113
101
100
128
90
330
330
330
330
330
150
150
-60
-60
-60
inc.
-60
inc.
-60
-60
inc.
-60
-60
-60
-60
-60
15.7
61.3
18.2
80.4
13.1
27.7
15.7
14.8
35
15.05
16.4
49
65
2.80
75.3
134
127.5
101
35.85
85.1
119
36.5
113
76
50
100.4
90.0
Au
(ppm)
0.12
0.27
0.58
0.84
Ag
(ppm)
0.9
6.6
3.5
3.6
0.55
4.8
0.1
4.75
0.24
2.93
0.57
1.7
14.8
1.8
2.01
21
9.9
2.2
Zn
(%)
0.24
0.63
0.65
0.63
0.43
0.88
0.51
0.53
0.48
0.45
0.27
0.13
1.1
0.20
0.19
Pb
(%)
0.1
0.15
0.24
0.21
0.20
0.32
0.05
0.11
0.3
0.14
0.07
0.29
14
115.8
47.1
87.9
8.15
69.4
104.2
1.5
97.95
59.6
1
29.4
87.20
26.80
12-LODH-006
2,465,946
6,705,357
3,482
12-LODH-007
2,465,910
6,705,337
3,456
12-LODH-008
2,465,863
6,705,313
3,455
12-LODH-009
12-LODH-010
12-LODH-011
12-LODH-013
12-LODH-014
2,465,817
2,466,622
2,465,992
2,466,141
6,705,066
6,705,545
6,705,612
6,705,269
3,433
3,273
3,391
3,352
53.20
80.0
2,466,381
6,705,205
-80
Fi na l a s s a y res ul ts from ½ HQ di a mond core
106.25
3,353
330
Ana l ys i s compl eted by ALS., Mendoza
Al l s a mpl es were a na l ys ed for gol d a nd s i l ver by fi re a s s a y, a nd copper, l ea d, a nd zi nc by ICP
Reference standards, duplica te a nd bl a nk s a mpl es were routi nel y s ubmi tted a nd were wi thi n
a ccepta bl e l i mi ts ba s ed on current da ta .
Dri l l hole collar positions s urveyed by GPS (+-3m) a nd down hole s urveys by a down hol e Refl ex EZ
Tra ck i ns trument.
Poncha
An eight-hole, 1,800m diamond drilling program was completed during April 2013. Drilling targeted
the Southern Epithermal Target following up high-grade gold mineralisation (Genesis ASX release
dated July 30, 2012) intersected in 2012 (Figure 8) and porphyry and epithermal style mineralisation
at the Northern Porphyry Target (Figure 7). Drill results are shown in Table 2.
Genesis is reviewing the significance of the results from the two drilling programs completed by
Genesis prior to making a decision on further exploration at Poncha.
Figure 7. Prospect location plan.
5
GENESIS MINERALS LIMITED
REVIEW OF OPERATIONS
Figure 8. Southern Epithermal Target Drill Hole Locations and Results.
Six of the eight holes completed (Figure 8) were drilled at very wide spacings over one kilometre of
strike at the Southern Epithermal Target targeting the extensions of mineralisation intersected in
12PODH003, along with a number of gold geochemical surface anomalies and concealed structural
targets.
Encouraging results (see Table 2) were returned from the wide spaced drilling including:
o 13PODH009 17.5m @ 0.33g/t gold, 2.0g/t silver and 0.17% zinc from 141.5m
including 1m @ 1.44g/t gold, 10.1 g/t silver and 0.45% zinc from 147m; and
including 1m @ 1.63g/t gold, 5.9 g/t silver and 1.03% zinc from 157m
o 13PODH010 31m @ 0.21g/t gold from 211m
including 5m @ 0.54g/t gold from 211m
o 13PODH011 18m @ 0.25g/t gold, 2.8g/t silver and 0.12% copper
o 13PODH012 5m @ 0.55g/t gold and 1.9g/t silver; and
8m @ 0.22g/t gold
Mineralisation intersected in holes 13PODH009 to 13PODH012, along the interpreted north-south
trending structural zone, was generally associated with moderate to intensely argillic altered, pyritic
pyroclastic lapillistone to breccia units. Sulphide mineralisation ranging up to 10% is both
disseminated and within veinlets.
Two holes (13PODH014 and 015) were targeted at the large alteration system coincident with a
6
GENESIS MINERALS LIMITED
REVIEW OF OPERATIONS
strong, induced polarisation chargeability anomaly at the Northern Porphyry target at Poncha.
Results returned from the wide spaced drilling at the Northern Porphyry Target include:
o 13PODH014 1.5m @ 0.03g/t gold and 19.8g/t silver
o 13PODH015 87m @ 0.11g/t gold from 63.5m
Mineralisation intersected in 13PODH014 was associated with a narrow vuggy quartz vein within a
weakly altered andesite. Hole 13PODH015 intersected a dacitic lapilli unit which contained strong
zones of sulphidic veinlets and stock works in parts on the margin of the porphyry intrusion. Quartz
sulphide and magnetite veinlets increased towards the bottom of the hole.
Figure 9. Northern Porphyry Target drill hole locations and results.
Table 2 Results from Poncha Drilling 13 PODH 08 to 15
HoleID
East
North
Posgar2
Posgar2
mRL
Depth
Az
Dip
From
To
13PODH008
2,445,151
6,692,942
4,357
422.1
270
-50
13PODH009
2,445,323
6,693,120
4,239
200.15
270
-60
13PODH010
2,445,352
6,692,707
4,274
250
270
13PODH011
13PODH012
2,445,333
2,445,198
6,692,451
6,692,210
4,211
4,232
261.5
179
270
90
13PODH013
2,445,644
6,693,254
4,162
13PODH014
13PODH015
2,444,364
2,444,733
6,695,332
6,694,884
4,576
4,448
188
81.4
203
90
0
0
inc.
inc.
-50
-50
-50
-50
-50
-50
inc.
inc.
2
0
338
126
141.5
147
157
211
211
201
136.5
163.5
15.5
14.4
63.5
63.5
82
8
54
340
128
159
148
158
242
216
219
141.5
171.5
41
15.9
150.5
74
88
Ag
g/t
0.4
Cu
%
Pb
(%)
0.04
2.0
10.1
5.9
0.11
0.11
0.20
0.10
0.12
2.8
1.9
19.8
Interva
l
6
54
2
2
17.5
1
1
31
5
18
5
8
25.5
1.5
87.5
10.5
6
Au
g/t
0.24
0.56
0.67
0.33
1.44
1.63
0.21
0.54
0.25
0.55
0.22
0.12
0.26
0.23
Zn
(%)
0.24
0.18
0.19
0.17
0.45
1.03
0.13
0.17
0.28
7
GENESIS MINERALS LIMITED
REVIEW OF OPERATIONS
Cerro Verde and Dinamarquesa Projects, Chile
Cerro Verde
Genesis entered into an agreement in August 2010 with a private Chilean company to acquire a
100% interest in the Cerro Verde Gold-Copper-Silver Project in northern Chile (Figure 10). Mining in
the area dates back to the 1800s but only limited modern exploration has been completed at the
Project. Numerous high grade structures remain untested and the potential to discover new veins is
considered high; as is the potential to define a large porphyry system on the Project.
The Project is located in the Atacama Desert in an area serviced by very good infrastructure about
800 km north of Santiago, 80 km south of the city of Copiapó and 75km east of the Pacific Ocean.
The Project is easily accessed by a sealed road and well-formed gravel roads from Copiapó. The
altitude ranges from 1,800 to 2,200m, with low to moderate relief. Exploration can be conducted all
year round.
The Project hosts a sub-parallel swarm of precious and base metal-bearing quartz specularite veins
exposed along the western flank of a caldera system that is elongated north-south. The host rocks
comprise a sequence of Palaeocene andesitic volcaniclastics, dacite and rhyolite flows, flow-domes,
diatreme-like breccias, and dikes capped by a blanket of rhyolitic ignimbrites. Ore-bearing veins cut
the entire stratigraphic column. Mineralised veins and structures strike north to north east with
moderate to steep dips to the east and west.
Exploration at Cerro Verde during the second half of 2012 delineated a new corridor of prospective
veins, structures and stockwork zones to the east of the previously known mineralised zones and
historic workings. This 4km long by 1km wide corridor defined by rock chip sampling and first pass
mapping, is open to the north and south.
Figure 10. Cerro Verde Location Map.
8
GENESIS MINERALS LIMITED
REVIEW OF OPERATIONS
Figure 11. Cerro Verde geological mapping and sampling
During March and April 2013 a total of 450 talus fines samples were collected at 200 x 50m spacings
over the mineralised corridor defined in 2012.
During April 2013 a ground magnetic survey at 50m line spacings was completed over the south west
corner of the project to map lithology, structure, alteration and to outline zones prospective for
copper-gold mineralisation.
A series of north northeast trending lineaments were outlined along with magnetic highs in the
central and southern portions of the survey grid. A magnetic high over 1km in diameter is partly
coincident with a plus one kilometre long, north north-east trending copper anomaly defined from
talus fines sampling (Figure 12).
The possible presence of intrusions at depth suggests that larger mineralised bodies may be present.
First pass induced polarisation surveying is recommended to test for a potential large sulphide
system.
Third parties interested in the project have approached Genesis and are currently in the process of
reviewing data and completing site visits.
9
GENESIS MINERALS LIMITED
REVIEW OF OPERATIONS
Figure 12. Cerro Verde coincident magnetic and geochemical anomaly.
Dinamarquesa
Genesis withdrew from the option agreement over the Dinamarquesa Project in September 2012.
The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information
compiled by Michael Fowler, Genesis Minerals Limited’s Managing Director, who is a Member of The Australasian Institute
of Mining and Metallurgy. Michael Fowler has sufficient experience that is relevant to the style of mineralisation and type
of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in
the 2004 JORC Code. Michael Fowler consents to the inclusion in the announcement of the matters based on his
information in the form and context in which it appears.
10
GENESIS MINERALS LIMITED
CORPORATE GOVERNANCE STATEMENT
The Board of Directors
The company's constitution provides that the number of directors shall not be less than three a nd not more tha n ni ne. There i s no
requi rement for a ny s ha rehol di ng qua l i fi ca ti on.
As a nd if the company's activities increase i n size, na ture a nd s cope the s i ze of the Boa rd wi l l be revi ewed peri odi ca l l y, a nd a s
ci rcums tances demand. The optimum number of directors requi red to s upervi s e a dequa tel y the compa ny's cons ti tuti on wi l l be
determi ned wi thi n the l i mi ta ti ons i mpos ed by the cons ti tuti on.
The membership of the Boa rd, i ts a cti vi ti es a nd compos i ti on, i s s ubject to peri odi c revi ew. The cri teri a for determi ni ng the
i dentification and appointment of a s uitable candidate for the Board s hall i nclude quality of the i ndividual, ba ckground of experi ence
a nd a chievement, compatibility wi th other Board members, credibility wi thin the company's scope of activities, intel l ectua l a bi l i ty to
contri bute to Boa rd's duti es a nd phys i ca l a bi l i ty to underta ke Boa rd's duti es a nd res pons i bi l i ti es .
Di rectors are i nitially a ppointed by the full Board subject to election by s hareholders a t the next general meeting. Under the company's
cons titution the tenure of a director (other than managing director, a nd only one managing director where the position i s jointl y hel d)
i s s ubject to reappointment by s hareholders not later than the third anniversary following his or her last appoi ntment. Subject to the
requi rements of the Corporations Act 2001, the Boa rd does not subscribe to the principle of retirement a ge a nd there i s no ma xi mum
peri od of service a s a director. A ma naging director may be appointed for a ny peri od a nd on a ny terms the di rectors thi nk fi t a nd,
s ubject to the terms of a ny a greement entered i nto, ma y revoke a ny a ppoi ntment.
The Board considers that the company i s not currently of a s i ze, nor a re i ts a ffa i rs of s uch compl exi ty to jus ti fy the forma ti on of
s eparate or special committees (other than an Audit Committee) at this time. The Board as a whole is able to a ddress the governa nce
a s pects of the ful l s cope of the compa ny's a cti vi ti es a nd to ens ure tha t i t a dheres to a ppropri a te ethi ca l s ta nda rds .
Role of the Board
The Boa rd's pri ma ry rol e i s the protecti on a nd enha ncement of l ong-term s ha rehol der va l ue.
To ful fil this role, the Board is responsible for oversight of management and the overall corporate governance of the company i ncluding
i ts s tra tegi c di recti on, es ta bl i s hi ng goa l s for ma na gement a nd moni tori ng the a chi evement of thes e goa l s .
Appointments to Other Boards
Di rectors are required to ta ke into consideration any potential conflicts of interest when a ccepti ng a ppoi ntments to other boa rds .
Independent Professional Advice
The Board has determined that i ndividual directors have the ri ght in connection with their duties and responsibil i ti es a s di rectors , to
s eek i ndependent professional advice at the company's expens e. Wi th the excepti on of expens es for l ega l a dvi ce i n rel a ti on to
di rector's ri ghts and duties, the engagement of an outside adviser is subject to prior a pprova l of the Cha i rma n a nd thi s wi l l not be
wi thhel d unrea s ona bl y.
Continuous Review of Corporate Governance
Di rectors consider, on a n ongoing basis, how management information is presented to them and whether such information is sufficient
to ena ble them to discharge their duties as directors of the company. Such i nformation must be s ufficient to ena bl e the di rectors to
determine a ppropriate operating and fi na nci a l s tra tegi es from ti me to ti me i n l i ght of cha ngi ng ci rcums ta nces a nd economi c
condi tions. The directors recognise that mining exploration is a n inherently ri sky business a nd tha t opera ti ona l s tra tegi es a dopted
s houl d, notwi ths ta ndi ng, be di rected towa rds i mprovi ng or ma i nta i ni ng the net worth of the compa ny.
