GREENVALE ENERGY LIMITED
A.B.N. 54 000 743 555
2019
ANNUAL REPORT
GREENVALE ENERGY LIMITED
A.B.N. 54 000 743 555
TABLE OF CONTENTS
Corporate Directory
Chairman’s Letter
Review of Operations
Corporate Governance
Directors’ Report
Auditor’s Independence Declaration
Consolidated Statement of Comprehensive Income
Consolidated Statement of Financial Position
Consolidated Statement of Changes in Equity
Consolidated Statement of Cash Flows
Notes to the Consolidated Financial Statements
Directors’ Declaration
Independent Auditor’s Report
Tenement schedule
Additional Statutory Information
2
3
4
15
29
38
39
40
41
42
43
62
63
66
67
1 | G R V – A n n u a l R e p o r t 2 0 1 9
GREENVALE ENERGY LIMITED
A.B.N. 54 000 743 555
CORPORATE DIRECTORY
Directory
DIRECTORS
Elias (Leo) Khouri (Chairman)
Justin Dibb (Non-Executive Director)
Phillip Shamieh (Non-Executive Director)
Stephen Gemell (Non-Executive Director)
Vincent John Fayad (Executive Director)
COMPANY SECRETARY
Vincent John Fayad
REGISTERED OFFICE
Suite 6, Level 5, 189 Kent Street
Sydney, NSW, 2000
Ph: +61 (2) 8046 2799
SHARE REGISTRY
Link Market Services
Level 12, 680 George Street
Sydney NSW 2000
Ph: +61 (2) 8280 7111
Fax: +61 (2) 9287 0303
AUDITORS
RSM Australia Partners
Level 13, 60 Castlereagh Street
Sydney NSW 2000
STOCK EXCHANGE
Australian Securities Exchange
Level 40, Central Park
152-158 St Georges Terrace
Perth, WA 6000
ASX CODE
GRV
2| G R V – A n n u a l R e p o r t 2 0 1 9
GREENVALE ENERGY LIMITED
A.B.N. 54 000 743 555
CHAIRMAN’S LETTER
C
Dear Fellow Shareholders
I am pleased to write to you as Chairman of Greenvale Energy Limited (“Greenvale” or “the Company”).
During the financial year, the Company via its technical expert, SRK continued to undertake work on its Alpha
Resources Project. Full details of those activities have been detailed in the Review of Operations. SRK’s review
has revealed that estimate the potential extractable oil for the Alpha Deposit lower seam for each of the
proposed well paths intersecting the lower seam to be a low of 9.2 to high of 21.6, with a best of 15.4 MMBls.
These result whilst encouraging do not indicate that the Alpha Resources Project is likely to be a Company maker.
However, technical work program commitments are being met in order to achieve maximum value for
shareholders.
I would draw shareholders attention to the comments under the hearing “Events Subsequent to Reporting Date”
where the Company will be lodging an application with the Department of Mines in Queensland to reduce its
current year expenditure commitments pending its receipt of its laboratory tests to assess its next phase of work
on the tenements. These results and subsequent analysis will be important from the Company’s next phase of
work to be undertaken on the Alpha Resources Project.
As noted in last year’s annual report, the Board was committed to diversifying its interests outside of the Alpha
Resources Project, particularly having regard to the level of resource assessed by SRK. After an exhaustive
process of considering a number of potential acquisitions and investments, on the 18th February 2019 the
Company completed its investment in a private company called Greenvale Gold Basin Pty Ltd, which the
Company owns 50.01% (Greenvale Gold Basin). Greenvale Gold Basin has a right to earn-in 50.1% in the Gold
Basin Project, located in Arizona USA, following the delivery of a JORC (2012) Resource estimate. Work
commenced on this project immediately after the acquisition and a drilling program consisting of 8000 feet of
reverse circulation drilling was undertaken. This work was completed on 8 April 2019. All assays have been
received and the Resource estimate is almost complete and expected.
Your Board is excited about the potential of the Gold Basin project and is currently assessing the next steps in
its development and will update shareholders as soon as a decision is made. In addition, under the terms of the
investment in the joint venture entity, Greenvale has the right to acquire the other 49.9% interest for either cash
or shares based on an agreed valuation with the other shareholders of the Greenvale Gold Basin. A final decision
on this investment will not be made until Greenvale has fully reviewed the Maiden JORC Resource.
In order to take the Company forward, a capital raising is currently proposed in order to fund its activities.
Further details of this capital raising is expected to take place shortly.
As noted in last year’s annual report, Michael Povey resigned as a Director of the Company. I also welcome
Steve Gemell to the Board. Steve brings with him many years of technical expertise which will be invaluable to
the Company.
Finally, I would like to thank shareholders for their continued support of the Company.
Yours sincerely
Elias (Leo) Khouri
Chairman
19th September 2019
3| G R V – A n n u a l R e p o r t 2 0 1 9
GREENVALE ENERGY LIMITED
A.B.N. 54 000 743 555
REVIEW OF OPERATIONS
Operations
Alpha Oil Shale Deposit
Tenement details
Set out below is the tenement ownership and their status as at 30 June 2019:
Table 1: Summary of Tenement Ownership and Status
Tenement
MDL 330
Madre North EPM 25795
Madre North EPM 25792
Percentage
ownership
99.99%
-
-
Owned by
Status
Alpha Resources Pty Ltd Current to 1 February 2022
Alpha Resources Pty Ltd Surrendered 19 October 2018
Alpha Resources Pty Ltd Surrendered 19 October 2018
Location
The Alpha Oil Shale Project is located about 50 km south of the town of Alpha, Queensland. Hutton (1996)
recognised the Alpha oil shale deposit as one of the smaller deposits with respect to total resources, but the
very high yields from the torbanite compensate for this. On a weight for weight basis, one tonne of Alpha
torbanite produces at least four times the volume of oil from one tonne of Rundle or Stuart oil shale and at
least seven times the oil from one tonne of Julia Creek oil shale. One tonne of cannel coal produces
approximately the same volume of oil as one tonne of Rundle or Stuart oil shale and slightly more oil than
one tonne of Julia Creek oil shale.
Figure 1 and Table 1 below sets out the location of the Alpha Oil Shale Project:
The Alpha Oil Shale deposit consists of two seams: an upper seam of cannel coal and a lower seam of cannel
coal containing a lens of torbanite. Alpha deposit consists of an upper cannel coal seam with an average
thickness of 1.12 m and lower cannel coal seam with a torbanite lens, with an average thickness of up 1.9
m. The torbanite has high oil shale yield resulting from the accumulation of algal remains. Cannel coal is
another type of oil shale derived from the accumulation of plant remains and the source of the oil is from
preserved spores, plant resin and cuticles.
4| G R V – A n n u a l R e p o r t 2 0 1 9
Figure1: Location of Alpha Project (MDL330) and EPM licence areas
GREENVALE ENERGY LIMITED
A.B.N. 54 000 743 555
REVIEW OF OPERATIONS
In situ production has the potential to significantly lower production costs as it will mean there is no need
to mine the shale.
Past activities
Over the last 75 years the area has been explored by numerous parties over that period. As a result, significant
exploration data is available from within MDL 330 and includes:
•
•
•
68 holes with total cumulative depth of 3,251.9m;
down-hole geophysical logging on 26% of the holes; and
192 oil shale sample analyses.
Activities undertaken during the year
During the year, SRK continued to undertake a comprehensive and detailed review of all the available
information on the Alpha oil shale project for the purposes of assessing production levels of the project.
Following the completion of an Independent Geological Report (IGR) in 2018, SRK has determined a Prospective
Resource (un-risked) under the Petroleum Resource Management System (PRMS, 2007), as shown in Table 2
below.
Table 2: Low, Mid (most likely) and High estimated in situ oil volumes, and overburden depths of the Alpha
Project Cannel Coal and Torbanite within MDL330 as at 20 March 2018
Depth of
overburden
(m)·
Area·(km2)
Lower
Upper
Oil
Mid (Bbls)
Lower Seam
Cannel coal
Mid (Bbls)
Torbanite
Mid (Bbls)
Upper Seam
Mid (Bbls)
0-25
25-50
50-70
75-100
2.76
2.85
2.00
1.10
0.00
1.63
0.23
0.16
15,263,688
3,845,353
11,418,334
0
10,396,342
7,311,048
3,085,293
1,806,633
3,466,120
3,190,833
275,288
1,921,683
1,921,683
0
496,983
94,479
Lower Seam
Oil
Mid (Bbls)
Cannel coal
(Bbls)
Torbanite
(Bbls)
Upper Seam
(Bbls)
Estimated volumes
Low
(MMBbls)
Mid
(MMBbl)s
High
(MMBbls)
31,047,832
16,268,917
14,778,915
2,395,095
Estimated in situ Total Mid Resource MDL330
33,442,928
25.1
Bbls
33.4
50.2
Note:
In situ - No losses or recovery factors applied, available data documentation and usage required.
Prospective Resource (un-risked) 99.99% attributable to the Company.
Much historical pyrolysis data is available for oil shales and this information looks applicable to the Alpha
deposit. Hydrous pyrolysis experiments using Green River shale have demonstrated products much more
like natural petroleum than produced by conventional shale oil retorting. Slower heating rates and
increased pressure generate more petroleum-like shale oil. Slow generation over a 12-month period
requires very little RF energy input once the initial heating of the kerogen has been achieved, usually in the
first one to three months. Burnham (2003) reported the effect of heating rate and pressure on oil yields
showing that slower heating at higher pressures increased Fischer oil yields significantly.
SRK has also reviewed the Alpha Deposit mapping for the in-situ production plan. The topography and drill
holes covering the Alpha deposit are shown on Figure . A proposed field development plan (FDP) is
presented in Figure . The measured oil yields from the Alpha deposit lower seam are shown in Figure 2.
Modified Fischer assays for 145 ply samples of torbanite from 28 holes gave values ranging from 200 to
650 litres per tonne (l/tonne) with an average of 420 l/tonne. The average yield is almost 3 barrels of oil
per tonne of shale.
5| G R V – A n n u a l R e p o r t 2 0 1 9
GREENVALE ENERGY LIMITED
A.B.N. 54 000 743 555
REVIEW OF OPERATIONS
The lower seam structure contours showing depth of burial to the top of the lower seam increasing to the
southwest in MDL 330 are shown in Figure 4.
A proposed lateral well FDP to determine the production that can potentially be achieved from the defined
Resource is shown in Figure 5 and 6 . Figure shows the lower seam isopach (m) and Figure the oil yield
based on Fisher assays (l/tonne).
Figure 2:Topographic data covering the Alpha torbanite deposit Source: SRK
6| G R V – A n n u a l R e p o r t 2 0 1 9
GREENVALE ENERGY LIMITED
A.B.N. 54 000 743 555
REVIEW OF OPERATIONS
Figure 3:Measured oil yields from drill holes in the Alpha torbanite deposit lower seam
Source: SRK
Figure 4:
The lower seam structure contours showing depth of burial to the top of the lower
seam in MDL 330
Source SRK
7| G R V – A n n u a l R e p o r t 2 0 1 9
GREENVALE ENERGY LIMITED
A.B.N. 54 000 743 555
REVIEW OF OPERATIONS
Figure 5: FDP proposed wells (22 in total) overlain on a lower seam isopach map
Source: SRK
Figure 6:
Proposed FDP to review the potential for extractable oil resources in MDL330
overlain on oil yield map (l/tonne)
Source: SRK
8| G R V – A n n u a l R e p o r t 2 0 1 9
GREENVALE ENERGY LIMITED
A.B.N. 54 000 743 555
REVIEW OF OPERATIONS
Up to 30 June 2019, SRK continued to assess the applicability of in situ RF microwave stimulation to produce oil
from the lower seam comprising cannel coal and the Alpha torbanite. The suitability of the RF stimulation to
produce hydrocarbons from the torbanite has been previously assessed. However, the applicability of RF
extraction from the cannel coal has not at this stage been established.
During the year, SRK also undertook a field visit to the site located about 50 km south of Alpha, Queensland, to
sample torbanite for test analyses during the last quarter. The location access is via Port Wine Road to Mt
Surprise. SRK has completed initial sampling of torbanite and cannel coal to help confirm the insitu production
characteristics and production potential of microwave digestion and understand how the production will
compare to Fischer assays and historical measured oil recoveries. This work should enable estimation of
Contingent Resources and implementation of the forward plan.
Statement of Resources and Reserves
At this time, no statement of Resources and Reserves has been possible as the data is partially out-dated, poorly
preserved and often incomplete. For this reason, it was reclassified as an Exploration Target in terms of the JORC
Code 2012. Subsequently SRK undertook an evaluation of the Resource under PRMS which is probability based.
SRK’s estimate is equivalent to a Prospective Resource (un-risked) under PRMS (2007).
Statement of Significant Mineralization
SRK’s estimate of the Estimated Recoverable Reserves within MDL330 are shown in the Table 4 below:
Table 4: Total potential production from the proposed FDP Alpha Deposit lower seam MDL 330
OOIP – original oil in place (in the form of kerogen); MMBL Millions of barrels
Source SRK
Competent Person Statement
The information in this announcement is based on and fairly represents information and supporting
documentation prepared by Dr Bruce McConachie a Competent Person who is a Member of The
Australasian Institute of Mining and Metallurgy, the Society of Petroleum Engineers and the American
Association of Petroleum Geologists. Dr McConachie consents to the inclusion in this annual report of the
matters based on his information in the form and context in which it appears.
Gold Basin Project
Tenement details
The Gold Basin Project is comprised of two types of mineral holdings, namely: 5 mineral rights and 290
unpatented mining claims covering a total area of 30 km2.
Location
The Gold Basin project lies approximately 110 kilometres south-east of Las Vegas, Nevada as shown in Figure 7
below:
9| G R V – A n n u a l R e p o r t 2 0 1 9
GREENVALE ENERGY LIMITED
A.B.N. 54 000 743 555
REVIEW OF OPERATIONS
Figure 7: Location of Arizona Gold project
The Gold Basin licence area sits on a major NW-trending regional shear zone controlling the distribution of
large porphyry copper deposits in northern Arizona and numerous precious metals deposits in western
Nevada. The dominant structures are a north to northwest trending series of detachment faults.
Figure 8 : Main Structural Corridor Nevada-Arizona
The main geological units consist of Precambrian gneiss and Tertiary sediments that host a district-scale,
low-sulphidation epithermal gold system of Tertiary age that is localized at the intersection of low-angle
detachment faults with high-angle "feeder" faults.
10| G R V – A n n u a l R e p o r t 2 0 1 9
GREENVALE ENERGY LIMITED
A.B.N. 54 000 743 555
REVIEW OF OPERATIONS
Figure 9 shows one historical drill section where multiple high-grade sub vertical feeder veins have been
intersected. These intersections were never followed up.
Figure 9: Historical drill section showing high grade gold intersections (RED numbers showing gold in grams per tonne)
Past explorers were constrained by controlling only one part of the property and/or having access to only
part of the data and were adversely affected by thick post-mineral cover and insufficient sub-surface data.
The extensive historical dataset containing over 20,000 surface samples and 40,000m of drilling has only
recently been collated and combined into a single archive and subsequently evaluated at the drill hole to
district scales using a GIS platform.
