2015 ANNUAL REPORT
Page 1
Platypus Minerals 2015 Annual Report COMPANY PROFILE Key Data as at 20 October 2015 Directors: Laurie Ziatas (Non-executive Chairman) Tom Dukovcic (Managing Director) Rocco Tassone (Non-executive Director) Company Secretary: Paul McQuillan Market Capitalisation: $1.20 million Shares on Issue: 239,572,872 No. Shareholders: 2,171 Major Shareholders: Mr Rick Crabb (10.08%) JP Morgan Nominees Ltd (5.41%) Acorn Corporate Pty Ltd (3.44%) Ms Jenny Egusquiza Oliveros (3.44%) Options, PLPO (listed): Options (unlisted): 22,448,523 exercisable at 3.5c by 1/12/2016 5,000,000 exercisable at 3.0c by 12/01/2017 27,750,000 exercisable at 3.0c by 30/09/2017 Share Price 20 October 2015: 0.5 cents Core Business and Strategy Platypus Minerals Ltd is a Perth based mineral exploration company listed on the Australian Securities Exchange (ASX code PLP, PLPO). Platypus Minerals Ltd is focused on the exploration and development of projects with demonstrable mineralisation and significant potential to host large economic deposits with the capability to generate strong returns for shareholders, with its current main focus being copper-gold exploration.
Front cover: chalcopyrite and malachite in brecciated basalt, Gobbos
prospect, Western Australia
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Platypus Minerals 2015 Annual Report CONTENTS Company Profile 5 Board of Directors 6 Chairman’s Letter 8 Review of Operations Tenement Schedule 16 Contents Financial Report FY13 17 Directors’ Report 18 Auditor’s Independence Declaration 30 Consolidated Statement of Profit and Loss and other Comprehensive Income 31 Consolidated Statement of Financial Position 32 Consolidated Statement of Changes in Equity 33 Consolidated Statement of Cash Flow 34 Notes to the Financial Statements 35 Directors’ Declaration 64 Independent Audit Report to the Members 65 Corporate Governance Statement 67 Supplementary (ASX) Information 70 10 CORPORATE DIRECTORY
Platypus Minerals Ltd
ABN: 99 008 894 442
Listed on the Australian Securities Exchange on 19 April 1994
Country of Incorporation
Australia
Registered Office and Principal Place of Business
Level 1, 254 Railway Parade
West Leederville WA 6007
Australia
Contact Details
Postal:
Telephone:
Facsimile:
Email:
Web:
PO Box 1245, West Leederville, WA 6109
+61 8 9363 7800
+61 8 9363 7801
office@platypusminerals.com.au
www.platypusminerals.com.au
Auditors
Moore Stephens Chartered Accountants
Level 3, 12 St George’s Terrace
Perth, WA 6000
Telephone:
Facsimile:
+61 8 9225 5355
+61 8 9225 6181
Share Registry
Security Transfer Registrars Pty Ltd
770 Canning Highway
Applecross, WA 6153
Telephone:
Facsimile:
+61 8 9315 2333
+61 8 9315 2233
Home Exchange
Australian Securities Exchange Limited
Level 40, Central Park
152-158 St George’s Terrace
Perth WA 6000
ASX Code
PLP, PLPO
2015 Annual General Meeting
The Platypus Minerals Ltd 2015 Annual General Meeting will be held
at The Vic Hotel, 226 Hay Street Subiaco, WA 6008, commencing at
11:00am (WST) on Monday 30 November 2015.
Platypus Minerals 2015 Annual Report
2015 Annual Report
Platypus Minerals
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CONTENTS
Company Profile
Board of Directors
Chairman’s Letter
Review of Operations
Tenement Schedule
Contents Financial Report FY13
Directors’ Report
Auditor’s Independence Declaration
Consolidated Statement of Profit and Loss and other
Comprehensive Income
Consolidated Statement of Financial Position
Consolidated Statement of Changes in Equity
Consolidated Statement of Cash Flow
Notes to the Financial Statements
Directors’ Declaration
Independent Audit Report to the Members
Corporate Governance Statement
Supplementary (ASX) Information
3
4
6
8
14
15
16
28
29
30
31
32
33
62
63
65
68
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COMPANY PROFILE
Key Data as at 20 October 2015
Directors:
Laurie Ziatas (Non-executive Chairman)
Tom Dukovcic (Managing Director)
Rocco Tassone (Non-executive Director)
Company Secretary:
Paul McQuillan
Market Capitalisation:
$1.20 million
Shares on Issue:
239,572,872
No. Shareholders:
2,171
Major Shareholders:
Options, PLPO (listed):
Options (unlisted):
Mr Rick Crabb (10.08%)
JP Morgan Nominees Ltd (5.41%)
Acorn Corporate Pty Ltd (3.44%)
Ms Jenny Egusquiza Oliveros (3.44%)
22,448,523 exercisable at 3.5c by 1/12/2016
5,000,000 exercisable at 3.0c by 12/01/2017
27,750,000 exercisable at 3.0c by 30/09/2017
Share Price 20 October 2015:
0.5 cents
Core Business and Strategy
Platypus Minerals Ltd is a Perth based mineral exploration company listed on
the Australian Securities Exchange (ASX code PLP, PLPO).
Platypus Minerals Ltd is focused on the exploration and development of
projects with demonstrable mineralisation and significant potential to host
large economic deposits with the capability to generate strong returns for
shareholders, with its current main focus being copper-gold exploration.
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BOARD OF DIRECTORS
Qualifications: B.Juris, LLB, EMBA, MMedConflRes
Appointed: 15 October 2013
Mr Ziatas is a Barrister and Solicitor of the Supreme Courts of
Western Australia, South Australia and the High Court of
Australia with over 33 years’ experience in business and law.
Mr Ziatas has extensive experience and expertise in multi
industry business start-ups, corporate ventures and company
listings. He has advised on, created, and/or facilitated, business
ventures in mineral resources, agriculture, real estate and
conveyancing, aquaculture, wild-catch fisheries, sustainable
food production, solar salt production, crypto currencies and
legal services in countries throughout the globe including
Australia, New Zealand, Chile, Peru, Indonesia, Malaysia,
Myanmar, Angola, Somaliland and the EU.
Over the last 10 years Mr Ziatas has enhanced his business
experience and knowledge by completing an Executive Master
of Business Administration and a Master of Mediation and
Conflict Resolution with a focus on intercultural stakeholder
management.
Mr Ziatas’ valuable legal and commercial experience and
expertise makes him well suited to lead the Board in this
transitional period of the Company’s evolution.
During the past three years Mr Ziatas was a former director of
listed company Inca Minerals Ltd (resigned 9 November 2012).
Mr Ziatas holds an interest in 8,231,415 ordinary shares.
Qualifications: BSc (Hons), MAIG, MAICD
Appointed: 22 April 1999
Mr Dukovcic is a geologist with over 25 years’ experience in
exploration and development. He has worked in diverse regions
throughout Australia and internationally in southeast Asia and
Brazil. During this time he has been directly involved with the
management of gold and copper discoveries in Australia and
gold in Brazil. Mr Dukovcic is a Member of the Australian
institute of Geoscientists and a Member of the Australian
Institute of Company Directors. He brings valuable geological,
exploration and corporate management experience and skills to
the Board.
Mr Dukovcic holds an interest in 1,181,667 ordinary shares and
2,077,500 options.
Mr Laurie Ziatas
Chairman
(Non-executive)
Mr Tom Dukovcic
Managing Director
(Executive)
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2015 Annual Report
Platypus Minerals 2015 Annual Report
Qualifications: BBus, DipAppFin
Appointed: 8 October 2015
Mr Tassone has extensive experience in equities markets, most
recently with Bell Potter Securities Limited where, for a period
of 8 years, he advised across domestic and international
Institutional Sales, High Net Worth individuals and Corporate
Advisory. During this time he has advised and funded many ASX
listed companies from early stage seed capital through to Initial
Public Offerings as well as through mergers and acquisitions.
Mr Rocco Tassone
Director
(Non-executive)
Mr Tassone
is Executive Director of GTT Ventures, a
firm providing strategic advisory services to its clients across
start-ups, ASX listed and private companies
Mr Tassone’s appointment will enhance the Company’s
strategic efforts
international
opportunities in both the resources and technology sectors in
order to grow value for shareholders.
local and
reviewing
in
Mr Tassone is currently a director of ASX listed Applabs
Technologies Ltd, xTV Networks Ltd and Sovereign Gold
Company Ltd.
Mr Tassone does not hold an interest in shares in the Company.
Platypus Minerals 2015 Annual Report
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CHAIRMAN’S LETTER
Dear Fellow Shareholders
I am pleased to present the 2015 Annual Report for Platypus Minerals Ltd (“Company”) in
my inaugural role as Chairman of the Company.
Although the past year was again marked by difficult market conditions and weak support
for the junior resources sector, your Company has nevertheless not only weathered the
storm, but has managed to record a significant copper-molybdenum discovery at the
Gobbos project in Western Australia.
In January of 2015 the Company reported the results of its maiden drilling program at
Gobbos. Quite remarkably for an initial drilling program, all three holes drilled intersected
significant Cu-Mo-W mineralisation, thus confirming the presence of a substantial
porphyry-style mineralised system. Subsequently, fieldwork at the nearby Pearl Bar
prospect validated historical surface sampling of 42 m @ 2.4% Cu and 91 g/t Ag, making
Pearl Bar another priority drill target. A field crew is presently on site undertaking further
sampling and mapping at this undrilled prospect ahead of a drilling program earmarked for
commencement as soon as heritage clearance is obtained.
In Peru, the Company retains the core concessions in the Chanape area, surrounding the
Chanape porphyry discovery. Inca Minerals Ltd recommenced drilling at Chanape during
the year and has reported further positive results, confirming both the copper-porphyry
potential at depth as well as significant near-surface gold mineralisation. In the prevailing
market, the Company has to date not been able to attract sufficient funding to implement
its own drilling programs in the Chanape area. Because of its undoubted prospectivity, the
Board is investigating a range of options to maximise the value of this project for the
Company.
As it has been extremely difficult for a junior explorer to secure funding in the current
market, notwithstanding the potential of its projects, the Company was pleased to secure
the support of GTT Ventures Pty Ltd, a firm providing strategic advisory services across a
range of investment opportunities. GTT Ventures assisted the Company in raising $120,271
in October via a placement of shares to sophisticated investors and has also underwritten
the Company’s current 1 for 1 rights issue comprising the issue of 239,572,872 new shares
at 0.4 cents each to raise $958,291. In line with this support and commitment to the
Company by GTT Ventures, the Board appointed Mr Rocco Tassone, a director of GTT
Ventures, as a non-executive Director of the Company. I welcome Rocco to the Board.
Meanwhile, past Chairman Mr Rick Crabb and non-executive Director Mr Dennis Trlin
resigned from the Board to allow the Company to continue with its ongoing philosophy of
running a streamlined and focused operation.
including voluntary salary sacrifices by Directors,
Through prudent management,
management and staff, and critical financial support by Mr Crabb, the Company has been
able to maintain its exploration activity during the year, albeit at a much reduced level, and
now has several highly prospective and promising targets. With the underwriting support
of GTT Ventures, the Company will be funded into the next year and will be able to
undertake key exploration programs, such as the drilling of the Pearl Bar prospect, while
also having time to investigate new and alternative business opportunities in an effort to
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2015 Annual Report
Platypus Minerals 2015 Annual Report
secure the long term strength and security of your Company and the value of your
shareholdings.
I take this opportunity to thank the outgoing Directors, Mr Rick Crabb and Mr Dennis Trlin,
for their contribution to the welfare of the Company. In particular, I thank Mr Rick Crabb
for his service, support and exemplary leadership of the Company for a period of 16 years.
I also thank Managing Director Mr Tom Dukovcic and the rest of the Platypus team for their
continued hard work, loyalty, personal sacrifice and commitment to the Company during a
very difficult year.
On behalf of the Board, I thank you our Shareholders for your ongoing support of the
Company and I look forward with positive anticipation to the future.
Mr Laurie Ziatas
B.Juris, LLB, EMBA, MMedConflRes
Chairman
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REVIEW OF OPERATIONS
The Company holds two substantial projects prospective for copper and copper-gold
mineralisation, located in Western Australia and in Peru.
In the poly-metallic East Pilbara region of Western Australia, within exploration licence
E45/3326, the Company recorded a significant porphyry style Cu-Mo-W discovery at the
Gobbos prospect, while the Pearl Bar copper-silver prospect is set to be drilled in the
coming months. This strongly mineralised tenement also hosts the Cyclops Ni-Cu sulphide
prospect.
In Peru, the Company retains thirteen concessions in the central Chanape area, which
completely surround the Chanape copper-gold porphyry discovery being explored by ASX-
listed Inca Minerals Ltd.
Together, these projects provide the Company with significant exposure to exploration
success, with an RC drilling program planned at the Pearl Bar prospect before the end of
the year.
AUSTRALIAN PROJECTS
PLATYPUS MINERALS LTD WA PROJECT LOCATION
E45/3326, WA (Cu-Mo-Ag-W porphyry)
(Platypus earning 75%)
Through its wholly owned subsidiary, Southern Pioneer Limited, Platypus is earning a 75%
interest in this 200 sq km exploration licence from Gondwana Resources Limited. This
tenement, E45/3326, is located in the strongly mineralised poly-metallic East Pilbara region
of Western Australia. Platypus must incur exploration expenditure of $0.5 million in the
first three years to earn an initial 51% interest, and a further $0.5 million over the
subsequent three years to earn an additional 24% interest. Now in the second year of the
farm-in, Platypus is ahead of schedule with these expenditure commitments.
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Regional setting of E45/3326 with location of Gobbos, Pearl Bar and Cyclops prospects.
Gobbos Cu-Mo-W
Late in 2014 Platypus undertook a maiden drilling program at Gobbos, a Cu-Mo porphyry
prospect known since the late 1960s, yet never drilled. The successful three-hole reverse
circulation program resulted in the Company reporting, on 14 January 2015, Australia’s first
discovery for the 2015 year.