ASX Principles of Good Corporate Governance
The Board has reviewed i ts current practices in light of the revised ASX Corporate Governance Pri nciples and Recommendations wi th a
vi ew to ma ki ng a mendments where a ppl i ca bl e a fter cons i deri ng the compa ny's s i ze a nd the res ources i t ha s a va i l a bl e.
As the company's activities develop i n size, nature a nd s cope, the s ize of the Board and the implementation of a ny a ddi ti ona l forma l
corpora te governa nce commi ttees wi l l be gi ven further cons i dera ti on.
The Board has a dopted the revised Recommendations a nd the following ta ble sets out the company's present pos i ti on i n rel a ti on to
ea ch of the revi s ed Pri nci pl es .
11
GENESIS MINERALS LIMITED
CORPORATE GOVERNANCE STATEMENT
ASX Principle
Status Reference/comment
Principle 1:
1.1
1.2
1.3
Principle 2:
2.1
Lay solid foundations for
management and oversight
Compa nies s hould establish the
functi ons reserved to the board and
thos e delegated to senior executives
a nd disclose those functions
Compa nies s hould disclose the
process for evaluating the
performance of senior executives
Compa nies s hould provide the
i nformation indicated in the Guide to
reporti ng on Pri nciple 1
Structure the board to add value
A ma jority of the board should be
i ndependent directors
2.2
2.3
2.4
2.5
2.6
Principle 3:
3.1
3.2
3.3
The cha ir should be a n i ndependent
di rector
The rol es of chair a nd chief executive
offi cer s hould not be exercised by the
s a me individual
The board should establish a
nomi nation committee
Compa nies s hould disclose the
process for evaluating the
performance of the board, its
commi ttees and i ndividual directors
Compa nies s hould provide the
i nformation indicated in the Guide to
reporti ng on Pri nciple 2
Promote ethical and responsible
decision-making
Compa nies s hould establish a code of
conduct a nd disclose the code
Compa nies s hould establish a policy
concerning diversity a nd disclose the
pol icy or a s ummary of that policy.
The policy s hould include
requi rements for the Board to
es tablish measurable objectives for
a chi eving gender diversity a nd for the
Boa rd to assess a nnually both the
objectives a nd progress i n achieving
them
Compa nies s hould disclose in each
a nnual report the measurable
objectives for a chieving gender
di versity s et by the Board i n
a ccordance with the diversity policy
a nd progress towards achieving them
A = Adopted
N/A = Not adopted
A
A
A
(in part)
A
A
A
A
N/A
Ma tters reserved for the Board a re included on the Company website
i n the Corporate Governance Section.
The remuneration of management and employees is reviewed by the
Ma na ging Director a nd a pproved by the Board.
Acti ng i n its ordinary ca pacity the Board from time to ti me ca rries out
the process of considering a nd determining performance issues.
Ma tters reserved for the Board ca n be vi ewed on the Company
website.
Gi ven the Group’s background, the nature and size of its business and
the current stage of its development, the board comprises three
di rectors, two of whom a re non-executive. The board believes that
thi s is both appropriate a nd a cceptable at this stage of the Group’s
development.
The position of Chairman and Ma naging Director are held by separate
pers ons.
The full Board is the Nomination Committee. Acti ng in its ordinary
ca pa city from time to time as required, the Board carries out the
process of determining the need for screening a nd a ppointing new
Di rectors. In vi ew of the size and resources available to the Group it is
not cons idered that a separate Nomination Committee would add
a ny s ubstance to this process.
Gi ven the size and nature of the Group a formal process for
performance evaluation has not been developed.
A
(in part)
The s kills and experience of the Directors are s et out in the Group’s
Annual Report a nd on the website.
A
N/A
The Group has established a Code of Conduct which ca n be vi ewed
on i ts website.
The Company has established a Diversity Policy, however, the policy
does not include requirements for the board to establish measurable
objectives for a chieving gender diversity. Given the Company’s size
a nd s tage of development as an exploration company, the board
does not think i t is yet a ppropriate to include measurable objectives
i n relation to gender. As the Company grows a nd requires more
empl oyees, the Company wi ll review this policy a nd amend as
a ppropriate.
N/A
The Company has established a Diversity Policy, however, the policy
does not include requirements for the board to establish measurable
objectives for a chieving gender diversity. Given the Company’s size
a nd s tage of development as an exploration company, the board
does not think i t is yet a ppropriate to include measurable objectives
i n relation to gender.
12
GENESIS MINERALS LIMITED
CORPORATE GOVERNANCE STATEMENT
ASX Principle
Status Reference/comment
3.4
3.5
Principle 4:
4.1
4.2
4.3
4.4
Compa nies s hould disclose in each
a nnual report the proportion of
women employees in the whole
orga nisation, women i n s enior
executive positions and women on the
boa rd.
Compa nies s hould provide the
i nformation indicated in the Guide to
reporti ng on Pri nciple 3
•
Safeguard integrity in financial
reporting
The board should establish a n audit
commi ttee
The a udit committee should be
s tructured so that it:
•
cons ists only of non-executive
di rectors
cons ists of a majority of
i ndependent directors
i s chaired by an independent
cha i r, who is not chair of the
boa rd
•
ha s at l east three members
The a udit committee should have a
forma l charter
Compa nies s hould provide the
i nformation indicated in the Guide to
reporti ng on Pri nciple 4
•
Principle 5:
5.1
5.2
Principle 6:
6.1
6.2
Make timely and balanced disclosure
Compa nies s hould establish written
pol icies designed to ensure
compl iance with ASX Li sting Rule
di s closure requirements a nd to ensure
a ccountability a t a senior executive
l evel for that compliance a nd disclose
thos e policies or a s ummary of those
pol icies
Compa nies s hould provide the
i nformation indicated in the Guide to
reporti ng on Pri nciple 5
Respect the rights of shareholders
Compa nies s hould design a
communications policy for promoting
effective communication with
s ha reholders a nd encouraging their
pa rti cipation a t general meetings and
di s close their policy or a s ummary of
tha t policy
Compa nies s hould provide the
i nformation indicated in the Guide to
reporti ng on Pri nciple 6
A = Adopted
N/A = Not adopted
A
The proportion of women employees in the whole organisation is
33% (excl uding directors).
There a re currently no women in senior executive positions.
There a re currently no women on the board.
A
A
A
A
A
N/A
A
A
A
A
A
The Company only has two non-executive directors.
Di rectors must obtain the a pproval of the Chairman of the Board and
noti fy the Company Secretary before they buy or s ell shares in the
Compa ny, a nd i t is subject to Board veto. Directors must provi de the
i nformation required by the Company to ensure Compliance with
Li s ting Rule 3.19A.
The Board receives monthly reports on the status of the Group’s
a cti vi ties a nd a ny new proposed a ctivities. Disclosure is reviewed as a
routi ne agenda i tem a t each Board Meeting.
In l i ne with a dherence to continuous disclosure requirements of the
ASX a l l shareholders are kept informed of ma jor developments
a ffecting the Group. This disclosure i s through regular shareholder
communications including the Annual report, Qua rterly Reports, the
Compa ny Website a nd the distributions of s pecific releases covering
ma jor tra nsactions a nd events.
A
The Group has formulated a Communication Policy which i s included
i n i ts Corporate Governance Statement on the Company Website.
13
GENESIS MINERALS LIMITED
CORPORATE GOVERNANCE STATEMENT
ASX Principle
Status Reference/comment
Principle 7:
7.1
Recognise and manage risk
Compa nies s hould establish policies
for the oversight a nd management of
ma terial business ri sks and disclose a
s ummary of those policies
7.2
7.3
7.4
The board should require
ma nagement to design a nd
i mplement the ri sk management and
i nternal control system to manage the
compa ny’s ma terial business ri sks and
report to i t on whether those risks are
bei ng managed effectively. The board
s hould disclose that management has
reported to i t as to the effectiveness
of the company’s management of its
ma terial business ri sks
The board should disclose whether i t
ha s received assurance from the chief
executive officer (or equivalent) and
the chi ef financial officer (or
equivalent) that the declaration
provi ded in a ccordance with s ection
295A of the Corporations Act i s
founded on a sound system of risk
ma nagement and internal control a nd
tha t the s ystem is operating
effectively i n a ll ma terial respects in
rel a tion to financial reporting ri sks
Compa nies s hould provide the
i nformation indicated in the Guide to
reporti ng on Pri nciple 7
A = Adopted
N/A = Not adopted
N/A Whi le the Group does not have formalised policies on risk
ma nagement the Board recognises i ts responsibility for i dentifying
a reas of significant business risk and for ensuring that a rrangements
a re i n place for a dequately ma naging these risks. This issue i s
regul arly reviewed at Board meetings and risk management culture is
encouraged amongst employees and contractors.
Determined a reas of ri sk which are regularly considered include:
•
performance a nd funding of exploration activities
budget control a nd a sset protection
s ta tus of mineral tenements
compl iance with government laws a nd regulations
s a fety a nd the environment
conti nuous disclosure obligations
•
•
•
•
•
N/A Whi le the Group does not have formalised ri sk management policies
i t recognises i ts responsibility for i dentifying areas of significant
bus iness risk and ensuring that a rrangements a re i n place to
a dequately ma nage these risks. This issue is regularly revi ewed at
Boa rd meetings and a ri sk management culture is encouraged
a mongst employees a nd contractors.
A
As s urances received from CEO a nd CFO (or equivalent) each year.
A
14
GENESIS MINERALS LIMITED
CORPORATE GOVERNANCE STATEMENT
ASX Principle
Status Reference/comment
Principle 8:
8.1
Remunerate fairly and responsibly
The board should establish a
remuneration committee
The remuneration committee should
be s tructured so that it:
•
cons ists of a majority of
i ndependent directors
A
N/A
8.2
8.3
8.4
A = Adopted
N/A = Not adopted
•
i s chaired by an independent
di rector
N/A
•
ha s at l east three members
Compa nies s hould clearly distinguish
the s tructure of non-executive
di rectors’ remuneration from that of
executive directors and senior
executives
Compa nies s hould provide the
i nformation indicated in the Guide to
reporti ng on Pri nciple 8
A
A
A
The Group established a Remuneration Committee consisting of
three non-executive directors, only one of whom is classified as
i ndependent. As there is only one i ndependent director, it i s not
pos sible to have a n independent chair that is not chair of the board.
Sourci ng alternative directors to strictly comply with this Pri nciple is
cons idered expensive with costs outweighing the potential benefits.
The Group has established a Remuneration Committee consisting of
three non-executive directors, only one of whom is classified as
i ndependent. As there is only one i ndependent director, it i s not
pos sible to have a n independent chair that is not chair of the board.
Sourci ng alternative directors to strictly comply with this Pri nciple is
cons idered expensive with costs outweighing the potential benefits.
Refer to the Annual Report a nd the Corporate Governance s ection of
the Company’s website.
15
GENESIS MINERALS LIMITED
DIRECTORS' REPORT
30 JUNE 2013
Your Directors present their report, together with the financial statements of Genesis Minerals Limited and it's
controlled entity, ("the Group") for the year ended 30 June 2013.
Directors
The names of the directors in office at any time during, or since the end of the year are:
NAMES
Michael Haynes
Michael Fowler
Damian Delaney
Richard Hill
POSITION
APPOINTED/RETIRED
Non-Executive Chairman
resigned (12 February 2013)
Managing Director
Non-Executive Director
Non-Executive Chairman
appointed (12 February 2013)
Directors have been in office since the start of the year to the date of this report unless otherwise stated.
Information on directors
The names, qualifications and experience of each person who has been a director during the year and to the date of
this report are:
Michael Haynes
Non-Executive Chairman
Qualifications
Experience
Other directorships in
listed entities held in the
previous three years
(resigned 12 February 2013)
BSc (Hons)
Mr Haynes has more than 19 years' experience in the resources industry.
He graduated from the University of Western Australia with an honours
degree in geology and geophysics and has been intimately involved in the
exploration and development of a wide variety of ore deposit styles
throughout the world. Mr Haynes has held technical positions with both
BHP Minerals and Billiton pk. He ran his own successful consulting
business for a number of years providing professional geophysical and
exploration services to both junior and major resource companies. He has
worked extensively on project generation and acquisition throughout his
career and has been instrumental in the incorporation, financing and
ongoing management of numerous junior resources companies.
Mr Haynes is a Non-executive Director of Black Range Minerals Limited
(appointed 27 June 2005) and Birimian Gold Limited (appointed 24 May
2011 - resigned 31 January 2013) and Chairman of Overland Resources
Limited (appointed 9 May 2005) and Coventry Resources Limited
appointed 27 October 2009).
16
GENESIS MINERALS LIMITED
DIRECTORS' REPORT
30 JUNE 2013
Michael Fowler
Managing Director
Qualifications
Experience
Interest in shares and
options
Other directorships in
listed entities held in the
previous three years
BSc, MSc, MAusIMM
Mr Fowler is a geologist with 23 years of experience in the resources
industry. He graduated from Curtin University in 1988 with a bachelor of
Applied Science degree majoring in geology and in 1999 received a Master
of Science majoring in Ore Deposit Geology from the University of
Western Australia. On graduating he explored for gold and base metals for
Dominion Mining in the Murchison, Gascoyne and Eastern Goldfields
Regions of Western Australia. In 1996, Mr Fowler joined Croesus Mining
NL and was made Exploration Manager in 1997. He oversaw all
exploration for Croesus until June 2004 and was then appointed Business
Development Manager and subsequently Managing Director in October
2005. Mr Fowler has overseen the discovery and development of several
significant gold deposits. He has been intimately involved in a number of
significant acquisitions and project reviews. He has recently worked as the
Exploration Manager for Castle Minerals in Ghana.
3,730,730 fully paid ordinary shares,
1,500,000 options expiring 30 Nov 2013 exercisable at 31 cents;
2,000,000 options expiring 31 Dec 2014 exercisable at 22 cents;
27,084 options expiring 1 March 2014 exercisable at 15 cents;
27,084 options expiring 1 March 2015 exercisable at 20 cents
Mr Fowler has not held any other directorships in the last 3 years.
