More annual reports from Inca Minerals Limited:
2023 ReportZn DISCOVERY IN THE MAKING
I
n
c
a
M
i
n
e
r
a
l
s
L
t
d
A
n
n
u
a
l
R
e
p
o
r
t
2
0
1
6
Zn DISCOVERY IN THE MAKING
Unit 1 / 16 Nicholson Road
Subiaco WA 6008
Phone: +61 (0) 8 6145 0300
Email: info@incaminerals.com.au
Annual Report
2016
Page II | ANNUAL REPORT 2016
Table of Contents
Directors’ Review
Operational Review
Corporate Governance Statement
Directors’ Report
Consolidated Statement of Profit or Loss
and Other Comprehensive Income
Consolidated Statement of Financial Position
Consolidated Statement of Changes In Equity
Consolidated Statement of Cash Flows
Notes to the Financial Statements
Directors’ Declaration
Auditor’s Independence Declaration
Independent Auditor’s Report
Shareholder Information
Tenement Schedule
Corporate Particulars
2
5
15
23
32
33
34
35
36
60
61
62
64
66
69
Page 1 | ANNUAL REPORT 2016
Directors’ Review
On the day Directors commenced writing this review, almost 90 million Inca shares were traded on the ASX and
Chi-X exchanges making the Company’s shares the highest traded shares, by volume, for the day (21 September
2016)1. It followed the announcement of results from part of an August 2016 exploration program at the Company’s
exciting zinc-silver-lead (Zn-Ag-Pb) Riqueza project in Peru where more than half of the 33 assay results reported
had a combined zinc-lead grade in excess of 20% and included in assay results were peak values for zinc, lead and
silver of 34% Zn, 27% Pb and 427 g/t silver respectively.2 As it transpired, even further good news was soon to be
reported regarding assay results from the August 2016 exploration program.
The above results are extremely pleasing and bode well for the Company’s maiden drill program at its flagship
Riqueza project later this year. Equally pleasing was the fact that it had come about as a direct result of the Company’s
approach to investment of shareholder funds which Directors had purposefully discussed at the start of the 2015
– 2016 financial year (report period). This approach saw Inca intent on continuing to differentiate itself from most
of its junior-explorer peers, many of whom were contracting their exploration activities in the face of continued
challenges in the capital raising market. The Board held firm to the view that the Company should continue to
invest shareholder funds in careful exploration, acquisition of prospective projects where the opportunity arose,
and simultaneously seek to minimise expenditure on administration.
The first half of the report period saw Inca conduct an extensive exploration and drilling campaign at the Chanape
project. This work provided substantial data and information on the project and culminated in two expert and
independent reports. These reports were sobering and necessitated a review as to whether the copper porphyry
hosted part of the Chanape porphyry system was too deep to commercially justify further exploration and, just
as importantly, renegotiate the terms and conditions of the Chanape Mining Option and Assignment Agreement
(Chanape MOAA) which was then in its final year of the 5-year option. Inca and the Chanape vendor were ultimately
unable to agree and, in the absence of robust and justifiable commercial terms, Inca terminated the Chanape MOAA.
Despite significant exploration efforts, and in excess of 11,000 metres of diamond core drilling, the results were
insufficient to warrant further expenditure of at least A$5.33million on the Chanape project in 2016 alone. Whilst
the decision to terminate the MOAA was disappointing, Directors were comfortable that the extensive exploration
undertaken and subsequent expert assessment had afforded sufficient basis to make an informed decision on
behalf of the Company and its shareholders.
It was also during this time that Directors were successfully completing some 12 months of negotiations on the
Riqueza project, culminating in its acquisition through a 5-year mining option and assignment agreement being
announced in April 2016. Some six months earlier, Inca had also acquired the Cerro Rayas project with it also
being highly prospective for zinc, silver and lead. Consistent with its modus operandi, Inca continued to invest
in exploration, electing firstly to conduct a small program at Cerro Rayas and then exploration programs at the
Riqueza project in May/June 2016 and, subsequent to the report period, two further programs at Riqueza in July
and August 2016.
The Board has been extremely pleased with results from each of these programs to date. In the 2016/2017 financial
year the Company hopes to follow up on the work at Cerro Rayas (during the report period) which led to it reporting
a near-massive sulphide vein up to 2m across with peak grades from initial sampling of 32% Zn, 349g/t Ag and 20%Pb.
The programs at Riqueza also reflect the investment in exploration and have proven even more successful. Results
to date include identification of some 61 mineralised bodies, outstanding average grades in excess of 10% Zn,
200g/t Ag and 11%Pb from rock chip sampling, and strong evidence of high-grade near-surface mineralisation across
significant parts of the project area. These exploration programs provide critical information to underpin design of
the Company’s maiden drilling campaign at Riqueza planned later this year.
1
2
http://www.asx.com.au/data/dw_sharesbyvolume.pdf
ASX Announcement dated 20 September 2016.
Page 2 | ANNUAL REPORT 2016
Directors’ Review
As a result of this continued active exploration approach, the Company invested some $4.54 million in net operating
cash outflows, including exploration expenditure, during the report period. Consistent with the Company’s strategic
approach, some 85% of these funds were directly invested in exploration.
Financial Year
Total Net Operating
Cash Outflows
Net Operating Cash Outflows –
Exploration (%)
Net Operating Cash Outflows –
Administration (%)
2014 – 2015
2015 – 2016
$3.387 million
$4.542 million
$2.650 million (78%)
$3.856 million (85%)
$0.738 million (22%)
$0.686 million (15%)
The Company’s Board and senior management has remained unchanged and focussed throughout the report
period. As it looks toward the 2016/2017 year the Directors believe the Company can continue to build a reputation
for successful exploration and discovery with a view to developing and/or demonstrating the value of its projects
to others. It will continue to invest in exploration but remain mindful of the current climate for resource projects
world-wide and the availability and return on investment in competing projects available to the Company. Prudent
management of shareholder funds, exploration success and effective communication thereof to the market and
Company’s stakeholders should facilitate realisation of the potential within the Company’s projects and reward
shareholders for their continued and valued support.
The Riqueza Project’s Humaspunco and Pinta Prospects (from southern prospective).
Page 3 | ANNUAL REPORT 2016
Operational Review
Operational Review
MANAGING DIRECTOR’S SUMMARy
In broad terms Inca changed its principal focus in 2015-2016, from low grade copper-porphyry exploration to high
grade zinc-replacement exploration. The Company discontinued operations at its Chanape Cu-Ag-Mo-Au3 porphyry
project and commenced operations at its new Riqueza Zn-Ag-Pb-(Au)4 project. It was a change in focus resulting
from a number of compelling geological and commercial reasons: that whilst the Company had discovered a large
porphyry system at Chanape, a possible Cu-zone would be over a kilometre deep; that whilst high grade zones of Cu
and Au were recorded in breccias nearer the surface, these also contained very high levels of arsenic; and that whilst
Chanape remained technically prospective, the commercial commitment was unjustified. Inca made the decision to
activate two Zn-Ag focussed projects, Riqueza and Cerro Rayas, it had incubated over a 12-month period.
The Zn-Ag focussed Riqueza project is proving to be an exceptional project – easily surpassing expectations in terms
of early exploration results and prospectivity. At Riqueza we are discovering veins and mantos at the surface with
above 10% Zn and 200g/t Ag at an unprecedented rate. With a 44% rise in the Zn price this year (2016), the decision
to change direction to high grade Zn at surface appears to have been the correct one.
Inca completed three phases of mapping and sampling at Riqueza in May, June and August (the latter included
as a material post-report period activity). This work resulted in the discovery of numerous additional Zn-Ag-
Pb occurrences at three locations, Humaspunco, Uchpanga and Pinta. Average grades from rock chip sampling
of the replacement-style vein and manto mineralisation at Humaspunco are circa 10% Zn, 200g/t Ag and 10% Pb.
Mineralisation at the hydrothermal-style vein and gossan at Uchpanga peaks with values of 20.96% Zn, 920g/t Ag,
16.71% Pb and 3.59g/t Au.
The Company has lodged an application for a 14,000m DIA drill permit to cover priority drill targets generated
at Riqueza though its surface exploration programs. At the time of writing a channel-sampling program has
commenced, results of which will greatly assist drill targeting and prioritisation. It is anticipated that drilling will
commence at Riqueza in the December 2016 Quarter.
Ross Brown
3
4
Cu = copper, Ag = silver, Mo = molybdenum, Au = gold
Zn = zinc, Pb = lead
Page 5 | ANNUAL REPORT 2016
Operational Review
RIQUEZA
EXPLORATION HIGHLIGHTS
Inca completed a detailed past-exploration data review and three mapping and sampling field programs at Riqueza
during the 2015-2016 report period. The majority of the work was at the main Humaspunco Prospect where work
prior to Inca’s involvement had identified 6 mineralised veins with average grades of 7.38% Zn, 227.12g/t Ag and 11.56%
Pb and 1 manto with average grades of 7.11% Zn, 165.56g/t Ag and 9.30% Pb. Mineralisation of unknown association
and grade had also been recorded at the Uchpanga Prospect, 2km south of Humaspunco.
Prospect
Pre-Inca
Data Review Program 1
Program 2
Program 3
Humaspunco
Veins
Mantos
Breccias
Uchpanga
Veins (& gossan)
Pinta
Veins
Mantos
6
1
1
12
1
1
12
4
1
20
4
2
1
3
36
4*
2
1
5
1
course
the
2015-2016
Table 1: Number of known
mineralised veins, mantos
and breccias at Riqueza
of
during
the
annual
report period. The table
incorporates results from
the Company’s data review
and
three mapping and
sampling programs.
* 13 new manto occurrences were discovered in the August Program. These are believed to be extensions of the 4 known manto horizons. However
further detailed stratigraphic assessment is required to confirm this. There remains a possibility that more than four manto horizons were
identified in August.
Data Review of past exploration resulted in:
Recognition of 6 additional mineralised veins at Humaspunco.
Recognition of possible feeder zones of mineralisation at Humaspunco and Uchpanga.
May mapping and sampling program (Program 1) resulted in:
Peak values at Humaspunco: 18.06% Zn, 418g/t Ag and 44.41% Pb.
Definition of a 15m thick manto sequence comprising four manto horizons.
Recognition of extensions of the manto sequence at Humaspunco to the south.
Peak values at Uchpanga: 20.96% Zn, 920g/t Ag, 16.71% Pb and 2.65g/t Au.
Recognition of hydrothermal form of mineralisation at Uchpanga.
June mapping and sampling program (Program 2) resulted in:
Discovery of 8 mineralised veins at Humaspunco.
Discovery of 2 mineralised breccias at Humaspunco.
Humaspunco sub-program average grades: 10.05% Zn, 207.31g/t Ag, 12.11% Pb.
Recognition of lateral extensions of the manto sequence at Humaspunco to the northeast, northwest and
southeast.
Discovery of 3 veins in new area, subsequently named the Pinta Prospect (“Pinta”).
August mapping and sampling program (Program 3) resulted in:
Program average vein grades: 10.68% Zn, 205g/t Ag, 11.77% Pb.
Program average manto grades: 12.48% Zn, 261g/t Ag, 10.50% Pb.
Program peak vein and manto Zn grades: 34.08% Zn and 33.42% Zn respectively (Figure 1).
Page 6 | ANNUAL REPORT 2016
Operational Review
Discovery of 16 mineralised veins at Humaspunco.
Discovery of 13 mineralised manto occurrences at Humaspunco (refer to note attached to Table 1).
Recognition of extensions of the manto sequence at Humaspunco to the west and east.
Discovery of 2 veins at Pinta.
Discovery of manto mineralisation at Pinta.
Insight into the possible connection of manto sequence at Humaspunco and Pinta, projected to cover an
approximate area of 2,000m x 800m.
Figure 1: Samples from the August Program producing the peak Zn results LEFT: 34.08% Zn, 340g/t Ag, 27.04% Pb; RIGHT: 33.42% Zn, 189g/t Ag,
6.60% Pb.
To date, the Company has mapped and sampled approximately 75% of the Humaspunco area, 50% of Pinta and 10%
of Uchpanga. Approximately 130 rock chip samples were taken during this time. The far majority of samples have
recorded percentage levels of Zn and Pb and ounce per tonne levels of Ag. The top 40 Zn, Ag and Pb sample results
include averages of: 18% Zn, 371g/t Ag and 19% Pb (Table 2).
Extensive vein and manto Zn-Ag-Pb mineralisation occurs in the Humaspunco-Pinta area at Riqueza. Prior to Inca’s
involvement at Riqueza, there were 6 Zn-Ag-Pb veins that were well-documented at Humaspunco. Inca has added
an additional 41 new Zn-Ag-Pb bodies and an entire new prospect (Pinta) over the course of approximately 5 months
with data reviews and three field programs. The Humaspunco-Pinta area now hosts 41 veins, 4 mantos and 2 breccias.
The combined total strike length of the near vertical veins is greater than 4,000m and the flat lying multiple layers
of mantos have a total projected area of approximately 2,000m x 800m.
Humaspunco Hill is divided into two unequal parts (Figure 2), Humaspunco West and Humaspunco East (separated
by the Calancocha Structure). The geographical feature which is Humaspunco Hill comprises a thick sequence of
limestones that dip ±40˚ to the south. The roughly NS-trending Calancocha Structure cuts across this limestone
sequence causing minor asymmetrical west-side down block movement. There are three Zn-Ag-Pb-bearing vein
systems that are differentiated on the basis of their strike direction: a NS system, an EW system and an irregular
fracture-like system.
Page 7 | ANNUAL REPORT 2016
Operational Review
Figure 2: Satellite image showing the Humaspunco and Pinto Prospects at Riqueza. The yellow boxes show the
approx. coverage of the August mapping and sampling program.
Humaspunco West
Humaspunco West hosts all three mineralised Zn-Ag-Pb vein types and the upper Zn-Ag-Pb manto sequence
comprising three manto horizons. The dominant vein type here is the large irregular fracture veins that occur in
the central and far western parts of Humaspunco West. They are very distinctive in the satellite imagery provided
(Figure 3a). Exposures of the upper manto sequence at Humaspunco West occur in a line just below the ridge top
(Figure 3a).
Humaspunco East
Humaspunco East hosts numerous EW and NS mineralised Zn-Ag-Pb vein types and both the upper and lower Zn-
Ag-Pb manto sequences. The upper manto sequence is projected along the northern, western and southern limits
of Humaspunco East (Figure 3b). The manto sequence dips shallowly under the surface between these exposures
(Figures 3b & 4). The EW veins appear to originate from the Calancocha Structure and extend east of the structure.
This supports the notion that the Calancocha Structure acts as a feeder-zone to mineralisation. It is noted that EW
vein mineralisation occurs west of the structure.
Page 8 | ANNUAL REPORT 2016
Operational Review
Sample #
184120
5490
184115
184118
5443
184116
5470
5403
184123
5468
184119
184114
184138
5494
5496
5420
184130
5419
5498
5461
184134
184124
5451
5448
184126
5429
5467
184127
5491
5442
5440
5425
184117
5447
184131
5422
5439
5460
5445
5477
Top 40 av.