The program confirmed the presence of significant porphyry mineralisation at Gobbos
extending over an area in excess of 1 km x 0.5 km. Better results included
•
•
29 m @ 0.22% Cu and 0.03% W; and
32 m @ 0.07% Mo.
Remarkably, each of the three 250 m deep holes intersected porphyry-style mineralisation
with varying intensity throughout the entire length of each hole. Of particular interest is
the presence of high grade intercepts of molybdenum (max. 0.68 % Mo) and tungsten (max.
0.38 % W), making Gobbos a multiply prospective target.
Table 1. Gobbos RC drilling December 2014: Selected Significant Intercepts1
Hole
GBC001
incl
GBC002
Incl.
GBC003
incl
incl
incl
From
(m)
0
12
117
207
61
91
202
236
243
20
33
55
62
82
88
122
126
239
239
247
To
(m)
29
25
149
208
70
94
204
eoh 250
244
45
44
60
68
98
118
128
127
243
240
eoh 250
Run
(m)
29
13
32
1
9
3
2
14
1
25
11
5
6
16
30
6
1
4
1
3
Cu (%) W (%) Mo (%)
0.225
0.033
0.065
0.071
0.682
0.027
0.131
0.018
0.063
0.040
0.074
0.358
0.051
0.167
0.020
0.161
0.324
0.082
0.379
0.157
0.015
0.106
0.024
0.021
0.026
1. Selected intervals of copper (>0.100 % Cu), tungsten (> 0.010 % W) and
molybdenum (> 0.010 % Mo) with maximum internal dilution of 2 m.
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The poly-metallic mineralisation occurs within Archaean metabasalt/amphibolite, variably
altered and locally brecciated by a suite of porphyritic felsic intrusives. Quartz veining is
ubiquitous and occurs as both hairline stockworks and sheeted veins.
The association of copper, molybdenum, tungsten and elevated gold, silver and bismuth,
indicates their introduction from a porphyry-style source.
Each drill hole tested a separate copper-in-soil geochemical high. However, drill rig access
was restricted to creek beds and depressions such that each hole tested only the edge of
each target. As a result, there is substantial scope for even stronger results from this
exciting discovery.
Gobbos and Pearl Bar prospects, showing location of the three Platypus drill holes at Gobbos
only testing the edges of the copper-in-soil anomalies. Historical drilling is seen to be directed
away from the strong targets. Pearl Bar sits 1 km SW of Gobbos.
Pearl Bar (Cu-Ag)
The area named the Pearl Bar prospect by Platypus Minerals is an occurrence of
outcropping copper-silver mineralisation located on a low granite hill topped by a flat-lying
1m-2m thick pearl-white quartz vein. Most of the quartz vein and much of the host granite
is a distinct pale green colour reflecting copper mineralisation in the form of disseminated
malachite. Historical rock chip sampling across the zone returned up to 42.5 m @ 2.4% Cu
and 91 g/t Ag. Subsequently, two costeans were cut across the zone by a company
exploring for gold, and reported 13 m @ 4.28% Cu, 110 ppm Mo, 81 g/t Ag and 0.12 g/t Au.
Because the gold grades were low, no follow up work was completed.
This copper occurrence has been known for at least 44 years, since 1971, yet appears to
have only been investigated by four companies in that time. While all of these consistently
reported strong copper (+ silver) results, no record has been found of any follow up work
undertaken by any of them. Similarly, there is no ground evidence of historical prospecting
pits or of drilling.
Surprisingly, although essentially drill-ready, the prospect remains effectively unexplored.
Platypus is planning to complete an initial drilling program at Pearl Bar by the end of
September 2015.
Platypus personnel visited the Pearl Bar area during a field trip to the Gobbos prospect in
mid-May 2015 and independently validated the historical results recording up to 2.83% Cu
in the granodiorite.
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Arising from the work by Platypus, it is the clear that the mineralisation is not related to,
nor constrained by, the flat lying quartz vein but by a later transgressive set of sub-vertical
fractures. The host granodiorite is visibly mineralised and altered both laterally and along
strike well away from the quartz vein.
Because the copper-silver mineralisation is carried by the granodiorite, independent of the
quartz vein, the Pearl Bar prospect has the potential to host a large-volume near-surface
copper-silver deposit.
The mineralised granodiorite extends over a zone at least 150 m along strike (E-W) and 40
m across and further mapping and sampling is required to determine its full extent and
thus the primary drilling targets. A field crew is currently on site undertaking this work
ahead of the anticipated initial drilling of this exciting target before the end of the calendar
year.
2.83% Cu
1.16% Cu
3.48% Cu
Schematic of the Pearl Bar prospect showing copper-silver mineralisation associated with an
E-W fault cutting a flat-lying quartz vein and the host granodiorite. The grades from historical
continuous channel sampling by Australian Anglo American in 1972 have been confirmed by
Platypus (bold numbers), making Pearl Bar a high priority target.
E80/4820, WA (IOCG)
(100%)
The Company holds one exploration licence, E80/4820, in the remote Lake MacKay area of
Western Australia. This tenement encompasses a compelling conceptual target related to
a gravity high coincident with a distinct magnetic low. This type of target is strongly
indicative of an Olympic Dam IOCG-style anomaly. Although the most prominent target of
its type in the region, due to its unexplored greenfields status, this tenement is regarded
as a low priority asset and the Company is reviewing its position in relation to it.
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PERU (Porphyry copper-gold)
(acquiring 70% of Peruvian owner Minera Chanape SAC)
Chanape
Location of Platypus projects in relation to the Peruvian Miocene Porphyry Belt and
selected copper porphyry deposits of Peru.
The Company successfully negotiated revised terms with Minera Chanape SAC (“MC”) and
it shareholders (“Vending Shareholders”) over the Central Project in the Chanape area of
the San Mateo mining district in Peru.
Under the new Heads of Agreement, dated 24 March 2015 (“HOA”), the Company, through
its wholly owned subsidiary Platypus Resources Ltd (“PRL”), can earn a 70% interest in 13
concessions comprising the Central Project and which completely encircle the Chanape Cu-
Au porphyry discovery currently being explored by Inca Minerals Ltd (ASX:ICG).
Under the previous agreement, Platypus was due to make payments totalling
approximately A$740,000 by 31 March 2015. Although Platypus raised $748,000 through
a rights issue finalised early in 2015, this amount fell short of the target $1.6 million
resulting in Platypus not being able to meet these commitments.
The key terms of new HOA over the Central Project are:
• At commencement, in consideration of Platypus shares issued to the Vending
Shareholders under the previous agreement, PRL will be deemed to have earned
15% in the issued capital of MC.
PRL can earn up to a further 55%, for a total of 70% in the issued capital of MC by
•
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o providing exploration funding of US$3 million over three years, of which
a minimum of US$250,000 is to be spent by 30 September 2015 and a
further US$250,000 by 31 March 2016; and
o making payments to the Vending Shareholders totalling A$1.7 million
over four years, commencing at a rate of A$20,000 per month for the first
12 months.
• Once PRL earns its 70% interest the Vending Shareholders and PRL will form a joint
venture, under which
o
o
the Vending Shareholders will be carried through to completion of a
bankable feasibility study (“BFS”) that is to be solely funded by PRL;
the cost of the BFS to be recouped by PRL from the first 50% of free
cashflow from production; and
o PRL and the Vending Shareholders to have a mutual first right of refusal
over each others’ respective shareholdings in MC.
•
In the event that PRL defaults in its obligations or wishes to withdraw then the
agreement will be mutually rescinded and PRL’s interest in MC would be forfeited
and distributed pro rata to the Vending Shareholders.
On 14 October 2015, the Company announced that it negotiated a variation to the above
HOA in relation to an exploration funding commitment of US$250,000 that was due by 30
September 2015. Due to prevailing market conditions and sentiment, since the signing of
the HOA in March 2015, the Company was unable to raise sufficient funds to specifically
meet that commitment. The deferment to 31 January 2016 will provide additional time to
secure funds to explore the Central Project or to review its options and pursue alternative
strategies with regards to its Peruvian assets.
In line with its strategy of non-core asset rationalisation the Company chose to not renew
the outer San Damien project concessions. The San Damien project encompassed ground
distal to the central Chanape area and was initially secured for strategic purposes.
East Chanape Target: Magnetics (LHS) and chargeability (RHS) of the Chanape area showing
the strong and coherent response of the East Chanape target with depth, akin to that
associated with the main Chanape discovery. (Geophysical data from 2008 High Ridge
Resources Inc. Magnetics image (LHS diagram) shown as Lowermost layer in RHS diagram).
The East Chanape target forms the primary focus of initial work should Platypus raise
sufficient market support to commence exploration of its Peruvian asset.
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Tenement schedules
Australian Tenements
Registered
Permit
holder
Name
Permit
interest
Operator
Status
Licence expiry
date
Area
Annual
Expenditure
Gobbos
E45/3326
Mt Webb
E80/4820
Gondwana
Resources
Limited
Ashburton
Gold Mines
NL1
earning up
to 75%
Southern
Pioneer Ltd1
Granted
20 January
2016
68 sub-
blocks
$102,000
100%
Platypus
Minerals Ltd1
Granted
13 November
2019
40 sub-
blocks
$40,000
1 Both Southern Pioneer Limited and Ashburton Gold Mines NL are wholly owned subsidiaries of
Platypus Minerals Ltd.
Peruvian Concessions
Name
Code
Area
Status
Concession Title No.
Title Date
Central Project:
100% owned by Minera Chanape SAC;
Platypus earning 70% interest in Minera Chanape SAC
Chanape II
01-01151-07
1,,000 Ha
Registered
Chanape III
01-01150-07
1,000 Ha
Registered
Chanape IV
01-01148-07
400 Ha
Registered
2544-2007
2106-200
1554-2007
20.06.2007
29.05.2007
04.05.2007
San Antonio 11 de
Chanape
01-01138-07
15.97 Ha
Registered
2320-2007
05.06.2007
San Antonio 12
01-01175-07
San Antonio 13
01-01176-07
San Antonio 14 de
Chanape
01-01177-07
San Antonio 15
01-01140-07
20 Ha
2 Ha
2 Ha
2 Ha
Registered
Registered
1942-2007
876-2007
24.05.2007
07.09.2007
Registered
2699-2007
25.06.2007
Registered
Pincullo 1
01-01163-07
800 Ha
Registered
Violeta 6
Violeta 7
Violeta 8
Violeta 9
01-01218-07
7.99 Ha
Registered
01-01135-07
11.98 Ha
Registered
01-01136-07
24 Ha
Registered
01-01137-07
3.99 Ha
Registered
1576-2007
1456-2007
1938-2007
1701-2007
1511-2007
1507-200
04.05.2007
02.05.2007
24.05.2007
14.05.2007
02.05.2007
02.05.2007
The information in this report that relates to Exploration Results is based on information compiled by Mr Tom Dukovcic,
who is an employee of the Company and a member of the Australian Institute of Geoscientists and who has sufficient
experience relevant to the styles of mineralisation and the types of deposit under consideration, and to the activity that
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 Dukovcic consents to the inclusion in this
report of information compiled by him in the form and context in which it appears.
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Financial Report
DIRECTORS’ REPORT
AUDITOR’S INDEPENDENCE DECLARATION
FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
CONSOLIDATED STATEMENT OF CASH FLOW
NOTES TO THE FINANCIAL STATEMENTS
DIRECTORS’ DECLARATION
INDEPENDENT AUDIT REPORT
CORPORATE GOVERNANCE STATEMENT
16
28
29
30
31
32
33
62
63
65
Platypus Minerals 2015 Annual Report
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PLATYPUS MINERALS LTD
ABN 99 008 894 442
AND CONTROLLED ENTITIES
DIRECTORS’ REPORT
Your Directors present their report on the Company and its Controlled Entities (“the Economic Entity”) for the financial year
ended 30 June 2015.
DIRECTORS
The names of the Directors in office and at any time during, or since the end of, the year are:
Mr Rick Crabb
Mr Tom Dukovcic
Mr Laurie Ziatas
Mr Dennis Trlin
Directors have been in office since the start of the financial year to the date of this report unless otherwise stated.
COMPANY SECRETARY
The following person held the position of Company Secretary at the end of the financial year:
Mr Paul McQuillan
PRINCIPAL ACTIVITIES
The principal activity of the Economic Entity during the financial year was mineral exploration.
OPERATING RESULTS
The consolidated loss of the Economic Entity for the financial year after providing for income tax amounted to $1,044,346
(2014: $3,615,617).
DIVIDENDS PAID OR RECOMMENDED
The Directors recommend that no dividend be paid for the year ended 30 June 2015, nor have any amounts been paid or
declared by way of dividend since the end of the previous financial year.
FINANCIAL POSITION
The net assets of the Economic Entity have increased by $484,136 from $807,589 at 30 June 2014 to $1,291,725 at 30 June
2015.
During the year ended 30 June 2015 the company incurred a loss of $1,044,346 which was largely due to expense incurred
as a result of the valuation of options issued this year. The reduction in the loss this year compared to last year is predominantly
due to the write down of capitalised exploration expenditure during the year ended 30 June 2014.
SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS
The following significant changes in the state of affairs of the Economic Entity occurred during the financial year:
• On 9 July 2014 the Company dispatched a Notice of General Meeting of shareholders for a meeting to be held on 8 August
2014. The primary purpose of the meeting was to seek shareholder approval for the consolidation of capital.
• On 6 August 2014 the Company announced a placement of 16,000,000 shares at $0.001 per share, to sophisticated and
professional investors, raising $16,000 before costs, being a 6% placement fee.
• On 8 August 2014 the Company held a General Meeting of shareholders, with all resolutions passed as put, including
Consolidation of capital;
Ratification of prior issues of shares.