Damian Delaney
Non-Executive Director
Qualifications
Experience
Interest in shares and
options
Other directorships in
listed entities held in the
previous three years
Chartered Accountant
Mr Delaney is a Chartered Accountant with many years of experience
working with international listed companies. Mr Delaney commenced his
career in South Africa, qualifying with Coopers & Lybrand, before taking up
a series of positions in the United Kingdom. He was until recently
Managing Director of ASX listed Nimrodel Resources Ltd. He has worked in
the resource sector for the past 7 years where he has been involved in
numerous capital raisings. Mr Delaney is fully conversant with all
regulatory requirements of the Australian markets and has significant
experience managing all aspects of company financial and regulatory
reporting.
1,300,000 fully paid ordinary shares;
4,000,000 options expiring 31 December 2014 exercisable at 22 cents;
115,001 options expiring 1 March 2014 exercisable at 15 cents;
115,001 options expiring 1 March 2015 exercisable at 20 cents
Mr Delaney is also a director of Stirling Resources Ltd, Redbank Copper Ltd
and Swan Gold Mining Ltd.
17
GENESIS MINERALS LIMITED
DIRECTORS' REPORT
30 JUNE 2013
Richard Hill
Non-Executive Chairman
(appointed 12 Feburary 2013)
B.Juris, LL.B, BSc (Hons), FFin
Richard is a qualified solicitor and geologist with over 22 years experience
in the Resource Industry. During this period Richard has performed roles
as legal counsel, geologist and commercial manager for several major and
mid cap Australian mining companies and more recently as founding
director for a series of successful ASX-listed companies and Westoria
Resources Investment venture fund. Richard was also co-founder of an
investment vehicle, Braeside Australia Limited which was the catalyst for
several ASX-listed companies and returned over 20 times the value of
funds initially invested within a 3 to 4 year period. During his time in the
resource industry Richard has gained a diversity of practical geological
experience as a mine based and exploration geologist in a range of
commodities and rock types. In his commercial and legal roles, he has
been involved in project generation and evaluation, acquisition and joint
venture negotiation, company secretarial functions, mining law and land
access issues as well as local and overseas marketing and fund raising.
448,822 fully paid ordinary shares
Mr Hill is also a director of Centaurus Metals Limited and YTC Resources
Limited (appointed 28 April 2006 - resigned 11 July 2012).
Qualifications
Experience
Interest in shares and
options
Other directorships in
listed entities held in the
previous three years
Company secretary
The following person held the position of Group Secretary at the end of the year and at the date of this report:
Damian Delaney
Mr Damian Delaney is a Chartered Accountant who commenced his career in South Africa, qualifying with Cooper &
Lybrand, before taking up a series of finance positions in the United Kingdom, finally as Finance Director of London
Stock Exchange listed Tarsus Group plc until 2004.
Review of operations
The loss of the Group after providing for income tax amounted to $ (2,952,294) (2012: $ (5,117,531)).
A review of the operations of the Group during the financial year can be found on page 2 of the annual report.
Significant changes in state of affairs
No significant changes in the Group's state of affairs occurred during the financial year.
18
GENESIS MINERALS LIMITED
DIRECTORS' REPORT
30 JUNE 2013
Principal activities and significant changes in nature of activities
The principal activities of Genesis Minerals Limited during the year was the acquisition of mining tenements, and the
exploration of these tenements with the objective of identifying economic mineral deposits.
There were no significant changes in the nature of Genesis Minerals Limited's principal activities during the year.
Meetings of directors
During the year, 4 meetings of directors (including committees of directors) were held. Attendances by each director
during the year were as follows:
Directors' Meetings
Audit Committee
Remuneration
Committee
Number
Number
Number
eligible to
Number
eligible to
Number
eligible to
Number
attend
attended
attend
attended
attend
attended
Michael Haynes
Michael Fowler
Damian Delaney
Richard Hill
1
3
3
2
1
3
3
2
-
1
1
1
-
1
1
1
-
-
-
-
-
-
-
-
Dividends paid or recommended
No dividends have been paid or recommended during the year.
Financial position
The net assets of Genesis Minerals Limited have decreased by $843,330 from 30 June 2012 to $916,020 at 30 June
2013. This decrease is largely due to the following factors:
exploration of the Group's Chilean projects;
raising $1,651,578 on 7 March 2013 via the placement of 33,031,560 ordinary shares at 5 cents each; and
normal operational overheads incurred in running a listed enity with an overseas subsidiary for 12 months.
Indemnification and insurance of officers and auditors
Genesis Minerals Limited has agreed to indemnify all the directors of Genesis Minerals Limited for any liabilities to
another person (other than Genesis Minerals Limited or related body corporate) that may arise from their position as
directors of Genesis Minerals Limited and its controlled entity.
19
GENESIS MINERALS LIMITED
DIRECTORS' REPORT
30 JUNE 2013
During the financial year Genesis Minerals Limited paid a premium of $12,210 (2012: 12,460) in respect of a contract
insuring the directors and officers of Genesis Minerals Limited against any liability incurred in the course of their duties
to the extent permitted by the Corporations Act 2001.
Options
At the date of this report, the unissued ordinary shares of Genesis Minerals Limited under option are as follows:
GRANT DATE
DATE OF EXPIRY
EXERCISE PRICE
NUMBER UNDER OPTION
14 November 2012
30 November 2013
20 November 2010
30 November 2013
11 April 2012
11 April 2012
11 April 2012
1 March 2014
31 December 2014
1 March 2015
$0.12
$0.31
$0.15
$0.22
$0.20
750,000
2,400,000
13,510,596
9,500,000
13,510,596
39,671,192
Option holders do not have any rights to participate in any issues of shares or other interests in the Group. For details
of options issued to directors and other key management personnel as remuneration, refer to the remuneration
report.
During the year ended 30 June 2013, no ordinary shares in Genesis Minerals Limited were issued on the exercise of
options granted.
The following options lapsed during, or since the end of the year:
EXPIRY DATE
30 September 2012
1 March 2013
28 February 2013
23 August 2013
23 August 2013
EXERCISE
PRICE
NUMBER OF OPTIONS
LAPSED
$
$
$
$
$
0.10
0.12
0.20
0.15
0.20
600,000
13,510,596
500,000
75,000
75,000
14,760,596
No person entitled to exercise the options had or has any right by virtue of the option to participate in any share issue
of any other body corporate.
Proceedings on behalf of company
No person has applied for leave of court to bring proceedings on behalf of Genesis Minerals Limited or intervene in any
proceedings to which Genesis Minerals Limited is a party for the purpose of taking responsibility on behalf of Genesis
Minerals Limited for all or any part of those proceedings.
Genesis Minerals Limited was not a party to any such proceedings during the year.
20
GENESIS MINERALS LIMITED
DIRECTORS' REPORT
30 JUNE 2013
After balance date events
No matters or circumstances have arisen since the end of the year which significantly affected or may significantly
affect the operations of the Group, the results of those operations or the state of affairs of the Group in future
financial years.
Future developments
The Directors have excluded from this report any further information on the likely developments in the operations of
Genesis Minerals Limited and the expected results of those operations in future financial periods, as the Directors
believe that it would be speculative and prejudicial to the interests of Genesis Minerals Limited to include any such
information in this report.
Environmental issues
The Group's operations are not regulated by any significant environmental regulations under a law of the
Commonwealth or of a state or territory of Australia.
Auditors independence declaration
The lead auditors independence declaration for the year ended 30 June 2013 has been received and can be found on
page 26 of the financial report.
Non-audit services
Bentleys, Genesis Minerals Limited's auditors, did not provide any non-audit services during the year ended 30 June
2013.
21
GENESIS MINERALS LIMITED
DIRECTORS' REPORT
30 JUNE 2013
REMUNERATION REPORT (AUDITED)
The information provided in this remuneration report has been audited as required by section 308(3C) of the
Corporations Act 2001.
Remuneration policy
The remuneration policy of Genesis Minerals Limited has been designed to align director and executive objectives with
shareholder and business objectives by providing a fixed remuneration component and offering specific long-term
incentives based on key performance areas affecting the Group's financial results. The board of Genesis Minerals
Limited believes the remuneration policy to be appropriate and effective in its ability to attract and retain the best
executives and directors to run and manage the Group.
The board's policy for determining the nature and amount of remuneration for board members and senior executives
of the Group is as follows:
The remuneration policy, setting the terms and conditions for the executive directors and other senior executives, was
developed by the board. All executives receive a base salary (which is based on factors such as length of service and
experience) and superannuation. The board reviews executive packages annually by reference to the Group's
performance, executive performance and comparable information from industry sectors and other listed companies in
similar industries.
The board may exercise discretion in relation to approving incentives, bonuses and options. The policy is designed to
attract the highest calibre of executives and reward them for performance that results in long-term growth in
shareholder wealth.
Executives are also entitled to participate in the employee share and option arrangements.
The executive directors and executives receive a superannuation guarantee contribution required by the government,
which is currently 9% (unless otherwise stated), and do not receive any other retirement benefits.
All remuneration paid to directors and executives is valued at the cost to the Group and expensed. Options are valued
using the Black-Scholes methodology.
The board policy is to remunerate non-executive directors at market rates for comparable companies for time,
commitment and responsibilities. The board determines payments to the Non-Executive Directors and reviews their
remuneration annually, based on market practice, duties and accountability. Independent external advice is sought
when required. The maximum aggregate amount of fees that can be paid to non-executive directors is subject to
approval by shareholders at the Annual General Meeting (currently $300,000). Fees for non-executive directors are not
linked to the performance of the Group. However, to align directors' interests with shareholder interests, the directors
are encouraged to hold shares in the Group and are able to participate in the employee option plan.
PERFORMANCE BASED REMUNERATION
The Group currently has no performance based remuneration component built into Director and Executive
remuneration packages.
22
GENESIS MINERALS LIMITED
DIRECTORS' REPORT
30 JUNE 2013
Group performance, shareholder wealth and directors' and executives' remuneration
The remuneration policy has been tailored to increase the direct positive relationship between shareholders'
investment objectives and Directors and Executive's performance. The Group plans to facilitate this process by
directors and executives participating in future option issues to encourage the alignment of personal and shareholder
interests. The Group believes this policy will be effective in increasing shareholder wealth.
USE OF REMUNERATION CONSULTANTS
The Group did not employ the services of any remuneration consultants during the financial year ended 30 June 2013.
Voting and comment made on the Group's 2012 Annual General Meeting
The Group received approximately 84% (prior year: 91%) of "yes" votes on its remuneration report for the financial
year ended 30 June 2012.
Employment details of members of key management personnel and other executives
The following table provides employment details of persons who were, during the financial year, members of key
management personnel of Genesis Minerals Limited. The table also illustrates the proportion of remuneration that was
performance and non-performance based and the proportion of remuneration received in the form of options.
NON
PERFORMANCE
RELATED
SHARES
OPTIONS/
RIGHTS
%
%
%
100
100
100
100
-
-
-
-
-
-
-
-
Directors
Michael Haynes
Michael Fowler
Position
Non-Executive
Chairman
Managing Director
Damian Delaney
Non-Executive Director
Richard Hill
Service agreements
Non-Executive
Chairman
On appointment to the Board, all non-executive directors enter into a service agreement with the Group in the form of
a letter of appointment. The letter summarises the Board policies and terms, including compensation, relevant to the
office of director.
On 25 June 2007 the Group entered into an Executive Service Agreement with Mr Michael Fowler. Under the
Agreement, Mr Michael Fowler is engaged by the Group to provide services to the Group in the capacity of Managing
23
GENESIS MINERALS LIMITED
DIRECTORS' REPORT
30 JUNE 2013
Agreement was effective from the date the Group was admitted to the Official List (30 July 2007) and continues until
terminated by either Mr Fowler or the Group. Mr Fowler is entitled to a minimum notice period of three months from
Mr Fowler.
Remuneration details for the year ended 30 June 2013
The following table of benefits and payment details, in respect to the year, the components of remuneration for each
member of the key management personnel of Genesis Minerals Limited.
Table of benefits and payments
SHORT TERM
POST EMPLOYMENT
SHARE BASED PAYMENTS
CASH SALARY
NON
PENSION AND
OPTIONS AND
SHARES AND
FEES
BONUS
MONETARY
SUPERANNUATION
RIGHTS
UNITS
$
$
$
$
$
$
$
42,522
275,000
60,000
18,167
395,689
-
-
-
-
-
-
-
-
-
-
-
25,000
-
-
25,000
-
-
-
-
-
-
-
-
-
-
42,522
300,000
60,000
18,167
420,689
2013
DIRECTORS
Michael Haynes
Michael Fowler
Damian Delaney
Richard Hill
Mr Michael Haynes resigned on 12 February 2013; and
Mr Richard Hill was appointed on 12 February 2013.
SHORT TERM
POST EMPLOYMENT
SHARE BASED PAYMENTS
CASH SALARY
NON
PENSION AND
OPTIONS AND
SHARES AND
FEES
BONUS
MONETARY
SUPERANNUATION
RIGHTS
UNITS
$
$
$
$
$
$
$
54,500
275,000
7,500
22,500
359,500
-
-
-
-
-
-
-
-
-
-
-
19,956
-
2,025
53,038
202,046
343,470
8,083
21,981
606,637
-
-
-
-
-
107,538
497,002
350,970
32,608
988,118
2012
DIRECTORS
Michael Haynes
Michael Fowler
Damian Delaney
Graham Smith
Share based compensation
Details of the options granted as remuneration to those key management personnel and executives during the year:
24
GENESIS MINERALS LIMITED
DIRECTORS' REPORT
30 JUNE 2013
DIRECTORS
Michael Haynes
Michael Fowler
Damian Delaney
VALUE
(CENTS)
NUMBER OF
OPTIONS
EXPIRY DATE
8.60
8.60
8.60
500,000 31/12/2014
2,000,000 31/12/2014
4,000,000 31/12/2014
EXERCISE
PRICE
(CENTS)
22.00
22.00
22.00
% VESTED IN
PERIOD
-
-
-
VESTING DATE
11/04/2012
11/04/2012
11/04/2012
There were no share based payments granted to key management personnel during the year ended 30 June
2013.