New interpretations of this collated data and field mapping has identified that the major, high-angle
"feeder" structures that have cut and mineralised a stacked sequence of sub-horizontal detachment faults
as the prime gold mineralisation targets. This new structural model has the potential for near surface multi-
million ounce deposits. The new exploration targets focus on the large structural intersections identified
by surface anomalies and widely spaced drill intercepts.
11| G R V – A n n u a l R e p o r t 2 0 1 9
GREENVALE ENERGY LIMITED
A.B.N. 54 000 743 555
REVIEW OF OPERATIONS
Figure 10: Gold Basin Historical Drilling Results
The Gold Basin deposit closely resembles the open pit, heap leach Briggs gold deposit in SE California mined
by Canyon Resources in the 1990s (738,000 oz @ 1.07 g/t) with respect to host rocks, structure, and style
of mineralization. In addition, it is the same age of mineralization as the nearby Oatman District (2 million
oz historic production) and the open pit, heap leach Castle Mountain gold deposit (15 million ounces @
1.24 g).
Transaction terms
Greenvale Gold Basin Pty Ltd (GGB) is an entity which is 50.1% owned by GRV’s wholly owned subsidiary,
Greenvale Gold Pty Ltd (Greenvale Gold) and the other 49.1% is owned by New England Metals Pty Ltd
(NEM). GGB has invested $550,000 for its 50.01% shareholding and NEM has transferred the rights to a
farm-in arrangement with a company known as Aurum Exploration Inc (Aurum). NEM has received a
49.99% shareholding in GGB in exchange for its farm-in rights.
The key terms shareholders’ agreement between Greenvale Gold and NEM in relation to GGB are as follows:
• Greenvale Gold is to have 2 directors and NEM 1 director. Decisions are simple majority, with the
exception of certain matters. The matters that require unanimous approval, include changes to
the constitution, changes to the number of directors, entering into debt facilities and related party
transactions. They do not include ongoing operational or funding matters;
• Greenvale Gold is to have the right to acquire NEM shareholding in GGB for cash or shares (at its
election) and such right is to be 90 days after the maiden mineral resource estimate under the JORC
Code (Resource) is issued. A 90 day extension period may be obtained by Greenvale Gold. The
amount payable is to be 1.75% of the 30 day average gold price multiplied by the Resource
(Inferred or Indicated category);
“TAG” and “Drag” along provision to apply and any new shares that are to be issued by GGB due to
funding needs are to be subject to fair valuation principles so that any dilution is done equitably.
•
12| G R V – A n n u a l R e p o r t 2 0 1 9
GREENVALE ENERGY LIMITED
A.B.N. 54 000 743 555
REVIEW OF OPERATIONS
50.01% in a new company (New Co) the owner of the Gold Basin mining claims
As noted above, NEM has assigned the farm-in rights under a Principal Agreement into the Gold Basin
project with Aurum. These rights were owned by a related entity of NEM (Centric Minerals Management
Pty Ltd or Centric).
Under the Principal Agreement, NEM/Centric had up to 31 March 2019 in which to achieve a maiden JORC
reserve. However, this agreement has been varied to allow the period to be extended provided Centric
provides a confirmation that drilling has commenced before 31 March 2019 (Deed of Variation) and which
had been confirmed. Assuming that the maiden JORC resource is achieved, other matters agreed in relation
to the advancement of the Gold Basin project to in the Deed of Variation are:
• Aurum will be required to transfer its mining claims to New Co for a 49.9% shareholding and GGB will
be the other 50.1% shareholder;
• GGB are to have two directors and Aurum one director;
•
pre-emptive rights over the other parties shares; and
•
all decisions (including funding raising and dilution) are to be made by simple majority by the Board.
Royalty to Centric
As part of the arrangement, Centric will receive a 1% royalty for all output from the Gold Basin project. The
royalty is payable on gross revenues, less a deduction for taxes and bad debts.
Technical manager
Centric was appointed technical manager for the Gold Basin Project.
Activities undertaken during the year
Upon completion of the acquisition of the Gold Basin project, a drilling program consisting of 8,000 feet
(approx. 2,500m) of reverse circulation (RC) drilling was undertaken and completed on 8 April 2019. A
total of 33 holes were completed. All samples (totalling 1,772) were submitted to ALS Global in Reno for
assay and geological logs testing to be incorporated into the JORC Resource.
As announced in April 2019, the drilling showed that there were major structures which provided a good
opportunity for the discovery of shallow gold over considerable widths. The holes were drilled within close
proximity (within 100m) of the main Cyclopic NW Fault and have intersected gold mineralisation over good
widths with grades within expected ranges.
The major NW Trending Regional Cyclopic Fault was tested along a strike length of 950m with 9 out of 10
holes returning gold mineralisation over significant intervals and adequate grades for this style of oxide
gold deposit. A number of holes have intersected multiple stacked mineralised detachment planes.
The key highlights included reasonable high grades at shallow levels:
• 12.2m @ 1.47 g/t gold from 12.2m in hole CNW-16-6
• 29m @ 0.57 g/t gold from 16.8m in hole CNW-16-6A (including. 9m @ 1.05 g/t Au from 16.8m)
• 19.8 m @ 0.90 g/t gold from 10.7m in hole CNW-16-7 (Incl. 6.1m @ 1.62 g/t gold from 22.9m)
• 13.7m @ 0.88 g/t gold from 27.4m in hole CNW-16-31
• 44.2m @ 0.30 g/t gold from CNW 16-32
Full details of the results can be found in the announcement dated 17 June 2019.
13| G R V – A n n u a l R e p o r t 2 0 1 9
GREENVALE ENERGY LIMITED
A.B.N. 54 000 743 555
REVIEW OF OPERATIONS
Competent Person Statement
The information in this report that relates to Exploration Results for the Gold Basin Property is based on
information compiled by Charles Straw, a Director of Centric Minerals Management Pty Ltd. Mr Straw is a
member of the Australasian Institute of Mining and Metallurgy and has sufficient experience which 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 under the 2012 Edition of the ”Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr. Straw consents to the inclusion
in this announcement of the matters based on his information in the form and context in which it appears.
Corporate Matters
Strategic direction and acquisitions
The Company continues to monitor a number of potential acquisitions in the exploration sector to assist in its
quest to diversify it risks.
Cash management
The Company continues to invest its funds in exploration activities for both the Alpha Resource Project and the
Gold Basin Project and therefore has reduced its cash management activities.
Board changes
During the year, the following board changes were occurred:
• 6th August 2018, resignation of Mr Michael Povey; and
• 1 June 2019, appointment of Stephen Gemell.
Risks
The Company is subject to a number of risks, including but not limited to the following:
•
exploration risks – there is no guarantee that the exploration activities of the Company will result in the
location of resource for sale;
there is no guarantee that the Company will achieve JORC standard on its project;
technological risk – even if resource is found, there is no guarantee that the processing of the resource
will be able to occur;
sufficient volume for commercialisation – there is no guarantee that an economic level of resource will
be found;
changes in oil and gold prices – there is no guarantee that the oil or gold prices will remain at the current
levels;
further decline in oil prices, will affect the economic value of the Alpha Resources project;
loss of key personnel – the loss of key personnel may affect the commercialisation of the project; and
funding risk – the commercialisation of the project is dependent upon significant funding, none of which
can be assured by the Company.
•
•
•
•
•
•
•
Elias Khouri
Chairman
Dated at Sydney this 19th day of September 2019.
14| G R V – A n n u a l R e p o r t 2 0 1 9
GREENVALE ENERGY LIMITED
A.B.N. 54 000 743 555
CORPORATE GOVERNANCE
Governance
The Board recognises the importance of establishing a comprehensive system of control and accountability as
the basis for the administration of corporate governance.
To the extent relevant and practical, the Company has adopted a corporate governance framework that is
consistent with The Corporate Governance Principles and Recommendations (4th Edition) as published by ASX
Corporate Governance Council (“Recommendations”).
The Board has adopted the following suite of corporate governance policies and procedures which are available
on the Company’s website at www.greenvaleenergy.com.
•
•
•
•
•
•
•
•
•
•
•
Board Charter
Procedures for Selection and Appointment of Directors
Code of Conduct
Securities Trading Policy
Audit Committee Charter
Continuous Disclosure Policy
Shareholder Communication Policy
Risk Management and Internal Compliance and Control
Performance Evaluation Procedures
Remuneration Committee Charter
Nomination Committee Charter
The Board is committed to administering the policies and procedures with openness and integrity, pursuing the
true spirit of corporate governance commensurate with the Company's needs.
The Company is pleased to report that its practices are largely consistent with the Recommendations of the ASX
Corporate Governance Council and sets out below its compliance and departures from the Recommendations
for the financial year ended 30 June 2019.
In light of the Company’s size and nature, the Board considers that the current corporate governance regime is
a fit-for-purpose, efficient, practical and cost-effective method of directing and managing the Company. As the
Company’s activities develop in size, nature and scope, the implementation of additional corporate governance
policies and structures will be reviewed.
15| G R V – A n n u a l R e p o r t 2 0 1 9
GREENVALE ENERGY LIMITED
A.B.N. 54 000 743 555
CORPORATE GOVERNANCE
PRINCIPLES AND RECOMMENDATIONS
COMPLY
(YES/NO)
EXPLANATION
Principle 1: Lay solid foundations for management and oversight
Recommendation 1.1
A listed entity should have and disclose a
charter which sets out the respective roles
and responsibilities of the Board, the chair
and management;
a
description of those matters expressly
reserved to the Board and those delegated
to management.
includes
and
Recommendation 1.2
A listed entity should:
(a) undertake appropriate checks before
appointing a person, or putting
a
forward
candidate for election, as a Director;
and
security holders
to
(b) provide security holders with all
material information relevant to a
decision on whether or not to elect or
re-elect a Director.
Recommendation 1.3
A
listed entity should have a written
agreement with each Director and senior
executive setting out the terms of their
appointment.
Recommendation 1.4
The company secretary of a listed entity
should be accountable directly to the
Board, through the chair, on all matters to
do with the proper functioning of the
Board.
YES
YES
YES
YES
The Company has adopted a Board Charter which
complies with the guidelines prescribed by the ASX
Corporate Governance Council.
A copy of the Company’s Board Charter is available
on the Company’s website.
a) The Company undertakes appropriate checks
before appointing a person, or putting forward
to security holders a candidate for election, as a
Director, which includes at minimum a formal
face to face meeting, reference check and ASIC
search.
b) During the financial year, the shareholders of
the Company re-elected Mr Khouri and Mr
Shamieh as directors of the Company at the
annual general meeting held on 23 November
2018.
Each director and senior executive of the Company
is a party to a written agreement with the Company
which sets out the terms of their appointment.
The Company Secretary is accountable directly to the
Board, through the chair, on all matters to do with
the proper functioning of the Board.
16| G R V – A n n u a l R e p o r t 2 0 1 9
GREENVALE ENERGY LIMITED
A.B.N. 54 000 743 555
CORPORATE GOVERNANCE
PRINCIPLES AND RECOMMENDATIONS
COMPLY
(YES/NO)
EXPLANATION
Recommendation 1.5
A listed entity should:
(a) have a diversity policy which includes
NO
requirements for the Board:
(i)
to set measurable objectives for
achieving gender diversity; and
to assess annually both the
objectives and
the entity’s
progress in achieving them;
(ii)
(b) disclose that policy or a summary or it;
and
(c) disclose as at the end of each reporting
period:
(i)
the measurable objectives for
achieving gender diversity set
by the Board in accordance with
the entity’s diversity policy and
its progress towards achieving
them; and
(ii) either:
a.
b.
how
the
respective
proportions of men and
women on the Board, in
executive
senior
positions and across the
organisation
whole
the
(including
defined
has
entity
“senior executive” for
these purposes); or
the entity’s
“Gender
Equality Indicators”, as
the
defined
Workplace
Gender
Equality Act 2012.
in
in
this
regard
Council
involved
Given the current size of the Company, the Company
has not adopted a formal Diversity Policy as the
Board has determined that the benefits of the
initiatives recommended by the ASX Corporate
Governance
are
disproportionate to the costs
in the
implementation of such strategies. Further, given
the size of the Company, the setting of measurable
objectives are not likely to yield meaningful results in
the context of a company that only employs four
persons, being its Board, one of whom is also the
Company Secretary.
Instead, the Board has undertaken to adopt a
Diversity Policy in line with the recommendations of
the ASX Corporate Governance Council once the
Company employs a workforce of 20 or more people.
Whilst the Company’s workforce remains below this
threshold, the Board will continue to drive the
Company’s diversity strategies of the Company on an
informal basis and will apply the initiatives contained
in its Diversity Policy to the extent that the Board
considers relevant and necessary.
17| G R V – A n n u a l R e p o r t 2 0 1 9
GREENVALE ENERGY LIMITED
A.B.N. 54 000 743 555
CORPORATE GOVERNANCE
PRINCIPLES AND RECOMMENDATIONS
Recommendation 1.6
A listed entity should:
COMPLY
(YES/NO)
YES
(a) have and disclose a process
for
periodically
the
its
performance of
committees and individual Directors;
and
the Board,
evaluating
(b) disclose in relation to each reporting
period, whether a performance
evaluation was undertaken
in the
reporting period in accordance with
that process.
Recommendation 1.7
A listed entity should:
YES
(a) have and disclose a process
for
the
periodically
performance of its senior executives;
and
evaluating
(b) disclose in relation to each reporting
period, whether a performance
evaluation was undertaken
in the
reporting period in accordance with
that process.
EXPLANATION
Secretary)
a) The Nomination Committee (the function of
which is currently performed by the full Board,
excluding Mr Fayad who also acts as the
for
Company
evaluating the performance of the Board and
individual Directors on an annual basis. The
process for this is set out in the Company’s
Performance Evaluation Procedures policy
which is available on the Company’s website.
responsible
is
b) During
financial year,
the Company
the
its composition and
continually reviewed
Mr Stephen Gemell was
performance.
appointed as a Non-Executive Director during
the financial year to replace the technical
director’s role left by Mr Michael Povey. The
Board
size and
composition of the Board to be appropriate in
the context of the Company’s current size and
the nature and scale of its activities.
the existing
considers
a) The Remuneration Committee (the function of
which is currently performed by the full Board,
with the exception of Mr Fayad, who acts as the
for
Company
evaluating the performance of senior executives
on an annual basis in accordance with the
Company’s Performance Evaluation Procedures
policy.
responsible
Secretary)
is
b) During the financial year, the Board continually
monitored the performance review of the
Executive Director. The Company did not
employ any other senior executives during the
course of the year.
18| G R V – A n n u a l R e p o r t 2 0 1 9
GREENVALE ENERGY LIMITED
A.B.N. 54 000 743 555
CORPORATE GOVERNANCE
PRINCIPLES AND RECOMMENDATIONS
COMPLY
(YES/NO)
EXPLANATION
COMPLY (YES/NO)
a) Due to its size (5 members), the Board has
determined that the function of the Nomination
Committee is most efficiently carried out with
full board participation, with the exception of
Mr Fayad and accordingly, the Company has
elected not to establish a separate Nomination
Committee at this stage. As a result, the duties
that would ordinarily be assigned to the
Nomination Committee under the Nomination
Committee Charter are carried out by the full
board.