Zn
%
Sample #
Prospect
34.08 Humaspunco 5403
33.42 Humaspunco 5453
26.08 Humaspunco 5449
24.88 Humaspunco 5466
22.70 Humaspunco 5497
22.19 Humaspunco 184123
21.70 Humaspunco 184114
20.96 Uchpanga
184113
20.86 Humaspunco 184113
20.20 Humaspunco 5420
19.74 Humaspunco 5499
19.66 Humaspunco 5442
19.53 Humaspunco 5441
19.39 Humaspunco 184125
18.80 Humaspunco 5477
18.07 Humaspunco 5469
17.60 Humaspunco 184118
17.22 Humaspunco 184120
17.03 Humaspunco 5484
16.68 Humaspunco 5450
16.29 Humaspunco 5464
16.20 Humaspunco 5437
15.73 Humaspunco 184115
15.68 Humaspunco 5493
15.43 Humaspunco 5443
15.39 Humaspunco 5431
15.36 Humaspunco 5498
15.29 Humaspunco 5456
15.29 Humaspunco 184131
15.25 Humaspunco 184127
14.94 Humaspunco 184130
14.89 Humaspunco 5486
14.80 Humaspunco 184117
14.79 Humaspunco 5483
13.64 Humaspunco 5476
12.62 Humaspunco 5432
12.46 Humaspunco 5485
11.75 Humaspunco 5471
11.65 Humaspunco 5482
5467
11.58
18.00
Top 40 av.
Pinta
Ag
Humaspunco 184118
Sample #
oz/t
Prospect
5420
29.7 Uchpanga
25.8 Uchpanga
184120
18.8 Humaspunco 184125
Humaspunco 5499
18.1
Humaspunco 5499
17.4
16.9 Humaspunco 5456
14.2
13.8 Humaspunco 5477
13.8 Humaspunco 5431
Humaspunco 184123
13.5
Humaspunco 5443
13.1
Humaspunco 5461
12.9
Humaspunco 5465
12.8
Humaspunco 5441
12.5
Pinta
5487
12.4
Humaspunco 184130
11.5
Humaspunco 5337
11.3
Humaspunco 184126
11.0
Humaspunco 5449
11.0
Humaspunco 5444
10.7
Humaspunco 5442
10.7
10.5
Humaspunco 5403
10.4 Humaspunco 5497
Humaspunco 5445
9.8
Humaspunco 184117
9.7
Humaspunco 5476
9.5
Humaspunco 184131
9.5
Humaspunco 5451
9.4
Humaspunco 184114
9.2
Humaspunco 5492
9.0
Humaspunco 5452
8.6
Humaspunco 5494
8.5
Humaspunco 5463
8.2
Humaspunco 5464
8.2
5482
Pinta
7.8
Pinta
7.7
5428
Humaspunco 184140
7.7
Humaspunco 5467
7.7
Humaspunco 184119
7.7
Humaspunco 5458
7.6
Top 40 av.
Pb
%
Prospect
44.41 Humaspunco
27.04 Humaspunco
26.60 Humaspunco
24.97 Humaspunco
24.97 Humaspunco
24.15 Humaspunco
23.25 Humaspunco
22.54 Pinta
21.65 Humaspunco
20.96 Humaspunco
20.70 Humaspunco
20.12 Humaspunco
19.87 Humaspunco
19.69 Humaspunco
19.66 Humaspunco
19.65 Humaspunco
19.41 Humaspunco
19.24 Humaspunco
18.65 Humaspunco
17.13 Humaspunco
16.90 Humaspunco
16.71 Uchpanga
16.58 Humaspunco
16.55 Humaspunco
16.53 Humaspunco
16.36 Pinta
16.33 Humaspunco
16.30 Humaspunco
15.76 Humaspunco
15.74 Humaspunco
14.98 Humaspunco
14.76 Humaspunco
14.66 Humaspunco
14.62 Humaspunco
14.05 Humaspunco
13.95 Humaspunco
13.84 Humaspunco
13.72 Humaspunco
13.59 Humaspunco
13.36 Humaspunco
19.00
g/t
920
799
583
560
540
524
439
427
427
418
405
400
397
386
385
358
351
340
340
333
331
327
322
303
301
295
293
291
286
280
268
262
255
254
241
240
240
239
239
236
371
Table 2: Top 40 assay results from sampling at Riqueza. The list includes high to low values for Zn, Ag and Pb. The average grade for Zn is
18.00%. The average grade for Ag is 371g/t. The average grade for Pb is 19.00%.
Page 9 | ANNUAL REPORT 2016
Operational Review
Figure 3a ABOVE: Humaspunco West, showing known
manto occurrences (yellow
lines) and upper manto
projections (broad transparent yellow lies). The plan also
shows the extent of the three vein types, NS veins (pale
blue lines), EW veins (pale green lines) and fracture veins
(red lines). The projected manto sequence wraps around
the Humaspunco Hill ridge top dipping below the surface,
believed under the area of no or limited rock outcrop. The
large fractures veins are a distinctive feature appearing to
coalesce up-slope of the large +1% Zn soil anomaly.
Figure 3b LEFT: Humaspunco East, showing known upper
manto occurrences and projections, as well as known
lower manto occurrences and projections. The plan also
shows the extent of the two vein types, NS veins, EW
veins. The projected upper manto sequence wraps around
the Humaspunco Hill ridge top and down along a central
ridge. It occurs on the southern side of the valley and is
open-ended in this direction. The lower manto horizon
occurs stratigraphically below the upper manto and
therefore outcrops near the base of rock exposures along
the southern valley and central ridge.
Page 10 | ANNUAL REPORT 2016
Operational Review
Figure 4 LEFT: Satellite
image
showing the Humaspunco and
Pinta Prospects. The pale yellow
shading shows
the projected
expanse of the upper manto
sequence, connecting outcrop
occurrences of
three manto
horizons (thick yellow lines). The
pink shading shows the projected
lower manto
expanse of the
sequence.
Pinta
The Pinta Prospect may be considered an eastern extension of Humaspunco (Figure 4). It hosts mineralised veins
the same approximate orientation as those occurring at Humaspunco and it hosts a mineralised manto horizon
occurring at the same stratigraphic position as the upper manto horizons. As mentioned above, the strata-parallel
manto sequence is believed contiguous between these prospects (Figure 4).
Uchpanga
The Uchpanga Prospect, located in the southern part of the Riqueza Project area, hosts a 750m long gossan
(outcropping highly weathered sulphide layer) and a series of historic mine workings. Whilst the far greater number
of mine workings occur at Humaspunco, perhaps the largest of them all, the Rita Maria Mine, occurs at the western
end of the 750m long gossan. The prior-mentioned data review revealed very little about the nature of mineralisation
at Rita Maria. Inca’s May and June programs therefore focussed on sampling the fresh vein (or dyke) material said
to have been targeted by the 1950-1980 operations. Bonanza grade Ag and very high Zn, Pb and Au grades were
returned, including; 20.96% Zn, 920g/t Ag, 799g/t Ag, 16.71% Pb, 3.59g/t Au and 2.65g/t Au.
Coming Year
The 2016-2017 period will see the commencement of drilling at Humaspunco and Uchpanga and, the expected
beginning of a resource build at Humaspunco. On-going channel sampling will support drill targeting as the program
continues. It is expected that the eight additional concession applications at Riqueza will be granted in the coming
report period.
PERMITTING
The Company has submitted a Declaracion de Impacto Ambiental (DIA) drill permit application to the Ministerio de
Energia y Minas (MEM). The drill permit allows for 14,000 metres of drilling on 20 drill platforms. In addition there
is a provision for 2,945m of trenches. At the time of writing, the DIA application has progressed well with, among
other developments, the granting of archaeological clearances.
SUBSEQUENT ACTIVITIES AND FUTURE EXPLORATION
At the time of writing the Company is conducting ongoing systematic vein and manto sampling programs and is
planning a geophysical survey at Riqueza.
SOCIAL LICENCE
The Company has obtained long term access agreements with the two communities that possess land covering the
Riqueza concession.
Page 11 | ANNUAL REPORT 2016
Operational Review
TENURE
The Riqueza Project comprises nine mining concessions being Nueva Santa Rita, which hosts all known mineralisation
at the Humaspunco, Uchpanga and Pinta Prospects, and eight concession applications that are pending (refer to the
tenement/concession table for details). Riqueza has a total area of 7,600ha.
The Nueva Santa Rita concession is the subject of the Mining Option and Assignment Agreement (MOAA) (described
below). For the duration of the MOAA the concession is assigned to Inca. All the applications are 100% owned by Inca.
LOCATION
Riqueza is located approximately 200km ESE of Lima and is accessible from two directions via well-established road
networks. Two operating mines, the Bethanja Ag-Pb-Zn Mine and the Corihuarmi Au-Cu Mine, provide excellent
mining logistics.
OWNERSHIP
The Company may acquire 100% ownership of the Nueva Santa Rita concession by way of a 5-year Mining Option and
Assignment Agreement with the concession holder. The total consideration for 100% of the project (less 2% NSR) is
US$1,773,000. The payment schedule is listed below:
US$30,000 on Execution Date (“ED”), PAID then:
US$20,000 @ 6 months from ED;
US$50,000 @ 12 months from ED;
US$60,000 @ 18 months from ED;
US$50,000 @ 24 months from ED;
US$63,000 @ 30 months from ED;
US$100,000 @ 36 months from ED;
US$100,000 @ 42 months from ED;
US$150,000 @ 48 months from ED;
US$150,000 @ 54 months from ED; and,
US$1,000,000 @ 60 months from ED and on the execution of the Public Transfer Deed (Last payment)
The Company has a 20-year option to buy back 50% of the 2% NSR for US$1,000,000, leaving a 1% NSR. The Company
can acquire 100% of the project at any time and can withdraw without penalty at any time.
As mentioned above, all the concession applications are 100% owned by Inca.
OTHER PROJECTS
CERRO RAYAS
Located approximately 15km north east of Riqueza, Cerro Rayas is the Company’s second Zn-Ag-Pb focussed
project. It hosts two groups of old mine workings called Huari and Vilapuqueo. Zn-Ag-Pb mineralisation at Huari and
Vilapuqueo is associated with replacement-veins within brecciated carbonate host rocks. As part of its preliminary
due diligence Inca undertook a sampling program to confirm mineralisation at the project. The peak Zn value from
limited sampling was 41.59%. Mineralisation at Huari occurs as a near-massive sulphide vein up to 2m across. Vein
material returned 32.07% Zn, 349g/t Ag, 20.19%Pb. Historic (pre-Inca) sampling at Vilapuqueo has recorded peak Zn
levels at 25.6%.
Exploration will be increased at Cerro Rayas in the coming year to complement the drill program development of
Riqueza. A reconnaissance mapping and sampling program is planned to cover the project area.
Page 12 | ANNUAL REPORT 2016
Operational Review
Figure 5 ABOVE LEFT: Vein material from an old mine working at Cerro Rayas. This sample returned 32.07% Zn, 349g/t Ag and 20.19% Pb. ABOVE
RIGHT: More weathered vein material from the same working that returned 41.59% Zn.
CHANAPE
Under a sdEIA drill permit the Company completed a total of 21 holes for a total of 5,179m in the 2015-2016 period.
The program was successful in discovering a second porphyry sequence under the summit area of the project and
identifying a number of high grade gold, silver and copper breccias and veins in various parts of the project.
At the conclusion of hole CH-DDH033 (the last hole drilled by the Company at Chanape), world renowned porphyry-
expert Mr Richard Sillitoe was commissioned to undertake a review of all drill data. The conclusion was that the
potential Cu-zone of the porphyry was below the deepest drilling, i.e no shallower than 1,000m from the surface.
In light of the lack of robust Cu grades in the porphyry sequences and the high arsenic levels in the near-surface
mineralisation, the Company sought to renegotiate the US$4M exercise price that was looming at 2016 year-end.
Despite strident efforts to reduce this cost, negotiations with the owner were unsuccessful. The Company concluded
that continued exploration at Chanape was not justified and the option to acquire the project was terminated.
OTHER OPPORTUNITIES IN PERU
The Company has been operating in Peru since 2011 and has developed a deep understanding of the exploration
opportunity and landscape of the jurisdiction. Inca’s technical team has proven credentials, having delivered
multiple exploration discoveries and having secured multiple permits. We are well placed to take advantage of the
exploration potential that Peru provides.
DINGO RANGE – WESTERN AUSTRALIA
Located approximately 200kms east of Leinster, Dingo Range comprises five tenements covering part of the Dingo
Range Greenstone Belt. The project is prospective for nickel (Ni) and Au. Hampered for the entire 2015-2016 period
by a protracted plaint, the Company has nevertheless farmed-out all non-Ni rights for three tenements to an unlisted
exploration company. It is the intention to resume Ni exploration at Dingo Range in the coming 2016-2017 year.
*****
Page 13 | ANNUAL REPORT 2016
Operational Review
Competent Person Statements
The information in this report that relates to mineralisation occurring on the Riqueza, Cerro Rayas and Chanape Projects located in Peru, and the
Dingo Range Project located in Western Australia, is based on information compiled by Mr Ross Brown BSc (Hons), MAusIMM, SEG, MAICD Managing
Director, Inca Minerals Limited, who is a Member of the Australasian Institute of Mining and Metallurgy. He has sufficient experience, which is relevant
to the style of mineralisation and types of deposits under consideration, and to the activity which has been undertaken, to qualify as a Competent
Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Brown
is a full time employee of Inca Minerals Limited and consents to the report being issued in the form and context in which it appears.
Some of the information in this report may relate to previously released information concerning mineralisation occurring on the Riqueza, Cerro
Rayas and Chanape Projects located in Peru, and the Dingo Range Project located in Western Australia, and subsequently prepared and first disclosed
under the JORC Code 2004. It has not been updated to comply with the JORC Code 2012 on the basis that the information has not materially changed
since it was last reported, and is based on the information compiled by Mr Ross Brown BSc (Hons), MAusIMM, SEG, MAICD Managing Director, Inca
Minerals Limited, who is a Member of the Australasian Institute of Mining and Metallurgy. He has sufficient experience, which is relevant to the style
of mineralisation and types of deposits under consideration, and to the activity which has been undertaken, to qualify as a Competent Person as
defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Brown is a full
time employee of Inca Minerals Limited and consents to the report being issued in the form and context in which it appears.
Page 14 | ANNUAL REPORT 2016
Corporate Governance Statement
The Board of Directors of Inca Minerals Limited (Inca or
Company) is responsible for the corporate governance
of the Company. In developing its corporate governance
policies Inca has referred to recommendations within
the ASX Corporate Governance Council’s Corporate
Governance Principles and Recommendations 3rd
edition (CGPR) and developed the following policies
which can be found on the Company’s website at
www.incaminerals.com.au under the section titled
“Corporate/Corporate Governance”:
Corporate Governance Policy
Continuous Disclosure Policy
Code of Conduct & Securities Trading Policy
Diversity Policy
The Company’s corporate governance practices during
the financial year ended 30 June 2016 (Reporting
Period) are reported below. Where the Company’s
corporate governance practices follow the CPGR the
Board has provided appropriate statements reporting
on the adoption of the CPGR. In compliance with the
“if not, why not” reporting framework, where the
Company’s corporate governance practices differ from
the relevant CPGR, the Board has explained its reasons
for doing so and any alternative practice the Company
may have adopted.