Option values at grant date were determined using the Black-Scholes method.
All options were issued by Genesis Minerals Limited and entitle the holder to ordinary shares in Genesis Minerals
Limited for each option exercised.
There have not been any alterations to the terms or conditions of any share based payment arrangements since
grant date.
All options vested in a prior period.
END OF AUDITED SECTION
Signed in accordance with a resolution of the Board of Directors:
Director: ................................................................................................................................................
Michael Fowler
Dated 26 September 2013
25
To The Board of Directors
As lead audit director for the audit of the financial statements of Genesis Minerals
Limited and Controlled Entities for the financial year ended 30 June 2013, I declare that
to the best of my knowledge and belief, there have been no contraventions of:
the auditor independence requirements of the Corporations Act 2001 in relation to
the audit; and
any applicable code of professional conduct in relation to the audit.
Yours faithfully
BENTLEYS
Chartered Accountants
DOUG BELL CA
Director
DATED at PERTH this 26th day of September 2013
26
GENESIS MINERALS LIMITED
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2013
Income
Employment expenses
Corporate expenses
Administrative expenses
Exploration expenses
Impairment expenses
Depreciation expense
Share based payments expenses
Finance costs
Loss before income taxes
Income tax expense
Loss from continuing operations
Other comprehensive income
Items that may be reclassified subsequent to profit or loss
Exchange differences on translating foreign operations
Items that may not be reclassified subsequent to profit or loss
Total comprehensive income
2013
$
NOTE
2012
$
39,907
48,057
(459,759)
(440,658)
(156,823)
(177,715)
(308,950)
(204,651)
(2,008,625)
(3,297,467)
(22,834)
(151,084)
(3,573)
(4,142)
19
(31,637)
(864,238)
-
(25,633)
(2,952,294)
(5,117,531)
2
-
-
(2,952,294)
(5,117,531)
34,512
(2,517)
-
-
(2,917,782)
(5,120,048)
Loss per share
Basic and diluted loss per share (cents)
9
(2.17)
(5.90)
These financial statements should be read in conjunction with the accompanying notes.
27
GENESIS MINERALS LIMITED
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
Plant and equipment
TOTAL NON-CURRENT ASSETS
TOTAL ASSETS
CURRENT LIABILITIES
Trade and other payables
Provisions
TOTAL CURRENT LIABILITIES
Provisions
TOTAL NON-CURRENT LIABILITIES
TOTAL LIABILITIES
NET ASSETS
EQUITY
Issued capital
Reserves
Accumulated losses
TOTAL EQUITY
NOTE
2013
$
2012
$
3
4
5
6
1,109,319
2,040,132
4,477
18,549
1,113,796
2,058,681
9,333
9,333
12,906
12,906
1,123,129
2,071,587
128,344
53,347
181,691
25,418
25,418
267,483
44,754
312,237
-
-
207,109
312,237
916,020
1,759,350
7
8
14,440,391
12,397,575
1,281,779
1,215,631
(14,806,150)
(11,853,856)
916,020
1,759,350
These financial statements should be read in conjunction with the accompanying notes.
28
GENESIS MINERALS LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2013
ORDINARY
SHARES
ACCUMULATE
D LOSSES
FOREIGN
CURRENCY
TRANSLATION
RESERVE
$
$
$
OPTION
RESERVE
$
TOTAL
$
Balance at 1 July 2012
12,397,575 (11,853,856)
76,556
1,139,075
1,759,350
Profit or loss attributable to members of the
company
Exchange differences on translation of foreign
operations
Total other comprehensive income for the year
Transactions with owners in their capacity as
owners
Shares issued during the period
Transaction costs
Share based payments
-
-
-
(2,952,294)
-
-
34,512
(2,952,294)
34,512
2,201,292
(158,476)
-
-
-
-
-
-
-
-
-
-
-
-
(2,952,294)
34,512
(2,917,782)
2,201,292
(158,476)
31,636
31,636
Sub-total
2,042,816 (2,952,294)
34,512
31,636
(843,330)
Balance at 30 June 201331 December 2011
14,440,391 (14,806,150)
111,068
1,170,711
916,020
ORDINARY
SHARES
ACCUMULATE
D LOSSES
FOREIGN
CURRENCY
TRANSLATION
RESERVE
$
$
$
OPTION
RESERVE
$
TOTAL
$
Balance at 1 July 20111 July 2012
7,849,148
(6,736,325)
79,073
274,837
1,466,733
Profit or loss attributable to members of the
company
Exchange differences on translation of foreign
operations
Total comprehensive income for the year
Transactions with owners in their capacity as
owners
Shares issued during the period
Transaction costs
Share based payments
Value of conversion rights on convertible notes
-
-
-
(5,117,531)
-
-
(2,517)
(5,117,531)
(2,517)
4,597,257
(74,463)
-
25,633
-
-
-
-
-
-
-
-
-
-
-
-
-
(5,117,531)
(2,517)
(5,120,048)
4,597,257
(74,463)
864,238
864,238
-
25,633
Sub-total
4,548,427
(5,117,531)
(2,517)
864,238
292,617
Balance at 30 June 201231 December 2010
12,397,575 (11,853,856)
76,556
1,139,075
1,759,350
These financial statements should be read in conjunction with the accompanying notes.
29
GENESIS MINERALS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2013
CASH FROM OPERATING ACTIVITIES:
Interest received
Payment to suppliers and employees
Payments relating to exploration and evaluation of
mineral assets
Net cash used by operating activities
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments for plant and equipment
Net cash used by investing activities
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issues of ordinary shares
Payment of share issue costs
Proceeds from borrowings
Net cash provided by financing activities
Effects of exchange rate changes on cash and cash
equivalents
Net cash used by other activities
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of the year
Cash and cash equivalents at end of the year
NOTE
2013
$
2012
$
39,907
30,249
(957,980)
(654,718)
(1,984,626)
(3,352,607)
(2,902,699)
(3,977,076)
(21,216)
(4,036)
(21,216)
(4,036)
7
2,151,578
4,041,157
(158,476)
-
(74,463)
500,000
1,993,102
4,466,694
-
-
(2,333)
(2,333)
(930,813)
483,249
2,040,132
1,556,883
1,109,319
2,040,132
These financial statements should be read in conjunction with the accompanying notes.
30
GENESIS MINERALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2013
This financial report includes the financial statements and notes of Genesis Minerals Limited and Controlled Entities
(the 'Group'). The financial statements were authorised for issue by the Board of Directors on 26 September 2013.
Genesis Minerals Limited is a public Group limited by shares, incorporated in Australia. The Group is domiciled in
Western Australia.
1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(A) BASIS OF PREPARATION
The financial statements are general purpose financial statements that have been prepared in accordance with
Australian Accounting Standards, Australian Accounting Interpretations, other authoritative pronouncements of
the Australian Accounting Standards Board and the Corporations Act 2001.
Compliance with Australian Accounting Standards ensures that the financial statements and notes also comply
with International Financial Reporting Standards.
Material accounting policies adopted in the preparation of these financial statements are presented below and
have been consistently applied unless otherwise stated.
The financial statements have been prepared on an accruals basis and are based on historical costs, modified,
where applicable, by the measurement at fair value of selected non-current assets, financial assets and financial
liabilities.
The Group’s financial report is presented in Australian dollars.
(B) GOING CONCERN
The financial statements have been prepared on the going concern basis that contemplates normal business
activities and the realisation of assets and extinguishment of liabilities in the ordinary course of business. The
Group incurred a loss from ordinary activities of $ (2,952,294) (2012: $ (5,117,531))for the year ended 30 June
2013. Included within the this loss was exploration expenditure of $ 2,008,625 (2012: $ 3,297,467).
The net working capital position of the Group at 30 June 2013 was $ 932,105 (2012: $ 1,746,444) and the cash
outflows from operating activities was $ 2,902,699 (2012: $ 3,977,076). The Group has expenditure
commitments relating to work programme obligations of their assets of $500,000 which potentially could fall
due in the 12 months to 30 June 2014.
These conditions indicate a material uncertainty that may cast significant doubt about the ability of the Group to
continue as a going concern. The ability of the Group to continue as a going concern is principally dependent
upon the ability of the Company to secure funds by raising capital from equity markets and managing cashflow in
line with available funds.
The directors have prepared a cash flow forecast, which indicates that the Group will have sufficient cash flows
to meet all commitments and working capital requirements for the 12 month period from the date of signing
this financial report.
31
GENESIS MINERALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2013
1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(B) GOING CONCERN (CONTINUED)
Based on the cash flow forecasts and other factors referred to above, the directors are satisfied that the going
concern basis of preparation is appropriate. In particular, given the Company’s history of raising capital to date,
the directors are confident of the Company’s ability to raise additional funds as and when they are required.
Should the Group be unable to continue as a going concern it may be required to realise its assets and extinguish
its liabilities other than in the normal course of business and at amounts different to those stated in the financial
statements. The financial statements do not include any adjustments relating to the recoverability and
classification of asset carrying amounts or to the amount and classification of liabilities that might result should
the Group be unable to continue as a going concern and meet its debts as and when they fall due.
(C) PRINCIPLES OF CONSOLIDATION
The financial statements incorporate the assets, liabilities and results of entities controlled by Genesis Minerals
Limited at the end of the reporting period. A controlled entity is any entity over which Genesis Minerals Limited
has the power to govern the financial and operating policies so as to obtain benefits from its activities. Control
will generally exist when the parent owns, directly or indirectly through subsidiaries, more than half of the voting
power of an entity. In assessing the power to govern, the existence and effect of holdings of actual and potential
voting rights are also considered.
A list of controlled entities is contained in Note 15 to the financial statements.
As at reporting date, the assets and liabilities of all controlled entities have been incorporated into the financial
statements as well as their results for the year then ended.
In preparing the financial statements, all inter-group balances and transactions between entities in Genesis
Minerals Limited have been eliminated on consolidation. Accounting policies of subsidiaries have been changed
where necessary to ensure consistency with those adopted by the parent entity.
(D) BUSINESS COMBINATIONS
Business combinations occur where an acquirer obtains control over one or more businesses and results in the
consolidation of its assets and liabilities.
A business combination is accounted for by applying the acquisition method, unless it is a combination involving
entities or businesses under common control. The acquisition method requires that for each business
combination, one of the combining entities must be identified as the acquirer (i.e. parent entity). The business
combination will be accounted for as at the acquisition date, which is the date that control over the acquiree is
obtained by the parent entity. At this date, the parent shall recognise, in the consolidated accounts and subject
to certain limited exceptions, the fair value of the identifiable assets acquired and liabilities assumed. In addition,
contingent liabilities of the acquiree will be recognised where a present obligation has been incurred and its fair
value can be reliably measured.
The acquisition may result in the recognition of goodwill or a gain from a bargain purchase. The method adopted
for the measurement of goodwill will impact on the measurement of any non-controlling interest to be
32
GENESIS MINERALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2013
1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(D) BUSINESS COMBINATIONS (CONTINUED)
recognised in the acquiree where less than 100% ownership interest is held in the acquiree.
The consideration transferred for a business combination shall form the cost of the investment in the separate
financial statements. Such consideration is measured at fair value at acquisition date and consists of the sum of
the assets transferred by the acquirer, liabilities incurred by the acquirer to the former owners of the acquiree
and the equity interests issued by the acquirer.
Included in the measurement of consideration transferred is any asset or liability resulting from a contingent
consideration arrangement. Any obligation incurred relating to contingent consideration is classified as either a
financial liability or equity instrument, depending upon the nature of the arrangement. Rights to refunds of
consideration previously paid are recognised as a receivable. Subsequent to initial recognition, contingent
consideration classified as equity is not remeasured and its subsequent settlement is accounted for within
equity. Contingent consideration classified as an asset or a liability is remeasured each reporting period to fair
value through the statement of comprehensive income, unless the change in value can be identified as existing
at acquisition date.
All transaction costs incurred in relation to the business combination are expensed to the statement of
comprehensive income.
(E) SEGMENT REPORTING
Operating segments are reported in a manner consistent with the internal reporting provided to the chief
operating decision maker. The chief operating decision maker, who is responsible for allocating resources and
assessing peformance of the operting segments, has been identified as the Board of Directors.
(F) FOREIGN CURRENCY TRANSACTIONS AND BALANCES
The functional currency of each of Genesis Minerals Limited's entities is measured using the currency of the
primary economic environment in which that entity operates. The financial statements are presented in
Australian dollars which is the parent entity's functional and presentation currency.
Foreign currency transactions are recorded at the spot rate on the date of the transaction.
At the end of the reporting period:
Foreign currency monetary items are translated using the closing rate;
Non-monetary items that are measured at historical cost are translated using the exchange rate at the
date of the transaction; and
Non-monetary items that are measured at fair value are translated using the rate at the date when fair
value was determined.
33
GENESIS MINERALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2013
1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(F) FOREIGN CURRENCY TRANSACTIONS AND BALANCES (CONTINUED)
Exchange differences arising on the settlement of monetary items or on translating monetary items at rates
different from those at which they were translated on initial recognition or in prior reporting periods are
recognised through profit or loss, except where they relate to an item of other comprehensive income or
whether they are deferred in equity as qualifying hedges.
The financial results and position of foreign operations whose functional currency is different from Genesis
Minerals Limited's presentation currency are translated as follows:
assets and liabilities are translated at year-end exchange rates prevailing at that reporting date;
income and expenses are translated at average exchange rates for the period where the average rate
approximates the rate at the date of the transaction; and
retained earnings are translated at the exchange rates prevailing at the date of the transaction.
Exchange differences arising on translation of foreign operations are transferred directly to Genesis Minerals
Limited's foreign currency translation reserve in the consolidated statement of financial position. These
differences are recognised in the consolidated statement of profit or loss and other comprehensive income in
the period in which the operation is disposed.