A copy of the Nomination Committee Charter is
available on the Company’s website.
b) The Board devotes time at annual Board
meetings to discuss Board succession issues. All
members of the Board are involved in the
the
Company’s nomination process,
to
the
maximum extent permitted under
Corporations Act and ASX Listing Rules.
Principle 2: Structure the Board to add value
Recommendation 2.1
The Board of a listed entity should:
YES
(a) have a nomination committee which:
(i)
(ii)
has at least three members, a
majority
are
independent Directors; and
of whom
is chaired by an independent
Director,
and disclose:
(iii)
(iv)
(v)
the charter of the committee;
the members of the committee;
and
as at the end of each reporting
period, the number of times the
committee met throughout the
period
individual
attendances of the members at
those meetings; or
and
the
(b) if it does not have a nomination
committee, disclose that fact and the
processes it employs to address Board
succession issues and to ensure that
the Board has the appropriate balance
of skills, experience,
independence
and knowledge of the entity to enable
it
its duties and
responsibilities effectively.
to discharge
Recommendation 2.2
A listed entity should have and disclose a
Board skill matrix setting out the mix of
skills and diversity that the Board currently
its
has or
membership.
looking to achieve
in
is
NO
The Board is comprised of directors with a broad
range of technical, commercial, financial and other
skills, experience and knowledge relevant to
overseeing the business of a junior exploration
company.
19| G R V – A n n u a l R e p o r t 2 0 1 9
GREENVALE ENERGY LIMITED
A.B.N. 54 000 743 555
CORPORATE GOVERNANCE
PRINCIPLES AND RECOMMENDATIONS
COMPLY
(YES/NO)
EXPLANATION
Recommendation 2.3
A listed entity should disclose:
YES
(a)
(a) the names of the Directors considered
independent
by the Board to be
Directors;
(b) if a Director has an interest, position,
association or relationship of the type
in Box 2.3 of the ASX
described
Corporate Governance Principles and
Recommendation (3rd Edition), but
the Board is of the opinion that it does
not compromise the independence of
the Director, the nature of the interest,
position, association or relationship in
question and an explanation of why
the Board is of that opinion; and
(c) the length of service of each Director
Recommendation 2.4
A majority of the Board of a listed entity
should be independent Directors.
YES
Recommendation 2.5
The Chair of the Board of a listed entity
should be an independent Director and, in
particular, should not be the same person
as the CEO of the entity.
PARTIALLY
The names of Directors considered by the
Board to be independent are as follows:
- Mr Dibb
- Mr Shamieh
- Mr Gemell
The Company’s Chairman, Mr Khouri, is not
considered to be
independent due to his
substantial shareholding in the Company. Mr
Fayad is also not considered to be independent
due to his executive role.
(b) The Board has determined the independence of
each of the Company’s Directors in line with the
guidance set out by the ASX’s Corporate
Governance Council and have not formed an
opinion contrary to those guidelines.
(c) The length of service of each Director is as
follows:
- Mr Khouri was appointed on 7 February
2011 and has served as a director for
approximately 8.5 years.
- Mr Fayad was appointed on 31 October
2014 and has served as a director for
almost 5 years;
- Messrs Dibbs and
Shamieh were
appointed on 3 March 2016 and have
served as directors for a period of
approximately 3.5 years;
- Mr Gemell was appointed on 1 June 2019
and has served as a director for less than
a year.
The Board is comprised of five board members, 60%
independent directors, with the
of which are
remaining 40% being non-independent. The Board
is, however, cognisant of the benefits of an
independent Board however, the Board is confident
it is able to effectively discharge its duties and
responsibilities with the existing structure in place.
The Company’s Chairman, Mr Khouri, is a substantial
shareholder of the Company which precludes him
from qualifying as an independent director under the
guidelines prescribed by
the ASX Corporate
Governance Council.
The Board considers Khouri to be the most
appropriate Director to act as Chairman.
20| G R V – A n n u a l R e p o r t 2 0 1 9
GREENVALE ENERGY LIMITED
A.B.N. 54 000 743 555
CORPORATE GOVERNANCE
COMPLY
(YES/NO)
YES
PRINCIPLES AND RECOMMENDATIONS
Recommendation 2.6
A listed entity should have a program for
inducting new Directors and providing
appropriate professional development
opportunities for continuing Directors to
develop and maintain the skills and
knowledge needed to perform their role as
a Director effectively.
EXPLANATION
The Company has adopted a program for the
induction of new directors which is tailored to each
their personal
new Director depending on
requirements, background skills, qualifications and
experience and includes the provision of a formal
letter of appointment and an
induction pack
containing sufficient information to allow the new
Director to gain an understanding of the business of
the Company and
roles, duties and
the
responsibilities of Directors and the Executive Team.
Principle 3: Act ethically and responsibly
Recommendation 3.1
A listed entity should:
YES
(a) have a code of conduct for
its
senior executives and
Directors,
employees; and
(b) disclose that code or a summary of it.
All Directors are encouraged to undergo continual
professional development and, subject to prior
approval by the Chairman, all Directors have access
professional
resources
to
development training to address any skills gaps
numerous
and
a) The Company has a Corporate Code of Conduct
that applies to its Directors, employees and
contractors.
b) The Company’s Corporate Code of Conduct is
available on the Company’s website.
21| G R V – A n n u a l R e p o r t 2 0 1 9
GREENVALE ENERGY LIMITED
A.B.N. 54 000 743 555
CORPORATE GOVERNANCE
PRINCIPLES AND RECOMMENDATIONS
COMPLY
(YES/NO)
EXPLANATION
Principle 4: Safeguard integrity in financial reporting
Recommendation 4.1
The Board of a listed entity should:
NO
(a) have an audit committee which:
(i)
(ii)
has at least three members,
all of whom are non-
executive Directors and a
majority of whom
are
independent Directors; and
is chaired by an independent
Director, who is not the chair
of the Board,
and disclose:
(iii)
(iv)
(v)
charter
the
committee;
of
the
the relevant qualifications
and experience of
the
members of the committee;
and
in relation to each reporting
period, the number of times
met
committee
the
throughout the period and
the individual attendances of
the members at
those
meetings; or
(b) if it does not have an audit committee,
disclose that fact and the processes it
employs that independently verify and
safeguard the integrity of its financial
reporting, including the processes for
the appointment and removal of the
external auditor and the rotation of
the audit engagement partner.
The Board has not established an audit committee as
it believes that, given the size of the board, no
efficiencies are derived from a formal committee
structure. Notwithstanding the non-existence of the
audit committee, ultimate responsibility for the
integrity of the Company’s financial reporting rests
with the full Board. All items that would normally be
dealt with by an audit committee are dealt with at
Board meetings. Such matters include:
(a) establishment and review of internal control
frameworks within the Company;
(b) review of the financial statements, annual
report and any other financial information
distributed to shareholders or other external
stakeholders;
(c) review of audit reports and any correspondence
from auditors, including comments on the
company’s internal controls;
(d) nomination of
the external auditor and
reviewing the adequacy of the scope and quality
of the annual audit and half year review; and
(e) monitoring compliance with the Corporations
Act, ASX Listing Rules and any other regulatory
requirements.
The full Board in its capacity as the Audit Committee
addressed these matters at meeting during the
reporting period. Details of the directors’ attendance
at the meetings are set out in the Directors ‘Report.
However, given that the Board comprises of three
out of five non-executive persons, it is believed
that an appropriate balance of independence is in
place for such a committee.
Details of each of the directors ‘qualifications are set
Out in the Directors ‘Report.
22| G R V – A n n u a l R e p o r t 2 0 1 9
GREENVALE ENERGY LIMITED
A.B.N. 54 000 743 555
CORPORATE GOVERNANCE
COMPLY
(YES/NO)
YES
EXPLANATION
that
the declaration provided
Prior to the execution of the financial statements of
the Company, the Board was provided with written
assurances
in
accordance with section 295A of the Corporations
Act was founded on a sound system of risk
management and internal control which is operating
effectively in all material aspects in relation to the
Company’s financial reporting risks.
PRINCIPLES AND RECOMMENDATIONS
Recommendation 4.2
the
entity’s
approves
The Board of a listed entity should, before
it
financial
statements for a financial period, receive
from its CEO and CFO a declaration that the
financial records of the entity have been
properly maintained and that the financial
statements comply with the appropriate
accounting standards and give a true and
fair view of the financial position and
performance of the entity and that the
opinion has been formed on the basis of a
sound system of risk management and
internal
is operating
effectively.
control which
Recommendation 4.3
A listed entity that has an AGM should
ensure that its external auditor attends its
AGM and is available to answer questions
from security holders relevant to the audit.
YES
Principle 5: Make timely and balanced disclosure
Recommendation 5.1
A listed entity should:
YES
(a) have a written policy for complying
disclosure
continuous
with
obligations under the Listing Rules;
and
its
(b) disclose that policy or a summary of it.
Principle 6: Respect the rights of security holders
Each year, the Company’s external auditor attends
its AGM (in person or by telephone) and is available
to answer questions from security holders relevant
to the audit.
With respect to the 2018 AGM held on 23 November
2018, the Company’s auditor, attended the meeting
and made himself available for questions.
a) The Company has adopted a Continuous
Disclosure Policy which details the processes
and procedures which have been adopted by
the Company to ensure that it complies with its
continuous disclosure obligations as required
under the ASX Listing Rules and other relevant
legislation.
b) The Continuous Disclosure Policy is available on
the Company’s website.
Recommendation 6.1
A listed entity should provide information
about itself and its governance to investors
via its website.
YES
Shareholders can access information about the
Company and
its
its governance
Constitution and adopted governance policies) from
the Company’s website on
the “Corporate
Governance” page.
(including
23| G R V – A n n u a l R e p o r t 2 0 1 9
GREENVALE ENERGY LIMITED
A.B.N. 54 000 743 555
CORPORATE GOVERNANCE
PRINCIPLES AND RECOMMENDATIONS
Recommendation 6.2
A listed entity should design and implement
an investor relations program to facilitate
effective two-way communication with
investors.
COMPLY
(YES/NO)
YES
Recommendation 6.3
A listed entity should disclose the policies
and processes it has in place to facilitate
and encourage participation at meetings of
security holders.
YES
Recommendation 6.4
EXPLANATION
The Company has adopted a Shareholder
Communications Policy which aims to promote and
facilitate effective two-way communication with
investors. The Strategy outlines a range of ways in
which information is communicated to shareholders,
including via its website, through announcements
released to the ASX, its annual report and general
meetings. Shareholders are also welcome to contact
the Company or its registrar, Security Transfer
Registrars, via email or telephone.
The Company’s
Strategy policy
website.
Shareholder Communications
is available on the Company’s
Shareholders are encouraged to participate at all
GMs and AGMs of the Company by written
statement contained in every Notice of Meeting sent
to shareholders prior to each meeting.
The Company accommodates shareholders who are
unable to attend GM’s or AGM’s in person by
accepting votes by proxy.
At each meeting, shareholders are invited by the
Chairman to ask questions of the Company’s
external auditor and the Board.
Shareholders are also given an opportunity to ask
questions on each resolution before it is put to the
meeting.
Any material presented to shareholders at the
meeting is released to the ASX immediately prior to
the commencement of the meeting for the benefit
of those shareholders who are unable to attend in
person. The Company also announces to the ASX the
outcome of each meeting immediately following its
conclusion.
A listed entity should give security holders
the option to receive communications
from, and send communications to, the
registry
and
entity
electronically.
security
its
YES
Shareholders have the option of electing to receive
all shareholder communications by e-mail and can
update their communication preferences with the
Company’s registrar at any time.
24| G R V – A n n u a l R e p o r t 2 0 1 9
GREENVALE ENERGY LIMITED
A.B.N. 54 000 743 555
CORPORATE GOVERNANCE
PRINCIPLES AND RECOMMENDATIONS
COMPLY
(YES/NO)
EXPLANATION
Principle 7: Recognise and manage risk
Recommendation 7.1
The Board of a listed entity should:
YES
(a) have a committee or committees to
oversee risk, each of which:
(i)
(ii)
has at least three members,
a majority of whom are
independent Directors; and
is chaired by an
independent Director,
and disclose:
(iii)
(iv)
(v)
the charter of the
committee;
the members of the
committee; and
as at the end of each
reporting period, the
number of times the
committee met throughout
the period and the
individual attendances of
the members at those
meetings; or
(b) if it does not have a risk committee or
committees that satisfy (a) above,
disclose that fact and the process it
employs for overseeing the entity’s
risk management framework.
a) Due to its size (5 members), the Board has
determined that the function of the Audit
Committee is most efficiently carried out with
full board participation (excluding Mr Fayad)
and accordingly, the Company has elected not
to establish a separate Audit Committee at this
stage.
As a result, the duties that would ordinarily be
assigned to the Audit Committee under the
Audit Committee Charter are carried out by the
full board. The qualification and experience of
all the members of each of the members is set
out in the Directors’ Report which is contained
within the Company’s annual report and also on
the Company’s website.
b) Not applicable.
25| G R V – A n n u a l R e p o r t 2 0 1 9
GREENVALE ENERGY LIMITED
A.B.N. 54 000 743 555
CORPORATE GOVERNANCE
PRINCIPLES AND RECOMMENDATIONS
COMPLY
(YES/NO)
EXPLANATION
Recommendation 7.2
The Board or a committee of the Board
should:
YES
that
itself
to satisfy
(a) review the entity’s risk management
framework with management at least
annually
it
continues to be sound, to determine
whether there have been any changes
in the material business risks the entity
faces and to ensure that they remain
within the risk appetite set by the
Board; and
(b) disclose in relation to each reporting
period, whether such a review has
taken place.
Recommendation 7.3
A listed entity should disclose:
(a) if it has an internal audit function, how
the function is structured and what
role it performs; or
(b) if it does not have an internal audit
function, that fact and the processes it
employs for evaluating and continually
improving the effectiveness of its risk
internal control
management and
processes.
Recommendation 7.4
A listed entity should disclose whether it
has any material exposure to economic,
environmental and social sustainability
risks and, if it does, how it manages or
intends to manage those risks.
in
a) The Company monitors, evaluates and seeks to
improve
internal
its risk management and
control processes in line with the processes set
Internal
its Risk Management and
out
Compliance and Control Policy, which requires
the Board
the
consider
continually
Company’s risk management framework.
A copy of the Company’s Risk Management and
Internal Compliance and Control Policy
is
available on the Company’s website.
to
In addition, the Company has a number of other
policies that directly or indirectly serve to
reduce and/or manage risk, including:
-
-
-
Continuous Disclosure Policy
Code of Conduct
Trading Policy
b) During the last financial year, the Company
undertook a review of its risk management
framework, reviewing the Company’s exposure
to material risks at its regular board meetings.
The Board was satisfied that it continues to be
sound, and that the material business risks
remain within the risk appetite set by the Board.
YES
Given the size of the Company, the Board had
determined that a formal internal audit function is
not required at this stage.
The Board regularly considers its exposures to risk on
an informal basis and remains satisfied that the
Company’s existing processes and controls are
operating effectively.
YES
The Company is exposed to environmental, political
and social sensitivities around the oil shale
extraction technologies.
Previously, a moratorium restricted the Company’s
ability to develop its oil shale tenements. Despite
having the moratorium
lifted, the Company’s
exposure to environmental and social sustainability
risks in this regard still remain.