Issue of shares to Director Rick Crabb on conversion of loan; and
• On 19 August 2014 the Company advised that it had commenced its process to recapitalise the Company, post
consolidation of its shares, by granting a mandate to RM Corporate Finance Pty Ltd (“RMC”) to assist the Company with
corporate advisory and fundraising assistance. Under the mandate, RMC committed to raise, on a best endeavours basis
and on terms agreed by the Company, a minimum of $1 million by 31 December 2014, of which a minimum of $0.5 million
was to be raised by 30 September 2014.
Page 16
Platypus Minerals 2015 Annual Report
PLATYPUS MINERALS LTD
ABN 99 008 894 442
AND CONTROLLED ENTITIES
DIRECTORS’ REPORT (cont’d)
• On 26 September 2014 the Company announced a placement of 25,750,000 shares at 2.0 cents per share to sophisticated
and professional investors, raising $515,000 before costs, being a 6% placement fee.
• On 24 October 2014 rock chip results from a reconnaissance field trip to Gobbos were reported, confirming widespread
copper (up to 3.54%) and associated Mo, W, Ag and Au.
• On 24 November 2014 the Company announced a non-renounceable rights issue offering 1 new share for each 2 shares
held at 2.0 cents per new share with one free attaching listed option exercisable at 3.5 cents on or before 1 December
2016 for every 2 new shares, to raise approximately $1.6 million. The Directors set a minimum raising of $685,000. The
rights issue was partly underwritten by the chairman, Rick Crabb, to $235,000.
• Also on 24 November 2014 the Company announced the commencement of a three-hole reverse circulation drilling
program at the Gobbos prospect in the east Pilbara region of Western Australia.
• The Company held its Annual General Meeting on 28 November 2014. All resolutions, bar Resolution 1, were carried
unanimously on a show of hands. Resolution 1, the adoption of the Remuneration Report, was carried following a poll
called by the Chairman, with 46.1% of the votes being cast against the resolution.
• On 1 December 2014 the Company announced a placement to a sophisticated investor of 1,000,000 shares at 2.0 cents,
raising $20,000 without cost.
• On 23 December 2014 the Company issued a Shortfall Notice in respect of the rights issue, which closed, after a one-
week extension, on 18 December 2014, raising $402,339 (20,116,944 shares, or 25.25% of the total), and falling short of
the stated minimum of $685,000 by $282,661, with the Directors having until 11 March 2015 to place the Shortfall of
59,754,235 shares.
• On 14 January 2015 the Company reported that drilling at Gobbos had resulted in a Cu-Mo-W discovery, with porphyry-
related mineralisation recorded in all three drill holes, thus identifying mineralisation over a 1 km area, and including best
results of 29 m @ 0.22% Cu and 0.03% W; and 32 m @ 0.07% Mo.
• On 19 February 2015 the securities of the Company were placed in a Trading Halt at the request of the Company.
• On 23 February 2015 the Trading Halt was lifted on announcement by the Company of the finalisation of the placement
of shortfall securities to the rights issue, with a total of $748,338 being raised. As this amount exceeded the stated
minimum of $685,000 the company proceeded with the allotment and issue of relevant securities, being 37,416,944 fully
paid shares, and 18,708,523 listed options, exercisable at 3.5 cents by 1 December 2016.
• On 16 March 2015 the Company lodged its half-year Interim Financial Report to 31 December 2014.
• On 26 March 2015 the Company announced that it had successfully negotiated a new agreement over its Peruvian project
with privately owned Peruvian company Minera Chanape SAC (“MC”), the holder of 13 strategic concessions in the
Chanape area located 100 km east of the capital city of Lima. The new terms reduce the Company’s ongoing funding
obligations, providing the opportunity to direct more available capital towards exploration. Under the new heads of
agreement, dated 24 March 2015, the Company, through its wholly owned subsidiary Platypus Resources Ltd, is deemed
to hold a 15% equity interest in MC and can earn a further 55% by making A$1.7 million in vendor payments over four
years, and funding US$3 million of exploration expenditure over three years. In the initial 12 months, the Company must
make vendor payments of A$20,000 per month, and provide exploration funds of US$250,000 by 30 September 2015,
and US$250,000 by 31 March 2016. In the event that the Company defaults or withdraws then its 15% interest would be
returned to the other MC shareholders.
• On 23 April 2015 resulting from a review of historical geophysical data from the Chanape area, the Company announced
that it had defined a new high priority copper target at East Chanape. East Chanape is a high chargeability anomaly that
persists with strength to a depth of at least 280 m. The anomaly occurs less than a kilometre to the SE of the initial
Chanape discovery hole, and sits within the same monzonite intrusive that hosts the Chanape epithermal-porphyry copper-
Platypus Minerals 2015 Annual Report
Page 17
PLATYPUS MINERALS LTD
ABN 99 008 894 442
AND CONTROLLED ENTITIES
DIRECTORS’ REPORT (cont’d)
gold occurrence being explored by ASX-listed Inca Minerals Ltd. East Chanape is thus considered a high priority drill
target.
• On 12 May 2015 the Company announced the commencement of a new field work program at the Gobbos project.
• On 5 June 2015 the Company reported positive field observations from Gobbos, confirming widespread copper, the
occurrence of a broad zone of outcropping copper (malachite) mineralisation at Pearl Bar, and the presence of outcropping
ultramafic rocks at the Cyclops prospect, all of these contained within exploration licence E45/3326.
• On 18 June 2015 the Company reported assay results from the Gobbos field trip, primarily highlighting the strong copper-
silver mineralisation at Pearl Bar, of up to 3.48% Cu and 486 g/t Ag. This work validated historical sampling and confirmed
the presence of a wide zone of outcropping mineralised granite some 40 m in width and over 150 m in strike. Historical
sampling of the zone returned 42 m @ 2.44% Cu and 91 g/t Ag. The zone remains open and, importantly, is undrilled,
thus constituting the Company’s primary drilling target for future work.
• On 30 June 2015 the Company announced the placement of 3,480,000 shares at 1.0 cents each, with 1,740,000 free
attaching listed options exercisable at 3.5 cents by 1 December 2016, to raise $34,800 for working capital. An additional
835,000 shares were issued at 1.0 cent each as consideration for professional services provided to the Company.
SUBSEQUENT EVENTS
Significant events subsequent to the reporting period, being post 30 June 2015, include:
• On 29 July 2015 the Company announced it had raised $10,000 via the placement of 1,000,000 shares and 500,000 listed
options. A further 500,000 shares were issued in satisfaction of professional services provided to the Company.
• On 6 August 2015 the Company announced it had raised $30,000 via the placement of 3,000,000 shares and 1,500,000
listed options.
FUTURE DEVELOPMENTS, PROSPECTS AND BUSINESS STRATEGIES
The Company will continue with its present strategy of investment in and exploration of advanced and prospective mineral
projects investigating opportunities in Australia and overseas. The Company maintains its strategy of focusing its efforts on
the exploration of properties of a significant size that show extensive evidence of mineralisation, are under explored, and have
the potential to host significant economic deposits.
The nature of the Company’s business remains speculative and the Board considers that comments on expected results or
success of this strategy are not considered appropriate or in the best interests of the Company.
Page 18
Platypus Minerals 2015 Annual Report
PLATYPUS MINERALS LTD
ABN 99 008 894 442
AND CONTROLLED ENTITIES
DIRECTORS’ REPORT (cont’d)
INFORMATION ON DIRECTORS
Details of Directors’ interests in shares and options in the Company are set out below.
Mr Rick Crabb
Qualifications
Experience
Chairman (Non-executive)
Appointed 1 September 1999
BJuris (Hons), LLB, MBA.
Mr Crabb practiced as a solicitor from 1980 to 2004 specialising in mining,
corporate and commercial law. He has advised on all legal aspects including
financing, marketing, government agreements and construction contracts for
many resource development projects in Australian and Africa. Mr Crabb now
focuses on his public company directorships and investments. In his capacity
as Platypus Chairman, Mr Crabb brings valuable legal, commercial and
resource development experience and expertise to the Board.
Interest in Shares and Options
As at 8 August 2015 Mr Crabb held a direct and indirect interest in
11,784,696 ordinary shares, 5,587,000 listed options, and 520,425 FPO
Directorships held in other listed entities
Mr Crabb is currently a director of Paladin Energy Ltd (from 8 February
1994), Golden Rim Resources Limited (from 22 August 2001) and Otto
Energy Ltd (from 19 November 2004). During the past three years Mr
Crabb did not hold any other directorships in other listed entities.
Mr Tom Dukovcic
Qualifications
Experience
Interest in Shares and Options
Managing Director (Executive)
Appointed 22 April 1999
BSc(Hons), MAIG, MAICD
Mr Dukovcic is a geologist with over 25 years’ experience in
exploration and development. He has worked in diverse regions
throughout Australia, including the Yilgarn, Kimberley, central
Australia and northeast Queensland. Internationally he has worked in
Southeast Asia and Brazil. During this time he has been directly involved
with the management of gold discoveries in Australia and Brazil.
Mr Dukovcic is a Member of the Australian Institute of Geoscientists and a
Member of the Australian Institute of Company Directors. He brings
valuable geological expertise, exploration knowledge and management
experience to the Board.
As at 8 August 2015 Mr Dukovcic held a direct and indirect interest in
1,181,667 ordinary shares, 77,500 listed options, 2,000,000 Unlisted
options.
Directorships held in other listed entities
Mr Dukovcic does not hold any directorships in other listed entities.
Platypus Minerals 2015 Annual Report
Page 19
INFORMATION ON DIRECTORS (Cont’d)
Mr Laurie Ziatas
Qualifications
Experience
PLATYPUS MINERALS LTD
ABN 99 008 894 442
AND CONTROLLED ENTITIES
DIRECTORS’ REPORT (cont’d)
Non-Executive Director
Appointed 15 October 2013
B.Juris, LLB, EMBA, MMedConflRes, MAICD
Mr Ziatas is a Barrister and Solicitor of the Supreme Courts of Western
Australia, South Australia and the High Court of Australia with over 33 years’
experience in law and business (including over 20 years in legal practice
specialising in mineral resource company start-ups and listings). Mr Ziatas
also holds university Masters level qualifications in business administration
and conflict and dispute resolution and has a skill set and practical
experience in the area of Social License to Operate, which is vital to
exploration companies, especially in foreign jurisdictions.
Mr Ziatas’ most recent involvement was with ASX-listed Inca Minerals Ltd
(Inca), having created the Inca Brand and co-founded its fully owned
subsidiary in October 2010, into which he negotiated the purchase of Inca’s
flagship Chanape project and thereafter facilitated its takeover by an ASX
listed company. Mr Ziatas resigned as a director of Inca in November 2012
to pursue his more expansive regional vision of that region. In May 2013 Mr
Ziatas negotiated and facilitated an agreement between the tenement
owners and unlisted Platypus Resources Ltd to secure a major tenement
holding surrounding Inca’s Chanape project, making it one of the largest
ground holders in the region.
Interest in Shares and Options
As at 8 August 2015 Mr Ziatas held an interest in 8,231,415 ordinary shares.
Directorships held in other listed entities
During the past three years Mr Ziatas was a former director of listed company
Inca Minerals Ltd (resigned 9 November 2012).
Mr Dennis Trlin
Qualifications
Experience
Non-Executive Director
Appointed 15 October 2013
BEc
Mr Trlin holds a Bachelor of Economics and has ten years’ experience in the
stock broking and financial services industry where he has been engaged as
an Analyst and Investment Advisor. He has provided strategic corporate
advice and research coverage to numerous small to mid-cap ASX listed
companies in the technology, industrial, biotech, oil and gas, energy and
resources sectors.
Interest in Shares and Options
As at 18 August 2015 Mr Trlin holds an interest in 3,703,092 ordinary shares,
and 66,000 unlisted options.
Directorships held in other listed entities
Mr Trlin does not hold any directorships in other listed entities.
Page 20
Platypus Minerals 2015 Annual Report
INFORMATION ON DIRECTORS (Cont’d)
Mr Paul McQuillan
Qualifications
Experience
PLATYPUS MINERALS LTD
ABN 99 008 894 442
AND CONTROLLED ENTITIES
DIRECTORS’ REPORT (cont’d)
Company Secretary
Appointed 8 February 2013
BBus, AIPA
Mr McQuillan is an accountant with over 20 years’ experience in the
accounting industry. Mr McQuillan has been the CFO for Platypus Minerals
Ltd since 15 August 2011 and the Company Secretary since 8 February
2013.
Interest in Shares and Options
As at 18 August 2015 Mr McQuillan held an interest in 562,500 ordinary
shares and 575,000 unlisted options.
Platypus Minerals 2015 Annual Report
Page 21
PLATYPUS MINERALS LTD
ABN 99 008 894 442
AND CONTROLLED ENTITIES
DIRECTORS’ REPORT (cont’d)
REMUNERATION REPORT
This report details the nature and amount of remuneration for each Director of Platypus Minerals Ltd.
At the 2014 AGM, Platypus received votes cast against its Remuneration Report greater than 25% of the votes cast by persons
entitled to vote, specifically 46.1% of votes cast, constituting a “First Strike” against its Remuneration Report. The Corporations
Act 2001 requires the Company to include in this year’s Remuneration Report an explanation of the Board’s proposed action
in response to that First Strike or if the Board does not propose any action the reasons for not so doing.
The total remuneration of key management personnel in 2014 was $213,397, significantly lower than the previous year and,
at the lower end of industry peers. Nevertheless, in acknowledgement of ongoing difficult conditions in the resources sector,
the Board resolved to further reduce key management personnel remuneration and director fees with the total for 2015 being
$126,250. It should be noted that the Chairman and one of the non-executive directors did not receive any remuneration in
the 2015 financial year.
Remuneration Policy
The remuneration policy of Platypus Minerals Ltd has been designed to align director and executive objectives with
shareholder and business objectives by providing a fixed remuneration component and offering incentives based on the
Economic Entity’s financial results. The Board of Platypus Minerals Ltd believes the remuneration policy to be appropriate and
effective in its ability to attract and retain appropriate executives and directors to run and manage the Economic Entity, as well
as create goal congruence between directors, executives and shareholders.