CORPORATE GOVERNANCE PRINCIPLES
& RECOMMENDATIONS
ADOPTED / NOT ADOPTED AND COMMENT
Principle 1: Lay solid foundations for management and oversight.
1.1
1.2
1.3
1.4
Listed entities should disclose the roles and
responsibilities of its Board and management, those
expressly reserved to the Board and those delegated
to management.
Listed entities should undertake appropriate checks
before appointing a person, or putting forward
to security holders a candidate for election as a
Director; and provide security holders with all
material information in its possession relevant to
a decision on whether or not to elect or re-elect a
Director.
Listed entities should have written agreements with
each Director and senior executive setting out the
terms of their appointment.
A
A
The Company has formalised and disclosed on its
website (at www.incaminerals.com.au) the functions
reserved to the Board and those delegated to
management within its Corporate Governance Policy.
The Company undertakes appropriate checks
before appointing a person or putting forward to
shareholders a candidate for election or re-election as
a Director and provides shareholders with all material
information in its possession relevant to a decision on
whether to elect or re-elect a Director.
A
The Company has set out the terms of appointment in
writing with each Director and senior executive.
The company secretary of a listed entity should be
accountable directly to the Board, through the chair,
on all matters to do with proper functioning of the
Board.
NA The Company did not appoint a Chairperson during
the Reporting Period. The Company Secretary is
accountable directly to the Board as to the proper
functioning of the Board.
Legend: A = Adopted NA = Not Adopted
Page 15 | ANNUAL REPORT 2016
Corporate Governance Statement
CORPORATE GOVERNANCE PRINCIPLES
& RECOMMENDATIONS
ADOPTED / NOT ADOPTED AND COMMENT
Principle 1: Lay solid foundations for management and oversight. (Ctd)
1.5
Listed entities should:
(a) Have a diversity policy which includes
requirements for the Board or relevant Board
committee to set measurable objectives for
achieving gender diversity and to annually assess
and disclose the objectives and progress towards
their achievement;
(b) Disclose that policy or a summary of it; and
(c) Disclose as at the end of each reporting period
the measurable objectives for achieving gender
diversity set by the Board (or relevant Board
committee) in accordance with the entity’s
diversity policy and its progress towards
achieving them, and either:
[1] the respective proportions of men and women on
the Board, in senior management positions and
across the whole organisation (including how the
entity has defined “senior executive” for these
purposes) or
[2] if the entity is a “relevant employer” under the
Workplace Gender Equality Act, the entity’s most
recent “Gender Equality Indicators” as defined
under that Act.
Listed entities should have and disclose a process
for periodically evaluating the performance of the
Board, its committees and individual directors; and
disclose whether a performance evaluation was
undertaken in the reporting period in accordance
with that process.
Listed entities should have and disclose a process for
periodically evaluating the performance of its senior
executives; and disclose whether a performance
evaluation was undertaken in the reporting period in
accordance with that process.
1.6
1.7
Legend: A = Adopted NA = Not Adopted
NA The Company has disclosed its Diversity Policy on its
website at www.incaminerals.com.au. The Company’s
Diversity Policy does not mandate setting measurable
objectives for achieving gender diversity as it is
impractical to do so at this time. The proportion
of women across the whole organisation, in senior
executive positions, and on the Board, as at the date
of this statement, is as follows:
• Whole organisation – 37%
• Senior Executive Positions – 40%
• Board – 0%
For the purposes of this statement and the Company’s
gender diversity, “senior executive” means a person
who reports directly to the Board or Managing
Director and/or who makes or participates in making
decisions that could significantly affect the Company’s
operations.
A
A
The Company’s processes for evaluating the
performance of the Board and its Directors are
disclosed on the Company’s website at www.
incaminerals.com.au in the Company’s Corporate
Governance Policy. During the Reporting Period these
evaluations took place in accordance with the process
outlined in the Corporate Governance Policy.
The Company’s processes for evaluating its Managing
Director and key executives are disclosed on the
Company’s website at www.incaminerals.com.
au in the Company’s Corporate Governance Policy.
During the Reporting period the Board evaluated the
performance of its Managing Director in accordance
with the process outlined in its Corporate Governance
Policy. A similar process, with respect to certain key
executives, was completed by the Managing Director.
Page 16 | ANNUAL REPORT 2016
Corporate Governance Statement
CORPORATE GOVERNANCE PRINCIPLES
& RECOMMENDATIONS
Principle 2: Structure the Board to add value
ADOPTED / NOT ADOPTED AND COMMENT
2.1
(a) The Board of a listed entity should have a
A
nomination committee of at least three members
(a majority of whom are independent directors)
chaired by an independent director and disclose:
• The committee charter
• The committee members; 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 a nomination committee is not established then
disclose that fact and the processes employed to
address board succession issues, and to ensure
the Board has the appropriate balance of skills,
knowledge, experience, independence and
diversity to enable it to discharge its duties and
responsibilities effectively.
Listed entities should have and disclose a board skills
matrix setting out the mix of skills and diversity that
the Board currently has or is looking to achieve in its
membership.
Listed entities should disclose the names of directors
considered by the Board to be independent directors,
the length of each director’s service and, if a director
has an interest, position, association or relationship
that might cause doubt about the independence of
that director, but the Board is of the opinion that
it does not compromise the independence of the
director, disclose the nature of the interest, position,
association or relationship in question and disclose
why the Board is of that opinion.
2.2
2.3
2.4 A majority of a listed entity’s Board should be
independent directors.
The Company has a small Board consisting of
three Directors inclusive of the Managing Director.
The Board considers it desirable to use the full
complement of knowledge, expertise and experience
of all its Directors in making decisions and performing
the functions usually associated with a Nomination
Committee. The Company’s Corporate Governance
Policy and Diversity Policy disclose (on the Company’s
website at www.incaminerals.com.au) processes
pertaining to board succession, skills, knowledge,
experience, independence and diversity.
A
A
The Company has disclosed (in its Corporate
Governance Policy and Diversity Policy at www.
incaminerals.com.au) the mix of skills and diversity
the Board currently has and considers desirable
in its membership given the Company’s stage of
development.
Two current Directors hold shares in Inca either
directly or beneficially and a third Director is a part
owner of the Company’s Corporate Advisor during the
Reporting Period meaning none of the current three
Directors are considered independent. The Company
has disclosed the names of its Directors, their position,
relevant interests or associations and their length of
service in the Company’s 2016 Annual Financial Report
for the Reporting Period.
NA As discussed above, none of the Company’s Directors
are considered independent directors. As either
shareholders or commercial advisors, the interests
of Inca’s Directors should, in their judgements and
decisions, be directly aligned with those of all other
shareholders.
NA The Company operated without a Chairperson during
the Reporting Period.
The Chairperson of a listed entity should be an
Independent Director and, in particular, should not
be the same person as the CEO of the entity.
2.5
2.6
Listed entities should have an induction program for
new directors and provide professional development
opportunities for directors to develop and maintain
the skills and knowledge to perform their role as
directors effectively.
A
The Company has a stable Board comprised of
Directors who have been with the Company since
2012. An induction program will be provided to any
new directors if and when a new director is appointed.
Professional development opportunities are provided
to the Directors as and when needed.
Legend: A = Adopted NA = Not Adopted
Page 17 | ANNUAL REPORT 2016
Corporate Governance Statement
CORPORATE GOVERNANCE PRINCIPLES
& RECOMMENDATIONS
Principle 3: Act ethically and responsibly
ADOPTED / NOT ADOPTED AND COMMENT
3.1
Listed entities should have a code of conduct for
its directors, senior executives and employees and
disclose that code or a summary of it.
A
The Company has disclosed its Code of Conduct &
Securities Trading Policy on the Company’s website at
www.incaminerals.com.au.
Principle 4: Safeguard integrity in corporate reporting
4.1
Listed entities should:
(a) Have an audit committee which:
(1) 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:
(2)
(3) The charter of the committee;
(4) The relevant qualifications and experience
of the members of the committee; and
(5) In relation to 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 an audit committee, disclose
that fact and the processes employed to
independently verify and safeguard the integrity
of its corporate reporting, including the
processes for the appointment and removal of
the external auditor and the rotation of the audit
engagement partner.
Legend: A = Adopted NA = Not Adopted
NA The Company has a small Board consisting of two
Directors and the Managing Director. At this stage,
the Company has not established an Audit Committee
and the Board prefers to use the full complement of
knowledge, expertise and experience of all Directors
in making decisions regarding the Company’s audit and
the Company’s external auditors. All three Directors
are financially literate. One Director has previously
worked as an external auditor, holds three tertiary
qualifications in accounting/auditing including a PhD
and is a Fellow of CPA Australia. On behalf of the
Board, this Director communicates directly and works
with the Company’s auditors during the half-year and
full-year audits. This Director chairs the Company’s
Board meetings and deliberations on matters which
could be delegated to an Audit Committee and reports
through to the Board on all matters pertaining to the
half-year and full-year external audits. In June 2012 the
Company engaged its current accountant – a person
with considerable experience as both an external
auditor and group accountant in mineral exploration
companies.
The Company’s external auditors were appointed
in November 2012. Prior to their appointment the
Board obtained proposals from reputable audit
firms and appointed the Company’s current auditor
after considering their experience with listed
exploration companies operating in foreign and
domestic jurisdictions, the experience and quality of
personnel involved with the Company’s audit, their
internal quality control measures, their approach and
methodology in conducting the audit, references,
and awareness of professional requirements within
accounting and auditing standards including those
pertaining to independence, confidentiality and
conflicts of interest. At present, the Board intends to
address rotation of the audit engagement partner in
2017.
Page 18 | ANNUAL REPORT 2016
Corporate Governance Statement
CORPORATE GOVERNANCE PRINCIPLES
& RECOMMENDATIONS
ADOPTED / NOT ADOPTED AND COMMENT
Principle 4: Safeguard integrity in corporate reporting (Ctd)
4.2 The Board of a listed entity should, before it
A
approves the entity’s financial statements for a
financial period, receive from its CEO and CFO a
declaration that, in their opinion, 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 control which is operating
effectively.
4.3
Listed entities should ensure that its external auditor
attends its AGM and is available to answer questions
from security holders relevant to the audit.
A
Principle 5: Make timely and balanced disclosure
5.1
Listed entities should have a written policy for
complying with its continuous disclosure obligations
under the Listing Rules and disclose that policy or a
summary of it.
A
Principle 6: Respect the rights of security holders
6.1 A listed entity should provide information about
itself and its governance via its website.
6.2
Listed entities should design and implement an
investor relations program to facilitate effective two-
way communication with investors.
6.3
Listed entities should disclose the policies and
processes it has in place to facilitate and encourage
participation at meetings of security holders.
A
A
A
6.4 Listed entities should provide security holders with
A
the option to receive communications from, and
send communications to the entity and its share
registry electronically.
Legend: A = Adopted NA = Not Adopted
Prior to approving the financial statements for the
half-year ended 31 December 2015 and the full year
ended 30 June 2016 Inca’s Board received from
the Managing Director and Chief Financial Officer
declarations that, in their opinion, 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 control
which is operating effectively.
During the Reporting Period and prior to Company’s
AGM the Company contacted its external auditors who
agreed to host the Company’s AGM in their offices and
attend the AGM. In accordance with section 250S of
the Corporations Act the external auditor attended
the AGM and the Chair expressly provided the
opportunity for shareholders attending the meeting
to ask questions relevant to the audit. Had there
been any written questions submitted to the auditor
(there were none) the Chair would also have ensured
the opportunity for the external auditor to answer
questions as required under section 250PA of the
Corporations Act.
The Company has established written policies for
complying with continuous disclosure obligations
under the ASX Listing Rules which are disclosed within
the Company’s Continuous Disclosure Policy on the
Company’s website at www.incaminerals.com.au.
The Company provides information about itself and
its governance to investors via its website at www.
incaminerals.com.au.
The Company has designed and implemented an
investor relations program to facilitate effective two-
way communication with investors. The program is set
out in the Company’s Continuous Disclosure Policy and
Corporate Governance Policy (in the section entitled
“Shareholder Communication Policy”) as disclosed on
its website at www.incaminerals.com.au.
Refer above – the Company’s Corporate Governance
Policy (containing its “Shareholder Communication
Policy”) and the Company’s Continuous Disclosure
Policy are both published on the Company’s website at
www.incaminerals.com.au.
Shareholders are given the option to receive
communications from, and send communications to
the Company and its share registry electronically.
Page 19 | ANNUAL REPORT 2016
Corporate Governance Statement
CORPORATE GOVERNANCE PRINCIPLES
& RECOMMENDATIONS
Principle 7: Recognise and manage risk
ADOPTED / NOT ADOPTED AND COMMENT
7.1
The listed entity’s Board should:
(a) Have a committee or committees to oversee risk,
A
each of which:
(1) Has at least three members, a majority of
whom are independent directors; and
Is chaired by an independent director, and
disclose:
(2)
(3) The charter of the committee;
(4) The members of the committee; and
(5) 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
7.2
7.3
(b) If it does not have a risk committee or
committees that satisfy (a) above, disclose that
fact and the processes it employs for overseeing
the entity’s risk management framework
The listed entity’s Board or a committee of the
Board should review the entity’s risk management
framework at least annually to satisfy itself that it
continues to be sound and disclose, in relation to each
reporting period, whether such a review has taken
place.
Listed entities should disclose if they have an internal
audit function, how the function is structured and
what role it performs or, 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 management and internal
control processes.
Given the size and composition of the current Board
it believes that no efficiencies are to be gained by
establishing a separate Risk Committee. During
the Reporting Period, responsibility for overseeing
the Company’s risk management rested with the
Board. The Company’s Risk Management Policy is
disclosed within its Corporate Governance Policy on
the Company’s website at www.incaminerals.com.au.
During the Reporting Period the full Board reviewed
and where necessary amended its risk management
matrix and in so doing identified or confirmed
business risks, assessed the likelihood and materiality
of these risks, developed and implemented measures
to mitigate these risks and during the Reporting
Period the Managing Director reported on and
confirmed that the Company’s economic, social and
environmental risks are being managed effectively.
A
Refer above.
A
The Company does not have an internal audit
function. Refer above (7.1) for further discussion.
7.4
Listed entities should disclose whether they have
any material exposure to economic, environmental
and social sustainability risks and, if it does, how it
manages or intends to manage those risks
A
The Company faces economic, social and
environmental risks that are largely inherent to the
global and domestic economies, the industry, capital
markets and the jurisdictions in which it operates.
These risks were disclosed on the ASX portal 4 July
2016 in the Company’s Prospectus. The Board has
considered these risks in relation to a “material
exposure threshold”, as required under the CPGR,
and put in place measures to reduce these risks to
tolerable levels and, as defined in CPGR, there does
not appear to be “a real possibility that the risk could
substantively impact the Company’s ability to create
or preserve value for security holders …” in the
foreseeable future.