26| G R V – A n n u a l R e p o r t 2 0 1 9
GREENVALE ENERGY LIMITED
A.B.N. 54 000 743 555
CORPORATE GOVERNANCE
PRINCIPLES AND RECOMMENDATIONS
COMPLY
(YES/NO)
EXPLANATION
Principle 8: Remunerate fairly and responsibly
Recommendation 8.1
The Board of a listed entity should:
YES
(a) have a
remuneration committee
which:
(i)
has at least three members, a
majority of whom
are
independent Directors; and
(ii)
is chaired by an independent
Director,
and disclose:
(iii)
(iv)
(v)
charter
the
committee;
the members
committee; and
of
the
of
the
as at
the end of each
reporting period, the number
of times the committee met
throughout the period and
the individual attendances of
the members at
those
meetings; or
that
function of
a) Due to its size (5 members), the Board has
the
the
determined
Remuneration Committee is most efficiently
carried out with full board participation,
excluding Mr Fayad and accordingly, the
Company has elected not to establish a separate
Remuneration Committee at this stage.
As a result, the duties that would ordinarily be
assigned to the Remuneration Committee
under the Remuneration Committee Charter
are carried out by the full board.
The Remuneration Committee Charter
available on the Company’s website.
is
b) The Board devotes time at annual Board
meetings to consider the performance and
remuneration of the Managing Director in line
with its Remuneration Policy to ensure that such
remuneration is appropriate and not excessive.
(b) if it does not have a remuneration
committee, disclose that fact and the
processes it employs for setting the
level
of
remuneration for Directors and senior
executives and ensuring that such
remuneration is appropriate and not
excessive.
composition
and
Recommendation 8.2
the
regarding
A listed entity should separately disclose its
the
policies and practices
remuneration of non-executive Directors
and
remuneration of executive
Directors and other senior executives and
the different roles and
ensure
responsibilities of non-executive Directors
compared to executive Directors and other
senior executives are reflected in the level
and composition of their remuneration.
that
YES
The Company’s policies and practices regarding the
remuneration of non-executive and executive
directors and other senior employees are set out in
its Remuneration Policy under the Remuneration
Committee Charter, a copy of which is available on
the Company’s website.
27| G R V – A n n u a l R e p o r t 2 0 1 9
GREENVALE ENERGY LIMITED
A.B.N. 54 000 743 555
CORPORATE GOVERNANCE
PRINCIPLES AND RECOMMENDATIONS
Recommendation 8.3
A listed entity which has an equity-based
remuneration scheme should:
(a) have a policy on whether participants
are
into
transactions (whether through the use
of derivatives or otherwise) which limit
the economic risk of participating in
the scheme; and
permitted
enter
to
(b) disclose that policy or a summary of it.
COMPLY
(YES/NO)
YES
EXPLANATION
The full board is responsible for considering and
approving, on a case by case basis, whether scheme
participants are permitted to enter into transactions
(whether through the use of derivatives or
limit the economic risk of
otherwise) which
in any equity-based remuneration
participating
schemes of the Company.
28| G R V – A n n u a l R e p o r t 2 0 1 9
GREENVALE ENERGY LIMITED
A.B.N. 54 000 743 555
DIRECTORS’ REPORT
The Directors present this report together with the financial report of Greenvale Energy Limited (“Greenvale”
or “the Company”) and its consolidated entities (the “Group”) for the year ended 30 June 2019 and the auditors’
report thereon.
DIRECTORS
The directors of the Company at any time during or since the end of the financial year are:
Elias Khouri (Chairman)
Justin Dibb (Non-Executive Director)
Phillip Shamieh (Non-Executive Director)
Vincent John Fayad (Executive Director)
Stephen Gemell (Non-Executive Director) – appointed 1 June 2019
Michael Povey (Non-Executive Director) – resigned 6 August 2018
COMPANY SECRETARY
Mr Vincent John Fayad held the position of Company Secretary at the end of the financial year. He was appointed
as the Company Secretary on 6 March 2016.
PRINCIPAL ACTIVITIES
The principal activity of the Group during the course of the year was mineral exploration activities in Queensland
and the review of suitable related technologies.
There were no significant changes in the nature of Greenvale’s principal activities during the financial year.
RESULT AND REVIEW OF OPERATIONS
The loss for the Group after income tax for the year amounted to $423,929 (2018: Loss of $425,941) and the net
assets of the Group at 30 June 2019 was $2,334,200 (2018: $2,208,339).
The loss for the year was impacted by various costs associated with the impairment of forfeited tenements EPM
25792 and EPM 25795 of $53,384.
DIVIDENDS
No dividends have been paid or declared since the end of the previous financial year to the date of this report.
EVENTS SUBSEQUENT TO REPORTING DATE
No matters or circumstances have arisen since the end of the financial year which significantly affected or could
significantly affect the operations of the Group, the results of those operations or the state of affairs of the
Group in future financial years. However, the Company has:
•
•
announced its intention to undertake a capital raising via a rights issue; and
lodged an application with the Department of Queensland Mines Department to reduce its current
year commitment from $310,000 to $120,000 on the basis that it is waiting for the results from ALS
Labs for the geochemical work for the torbanite and cannel coal analyses. These results will assist in
the determination of future work on the project. The outcome of the above application is not known
as at the date of this report.
29| G R V – A n n u a l R e p o r t 2 0 1 9
GREENVALE ENERGY LIMITED
A.B.N. 54 000 743 555
DIRECTORS’ REPORT
DIRECTORS’ MEETINGS
During the financial year, four meetings of directors were held. Attendance by each director was as follows:
Director
Board Meetings
Meetings attended
Meetings held whilst in
office
Mr Khouri
Mr Povey (resigned 6 August 2018)
Mr Fayad
Mr Dibb
Mr Shamieh
Mr Gemell (appointed 1 June 2019)
5
-
6
4
4
-
6
-
6
6
6
-
DIRECTORS’ INTERESTS
At 30 June 2019, the relevant interest of each director in the shares of the consolidated entity as notified by the
Directors to the Australian Securities Exchange in accordance with s.205G(1) of the Corporations Act at the date
of this report is as follows:
ORDINARY SHARES
FULLY PAID
OPTIONS
Mr Khouri
Mr Dibb
Mr Shamieh
Mr Povey (resigned 6 August 2018)
Mr Fayad
Mr Gemell (appointed 1 June 2019)
20,601,994
9,242,180
9,242,180
-
1,156,057
-
-
-
-
-
-
-
CORPORATE GOVERNANCE
In recognising the need for the highest standards of corporate behaviour and accountability, the directors of
Greenvale support and have adhered to the principles of Corporate Governance. Greenvale’s corporate
governance statement is contained in the Corporate Governance section of the financial report.
SIGNIFICANT CHANGES IN STATE OF AFFAIRS
Other than described elsewhere in this report, in the opinion of the directors, there were no significant changes
in the state of affairs of the consolidated entity that occurred during the financial year.
ENVIRONMENTAL REGULATIONS
The Group’s mineral exploration activities are subject to environmental regulations under Commonwealth and
State legislation. The Group is not aware of any activity that has taken place on the leases which would give rise
to any environmental issue. The consolidated group entity is not aware of any instances of non-compliance with
the legislative requirements during the period covered by this report.
30| G R V – A n n u a l R e p o r t 2 0 1 9
GREENVALE ENERGY LIMITED
A.B.N. 54 000 743 555
DIRECTORS’ REPORT
OPTIONS
No options were issued during the financial year and there are no unissued ordinary shares of the Company
under option at the date. The Company had 31,895,299 with exercise prices of $0.08 and $0.10 which lapsed
on the 31 August 2018.
FUTURE DEVELOPMENTS
Likely developments in the future of the operations of the Company and the Group in future years and the
expected results of those operations are referred to generally in the Chairman’s letter and the review of the
operations. There has been no exclusion of information which may be considered to be prejudicial to the
Company.
INDEMNIFICATION AND INSURANCE OF OFFICERS AND AUDITORS
The Group has not agreed to indemnify any director, officer or auditor against liabilities that may arise from
their position as director, officer or auditor of the Company except as follows:
The Company and Directors paid premiums based on normal commercial terms and conditions to insure all
Directors, officers and employees of the Company against the cost and expenses in defending claims against the
individual while performing services for the Company.
PROCEEDINGS ON BEHALF OF THE COMPANY
No person has applied for leave of court to bring proceedings on behalf of the Company or intervene in any
proceedings to which the Company is a party for the purpose of taking responsibility on behalf of the Company
or any part of those proceedings.
The Group was not a party to any such proceedings during the year.
NON-AUDIT SERVICES
Details of the amounts paid or payable to the auditor for non-audit services provided during the financial year
by the auditor are outlined in note 23 to the financial statements.
The directors are satisfied that the provision of non-audit services is compatible with the general standard of
independence for auditors imposed by the Corporations Act 2001. None of the services provided by the auditors
undermine the general principles relating to auditor independence as set out in APES 110 Code of Ethics for
Professional Accountants issued by the Accounting Professional and Ethical Standards Board, including reviewing
or auditing the auditor’s own work, acting in a management or decision-making capacity for the company, acting
as advocate for the company or jointly sharing risks economic risks and rewards. The nature and scope of each
type of non-audit service provide means that auditor independence has not been compromised.
OFFICERS OF THE COMPANY WHO ARE FORMER PARTNERS OF RSM AUSTRALIA PARTNERS
There are no officers of the company who are former partners of RSM Australia Partners.
31| G R V – A n n u a l R e p o r t 2 0 1 9
GREENVALE ENERGY LIMITED
A.B.N. 54 000 743 555
DIRECTORS’ REPORT
INFORMATION ON DIRECTORS & COMPANY SECRETARY
MR ELIAS (LEO) KHOURI
Chairman
Qualifications:
Experience and expertise
MR JUSTIN DIBB
Non-Executive Director
Experience
None.
Mr Khouri has been involved in international financial equity markets
since 1987 through his involvement in a wide range of companies listed
on the ASX, AIM, TSX, NYSE, NASDAQ, and/or the Frankfurt Stock
Exchange.
Through Mr Khouri’s extensive experience in the equity markets he has
developed expertise in the corporate finance, advisory, capital raisings,
joint venture and farm-in negotiations for both listed and unlisted
companies.
Mr Khouri has provided advisory services to a number of companies
across a breadth of industries ranging from bio-technology, funds
management, telecommunications, media and entertainment, and the
mining industry.
Mr Khouri has not held any other directorships with listed companies over
the last three years.
Mr. Justin Dibb Studied Law, Banking and Finance in Queensland
Australia, following which Mr Dibb was employed by HSBC (HABA:LON) in
an advisory capacity , Mr Dibb has significant experience in the mining and
petroleum sectors and an
in-depth understanding of corporate
governance, regulatory and compliance matters , Mr Dibb has a strong
record in management, transaction structuring and management of
transaction processes.
In 2011, Mr Dibb was a founding director and is the Chief Executive Officer
of Allied Resources Limited, a diversified resources company focused on
acquiring exploration and development assets in Africa. Allied Resources
holds assets in Tanzania and Ethiopia and is focused on the development
of large scale commercial gold and copper mining operations, Mr Dibb
manages a team of technical and operational professional.
In 2004, Mr Dibb was a founding director of Dominion Petroleum Limited
(DPL:LN), during his tenure as Commercial Director, Managing Director
and Chief Executive Officer, Mr Dibb acquired Petroleum assets across
Africa. Dominion held assets in Tanzania, Uganda, Kenya and the
Democratic Republic of the Congo. Dominion was listed on the AIM
market of the London Stock Exchange in 2006 with a market capitalisation
of US $240 million, Mr Dibb was instrumental in raising circa US $140
million for Dominion during his tenure to fund exploration and drilling
32| G R V – A n n u a l R e p o r t 2 0 1 9
MR PHILLIP SHAMIEH
Non-Executive Director
Qualifications:
Experience:
GREENVALE ENERGY LIMITED
A.B.N. 54 000 743 555
DIRECTORS’ REPORT
operations. Mr Dibb resigned as Chief Executive Officer in 2010, ahead of
completion of the takeover of Dominion by Ophir Energy PLC (OPHR:LON)
for US $186 million.
Mr Dibb was also the founding director and shareholder of Incipient
Holdings Limited, a boutique merchant banking firm with investments
spanning technology, telecommunications, financial services, mining and
petroleum across Africa, Asia and Australia. Mr Dibb has raised and
advised on over $1.6 billion worth of equity, debt and convertible
transactions in his career.
Bachelors of Commerce Degree and a Postgraduate Degree in Applied
Finance and Investments from the Securities Institute of Australia.
Mr Shamieh holds a He is an international mining and resources executive
with extensive experience in research, Operations, financial management
and reporting, business development and strategy, merger and
acquisitions.
Mr Shamieh has been the Founding Director and Chief Financial Officer of
Allied Resources Limited since 2011, a diversified mining company that
holds assets in Tanzania and Ethiopia and is focused on development of
large scale commercial gold and copper projects. He was previously the
Managing Director and Head of Natural Resources for Clarksons
Investment Services, a subsidiary of the world’s largest integrated
supplier of shipping services, Clarksons plc. Mr Shamieh has also been
involved with TFS Corporation (TFC,ASX), an ASX300 listed company, for a
period of 7 years in various capacities including strategic advisor, CEO and
director of their subsidiary, Gulf Natural Supply. At TFS he was
instrumental in helping restructure their balance sheet, which included a
successful US$150m Senior Secured note and has secured more than
US$350m from global institutional investors for Australia’s largest
privately funded irrigation project. Mr Shamieh started his career in 1997
for Nestle (NESN:SIX) and worked in finance, sales and marketing,
operations and demand forecasting roles,
Mr Shamieh was also the founding director and shareholder of Incipient
Holdings Limited a boutique merchant banking firm with investments
spanning technology, telecommunications, financial services, mining and
petroleum across Africa, Asia and Australia. Mr Shamieh is regarded for
his capital markets and supply chain expertise has an
in-depth
understanding of corporate finance and strategy. He has raised and
advised on over $2billion worth of equity, debt and convertible
transactions in his career.
33| G R V – A n n u a l R e p o r t 2 0 1 9
MR VINCENT J FAYAD
Executive Director & Company
Secretary
Qualifications:
Experience:
MR MICHAEL POVEY
Non-Executive Director
(ceased 6 August 2018)
Qualifications:
Experience:
MR STEPHEN GEMELL
Non-Executive Director
(appointed 1 June 2019)
Qualifications:
Experience:
GREENVALE ENERGY LIMITED
A.B.N. 54 000 743 555
DIRECTORS’ REPORT
Bachelor of Business, with Credit and Chartered Accountant.
Mr Fayad is the sole Director and a beneficial owner of Vince Fayad &
Associates Pty Ltd and has had approximately 35 years of experience in
corporate finance, accounting and other advisory related services. He is
also a registered company auditor and tax agent. Over the last 20 years,
Mr Fayad has spent a significant amount of time advising on various
transactions that are related to the mining industry.
Mr Fayad was appointed as Company Secretary on the 3 March 2016. Mr
Fayad also previously served as the Managing Director of the Company
for the period 31 December 2008 to 6 November 2009.
Mr Fayad is currently a Director and Company Secretary of Astro
Resources NL.