The Board’s policy for determining the nature and amount of remuneration for Board members and senior executives of the
Company is as follows:
The remuneration policy, setting the terms and conditions for the executive directors and other senior executives,
was developed and approved by the Board.
Non-executive directors, executive directors and senior executives receive either a directors fee or a base salary
(which is based on factors such as length of service and experience), which is calculated on a total cost basis and
includes any FBT charges related to employee benefits including motor vehicles, as well as employer contributions
to superannuation funds.
Executive directors can be employed by the Company on a consultancy basis, on Board approval, with
remuneration and terms stipulated in individual consultancy agreements.
The Board reviews executive packages annually by reference to the Company’s performance, executive
performance and comparable information from industry sectors and other listed companies in similar industries. In
addition external consultants may be used to provide analysis and advice to ensure the directors’ and senior
executives’ remuneration is competitive in the market place.
Salaried directors and senior executives receive a superannuation contribution, which is currently 9.5%, and do
not receive any other retirement benefits. Some individuals, however, may choose to sacrifice part of their salary
to increase payments towards superannuation.
All remuneration paid to directors and executives is valued at the cost to the Company and expensed, except to
the extent that the directors’ or executives’ time is spent on exploration activities. The directors’ or executives’
salary is then apportioned on a time basis and capitalised to exploration. Shares issued to directors and
executives are valued as the difference between the market price of those shares and the amount paid by the
director or executive. Options are valued using the Black-Scholes methodology.
Fees for non-executive directors are not linked to the performance of the Economic Entity. The Directors are not
required to hold any shares in the Company under the Constitution of the Company. However, to align directors’
interests with shareholder interests, the directors are encouraged to hold shares in the Company.
Page 22
Platypus Minerals 2015 Annual Report
PLATYPUS MINERALS LTD
ABN 99 008 894 442
AND CONTROLLED ENTITIES
DIRECTORS’ REPORT (cont’d)
The Board believes that it has implemented suitable practices and procedures that are appropriate for an organisation of this
type and size.
Remuneration Committee
During the year ended 30 June 2015 the Economic Entity did not have a separately established nomination or remuneration
committee. Considering the size of the Economic Entity and the number of directors, the Board is of the view that these
functions could be efficiently performed with full Board participation.
Remuneration Structure
In accordance with best practice corporate governance, the structure of non-executive director and senior manager
remuneration is separate and distinct.
Non-Executive Director Remuneration
Objective
The Board seeks to set aggregate remuneration at a level which provides the Economic Entity with the ability to attract and
retain directors of the highest calibre, whilst incurring a cost which is acceptable to shareholders.
Structure
Non-executive directors receive a base salary (which is based on factors such as length of service and experience), which is
calculated on a total cost basis and includes any FBT charges related to employee benefits including motor vehicles, as well
as employer contributions to superannuation funds.
The Directors have resolved that non-executive directors’ fees are $30,000 per annum for each non-executive director. Non-
executive directors may also be remunerated for additional specialised services performed at the request of the Board and
reimbursed for reasonable expense incurred by directors on Company business.
Senior Manager and Executive Director Remuneration
Objective
The Company aims to reward executives with a level and mix of remuneration commensurate with their position and
responsibilities within the Company as to:
• Align the interests of executives with those of shareholders;
•
• Ensure total remuneration is competitive by market standards and relevant to the size of the Company.
Link reward with the strategic goals and performance of the Company; and
Structure
Executive directors are provided with a base salary (which is based on factors such as length of service and experience),
which is calculated on a total cost basis and includes any FBT charges related to employee benefits including motor vehicles,
as well as employer contributions to superannuation funds.
Company Performance, Shareholder Wealth and Directors’ and Executives’ Remuneration
The table below sets out summary information about the consolidated entity’s earnings and movements in shareholder wealth
for the 5 years to 30 June 2015.
The results for 2011-2015 reflect the performance of the legal parent:
Revenue
Net Profit/(Loss)
Share price at start of year
Share price at end of year
Earnings Per Share (in cents)
2011
$
205,957
(1,450,305)
0.016
0.035
(0.22)
2012
$
285,235
(5,067,820)
0.035
0.005
(0.60)
2013
$
85,038
(2,418,120)
0.005
0.002
(0.21)
2014
$
71,715
(3,615,617)
0.002
0.001
(0.001)
2015
$
10,600
(1,044,346)
0.001
0.010
(0.006)
Platypus Minerals 2015 Annual Report
Page 23
PLATYPUS MINERALS LTD
ABN 99 008 894 442
AND CONTROLLED ENTITIES
DIRECTORS’ REPORT (cont’d)
Details of Remuneration
The remuneration for each management personnel of the Economic Entity during the year was as follows:
2015
Salary, Fees
and
Commission
Superannuation
Contribution
Cash
Bonus
$
$
$
Post
Employ-
ment
Benefits
$
Equity
settled
share
payment*
$
Total
Performance
Related
$
%
Key management
personnel
Mr Rick Crabb
Mr Tom Dukovcic
Mr Laurie Ziatas
Mr Dennis Trlin
-
86,250
40,000
-
126,250
-
9,856
2,850
-
12,706
-
-
-
-
-
-
-
-
-
-
-
43,500
-
-
43,500
-
139,606
42,850
-
182,456
-
-
-
-
-
* At the 2014 AGM, shareholder approval was granted to issue shares and options to Director Tom Dukovcic in lieu of
salary, thus reducing the Company’s cash commitment at a critical time. Tom Dukovcic received shares (700,000) and
options (2,000,000, ex 3.0c by 30 Sep 2017) in lieu of $17,500 cash salary. At grant date the value of the options was
determined using the Black-Scholes method yielding a determined value of $26,000, with the market value of the options
being $0.00. The Shares were issued at $0.025, with the market value at the time being $0.02.
2014
Salary, Fees
and
Commission
Superannuation
Contribution
Cash
Bonus
$
$
$
Post
Employ-
ment
Benefits
$
Options
Total
Performance
Related
$
$
%
Key management
personnel
Mr Rick Crabb
Mr Tom Dukovcic
Mr Peter Bradford
Mr Laurie Ziatas
Mr Dennis Trlin
13,750
147,982
16,187
21,478
14,000
213,397
1272
13,689
-
694
462
16,117
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
15,022
161,671
16,187
22,172
14,462
229,514
-
-
-
-
-
-
Options issued as part of remuneration
i
Options provided as remuneration and shares issued on exercise of such options
Options issued to directors and key management personnel as part of their remuneration for the year ended 30 June 2015:
Key management
personnel
Date options granted
Expiry date
Exercise price of
options
Number of
options
Tom Dukovcic
3 December 2014
30 September 2017
$0.03
2,000,000
Page 24
Platypus Minerals 2015 Annual Report
PLATYPUS MINERALS LTD
ABN 99 008 894 442
AND CONTROLLED ENTITIES
DIRECTORS’ REPORT (cont’d)
Option holdings
The numbers of options over ordinary shares in the Company held during the financial year by each key management
personnel of Platypus Minerals Ltd, including their personally related parties, are set out below:
2015
Balance at
the start of
the year
Granted during
the year as
Compensation
Exercised
during the
year
Other changes
during the year
Balance at
the end of
the year
Mr Rick Crabb
Mr Tom Dukovcic
Mr Laurie Ziatas
Mr Dennis Trlin
Total
23,908,545
750,001
-
1,980,000
26,638,546
-
2,000,000
-
-
2,000,000
-
-
-
-
-
(18,321,545)
(672,500)
-
(1,914,000)
(20,908,045)
5,587,000
2,077,500
-
66,000
7,730,500
* Note there was a 1:30 consolidation undertaken during the year ended 30 June 2015.
No options were vested and unexercisable for the year ending 30 June 2015.
* Vested and
exercisable
at the end of
the year
5,587,000
2,077,500
-
66,000
7,730,500
2014
Balance at
the start of
the year
Granted during
the year
as Compensation
Exercised
during the
year
Mr Rick Crabb
Mr Tom Dukovcic
Mr Peter Bradford1
Mr Laurie Ziatas2
Mr Dennis Trlin2
Total
23,908,545
16,137,501
4,966,667
-
-
45,012,713
-
-
-
-
-
-
-
-
-
-
-
-
1 Mr Peter Bradford resigned 15 October 2013
2 Mr Laurie Ziatas and Mr Dennis Trlin were appointed 15 October 2013
No options were vested and unexercisable for the year ending 30 June 2014.
Other
changes
during the
year
-
(15,387,500)
(4,966,667)
-
1,980,000
(18,374,167)
Balance at
the end of
the year
23,908,545
750,001
-
-
1,980,000
26,638,546
Vested and
exercisable
at the end of
the year
23,908,545
750,001
-
-
1,980,000
26,638,546
Share holdings
The numbers of shares in the Company held during the financial year by key management personnel of Platypus Minerals
Ltd, including their personally related parties, are set out below:
Balance at the
start of the
year
Granted during
the year as
compensation
Balance at the end
of the year
Other changes
during the year
2015
Mr Rick Crabb
Mr Tom Dukovcic
Mr Laurie Ziatas
Mr Dennis Trlin
Total
2014
228,944,287
9,750,000
246,942,450
111,092,748
596,729,485
-
700,000
-
-
700,000
Balance at the
start of the year
Granted during
the year as
compensation
Mr Rick Crabb
Mr Tom Dukovcic
Mr Peter Bradford1
Mr Laurie Ziatas2
Mr Dennis Trlin2
Total
163,994,287
9,750,000
59,600,000
-
-
233,344,287
-
-
-
-
-
-
Received
during the
year on
exercise of
options
-
-
-
-
-
Received during
the year on
exercise of
options
-
-
-
-
-
-
(204,796,142)
(9,268,333)
(238,711,035)
(107,389,656)
(560,165,166)
24,148,145
1,181,667
8,231,415
3,703,092
37,264,319
Other changes
during the year
Balance at the
end of the year
64,950,000
-
(59,600,000)
246,942,450
111,092,748
363,385,198
228,994,287
9,750,000
-
246,942,450
111,092,748
596,729,485
1 Mr Peter Bradford resigned 15 October 2013
2 Mr Laurie Ziatas and Mr Dennis Trlin were appointed 15 October 2013
Platypus Minerals 2015 Annual Report
Page 25
PLATYPUS MINERALS LTD
ABN 99 008 894 442
AND CONTROLLED ENTITIES
DIRECTORS’ REPORT (cont’d)
2015
140,721
285,000
(140,000)
(185,000)
13,936
114,657
2014
-
140,000
-
-
721
140,721
7,609
-
(8,443)
834
-
203,022
(200,000)
-
4,587
7,609
Loans from Directors
Mr Rick Crabb
Opening balance
Loans advanced
Converted to share capital
Repayment
Interest charged
Balance due at year end
Mr Peter Bradford
Opening balance
Converted to share capital
Repayment
Interest charged
Balance due at year end
Employment Contracts of Directors and Other Key Management Personnel
There are currently no employment contracts in place between the Company and Executive Directors.
No performance based payments were paid.
MEETINGS OF DIRECTORS
During the financial year, 17 meetings of directors (including committees of directors) were held. Attendances by each director
during the year were as follows:
Director
Mr Rick Crabb
Mr Tom Dukovcic
Mr Laurie Ziatas
Mr Dennis Trlin
Board Meetings
Number eligible to attend
17
17
17
17
Number attended
17
17
17
17
INDEMNIFYING OFFICERS OR AUDITOR
The Company has not, during or since the financial year, in respect of any person who is or has been a director, officer or
auditor of the Company or a related body corporate:
•
Indemnified or made any relevant agreement for indemnifying against a liability incurred as a director, officer or
auditor, including costs and expenses in successfully defending legal proceedings; or
• Paid or agreed to pay a premium in respect of a contract insuring against a liability incurred as a director, officer or
auditor for the costs or expenses to defend legal proceedings.
OPTIONS
At the date of this report, the unissued ordinary shares of Platypus Minerals Ltd under option are as follows:
Number Under-Option
Date of Expiry
Exercise Price
22,448,523
5,000,000
27,750,000
1 December 2016
12 January 2017
30 September 2017
$0.035
$0.03
$0.03
During the year ended 30 June 2015 the Company’s securities where consolidated on a 1:30 basis. The numbers noted above
are the post–consolidation figures.
Page 26
Platypus Minerals 2015 Annual Report
PLATYPUS MINERALS LTD
ABN 99 008 894 442
AND CONTROLLED ENTITIES
DIRECTORS’ REPORT (cont’d)
During the year ended 30 June 2015, 1,978,956 unlisted options expired. These options were issued as part of the Company’s
rights issue on 25 January 2013 and as a result of placement of the rights issue shortfall on 8 March 2013, with an exercise
price of $0.003 when issued. Subsequent to the 1:30 consolidation in August 2014 the exercise price was adjusted accordingly
to $0.09.
PARENT ENTITY FINANCIAL STATEMENTS
On 28 June 2010, the Corporations Amendment (Corporate Reporting Reform) Act 2010 came into legislation after receiving
royal assent. The accompanying Corporations Amendment Regulations 2011 (No. 6) were made on 29 June 2010. The Act
has provided a degree of simplification for corporate reporting through the removal of the requirement to prepare parent entity
financial statements. Some parent entity disclosures are still required by way of note, with a simplified parent statement of
financial position being required as well as parent disclosures in relation to commitments amongst other parties. Refer to Note
27 for details.
CORPORATE GOVERNANCE
In recognising the need for a high standard of corporate behaviour and accountability, the Directors of Platypus Minerals Ltd
support and have adhered to the principles of Corporate Governance. The Company’s corporate governance statement is
contained in the Corporate Governance section of the Financial Report.
NON-AUDIT SERVICES
The Board of Directors is satisfied that the provision of non-audit services during the year is compatible with the general
standard of independence for auditors imposed by the Corporations Act 2001. The Directors are satisfied that the services
disclosed below did not compromise the external auditor’s independence for the following reasons:
•
•
all non-audit services are reviewed and approved by the Board prior to commencement to ensure they do not
adversely affect the integrity and objectivity of the auditor; and
the nature of the services provided 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.