Legend: A = Adopted NA = Not Adopted
Page 20 | ANNUAL REPORT 2016
Corporate Governance Statement
CORPORATE GOVERNANCE PRINCIPLES
& RECOMMENDATIONS
Principle 8: Remunerate fairly and responsibly
ADOPTED / NOT ADOPTED AND COMMENT
8.1
Listed entities should:
(a) Have a remuneration committee which:
A
(1) Has at least three members, a majority of
whom are independent directors; and
Is chaired by an independent director, and
disclose:
(2)
(3) The charter of the committee;
(4) The members of the committee; and
(5) 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 remuneration committee,
disclose that fact and the processes it employs
for setting the level and composition of
remuneration for directors and senior executives
ensuring that such remuneration is appropriate
and not excessive.
Listed entities should separately disclose their
policies and practices regarding the remuneration
of non-executive directors and the remuneration of
executive directors and other senior executives
Listed entities which have an equity-based
remuneration scheme should have a policy on
whether participants are permitted to enter into
transactions (whether through the use of derivatives
or otherwise) which limit the economic risk of
participating in the scheme and disclose that policy or
a summary of it.
8.2
8.3
Legend: A = Adopted NA = Not Adopted
Given the size and composition of the current Board
it believes that no efficiencies are to be gained by
establishing a separate Remuneration Committee.
During the Reporting Period the Board followed the
Company’s Remuneration Policy as disclosed in the
Director’s Report on p. 6 of the Company’s Annual
Financial Report for the year ended 30 June 2016. In
doing so the Board employed policies and processes
designed to ensure equitable and responsible levels
and composition of remuneration to Directors and
senior executives.
A
A
During the Reporting Period the Board followed the
Company’s Remuneration Policy which is separately
disclosed in the Director’s Report on p. 6 of the
Company’s Annual Financial Report for the year
ended 30 June 2016.
The Company does not presently have an equity
based remuneration scheme.
Page 21 | ANNUAL REPORT 2016
Annual Financial Report
Directors’ Report
Consolidated Statement of Profit or Loss
and Other Comprehensive Income
Consolidated Statement of Financial Position
Consolidated Statement of Changes In Equity
Consolidated Statement of Cash Flows
Directors’ Declaration
Auditor’s Independence Declaration
Independent Auditor’s Report
23
32
33
34
35
60
61
62
Directors’ Report
The Directors of Inca Minerals Limited (“Inca” or “Company”) present their financial report on the Company and its
controlled entities for the year ended 30 June 2016.
DIRECTORS
The names of directors in office at any time during or since the end of the financial year are listed hereunder.
Directors were in office since the start of the financial year to the date of this report unless otherwise stated.
Ross Brown, Managing Director
Justin Walawski, Director and Company Secretary
Gareth Lloyd, Director
INFORMATION ON DIRECTORS
ROSS BROWN B.Sc (Hons), M.Aus.IMM.
Managing Director
A geologist by profession, Mr Brown has over 30 years’ experience in mineral exploration in Australia, Asia, Africa
and South America and he has worked in a broad range of commodities, including gold, base metals, uranium,
phosphate and diamonds. Mr Brown has a rare ability in recognising the commercial potential of exploration
projects and geological process, and has a proven track record of bringing technical-based exploration concepts
and projects to market.
In 2009 Mr Brown co-founded the gold/copper exploration company, Mystic Sands Pty Ltd, which was established
for the purposes of conducting exploration in Chile, South America. With the assistance of other technical
management, Mr Brown was responsible for the composition of the initial project portfolio. Mystic Sands was
purchased by an Australian-listed explorer White Star Minerals Ltd. As part of the transaction, Sandfire Resources
NL became a shareholder of White Star Minerals Ltd.
Mr Brown turned his attention to Peru in 2009 and through his network of Peruvian-based businessmen and
geologists assessed the potential of more than a hundred projects. Mr Brown recognised the great potential of
mineral discovery in that country and has subsequently secured a number of projects for the Company including the
Riqueza and Cerro Rayas zinc-silver-lead projects which the Company is currently exploring and evaluating.
Mr Brown was the co-founder and Managing Director of Urcaguary Pty Ltd, the Company’s fully owned subsidiary
(formerly called Inca Minerals Limited) and he became the Company’s Managing Director after its takeover of
Urcaguary. As at 30 June 2016, and in addition to his position with the Company, Mr Brown remains a Director
of Urcaguary and the Company’s other subsidiary companies. In the previous 3 years, Mr Brown has not been a
director of any other ASX listed companies.
Mr Brown has been a member of AusIMM since 1988, and is also a member of GSA, SEG and AICD.
Page 23 | ANNUAL REPORT 2016
Directors’ Report
INFORMATION ON DIRECTORS (CONTINUED)
JUSTIN WALAWSKI BBus.,P.Grad.Dip., PhD, FCPA, MAICD
Director and Company Secretary
As at 30 June 2016, in addition to his position with Inca, Mr Walawski was also a Director and Company Secretary
of Inca’s subsidiary companies, Chairman of FAB Industries Pty Ltd (a private equity investment company) and
Facilitator for the AICD’s Company Directors course in areas of financial literacy and financial strategy.
Mr Walawski has previously held positions as Chairman, Deputy Chairman and Chief Executive of the North West
Iron Ore Alliance, Chief Executive of the Association of Mining & Exploration Companies, Chairman of Special
Olympics Australia (WA) and Director of CPA Australia (WA). He is a former member of the ASX’s Supervisory Liaison
Committee, the Federal Australian Government’s Mineral Exploration Action Implementation Committee and the
West Australian Government’s State Tax Reference Committee. In the previous 3 years Mr Walawski has been a
director of one other ASX listed company being IFS Construction Services Limited (appointed 31 August 2012 to
present).
Mr Walawski is a Fellow of CPA Australia, a Member of the AICD and holds undergraduate, post-graduate and
doctoral degrees in accounting/auditing.
GARETH LLOYD B.Sc (Hons)
Director
As at 30 June 2016, in addition to his position with Inca, Mr Lloyd was also a Director of Inca’s subsidiary companies.
Mr Lloyd has over 30 years’ experience with mining and exploration companies and brings considerable technical,
commercial and capital raising expertise to the Company. A mining engineer by training, he has operating experience
in gold, base metals and coal operations in Australia, South Africa and the United Kingdom.
Mr Lloyd is a part owner of the Element group, a Perth-based boutique advisory and funds management group
focused on the resources sector through which Mr Lloyd provides strategic advice and fund raising services to both
listed and unlisted companies (predominantly mining and exploration companies) using both equity and mezzanine
instruments.
Prior to establishing Element (in 2008), Mr Lloyd was an Associate Director at the Rothschild Group where he helped
establish the Golden Arrow Funds I and II, the latter fund becoming the ASX-listed LinQ Resources Fund. At the
time of his departure from LinQ, the fund was one of Australia’s largest listed resource funds with funds under
management of over $475m. He has held a number of senior positions at Australian resource-focused stockbroking
firms including Research Director at Hartleys and Resources Analyst at Eyres Reed. In the previous 3 years, Mr Lloyd
has not been a director of any other ASX listed companies.
Page 24 | ANNUAL REPORT 2016
Directors’ Report
OPERATING AND FINANCIAL REVIEW
PRINCIPAL ACTIVITIES
The Company’s principal activities during the year were conducting exploration and evaluation work on existing
and newly acquired tenements. Inca Minerals Limited is a Peruvian and Western Australian focused exploration
company whose aims are to find, develop and/or demonstrate the potential of projects to others. Inca will continue
to seek opportunities for acquiring or farming in to new tenements, and to divest or joint venture where there is
benefit to shareholders.
OPERATING RESULTS
The operating loss after income tax of the Company for the year ended 30 June 2016 was $13,137,190 (2015: loss of
$4,503,572).
REVIEW OF OPERATIONS
The Company’s current exploration position and other activities appear in announcements released to the Australian
Securities Exchange throughout the year ended 30 June 2016 (“report period”) and should be read in conjunction
with this report.
During the report period the Company’s net operating cash outflows, including exploration expenditure, totalled
$4.54 million. Of this amount, $3.85 million (84.71%) represents net operating cash outflows on exploration and
$0.69 million (15.29%) represents net operating cash outflows on administration. These figures highlight the
Company’s continued focus on minimising administrative costs and investing shareholder funds in exploration on
the Company’s projects.
Throughout the report period the Company explored and evaluated its Peruvian projects and in particular the
Company’s Chanape and Riqueza projects. Exploration and drilling results at the Chanape project led to the Board’s
judgement that further investment and exploration in the project was not in the Company’s best commercial
interests and to the decision in April 2016 to drop the Chanape project.
During the report period the Company executed a 5-year mining concession transfer option and assignment
agreement for concessions making up the zinc-silver-lead (Zn-Ag-Pb) Riqueza project in Peru. The Company
conducted a number of mapping and sampling programs (hereafter referred to as Program 1 and Program 2) at the
Riqueza project. Shortly after the report period the Company conducted a third mapping and sampling program at
Riqueza (Program 3).
Programs 1, 2 and 3 identified some 61 highly-mineralised bodies located within three prospects: Humaspunco,
Uchpanga and Pinta. The majority of mineralised bodies are veins and mantos. Very high grades have consistently
been reported in Programs 1 and 2 (eg 20.96% Zn, 920g/t Ag, 16.71% Pb and 3.59g/t Au) and, at time of writing, assay
results from Program 3 are pending. Mineralised veins are present at all three prospects (Humaspunco, Uchpanga
and Pinta) with an exceptional concentration of both vein and manto mineralisation at Humaspunco already
confirmed. Manto mineralisation appears to extend some 2km x 800m between Humaspunco and Pinta (in an east-
west direction) and is open ended to the south.
During the report period the Company secured agreements with the communities that have interests in the Riqueza
project area and this has resulted in a very productive and mutually beneficial relationship. Importantly, that
community support extended to and has been critical for progress on the Company’s application for a drilling permit
at Riqueza. The Company’s communications with Peruvian authorities have confirmed the quality of the permit
application and absence of any objections or deficiencies to date. At the time of writing the Company is planning
further extensive mapping and sampling programs with a view to identifying the optimal drill targets in readiness
for approval of the Company’s maiden drill program at Riqueza.
Page 25 | ANNUAL REPORT 2016
Directors’ Report
OPERATING AND FINANCIAL REVIEW (continued)
During the report period the Company executed an option to acquire the Cerro Rayas Zn-Ag-Pb project. In conducting
its due diligence, the Company completed a small sampling program to confirm the existence of mineralisation
at one of the old artisanal mine workings (Torrepata). Mineralisation at Torrepata was found to occur as a near-
massive sulphide vein up to 2m across with peak grades from early sampling being 32.07% Zn, 349g/t Ag and 20.19%
Pb. Given the very-high grade mineralisation at Cerro Rayas the Company plans to conduct exploration work in the
2016/2017 financial year.
During the report period the Company raised $4.79 million in capital before associated costs. At the commencement
of the report period the Company completed a rights issue and placement to raise approximately $3 million and
shortly thereafter raised a further $1.3 million through a placement to Resource Capital Funds (“RCF”) – one of the
world’s largest and most respected specialist resources investment funds. The Company completed three further
placements to existing shareholders to raise $0.49 million (before associated costs). The quality of the Company’s
projects underpinned the strong capital raising support from its shareholders throughout the report period and
continues to do so immediately post the report period.
FINANCIAL POSITION
The net assets of the Group were $477,512 as at 30 June 2016 ($9,047,284 as at 30 June 2015).
SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS
The Company raised $4,789,549 (before broker commissions and other costs of the capital raising) in capital during
the financial year via the issuance of 592,143,786 fully paid ordinary shares.
There were no other significant changes in the state of affairs of the Group during the financial year.
DIVIDENDS PAID OR RECOMMENDED
The directors do not recommend the payment of a dividend and no dividends have been paid or declared since the
start of the financial year.
SIGNIFICANT EVENTS AFTER REPORTING DATE
The Company completed a capital raising in July 2016 raising $2,906,949 (before broker commissions and other
costs of the capital raising) through a rights issue and placement of 726,737,334 fully paid ordinary shares. No
other matters or circumstances have arisen since the end of the financial year which significantly affected or may
significantly affect the operations of the Company or the state of affairs of the Company in future financial years.
In September 2016, the Company issued 10,000,000 fully paid ordinary shares at $0.005 per share, in lieu of cash, as
remuneration to an unrelated party, in relation to the provision of services to the Company.
LIKELY DEVELOPMENTS AND EXPECTED RESULTS
The Company expects to maintain the present status and level of operation and hence there are no likely unwarranted
developments in the entity’s operations.
ENVIRONMENTAL ISSUES
The Company is subject to environmental regulation in respect of its exploration activities in Peru and Australia. The
Company ensures the appropriate standard of environmental care is achieved and, in doing so, that it is aware of
and is in compliance with all environmental legislation. The directors of the Company are not aware of any breach
of environmental legislation for the year.
Page 26 | ANNUAL REPORT 2016
Directors’ Report
OPERATING AND FINANCIAL REVIEW (continued)
PROCEEDINGS ON BEHALF OF THE COMPANY
No person has applied for leave of the 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 for
all or any part of those proceedings. The Company was not a party to any such proceedings during the year.
INDEMNIFICATION OF OFFICERS AND INSURANCE PREMIUMS
The consolidated entity has paid premiums to insure the directors against liabilities for costs and expenses incurred
by them in defending legal proceedings arising from their conduct while acting in the capacity of director of the
consolidated entity, other than conduct involving a wilful breach of duty in relation to the consolidated entity. The
premiums paid in respect of Directors’ and Officers’ insurance during the year amounted to $14,554 (2015: $14,554).
OPTIONS
At the date of this report, there were no unissued ordinary shares of Inca Minerals Limited under option.
RISK MANAGEMENT
The Board is responsible for ensuring that risks and opportunities are identified in a timely manner and that activities
are aligned with the risks and opportunities identified by the Board.
MEETINGS OF DIRECTORS
During the financial year, 12 meetings of directors were held. Attendances by each director during the year were as
follows:
Mr Justin Walawski
Mr Ross Brown
Mr Gareth Lloyd
Board Meetings
No. of meetings eligible to
attend
Number attended
12
12
12
12
12
12
REMUNERATION REPORT (AUDITED)
This report outlines the remuneration arrangements in place for directors and executives of the Company.
REMUNERATION POLICY
The remuneration policy of Inca Minerals Limited aligns director and executive objectives with shareholder and
business objectives by providing a fixed remuneration component and, where the Board believes it appropriate,
may also include specific long-term incentives based on key performance areas affecting the Company’s ability to
attract and retain the best executives and directors to run and manage the Company.
The remuneration policy setting out the terms and conditions for the executive directors and other senior executives
was developed by the Board. All executives receive a base salary (which is based on factors such as ability and
experience). The Board reviews executive packages annually by reference to the economic entity’s performance,
executive performance, and comparable information from industry sectors and other listed companies in similar
industries. The performance of the executive directors is measured against the objective of promoting growth in
shareholder value.
Page 27 | ANNUAL REPORT 2016
Directors’ Report
REMUNERATION REPORT (AUDITED) (continued)
The Board may exercise discretion in relation to approving incentives, bonuses, and options. The policy is designed
to attract the highest calibre of executives and reward them for performance that results in long-term growth in
shareholder wealth. Executives may, where the Board believes it appropriate, participate in employee share and
option arrangements.