(G) REVENUE AND OTHER INCOME
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 revenue is recognised on a time proportionate basis that takes into account the effective yield on the
financial asset.
(H)
INCOME TAX
The income tax expense for the year comprises current income tax expense and deferred tax expense.
Current income tax expense charged to the profit or loss is the tax payable on taxable income calculated using
applicable income tax rates enacted, or substantially enacted, as at the end of the reporting period. Current tax
liabilities (assets) are therefore measured at the amounts expected to be paid to (recovered from) the relevant
taxation authority.
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
34
GENESIS MINERALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2013
1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(H)
INCOME TAX (CONTINUED)
Deferred income tax expense reflects movements in deferred tax asset and deferred tax liability balances during
the year as well as unused tax losses.
Current and deferred income tax expense is charged or credited directly to equity instead of the profit or loss
when the tax relates to items that are credited or charged directly to equity.
Deferred tax assets and liabilities are ascertained based on temporary differences arising between the tax bases
of assets and liabilities and their carrying amounts in the financial statements. Deferred tax assets also result
where amounts have been fully expensed but future tax deductions are available. No deferred income tax will be
recognised from the initial recognition of an asset or liability, excluding a business combination, where there is
no effect on accounting or taxable profit or loss.
Deferred tax assets and liabilities are calculated at the tax rates that are expected to apply to the period when
the asset is realised or the liability is settled, based on tax rates enacted or substantively enacted at the end of
the reporting year. Their measurement also reflects the manner in which management expects to recover or
settle the carrying amount of the related asset or liability.
Deferred tax assets relating to temporary differences and unused tax losses are recognised only to the extent
that it is probable that future taxable profit will be available against which the benefits of the deferred tax asset
can be utilised.
Where temporary differences exist in relation to investments in subsidiaries, branches, associates, and joint
ventures, deferred tax assets and liabilities are not recognised where the timing of the reversal of the temporary
difference can be controlled and it is not probable that the reversal will occur in the foreseeable future.
Deferred income tax assets are recognised to the extent that it is probable that future tax profits will be
available against which deductible temporary differences can be utilised.
Current assets and liabilities are offset where a legally enforceable right of set-off exists and it is intended that
net settlement or simultaneous realisation and settlement of the respective asset and liability will occur.
Deferred tax assets and liabilities are offset where a legally enforceable right of set-off exists, the deferred tax
assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable
entity or different taxable entities where it is intended that net settlement or simultaneous realisation and
settlement of the respective asset and liability will occur in future periods in which significant amounts of
deferred tax assets or liabilities are expected to be recovered or settled.
(I)
LEASES
Leases of fixed assets where substantially all the risks and benefits incidental to the ownership of the asset, but
not the legal ownership that are transferred to the Group are classified as finance leases.
Finance leases are capitalised by recording an asset and a liability at the lower of the amounts equal to the fair
value of the leased property or the present value of the minimum lease payments, including any guaranteed
35
GENESIS MINERALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2013
1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(I)
LEASES (CONTINUED)
residual values. Lease payments are allocated between the reduction of the lease liability and the lease interest
expense for that period.
Leased assets are depreciated on a straight-line basis over their estimated useful lives where it is likely that the
Group will obtain ownership of the asset or over the term of the lease.
Lease payments for operating leases, where substantially all of the risks and benefits remain with the lessor, are
charged as expenses on a straight-line basis over the life of the lease term.
(J)
IMPAIRMENT OF NON-FINANCIAL ASSETS
At the end of each reporting period, the Group assesses whether there is any indication that an asset may be
impaired. The assessment will include the consideration of external and internal sources of information. If such
an indication exists, an impairment test is carried out on the asset by comparing the recoverable amount of the
asset, being the higher of the asset's fair value less costs to sell and value in use to the asset's carrying value.
Value in use is calculated by discounting the estimated future cash flows of the asset or cash-generating unit
(CGU) at a pre-tax discount rate reflecting the specific risks in the asset / CGU. Any excess of the asset's carrying
value over its recoverable amount is expensed to the consolidated statement of profit or loss and other
comprehensive income.
Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the
recoverable amount of the cash-generating unit to which the asset belongs.
Where the future economic benefits of the asset are not primarily dependent upon the asset's ability to
generate net cash inflows and when Genesis Minerals Limited would, if deprived of the asset, replace its
remaining future economic benefits, value in use is determined as the depreciated replacement cost of an asset.
Impairment losses recognised in respect of CGU's are allocated first to reduce the carrying amount of goodwill to
nil and then to the other assets in the unit in proportion to their carrying amount.
Impairment testing is performed annually for goodwill and intangible assets with indefinite lives.
Assets, other than goodwill that have an allocated impairment loss are reviewed for reversal indicators at the
end of each reporting period. After recognition of an impairment loss, the amortisation charge for the asset is
adjusted in future periods to allocate the asset's revised carrying amount on a systematic basis over its
remaining useful life.
Impairment losses are recognised as an expense immediately, unless the relevant asset is property, plant and
equipment held at fair value (other than investment property carried at a revalued amount) in which case the
impairment loss is treated as a revaluation decrease as described in the accounting policy for property, plant and
equipment.
Where an impairment loss on a revalued asset is identified, this is debited against the revaluation surplus in
respect of the same class of asset to the extent that the impairment loss does not exceed the amount in the
36
GENESIS MINERALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2013
1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(J)
IMPAIRMENT OF NON-FINANCIAL ASSETS (CONTINUED)
revaluation surplus for that same class of asset.
(K) CASH AND CASH EQUIVALENTS
Cash and cash equivalents include cash on hand, deposits held at call with banks, other short-term highly liquid
investments with original maturities of three months or less which are convertible to a known amount of cash
and subject to an insignificant risk of change in value, and bank overdrafts. Bank overdrafts are shown within
short-term borrowings in current liabilities on the consolidated statement of financial position.
(L) FINANCIAL INSTRUMENTS
INITIAL RECOGNITION AND MEASUREMENT
Financial assets and financial liabilities are recognised when the entity becomes a party to the contractual
provisions to the instrument. For financial assets, this is the equivalent to the date that the Group commits itself
to either the purchase or sale of the asset.
Financial instruments are initially measured at fair value plus transactions costs, except where the instrument is
classified 'at fair value through profit or loss' in which case transaction costs are expensed to profit or loss
immediately.
CLASSIFICATION AND SUBSEQUENT MEASUREMENT
Financial instruments are subsequently measured at either fair value, amortised cost using the effective interest
rate method, or cost. Fair value represents the amount for which an asset could be exchanged or a liability
settled, between knowledgeable, willing parties in arm's length transaction. Where available, quoted prices in an
active market are used to determine fair value. In other circumstances, valuation techniques are adopted.
The classification of financial instruments depends on the purpose for which the investments were acquired.
Management determines the classification of its investments at initial recognition and at the end of each
reporting period for held-to-maturity assets.
Loans and receivables
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not
quoted in an active market and are subsequently measured at amortised cost .
Loans and receivables are included in current assets, except for those which are not expected to mature within
12 months after the end of the reporting period.
SHARE CAPITAL
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares
and share options for immediate are recognised as a deduction from equity, net of any tax effects.
37
GENESIS MINERALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2013
1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(L) FINANCIAL INSTRUMENTS (CONTINUED)
DERECOGNITION
Financial assets are derecognised where the contractual rights to receipt of cash flows expires or the asset is
transferred to another party whereby the entity no longer has any significant continuing involvement in the risks
and benefits associated with the asset. Financial liabilities are derecognised where the related obligations are
either discharged, cancelled or expired. The difference between the carrying value of the financial liability
extinguished or transferred to another party and the fair value of consideration paid, including the transfer of
non-cash assets or liabilities assumed, is recognised in profit or loss.
(M) PROPERTY, PLANT AND EQUIPMENT
Each class of property, plant and equipment is carried at cost or fair value as indicated less, where applicable,
any accumulated depreciation and impairment losses.
PLANT AND EQUIPMENT
Plant and equipment are measured on the cost basis. Cost includes expenditure that is directly attributable to
the asset.
The carrying amount of plant and equipment is reviewed annually by Directors to ensure it is not in excess of the
recoverable amount from these assets. The recoverable amount is assessed on the basis of the expected net
cash flows that will be received from the asset's employment and subsequent disposal. The expected net cash
flows have been discounted to their present values in determining recoverable amounts.
DEPRECIATION
The depreciable amount of all fixed assets including buildings and capitalised leased assets, but excluding
freehold land, is depreciated on a straight-line basis over the asset's useful life to the Group commencing from
the time the asset is held ready for use. Leasehold improvements are depreciated over the shorter of either the
unexpired period of the lease or the estimated useful lives of the improvements. Land is not depreciated.
The estimated useful lives used for each class of depreciable assets are:
CLASS OF FIXED ASSET
Plant and Equipment
USEFUL LIFE (YEARS)
2 to 5
The assets' residual values, depreciation methods and useful lives are reviewed, and adjusted if appropriate, at
the end of each reporting period.
(N) EXPLORATION AND DEVELOPMENT EXPENDITURE
Exploration, evaluation costs are expensed as incurred.
38
GENESIS MINERALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2013
1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(O) TRADE AND OTHER PAYABLES
Trade and other payables represent the liability outstanding at the end of the reporting period for goods and
services received by the Group during the reporting period which remain unpaid. The balance is recognised as a
current liability with the amounts normally paid within 30 days of recognition of the liability.
(P) PROVISIONS
Provisions are recognised when the Group has a legal or constructive obligation, as a result of past events, for
which it is probable that an outflow of economic benefits will result and that outflow can be reliably measured.
Provisions are measured at the present value of management's best estimate of the outflow required to settle
the obligation at the end of the reporting period. The discount rate used is a pre-tax rate that reflects current
market assessments of the time value of money and the risks specific to the liability. The increase in the
provision due to the unwinding of the discount is taken to finance costs in the consolidated statement of profit
or loss and other comprehensive income.
Provisions recognised represent the best estimate of the amounts required to settle the obligation at the end of
the reporting period.
(Q) EMPLOYEE BENEFITS
Provision is made for the Group's liability for employee benefits arising from services rendered by employees to
the end of the reporting period. Employee benefits that are expected to be settled within one year have been
measured at the amounts expected to be paid when the liability is settled.
Employee benefits payable later than one year have been measured at the present value of the estimated future
cash outflows to be made for those benefits. In determining the liability, consideration is given to employee
wage increases and the probability that the employee may satisfy vesting requirements. Those cashflows are
discounted using market yields on national government bonds with terms to maturity that match the expected
timing of cashflows.
EQUITY-SETTLED COMPENSATION
The Group operates equity-settled share-based payment share, right and option schemes. The fair value of the
equity to which personnel become entitled is measured at grant date and recognised as an expense over the
vesting period, with a corresponding increase to an equity account. The fair value of shares is ascertained as the
market bid price. The fair value of options is ascertained using a Black-Scholes pricing model which incorporates
all market vesting conditions. The amount to be expensed is determined by reference to the fair value of the
options, rights or shares granted. This expense takes in account any market performance conditions and the
impact of any non-vesting conditions but ignores the effect of any service and non-market performance vesting
conditions.
Non-market vesting conditions are taken into account when considering the number of options expected to vest.
At the end of each reporting period, the Group revises its estimate of the number of options or rights which are
39
GENESIS MINERALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2013
1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(Q) EMPLOYEE BENEFITS (CONTINUED)
EQUITY-SETTLED COMPENSATION (CONTINUED)
expected to vest based on the non-market vesting conditions. Revisions to the prior period estimate are
recognised in profit or loss and equity.
(R) BORROWING COSTS
Borrowing costs directly attributable to the acquisition, construction or production of assets that necessarily
take a substantial period of time to prepare for their intended use or sale, are added to the cost of those assets,
until such time as the assets are substantially ready for their intended use or sale.
All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
(S) EARNINGS PER SHARE
Genesis Minerals Limited presents basic and diluted earnings per share information for its ordinary shares.
Basic earnings per share is calculated by dividing the profit attributable to owners of the company by the
weighted average number of ordinary shares outstanding during the year.
Diluted earnings per share adjusts the basic earnings per share to take into account the after income tax effect
of interest and other financing costs associated with dilutive potential ordinary shares and the weighted average
number of additional ordinary shares that would have been outstanding assuming the conversion of all dilutive
potential ordinary shares.
(T) GOODS AND SERVICES TAX (GST)
Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST
incurred is not recoverable from the 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.
Cash flows are presented in the consolidated statement of cash flows on a gross basis, except for the GST
component of investing and financing activities, which are disclosed as operating cash flows.
(U) CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS
The directors evaluate estimates and judgments incorporated into the financial statements based on historical
knowledge and best available current information. Estimates assume a reasonable expectation of future events
and are based on current trends and economic data, obtained both externally and within the Group.
40
GENESIS MINERALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2013
1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(U) CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS (CONTINUED)
KEY ESTIMATES - IMPAIRMENT
The Group assesses impairment at the end of each reporting year by evaluating conditions specific to the Group
that may be indicative of impairment triggers. Recoverable amounts of relevant assets are reassessed using
value-in-use calculations which incorporate various key assumptions.
KEY ESTIMATES - SHARE BASED PAYMENTS
The Group measures the cost of equity-settled transactions with personnel by reference to the fair value of the
equity instruments at the date at which they are granted. The fair value is determined by an external valuer
using a Black and Scholes model in the case of options and, in the case of performance rights, a hybrid share
option pricing model that simulates the share price as at the expiry date using a Monte-Carlo model. The
valuation involves making key estimates such as volatility and expected exercise date.
(V) ADOPTION OF NEW AND REVISED ACCOUNTING STANDARDS
STANDARDS AND INTERPRETATIONS AFFECTING AMOUNTS REPORTED IN THE CURRENT PERIOD
The following new and revised Standards and Interpretations have been adopted in the current year and have
affected the amounts reported in these financial statements.