C.Eng. M.Sc B.Sc (Hons) ACSM M.Aus I.M.M.
Mr Povey is a mining engineer with over 35 years worldwide experience
in the resource sector. This experience has encompassed a wide range of
commodities and included senior management positions in mining
operations and the explosives industry in Africa, North America and
Australia. During this time he has been responsible for general and mine
management, mine production, project evaluation, mine feasibility
studies and commercial contract negotiations. Mr Povey is currently a
Non-Executive Director of Surefire Resources NL (SRN). Within the last
three years Mr Povey was an Executive Director of Astro Resources NL.
Fellow of the AusIMM, a Chartered Professional (Mining), a member of
the VALMIN Committee and VALMIN’s representative on, and Chairman
of, the IMVAL (International Mining Valuation) Committee. He is also a
Member of the American Institute of Mining, Metallurgical and Petroleum
Engineers.
Mr Gemell currently serves as a non-executive director of Astro Resources
NL (ASX: ARO). In the past 3 years, Steve has served as a non-executive
director of ASX-listed companies Argent Minerals Limited (Chairman),
Eastern Iron Limited (Chairman) and Stonewall Resources Limited, and of
unlisted company Hillgrove Mines Pty Ltd (Chairman), the owner-
operator of the Hillgrove antimony-gold mine.
34| G R V – A n n u a l R e p o r t 2 0 1 9
GREENVALE ENERGY LIMITED
A.B.N. 54 000 743 555
DIRECTORS’ REPORT
REMUNERATION REPORT (AUDITED)
This report details the nature and amount of remuneration for each key management person of the consolidated
entity. Key management personnel have authority and responsibility for planning, directing and controlling the
activities of the consolidated entity. Key management personnel comprise the Directors of the Company and
Secretary of the Company. The Company does not have any other specified executives.
Compensation levels for key management personnel and secretaries of the Company are competitively set to
attract and retain appropriately qualified and experienced directors and executives. The full Board in its capacity
as the Remuneration Committee obtains advice on the appropriateness of compensation packages of the
Company given trends in comparative companies both locally and internationally.
The remuneration policy of the Company has been designed to remunerate the directors and key management
personnel based upon their skills and contributions to the Company. The Board’s policy for determining the
nature and amount of remuneration for key management personnel of the Company is encapsulated in the
Remuneration Committee Charter.
Executive directors may be remunerated with equity incentives along with base cash payments and the
opportunity to earn a bonus payment in suitable circumstances.
Whilst Non-Executive Directors do not commonly receive performance related compensation, given the size and
nature of the Company and the involvement of the Non-Executive Directors in certain circumstances
performance related remuneration may be deemed appropriate. Directors’ fees cover all main Board activities
and membership of committees.
The relationship between remuneration and performance has been designed to ensure the Company is
appropriately resourced to meet its strategic goals within the context of the availability of capital. In accordance
with this strategy a number of key management personnel have agreed to receive remuneration by way of
equity.
Voting and comments made at the company’s 2018 Annual General Meeting (AGM)
At the 2018 AGM, 95% of the eligible votes received supported the adoption of the remuneration report for the
year ended 30 June 2019. The company did not receive any specific feedback at the AGM regarding its
remuneration practices.
Key Management
Personnel
Mr Elias Khouri
Mr Justin Dibb
Mr Phillip Shamieh
Mr Michael Povey3
Mr Vincent Fayad2
Position Held as at 30
June 2019
Non-Executive Chairman
Non-Executive Director
Non-Executive Director
Non-Executive Director
Executive Director &
Company Secretary
Contract
Details1
-
-
-
-
is ongoing.
Contract
Contract may
be
terminated at any time
during the year by giving
notice.
Mr Stephen Gemell4
Non-Executive Director
-
Notes
Remuneration
Incentives
$54,000 per annum.
$36,000 per annum.
$36,000 per annum.
$36,000 per annum.
$12,000 per annum for
directorship duties plus
$82,500 per annum for
the company secretarial
and accounting services
of company secretary.
$36,000 per annum.
n/a
n/a
n/a
n/a
n/a
n/a
1. Non-executive directors were appointed by a letter of appointment. Directors can retire in writing as set out in the
Constitution.
35| G R V – A n n u a l R e p o r t 2 0 1 9
GREENVALE ENERGY LIMITED
A.B.N. 54 000 743 555
DIRECTORS’ REPORT
2. Mr Fayad is a Director and shareholder of Vince Fayad and Associates Pty Ltd (VFA). VFA provides the provision of
accounting, taxation, secretarial and registered office services.
3. Mr Povey ceased directorship of the Company on 6 August 2018.
4. Mr Gemell was appointed directorship of the Company on 1 June 2019.
Performance Rights Plan
No Performance Rights were issued or vested during the year ending 30 June 2019 (2018: Nil).
Details of Key Management Remuneration
The following tables provide detail of all the directors and key management personnel of the consolidated entity
and the nature and amount of the elements of their remuneration:
2019
Short-term Employee Benefits
Post-
employment
Benefits
Cash,
salary,
Directors
Fees
Cash
profit
share,
bonuses
Non-cash
benefits
Allow-
ances
Super-
annuation
Other
Long-
term
benefits
Termination
Benefits
Share
Based
Payments
Mr E Khouri
Mr J Dibb
Mr P Shamieh
Mr Fayad1
Mr Povey2
Mr Gemell3
$
54,000
36,000
36,000
102,750
4,700
3,000
236,450
$
-
-
-
-
-
-
-
$
-
-
-
-
-
-
-
$
-
-
-
-
-
-
-
$
-
-
-
-
-
-
-
$
-
-
-
-
-
-
-
$
-
-
-
-
-
-
-
$
-
-
-
-
-
-
-
2018
Short-term Employee Benefits
Post-
employment
Benefits
Cash,
salary,
Directors
Fees
Cash
profit
share,
bonuses
Non-cash
benefits
Allow-
ances
Super-
annuation
Other
Long-
term
benefits
Termination
Benefits
Share
Based
Payments
Mr E Khouri
Mr J Dibb
Mr P Shamieh
Mr Fayad1
Mr Povey
$
54,000
36,000
36,000
94,500
36,000
256,500
$
-
-
-
-
-
-
$
-
-
-
-
-
-
$
-
-
-
-
-
-
$
-
-
-
-
-
-
$
-
-
-
-
-
-
$
-
-
-
-
-
-
$
-
-
-
-
-
-
Total
$
54,000
36,000
36,000
102,750
4,700
3,000
236,450
Total
$
54,000
36,000
36,000
94,500
36,000
256,500
[1] Mr Fayad is a Director and beneficial owner of VFA. VFA provides the provision of accounting, taxation, secretarial and
registered office services to the Company.
[2] Mr Povey ceased directorship of the Company on 6 August 2018.
[3] Mr Gemell was appointed directorship of the Company on 1 June 2019.
The following tables provide detail of the shareholdings, options and performance rights held by directors and
key management personnel of the consolidated entity:
36| G R V – A n n u a l R e p o r t 2 0 1 9
GREENVALE ENERGY LIMITED
A.B.N. 54 000 743 555
DIRECTORS’ REPORT
30 June 2019
Number of Fully Paid Ordinary Shares Held by Key Management Personnel:
Key Management
Person
Balance
1.7.2018
Received as
Compensation
Options
Exercised
Net Change
Other
Balance on
Appointment/
Resignation
Balance
30.6.2019
Mr Khouri
Mr Dibb
Mr Shamieh
Mr Povey
Mr Fayad
Mr Gemell
20,601,994
9,242,180
9,242,180
-
1,156,057
-
40,242,411
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
20,601,994
9,242,180
9,242,180
-
1,156,057
-
40,242,411
30 June 2019
Number of Options Held by Key Management Personnel
Key
Management
Person
Mr Khouri
Mr Fayad
Mr Povey
Mr Dibb
Mr Shamieh
Mr Gemell
Balance
1.7.2018
Granted as
Compensa-
tion
Options
Exercised
Net Change
Other(i)
Balance on
Resignation/
appointment
Balance
30.6.2019
Total Lapsed
30.6.2019
Total
Exercisable
30.6.2019
6,881,720
1,156,057
-
-
-
8,037,777
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(6,881,720)
(1,156,057)
-
-
-
(8,037,777)
-
-
-
-
-
-
AUDITOR INDEPENDENCE
The lead auditor’s independence declaration has been received and forms part of the directors’ report for the
financial year ended 30 June 2019.
Signed in accordance with a resolution of the directors
Elias Khouri
Chairman
Dated 19th September 2019
37| G R V – A n n u a l R e p o r t 2 0 1 9
AUDITOR’S INDEPENDENCE DECLARATION
As lead auditor for the audit of the financial report of Greenvale Energy Limited and its controlled entities for the
year ended 30 June 2019, I declare that, to the best of my knowledge and belief, there have been no
contraventions of:
(i)
the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and
(ii)
any applicable code of professional conduct in relation to the audit.
RSM AUSTRALIA PARTNERS
C J Hume
Partner
Sydney, NSW
Dated: 19 September 2019
38| G R V – A n n u a l R e p o r t 2 0 1 9
GREENVALE ENERGY LIMITED
A.B.N. 54 000 743 555
CONSOLIDATED STATEMEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2019
Income
Note
Consolidated
2019
$
Consolidated
2018
$
Administrative expenses
RESULTS FROM CONTINUING
OPERATIONS
Financial income
Other income
NET FINANCIAL INCOME
Exploration and impairment charges
LOSS BEFORE INCOME TAX FROM
CONTINUING OPERATIONS
4
3
3
5
(387,425)
(409,923)
(387,425)
(409,923)
11,414
5,466
16,880
32,836
-
32,836
(53,384)
(48,854)
(423,929)
(425,941)
Income tax benefit
6(a)
-
-
LOSS AFTER INCOME TAX FOR THE
YEAR
(423,929)
(425,941)
TOTAL COMPREHENSIVE LOSS FOR THE
YEAR
(423,929)
(425,941)
Loss for the year is attributable to:
Owners of Greenvale Energy Limited
Non controlling interest
Earnings per share for profit from
continuing operations attributable to the
owners of Greenvale Energy Limited:
Basic loss per share (cents)
Diluted loss per share (cents)
(423,929)
-
(423,929)
(425,941)
-
(425,941)
8
8
(0.45)
(0.45)
(0.46)
(0.46)
This consolidated statement is to be read in conjunction with the notes to the financial statements.
39| G R V – A n n u a l R e p o r t 2 0 1 9
GREENVALE ENERGY LIMITED
A.B.N. 54 000 743 555
CONSOLIDATED STATEMEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2019
Financial
CURRENT ASSETS
Cash and cash equivalents
Trade and other receivables
Other asset
TOTAL CURRENT ASSETS
NON-CURRENT ASSETS
Exploration and evaluation
TOTAL NON-CURRENT ASSETS
TOTAL ASSETS
CURRENT LIABILITIES
Trade and other payables
TOTAL CURRENT LIABILITIES
TOTAL LIABILITIES
NET ASSETS
EQUITY
Issued capital
Reserves
Outside equity interests
Accumulated losses
TOTAL EQUITY
Note
18(b)
9
10
11
12
13
15
Consolidated
2019
$
Consolidated
2018
$
358,417
15,833
1,118,672
1,492,922
1,023,954
1,023,954
2,516,876
182,676
182,676
182,676
1,361,984
18,468
8,706
1,389,158
927,682
927,682
2,316,840
108,501
108,501
108,501
2,334,200
2,208,339
12,746,247
23,945
549,790
(10,985,782)
12,746,247
23,945
-
(10,516,853)
2,334,200
2,208,339
This consolidated statement is to be read in conjunction with the notes to the financial statements.
40| G R V – A n n u a l R e p o r t 2 0 1 9
GREENVALE ENERGY LIMITED
A.B.N. 54 000 743 555
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2019
Equity
Issued
Capital
$
Options
Reserve
$
Outside
equity
interests
$
Accumulated
Losses
$
Total
Equity
$
Balance as at 1 July 2017
Net loss for the year
Total comprehensive income
Share options issued
Balance as at 30 June 2018
12,746,247
-
-
23,945
-
-
12,746,247
23,945
Net loss for the year
Total comprehensive income
Minority interest – Greenvale
Gold Basin Pty Ltd
-
-
-
-
-
-
-
-
-
(10,135,912)
(425,941)
(425,941)
2,634,280
(425,941)
(425,941)
(10,561,853)
2,208,339
(423,929)
(423,929)
(423,929)
(423,929)
549,790
-
549,790
Balance as at 30 June 2019
12,746,247
23,945
549,790
(10,985,782)
2,334,200
This consolidated statement is to be read in conjunction with the notes to the financial statements
41| G R V – A n n u a l R e p o r t 2 0 1 9
GREENVALE ENERGY LIMITED
A.B.N. 54 000 743 555
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2019
Note
Consolidated
2019
$
Consolidated
2018
$
CASH FLOWS FROM OPERATING ACTIVITIES
Interest received
Other revenue
Payments to suppliers and employees
NET CASH USED IN OPERATING ACTIVITIES
CASH FLOWS FROM INVESTING ACTIVITIES
Payments for exploration expenditure
Refund of deposit
Payments to acquire investments
NET CASH PROVIDED BY /(USED IN)
INVESTING ACTIVITIES
CASH FLOWS FROM FINANCING ACTIVIES
Net proceeds from borrowings
Proceeds from capital raising
NET CASH (USED)/PROVIDED FROM
FINANCING ACTIVITIES
11,191
5,466
(243,438)
33,607
-
(314,539)
18(a)
(227,102)
(280,932)
(236,899)
5,000
(544,566)
(185,833)
-
-
(776,465)
(185,833)
-
-
-
-
-
-
Net (decrease)/increase in cash held
Cash at the beginning of the financial year
CASH AT THE END OF THE FINANCIAL YEAR
18(b)
(1,003,567)
1,361,984
358,417
(466,765)
1,828,749
1,361,984
This consolidated statement is to be read in conjunction with the notes to the financial statements.
42| G R V – A n n u a l R e p o r t 2 0 1 9
GREENVALE ENERGY LIMITED
A.B.N. 54 000 743 555
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Notes
1. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES
This financial report for the year ended 30 June 2019 of consists of Greenvale Energy Limited (the Company)
and its controlled subsidiaries (the Group or Consolidated Entity).
Greenvale is a company limited by shares incorporated in Australia whose shares are publicly traded on the
Australian Securities Exchange.
The financial statements were authorised for issue on 19th September 2019 by the directors of the Company.
The directors have the power to amend and reissue the financial statements.
A. BASIS OF PREPARATION
The financial report is a general-purpose financial report which has been prepared in accordance with Australian
Accounting Standards, Australian Accounting Interpretations, other authoritative pronouncements of the
Australian Accounting Standards Board (AASB) and the Corporations Act 2001. The Group is a for profit entity
for financial reporting purposes under Australian Accounting Standards.
Australian Accounting Standards set out accounting policies that the AASB has concluded would result in a
financial report containing relevant and reliable information about transactions, events and conditions.
Compliance with Australian Accounting Standards ensures that the financial statements and notes also comply
with International Financial Reporting Standards.