The Board policy is to remunerate directors at market rates for comparable companies for time, commitment and
responsibilities. The Board determines payments to directors and reviews their remuneration annually based on
market practice, duties and accountability. Independent external advice is sought when required. The maximum
aggregate amount of fees that can be paid to non-executive directors is subject to approval by shareholders in a
general meeting (currently $240,000 per annum).
PERFORMANCE BASED REMUNERATION
There was nil performance based remuneration for the year ended 30 June 2016.
KEY MANAGEMENT PERSONNEL SERVICE AGREEMENTS
Details of the key conditions of service agreements for key management personnel are as follows:
Commencement
Date
Notice Period
Base Salary
Base Salary
Ross Brown
1 March 2012
6 months
$220,000 per annum
Gareth Lloyd
14 September 2012
Nil
$50,000 per annum director fees
Justin Walawski
21 December 2015
6 months
$170,000 per annum*
$40,000 per annum director fees*
Termination
Payments
Provided**
None
None
None
* During the report period, Mr Walawski and the Company struck new agreements whereunder Mr Walawski ceased
to provide consultancy services and was engaged as an employee. As at 30 June 2016, Mr Walawski is engaged
under a contract of employment with the Company under which he receives remuneration of $170,000 per annum
(excluding superannuation) and, is appointed as a director of the Company under which he receives fees of $40,000
per annum (excluding superannuation).
**Other than statutory entitlements.
There are no other agreements with key management personnel.
Page 28 | ANNUAL REPORT 2016
Directors’ Report
REMUNERATION REPORT (AUDITED) (continued)
KEY MANAGEMENT PERSONNEL REMUNERATION
(a) Key management personnel compensation
2016
Name
Short-term benefits
Post-employment benefits
Cash
salary
and fees
Perfor-
mance
Bonus
Other
Non-
monetary
benefits
Super-
annu-
ation
Retire-
ment
benefits
Total
$
$
$
$
$
$
$
Performance
related
compen-
sation as
% of total
remuner-
ation
Directors
Ross Brown
Gareth Lloyd
212,384
50,000
Justin Walawski
229,710
Executives
–
492,094
–
Totals
2015
Name
–
–
–
–
–
3,600
–
1,800
–
5,400
–
–
–
–
–
20,176
4,750
12,350
–
37,276
–
–
–
–
–
236,160
54,750
243,860
–
–
–
–
–
534,770
0.0%
Short-term benefits
Post-employment benefits
Cash
salary
and fees
Perfor-
mance
Bonus
Other
Non-
monetary
benefits
Super-
annu-
ation
Retire-
ment
benefits
Total
$
$
$
$
$
$
$
Performance
related
compen-
sation as
% of total
remuner-
ation
Directors
Ross Brown
Gareth Lloyd
220,000
50,000
Justin Walawski
218,363
Executives
David Bent*
Totals
52,915
541,278
–
–
–
–
–
3,600
–
–
–
3,600
–
–
–
–
–
20,900
4,750
–
–
25,650
–
–
–
–
–
244,500
54,750
218,363
52,915
570,528
–
–
–
–
0.0%
*Ceased to be key management personnel during the year.
b) Options and rights granted as remuneration
No options or rights were granted as remuneration during the year (2015: $nil).
c) Share Based Payments
No share based payments were issued during the year (2015: $nil).
Page 29 | ANNUAL REPORT 2016
Directors’ Report
REMUNERATION REPORT (AUDITED) (continued)
DIRECTORS’ RELEVANT INTERESTS
The relevant interest of each director in the capital of the Company at the date of this report is as follows:
Director
No of Ordinary Shares
No of Options over Ordinary Shares
Ross Brown
Gareth Lloyd
Justin Walawski
31,411,762
–
2,448,001
–
–
–
The following tables show the movements in the relevant interest of each director in the capital of the Company:
2016
Name
Ross Brown
Gareth Lloyd
Justin Walawski
Totals
2015
Name
Ross Brown
Gareth Lloyd
Justin Walawski
Totals
Opening balance
1 July 2015
Additions
Disposals
24,274,508
–
1,002,000
25,276,508
–
–
630,000
630,000
–
–
–
–
Opening balance
1 July 2014
23,285,715
–
1,002,000
24,287,715
Additions
988,793
–
–
988,793
Disposals
–
–
–
–
Closing balance
30 June 2016
24,274,508
–
1,632,000
25,906,508
Closing balance
30 June 2015
24,274,508
–
1,002,000
25,276,508
END OF REMUNERATION REPORT
NON-AUDIT SERVICES
The Directors are satisfied that the provision of non-audit services during the year is compatible with the general
standard of independence for auditors imposed by the Corporations Act 2001. The Directors are satisfied that the
services disclosed below did not compromise the external auditor’s independence for the following reasons:
all non-audit services are reviewed and approved by the Board of Directors prior to commencement to ensure
they do not adversely affect the integrity and objectivity of the auditor; and
the nature of the services provided does not compromise the general principles relating to auditor independence
in accordance with APES 110: Code of Ethics for Professional Accountants set by the Accounting Professional and
Ethical Standards Board.
No non-audit services were provided by the entity’s auditor, Stantons International, as shown at Note 15.
Page 30 | ANNUAL REPORT 2016
Directors’ Report
AUDITOR’S INDEPENDENCE DECLARATION
We have obtained an Auditor’s Independence Declaration. Please refer to “Auditor’s Independence Declaration”
included on page 61 of the financial statements.
The Directors’ Report, incorporating the Remuneration Report, is signed in accordance with a resolution of the
Board of Directors.
Justin Walawski
Director
Dated at Perth this 29th day of September 2016
Page 31 | ANNUAL REPORT 2016
Consolidated Statement of Profit or
Loss and Other Comprehensive Income
for the year ended 30 june 2016
Revenue
2
20,546
33,899
Note
2016
$
2015
$
Management and directors’ fees
Wages and salaries
Administrative expenses
Advertising and promotional costs
Professional fees
Listing and share registry expenses
Depreciation
Impairment of loans
Impairment of Peruvian Value Added Tax receivable
Foreign exchange gain / (loss)
Environmental rehabilitation
Exploration and evaluation expenditure
Impairment of exploration and evaluation expenditure
Plant and equipment written off
(Loss) before income tax
Income tax benefit
(Loss) after income tax
Other comprehensive income
(99,095)
(236,872)
(700,944)
(23,231)
(317,965)
(56,781)
(21,460)
(11,200)
(698,632)
25,766
(98,894)
(84,939)
(78,362)
(849,111)
(16,895)
(381,458)
(51,694)
(15,616)
(9,800)
–
(9,625)
–
(10,895,068)
(445,069)
–
(2,592,640)
(23,360)
(2,262)
(13,137,190)
(4,503,572)
–
–
(13,137,190)
(4,503,572)
6
7
7
3
Items that will not be reclassified to profit or loss
–
–
Items that may be reclassified subsequently to profit or loss
Exchange differences on translation of foreign operations, net of tax
60,553
(51,279)
Total comprehensive (loss)
(13,076,637)
(4,554,851)
(Loss) for the year attributable to members of Inca Minerals Limited
(13,170,190)
(4,503,572)
Total comprehensive (loss) attributable to members of
Inca Minerals Limited
(13,076,637)
(4,554,851)
Basic and diluted (loss) per share (cents)
12
(1.25)
(0.71)
The accompanying notes form an integral part of these financial statements.
Page 32 | ANNUAL REPORT 2016
Consolidated Statement of
Financial Position
as at 30 june 2016
ASSETS
Current Assets
Cash and cash equivalents
Trade and other receivables
Total Current Assets
Non-Current Assets
Plant and equipment
Exploration and evaluation expenditure
Total Non-Current Assets
TOTAL ASSETS
LIABILITIES
Current Liabilities
Trade and other payables
Total Current Liabilities
TOTAL LIABILITIES
NET ASSETS
EQUITY
Contributed equity
Accumulated losses
Foreign currency translation reserve
TOTAL EQUITY
Note
2016
$
2015
$
13(b)
5
151,753
141,988
293,741
208,810
479,496
688,306
6
7
8
104,876
334,315
439,191
732,932
129,367
8,517,647
8,647,014
9,335,320
255,420
255,420
255,420
477,512
288,036
288,036
288,036
9,047,284
9
29,599,029
25,092,164
(28,769,663)
(15,632,473)
(351,854)
477,512
(412,407)
9,047,284
The accompanying notes form an integral part of these financial statements.
Page 33 | ANNUAL REPORT 2016
Consolidated Statement
of Changes In Equity
for the year ended 30 june 2016
2015
Balance at 1 July 2014
Contributed
Equity
$
Accumulated
Losses
$
Foreign
Currency
Translation
Reserve
$
Total
$
22,093,289
(11,128,901)
(361,128)
10,603,260
Total comprehensive loss for the year
–
(4,503,572)
(51,279)
(4,554,851)
Shares issued during the year
Cost of equity issue
Balance at 30 June 2015
2016
Balance at 1 July 2015
3,243,600
(244,725)
–
–
–
–
3,243,600
(244,725)
25,092,164
(15,632,473)
(412,407)
9,047,284
25,092,164
(15,632,473)
(412,407)
9,047,284
Total comprehensive loss for the year
–
(13,137,190)
60,553
(13,076,637)
Shares issued during the year
Cost of equity issue
Balance at 30 June 2016
4,789,550
(282,685)
–
–
–
–
29,599,029
(28,769,663)
(351,854)
4,789,550
(282,685)
477,512
The accompanying notes form an integral part of these financial statements.
Page 34 | ANNUAL REPORT 2016
Consolidated Statement
of Cash Flows
for the year ended 30 june 2016
Cash flows from operating activities
Payments to suppliers and employees
Interest received
Peruvian VAT credit received
Note
2016
$
2015
$
(696,098)
(761,156)
10,401
–
23,899
101,215
Net cash (used in) operating activities
13 (a)
(685,697)
(636,042)
Cash flows from investing activities
Payments for exploration expenditures
Payments for plant and equipment
Proceeds from sale of plant and equipment
Payments for security deposits
Proceeds from sale of tenements
Net cash (used in) investing activities
Cash flows from financing activities
Proceeds from issue of shares (net of share issue costs)
Net cash provided by financing activities
(3,854,747)
(2,649,902)
(20,350)
–
9,350
10,000
(76,186)
10,000
(4,107)
–
(3,855,747)
(2,720,195)
4,484,514
4,484,514
2,977,625
2,977,625
Net (decrease) in cash held
Cash and cash equivalents at the beginning of the financial year
Effect of exchange rate changes on cash and cash equivalents
Cash and cash equivalents at the end of the financial year
13 (b)
(56,930)
208,810
(127)
151,753
(378,612)
580,880
6,542
208,810
The accompanying notes form an integral part of these financial statements.
Page 35 | ANNUAL REPORT 2016
Notes to the Financial Statements
for the year ended 30 June 2016
Note 1 Statement of Significant Accounting
Policies
The financial report covers the Company of Inca Minerals Limited, a listed public company incorporated and
domiciled in Australia, and its controlled entities.
The financial report was authorised for issue on 29 September 2016 by the Board of Directors.
BASIS OF PREPARATION
The financial report is a general purpose financial report that 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.
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.
In the year ended 30 June 2016, the Company has reviewed all of the new and revised Australian Accounting
Standards and Interpretations issued by the AASB that are relevant to its operations and effective for the current
annual reporting period. It has been determined by the Company that there is no impact, material or otherwise,
of the new Standards and Interpretations on its business and therefore, no changes are required to its accounting
policies. Material accounting policies adopted in preparation of this financial report are presented below and have
been consistently applied unless otherwise stated.
The financial report has been prepared on an accruals 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.
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.
For the year ended 30 June 2016, the consolidated entity incurred after tax losses of $13,137,190 (2015: loss of
$4,503,572) and the consolidated entity had net cash outflows of $56,930 (2015: net cash outflows of $378,612).
The Directors believe that it is reasonably foreseeable that the Company and consolidated entity will continue as
going concerns and that it is appropriate to adopt the going concern basis in the preparation of the financial report
after consideration of the following factors:
The consolidated entity has cash at bank at the reporting date of $151,753, net working capital of $38,321 and net
assets of $477,512;
The Company completed capital raisings in July and August 2016 raising $2,906,949 (before broker commissions
and other costs of the capital raising) through the issue of 726,737,334 fully paid ordinary shares;
The ability of the Group to raise capital by the issue of additional shares under the Corporation Act 2001; and
The ability to curtail administration and operational cash out flows as required.
Page 36 | ANNUAL REPORT 2016
Note 1 Statement of Significant Accounting
Policies (continued)
ACCOUNTING POLICIES
The Group has consistently applied the following accounting policies to all periods presented in the financial
statements. The Group has considered the implications of new and amended Accounting Standards applicable for
annual reporting periods beginning after 1 July 2015 but determined that their application to the financial statements
is either not relevant or not material.
a) Principles of Consolidation
The consolidated financial statements incorporate all of the assets, liabilities and results of the parent, Inca Minerals
Limited and all of the subsidiaries. Subsidiaries are entities the parent controls. The parent controls an entity when
it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect
those returns through its power over the entity. A list of the subsidiaries is provided in Note 20.
The assets, liabilities and results of all subsidiaries are fully consolidated into the financial statements of the Group
from the date on which control is obtained by the Group. The consolidation of a subsidiary is discontinued from
the date that control ceases. Intercompany transactions, balances and unrealised gains or losses on transactions
between Group entities are fully eliminated on consolidation. Accounting policies of subsidiaries have been changed
and adjustments made where necessary to ensure uniformity of the accounting policies adopted by the Group.
Equity interests in a subsidiary not attributable, directly or indirectly, to the Group are presented as “non-controlling
interests”. The Group initially recognises non-controlling interests that are present ownership interests in subsidiaries
and are entitled to a proportionate share of the subsidiary’s net assets on liquidation at either fair value or at the
non-controlling interests’ proportionate share of the subsidiary’s net assets. Subsequent to initial recognition, non-
controlling interests are attributed their share of profit or loss and each component of other comprehensive income.
Non-controlling interests are shown separately within the equity section of the statement of financial position and
statement of comprehensive income.
b) Revenue Recognition
Interest revenue is recognised on a time proportionate basis that takes into account the effective yield on the
financial asset.
Income Tax
c)
The income tax expense / (income) for the year comprises current income tax expense (income) and deferred tax
expense / (income). Current income tax expense charged to the profit of loss is the tax payable on taxable income
calculated using applicable income tax rates enacted, or substantially enacted, as at reporting date. Current tax
liabilities (assets) are therefore measured at the amounts expected to be paid to (recovered from) the relevant
taxation authority.
Deferred income tax expense reflects movements in deferred tax asset and deferred tax liability balances during
the year as well as unused tax losses.
Current and deferred income tax expense (income) is charged or credited directly to equity instead of profit or loss
when the tax related 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.
Page 37 | ANNUAL REPORT 2016
Notes to the Financial Statements for the year ended 30 June 2016 Note 1 Statement of Significant Accounting
Policies (continued)
c) Income Tax (continued)
Deferred tax assets and liabilities are calculated at the tax rates that are expected to apply to the year when the
asset is realised or the liability is settled, based on tax rates enacted or substantially enacted at reporting date. Their
measurement also reflects the manner in which management expects to recover or settle the carrying amount of
the related asset or liability.