STANDARDS AFFECTING PRESENTATION AND DISCLOSURE
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’ introduce 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. The amendments to AASB 101 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 on profit or loss, other comprehensive income and total
comprehensive income.
STANDARDS AND INTERPRETATIONS AFFECTING THE REPORTED RESULTS OR FINANCIAL POSITION
Amendments to AASB 112
The Company is not affected by the adoption of this standard as the Company does not hold investment
property.
'Income Taxes’
41
GENESIS MINERALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2013
1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(V) ADOPTION OF NEW AND REVISED ACCOUNTING STANDARDS (CONTINUED)
AT THE DATE OF AUTHORISATION OF THE FINANCIAL STATEMENTS, THE STANDARDS AND INTERPRETATIONS LISTED BELOW WERE IN
ISSUE BUT NOT YET EFFECTIVE.
The company does not anticipate the adoption of these standards will have a material effect on the financial
report.
AASB 9 ‘Financial Instruments’, and the relevant amending standards
Standard
Effective from Applied From
30 June 2016
1 January 2015
AASB 10 ‘Consolidated Financial Statements’ and AASB 2011-7 ‘Amendments to Australian Accounting Standards
arising from the consolidation and Joint Arrangements standards’
1 January 2013
30 June 2014
AASB 11 ‘Joint Arrangements’ and AASB 2011-7 ‘Amendments to Australian Accounting Standards arising from
the consolidation and Joint Arrangements standards’
1 January 2013
30 June 2014
AASB 12 ‘Disclosure of Interests in Other Entities’ and AASB 2011-7 ‘Amendments to Australian Accounting
Standards arising from the
consolidation and Joint Arrangements standards’
1 January 2013
30 June 2014
AASB 127 ‘Separate Financial Statements’ (2011) and AASB 2011-7 ‘Amendments to Australian Accounting
Standards arising from the consolidation and Joint Arrangements standards’
1 January 2013 30 June 2014
AASB 128 ‘Investments in Associates and Joint Ventures’ (2011) and AASB 2011-7 ‘Amendments to Australian
Accounting Standards arising from the consolidation and Joint Arrangements standards’
1 January 2013
30 June 2014
AASB 13 ‘Fair Value Measurement’ and AASB 2011-8 ‘Amendments to Australian Accounting Standards arising
from AASB 13’
1 January 2013
30 June 2014
AASB 119 ‘Employee Benefits’ (2011) and AASB 2011-10 ‘Amendments to Australian Accounting Standards
arising from AASB 119 (2011)’
1 January 2013
30 June 2014
AASB 2011-4 ‘Amendments to Australian Accounting Standards to Remove Individual Key Management
Personnel Disclosure Requirements’
30 June 2014
1 July 2013
AASB 2012-2 ‘Amendments to Australian Accounting Standards – Disclosures – Offsetting Financial Assets and
Financial Liabilities’
1 January 2013
30 June 2014
AASB 2012-3 ‘Amendments to Australian Accounting Standards – Offsetting Financial Assets and Financial
Liabilities’
1 January 2014
30 June 2015
AASB 2012-5 ‘Amendments to Australian Accounting Standards arising from Annual Improvements 2009–2011
Cycle’
1 January 2013
30 June 2014
AASB 2012-10 ‘Amendments to Australian Accounting Standards – Transition Guidance and Other Amendments’
1 January 2013
30 June 2014
42
GENESIS MINERALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2013
2
INCOME TAX EXPENSE
(a) The prima facie tax on loss from ordinary activities before income tax is reconciled to the income tax expense as
follows:
Statement of comprehensive income
Current income tax
Deferred tax
2013
$
2012
$
-
-
-
-
(b) The prima facie tax on profit from ordinary activities before income tax is reconciled to the income tax expense as
follows:
Prima facie tax payable on profit from
ordinary activities before income tax at
30% (2012: 30%)
Add:
Tax effect of:
- share based payments
- expenses incurred in deriving non-
assessable non-exempt income
- sundry
- movements in unrecognised temporary
differences
Tax effect of current year losses for which
no deferred tax asset has been
recognised
Income tax expense
2013
$
2012
$
(885,688)
(1,535,259)
17,205
252,056
602,238
626,141
1,276
7,695
23,540
1,327
(241,429)
(648,040)
241,429
648,040
-
-
At 30 June 2013 Genesis Minerals Limited had unused tax losses for which no deferred tax asset has been recognised in
the amount of approximately $2,690,317 (2012: $2,448,888). The availability of these losses is subject to satisfying
Australian taxation legislation requirements. The deferred tax asset attributable to tax losses has not been brought to
account in these financial statements because the Directors believe it is not presently appropriate to regard realisation
of the future income tax benefits probable.
43
GENESIS MINERALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2013
3
CASH AND CASH EQUIVALENTS
The following table details the components of cash and cash equivalents as reported in the statement of financial
position.
Cash on hand
Short-term bank deposits
4
TRADE AND OTHER RECEIVABLES
2013
$
2012
$
50,251
540,132
1,059,068
1,500,000
1,109,319
2,040,132
The following table details the major components of current trade and other receivables as reported in the statement
of financial position.
Government taxes receivable
Other receivables
2013
$
2012
$
-
638
4,477
17,911
4,477
18,549
The Group expects the above trade and other receivables to be recovered within 12 months of 30 June 2013 and
therefore considers the amounts shown above at cost to be a close approximation of fair value.
Trade and other receivables expose Genesis Minerals Limited to credit risk as potential for financial loss arises should a
debtor fail to repay their debt in a timely manner. Disclosure on credit risk can be found at Note 11(a).
5
PLANT AND EQUIPMENT
Plant and equipment
At cost
Accumulated depreciation
2013
$
2012
$
28,194
27,265
(18,861)
(14,359)
9,333
12,906
44
GENESIS MINERALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2013
5
PLANT AND EQUIPMENT (CONTINUED)
MOVEMENTS IN CARRYING AMOUNTS
Movement in the carrying amounts for each class of plant and equipment between the beginning and the end of the
current financial year:
Balance at 30 June 2013
Balance at the beginning of year
Depreciation expense
Balance at 30 June 2013
Balance at 30 June 2012
Balance at the beginning of year
Additions
Depreciation expense
Foreign exchange movements
Balance at 30 June 2012
6
TRADE AND OTHER PAYABLES
Trade payables
Other payables
PLANT AND
EQUIPMENT
$
TOTAL
$
12,906
(3,573)
12,906
(3,573)
9,333
9,333
13,196
4,036
(4,142)
(184)
13,196
4,036
(4,142)
(184)
12,906
12,906
2013
$
2012
$
78,177
50,167
169,697
97,786
128,344
267,483
45
GENESIS MINERALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2013
7
ISSUED CAPITAL
165,657,799 (30 June 2012: 121,783,379) Ordinary shares
Value of conversion rights - Convertible Notes Ordinary
Share issue costs written off against issued capital
MOVEMENT IN ORDINARY SHARES
Balance at 1 July 2011
Issued at consideration for tenement acquisition
Issued on conversion of convertible notes at 10 cents per share
Issued for cash at 10 cents per share
Issued for cash at 15 cents per share
Less: transaction costs
Balance at 30 June 2012
Share based payment 14 Nov 2012
Capital raising - 7 March 2013
Share Issue
Issue to Teck Resources Ltd - 3 April 2013
Less share issued costs
2013
$
2012
$
15,243,924
13,042,632
25,633
25,633
(829,166)
(670,690)
14,440,391
12,397,575
NO.
$
77,408,477
7,849,148
510,000
5,000,000
56,100
500,000
35,531,569
3,541,157
3,333,333
-
500,000
(74,463)
121,783,379
12,371,942
342,860
25,714
33,031,560
1,651,578
10,000,000
500,000
500,000
24,000
-
(158,476)
165,657,799
14,414,758
Ordinary shares participate in dividends and the proceeds on winding up of the parent entity in proportion to the
number of shares held.
At the shareholders meetings each ordinary share is entitled to one vote when a poll is called, otherwise each
shareholder has one vote on a show of hands.
The amount shown for other equity securities is the value of the conversion rights relating to the convertible notes
that were issued, and then converted, during prior reporting period.
46
GENESIS MINERALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2013
7
ISSUED CAPITAL (CONTINUED)
OPTIONS
At the beginning of the year
Movement during the year
Exercisable at 12 cents, on or before 1 March 2013
Exercisable at 15 cents, on or before 1 March 2014
Exercisable at 20 cents, on or before 1 March 2015
Exercisable at 22 cents, on or before 31 December 2014
Expired on 15 May 2013, exercisable at 20 cents
Exercisable at 12 cents, on or before 7 November 2012
Expired on 15 May 2013, exercisable at 20 cents
Expired on 15 May 2013, exercisable at 20 cents
Expired on 15 May 2013, exercisable at 20 cents
At the end of the year
CAPITAL MANAGEMENT
2013
NO.
2012
NO.
53,681,788
12,900,000
-
-
-
-
-
13,510,596
13,510,596
13,510,596
9,500,000
(9,250,000)
750,000
(600,000)
(13,510,596)
(500,000)
-
-
-
-
39,821,192
53,681,788
The Group's objectives when managing capital are to safeguard their ability to continue as a going concern, so that
they may continue to provide returns for shareholders and benefits for other stakeholders.
Due to the nature of the Group's activities being mineral exploration, the Group does not have ready access to credit
facilities, with the primary source of funding being equity raisings. Therefore, the focus of the the Group's capital risk
management is the current working capital position against the requirements of the Group to meet exploration
programmes and corporate overheads. The Group's strategy is to ensure appropriate liquidity is maintained to meet
anticipated operating requirements, with a view to initiating appropriate capital raising as required.
The Group’s working capital position is $932,105 (2012: $1,746,444).
There are no externally imposed capital requirements.
8
RESERVES
(A)
FOREIGN CURRENCY TRANSLATION RESERVE
Exchange differences arising on translation of the foreign controlled entities are taken to the foreign currency
translation reserve. The reserve is recognised in the profit and loss when the net investment is diposed of.
47
GENESIS MINERALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2013
8
RESERVES (CONTINUED)
(B)
SHARE BASED PAYMENT RESERVE
This reserve records the cumulative value of services received for the issue of share options. When the options
are exercised the amount in the share option reserve is transferred to share capital.
9
EARNINGS PER SHARE
Earnings used to calculate overall earnings per share
2013
$
2012
$
(2,952,294)
(5,117,531)
(a) Weighted average number of ordinary shares outstanding during the year used in calculating basic EPS
Weighted average number of ordinary shares
outstanding during the year used in calculating basic
EPS
10 COMMITMENTS
(A)
EXPLORATION EXPENDITURE COMMITMENTS
Payable:
- no later than 1 year
11 FINANCIAL RISK MANAGEMENT
2013
NO.
2012
NO.
135,675,986
86,601,519
2013
$
2012
$
500,000
2,200,000
500,000
2,200,000
The Group's overall risk management programme focuses on the unpredictability of financial markets and seeks to
minimise potential adverse effects and ensure that net cash flows are sufficient to support the delivery of the
Company's financial targets whilst protecting future financial security. The Group continually monitors and tests its
forecasted financial position against these objectives.
48
GENESIS MINERALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2013
11 FINANCIAL RISK MANAGEMENT (CONTINUED)
The main risks Genesis Minerals Limited is exposed to through its financial instruments are credit risk, liquidity risk and
market risk consisting of interest rate risk, currency risk and commodity price risk.
The Group's financial instruments consist mainly of deposits with banks, accounts receivable and payable and loans to
subsidiaries.
The totals for each category of financial instruments, measured in accordance with AASB 139 as detailed in the
accounting policies to these financial statements, are as follows:
Financial Assets
Cash and cash equivalents
Trade and other receivables
Total financial assets
Financial Liabilities
Trade and other payables
Total financial liabilities
FINANCIAL RISK MANAGEMENT POLICIES
2013
$
2012
$
1,109,319
2,040,132
4,477
18,549
1,113,796
2,058,681
128,344
267,483
128,344
267,483
The Board of Directors has overall responsibility for the establishment of Genesis Minerals Limited’s financial risk
management framework. This includes the development of policies covering specific areas such as foreign exchange
risk, interest rate risk, credit risk and the use of derivatives.
Mitigation strategies for specific risks faced are described below:
The main risks Genesis Minerals Limited is exposed to through its financial instruments are credit risk, liquidity risk and
market risk relating to interest rate risk, currency risk and commodity price risk.
(A)
CREDIT RISK
Exposure to credit risk relating to financial assets arises from the potential non-performance by counterparties
of contract obligations that could lead to a financial loss to Genesis Minerals Limited and arises principally from
Genesis Minerals Limited's receivables.
The Group’s maximum exposure to credit risk at the reporting date in relation to each class of recognised
financial assets is the carrying amount of those assets as indicated in the statement of financial position. Other
than cash balances and term deposits held at bank the Group does not have any significant credit risk exposure
to any single counterparty or any group of counterparties having similar characteristics.
49
GENESIS MINERALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2013
11 FINANCIAL RISK MANAGEMENT (CONTINUED)
(A)
CREDIT RISK (CONTINUED)
The Group's policy for reducing credit risk is to ensure cash is only invested with counterparties with Standards
and Poor rating of at least -AA.
(B)
LIQUIDITY RISK
Liquidity risk arises from the possibility that Genesis Minerals Limited might encounter difficulty in settling its
debts or otherwise meeting its obligations related to financial liabilities. The Group manages this risk through the
following mechanisms:
preparing forward-looking cash flow analysis in relation to its operational, investing and financial
activities which are monitored on a monthly basis;
monitoring the state of equity markets in conjuction with the Group's current and future funding
requirements, with a view to appropriate capital raisings as required;
managing credit risk related to financial assets;
only investing surplus cash with major financial institutions; and
comparing the maturity profile of current financial liabilities with the realisation profile of current
financial assets.
(C) MARKET RISK
Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of
changes in market prices.
i. Price risk
Given the current level of operations, the Group is not exposed to price risk.