The following fees for non-audit services were paid/payable to the external auditors during the year ended 30 June 2015:
Taxation Services
$14,277
AUDITOR’S INDEPENDENCE DECLARATION
The auditor’s independence declaration for the year ended 30 June 2015 has been received and can be found on page 15 of
the Directors’ Report.
Signed in accordance with a resolution of the Board of Directors.
________________________
TOM DUKOVCIC
Managing Director
Dated this 30th day of September 2015
Platypus Minerals 2015 Annual Report
Page 27
PLATYPUS MINERALS LTD
ABN 99 008 894 442
AND CONTROLLED ENTITIES
DIRECTORS’ REPORT (cont’d)
Level 3, 12 St Georges Terrace
Perth, WA 6000
PO Box 5785, St Georges Terrace,
WA 6831
T +61 (0)8 9225 5355
F +61 (0)8 9225 6181
www.moorestephenswa.com.au
AUDITOR’S INDEPENDENCE DECLARATION UNDER
S307C OF THE CORPORATIONS ACT 2001 TO THE DIRECTORS OF
PLATYPUS MINERALS LIMITED
I declare that to the best of my knowledge and belief, for the year ended 30 June 2015 there has been:
•
•
no contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the audit;
and
no contraventions of any applicable code of professional conduct in relation to the audit.
Neil Pace
Partner
Moore Stephens
Chartered Accountants
Signed at Perth this 30th day of September 2015
Liability limited by a scheme approved under Professional Standards Legislation. Moore Stephens ABN 16 874 357 907. An independent
member of Moore Stephens International Limited - members in principal cities throughout the world. The Perth Moore Stephens firm is
not a partner or agent of any other Moore Stephens firm.
Page 28
Platypus Minerals 2015 Annual Report
PLATYPUS MINERALS LTD
ABN 99 008 894 442
AND CONTROLLED ENTITIES
CONSOLIDATED STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED
30 JUNE 2015
Note
Economic Entity
Profit/(Loss)
Revenue
Other income
Accounting Fees
Corporate Costs
Depreciation expense
Employee benefit expense
Capitalized exploration expenditure expensed
Finance costs
Occupancy Costs
Public Relations
Other expenses
Profit/(Loss) before income tax
Income tax expense
Profit/(Loss) from continuing operations
2
2
3
4
2015
$
9,090
1,510
10,600
(97,862)
(76,136)
(4,907)
(116,065)
(16,114)
(19,773)
(70,522)
(94,460)
(559,107)
(1,044,346)
2014
$
68,758
2,958
71,716
(92,409)
(20,527)
(3,555)
(229,778)
(2,288,957)
(9,903)
(68,036)
(28,142)
(946,024)
(3,615,617)
-
-
(1,044,346)
(3,615,617)
Profit/(Loss) attributable to members of the Parent Entity
(1,044,346)
(3,615,617)
Other comprehensive income
Items that will be reclassified subsequently to the
Profit and Loss when specific conditions are met:
Fair value movement on available for sale financial assets 13
(392,201)
392,201
Total comprehensive loss for the year
(1,436,547)
(3,223,416)
Overall Operations
Basic Profit/(Loss) per share
(cents per share)
Continuing Operations
Basic Profit/(Loss) per share
(cents per share)
7
7
(0.006)
(0.001)
(0.006)
(0.001)
The Company’s potential ordinary shares were not considered dilutive as the Company is in a loss position.
The accompanying notes form part of these financial statements.
Platypus Minerals 2015 Annual Report
Page 29
PLATYPUS MINERALS LTD
ABN 99 008 894 442
AND CONTROLLED ENTITIES
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT
30 JUNE 2015
Note
ASSETS
CURRENT ASSETS
Cash and cash equivalents
Trade and other receivables
TOTAL CURRENT ASSETS
NON-CURRENT ASSETS
Property, plant and equipment
Exploration Expense Capitalised
Available for Sale assets
TOTAL NON-CURRENT ASSETS
TOTAL ASSETS
CURRENT LIABILITIES
Trade and other payables
Interest bearing liability
Short-term provisions
TOTAL CURRENT LIABILITIES
NON-CURRENT LIABILITIES
Long- term provisions
TOTAL NON-CURRENT LIABILITIES
TOTAL LIABILITIES
NET ASSETS
EQUITY
Issued capital
Reserves
Retained earnings/(Accumulated losses)
TOTAL EQUITY
8
9
11
12
13
14
15
16
17
18
The accompanying notes form part of these financial statements.
2015
$
53,472
3,813
57,285
8,904
677,770
807,513
1,494,187
1,551,472
105,010
114,657
40,080
259,747
-
-
259,747
1,291,725
2014
$
71,148
8,690
79,838
4,461
142,654
907,800
1,054,915
1,134,753
119,669
148,330
59,165
327,164
-
-
327,164
807,589
5,630,642
415,750
(4,754,667)
1,291,725
4,125,708
392,201
(3,710,320)
807,589
Page 30
Platypus Minerals 2015 Annual Report
PLATYPUS MINERALS LTD
ABN 99 008 894 442
AND CONTROLLED ENTITIES
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
30 JUNE 2015
Ordinary
share capital
Accumulated
Losses
Share based
payment reserve
$
$
$
Asset
Revaluation
Reserve
$
Total
$
295,327
(3,615,617)
3,735,678
-
-
-
392,201
392,201
392,201
807,589
-
-
(1,044,346)
1,920,683
-
-
-
-
415,750
Balance at 30 June
2013
390,030
(94,703)
Gain/(Loss)
attributable to
members of Parent
Entity
Shares/options
issued during the
year
Fair value movement
on available for sale
asset
-
(3,615,617)
3,735,678
-
-
-
Balance at 30 June
2014
4,125,708
(3,710,320)
Gain/(Loss)
attributable to
members of Parent
Entity
Shares/options
issued during the
year
Fair value movement
on available for sale
asset
Balance at 30 June
2015
-
(1,044,346)
1,504,933
-
-
-
-
(392,201)
(392,201)
5,630,642
(4,754,667)
415,750
-
1,291,725
The accompanying notes form part of these financial statements.
Platypus Minerals 2015 Annual Report
Page 31
PLATYPUS MINERALS LTD
ABN 99 008 894 442
AND CONTROLLED ENTITIES
CONSOLIDATED STATEMENT OF CASH FLOW
FOR YEAR ENDED
30 JUNE 2015
Note
2015
$
2014
$
15,477
(1,047,468)
1,510
(19,773)
(1,050,254)
-
(9,350)
-
(563,005)
(572,355)
1,504,933
285,000
-
(185,000)
1,604,933
(17,676)
71,148
53,472
62,271
(567,594)
2,958
5,306
(497,059)
-
-
128,782
(226,508)
(97,726)
712,067
140,000
(206,332)
(14,241)
631,494
36,709
34,439
71,148
22
8
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers
Payments to suppliers and employees
Interest received
Finance costs
Net cash used in operating activities
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of property, plant and equipment
Purchase of property, plant and equipment
Net cash on acquisition
Purchase of Available for Sale assets
Net cash used in investing activities
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issue of shares (net of costs)
Proceeds of borrowings
Loan issued
Repayment of borrowings
Net cash provided by financing activities
Net (decrease)/ increase in cash held
Cash at beginning of financial year
Cash at end of financial year
The accompanying notes form part of these financial statements.
Page 32
Platypus Minerals 2015 Annual Report
PLATYPUS MINERALS LTD
ABN 99 008 894 442
AND CONTROLLED ENTITIES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 JUNE 2015
Note 1: Statement of Significant Accounting Policies
The financial report is a general purpose financial report that has been prepared in accordance with Australian Accounting
Standards, including Australian Accounting Interpretations, other authoritative pronouncements of the Australian Accounting
Standards Board and the Corporations Act 2001.
financial
The
(“the Group”
or “Consolidated Entity” or “Economic Entity”). Platypus Minerals Ltd is a listed public company, incorporated and domiciled
in Australia.
Platypus Minerals
controlled
entities
covers
report
and
Ltd
its
The financial report of the Group complies with all Australian equivalents to International Financial Reporting Standards
(AIFRS) in their entirety.
The following is a summary of the material accounting policies adopted by the Economic Entity in the preparation of the
financial report. The accounting policies have been consistently applied, unless otherwise stated.
Basis of Preparation
Reporting Basis and Conventions
The financial report has been prepared on an accruals basis and is based on historical costs modified by the revaluation of
selected non-current assets, and financial assets and financial liabilities for which the fair value basis of accounting has been
applied.
On 15 October 2013, Platypus Minerals Ltd completed the acquisition of 100% of Platypus Resources Ltd (PRL). Under the
terms of AASB 3 “Business Combinations”, PRL was deemed to be the accounting acquirer in the business combination.
Consequently, the transaction was accounted for as a reverse acquisition.
Accounting Policies
(a)
Principles of Consolidation
The consolidated financial statements incorporate all of the assets, liabilities and results of the parent (Platypus
Minerals Limited) and all of the subsidiaries (including any structured entities). 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 10.
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.
Platypus Minerals 2015 Annual Report
Page 33
PLATYPUS MINERALS LTD
ABN 99 008 894 442
AND CONTROLLED ENTITIES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 JUNE 2015
Note 1: Statement of Significant Accounting Policies (cont’d)
(b)
Business Combinations
Business combinations occur where an acquirer obtains control over one or more businesses.
A business combination is accounted for by applying the acquisition method, unless it is a combination involving
entities or businesses under common control. The business combination will be accounted for from the date that
control is attained, whereby the fair value of the identifiable assets acquired and liabilities (including contingent
liabilities) assumed is recognised (subject to certain limited exemptions).
When measuring the consideration transferred in the business combination, any asset or liability resulting from a
contingent consideration arrangement is also included. Subsequent to initial recognition, contingent consideration
classified as equity is not remeasured and its subsequent settlement is accounted for within equity. Contingent
consideration classified as an asset or liability is remeasured in each reporting period to fair value, recognising any
change to fair value in profit or loss, unless the change in value can be identified as existing at acquisition date.
All transaction costs incurred in relation to business combinations, other than those associated with the issue of a
financial instrument, are recognised as expenses in profit or loss when incurred.
The acquisition of a business may result in the recognition of goodwill or a gain from a bargain purchase.
(c)
Goodwill
Goodwill is carried at cost less any accumulated impairment losses. Goodwill is calculated as the excess of the sum
of:
(i)
(ii) any non-controlling interest (determined under either the full goodwill or proportionate interest method); and
(iii) the acquisition date fair value of any previously held equity interest;
over the acquisition date fair value of net identifiable assets acquired.
the consideration transferred;
The acquisition date fair value of the consideration transferred for a business combination plus the acquisition date
fair value of any previously held equity interest shall form the cost of the investment in the separate financial
statements.
Fair value re-measurements in any pre-existing equity holdings are recognised in profit or loss in the period in which
they arise. Where changes in the value of such equity holdings had previously been recognised in other
comprehensive income, such amounts are recycled to profit or loss.
The amount of goodwill recognised on acquisition of each subsidiary in which the Group holds less than a 100%
interest will depend on the method adopted in measuring the non-controlling interest. The Group can elect in most
circumstances to measure the non-controlling interest in the acquiree either at fair value (full goodwill method) or at
the non-controlling interest's proportionate share of the subsidiary's identifiable net assets (proportionate interest
method). In such circumstances, the Group determines which method to adopt for each acquisition and this is stated
in the respective notes to these financial statements disclosing the business combination.
Under the full goodwill method, the fair value of the non-controlling interests is determined using valuation techniques
which make the maximum use of market information where available. Under this method, goodwill attributable to the
non-controlling interests is recognised in the consolidated financial statements.
Page 34
Platypus Minerals 2015 Annual Report
PLATYPUS MINERALS LTD
ABN 99 008 894 442
AND CONTROLLED ENTITIES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 JUNE 2015
Note 1: Statement of Significant Accounting Policies (cont’d)
Goodwill on acquisition of subsidiaries is included in intangible assets. Goodwill on acquisition of associates is
included in investments in associates. Goodwill is tested for impairment annually and is allocated to the Group's
cash-generating units or groups of cash-generating units, representing the lowest level at which goodwill is monitored
being not larger than an operating segment. Gains and losses on the disposal of an entity include the carrying amount
of goodwill related to the entity disposed of. Changes in the ownership interests in a subsidiary that do not result in
a loss of control are accounted for as equity transactions and do not affect the carrying amounts of goodwill.
(d)
Income Tax
The charge for current income tax expense is based on the profit for the year adjusted for any non-assessable or
disallowed items. It is calculated using tax rates that have been enacted or are substantively enacted by the balance
sheet date.
Deferred tax is accounted for using the balance sheet liability method in respect of temporary differences arising
between the tax bases of assets and liabilities and their carrying amounts in the financial statements. No deferred
income tax will be recognised from the initial recognition of an asset or liability, excluding a business combination,
where there is no effect on accounting or taxable profit or loss.
Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or
liability is settled. Deferred tax is credited in the statement of comprehensive income except where it relates to items
that may be credited directly to equity, in which case the deferred tax is adjusted directly against equity.
Deferred income tax assets are recognised to the extent that it is probable that future tax profits will be available
against which deductible temporary differences can be utilised.
The amount of benefits brought to account or which may be realised in the future is based on the assumption that no
adverse change will occur in income taxation legislation and the anticipation that the Economic Entity will derive
sufficient future assessable income to enable the benefit to be realised and comply with the conditions of deductibility
imposed by the law.
(e)
Property, Plant and Equipment
Each class of plant and equipment is carried at cost or fair value less, where applicable, any accumulated
depreciation and impairment losses.
Plant and equipment are measured on the cost basis less depreciation and impairment losses.
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 which will be received from the assets’ employment and subsequent disposal. The expected net cash flows have
been discounted to their present values in determining recoverable amounts.
The cost of fixed assets constructed within the Economic Entity includes the cost of materials, direct labour,
borrowing costs and an appropriate proportion of fixed and variable overheads.