Deferred tax assets relating to temporary differences and unused tax losses are recognised only to the extent that
it is probable that future taxable profit will be available against which the benefits of the deferred tax asset can be
utilised.
Where temporary differences exist in relation to investments in subsidiaries, branches, associates, and joint ventures,
deferred tax assets and liabilities are not recognised where the timing of the reversal of the temporary difference
can be controlled and it is not probable that the reversal will occur in the foreseeable future.
Current tax assets and liabilities are offset where a largely enforceable right of set-off exists and it is intended that
net settlement or simultaneous realisation and settlement of the respective asset and liability will occur. Deferred
tax assets and liabilities are offset where a legally enforceable right of set-off exists, the deferred tax assets and
liabilities related to income taxes levied by the same taxation authority on either the same taxable entity or different
taxable entities where it is intended that net settlement or simultaneous realisation and settlement of the respective
asset and liability will occur in future periods in which significant amounts of deferred tax assets or liabilities are
expected to be recovered or settled.
d) Mining Tenements and Exploration and Development Expenditure
Mining tenements are carried at cost, less accumulated impairment losses.
Exploration, evaluation and development expenditure incurred is accumulated in respect of each identifiable area
of interest. These costs are only carried forward to the extent that they are expected to be recouped through the
successful development and/or sale of the area or where activities in the area have not yet reached a stage that
permits reasonable assessment of the existence of economically recoverable reserves.
Accumulated costs in relation to an abandoned area are written off in full against profit or loss in the year in which
the decision to abandon the area is made.
When production commences, the accumulated costs for the relevant area of interest are amortised over the life of
the area according to the rate of depletion of the economically recoverable reserves.
A regular review is undertaken of each area of interest to determine the appropriateness of continuing to carry
forward costs in relation to that area of interest.
Costs of site restoration are provided for over the life of the facility from when exploration commences and are
included in the costs of that stage. Site restoration costs include the dismantling and removal of mining plant,
equipment and building structures, waste removal, and rehabilitation of the site in accordance with clauses of
the mining permits. Such costs are determined using estimates of future costs, current legal requirements and
technology on an undiscounted basis.
Any changes in the estimates for the costs are accounted for on a prospective basis. In determining the costs of site
restoration, there is uncertainty regarding the nature and extent of the restoration due to community expectations
and future legislation. Accordingly, the costs have been determined on the basis that the restoration will be
completed within one year of abandoning the site.
Page 38 | ANNUAL REPORT 2016
Notes to the Financial Statements for the year ended 30 June 2016 Note 1 Statement of Significant Accounting
Policies (continued)
e) Financial Instruments
Financial instruments, incorporating financial assets and financial liabilities, are recognised when the entity becomes
a party to the contractual provisions of the instrument. Trade date accounting is adopted for financial assets that
are delivered within timeframes established by marketplace convention.
Financial instruments are initially measured at fair value plus transactions costs where the instrument is not classified
as at fair value through profit or loss. Transaction costs related to instruments classified as at fair value through
profit or loss are expensed to profit or loss immediately. Financial instruments are classified and measured as set
out below.
Derecognition
Financial assets are derecognised where the contractual rights to receipt of cash flows expires or the asset is
transferred to another party whereby the entity no longer has any significant continuing involvement in the risks
and benefits associated with the asset. Financial liabilities are derecognised where the related obligations are either
discharged, cancelled or expire. The difference between the carrying value of the financial liability extinguished or
transferred to another party and the fair value of consideration paid, including the transfer of non-cash assets or
liabilities assumed, is recognised in profit or loss.
Classification and Subsequent Measurement
i. Financial assets at fair value through profit or loss
Financial assets are classified at fair value through profit or loss when they are held for trading for the purpose of
short term profit taking, where they are derivatives not held for hedging purposes, or designed as such to avoid
an accounting mismatch or to enable performance evaluation where a group of financial assets is managed by key
management personnel on a fair value basis in accordance with a documented risk management or investment
strategy. Realised and unrealised gains and losses arising from changes in fair value are included in profit or loss in
the period in which they arise.
ii. Loans and receivables
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted
in an active market and are subsequently measured at amortised cost using the effective interest rate method.
iii. Held-to-maturity investments
Held-to-maturity investments are non-derivative financial assets that have fixed maturities and fixed or determinable
payments, and it is the Company’s intention to hold these investments to maturity. They are subsequently measured
at amortised cost using the effective interest rate method.
iv. Available-for-sale financial assets
Available-for-sale financial assets are non-derivative financial assets that are either designated as such or that are
not classified in any of the other categories. They comprise investments in the equity of other entities where there
is neither a fixed maturity nor fixed or determinable payments.
v. Financial liabilities
Non-derivative financial liabilities (excluding financial guarantees) are subsequently measured at amortised cost
using the effective interest rate method.
Page 39 | ANNUAL REPORT 2016
Notes to the Financial Statements for the year ended 30 June 2016 Note 1 Statement of Significant Accounting
Policies (continued)
e) Financial Instruments (continued)
Fair value
The Group measures some of its assets and liabilities at fair value on either a recurring or non-recurring basis,
depending on the requirements of the applicable Accounting Standard. Fair value is the price the Group would
receive to sell an asset or would have to pay to transfer a liability in an orderly (ie unforced) transaction between
independent, knowledgeable and willing market participants at the measurement date.
As fair value is a market-based measure, the closest equivalent observable market pricing information is used to
determine fair value. Adjustments to market values may be made having regard to the characteristics of the specific
asset or liability. The fair values of assets and liabilities that are not traded in an active market are determined
using one or more valuation techniques. These valuation techniques maximise, to the extent possible, the use of
observable market data. To the extent possible, market information is extracted from either the principal market for
the asset or liability (ie the market with the greatest volume and level of activity for the asset or liability) or, in the
absence of such a market, the most advantageous market available to the entity at the end of the reporting period
(ie the market that maximises the receipts from the sale of the asset or minimises the payments made to transfer
the liability, after taking into account transaction costs and transport costs).
For non-financial assets, the fair value measurement also takes into account a market participant’s ability to use the
asset in its highest and best use or to sell it to another market participant that would use the asset in its highest and
best use. The fair value of liabilities and the entity’s own equity instruments (excluding those related to share-based
payment arrangements) may be valued, where there is no observable market price in relation to the transfer of such
financial instruments, by reference to observable market information where such instruments are held as assets.
Where this information is not available, other valuation techniques are adopted and, where significant, are detailed
in the respective note to the financial statements.
Valuation Techniques
In the absence of an active market for an identical asset or liability, the Group selects and uses one or more valuation
techniques to measure the fair value of the asset or liability. The Group selects a valuation technique that is appropriate
in the circumstances and for which sufficient data is available to measure fair value. The availability of sufficient and
relevant data primarily depends on the specific characteristics of the asset or liability being measured. The valuation
techniques selected by the Group are consistent with one or more of the following valuation approaches:
Market approach: valuation techniques that use prices and other relevant information generated by market
transactions for identical or similar assets or liabilities.
Income approach: valuation techniques that convert estimated future cash flows or income and expenses into a
single discounted present value.
Cost approach: valuation techniques that reflect the current replacement cost of an asset at its current service
capacity.
Each valuation technique requires inputs that reflect the assumptions that buyers and sellers would use when
pricing the asset or liability, including assumptions about risks. When selecting a valuation technique, the Group
gives priority to those techniques that maximise the use of observable inputs and minimise the use of unobservable
inputs. Inputs that are developed using market data (such as publicly available information on actual transactions)
and reflect the assumptions that buyers and sellers would generally use when pricing the asset or liability are
considered observable, whereas inputs for which market data is not available and therefore are developed using
the best information available about such assumptions are considered unobservable.
Page 40 | ANNUAL REPORT 2016
Notes to the Financial Statements for the year ended 30 June 2016 Note 1 Statement of Significant Accounting
Policies (continued)
e) Financial Instruments (continued)
Fair value hierarchy
AASB 13 requires the disclosure of fair value information by level of the fair value hierarchy, which categorises fair
value measurements into one of three possible levels based on the lowest level that an input that is significant to
the measurement can be categorised into as follows:
Level 1
Measurements based on quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity
can access at the measurement date.
Level 2
Measurements based on inputs other than quoted prices included in Level 1 that are observable for the asset or
liability, either directly or indirectly.
Level 3
Measurements based on unobservable inputs for the asset or liability.
The fair values of assets and liabilities that are not traded in an active market are determined using one or more
valuation techniques. These valuation techniques maximise, to the extent possible, the use of observable market
data. If all significant inputs required to measure fair value are observable, the asset or liability is included in Level 2.
If one or more significant inputs are not based on observable market data, the asset or liability is included in Level 3.
The Group would change the categorisation within the fair value hierarchy only in the following circumstances:
(i) if a market that was previously considered active (Level 1) became inactive (Level 2 or Level 3) or vice versa; or
(ii) if significant inputs that were previously unobservable (Level 3) became observable (Level 2) or vice versa.
When a change in the categorisation occurs, the Group recognises transfers between levels of the fair value
hierarchy (ie transfers into and out of each level of the fair value hierarchy) on the date the event or change in
circumstances occurred.
Impairment of Assets
f)
At each reporting date, the entity reviews the carrying values of its tangible and intangible assets to determine whether
there is any indication that those assets have been impaired. If such an indication exists, the recoverable amount of the
asset, being the higher of the asset’s fair value less costs to sell and value in use, is compared to the asset’s carrying
value. Any excess of the asset’s carrying value over its recoverable amount is expensed to profit or loss.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the
estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current
market assessments of the time value of money and the risks specific to the asset for which the estimates of future
cash flows have not been adjusted.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the
asset is reduced to its recoverable amount. An impairment loss is recognised in profit or loss immediately, unless the
relevant asset is carried at fair value, in which case the impairment loss is treated as a revaluation decrease. Where
an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of
its recoverable amount, but only to the extent that the increased carrying amount does not exceed the carrying
amount that would have been determined had no impairment loss been recognised for the asset in prior years. A
reversal of an impairment loss is recognised in profit or loss immediately, unless the relevant asset is carried at fair
value, in which case the reversal of the impairment loss is treated as a revaluation increase.
Page 41 | ANNUAL REPORT 2016
Notes to the Financial Statements for the year ended 30 June 2016 Note 1 Statement of Significant Accounting
Policies (continued)
g) Plant and Equipment
Plant and equipment are measured on the cost basis and therefore carried at cost less accumulated depreciation
and any accumulated impairment. In the event the carrying amount of plant and equipment is greater than the
estimated recoverable amount, the carrying amount is written down immediately to the estimated recoverable
amount and impairment losses are recognised either in profit or loss or as a revaluation decrease if the impairment
losses relate to a revalued asset.
The carrying amount of plant and equipment is reviewed annually by directors to ensure it is not in excess of the
recoverable amount from these assets. The recoverable amount is assessed on the basis of the expected net cash
flows that will be received from the asset’s employment and subsequent disposal. The expected net cash flows
have been discounted to their present values in determining recoverable amounts.
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate,
only when it is probable that future economic benefits associated with the item will flow to the Company and
the cost of the item can be measured reliably. All other repairs and maintenance are charged to the statement of
comprehensive income during the financial period in which they are incurred.
Depreciation
The depreciable amount of all fixed assets, is depreciated on a straight-line basis over the asset’s useful life to the
Company commencing from the time the asset is held ready for use.
The depreciation rates used for each class of depreciable assets are:
Class of fixed asset
Plant and equipment
Motor vehicles
IT equipment
Leasehold improvements
Depreciation rate
20–33%
20–33%
33%
20%
The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting
period.
An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is
greater than its estimated recoverable amount.
Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These gains and
losses are included in the profit or loss.
h) Cash and Cash Equivalents
Cash and cash equivalents include cash on hand and deposits held at call with banks.
i) Goods and Services Tax
Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred
is not recoverable from the Australian Tax Office. In these circumstances the GST is recognised as part of the cost of
acquisition of the asset or as part of an item of the expense. Receivables and payables in the statement of financial
position are shown inclusive of GST. Cash flows are presented in the statement of cash flows on a gross basis,
except for the GST component of investing and financing activities, which are disclosed as operating cash flows.
Page 42 | ANNUAL REPORT 2016
Notes to the Financial Statements for the year ended 30 June 2016 Note 1 Statement of Significant Accounting
Policies (continued)
j) Contributed Equity
Ordinary shares are classified as equity.
Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction,
net of tax, from the proceeds. Incremental costs directly attributable to the issue of new shares or options for the
acquisition of a business are not included in the cost of the acquisition as part of the purchase consideration.
k) Earnings per Share
(i) Basic earnings per share
Basic earnings per share is calculated by dividing the profit attributable to equity holders of the Company, excluding
any costs of servicing equity other than ordinary shares, by the weighted average number of ordinary shares
outstanding during the financial year.
(ii) Diluted earnings per share
Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into
account the after income tax effect of interest and other financing costs associated with dilutive potential ordinary
shares and the weighted average number of shares assumed to have been issued for no consideration in relation
to dilutive potential ordinary shares.
l) Leases
Leases of fixed assets, where substantially all the risks and benefits incidental to the ownership of the asset, but not
the legal ownership that are transferred to the economic entity, are classified as finance leases.
Finance leases are capitalised by recording an asset and a liability at the lower of the amounts equal to the fair value
of the leased property or the present value of the minimum lease payments, including any guaranteed residual
values. Lease payments are allocated between the reduction of the lease liability and the lease interest expense for
the period.
Leased assets are depreciated on a straight-line basis over the shorter of their estimated useful lives or the lease
term. Lease payments for operating leases, where substantially all the risks and benefits remain with the lessor, are
charged as expenses in the periods in which they are incurred.
m) Employee Benefits
Provision is made for the Company’s liability for employee benefits arising from services rendered by employees
to reporting date. Employee benefits that are expected to be settled within one year have been measured at the
amounts expected to be paid when the liability is settled, plus related on-costs. Employee benefits payable later
than one year have been measured at the present value of the estimated future cash outflows to be made for those
benefits.
n) Segment Reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating
decision maker. The chief operating decision maker, who is responsible for allocating resources and assessing
performance of the operating segments, has been identified as the Board of Directors.
o) Trade and Other Receivables
Trade and other receivables include amounts due from customers for goods sold and services performed in the
ordinary course of business. Receivables expected to be collected within 12 months of the end of the reporting
period are classified as current assets. All other receivables are classified as non-current assets.
Trade and other receivables are initially recognised at fair value and subsequently measured at amortised cost using
the effective interest method, less any provision for impairment.
Page 43 | ANNUAL REPORT 2016
Notes to the Financial Statements for the year ended 30 June 2016 Note 1 Statement of Significant Accounting
Policies (continued)
p) Trade and Other Payables
Trade and other payables represent the liabilities for goods and services received by the entity that remain unpaid
at the end of the reporting period. The balance is recognised as a current liability with the amounts normally paid
within 30 days of recognition of the liability.
q) Foreign Currency Transactions Balances
Functional and presentation currency
The functional currency of each of the Group’s entities is measured using the currency of the primary economic
environment in which that entity operates. The consolidated financial statements are presented in Australian
dollars, which is the parent entity’s functional currency.