Foreign exchange risk
The Group operates internationally and is exposed to foreign exchange risk arising from various currency
exposures, primarily with respect to the Chilean Peso ("CLP"). Foreign exchange risk arises from future
commercial transactions and recognises assets and liabilities denominated in a currency that is not the Group's
functional currency and net investments in foreign operations. The Group has not formalised a foreign currency
risk management policy however, it monitors its foreign currency expenditure in light of exchange rate
movements. At 2013, the Group's Net CLP exposure was $1,541,672 (2012: (4,109,645)) which translated to
$3,237 (2012: (8,092)) AUD.
Had the AUD weakened/strengthened by 10% against the CLP, there would have been a nil (2012: nil) impact on
the Group's post tax losses and an immaterial movement to the Group's equity for both years.
50
GENESIS MINERALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2013
11 FINANCIAL RISK MANAGEMENT (CONTINUED)
(C) MARKET RISK (CONTINUED)
iii. Interest rate risk
Exposure to interest rate risk arises on financial assets and financial liabilities recognised at the end of the
reporting period, whereby a future change in interest rates will affect future cash flows or the fair value of fixed
rate financial instruments. The Group is also exposed to earnings volatility on floating rate instruments.
Interest rate risk is managed by maintaining cash in interest bearing accounts and having no interest bearing
liabilities.
ii. Sensitivity analysis
The following sensitivity analysis is based on the interest rate risk exposures in existence at the end of the
reporting period.
An increase/(decrease) of 80 basis points during the period would have increased/(decreased) equity and profit
or loss by the amounts shown below. This analysis assumes that other variables are held constant.
2013
2012
PROFIT
EQUITY
80 BASIS POINTS
INCREASE
80 BASIS POINTS
DECREASE
80 BASIS POINTS
INCREASE
80 BASIS POINTS
DECREASE
9,500
8,850
(9,500)
(8,850)
9,500
8,850
(9,500)
(8,850)
The net exposure at the end of the reporting period is representative of what Genesis Minerals Limited was and
is expecting to be exposed to at the end of the next twelve months.
The sensitivity analysis is performed on the same basis as in 2012.
(D) FAIR VALUE ESTIMATION
The fair values of financial assets and financial liabilities can be compared to their carrying values as presented in
the consolidated statement of financial position. Fair values are those amounts at which an asset could be
exchanged, or a liability settled, between knowledgeable, willing parties in an arm’s length transaction.
12 OPERATING SEGMENTS
For management purposes, the Group is organised into two main operating segments, the exploration of minerals in
Chile and the corporate activities and administrative costs in Australia. The accounting policies applied for internal
reporting purposes are consistent with those applied in the preparation of these financial statements.
51
GENESIS MINERALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2013
12 OPERATING SEGMENTS (CONTINUED)
BASIS OF ACCOUNTING FOR PURPOSES OF REPORTING BY OPERATING SEGMENTS
(A)
ACCOUNTING POLICIES ADOPTED
Unless stated below, all amounts reported to the Board of Directors, being the chief operating decision maker
with respect to operating segments, are determined in accordance with accounting policies that are consistent
to those adopted in the annual financial statements of Genesis Minerals Limited.
INTER-SEGMENT TRANSACTIONS
An internally determined transfer price is set for all inter-entity sales. This price is reset quarterly and is based on
what would be realised in the event the sale was made to an external party at arm's-length. All such transactions
are eliminated on consolidation of Genesis Minerals Limited's financial statements.
Inter-segment loans payable and receivable are initially recognised at the consideration received/to be received
net of transaction costs. If inter-segment loans receivable and payable are not on commercial terms, these are
not adjusted to fair value based on market interest rates. This policy represents a departure from that applied to
the statutory financial statements.
SEGMENT ASSETS
Where an asset is used across multiple segments, the asset is allocated to the segment that receives the
majority of economic value from the asset. In the majority of instances, segment assets are clearly identifiable
on the basis of their nature and physical location.
SEGMENT LIABILITIES
Liabilities are allocated to segments where there is direct nexus between the incurrence of the liability and the
operations of the segment. Borrowings and tax liabilities are generally considered to relate to Genesis Minerals
Limited as a whole and are not allocated. Segment liabilities include trade and other payables and certain direct
borrowings.
UNALLOCATED ITEMS
The following items of revenue, expense, assets and liabilities are not allocated to operating segments as they
are not considered part of the core operations of any segment:
Head office and administration costs;
52
GENESIS MINERALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2013
12 OPERATING SEGMENTS (CONTINUED)
(B)
SEGMENT PERFORMANCE
REVENUE
Corporate interest revenue
Interest - investment
Total segment revenue
SEGMENT RESULTS
Depreciation expense
Employee benefits expense
Share based payments
Other expenses
(C)
SEGMENT ASSETS
CHILE
AUSTRALIA
TOTAL
2013
$
2012
$
2013
$
2012
$
2013
$
2012
$
-
-
-
-
-
-
39,850
57
37,942
10,115
39,850
57
37,942
10,115
39,907
48,057
39,907
48,057
(690,244)
(3,448,550)
-
-
(690,244)
(3,448,550)
-
-
-
-
-
-
-
-
(2,241)
(4,142)
(2,241)
(4,142)
(459,759)
(440,658)
(459,759)
(440,658)
(31,636)
(864,238)
(31,636)
(864,238)
(1,808,321)
(359,943)
(1,808,321)
(359,943)
(690,244)
(3,448,550)
(2,262,050)
(1,620,924)
(2,952,294)
(5,069,474)
Segment opera ng assets
28,210
21,647
-
-
28,210
21,647
Other assets
-
-
1,094,919
2,049,940
1,094,919
2,049,940
28,210
21,647
1,094,919
2,049,940
1,123,129
2,071,587
(D)
SEGMENT LIABILITIES
Segment operating
liabili es
Inter-segment
eliminta ons
Other corporate and
adminstrative liabilities
Total segment liabilities
CHILE
AUSTRALIA
TOTAL
2013
$
2012
$
2013
$
2012
$
2013
$
2012
$
(4,237,890)
(4,197,645)
-
-
(4,237,890)
(4,197,645)
-
-
-
-
4,201,499
4,167,906
4,201,499
4,167,906
(170,718)
(282,498)
(170,718)
(282,498)
(4,237,890)
(4,197,645)
4,030,781
3,885,408
(207,109)
(312,237)
53
GENESIS MINERALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2013
13 INTERESTS OF KEY MANAGEMENT PERSONNEL
The totals of remuneration paid to the key management personnel of Genesis Minerals Limited during the year are as
follows:
Short-term employee benefits
Post-employment benefits
Share-based payments
2013
$
395,689
25,000
-
2012
$
359,500
21,981
606,637
420,689
988,118
The Remuneration Report contained in the Directors' Report contains details of the remuneration paid or payable to
each member of Genesis Minerals Limited's key management personnel for the year ended 30 June 2013.
54
GENESIS MINERALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2013
13 INTERESTS OF KEY MANAGEMENT PERSONNEL (CONTINUED)
KEY MANAGEMENT PERSONNEL OPTION HOLDINGS
Details of options provided as remuneration and shares issued on the exercise of such options together with terms and
conditions of the options can be found in the Remuneration Report within the Director's Report.
BALANCE AT
BEGINNING
OF YEAR
GRANTED AS
REMUN-
ERATION
EXERCISED
OTHER
CHANGES
BALANCE AT
THE END OF
VESTED
DURING THE
YEAR
YEAR
VESTED AND
EXERCISABLE
30 JUNE 2013
Directors
Michael Haynes
Michael Fowler
Damian Delaney
Richard Hill
30 JUNE 2012
Directors
Michael Haynes
Michael Fowler
Damian Delaney
Graham Smith
1,000,000
3,581,252
4,345,003
-
-
8,926,255
-
-
-
-
-
-
-
-
-
-
-
-
(1,000,000)
-
(27,084) 3,554,168
-
-
-
4,345,003
-
-
(1,027,084) 7,899,171
-
-
-
-
-
-
-
3,554,168
4,345,003
-
-
7,899,171
BALANCE AT
BEGINNING
OF YEAR
GRANTED AS
REMUN-
ERATION
EXERCISED
OTHER
CHANGES
BALANCE AT
THE END OF
VESTED
DURING THE
YEAR
YEAR
VESTED AND
EXERCISABLE
1,500,000
500,000
6,500,000 2,000,000
-
4,000,000
900,000
-
8,900,000 6,500,000
-
-
-
-
-
(1,000,000) 1,000,000
(4,918,748) 3,581,252
345,003 4,345,003
(900,000)
-
(6,473,745) 8,926,255
-
-
-
-
-
750,000
2,831,252
4,345,003
-
7,926,255
Graeme Smith resigned on 21 March 2012.
55
GENESIS MINERALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2013
13 INTERESTS OF KEY MANAGEMENT PERSONNEL (CONTINUED)
KEY MANAGEMENT PERSONNEL SHAREHOLDINGS
The number of ordinary shares in Genesis Minerals Limited held by each key management person of Genesis Minerals
Limited during the financial year is as follows:
30 June 2013
Michael Haynes
Michael Fowler
Damian Delaney
Richard Hill
30 June 2012
Directors
Michael Haynes
Michael Fowler
Damian Delaney
Graeme Smith
Graeme Smith resigned on 21 March 2012.
BALANCE AT
BEGINNING OF
YEAR
OTHER
CHANGES
ON EXERCISE
OF OPTIONS
DURING THE
YEAR
BALANCE AT
END OF YEAR
993,334
3,247,917
345,000
-
-
4,586,251
-
-
-
-
-
-
(993,334)
-
182,813
3,430,730
755,000
1,100,000
448,822
448,822
-
-
393,301
4,979,552
BALANCE AT
BEGINNING OF
YEAR
OTHER
CHANGES
ON EXERCISE
OF OPTIONS
DURING THE
YEAR
BALANCE AT
END OF YEAR
993,334
3,166,667
-
100,001
-
4,260,002
-
-
-
-
-
-
-
993,334
81,250
3,247,917
345,000
345,000
(100,001)
-
-
-
326,249
4,586,251
56
GENESIS MINERALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2013
14 AUDITORS' REMUNERATION
Remuneration of the auditor of the Group, Bentleys, for:
- auditing or reviewing the financial statements
15 CONTROLLED ENTITIES
Subsidiaries:
Genesis Minerals (Chile) S.A.
* Percentage of voting power is in proportion to ownership
16 CONTINGENT LIABILITIES AND CONTINGENT ASSETS
2013
$
2012
$
27,500
26,100
COUNTRY OF INCORPORATION
PERCENTAGE
OWNED (%)*
PERCENTAGE
OWNED (%)*
2013
2012
Chile
100
100
In the opinion of the Directors, Genesis Minerals Limited did not have any contingencies at 30 June 2013 (30 June
2012: Nil).
17 RELATED PARTY TRANSACTIONS
Key management personnel:
Any person(s) having authority and responsibility for planning, directing and controlling the activities of the entity,
directly or indirectly, including any director (whether executive or otherwise) of that entity are considered key
management personnel.
For details of remuneration disclosures relating to key management personnel, refer to Note 13: Interests of Key
Management Personnel (KMP) and the remuneration report in the Directors' Report.
There were no other related party transactions during the year.
57
GENESIS MINERALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2013
18 CASH FLOW INFORMATION
Reconciliation of net income to net cash provided by operating activities:
Net loss for the period
Non-cash flows in profit:
- share based payments
- depreciation
- accretion expense on convertible
notes
Changes in assets and liabilities, net of
the effects of purchase and disposal of
subsidiaries:
- (increase)/decrease in trade and
other receivables
- increase/(decrease) in trade and
other payables
- increase in provisions
Cashflow from operations
19 SHARE-BASED PAYMENTS
2013
$
2012
$
(2,952,294)
(5,117,531)
81,350
3,573
920,338
4,142
-
25,633
14,072
(11,112)
(83,411)
201,454
34,011
-
(2,902,699)
(3,977,076)
The Group established the Genesis Minerals Limited Option Plan on 15 May 2007. On 7 November 2012 the Group
came to an agreement to grant 750,000 options to the Chilean Manager of the Group's South American asset base.
The fair value fo the options granted is deemed to represent the value of the employee services received over the
vesting period. The 750,000 options were issued in 3 tranches, each containing 250,000 options. Each tranche
contained the following vesting conditions:
Tranche 1 - vest immeditately
Tranche 2 - vest on 1 November 2013
Tranche 3 - vest on 1 November 2014
The expense arising from the options issued during year was $31,637. The value was calculated by using a Black-
Scholes option pricing model applying the following inputs:
58
GENESIS MINERALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2013
19 SHARE-BASED PAYMENTS (CONTINUED)
Underlying share price (cents):
Weighted average exercise price (cents):
Weighted average life of the option (years):
Expected share price volatility (%):
Risk-free interest rate (%):
2013
2012
9.0
12
3
128.00
2.79
-
-
-
-
-
Historical volatility has been the basis for determining expected share price volatility as it assumed that this is
indicative of future movements.
Th life of the options is based on the historical exercise patterns, which may not eventuate in the future.
In addition to the above share based payment, 342,860 fully paid ordinary shares were issued to the vendor of the
Cerro Verde acquisition and in accordance with the agreement under which the acquisition was made. The shares were
valued at grant date, 30 September 2012, using the closing price of 7.5 cents. On 3 April 2013, 500,000 ordinary shares
were issued to a vendor at 5 cents. The expense recognised during the year was $49,714 and this amount is included
within exploration expenses.
Options outstanding at 1 July 2011
Granted
Options oustanding at 30 June 2012
Granted
Options oustanding at 30 June 2013
20 EVENTS AFTER THE END OF THE REPORTING PERIOD
No of Options
Weighted ave
exercise price (cents)
3,650,000
9,500,000
13,150,000
750,000
13,900,000
25.5
22.0
23.0
12.0
23.7
No other matters or circumstances have arisen since the end of the financial year which significantly affected or could
significantly affect the operations of the Group, the results of those operations or the state of affairs of the Group in
future financial years.