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 group 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.
Platypus Minerals 2015 Annual Report
Page 35
PLATYPUS MINERALS LTD
ABN 99 008 894 442
AND CONTROLLED ENTITIES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 JUNE 2015
Note 1: Statement of Significant Accounting Policies (cont’d)
Depreciation
The depreciable amount of all fixed assets including capitalised lease assets is depreciated on a straight-line basis
over their useful lives to the Economic Entity commencing from the time the asset is held ready for use. Leasehold
improvements are depreciated over the shorter of either the unexpired period of the lease or the estimated useful
lives of the improvements.
The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date.
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 or
losses are included in the statement of comprehensive income. When re-valued assets are sold, amounts included
in the revaluation reserve relating to that asset are transferred to retained earnings.
(f)
Exploration and Development Expenditure
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 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 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 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 have been 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 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.
(g)
Fair Value of Assets and Liabilities
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
(i.e. unforced) transaction between independent, knowledgeable and willing market participants at the measurement
date.
Page 36
Platypus Minerals 2015 Annual Report
PLATYPUS MINERALS LTD
ABN 99 008 894 442
AND CONTROLLED ENTITIES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 JUNE 2015
Note 1: Statement of Significant Accounting Policies (cont’d)
To the extent possible, market information is extracted from either the principal market for the asset or liability (i.e.
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 (i.e. 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
instrument, 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.
(h)
Financial Instruments
Recognition
Financial instruments are initially measured at cost on trade date, which includes transaction costs, when the
related contractual rights or obligations exist. Subsequent to initial recognition these instruments are measured as set
out below.
Financial assets at fair value through profit and loss
A financial asset is classified in this category if acquired principally for the purpose of selling in the short term or if so
designated by management and within the requirements of AASB 139: Recognition and Measurement of Financial
Instruments. Derivatives are also categorised as held for trading unless they are designated as hedges. Realised and
unrealised gains and losses arising from changes in the fair value of these assets are included in the statement of
comprehensive income in the period which they arise.
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 stated at amortised cost using the effective interest rate method.
Available-for-sale financial assets
Available-for-sale financial assets include any financial assets not included in the above categories. During the year
ended 30 June 2014 available-for-sale financial assets were reflected at fair value. Unrealised gains and losses arising
from changes in fair value were taken directly to equity. During the year ended 30 June 2015 the Directors decided
that cost was the most reliable measure of the value of these available-for-sale financial assets as the assets represent
equity instruments held in a private Peruvian company. As such, the revaluation gain that was recognised during the
year ended 30 June 2014 has been reversed in equity during the year ended 30 June 2015.
Fair value
Fair value is determined based on current bid prices for all quoted investments. Valuation techniques are applied to
determine the fair value for all unlisted securities, including recent arm’s length transactions, reference to similar
instruments and option pricing models.
Impairment
At each reporting date, the group assess whether there is objective evidence that a financial instrument has been
impaired. In the case of available-for-sale financial instruments, a prolonged decline in the value of the instrument is
considered to determine whether impairment has arisen. Impairment losses are recognised in the consolidated
statement of comprehensive income.
Platypus Minerals 2015 Annual Report
Page 37
PLATYPUS MINERALS LTD
ABN 99 008 894 442
AND CONTROLLED ENTITIES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 JUNE 2015
Note 1: Statement of Significant Accounting Policies (cont’d)
(i)
(j)
Impairment of Assets
At each reporting date, the group 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
assets carrying value. Any excess of the assets carrying value over its recoverable amount is expensed to the
consolidated statement of comprehensive income.
Impairment testing is performed annually for goodwill and intangible assets with indefinite lives. Where it is not
possible to estimate the recoverable amount of an individual asset, the group estimates the recoverable amount of
the cash-generating unit to which the asset belongs.
Foreign Currency Transactions and 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 and presentation currency.
Transaction 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 the statement of
comprehensive income, 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 equity to the extent
that the gain or loss is directly recognised in equity; otherwise the exchange difference is recognised in the statement
of comprehensive income.
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 year-end exchange rates prevailing at that reporting date;
income and expenses are translated at average exchange rates for the period; and
retained profits are translated at the exchange rates prevailing at the date of the transaction.
Exchange differences arising on translation of foreign operations are transferred directly to the group’s foreign
currency translation reserve in the statement of financial position. These differences are recognised in the
statement of comprehensive income in the period in which the operation is disposed.
(k)
Employee Benefits
Provision is made for the Company’s liability for employee benefits arising from services rendered by employees to
balance 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.
Page 38
Platypus Minerals 2015 Annual Report
PLATYPUS MINERALS LTD
ABN 99 008 894 442
AND CONTROLLED ENTITIES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 JUNE 2015
Note 1: Statement of Significant Accounting Policies (cont’d)
(l)
(m)
Provisions
Provisions are recognised when the group has a legal or constructive obligation, as a result of past events, for
which it is probable that an outflow of economic benefits will result and that outflow can be reliably measured.
Cash and Cash Equivalents
Cash and cash equivalents includes cash on hand, deposits held at call with banks, other short-term highly liquid
investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within
short-term borrowings in current liabilities on the statement of financial position.
(n)
Revenue
Revenue from the sale of goods is recognised upon delivery of goods to customers.
(o)
(p)
Interest revenue is recognised on a proportional basis taking into account the interest rates applicable to the
financial assets.
Dividend revenue is recognised when the right to receive a dividend has been established. Dividends received from
associates are accounted for in accordance with the equity method of accounting.
Revenue from the rendering of a service is recognised upon the delivery of the service to the customers.
All revenue is stated net of the amount of goods and services tax (GST).
Goods and Services Tax (GST)
Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST
incurred is not recoverable from the Australian Tax Office. In these circumstances the GST is recognised as part of
the cost of acquisition of the asset or as part of an item of the expense. Receivables and payables in the statement
of financial position are shown inclusive of GST.
Cash flows are presented in the cash flow statement on a gross basis, except for the GST component of investing
and financing activities, which are disclosed as operating cash flows.
Critical Accounting Estimates and Judgements
The Directors evaluate estimates and judgements incorporated into the financial report based on historical
knowledge and best available current information. Estimates assume a reasonable expectation of future events and
are based on current trends and economic data, obtained both externally and within the group.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting are
recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the
revision and future periods if the revision affects both current and future periods.
Key Sources of Estimation Uncertainty
The following key assumptions concerning the future, and other key sources of estimation uncertainty at the
reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and
liabilities within the next financial year:
Recoverability of Exploration and Evaluation Expenditure
The recoverability of the exploration and evaluation expenditure recognised as a non-current asset is dependent
upon the successful development, or alternatively sale, of the respective tenements which comprise the assets.
Platypus Minerals 2015 Annual Report
Page 39
PLATYPUS MINERALS LTD
ABN 99 008 894 442
AND CONTROLLED ENTITIES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 JUNE 2015
Note 1: Statement of Significant Accounting Policies (cont’d)
(q)
Going Concern
The financial statements have been prepared on the going concern basis, which contemplates the continuity of
normal business activity and the realisation of assets and the settlement of liabilities in the normal course of
business.
During the year ended 30 June 2015 the consolidated entity incurred a net loss after tax of $1,044,346 and a net cash
outflow from operating activities of $1,050,254. As at 30 June 2015 the consolidated entity had a deficiency of current
assets to current liabilities. Notwithstanding this the directors consider the going concern basis to be appropriate because
based on prior experience, the Directors are confident of obtaining the required shareholder and investor support, if and
when required.
The financial report does not include any adjustments relating to the recoverability and classification of recorded asset
amounts or to the amounts and classification of liabilities that may be necessary should the Company and the
consolidated entity be unable to continue as a going concern.
(r)
New and Amended Accounting Policies Adopted by the Group
The consolidated entity has adopted all of the new, revised or amending Accounting Standards and Interpretations
issued by the Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period.
Any new, revised or amending Accounting Standards or Interpretations that are not yet mandatory have not been
early adopted.
The adoption of these Accounting Standards and Interpretations did not have any significant impact on the financial
performance or position of the consolidated entity.
The following Accounting Standards and Interpretations are most relevant to the consolidated entity:
AASB 2012-3 Amendments to Australian Accounting Standards - Offsetting Financial Assets and Financial Liabilities
The consolidated entity has applied AASB 2012-3 from 1 July 2014. The amendments add application guidance to
address inconsistencies in the application of the offsetting criteria in AASB 132 'Financial Instruments: Presentation',
by clarifying the meaning of 'currently has a legally enforceable right of set-off'; and clarifies that some gross settlement
systems may be considered to be equivalent to net settlement.
AASB 2013-3 Amendments to AASB 136 - Recoverable Amount Disclosures for Non-Financial Assets
The consolidated entity has applied AASB 2013-3 from 1 July 2014. The disclosure requirements of AASB 136
'Impairment of Assets' have been enhanced to require additional information about the fair value measurement
when the recoverable amount of impaired assets is based on fair value less costs of disposals. Additionally, if
measured using a present value technique, the discount rate is required to be disclosed.
Page 40
Platypus Minerals 2015 Annual Report
PLATYPUS MINERALS LTD
ABN 99 008 894 442
AND CONTROLLED ENTITIES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 JUNE 2015
Note 1: Statement of Significant Accounting Policies (cont’d)
AASB 2014-1 Amendments to Australian Accounting Standards (Parts A to C)
The consolidated entity has applied Parts A to C of AASB 2014-1 from 1 July 2014. These amendments affect the
following standards: AASB 2 'Share-based Payment': clarifies the definition of 'vesting condition' by separately defining
a 'performance condition' and a 'service condition' and amends the definition of 'market condition'; AASB 3 'Business
Combinations': clarifies that contingent consideration in a business combination is subsequently measured at fair value
with changes in fair value recognised in profit or loss irrespective of whether the contingent consideration is within the
scope of AASB 9; AASB 8 'Operating Segments': amended to require disclosures of judgements made in applying the
aggregation criteria and clarifies that a reconciliation of the total reportable segment assets to the entity's assets is
required only if segment assets are reported regularly to the chief operating decision maker; AASB 13 'Fair Value
Measurement': clarifies that the portfolio exemption applies to the valuation of contracts within the scope of AASB 9
and AASB 139; AASB 116 'Property, Plant and Equipment' and AASB 138 'Intangible Assets': clarifies that on
revaluation, restatement of accumulated depreciation will not necessarily be in the same proportion to the change in
the gross carrying value of the asset; AASB 124 'Related Party Disclosures': extends the definition of 'related party' to
include a management entity that provides KMP services to the entity or its parent and requires disclosure of the fees
paid to the management entity; AASB 140 'Investment Property': clarifies that the acquisition of an investment property
may constitute a business combination.
(s)
New Accounting Standards for Application in Future Periods
Australian Accounting Standards and Interpretations that have recently been issued or amended but are not yet
mandatory, have not been early adopted by the consolidated entity for the annual reporting period ended 30 June
2015. The consolidated entity's assessment of the impact of these new or amended Accounting Standards and
Interpretations, most relevant to the consolidated entity, are set out below.
AASB 9 Financial Instruments
This standard is applicable to annual reporting periods beginning on or after 1 January 2018. The standard replaces all
previous versions of AASB 9 and completes the project to replace IAS 39 'Financial Instruments: Recognition and
Measurement'. AASB 9 introduces new classification and measurement models for financial assets. A financial asset shall
be measured at amortised cost, if it is held within a business model whose objective is to hold assets in order to collect
contractual cash flows, which arise on specified dates and solely principal and interest. All other financial instrument assets
are to be classified and measured at fair value through profit or loss unless the entity makes an irrevocable election on initial
recognition to present gains and losses on equity instruments (that are not held-for-trading) in other comprehensive income
('OCI'). For financial liabilities, the standard requires the portion of the change in fair value that relates to the entity's own
credit risk to be presented in OCI (unless it would create an accounting mismatch). New simpler hedge accounting
requirements are intended to more closely align the accounting treatment with the risk management activities of the entity.
New impairment requirements will use an 'expected credit loss' ('ECL') model to recognise an allowance. Impairment will be
measured under a 12-month ECL method unless the credit risk on a financial instrument has increased significantly since
initial recognition in which case the lifetime ECL method is adopted. The standard introduces additional new disclosures. The
consolidated entity will adopt this standard from 1 July 2018 but the impact of its adoption is yet to be assessed by the
consolidated entity.
Platypus Minerals 2015 Annual Report
Page 41
PLATYPUS MINERALS LTD
ABN 99 008 894 442
AND CONTROLLED ENTITIES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 JUNE 2015
Note 1: Statement of Significant Accounting Policies (cont’d)
AASB 15 Revenue from Contracts with Customers
This standard is applicable to annual reporting periods beginning on or after 1 January 2017. The standard provides a single
standard for revenue recognition. 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 those goods or services. The standard will require: contracts (either written, verbal or implied)
to be identified, together with the separate performance obligations within the contract; determine the transaction price,
adjusted for the time value of money excluding credit risk; allocation of the transaction price to the separate performance
obligations on a basis of relative stand-alone selling price of each distinct good or service, or estimation approach if no distinct
observable prices exist; and recognition of revenue when each performance obligation is satisfied. Credit risk will be
presented separately as an expense rather than adjusted to revenue. For goods, the performance obligation would be
satisfied when the customer obtains control of the goods. For services, the performance obligation is satisfied when the
service has been provided, typically for promises to transfer services to customers. For performance obligations satisfied
over time, an entity would select an appropriate measure of progress to determine how much revenue should be recognised
as the performance obligation is satisfied. Contracts with customers will be presented in an entity's statement of financial
position as a contract liability, a contract asset, or a receivable, depending on the relationship between the entity's
performance and the customer's payment. Sufficient quantitative and qualitative disclosure is required to enable users to
understand the contracts with customers; the significant judgments made in applying the guidance to those contracts; and
any assets recognised from the costs to obtain or fulfil a contract with a customer. The consolidated entity will adopt this
standard from 1 July 2017 but the impact of its adoption is yet to be assessed by the consolidated entity.