Transactions and balances
Foreign currency transactions are translated into functional currency using the exchange rates prevailing at the date
of the transaction. Foreign currency monetary items are translated at the year-end exchange rate. Non-monetary
items measured at historical cost continue to be carried at the exchange rate at the date of the transaction.
Non-monetary items measured at fair value are reported at the exchange rate at the date when fair values were
determined.
Exchange differences arising on the translation of monetary items are recognised in profit or loss, except where
deferred in equity as a qualifying cash flow or net investment hedge.
Exchange differences arising on the translation of non-monetary items are recognised directly in other comprehensive
income to the extent that the underlying gain or loss is recognised in other comprehensive income; otherwise the
exchange difference is recognised in profit or loss.
Group companies
The financial results and position of foreign operations, whose functional currency is different from the Group’s
presentation currency, are translated as follows:
assets and liabilities are translated at exchange rates prevailing at the end of the reporting period;
income and expenses are translated at average exchange rates for the period; and
retained earnings are translated at the exchange rates prevailing at the date of the transaction.
Exchange differences arising on translation of foreign operations with functional currencies other than Australian
dollars are recognised in other comprehensive income and included in the foreign currency translation reserve in
the statement of financial position. These differences are recognised in profit or loss in the period in which the
operation is disposed of.
r) Critical Accounting Estimates and Other Accounting Judgements
Estimates and judgements are continually evaluated and are based on historical experience and other factors,
including expectations of future events that are believed to be reasonable under the circumstances.
The Company is of the view that there are no critical accounting estimates and judgements in this financial report,
other than accounting estimates and judgements in relation to the carrying value of mineral exploration expenditure.
Key judgements
Deferred exploration and evaluation expenditure
Exploration and evaluation costs are carried forward where right of tenure of the area of interest is current. These
costs are carried forward in respect of an area that has not at reporting date reached a stage that permits reasonable
assessment of the existence of economically recoverable reserves, or alternatively, are expected to be sold. Refer
to the accounting policy stated in Note 1(d).
Page 44 | ANNUAL REPORT 2016
Notes to the Financial Statements for the year ended 30 June 2016 Note 1 Statement of Significant Accounting
Policies (continued)
s) New Standards and Interpretations Not Yet Adopted
A number of new standards, amendments to standards and interpretations issued by the AASB which are not yet
mandatorily applicable to the Group have not been applied in preparing these consolidated financial statements.
Those which may be relevant to the Group are set out below. The Group does not plan to adopt these standards
early.
AASB 9 Financial Instruments and associated Amending Standards (applicable for annual reporting period
commencing 1 January 2018).
The Standard will be applicable retrospectively (subject to the comment on hedge accounting below) and includes
revised requirements for the classification and measurement of financial instruments, revised recognition and
derecognition requirements for financial instruments and simplified requirements for hedge accounting.
Key changes made to this standard that may affect the Group on initial application include certain simplifications to
the classification of financial assets, simplifications to the accounting of embedded derivatives, and the irrevocable
election to recognise gains and losses on investments in equity instruments that are not held for trading in other
comprehensive income.
The directors anticipate that the adoption of AASB 9 will not have a material impact on the Group’s financial instruments.
AASB 15: Revenue from Contracts with Customers (applicable to annual reporting periods commencing on or
after 1 January 2018).
When effective, this Standard will replace the current accounting requirements applicable to revenue with a single,
principles-based model. Except for a limited number of exceptions, including leases, the new revenue model in
AASB 15 will apply to all contracts with customers as well as non-monetary exchanges between entities in the same
line of business to facilitate sales to customers and potential customers.
identify the contract(s) with a customer;
identify the performance obligations in the contract(s);
The core principle of the Standard is that an entity will recognise revenue to depict the transfer of promised goods
or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in
exchange for the goods or services. To achieve this objective, AASB 15 provides the following five-step process:
–
–
– determine the transaction price;
– allocate the transaction price to the performance obligations in the contract(s); and
– recognise revenue when (or as) the performance obligations are satisfied.
This Standard will require retrospective restatement, as well as enhanced disclosures regarding revenue.
Although the directors anticipate that the adoption of AASB 15 may have an impact on the Group’s financial
statements, the directors anticipate that the adoption of AASB 15 will not have a material impact on the Group’s
revenue recognition and disclosures.
AASB 16: Leases (applicable to annual reporting periods commencing on or after 1 January 2019).
AASB 16 removes the classification of leases as either operating leases or finance leases for the lessee effectively
treating all leases as finance leases. Short term leases (less than 12 months) and leases of a low value are exempt
from the lease accounting requirements. Lessor accounting remains similar to current practice.
Although the directors anticipate that the adoption of AASB 16 may have an impact on the Group’s financial
statements, the directors anticipate that the adoption of AASB 15 will not have a material impact on the Group’s
recognition of leases and disclosures.
Page 45 | ANNUAL REPORT 2016
Notes to the Financial Statements for the year ended 30 June 2016 Note 1 Statement of Significant Accounting
Policies (continued)
s) New Standards and Interpretations Not Yet Adopted (continued)
AASB 2014-3: Amendments to Australian Accounting Standards – Accounting for Acquisitions of Interests in Joint
Operations [AASB 1 & AASB 11].
AASB 2014-3 amends AASB 11 Joint Arrangements to provide guidance on the accounting for acquisitions of interests
in joint operations in which the activity constitutes a business. The amendments require:
(a) the acquirer of an interest in a joint operation in which the activity constitutes a business, as defined in AASB 3
Business Combinations, to apply all of the principles on business combinations accounting in AASB 3 and other
Australian Accounting Standards except for those principles that conflict with the guidance in AASB 11.
(b) the acquirer to disclose the information required by AASB 3 and other Australian Accounting Standards for
business combinations.
This Standard also makes an editorial correction to AASB 11.
The directors anticipate that the adoption of these amendments will not have a material impact on the financial
statements.
AASB 2014-9: Amendments to Australian Accounting Standards – Equity Method in Separate Financial Statements
(AASB 2014-9 applies to annual reporting periods beginning on or after 1 January 2016. Early adoption permitted).
AASB 2014-9 amends AASB 127 Separate Financial Statements, and consequentially amends AASB 1 First-time
Adoption of Australian Accounting Standards and AASB 128 Investments in Associates and Joint Ventures, to allow
entities to use the equity method of accounting for investments in subsidiaries, joint ventures and associates in their
separate financial statements. AASB 2014-9 also makes editorial corrections to AASB 127.
The directors anticipate that the adoption of these amendments will not have a material impact on the financial
statements.
Other standards not yet applicable.
There are no other standards that are not yet effective and that would be expected to have a material impact on the
entity in the current or future reporting periods and on foreseeable future transactions.
t) Comparative Figures
When required by Accounting Standards, comparative figures have been adjusted to conform to changes in
presentation for the current financial year.
Note 2: Revenue
Interest received
Sale of assets
Consolidated
2016
$
2015
$
10,564
10,000
20,546
23,899
10,000
33,899
Page 46 | ANNUAL REPORT 2016
Notes to the Financial Statements for the year ended 30 June 2016 Note 3: Income Tax
(a) Income tax recognised in profit
No income tax is payable by the Company as it recorded losses for income tax purposes for the year.
(b) Numerical reconciliation between income tax expense and the loss before income tax.
Loss before income tax
Income tax at 30%
Tax effect of:
Deferred tax asset not recognised
Movement in unrecognised temporary differences
Tax effect of permanent differences
Income tax benefit
(c) Unrecognised deferred tax balances
Tax losses available to the Company
Consolidated
2016
$
2015
$
(13,137,190)
(4,503,572)
(3,941,157)
(1,351,071)
2,549,790
1,391,277
90
–
576,600
774,281
190
–
21,626,210
13,359,976
Potential tax benefit at 30%
6,487,863
4,007,992
A deferred tax asset attributable to income tax losses has not been recognised at reporting date as the probability
criteria disclosed in Note 1(c) is not satisfied and such benefit will only be available if the conditions of deductibility,
also disclosed in Note 1(c), are satisfied.
The corporate income tax rate in Peru has reduced from 30% to 28%.
Note 4: Dividends
No dividends were paid or declared since the start of the financial year. No recommendation for payment of
dividends has been made.
Note 5: Trade and Other Receivables
Current
Other receivables
GST and VAT
Loans (i)
Less: provision for impairment
Consolidated
2016
$
2015
$
20,479
121,509
–
–
141,988
30,137
429,759
239,480
(219,880)
479,496
None of the trade and other receivables are past due date.
(i) Loans consist of interest-free loans given to former senior executives in order to purchase shares in the Company.
These loans were forfeited by the former senior executives during the year and the shares that were acquired
were transferred back to the Company.
Page 47 | ANNUAL REPORT 2016
Notes to the Financial Statements for the year ended 30 June 2016 Note 6: Plant and Equipment
Plant and
equipment
$
Motor
vehicles
$
IT equipment
$
Leasehold
Improve-
ments
$
Balance at 1 July 2014
Additions / (disposals)
Depreciation / writeback
on disposals
Balance at 30 June 2015
At cost
Accumulated depreciation
Balance at 30 June 2015
Balance at 1 July 2015
Additions / (disposals) and
writeoffs
Depreciation / writebackon
disposals
Balance at 30 June 2016
At cost
Accumulated depreciation
Balance at 30 June 2016
41,524
90,714
(11,025)
121,213
137,180
(15,967)
121,213
121,213
(3,031)
(18,173)
100,009
127,317
(27,308)
100,009
–
–
–
–
1,124
(1,124)
–
–
–
–
–
1,124
(1,124)
–
9,838
(4,000)
(3,213)
2,625
17,760
(15,135)
2,625
–
6,907
(1,378)
5,529
6,907
(1,378)
5,529
Total
$
51,362
93,621
(15,616)
129,367
162,971
(33,604)
129,367
2,625
5,529
129,367
–
–
(3,031)
(1,906)
719
17,760
(17,041)
719
(1,381)
4,148
6,907
(2,759)
4,148
(21,460)
104,876
153,108
(48,232)
104,876
Note 7: Exploration and Evaluation Expenditure
Costs carried forward in respect of areas of interest in the following phases:
Exploration and evaluation phase – at cost
Balance at 1 July
Expenditure incurred (including exchange rate movements)
Impairment of exploration and evaluation expenditure
Expenditure written off
Balance at 30 June
Consolidated
2016
$
2015
$
8,517,647
2,711,736
9,973,665
1,581,691
–
(2,592,640)
(10,895,068)
334,315
(445,069)
8,517,647
The expenditure written off during the current year has increased from the prior year due to the decision by the
Company to relinquish its interest in the Chanape project.
Page 48 | ANNUAL REPORT 2016
Notes to the Financial Statements for the year ended 30 June 2016 Note 8: Trade and Other Payables (current)
Trade and other creditors
None of the payables are past due date.
Note 9: Contributed Equity
a) Paid up capital
1,238,480,149 ordinary shares (30 June 2015: 646,336,363 ordinary shares)
b) Movements in shares on issue
Balance at 30 June 2014
Issued 6 August 2014
Issued 22 August 2014
Issued 3 December 2014
Transaction costs from issue of shares
Balance at 30 June 2015
Issued 27 July 2015
Issued 29 July 2015
Issued 29 July 2015
Issued 19 August 2015
Issued 25 May 2016
Issued 30 May 2016
Issued 17 June 2016
Transaction costs from issue of shares
Balance at 30 June 2016
Consolidated
2016
$
2015
$
255,420
288,036
Consolidated
2016
$
2015
$
29,599,029
25,092,164
No of shares
Paid up capital
$
504,917,138
22,093,289
139,130,432
3,200,000
1,300,000
988,793
28,600
15,000
–
(244,725)
646,336,363
25,092,164
215,445,453
2,154,454
75,000,000
10,000,000
750,000
100,000
130,000,000
1,300,000
79,000,000
35,565,000
47,133,333
237,000
106,695
141,400
–
(282,684)
1,238,480,149
29,599,029
c) Movements in options on issue
There were nil options issued and nil outstanding options over unissued ordinary shares during the year.
d) Ordinary shares
Ordinary shares have the right to receive dividends as declared and, in the event of winding up of the Company, to
participate in the proceeds from the sale of all surplus assets in proportion to the number of and amounts paid up
on shares held.
Page 49 | ANNUAL REPORT 2016
Notes to the Financial Statements for the year ended 30 June 2016
Note 10: Interests of Key Management Personnel
a) Key management personnel compensation
Refer to the Remuneration Report contained in the Director’s Report for details of the remuneration paid to each
member of the Company’s key management personnel for the year ended 30 June 2016.
The totals of remuneration paid to key management personnel of the Company during the year are as follows:
Short-term employee benefits (i)
Other payments (ii)
Post-employment benefits (iii)
Consolidated
2016
$
492,094
5,400
37,276
534,770
2015
$
541,278
3,600
25,650
570,528
(i) Includes payments for salaries, director fees and consulting fees.
(ii) Includes allowances.
(iii) Includes superannuation contributions.
b) Key management personnel shareholdings
The number of ordinary shares in Inca Minerals Limited held by each key management personnel of the Company
during the financial year is as follows:
2016
Directors
Ross Brown
Gareth Lloyd
Justin Walawski
Executives
–
Totals
At
Appointment
(if after 1 July
2015)
Balance
1 July 2015
Acquired/
Disposed
At Resignation
Balance
30 June 2016
24,274,508
–
1,002,000
–
25,276,508
–
–
–
–
–
–
–
630,000
–
630,000
–
–
–
–
–
24,274,508
–
1,632,000
–
25,906,508
Page 50 | ANNUAL REPORT 2016
Notes to the Financial Statements for the year ended 30 June 2016 Note 10: Interests of Key Management Personnel
(continued)
b) Key management personnel shareholdings (continued)
2015
At
Appointment
(if after 1 July
2014)
Balance
1 July 2014
Acquired/
Disposed
At Resignation
Balance
30 June 2015
23,285,715
–
1,002,000
–
24,287,715
–
–
–
–
–
988,793
–
–
–
988,793
–
–
–
–
–
24,274,508
–
1,002,000
–
25,276,508
Directors
Ross Brown
Gareth Lloyd
Justin Walawski
Executives
David Bent*
Totals
* Ceased to be key management personnel during the year. Shareholding is as at date of resignation.
Note 11: Related Party Transactions
Other transactions and balances with directors and other key management personnel.
Corporate Advisory
During the financial year, $64,000 (2015: $55,000) was paid to Element Capital Pty Ltd, a company related to Mr
Gareth Lloyd, for the provision of corporate advisory services.
During the financial year, nil (2015: $59,221) was paid to Element Capital Pty Ltd, a company related to Mr Gareth
Lloyd, for the provision of management and placement fees in relation to capital raising services.
Note 12: Loss Per Share
a) Basic Earnings Per Share
Consolidated
2016
$
2015
$
Loss used in calculating basic earnings per share
(13,137,190)
(4,503,572)
Weighted average number of ordinary shares on issue during the year used as
the denominator in calculating basic loss per share
1,049,260,562
631,621,356
Basic loss per share (cents)
(1.25)
(0.71)
b) Diluted loss per share (cents)
Diluted loss per share is the same as basic loss per share as there are no potential ordinary shares that are dilutive.