59
GENESIS MINERALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2013
21 PARENT ENTITY
The following information has been extracted from the books and records of the parent, Genesis Minerals Limited and
has been prepared in accordance with Australian Accounting Standards.
The financial information for the parent entity, Genesis Minerals Limited has been prepared on the same basis as the
consolidated financial statements.
Statement of Financial Position
Assets
Current assets
Non-current assets
Total Assets
Liabilities
Current liabilities
Non-current liabilities
Total Liabilities
Equity
Issued capital
Accumulated losses
Reserves
Total Equity
Statement of Comprehensive Income
Total comprehensive income
Total comprehensive income
CONTINGENT LIABILITIES
2013
$
2012
$
1,094,382
2,037,034
535
2,777
1,094,917
2,039,811
(145,299)
282,498
(25,417)
-
(170,716)
282,498
14,440,391
12,397,575
(14,686,901)
(11,779,337)
1,170,711
1,139,075
924,201
1,757,313
(2,871,464)
(5,054,644)
(2,871,464)
(5,054,644)
The parent entity did not have any contingent liabilities as at 30 June 2013 or 30 June 2012.
CONTRACTUAL COMMITMENTS
The parent entity did not have any commitments as at 30 June 2013 or 30 June 2012 other than those disclosed in
note 10.
60
GENESIS MINERALS LIMITED
DIRECTORS' DECLARATION
The directors of the Group declare that:
1.
The financial statements and notes, as set out on pages 27 to 60, are in accordance with the Corporations Act 2001
and:
(a) comply with International Financial Reporting Standards and Corporations Regulations 2001; and
(b) give a true and fair view of the financial position as at 30 June 2013 and of the performance for the year ended on
that date of the Group;
2.
3.
4.
In the directors' opinion, there are reasonable grounds to believe that the Group will be able to pay its debts as and
when they become due and payable.
The remuneration disclosures included in the Directors' Report (as part of the audited Remuneration Report), for the
year ended 30 June 2013, comply with Section 300A of the Corporations Act 2001, and
the Directors have been given the declarations by the chief executive officer and chief financial officer pursuant to
Section 295(5) of the Corporations Act 2001.
This declaration is made in accordance with a resolution of the Board of Directors.
Director ..................................................................
Dated
61
26 September 2013 We have audited the accompanying financial report of Genesis Minerals Limited (“the
Company”) and Controlled Entities (“the Consolidated Entity”), which comprises the
consolidated statement of financial position as at 30 June 2013, and the consolidated
statement of profit or loss and other comprehensive income, consolidated statement of
changes in equity and consolidated statement of cash flows for the year then ended,
notes comprising a summary of significant accounting policies and other explanatory
information, and the directors’ declaration of the Consolidated Entity, comprising the
Company and the entities it controlled at the year’s end or from time to time during the
financial year.
The directors of the Company are responsible for the preparation and fair presentation of
the financial report in accordance with Australian Accounting Standards and the
Corporations Act 2001 and for such internal control as the directors determine is
necessary to enable the preparation of the financial report that is free from material
misstatement, whether due to fraud or error. In Note 1, the directors also state, in
accordance with Accounting Standards AASB 101: Presentation of Financial Statements,
that the financial statements comply with International Financial Reporting Standards.
Our responsibility is to express an opinion on the financial report based on our audit. We
conducted our audit in accordance with Australian Auditing Standards. These Auditing
Standards require that we comply with relevant ethical requirements relating to audit
engagements and plan and perform the audit to obtain reasonable assurance whether
the financial report is free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and
disclosures in the financial report. The procedures selected depend on the auditor’s
judgment, including the assessment of the risks of material misstatement of the financial
report, whether due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the entity’s preparation and fair presentation of the
financial report in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of
the entity’s internal control. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of accounting estimates made by the
directors, as well as evaluating the overall presentation of the financial report.
We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion.
62
In conducting our audit, we followed applicable independence requirements of Australian professional ethical
pronouncements and the Corporations Act 2001.
In our opinion:
a. The financial report of Genesis Minerals Limited and Controlled Entities is in accordance with the
Corporations Act 2001, including:
i.
giving a true and fair view of the Consolidated Entity‘s financial position as at 30 June 2013 and of its
performance for the year ended on that date; and
ii.
complying with Australian Accounting Standards and the Corporations Regulations 2001;
b. The financial report also complies with International Financial Reporting Standards as disclosed in Note 1.
Without qualifying our opinion, we draw attention to Note 1 in the financial report which indicates that the
Consolidated Entity incurred a net loss of $2,952,294 during the year ended 30 June 2013. This condition,
along with other matters as set forth in Note 1, indicate the existence of a material uncertainty which may cast
significant doubt about the ability of the Consolidated Entity to continue as a going concern and 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.
We have audited the Remuneration Report included in directors’ report of the year ended 30 June 2013. The
directors of the Company are responsible for the preparation and presentation of the Remuneration Report in
accordance with section 300A of the Corporations Act 2001. Our responsibility is to express an opinion on the
Remuneration Report, based on our audit conducted in accordance with Australian Auditing Standards.
In our opinion, the Remuneration Report of Genesis Minerals Limited for the year ended 30 June 2013,
complies with section 300A of the Corporations Act 2001.
BENTLEYS
Chartered Accountants
DOUG BELL CA
Director
DATED at PERTH this 26th day of September 2013
63
GENESIS MINERALS LIMITED
ASX ADDITIONAL INFORMATION
Additional information required by Australian Stock Exchange Ltd and not shown elsewhere in this report is as follows. The information
is current as at 25 September 2013.
(a) Distribution of equity securities
Analysis of numbers of equity security holders by size of holding:
1
1,001
5,001
10,001
100,001
‐
‐
‐
‐
1,000
5,000
10,000
100,000
and over
The number of shareholders holding less than a marketable parcel of shares are:
(b) Twenty largest shareholders
The names of the twenty largest holders of quoted ordinary shares are:
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
INVESTMET LIMITED
MR DENIS JOHN REYNOLDS
WYLLIE GROUP PTY LTD
ARGONAUT EQUITY PARTNERS PTY LIMITED
MR MICHAEL GEORGE FOTIOS
WESTORIA RESOURCE INVESTMENTS LTD
ARGONAUT SECURITIES (NOMINEES) PTY LTD
PERSHING AUSTRALIA NOMINEES PTY LTD
DELTA RESOURCE MANAGEMENT PTY LTD
MR MICHAEL JOHN FOWLER + MRS FIONA LEE FOWLER
ARGONAUT INVESTMENTS PTY LTD
PERTH SELECT SEAFOODS PTY LTD
STATELINE INVESTMENTS PTY LTD
MRS CAMILLE DIANNE BROOKS
SCINTILLA STRATEGIC INVESTMENTS LIMITED
MR ADRIAN HILL
MR JASON LEONARD BOLADERAS
MR MICHAEL JOHN FOWLER + MRS FIONA LEE DIXON FOWLER CANNING VIEW
SUPER FUND A/C
MR ANDREW WILLIAM SPENCER
MONTANA REALTY PTY LTD
Ordinary shares
Number of holders
Number of shares
16
27
47
273
181
544
52
1,793
90,085
417,600
11,143,018
154,005,303
165,657,799
Listed ordinary shares
Number of shares
29,243,928
7,296,331
5,992,501
5,535,939
5,535,003
5,062,500
5,000,000
4,416,666
2,937,500
2,516,667
Percentage of
17.65
4.40
3.62
3.34
3.34
3.06
3.02
2.67
1.77
1.52
2,343,751
1,831,251
1,781,000
1,540,000
1,500,000
1,229,259
1,225,000
1,214,063
1,212,253
1,163,751
88,577,363
1.41
1.11
1.08
0.93
0.91
0.74
0.74
0.73
0.73
0.70
53.47
(c) Substantial shareholders
The names of substantial shareholders who have notified the Company in accordance with section 671B of the Corporations Act 2001
are:
Investmet Ltd
(d) Voting rights
All ordinary shares (whether fully paid or not) carry one vote per share without restriction.
Number of Shares
29,243,928
64
GENESIS MINERALS LIMITED
ASX ADDITIONAL INFORMATION
(e) Options
As at September 2013, the Company has a total of unlisted options as follows:
Number of Options
Number of Holders
Exercise Price
2,400,000
9,500,000
13,510,596
13,510,596
750,000
39,671,192
3
5
207
207
1
423
$0.31
$0.22
$0.15
$0.20
$0.12
Unlisted Option holder holding greater than 20% of a class of unlisted options
Expiry Date
30/11/2013
31/12/2014
01/03/2014
01/03/2015
30/11/2015
Unlisted Options Exercisable at $0.31 expiring on 30/11/2013
No of Options Held
% Held
Mr M Fowler
Mr M Haynes
1,500,000
500,000
63%
21%
Unlisted options exercisable at $0.22 expiring on 31/12/2014
No of Options Held
% Held
Mr M Delaney
Mr M Fowler
Mr M Fotios
4,000,000
2,000,000
2,000,000
Unlisted Options exercisable at $0.15 expiring on 01/03/2014
No of Options Held
Investment Pty Ltd
6,458,381
Unlisted Options exercisable at $0.20 expiring on 01/03/2015
No of Options Held
Investment Pty Ltd
6,458,381
Unlisted Options exercisable at $0.12 expiring on 30/11/2015
No of Options Held
Mr S Mandujano
750,000
42%
21%
21%
% Held
48%
% Held
48%
% Held
100%
65
GENESIS MINERALS LIMITED
ASX ADDITIONAL INFORMATION
(f) Schedule of interests in mining tenements
Project
Cerro Verde
Cerro Verde
Cerro Verde
Cerro Verde
Cerro Verde
Cerro Verde
Cerro Verde
Cerro Verde
Cerro Verde
Cerro Verde
Cerro Verde
Cerro Verde
Cerro Verde
Cerro Verde
Cerro Verde
Cerro Verde
Cerro Verde
Cerro Verde
Cerro Verde
Cerro Verde
Cerro Verde
Cerro Verde
Cerro Verde
Cerro Verde
Cerro Verde
Cerro Verde
Cerro Verde
Cerro Verde
Cerro Verde
Cerro Verde
Cerro Verde
Cerro Verde
Cerro Verde
Cerro Verde
Cerro Verde
Cerro Verde
Cerro Verde
Cerro Verde
Cerro Verde
Cerro Verde
Cerro Verde
Las Opeñas
Las Opeñas
Las Opeñas
Las Opeñas
Las Opeñas
Las Opeñas
Las Opeñas
Las Opeñas
Las Opeñas
Las Opeñas
Poncha
Poncha
Country
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Argentina
Argentina
Argentina
Argentina
Argentina
Argentina
Argentina
Argentina
Argentina
Argentina
Argentina
Argentina
Tenement ID
AGUA AMARILLA
VISCACHA
LINDEROS
SERENA
COQUIMBANA
SIERRALTA
MERCEDITAS
SANTA FE
PIMIENTA 1 al 2
TIFUCA
VISCACHITA 2/7
VISCACHITA II
MEJICANA
ESPINA DE UNA FLOR
JORGE IGNACIO 1‐4
MARIA INES
NUEVA ESPERANZA
NUEVA FARELLON 1‐3
SAN JOSE
BUENOS AIRES
RINCON 3‐5
GUIAS
VIRGEN 7 1 ‐ 60
SARA I/II
CARMEN
CATALINA 1 1‐220
CATALINA 2 1‐278
CATALINA 3 1‐149
CATALINA 4 1‐60
CATALINA 5 1‐60
CATALINA 6 1‐40
CATALINA 7 1‐40
CATALINA 8 1‐15
CATALINA 9
CATALINA 10
CATALINA 11
CATALINA 12
CATALINA 13
CATALINA 14
CATALINA 15
CATALINA 16
Gladys Natalia
San Antonio
Nancy Noemi
San Judas Tadeo
Lila
Patrocino
San Jose
Vega Redonda
Melinda
Colanguil
National Roll Number
032010397‐5
032011066‐1
032011094‐7
032011205‐2
032010394‐0
032011206‐0
032011546‐9
032011220‐6
032011474‐8
032010262‐6
032010248‐0
032012081‐0
032011780‐1
032010585‐4
032011113‐7
032011753‐4
032010524‐2
032011024‐6
032010459‐9
032010124‐7
032011760‐7
032010320‐7
032016975‐5
032030073‐8
032010935‐3
032017287‐K
032017289‐6
032017288‐8
032018779‐6
032018780‐K
032018781‐8
032018782‐6
032018783‐4
03201E263‐0
03201E264‐9
03201E265‐7
03201E266‐5
03201E267‐3
03201E268‐1
03201E269‐K
03201E284‐3
194.459‐A‐81
295.240‐E‐89
194.265‐H‐81
14‐BIS‐H‐46
184.171‐H‐82
306.498‐P‐88
306.499‐P‐88
1124.354‐H‐07
306.492‐H‐88
1249‐T‐05
1467‐M‐05
0483‐R‐95
Status
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Pending
Pending
Pending
Granted
Pending
Pending
Pending
Pending
Pending
Granted
Granted
Granted
Equity
RTE 100%
RTE 100%
RTE 100%
RTE 100%
RTE 100%
RTE 100%
RTE 100%
RTE 100%
RTE 100%
RTE 100%
RTE 100%
RTE 100%
RTE 100%
RTE 100%
RTE 100%
RTE 100%
RTE 100%
RTE 100%
RTE 100%
RTE 100%
RTE 100%
RTE 100%
RTE 100%
RTE 100%
RTE 100%
RTE 100%
RTE 100%
RTE 100%
RTE 100%
RTE 100%
RTE 100%
RTE 100%
RTE 100%
RTE 100%
RTE 100%
RTE 100%
RTE 100%
RTE 100%
RTE 100%
RTE 100%
RTE 100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
RTE 100%
RTE 100%
66