The financial report has been prepared on an accrual basis and is based on historical costs, modified, where
applicable, by the measurement at fair value of selected non-current assets, financial assets and financial
liabilities. Material accounting policies adopted in preparation of this financial report are presented below and
have been consistently applied unless otherwise stated.
The financial statements are presented in Australian dollars which is the Company’s functional and presentation
currency.
B. GOING CONCERN
The financial statements have been prepared on the going concern basis, which contemplates continuity of
normal business activities and the realisation of assets and discharge of liabilities in the normal course of
business.
As disclosed in the financial statements, the consolidated entity incurred a loss of $432,929 and had net cash
outflows from operating and investing activities of $1,003,567 for the year ended 30 June 2019.
The Directors believe that it is reasonably foreseeable that the consolidated entity will continue as a going
concern and that it is appropriate to adopt the going concern basis in the preparation of the financial report
after consideration of the following factors:
•
•
as set out in note 26, the Company has since balance date announced that it intends to undertake a
rights issue to all shareholders and that such rights issue is intended to be supported by the Directors to
the extent of their shareholdings in the Company, to be approximately $450,000 of the anticipated
rights issue of $1,200,000; and
the ability to reduce discretionary spending, including exploration activities.
43| G R V – A n n u a l R e p o r t 2 0 1 9
GREENVALE ENERGY LIMITED
A.B.N. 54 000 743 555
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
C. PRINCIPLES OF CONSOLIDATION
The consolidated financial statements incorporate the assets, liabilities and results of entities controlled by the
Company at the end of the reporting period. A controlled entity is any entity over which the Company has the
ability and right to govern the financial and operating policies so as to obtain benefits from the entity’s activities.
In preparing the consolidated financial statements, all inter-group balances and transactions between entities
in the consolidated group have been eliminated in full on consolidation.
Where controlled entities have entered or left the consolidated entity during the year, the financial performance
of those entities is included only for the period of the year that they were controlled.
D.
INCOME TAX
Income tax expense comprises current and deferred tax. Income tax expense is recognised in profit or loss
except to the extent that it relates to items recognised directory in equity, in which case it is recognised in equity.
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or
substantively enacted at the reporting date. Current tax liabilities / (assets) are therefore measured at the
amounts expected to be paid to / (recovered from) the relevant taxation authority. Deferred tax expense
reflects movements in deferred tax asset and liability balances during the year as well as unused tax losses.
Current and deferred income tax expense is charged or credited 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 is measured at the tax rates that are expected to be applied to the temporary differences when
they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. Their
measurement also reflects the manner in which management expects to recover or settle the carrying amount
or 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.
E. EXPLORATION AND EVALUATION EXPENDITURE
Exploration and evaluation costs are capitalised as exploration and evaluation assets on a project by project
basis pending determination of the technical feasibility and commercial viability of the project. The capitalised
costs are presented as both tangible or intangible exploration and evaluation assets according to the nature of
the assets acquired. When a licence is relinquished or a project abandoned, the related costs are recognised in
the statement of comprehensive income immediately.
44| G R V – A n n u a l R e p o r t 2 0 1 9
GREENVALE ENERGY LIMITED
A.B.N. 54 000 743 555
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Exploration and evaluation assets are assessed for impairment if (i) sufficient data exists to determine technical
feasibility and commercial viability, and (ii) facts and circumstances suggest that the carrying amount exceeds
the recoverable amount. For the purposes of impairment testing, exploration and evaluation assets are
allocated to cash-generating units consistent with the determination of reportable segments.
Upon determination of proven reserves, intangible exploration and evaluation assets attributable to those
reserves are first tested for impairment and then reclassified from exploration and evaluation assets to a
separate category within tangible assets.
Amortisation is not charged on exploration and evaluation assets until they are available for use.
Pre-licence costs are recognised in the statement of comprehensive income as incurred. Expenditure deemed
unsuccessful is recognised in the statement of comprehensive income immediately.
F. FINANCIAL INSTRUMENTS
i.
Classification
From 1 January 2018, the Company classifies its financial assets in the following measurement categories:
•
those to be measured subsequently at fair value (either through outside controlled interests (OCI) or
through profit or loss), and
•
those to be measured at amortised cost.
The classification depends on the Company’s business model for managing the financial assets and the
contractual terms of the cash flows.
For assets measured at fair value, gains and losses will either be recorded in profit or loss or OCI. For investments
in equity instruments that are not held for trading, this will depend on whether the Company has made an
irrevocable election at the time of initial recognition to account for the equity investment at fair value through
other comprehensive income (FVOCI).
The Company reclassifies debt investments when and only when its business model for managing those assets
changes.
ii.
Recognition and derecognition
Regular way purchases and sales of financial assets are recognised on trade-date, the date on which the
Company commits to purchase or sell the asset. Financial assets are derecognised when the rights to receive
cash flows from the financial assets have expired or have been transferred and the Company has transferred
substantially all the risks and rewards of ownership.
iii. Measurement
At initial recognition, the Company measures a financial asset at its fair value plus, in the case of a financial asset
not at fair value through profit or loss (FVPL), transaction costs that are directly attributable to the acquisition
of the financial asset. Transaction costs of financial assets carried at FVPL are expensed in profit or loss.
Financial assets with embedded derivatives are considered in their entirety when determining whether their
cash flows are solely payment of principal and interest.
iv.
Impairment
From 1 January 2018, the Company assesses on a forward looking basis the expected credit losses associated
with its debt instruments carried at amortised cost and FVOCI. The impairment methodology applied depends
on whether there has been a significant increase in credit risk.
45| G R V – A n n u a l R e p o r t 2 0 1 9
GREENVALE ENERGY LIMITED
A.B.N. 54 000 743 555
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
G. CASH AND CASH EQUIVALENTS
Cash and cash equivalents comprise cash balances and call deposits.
H. SHARE CAPITAL
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares
and share options are recognised as a deduction from equity, net of any related income tax benefit.
I. REVENUE AND OTHER INCOME
Financial income comprises interest income and dividend income. Interest income is recognised in the
statement of comprehensive income as it accrues, using the effective interest rate method. Dividend income is
recognised on the date that the Company’s right to receive payment is established.
J. CURRENT & NON CURRENT CLASSIFICATION
Assets and liabilities are presented in the statement of financial position based on current and non-current
classification.
An asset is classified as current when: it is either expected to be realised or intended to be sold or consumed in
normal operating cycle; it is held primarily for the purpose of trading; it is expected to be realised within 12
months after the reporting period; or the asset is cash or cash equivalent unless restricted from being exchanged
or used to settle a liability for at least 12 months after the reporting period. All other assets are classified as non-
current.
A liability is classified as current when: it is either expected to be settled in normal operating cycle; it is held
primarily for the purpose of trading; it is due to be settled within 12 months after the reporting period; or there
is no unconditional right to defer the settlement of the liability for at least 12 months after the reporting period.
All other liabilities are classified as non-current.
K.
IMPAIRMENT
The carrying amount of non-financial assets other than exploration and evaluation assets are reviewed each
reporting date whether there is any indication of impairment. If any such indications exist, the assets
recoverable amount is estimated.
An impairment loss is recognised whenever the carrying amount of an asset or its cash generating unit exceeds
its recoverable amount. Impairment losses are recognised in the statement of comprehensive income.
Calculation of recoverable amount
The recoverable amount of receivables is calculated as the present value of estimated future cash flows,
discounted at the original effective interest rate.
The recoverable amount of other assets is the greater of their net selling price and value in use. In assessing
value in use, the estimated future cash flows are discounted to their present value using a pre-tax discounted
rate that reflects current market assessment of the time value and the risks specific to the asset.
Available-for-sale financial assets
Where a decline in the fair value of an available-for-sale financial asset has been recognised directly in equity
and there is objective evidence that the asset is impaired, the cumulative loss that had been recognised directly
in equity is recognised in profit or loss even though the financial asset has not been derecognised. The amount
of the cumulative loss that is recognised in profit or loss is the difference between the acquisition cost and
current fair value, less any impairment loss on that financial asset previously recognised in profit or loss.
46| G R V – A n n u a l R e p o r t 2 0 1 9
GREENVALE ENERGY LIMITED
A.B.N. 54 000 743 555
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
L. 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 taxation authority. In these circumstances, the GST is recognised as part of
the cost of acquisition of the asset or as part of the expense.
Receivables and payables are stated with the amount of GST included. The net amount of GST recoverable from,
or payable to, the ATO is included as a current asset or liability in the statement of financial position.
M. EARNINGS PER SHARE
The Company presents basic and diluted earnings per share (EPS) data for its ordinary shares. Basic EPS is
calculated by dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted
average number of ordinary shares outstanding during the period. Diluted EPS is determined by adjusting the
profit or loss attributable to ordinary shareholders and the weighted average number of ordinary shares
outstanding for the effects of any dilutive potential ordinary shares, which comprise convertible notes and share
options granted.
N. TRADE AND OTHER RECEIVABLES
Trade receivables are initially recognised at fair value and subsequently measured at amortised cost using the
effective interest method, less any allowance for expected credit losses. Trade receivables are generally due for
settlement within 30 days.
The Company has applied the simplified approach to measuring expected credit losses, which uses a lifetime
expected loss allowance. To measure the expected credit losses, trade receivables have been grouped based on
days overdue.
Other receivables are recognised at amortised cost, less any allowance for expected credit losses.
O. TRADE AND OTHER PAYABLES
Trade payables and other payables are carried at amortised costs and represent liabilities for goods and services
provided by the Group prior to the end of the financial year that are unpaid and arise when the Group becomes
obligated to make future payments in respect of the purchase of these goods and services. The amounts are
unsecured and are usually paid within 30 days of recognition.
P. COMPARATIVE FIGURES
When required by Accounting Standards, comparative figures have been adjusted to conform to changes in
presentation for the current financial year.
Q. ADOPTION OF NEW AND REVISED ACCOUNTING STANDARDS
During the current year, the Group adopted all of the new and revised Australian Accounting Standards and
Interpretations applicable to its operations which became mandatory.
AASB 9 Financial Instruments
The consolidated entity has adopted AASB 9 from 1 July 2018. The standard introduced new classification and
measurement models for financial assets. A financial asset shall be measured at amortised cost if it is held within
a business model whose objective is to hold assets in order to collect contractual cash flows which arise on
specified dates and that are solely principal and interest. A debt investment shall be measured at fair value
through other comprehensive income if it is held within a business model whose objective is to both hold assets
in order to collect contractual cash flows which arise on specified dates that are solely principal and interest as
well as selling the asset on the basis of its fair value. All other financial assets are classified and measured at fair
value through profit or loss unless the entity makes an irrevocable election on initial recognition to present gains
and losses on equity instruments (that are not held-for-trading or contingent consideration recognised in a
47| G R V – A n n u a l R e p o r t 2 0 1 9
GREENVALE ENERGY LIMITED
A.B.N. 54 000 743 555
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
business combination) in other comprehensive income ('OCI'). Despite these requirements, a financial asset may
be irrevocably designated as measured at fair value through profit or loss to reduce the effect of, or eliminate,
an accounting mismatch. For financial liabilities designated at fair value through profit or loss, the standard
requires the portion of the change in fair value that relates to the entity's own credit risk to be presented in OCI
(unless it would create an accounting mismatch). New simpler hedge accounting requirements are intended to
more closely align the accounting treatment with the risk management activities of the entity. New impairment
requirements use an 'expected credit loss' ('ECL') model to recognise an allowance. Impairment is measured
using a 12-month ECL method unless the credit risk on a financial instrument has increased significantly since
initial recognition in which case the lifetime ECL method is adopted. For receivables, a simplified approach to
measuring expected credit losses using a lifetime expected loss allowance is available.
R. NEW ACCOUNTING STANDARDS FOR APPLICATION IN FUTURE PERIODS
The AASB has issued new and amended Accounting Standards and Interpretations that have mandatory
application dates for future reporting periods. The Group has decided against early adoption of these standards.
The following table summarises those future requirements, and their impact on the Group:
Impact
Effective date for entity Requirements
Standard Name
Financial
AASB
9
and
Instruments
amending standards AASB
2010-7 / AASB 2012-6
1 January 2018
AASB 16 Leases
1 January 2019
Changes to the
classification and
measurement
requirements for financial
assets and financial
liabilities.
New rules relating to
derecognition of financial
instruments.
The standard replaces
AASB
117 'Leases' and for
lessees will eliminate the
classifications of
operating leases and
finance leases.
The directors believe that
AASB 9 is unlikely to have
a large impact upon the
Company’s
reporting
requirements.
The directors believe that
AASB 16 is unlikely to have
a large impact upon the
reporting
Company’s
requirements.
2. CRITICAL ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS
The preparation of the financial statements requires management to make judgements, estimates and
assumptions that affect the reported amounts in the financial statements. Management continually evaluates
its judgements and estimates in relation to assets, liabilities, contingent liabilities, revenue and expenses.
Management bases its judgements, estimates and assumptions on historical experience and on other various
factors, including expectations of future events, management believes to be reasonable under the
circumstances. The resulting accounting judgements and estimates will seldom equal the related actual results.
The judgements, estimates and assumptions that have a significant risk of causing a material adjustment to the
carrying amounts of assets and liabilities (refer to the respective notes) within the next
financial year are discussed below.
Fair value measurement hierarchy
The consolidated entity is required to classify all assets and liabilities, measured at fair value, using a three level
hierarchy, based on the lowest level of input that is significant to the entire fair value measurement, being:
•
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can
access at the measurement date;
48| G R V – A n n u a l R e p o r t 2 0 1 9
GREENVALE ENERGY LIMITED
A.B.N. 54 000 743 555
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
•
•
Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability,
either directly or indirectly; and
Level 3: Unobservable inputs for the asset or liability. Considerable judgement is required to determine
what is significant to fair value and therefore which category the asset or liability is placed in can be
subjective. The fair value of assets and liabilities classified as level 3 is determined by the use of valuation
models. These include discounted cash flow analysis or the use of observable inputs that require significant
adjustments based on unobservable inputs.
Estimation of useful lives of assets
The consolidated entity determines the estimated useful lives and related depreciation and amortisation charges
for its property, plant and equipment and finite life intangible assets. The useful lives could change significantly
as a result of technical innovations or some other event. The depreciation and amortisation charge will increase
where the useful lives are less than previously estimated lives, or technically obsolete or non-strategic assets
that have been abandoned or sold will be written off or written down.
Income tax
The consolidated entity is subject to income taxes in the jurisdictions in which it operates. Significant judgement
is required in determining the provision for income tax. There are many transactions and calculations
undertaken during the ordinary course of business for which the ultimate tax determination is uncertain. The
consolidated entity recognises liabilities for anticipated tax audit issues based on the consolidated entity's
current understanding of the tax law. Where the final tax outcome of these matters is different from the carrying
amounts, such differences will impact the current and deferred tax provisions in the period in which such
determination is made.
Recovery of deferred tax assets
Deferred tax assets are recognised for deductible temporary differences only if the consolidated entity
considers it is probable that future taxable amounts will be available to utilise those temporary differences and
losses.
Goodwill and other indefinite life intangible assets
The consolidated entity tests annually, or more frequently if events or changes in circumstances indicate
impairment, whether goodwill and other indefinite life intangible assets have suffered any impairment, in
accordance with the accounting policy stated in note 1. The recoverable amounts of cash-generating units have
been determined based on value-in-use calculations. These calculations require the use of assumptions,
including estimated discount rates based on the current cost of capital and growth rates of the estimated future
cash flows. Impairment of non-financial assets other than goodwill and other indefinite life intangible assets.