Page 51 | ANNUAL REPORT 2016
Notes to the Financial Statements for the year ended 30 June 2016 Note 13: Cash Flow Information
a) Reconciliation of the net loss after income tax to the net cash flows from operating activities
Net loss for the year
Depreciation
Impairment of loans receivable
Impairment of Peruvian value added tax
Foreign exchange (gains) / losses
Exploration and evaluation expenditure written off
Exploration and evaluation expenditure impaired
Inca Minerales S.A.C. capitalised exploration expenditure
Plant and equipment written off
Changes in assets and liabilities
(Increase) / decrease in trade and other receivables
Increase / (decrease ) in trade and other payables
Net cash outflow from operating activities
(b) Reconciliation of cash and cash equivalents
Cash balance comprises:
– cash assets
(c) Non-cash financing activities
There were no non-cash financing activities during the year ended 30 June 2016.
Consolidated
2016
$
2015
$
(13,137,190)
(4,503,572)
21,460
11,200
698,632
(25,766)
10,895,068
15,616
9,800
–
9,625
445,069
–
2,592,640
522,647
23,360
337,508
(32,616)
(685,697)
988,050
2,262
(129,580)
(65,952)
(636,042)
151,753
208,810
Page 52 | ANNUAL REPORT 2016
Notes to the Financial Statements for the year ended 30 June 2016 Note 14: Expenditure Commitments
The Group has certain commitments to meet minimum expenditure requirements on the mineral exploration assets
in which it has an interest. These commitments are optional and only required if the Company wishes to maintain
its rights of earn-in or rights of tenure. Outstanding exploration commitments for not later than one year and for
between one and five years are as follows:
Not later than one year
Between one and five years
Consolidated
30 June
2016
$
Consolidated
30 June
2015
$
324,307
2,995,907
3,320,214
2,294,435
6,303,757
8,598,192
The exploration expenditure commitments above include commitments related to agreements for the acquisition
of interests in mining concessions pertaining to the Group’s Riqueza and Cerro Rayas projects in Peru. As at 30 June
2016 the Group has met all of its obligations in respect of the agreements and all future exploration commitments
are payable at the Group’s discretion and dependent upon the Group acquiring the exclusive rights to the mining
concessions. The key terms of the agreement pertaining to the Riqueza and Cerro Rayas projects are set out below.
1. A 5 year mining concession transfer option and assignment agreement signed 24 March 2016 granting the Group
the exclusive option to acquire 100% interest in mining concessions referred to as the Riqueza Project. The Group
has the exclusive right to terminate at any time during the transfer option and assignment period and any unpaid
amounts are not payable to the vendor. Other key terms are:
Total Mining Concession Transfer Option &
Assignment (MCTOA) Consideration
Timing of Payment of MCTOA Consideration
US$1,773,000
MCTOA Payment on Execution Date (ED):
US$30,000*
MCTOA Payment 6 months from ED:
MCTOA Payment 12 months from ED:
MCTOA Payment 18 months from ED:
MCTOA Payment 24 months from ED:
MCTOA Payment 30 months from ED:
MCTOA Payment 36 months from ED:
MCTOA Payment 42 months from ED:
MCTOA Payment 48 months from ED:
MCTOA Payment 54 months from ED:
US$20,000
US$50,000
US$60,000
US$50,000
US$63,000
US$100,000
US$100,000
US$150,000
US$150,000
MCTOA Payment 60 months from ED:
US$1,000,000
Mining assignment period
5 years from the Execution Date
NSR Royalty
Cancellability
2% NSR. The Group has a 20-year option to buy back 50% of
the NSR for US$1,000,000 leaving a 1% NSR to the vendor.
The Group has the exclusive right to terminate at any time
during the option and assignment period without cost or
penalty. Any unpaid amounts are not payable to the vendor.
* The Company has met all of its applicable commitments under the agreement with MRC.
Page 53 | ANNUAL REPORT 2016
Notes to the Financial Statements for the year ended 30 June 2016 Note 14: Expenditure Commitments (continued)
2. A 2.5 year mining concession transfer option and assignment agreement commencing 24 October 2015 granting
the Group the exclusive option to acquire 100% interest in a mining concession referred to as the Cerro Rayas
Project. The Group has the exclusive right to terminate at any time during the transfer option and assignment
period and any unpaid amounts are not payable to the vendor. Other key terms are:
Total Mining Concession Transfer
Option & Assignment (MCTOA)
Consideration
Timing of Payment of MCTOA
Consideration
US$250,000
Exclusive Option Payment (EOP) Commencement Date (CD): US$5,000*
4 x EOPs of US$1,250 each at 2, 3, 4 and 5 months from CD: US$5,000*
EOP at 3 months from CD: US$1,250*
EOP at 4 months from CD: US$1,250*
EOP at 5 months from CD: US$1,250*
Mining assignment and purchase option payments (MAPOP):
MAPOP at 5 months from CD: US$15,000*
MAPOP at 17 months from CD: US$100,000
12 x monthly MAPOPs of US$5,000 18 – 30 months from CD: US$60,000
MAPOP at 30 months from CD: US$65,000
Mining assignment period
2.5 years from the Commencement Date
Cancellability
The Group has the exclusive right to terminate at any time during the option
and assignment period without cost or penalty. Any unpaid amounts are
not payable to the vendor.
* The Company has met all of its applicable commitments under the agreement with the vendor.
In addition to exploration expenditure commitments the Group has certain operating commitments pertaining to
non-cancellable operating leases and other non-cancellable agreements contracted for but not recognised in the
financial statements:
Not later than one year
Between one and five years
Note 15: Auditor’s Remuneration
Statutory audit by auditor of the parent company
Audit and review of financial statements of parent entity
Audit and review of financial statements of subsidiary entity
Statutory audit by auditor of Inca Minerales SAC
Consolidated
30 June
2016
$
Consolidated
30 June
2015
$
73,595
4,500
78,095
92,330
21,620
113,950
24,000
950
24,950
11,446
24,035
950
24,985
11,056
Page 54 | ANNUAL REPORT 2016
Notes to the Financial Statements for the year ended 30 June 2016 Note 16: Segment Information
The Company has identified its operating segments based on the internal reports that are reviewed and used by the
Board of directors (chief operating decision makers) in assessing performance and determining the allocation of
resources. The Company operates in the segments of mineral exploration within Peru and Australia.
The Company is domiciled in Australia. All revenue from external parties is generated from Australia only. Segment
revenues are allocated based on the country in which the party is located. Operating revenues of approximately Nil
(2015: Nil) are derived from a single external party. All the assets are located in Peru and Australia. Segment assets
are allocated to countries based on where the assets are located.
Reportable segments:
Segment revenue
2016
2015
Segment result
2016
2015
Segment assets
2016
2015
Segment liabilities
2016
2015
Depreciation and amortisation expense
2016
2015
Australia
$
Peru
$
Consolidated
$
20,546
33,899
–
–
20,546
33,899
(835,806)
(12,301,384)
(13,137,190)
(1,226,481)
(3,277,091)
(4,503,572)
68,456
560,330
664,476
732,932
8,774,990
9,335,320
(112,142)
(132,138)
(143,278)
(155,898)
(255,420)
(288,036)
(3,477)
(15,616)
(17,983)
–
(21,460)
(15,616)
Page 55 | ANNUAL REPORT 2016
Notes to the Financial Statements for the year ended 30 June 2016 Note 17: Financial Risk Management Objectives
and Policies
Interest rate risk
a)
The Company’s exposure to interest rate risk which is the risk that a financial instruments value will fluctuate as a
result of changes in market interest rates and the effective weighted average interest rate for each class of financial
assets and financial liabilities as set out below:
Weighted
average
interest
rate (%)
Floating
interest rate
$
Fixed interest
maturing
1 year or less
$
Fixed interest
maturing
1 to 5 years
$
30 June 2016
Cash and cash equivalents
0.27
131,753
20,000
30 June 2015
Cash and cash equivalents
0.92
188,810
20,000
–
–
Total
$
151,753
208,810
Interest rate sensitivity analysis
At 30 June 2016, if interest rates had changed by 25 basis points during the entire year with all other variables held
constant, profit for the year and equity would have been $451 higher/lower (2015: $987), mainly as a result of higher/
lower interest income from cash and cash equivalents.
A 25 basis point increase or decrease is used when reporting interest rate risk internally to key management
personnel and represents management’s assessment of the possible change in interest rates.
(b) Credit risk
The maximum exposure to credit risk at reporting date on financial assets of the Company is the carrying amount,
net of any provisions for doubtful debts, as disclosed in the statement of financial position and notes to the financial
statements.
(c) Commodity price risk
The Company is not exposed to commodity price risk as the operations of the Company are not yet at the production
stage.
(d) Liquidity risk
The Company manages liquidity risk by monitoring forecast cash flows.
The table below analyses the entity’s financial liabilities into relevant maturity groupings based on the remaining
period from the statement of financial position date to the contractual maturity date. As the amounts disclosed in
the table are the contractual undiscounted cash flows, these balances will not necessarily agree with the amounts
disclosed in the statement of financial position.
Page 56 | ANNUAL REPORT 2016
Notes to the Financial Statements for the year ended 30 June 2016 Note 17: Financial Risk Management Objectives
and Policies (continued)
Less than 6
months
$
6 months
to 1 year
$
1 to 5 years
$
Total
$
30 June 2016
Financial liabilities due for payment
Trade and other payables
Financial assets – cash flows realisable
Cash assets
Trade and other receivable
Net (outflow)/inflow on financial instruments
30 June 2015
Financial liabilities due for payment
Trade and other payables
Financial assets – cash flows realisable
Cash assets
Trade and other receivable
Net (outflow)/inflow on financial instruments
There were no Level 2 or Level 3 financial instruments.
(255,420)
(255,420)
151,753
141,988
293,741
38,321
(288,036)
(288,036)
208,810
479,496
688,306
400,270
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
(255,420)
(255,420)
151,753
141,988
293,741
38,321
(288,036)
(288,036)
208,810
479,496
688,306
400,270
(e) Foreign exchange risk
The Company is exposed to foreign exchange risk as certain transactions are denominated in United States Dollars
and Peruvian Nuevos Soles as a result of operating in Peru.
(f) Net fair value of financial assets and liabilities
The carrying amounts of financial instruments included in the statement of financial position approximate their fair
values due to their short terms of maturity.
Page 57 | ANNUAL REPORT 2016
Notes to the Financial Statements for the year ended 30 June 2016 Note 18: Events Subsequent to Reporting Date
Under a prospectus dated 1 July 2016 the Company announced and thereafter completed a non-renounceable pro
rata entitlement offer, shortfall offer and placement of 726,737,334 fully paid ordinary shares raising $2,906,949
(before broker commissions and other costs of the capital raising).
In September 2016, the Company issued 10,000,000 fully paid ordinary shares at $0.005 per share, in lieu of cash,
as remuneration to an unrelated party, in relation to the provision of services to the Company. No other matters or
circumstances have arisen since the end of the financial year which significantly affected or may significantly affect
the operations of the Company or the state of affairs of the Company in future financial years.
Note 19: Contingent Liabilities
There are no contingent liabilities at reporting date.
Note 20: Controlled Entities
Subsidiaries of Inca Minerals Limited:
Urcaguary Pty Ltd
Inca Minerales S.A.C.
Dos Colinas S.A.C.
Hydra Minerals Ltd
Dingo Minerals Pty Ltd
Country of
Incorporation
Percentage Controlled (%)
2016
2015
Australia
Peru
Peru
Australia
Australia
100
100
100
100
100
100
100
–
100
100
Page 58 | ANNUAL REPORT 2016
Notes to the Financial Statements for the year ended 30 June 2016 Note 21: Parent Information
Financial position
Assets
Current assets
Non-current assets
Total assets
Liabilities
Current liabilities
Non-current liabilities
Total liabilities
Net Assets
Equity
Issued capital
Accumulated Losses
Total equity
Financial performance
(Loss) for the year
Other comprehensive income
Total comprehensive income
2016
$
2015
$
62,743
526,912
589,655
200,925
8,978,497
9,179,422
(112,143)
(132,138)
–
–
(112,143)
(132,138)
477,512
9,047,284
29,599,029
25,092,164
(29,121,517)
(16,044,880)
477,512
9,047,284
(13,076,637)
(4,554,851)
–
–
(13,076,637)
(4,554,851)
There are no guarantees entered into by the parent entity in relation to the debts of its subsidiaries. There are no
contingent liabilities of the parent entity as at the reporting date.
There are no contractual commitments by the parent entity for the acquisition of property, plant and equipment as
at the reporting date.
Note 22: Company Details
The principal place of business of the Company is:
Inca Minerals Limited
Suite 1, 16 Nicholson Road
Subiaco, WA, 6008
Australia
Page 59 | ANNUAL REPORT 2016
Notes to the Financial Statements for the year ended 30 June 2016
Directors’ Declaration
The Directors of the Company declare that:
1. the financial statements and notes, as set out on pages 32 to 59, are in accordance with the Corporations Act 2001
and:
a. 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 (IFRS);
b. give a true and fair view of the financial position as at 30 June 2016 and of the performance for the year ended
on that date of the consolidated entity;
2. the Directors have been given the declarations required by s295A of the Corporations Act 2001 that:
a. the financial records of the Company for the financial year have been properly maintained in accordance with
S286 of the Corporations Act 2001;
b. the financial statements and notes for the financial year comply with Accounting Standards;
c. the financial statements and notes for the financial year give a true and fair view;
3.
in the Directors’ opinion there are reasonable grounds to believe that the Company will be able to pay its debts
as and when they become due and payable.
This declaration is made in accordance with a resolution of the Board of Directors.
On behalf of the Directors:
Justin Walawski
Director
Dated at Perth this 29th day of September 2016
Page 60 | ANNUAL REPORT 2016
Directors’ Declaration
Auditor’s Independence
Declaration
Page 61 | ANNUAL REPORT 2016
Directors’ Declaration
Independent Auditor’s
Report
Page 62 | ANNUAL REPORT 2016
Directors’ Declaration
Page 63 | ANNUAL REPORT 2016
Shareholder Information
The shareholder information set out below is applicable as at 10 October 2016 unless otherwise stated.
Capital Structure
The Company currently has issued capital of 1,975,217,483 fully paid ordinary shares. The Company currently has no
other class of security or options on issue.
Voting Rights
The Company’s Constitution provides that at a meeting of shareholders and on a show of hands, each shareholder
present in person and each other person present as a proxy, attorney or representative of a shareholder has one
vote. On a poll, each shareholder present in person has one vote for each fully paid ordinary share held by the
shareholder and each person as a proxy, attorney or representative of a shareholder has one vote for each fully paid
ordinary share held by the shareholder that person represents.
Twenty Largest Shareholders
The names and details of the twenty largest quoted shareholdings are as follows:
Rank
Shareholder
1 Merrill Lynch (Australia) Nominees Pty Ltd
Number of
Shares
% Total Issued
Capital
268,364,001
13.59
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
Divya Jindal
Zhian Zhang
Alexander Wort
ABN Amro Clearing Sydney Nominees Pty Ltd
Continue reading text version or see original annual report in PDF format above