Note 2: Revenue
Operating activities
Revenue
Non-operating activities
Interest received
Other Income
Note 3: Loss for the Year
(a)
(b)
Expenses
Corporate costs
Occupancy costs
Accounting fees
Superannuation expense
Significant revenue and expenses
The following significant revenue and expense items are
relevant in explaining the financial performance:
Exploration expenditure expensed
Impairment of goodwill
Impairment of Matriz loan
Share based payment
2015
$
9,090
9,090
1,510
1,510
2014
$
68,758
68,758
2,958
2,958
2015
$
2014
$
76,136
70,522
97,862
19,670
20,527
68,036
92,409
22,285
16,114
-
-
2,288,957
631,060
206,332
449,750
-
Page 42
Platypus Minerals 2015 Annual Report
PLATYPUS MINERALS LTD
ABN 99 008 894 442
AND CONTROLLED ENTITIES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 JUNE 2015
Note 4: Income Tax Expense
(a) The components of tax expense comprise:
Current tax
Deferred tax
Losses recouped not previously recognised
Income tax expense reported in statement of profit or loss and
other comprehensive income
(b) The prima facie tax expense on loss from ordinary activities
before income tax is reconciled to the income tax as follows:
2015
$
564
-
(564)
-
2014
$
-
-
-
Prima facie tax expense on profit from ordinary activities before
income tax at 30% (2014: 30%)
(313,304)
(1,084,685)
Add:
Tax effect of:
-
-
-
-
Other non-allowable items
Losses not recognised
Share based payments
Goodwill written off on acquisition
Less:
7,223
204,333
124,725
-
22,977
43,016
878,240
-
189,318
25,889
Other deferred tax balances not recognised
Losses recouped not previously recognised
Tax effect of:
-
-
Income tax expense reported in the statement of profit or loss and
other comprehensive income
(22,413)
(564)
-
(25,889)
-
-
(c)
The deferred tax recognised at 30 June relates to the following:
Deferred Tax Liabilities:
Exploration expenditure
Other
Deferred Tax Assets:
Carry forward revenue losses
Net deferred tax
(d)
Unrecognised deferred tax assets:
Carry forward revenue losses
Carry forward capital losses
Capital raising costs
Unlisted investments
Provisions and accruals
Other
(94,521)
(241)
94,762
-
5,380,682
1,332,477
45,006
600
82,995
-
6,841,760
(12,136)
(231)
12,367
-
5,187,780
1,332,477
34,297
600
17,750
372
6,564,276
The tax benefits of the above Deferred Tax Assets will only be obtained if:
(a)
the company derives future assessable income of a nature and of an amount sufficient to
enable the benefits to be utilised;
Platypus Minerals 2015 Annual Report
Page 43
PLATYPUS MINERALS LTD
ABN 99 008 894 442
AND CONTROLLED ENTITIES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 JUNE 2015
Note 4: Income Tax Expense (cont’d)
(b) the company continues to comply with the conditions for deductibility imposed by law; and
(c) no changes in income tax legislation adversely affect the company in utilising the benefits.
The comparative year disclosures have been updated to be consistent with the 2015 presentation.
There has been no change to the income tax expense.
Note 5: Key Management Personnel Compensation
Refer to the remuneration report contained in the directors’ report for details of the remuneration paid or payable to
each member of the Group’s key management personnel (KMP) for the year ended 30 June 2015.
a)
Directors
The following persons were Directors of Platypus Minerals Ltd during the financial year. The remuneration
included is to the date of resignation or from the date of appointment:
Mr Rick Crabb – Non-Executive Chairman
Mr Tom Dukovcic – Managing Director
Mr Laurie Ziatas – Non-Executive Director
Mr Dennis Trlin – Non-Executive Director
b) Key management personnel compensation
Short-term employee benefits
Share based payments
Post-employment benefits
2015
$
126,250
43,500
12,706
182,456
2014
$
213,397
-
16,117
229,514
Short-term employee benefits
These amounts included fees and benefits paid to the non-executive Chair and non-executive directors as well as all salary,
paid leave benefits, fringe benefits and cash bonuses awarded to executive directors and other KMP.
Share based payments
These amounts represent the expense related to the participation of KMP in equity settled benefit schemes as measured by
the fair value of options, rights and shares granted on grant date. Option values at grant date were determined using the Black-
Scholes method.
Post-employment employee benefits
These amounts included retirement benefits (e.g. pensions and lump sum payments on retirement)
Page 44
Platypus Minerals 2015 Annual Report
PLATYPUS MINERALS LTD
ABN 99 008 894 442
AND CONTROLLED ENTITIES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 JUNE 2015
Note 6: Auditor’s Remuneration
Remuneration of the auditor of the Parent Entity for:
- auditing or reviewing the financial report
- taxation and other services
Note 7: Earnings per Share
2015
$
46,585
14,277
60,862
2014
$
32,500
12,442
44,942
(a) Reconciliation of Earnings to Profit or Loss
Loss
Earnings used to calculate basic EPS
(b) Reconciliation of Earnings to Profit or Loss from Continuing
Operations
Loss from continuing operations
Earnings used to calculate basic EPS from continuing
operations
(1,044,346)
(1,044,346)
(3,615,617)
(3,615,617)
(1,044,346)
(3,615,617)
(1,044,346)
(3,615,617)
(c) Weighted average number of ordinary shares outstanding
during the year used in calculating basic EPS
178,339,666
3,315,195,068
No.
No.
Diluted EPS not disclosed as potential ordinary shares are not dilutive.
Shares where consolidated at 30:1 during the year.
Note 8: Cash and Cash Equivalents
Cash at bank and in hand
2015
$
2014
$
53,472
53,472
71,148
71,148
Reconciliation of cash
Cash at the end of the financial year as shown in the statement of cash flows is reconciled to items in the
statement of financial position as follows:
Cash and cash equivalents
Note 9: Trade and Other Receivables
Prepaid Expenses
Goods and services tax
53,472
53,472
71,148
71,148
2015
$
1,284
2,529
3,813
2014
$
-
8,690
8,690
Platypus Minerals 2015 Annual Report
Page 45
PLATYPUS MINERALS LTD
ABN 99 008 894 442
AND CONTROLLED ENTITIES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 JUNE 2015
Note 10: Controlled Entities
The legal corporate structure of the consolidated entity is set out below:
Controlled Entities Consolidated
Country of
Incorporation
Percentage Owned (%)*
2015
2014
Parent Entity:
Platypus Minerals Ltd
Subsidiaries of Platypus Minerals Ltd:
Ashburton Gold Mines NL
Trans Pacific Gold Pty Ltd
Transdrill Pty Ltd
Southern Pioneer Ltd
Platypus Resources Ltd
Australia
Australia
Australia
Australia
Australia
Australia
* Percentage of voting power is in proportion to ownership
Note 11: Property, Plant and Equipment
PLANT AND EQUIPMENT
Plant and equipment:
Balance at the beginning of year
At cost
Accumulated depreciation
Total Plant and equipment
Total Property, Plant and Equipment
Movements in Carrying Amounts
100
100
100
100
100
100
100
100
100
100
2015
$
2014
$
74,841
(65,937)
8,904
-
108,886
(104,425)
4,461
8,904
4,461
Movement in the carrying amounts for each class of plant and equipment between the beginning and the end of
the current financial year.
Balance at the beginning of year
Amount recognised on acquisition
Additions
Depreciation expense
Carrying amount at the end of year
4,461
-
9,350
(4,907)
8,904
-
8,016
-
(3,555)
4,461
Page 46
Platypus Minerals 2015 Annual Report
PLATYPUS MINERALS LTD
ABN 99 008 894 442
AND CONTROLLED ENTITIES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 JUNE 2015
Note 12: Exploration and Evaluation Expenditure
Exploration expenditure
2015
$
677,770
677,770
2014
$
142,654
142,654
The recoverability of the carrying amount of exploration assets is dependent on the successful development and
commercial exploitation or sale of the respective mining permits. Amortisation of the costs carried forward for the
development phase is not being charged pending the commencement of production. The impairment of exploration
expenditure represents projects that the company is no longer pursuing.
Reconciliation of movements during the year
Balance at the beginning of year
Costs reclassified
Exploration and evaluation costs recognised on acquisition
Exploration and evaluation costs capitalised
Exploration and evaluation costs written off
Closing carrying value at end of year
Note 13: Available for Sale Financial Assets
Balance at the beginning of year
Costs reclassified
Shareholder payments to Minera Chanape at cost
Revaluation movement
Closing value at end of year
2015
$
142,654
271,091
-
280,139
(16,114)
677,770
2015
$
907,800
(271,091)
563,005
(392,201)
807,513
2014
$
271,091
(271,091)
2,262,576
169,035
(2,288,957)
142,654
2014
$
-
271,091
244,508
392,201
907,800
The available for sale financial asset represents an investment in a private Peruvian company. During the year ended 30
June 2014 the asset was reflected at fair value based on an independent professional valuation. Unrealised gains and
losses arising from changes in fair value were taken directly to equity. During the year ended 30 June 2015 the Directors
decided that cost was the most reliable measure of the value of this asset as the assets represent equity instruments held
in a private Peruvian company. As such, the revaluation gain that was recognised during the year ended 30 June 2014
has been reversed in equity during the year ended 30 June 2015.
Note 14: Trade and Other Payables
CURRENT
Trade payables
Sundry payables and accrued expenses
2015
$
71,408
33,602
105,010
2014
$
87,891
31,778
119,669
Platypus Minerals 2015 Annual Report
Page 47
PLATYPUS MINERALS LTD
ABN 99 008 894 442
AND CONTROLLED ENTITIES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 JUNE 2015
Note 15: Interest Bearing Liability
CURRENT
Unsecured Loan – Peter Bradford
Unsecured Loan – Rick Crabb
2015
$
114,657
114,657
2014
$
7,609
140,721
148,330
The loans are unsecured with interest paid at commercial terms (8% fixed) and capitalising monthly.
Note 16: Provisions
Employee Provisions
Balance at the beginning of year
Recognition on acquisition
Additional provisions
Amounts used
Carrying amount at the end of year
Note 17: Issued Capital
2015
$
59,165
-
13,236
(32,321)
40,080
2014
$
-
57,467
13,236
(11,538)
59,165
Although the Company’s acquisition of 100% of Platypus Resources Ltd (PRL) has been accounted for as a reverse
acquisition, the capital structure of the Consolidated Entity is that of the legal parent, Platypus Minerals Ltd (PLP).
The current period reflects the movements in the legal parent’s capital structure for the year to 30 June 2015. The previous
corresponding period reflects the movements in the legal parent’s capital structure for the 12 month period 1 July 2013 to 30
June 2014.
At beginning of reporting period
Less pre-consolidation balance
Post- consolidation balance
Issue of shares pursuant to a capital
raising, net of costs
Share based payments
Issue of shares as purchase consideration
for PRL
Shares on issue at close of period
Legal Parent
Ordinary fully paid shares
30 June 2015
Legal Parent
Ordinary fully paid shares
30 June 2014
Number
$
Number
39,656,722
1,179,240,775
3,838,992,049
(3,838,992,049)
128,500,672
67,645,962
-
-
1,275,681
-
-
809,750,802
$
34,820,324
-
-
1,136,398
9,527,667
-
232,250
-
100,000,000
1,750,000,472
200,000
3,500,000
205,674,301
41,164,653
3,838,992,049
39,656,722
Page 48
Platypus Minerals 2015 Annual Report
PLATYPUS MINERALS LTD
ABN 99 008 894 442
AND CONTROLLED ENTITIES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 JUNE 2015
Note 17: Issued Capital (cont’d)
Reconciliation to ordinary share capital represented by consolidated entity
AASB 3 “Business Combinations” requires the acquisition of PRL by PLP to be treated as a reverse acquisition. Consequently,
the fair value of the issued share capital of the Consolidated Entity comprises:
At beginning of reporting period
Fair value of shares deemed to have been issued on
acquisition
Issue of shares pursuant to a capital raising in PRL
Issue of shares in the legal parent
Shares on issue at close of period
Options
Consolidated Entity
2015
$
4,125,708
-
-
1,504,934
5,630,642
2014
$
390,030
2,808,483
18,000
909,195
4,125,708
As at 30 June 2015, the Company had on issue 53,198,523 options over un-issued share capital in the Company.
Movements in Options
Balance at the beginning of the period
Less pre-consolidation balance
Post-consolidation balance
Options issued during the period
Options exercised during the period
Options expired during the period
Balance at the end of the period
PLPAI
(unlisted)
Number
59,365,709
-59,365,709
1,978,974
-
(18)
(1,978,956)
-
PLPU1
(unlisted)
Number
-
-
-
27,750,000
-
-
27,750,000
PLPO
(listed)
Number
-
-
-
20,448,523
-
-
20,448,523
PLPU2
(unlisted)
Number
-
-
-
5,000,000
-
-
5,000,000
At the date of this report, the unissued ordinary shares of Platypus Minerals Ltd under option are as follows:
Number Under-Option
Date of Expiry
Exercise Price
PLPO: 20,448,523
PLPU2: 5,000,000
PLPU1: 27,750,000
1 December 2016
12 January 2017
30 September 2017
$0.035
$0.03
$0.03
During the year ended 30 June 2015 the Company’s securities where consolidated on a 1:30 basis. This number is the post–
consolidation figure.
During the year ended 30 June 2015, 1,978,956 unlisted options (PLPAI) expired. These options were issued as part of the
Company’s rights issue on 25 January 2013, and as a result of placement of the rights issue shortfall on 8 March 2013, with
an exercise price of $0.003 when issued. Subsequent to the 1:30 consolidation in August 2014, the exercise price was adjusted
accordingly to $0.09.
Terms and Conditions of Contributed Equity
Ordinary shares have the right to receive dividends and, in the event of winding-up 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.
Ordinary shares entitle their holder to one vote, either in person or by proxy, at a meeting of the Company.