The consolidated entity assesses impairment of non-financial assets other than goodwill and other indefinite life
intangible assets at each reporting date by evaluating conditions specific to the consolidated entity and to the
particular asset that may lead to impairment. If an impairment trigger exists, the recoverable amount of the
asset is determined. This involves fair value less costs of disposal or value-in-use calculations, which incorporate
a number of key estimates and assumptions.
Business combinations
As discussed in note 1, business combinations are initially accounted for on a provisional basis. The fair value of
assets acquired, liabilities and contingent liabilities assumed are initially estimated by the consolidated entity
taking into consideration all available information at the reporting date. Fair value adjustments on the
finalisation of the business combination accounting is retrospective, where applicable, to the period the
combination occurred and may have an impact on the assets and liabilities, depreciation and amortisation
reported.
49| G R V – A n n u a l R e p o r t 2 0 1 9
GREENVALE ENERGY LIMITED
A.B.N. 54 000 743 555
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
3. FINANCIAL AND OTHER INCOME
Interest
TOTAL FINANCIAL INCOME
Other income (a)
TOTAL OTHER INCOME
2019
$
11,414
11,414
5,466
5,466
2018
$
32,836
32,836
-
-
(a) Other income relates to refunds paid on the relinquishment of tenement bonds for EPM 25792 and 25795.
4. ADMINISTRATIVE EXPENSES
Wages and salaries
Consultants fees
Compliance and legal fees
Administrative expenses
TOTAL ADMINISTRATIVE EXPENSES
5.
IMPAIRMENT AND EXPLORATION CHARGES
Impairment charges (a)
TOTAL IMPAIRMENT and EXPLORATION
CHARGES
2019
$
145,700
85,802
32,663
123,260
387,425
2019
$
53,384
53,384
2018
$
186,000
13,500
33,940
176,483
409,923
2018
$
48,854
48,854
(a) This relates to the impairment of tenements EPM 25972 and 25975, which was surrendered in October 2018.
6.
INCOME TAX BENEFIT
(a) Tax benefit
Current tax benefit
Deferred tax benefit
Income tax benefit
(b) (Loss) before tax
Income tax using corporate rate of 27.5%
(2018: 27.5%)
Increase in income tax expense due to:
Non-deductible expenses
Overprovision from prior year
Tax losses not brought to the account
INCOME TAX BENEFIT
2019
$
-
-
-
2018
$
-
-
-
(423,929)
(425,941)
(116,580)
(117,134)
-
-
116,580
-
-
-
117,134
-
50| G R V – A n n u a l R e p o r t 2 0 1 9
GREENVALE ENERGY LIMITED
A.B.N. 54 000 743 555
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
7. DEFERRED TAX ASSETS
Deferred tax assets – not recognised
Deferred tax assets arising from tax losses
calculated at 27.5% (2018: 27.5%):
Tax losses
Capital losses
2019
$
2018
$
3,105,342
474,309
3,579,651
2,988,762
474,309
3,463,071
8. LOSS PER SHARE
The calculation of basic loss and diluted earnings per share at 30 June 2019 was based on the loss attributable
to ordinary shareholders of $425,941 (2017: $516,972) and the weighted average number of ordinary shares
outstanding during the financial year ended 30 June 2019 of 93,355,357 (2018: 93,355,357), calculated as
follows:
Basic and diluted loss per share
Weighted average number of ordinary shares used in
calculating basic EPS:
Fully paid ordinary shares
9. TRADE AND OTHER RECEIVABLES
Current
Sundry debtors (no allowance for expected
credit losses required) see note (a) below
2019
Cents
(0.45)
2018
Cents
(0.46)
2019
No of shares
2018
No of shares
93,355,357
93,355,357
2019
$
15,833
15,833
2018
$
18,468
18,468
2018
$
8,706
-
8,706
(a) Included in sundry debtors are Goods and Services Tax (GST) credits owed and security deposits. .
10. OTHER ASSETS
Current
Prepayments
Advance on interest in mining claim – Gold
Basin project (i)
2019
$
24,317
1,094,355
1,118,672
51| G R V – A n n u a l R e p o r t 2 0 1 9
GREENVALE ENERGY LIMITED
A.B.N. 54 000 743 555
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
10. OTHER ASSETS (CONTINUED)
(i) As at 30 June 2019, the Company’s wholly owned subsidiary, Greenvale Gold Pty Ltd, had a right to earn a
50.01% shareholding in Greenvale Gold Basin Pty Ltd, which in turn had a right to earn a 50.01% interest in a
Arizona Gold Project known as Gold Basin. Under the terms of the agreement, Greenvale Gold Basin Pty Ltd
right to earn-in is subject to delivering a maiden resource to the owner of the Gold Basin Project. As at 30 June
2019, the work was incomplete. However, the work completed since 30 June 2019 indicates that the maiden
resource will be delivered, resulting in the 50.01% interest in the Gold Basin project being earned by Greenvale
Gold Basin Pty Ltd.
11. EXPLORATION AND EVALUATION EXPENDITURE
Note
2019
$
2018
$
Non-Current
Exploration and evaluation phase costs
carried forward at cost:
(a) Movements in carrying amounts
Carrying amount at beginning of year
Exploration costs capitalised
Exploration costs impaired
Carrying amount at end of year
4
1,023,954
927,682
927,682
149,656
(53,384)
1,023,954
835,562
141,061
(48,941)
927,682
The expenditure above relates principally to the exploration and evaluation phase. The ultimate recoupment of
this expenditure is dependent upon the successful development and commercial exploitation, or alternatively,
sale of the respective areas of interest, at amounts at least equal to book value.
Exploration and evaluation phase costs
Exploration expenditure carried forward at 30 June 2019 and 2018 includes interest of 99.99 % in the Alpha
(MDL 330).
12. TRADE AND OTHER CREDITORS
Current
Trade creditors and accruals
13. ISSUED CAPITAL
Issued capital movement
Balance at beginning of year
As at 30 June
2019
$
182,676
182,676
2019
$
Number of shares
93,355,357
93,355,357
12,746,247
12,746,247
2018
$
108,501
108,501
2018
$
12,746,247
12,746,247
52| G R V – A n n u a l R e p o r t 2 0 1 9
GREENVALE ENERGY LIMITED
A.B.N. 54 000 743 555
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
13. ISSUED CAPITAL (CONTINED)
a) Ordinary shares fully paid
Ordinary shares participate in dividends and are entitled to one vote per share at shareholders meetings. In the
event of winding up the Company, ordinary shareholders rank after creditors and are entitled to any proceeds of
liquidation in proportion to the number of shares held.
b) Capital management
Management controls the capital of the Company in order to maintain a good debt to equity ratio, provide the
shareholders with adequate returns and ensure that the company can fund its operations and continue as a going
concern.
The Company’s debt and capital includes ordinary share capital and financial liabilities, supported by financial
assets. There are no externally imposed capital requirements. Management effectively manages the Company’s
capital by assessing its financial risks and adjusting its capital structure in response to changes in these risks and
in the market. These responses include the management of debt levels, distributions to shareholders and share
issues.
There have been no changes in the strategy adopted by management to control the capital of the Company since
the prior year. The gearing ratios for the year ended 30 June 2019 and 30 June 2018 are as follows:
14. WORKING CAPITAL
Total liabilities
Less cash and cash equivalents
Net debt
Total equity
Total capital
Gearing ratio
c) Options issued
Options movement
Balance at the beginning of the year
Balance at the end of the year
15. RESERVES
Options reserve
Balance at the beginning of the year
Transfer from profit and loss- current year
options
Balance at the end of the year
2019
$
182,676
(358,417)
(175,741)
2,334,200
2,158,459
Nil%
2019
$
2018
$
108,501
(1,361,984)
(1,253,483)
2,208,339
984,856
Nil%
2018
$
-
-
31,895,299
31,895,299
2019
$
2018
$
23,945
-
23,945
23,945
-
23,945
53| G R V – A n n u a l R e p o r t 2 0 1 9
GREENVALE ENERGY LIMITED
A.B.N. 54 000 743 555
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
16. FINANCIAL RISK MANAGEMENT
a) Financial risk management policies
The Group’s financial instruments consist mainly of deposits with banks, short-term investments and accounts
receivable from related parties. The Group does not use derivative financial instruments to hedge exposure to
financial risks.
I.
Treasury risk management
There have been no changes in the Group’s approach to capital management during the year. The
Group is not subject to any externally imposed capital requirements.
II.
Other market price risk
Equity price risk arises from available-for-sale equity securities. Management monitors the securities
in its investment portfolio based on market indices. Material investments within the portfolio are
managed on an individual basis and any buy or sell decisions are approved by the Board.
III.
Capital management
The Board’s policy is to maintain a strong capital base so as to maintain investor, creditor and market
confidence and to sustain future developments of the business.
IV.
Financial risk exposures and management
The main risks the Group is exposed to through its financial instruments are interest rate risk, liquidity
risk, credit risk and price risk.
Interest rate risk
The Group does not enter into interest rate swaps, forward rate agreements or interest rate options to
manage cash flow risks associated with interest rates on borrowings that are floating, or to alter interest
rate exposures arising from mismatches in repricing dates between assets and liabilities.
Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due.
The Group manages liquidity risk by monitoring forecast cash flows and ensuring that access to
adequate funding is maintained.
Credit risk
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in
financial loss to the consolidated entity. The consolidated entity has no customers and exposure to
credit risk. The consolidated entity does not hold any collateral.
The consolidated entity has no credit risk exposure with any one party.
Price risk
The Group is exposed to commodity price risk through its interests to the Alpha mining lease. Changes
in market price for oil impact the economic viability of the mining leases. The Group has not entered
into any hedges in relation to these commodities. It is not possible to quantify the effect on profit or
equity of any change in commodity prices.
54| G R V – A n n u a l R e p o r t 2 0 1 9
GREENVALE ENERGY LIMITED
A.B.N. 54 000 743 555
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Financial Instruments
I.
Financial instrument composition and maturity analysis
The tables below reflect the undiscounted contractual settlement terms for financial instruments of a
fixed period of maturity.
30 June 2019
Financial Assets
Cash and cash equivalents
Held to maturity at cost financial
assets
Financial Liabilities
Trade and other payables
Long-term payables
30 June 2018
Financial Assets
Cash and cash equivalents
Held to maturity at cost financial
assets
Financial Liabilities
Trade and other payables
Long-term payables
II.
Fair values
Effective
Interest Rate
2019
%
Carrying
Amount
2019
$
Contractual
Cash Flows
2019
$
1.50
358,417
-
-
-
Effective
Interest Rate
2018
%
-
182,676
-
Carrying
Amount
2018
$
-
-
-
-
Contractual
Cash Flows
2018
$
1.75
1,361,984
-
-
-
-
108,501
-
-
-
-
-
Within
1 Year
2019
$
358,417
-
182,676
-
Within
1 Year
2018
$
1,361,984
-
108,501
-
1 to 5
Years
2019
$
-
-
-
-
1 to 5
Years
2018
$
-
-
-
-
The methods of estimating fair value are outlined in the relevant notes to the financial statements. All
financial assets and liabilities recognised in the statement of financial position, whether they are carried
at cost or fair value, are recognised at amounts that represent a reasonable approximation of fair values
unless otherwise stated in the applicable notes.
17. CONTROLLED ENTITY
Name
Principal
Activity
Country of
Incorporation
Share Class
Ownership Interest
2019
2018
Unlisted Companies
Greenvale Gold Pty Limited
Greenvale Gold Basin Pty
Limited
Alpha Resources Pty Ltd
Investment
Mineral
exploration
Mineral
exploration
Australia
Ordinary `
100.00%
100.00%
Australia
Ordinary
50.01%
-%
Australia
Ordinary
99.99%
99.99%
55| G R V – A n n u a l R e p o r t 2 0 1 9
GREENVALE ENERGY LIMITED
A.B.N. 54 000 743 555
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
18. CASH FLOW INFORMATION
(a) Reconciliation of cash flows from operations with
profit after income tax
(Loss) after income tax
Non cash flows in operating activities:
-
-
-
-
Exploration related expenditure
Impairment
Changes in assets and liabilities:
(Increase)/decrease in accrued charges
(Decrease)/Increase in trade payables
- Decrease/(Increase) in trade and other
receivables
-
Increase in other debtors
NET CASH USED IN OPERATING ACTIVITIES
(b) Reconciliation of cash and cash equivalents
Cash at bank
2019
$
2018
$
(423,929)
(377,087)
87,242
53,385
-
74,176
(17,753)
(223)
(227,102)
358,417
358,417
44,858
-
772
48,830
1,695
-
(280,932)
1,361,984
1,361,984
19. KEY MANAGEMENT PERSONNEL COMPENSATION
Refer to the remuneration report contained in the directors’ report for details of the remuneration paid or
payable to each member of the Group’s key management personnel (KMP) for the year ended 30 June 2019.
The totals of remuneration paid to KMP of the company and the Group during the year are as follows:
The key management personnel compensation is as
follows:
Short-term employee benefits
Other long-term benefits
Share-based payments
2019
$
236,450
-
-
236,450
2018
$
256,500
-
-
256,500
Information regarding individual directors’ compensation is provided in the remuneration report section of the
directors’ report. Apart from the details disclosed in this note, no director has entered into a material contract
with the Company during the year and there were no material contracts involving directors’ interests existing at
year end.
56| G R V – A n n u a l R e p o r t 2 0 1 9
GREENVALE ENERGY LIMITED
A.B.N. 54 000 743 555
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
19. KEY MANAGEMENT PERSONNEL COMPENSATION (CONTINUED)
Short-term employee benefits
These amounts include fees and benefits paid to the non-executive chair and non-executive directors as well as
fees, fringe benefits and cash bonuses awarded to the executive director and other KMP.
Post-employment benefits
These amounts are the current years’ estimated cost of providing for the Group’s superannuation contributions
made during the year.
Further information in relation to KMP remuneration can be found in the directors’ report.
20. RELATED PARTY AND KEY MANAGEMENT PERSONNEL TRANSACTIONS
The terms and conditions of related party and key management personnel transactions are no more favourable
than those available, or which might reasonably be expected to be available, on similar transactions to unrelated
entities on an arm’s length basis. Transactions with related parties and key management personnel are
summarised in the table below:
Key management
person
Transaction Description Transaction Value
Year ended 30 June
2018
2019
$
$
Balance outstanding
As at 30 June
2019
$
2018
$
Vincent John Paul
Fayad –
Vince
Fayad &
Associates Pty Ltd
Provision of
related
to
corporate matters.
services
various
21. CONTINGENT LIABILITIES
82,500
82,500
15,124
7,562
There have been no material changes in contingent liabilities since the last reporting date.
57| G R V – A n n u a l R e p o r t 2 0 1 9
GREENVALE ENERGY LIMITED
A.B.N. 54 000 743 555
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
22. COMMITMENTS FOR EXPENDITURE
Mineral Tenements
In order to maintain the mineral tenements in which the company and other parties are involved, the Company
99.99% subsidiary, Alpha Resources Pty Ltd is committed to fulfil the minimum annual expenditure conditions
for its MDL 330 licences under which the tenements are granted. The minimum estimated expenditure
requirements in accordance with the requirements of the Queensland Department of Natural Resources and
Mines for the next financial year are:
Payable:
-
-
no later than 1 year
between 1 year and 5 years
Consolidated
2019
$
310,000
1,660,000
1,970,000
2018
$
120,000
1,970,000
2,090,000
These requirements are expected to be fulfilled in the normal course of operations and may be varied from time
to time subject to approval by the grantor of titles. The estimated expenditure represents potential expenditure
which may be avoided by relinquishment of tenure. Exploration expenditure commitments beyond twelve
months cannot be reliably determined.
As set out in note 25, the Company has lodged an application with the Queensland Department of Natural
Resources and Mines to reduce its current year expenditure from $310,000 to $120,000. However, the amount
that the expenditure is reduced by will be reflected in the future year’s commitment.
23. AUDITORS’ REMUNERATION
Auditing and reviewing financial reports
Non-audit services – tax compliance
2019
$
27,600
-
27,600
2018
$
26,700
4,500
31,200
The auditor of the financial statements is RSM Australia Partners.
24. SEGMENT REPORTING
The Group has identified its operating segments based on the internal reports that are used by the Board (the
chief operating decision makers) in assessing performance and in determining the allocation of resources.
The operating segments are identified by the Board based on the phase of operation within the mining industry.
For management purposes, the Group has organised its operations into two reportable segments on the basis
of stage of development as follows:
• development assets; and
•
exploration and evaluation assets, which includes assets that are associated with the determination
and assessment of the existence of commercial economic reserves.
58| G R V – A n n u a l R e p o r t 2 0 1 9
GREENVALE ENERGY LIMITED
A.B.N. 54 000 743 555
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
24. SEGMENT REPORTING (CONTINUED)
The Board as a whole regularly reviews the identified segments in order to allocate resources to the segment
and to assess its performance.
During the year ended 30 June 2019, the Group had no development assets. The Board considers that it has
only operated in one segment, being mineral exploration within Australia.
The consolidated entity is domiciled in Australia. There was nil revenue from external customers in 2019 (2018:
Nil). Segment revenues are allocated based on the country in which the customer is located.
25. SHARE BASED PAYMENTS
No share based payments were made during the years ended 30 June 2019 and 2018.
26. PARENT ENTITY DISCLOSURE
Current assets
Non-current assets
TOTAL ASSETS
Current liabilities
TOTAL LIABILITIES
NET ASSETS
EQUITY
Issued capital
Reserves
Accumulated losses
TOTAL EQUITY
STATEMENT OF COMPREHENSIVE INCOME
Total Loss for the year
Total Comprehensive loss for the year
2019
$
357,064
1,646,707
2,003,771
182,233
182,233
2018
$
1,369,971
857,387
2,227,358
108,225
108,225
1,821,537
2,119,133
12,746,247
23,945
(10,948,655)
1,821,537
12,746,247
23,945
(10,651,059)
2,119,133
(297,596)
(297,596)
(364,497)
(364,497)
Greenvale Energy Limited does not as at 30 June 2019:
•
•
•
hold any deed of cross guarantee for the debts of its subsidiary company (2018: Nil);
have commitments for the acquisition of property, plant and equipment (2018: Nil); and
have contingent liabilities (2018: Nil).
59| G R V – A n n u a l R e p o r t 2 0 1 9
GREENVALE ENERGY LIMITED
A.B.N. 54 000 743 555
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
27. BUSINESS COMBINATIONS
On 13 February 2019, the Group acquired 50.01% of the issued share capital of Greenvale Gold Basin Pty Ltd
(GGB). GGB is an Australian company, who has a right to earn an interest in a United States of America gold
project, located in Arizona. The business objective of GGB is to explore gold tenement claims located in Arizona.
Details of the business combination is as follows:
(a) Subsidiaries acquired
2019
Principal activity
Date of acquisition Proportion of
Greenvale Gold
Basin Pty Ltd
Gold Exploration
13 February 2019
shares acquired
50.01%
2018
-
Principal activity
Date of acquisition Proportion of
-
-
shares acquired
-
(b) Consideration transferred
Cash
Total consideration paid
(c) Non-controlling interests
Consideration
transferred
$550,000
Consideration
transferred
-
Greenvale Gold
Basin Pty Ltd
$
550,000
550,000
The non-controlling interest (49.99% in Greenvale Gold Basin Pty Ltd) recognised at the acquisition date was
measured by reference to the fair value of the non-controlling interests and amount to $549,790
(d) Goodwill arising on acquisition
Consideration transferred
Plus: non-controlling interest
Less: fair value of identifiable net
assets acquired
Goodwill arising on acquisition
Greenvale Gold
Basin Pty Ltd
$
550,000
549,790
(1,099,790)
-
The fair value of the identifiable assets is considered to be the value of the farm-in rights transferred to GGB
immediately prior to the acquisition by the Group. The fair value is proportionate to the interests earned by the
outside equity shareholder of GGB.
60| G R V – A n n u a l R e p o r t 2 0 1 9
GREENVALE ENERGY LIMITED
A.B.N. 54 000 743 555
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
28. SUBSEQUENT EVENTS
The following matters 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:
•
announced its intention to undertake a capital raising via a rights issue. The capital raising is expected
to be underwritten, which is in turn to be supported by the Directors of the Company who hold shares
in the Company; and
•
lodged an application with the Department of Queensland Mines Department to reduce its current
year commitment from $310,000 to $120,000 on the basis that it is waiting for the results from ALS
Labs for the geochemical work for the torbanite and cannel coal analyses. These results will assist in
the determination of future work on the project. The outcome of the above application is not known
as at the date of this report.
61| G R V – A n n u a l R e p o r t 2 0 1 9
GREENVALE MINING NL
A.B.N. 54 000 743 555
DIRECTORS’ DECLARATION
Declaration
The directors of the Company declare that:
a)
the financial statements and notes thereto are in accordance with the Corporations Act 2001 and:
i.
ii.
comply with Accounting Standards, which, as stated in accounting policy note 1 to the financial
statements, constitutes explicit and unreserved compliance with International Financial
Reporting Standards; and
give a true and fair view of the financial position as at 30 June 2019 and of the performance
for the year ended on that date of the Group;
b)
in the directors’ opinion, there are reasonable grounds to believe that the Company will be able to pay its
debts as and when they become due and payable; and
c)
the directors have been given the declarations required by s 295A of the Corporations Act 2001.
This declaration is made in accordance with a resolution of the Board of Directors.
On behalf of the Directors:
Elias Khouri
Director
Sydney, 19th September 2019
62| G R V – A n n u a l R e p o r t 2 0 1 9
INDEPENDENT AUDITOR’S REPORT
To the Members of Greenvale Energy Limited and
its controlled subsidiaries
Opinion
We have audited the financial report of Greenvale Energy Limited (the Company) and its subsidiaries (the Group),
which comprises the consolidated statement of financial position as at 30 June 2019, the consolidated statement
of comprehensive income, the consolidated statement of changes in equity and the consolidated statement of
cash flows for the year then ended, and notes to the financial statements, including a summary of significant
accounting policies, and the directors' declaration.
In our opinion the accompanying financial report of the Group is in accordance with the Corporations Act 2001,
including:
(i) giving a true and fair view of the Group's financial position as at 30 June 2019 and of its financial
performance for the year then ended; and
(ii) complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for Opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those
standards are further described in the Auditor's Responsibilities for the Audit of the Financial Report section of
our report. We are independent of the Group in accordance with the auditor independence requirements of the
Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board's
APES 110 Code of Ethics for Professional Accountants (the Code) that are relevant to our audit of the financial
report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.
We confirm that the independence declaration required by the Corporations Act 2001, which has been given to
the directors of the Company, would be in the same terms if given to the directors as at the time of this auditor's
report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of
the financial report of the current period. These matters were addressed in the context of our audit of the financial
report as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
63| G R V – A n n u a l R e p o r t 2 0 1 9
Key Audit Matter
How our audit addressed this matter
Carrying value of capitalised exploration and evaluation
Refer to Note 10 in the financial statements
As disclosed in note 10, the Group held capitalized
exploration
of
evaluation
$1,023,954 as at 30 June 2019 which represents a
significant asset of the Group.
expenditure
and
The carrying value of exploration and evaluation
assets is subjective based on Group’s ability, and
intention, to continue to explore the asset. The
carrying value may also be impacted by the mineral
reserves and resources may not be commercially
viable for extraction. This creates a risk that the
amounts stated in the financial statements may not
be recoverable.
Our audit procedures included the following:
• Considering the Group’s right to explore in the
relevant exploration area which included obtaining
and assessing supporting documentation such as
obtaining independent searches of the company’s
tenement holdings
• Considering the Group’s intention to carry out
significant exploration and evaluation activity in the
relevant exploration area which
included an
assessment of the Group's future cash flow
forecasts and enquired of management and the
Board of Directors as to the intentions and strategy
of the Group
• Assessing recent exploration activity in a given
exploration license area to determine if there are
any negative indicators that would suggest a
potential impairment of the capitalized exploration
and evaluation expenditure
• Assessing the commercial viability of results
relating to exploration and evaluation activities
carried out in the relevant license area
• Assessing the ability to finance any planned future
exploration and evaluation activity.
Other Information
The directors are responsible for the other information. The other information comprises the information included
in the Group's annual report for the year ended 30 June 2019, but does not include the financial report and the
auditor's report thereon.
Our opinion on the financial report does not cover the other information and accordingly we do not express any
form of assurance conclusion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information and, in doing
so, consider whether the other information is materially inconsistent with the financial report or our knowledge
obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the Directors for the Financial Report
The directors of the Company are responsible for the preparation of the financial report that gives a true and fair
view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal
control as the directors determine is necessary to enable the preparation of the financial report that gives a true
and fair view and is free from material misstatement, whether due to fraud or error.
64| G R V – A n n u a l R e p o r t 2 0 1 9
In preparing the financial report, the directors are responsible for assessing the ability of the Group to continue as
a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of
accounting unless the directors either intend to liquidate the Group or to cease operations, or have no realistic
alternative but to do so.
Auditor's Responsibilities for the Audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from
material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance
with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements
can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably
be expected to influence the economic decisions of users taken on the basis of this financial report.
A further description of our responsibilities for the audit of the financial report is located at the Auditing and
Assurance Standards Board website at: http://www.auasb.gov.au/auditors_responsibilities/ar2.pdf.
This description forms part of our auditor's report.
Report on the Remuneration Report
Opinion on the Remuneration Report
We have audited the Remuneration Report included in pages 35 to 37 of the directors' report for the year ended
30 June 2019.
In our opinion, the Remuneration Report of Greenvale Energy Limited for the year ended 30 June 2019, complies
with section 300A of the Corporations Act 2001.
Responsibilities
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.
C J Hume
RSM Australia Partners
Sydney NSW
19 September 2019
65| G R V – A n n u a l R e p o r t 2 0 1 9
GREENVALE MINING NL
A.B.N. 54 000 743 555
TENEMENT SCHEDULE
Tenement
Tenement
Alpha (MDL 330)
Madre North (EPM25795) (a)
Madre South (EPM 25792) (a)
Greenvale Gold Basin
Interest
99.99%
-
-
50.01%
(a) This licence has been relinquished on 19 October 2018.
66| G R V – A n n u a l R e p o r t 2 0 1 9
GREENVALE MINING NL
A.B.N. 54 000 743 555
ADDITIONAL STATUTORY INFORMATION
Statutory
Additional information included in accordance with the Listing Rules of the Australian Securities Exchange
Limited. The information is current as at 3 September 2019.
QUOTATION
Listed securities in Greenvale Energy Limited are quoted on the Australian Securities Exchange under ASX
code GRV (Fully Paid Ordinary Shares).
VOTING RIGHTS
The voting rights attaching to the Fully Paid Ordinary Shares of the Company are:
(a)
(b)
at a meeting of members or classes of members each member entitled to vote may vote in person
or by proxy or by attorney; and
on a show of hands every person present who is a member has one vote, and on a poll every person
present in person or by proxy or attorney has one vote for each ordinary share held.
SUBSTANTIAL SHAREHOLDERS
The names of the substantial shareholders listed on the Company’s register as at 14 September 2019.
Mining Investments Limited
PO Box 87, Byblos, Lebanon
Holder of: 20,601,994 fully paid shares
Notice received: 30 September 2014
OB Capital Limited
Registered address if Suite 202, 2nd Floor Eden Plaza, Eden Island, Mahe, Seychelles
Holder of: 9,242,180 fully paid shares
Notice received: 7 March 2016
Allied Resources Holdings Limited
Registered address is Suite 202, 2nd Floor Eden Plaza, Eden Island, Mahe, Seychelles
Holder of: 9,242,180 fully paid shares
Notice received: 7 March 2016
DISTRIBUTION OF SHARE AND OPTION HOLDERS
The voting rights attached to the Fully Paid Ordinary shares of the Company are:
i)
Fully Paid Ordinary Shares
Shares Range
1 to 1,000
1,001 to 5,000
5,001 to 10,000
10,001 to 100,000
100,001 and Over
Total
ii)
Options
Holders
Units
%
156
81
39
116
60
452
65,209
194,256
344,709
4,378,945
88,372,328
93,355,357
34.51
17.92
8.63
25.66
13.27
100.00
There are no options on issue as at the date of this report.
67| G R V – A n n u a l R e p o r t 2 0 1 9
GREENVALE MINING NL
A.B.N. 54 000 743 555
ADDITIONAL STATUTORY INFORMATION
TWENTY LARGEST SHAREHOLDERS
The twenty largest shareholders as at 3 September 2019:
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
FOURWINDS NOMINEES PTY LIMITED
FONT SF PTY LTD
BNP PARIBAS NOMINEES PTY LTD
GOTHA STREET CAPITAL PTY LTD
TRAYBURN PTY LTD
BATTLE MOUNTAIN PTY LTD
BOSS RESOURCES LIMITED
STONE COLD INDUSTRIES PTY LTD
1 PLUS 4 PTY LTD
SEADRAGON OFFSHORE LIMITED
KAFTA ENTERPRISES PTY LTD
1
2
3
4 MINING INVESTMENTS LIMITED
5
6
7
8
9
10
11
12
13
14 MONARCH ASSET MANAGEMENT P/L
15 MR STEVEN GARY HIRST
16 MR WILLIAM MAY
17
IRIS SYDNEY HOLDINGS PTY LTD
18 WAYNE KING CORPORATION LIMITED
19 CITICORP NOMINEES PTY LIMITED
20 MR JEREMY TOBIAS
TOTAL
34,536,413
6,071,625
5,990,000
5,601,994
4,134,728
2,190,000
2,180,402
1,761,750
1,755,820
1,644,003
1,600,000
1,500,823
1,156,057
1,100,000
1,072,126
954,037
923,754
917,647
905,760
877,075
76,874,014
36.99
6.50
6.42
6.00
4.43
2.35
2.34
1.89
1.88
1.76
1.71
1.61
1.24
1.18
1.15
1.02
0.99
0.98
0.97
0.94
82.26%
68| G R V – A n n u a l R e p o r t 2 0 1 9