Platypus Minerals 2015 Annual Report
Page 49
PLATYPUS MINERALS LTD
ABN 99 008 894 442
AND CONTROLLED ENTITIES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 JUNE 2015
Note 17: Issued Capital (cont’d)
2015: 205,674,301 (2014: 3,838,992,049) fully paid ordinary shares
Share Issue Costs
2015
$
1,566,490
61,554
1,504,934
2014
$
4,176,313
50,605
4,125,708
Share-based Payments
(i)
On 3 December 2014, 2,000,000 share options were granted to Tom Dukovcic to take up ordinary shares at
an exercise price of $0.03 each. The options are exercisable on or before 30 September 2017. The options
hold no voting or dividend rights and are not transferable.
On 23 February 2015, 5,000,000 share options were granted to employees to take up ordinary shares at an
exercise price of $0.03 each. The options are exercisable on or before 12 January 2017. The options hold no
voting or dividend rights and are not transferable.
On 3 December 2014, 25,750,000 share options were granted to RM Capital to take up ordinary shares at an
exercise price of $0.03 each. The options are exercisable on or before 30 September 2017. The options hold
no voting or dividend rights and are not transferable
(ii)
Options granted to key management personnel are as follows:
Grant Date
3 December 2014
Number
2,000,000
These options fully vested during the year ended 30 June 2015. Further details of these options are provided
in the directors’ report. The options hold no voting or dividend rights and are not listed. The weighted average
fair value of those equity instruments, determined using the Black Scholes method, was $26,000.
(iii)
Shares granted to key management personnel as share-based payments during the year are as follows:
2015
Number of shares Issued
Issue Price
$
Key management personnel
Tom Dukovcic1
Rick Crabb2
1 Shares issued in lieu of salary
2 Shares issued as satisfaction of loan provided
700,000
4,667,667
$0.025
$0.03
17,500
140,000
2014
Number of shares Issued
Issue Price
$
Key management personnel
Peter Bradford1
1 Shares issued as satisfaction of loan provided
100,000,000
$0.002
200,000
Page 50
Platypus Minerals 2015 Annual Report
PLATYPUS MINERALS LTD
ABN 99 008 894 442
AND CONTROLLED ENTITIES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 JUNE 2015
Note 18: Reserves
Available for Sale Financial Assets
The asset revaluation reserve records revaluations of
available for sale assets
Share based payment reserve
The share based payment reserve records the value of
equity settled remuneration
2015
$
2014
$
-
-
392,201
392,201
415,750
415,750
-
-
Note 19: Fair Value Measurements
The Group measures and recognises the following assets and liabilities at fair value on a recurring basis after initial
recognition:
Available-for-sale financial assets
(a)
Fair Value Hierarchy
AASB 13: Fair Value Measurement 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
Level 2
Level 3
Measurements based on
quoted prices (unadjusted)
in
for
active markets
identical assets or liabilities
that the entity can access at
the measurement date.
Measurements based on
than quoted
inputs other
prices included in Level 1 that
are observable for the asset
or liability, either directly or
indirectly.
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.
Valuation techniques
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.
Platypus Minerals 2015 Annual Report
Page 51
PLATYPUS MINERALS LTD
ABN 99 008 894 442
AND CONTROLLED ENTITIES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 JUNE 2015
Note 19: Fair Value Measurements (cont’d)
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.
The following tables provide the fair values of the Group’s assets and liabilities measured and recognised on a
recurring basis after initial recognition and their categorisation within the fair value hierarchy:
30 June 2015
Note
Level 1
$000
Level 2
$000
Level 3
$000
Total
$000
Recurring fair value measurements
Financial assets
Available-for-sale financial assets:
–
shares in unlisted companies – related
parties
Total financial assets recognised at fair
value
13
-
-
-
-
-
-
-
-
30 June 2014
Note
Level 1
$000
Level 2
$000
Level 3
$000
Total
$000
Recurring fair value measurements
Financial assets
Available-for-sale financial assets
–
shares in unlisted companies – related
parties
Total financial assets recognised at fair
value on a recurring basis
13
-
-
907,800 907,800
907,800 907,800
There were no transfers between Level 1 and Level 2 for assets measured at fair value on a recurring basis during
the reporting period (2014: nil transfers).
(b)
Valuation Techniques and Unobservable Inputs Used to Measure Level 3 Fair Values
Investment in Minera Chanape S.A.C.
During the year ended 30 June 2014, Platypus Resources Ltd acquired 10% interest in Minera Chanape S.A.C., an
unlisted company incorporated in Peru. The fair value of the underlying assets of the investee was determined by a
professional independent valuation performed in June 2014. The net assets of the company primarily comprise
mineral asset licences in Peru. These mineral assets have been valued at fair value in accordance with the Technical
Assessment and Valuation of Mineral and Petroleum Assets and Securities for Independent Expert Reports (The
VALMIN Code). The mineral assets were valued using the comparable market value method using actual market
transactions converted to value per unit or area of resource as benchmarks, taking into account similar properties in
specific regions and specific time periods.
Page 52
Platypus Minerals 2015 Annual Report
PLATYPUS MINERALS LTD
ABN 99 008 894 442
AND CONTROLLED ENTITIES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 JUNE 2015
Note 19: Fair Value Measurements (cont’d)
During the year ended 30 June 2015 the Directors decided that cost was the most reliable measure of the value the
investment as the assets represent equity instruments held in a private Peruvian company. As such, the revaluation
gain that was recognised during the year ended 30 June 2014 has been reversed in equity during the year ended 30
June 2015.
The following table provides quantitative information regarding the key significant unobservable inputs, the ranges of
those inputs and the relationships of unobservable inputs to the fair value measurement:
Significant Unobservable Inputs Used
Consideration of time period that similar
transactions occurred in
Consideration of the status of exploration
stage of similar transactions
Range of Unobservable Inputs Used
Only transactions later than mid 2012 were considered relevant
Reviewed for comparable early stage exploration properties
(subject to limited surface exploration but may have indicators of
mineralisation)
Reasonableness check of enterprise values
(EV)
Reviewed a sample of comparable ASX listed companies with
similar mineral exploration activities in Peru and Chili
(c)
Reconciliation of Recurring Level 3 Fair Value Measurements
Balance at the beginning of the year
Additions during the year at cost
Fair value adjustment
Reclassification to carried at cost
Balance at the end of the year
Investment in
Minera Chanape Pty Ltd
2015
$
907,800
-
(392,201)
(515,599)
-
2014
$
-
515,599
392,201
-
907,800
There were no transfers between Level 2 and Level 3 for liabilities measured at fair value on a recurring basis during the
reporting period (2014: nil transfers).
Note 19: Contingent Liabilities and Contingent Assets
The Directors are not aware of any contingent liabilities or contingent assets as at 30 June 2015.
Note 20: Commitments
Operating lease commitments
Payable – minimum lease payments:
- not later than 12 months
- between 12 months and 5 years
- greater than 5 years
2015
$
56,000
27,755
-
2014
$
56,000
83,755
-
Platypus Minerals 2015 Annual Report
Page 53
PLATYPUS MINERALS LTD
ABN 99 008 894 442
AND CONTROLLED ENTITIES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 JUNE 2015
Note 20: Commitments (cont’d)
Exploration lease commitments
In order to maintain current rights of tenure to mining tenements, the Company has the following discretionary exploration
expenditure requirements up until expiry of leases. These obligations, which are subject to renegotiation upon expiry of the
leases, are not provided for in the financial statements and are payable
Australia
- not later than 12 months
- between 12 months and 5 years
- greater than 5 years
2015
$
80,930
160,000
-
2014
$
55,000
553,000
500,000
Minera Chanape – New Heads of Agreement
On 25 March 2015 the Company’s wholly owned subsidiary Platypus Resources Ltd (“PRL”) signed a New Heads of
Agreement with Minera Chanape S.A.C. (a company incorporated in Peru) and the Minera Chanape Vending Shareholders
by which the Company secured access rights to the Central Project concessions in the Chanape area of the San Mateo Mining
District located some 100 km east of Lima.
Under the new agreement, PRL is deemed to hold 15% of the issued capital of Minera Chanape and can earn a further 55%
from the Vending Shareholders by making vendor payments and funding exploration under the following terms:
1. Vendor Payments
Commencing on 31 March 2015 PRL will pay the Vending Shareholders the sum of A$1.7 million over a four year
period as follows:
a) Year 1: A$20,000 per month
b) Year 2: A$25,000 per month
c) Year 3: A$25,000 per month
d) Year 4: A$30,000 per month
e) End of Year 4 (31 March 2019): a balloon payment of A$500,000
2. Exploration Expenditure
PRL is to meet the following work commitments totalling US$3 million over three years:
a) US$250,000 by 30 September 2015
b) US$250,000 by 31 March 2016
c) US$500,000 by 30 September 2016
d) US$500,000 by 31 March 2017
e) US$1,500,000 by 31 March 2018
The minimum annualised exploration commitments to meet the conditions to acquire an additional 55% of the issued share
capital of Minera Chanape are:
- not later than 12 months
- between 12 months and 24 months
- between 24 months and 36 months
- between 36 months and 48 months
2015
US$
500,000
1,000,000
1,500,000
-
2014
US$
1,000,000
1,000,000
1,000,000
1,000,000
Page 54
Platypus Minerals 2015 Annual Report
PLATYPUS MINERALS LTD
ABN 99 008 894 442
AND CONTROLLED ENTITIES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 JUNE 2015
Note 20: Commitments (cont’d)
The minimum annualised vendor payments to meet the conditions to acquire a further 55% of the issued share capital of
Mineral Chanape are:
- not later than 12 months
- between 12 months and 24 months
- between 24 months and 36 months
- between 36 months and 48 months
2015
A$
255,000
300,000
315,000
770,000
2014
A$
762,000
500,000
1,000,000
-
On completion of the above, PRL will hold a 70% of the issued capital in Minera Chanape and a joint venture will be formed
between Platypus Resources and the other Minera Chanape shareholders, whereby:
a) Platypus Resources will sole fund a bankable feasibility study and pay to the vending Shareholders a pre-
production royalty of US$40,000 per month;
b) The cost of the feasibility study and royalty to be repaid to Platypus Resources form the first 50% of free cashflow
from production; and
c) The parties will have a first right of refusal over each others’ respective shareholdings in Minera Chanape.
In the event that Platypus Resources defaults in its obligations and such fault is not remedied within 30 days of notice to do
so, or Platypus Resources wishes to withdraw then the agreement will be mutually rescinded and all of Platypus Resources’
interest to that date in the issued capital of Minera Chanape will be forfeited to the other Minera Chanape shareholders.
Note 21: Segment Reporting
The Consolidated Entity operates in the mineral exploration industry in Australia and in Peru. For management purposes, the
Group is organized into one main operating segment which involves the exploration of minerals in these regions. All of the
Group’s activities are interrelated and discrete financial information is reported to the Board (Chief Operating Decision Maker)
as a single segment. Accordingly, all significant operating decisions are based upon analysis of the Group as one
segment. The financial results from this segment are equivalent to the financial statements of the Group as a whole.
Assets by geographical region
The location of segment assets is disclosed below by geographical location of the assets:
Australia
Peru
Gross Assets
Revenue by geographical region
Australia
Peru
Total Revenue
2015
$
381,258
1,170,214
1 551 472
2015
$
10,600
-
10,600
2014
$
124,754
1,009,999
1,134,753
2014
$
71,716
-
71,716
Platypus Minerals 2015 Annual Report
Page 55
PLATYPUS MINERALS LTD
ABN 99 008 894 442
AND CONTROLLED ENTITIES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 JUNE 2015
Note 22: Cash Flow Information
(a) Reconciliation of Cash Flow from Operations with Loss after
Income Tax
Loss after income tax
Non-cash flows in loss:
Depreciation and amortisation
Exploration expenditure written-off
Impairment of goodwill on acquisition
Impairment of receivables
Share based payments
(Increase)/decrease in capitalised exploration costs
(Increase)/decrease in trade and other receivables
Increase/(decrease) in trade and other payables
Increase/(decrease) in provisions
Cash flow from operations
2015
$
2014
$
(1,044,346)
(3,615,617)
4,907
16,114
-
-
449,750
(447,812)
4,877
(14,659)
(19,085)
(1,050,254)
3,555
2,288,957
631,060
206,332
-
(169,035)
(6,487)
105,011
59,165
(497,059)
Note 23: Events after the Balance Sheet Date
Significant events subsequent to the reporting period, being post 30 June 2015, include:
• On 29 July 2015 the Company announced it had raised $10,000 via the placement of 1,000,000 shares and 500,000 listed
options. A further 500,000 shares were issued in satisfaction of professional services provided to the Company.
• On 6 August 2015 the Company announced it had raised $30,000 via the placement of 3,000,000 shares and 1,500,000
listed options.
Note 24: Related Party Transactions
The names of each person holding the position of Director of Platypus Minerals Ltd since the beginning of the financial year
are:
• Mr Rick Crabb
• Mr Tom Dukovcic
• Mr Laurie Ziatas
• Mr Dennis Trlin
Apart from the Directors’ remuneration disclosed in the Directors’ Report, no Directors have entered into a contract with the
Economic Entity since the end of the previous financial year and there are no other material contracts involving Directors’
interests existing at year end, except for the following loan from a Director:
Mr Rick Crabb
Opening balance
Loans advanced
Converted to share capital
Repayment
Interest charged
Balance due at year end
2015
140,721
285,000
(140,000)
(185,000)
13,936
114,657
2014
-
140,000
-
-
721
140,721
The loan is unsecured with interest paid at commercial terms (8%) and capitalising monthly.
Page 56
Platypus Minerals 2015 Annual Report
PLATYPUS MINERALS LTD
ABN 99 008 894 442
AND CONTROLLED ENTITIES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 JUNE 2015
Note 24: Related Party Transactions (cont’d)
During the year ended 30 June 2015 the Company paid Acorn Corporate Pty Ltd (a company controlled by Director Laurie
Ziatas) $93,706 (2014: $61,250) as payments to Vending Shareholders pursuant to an agreement under which the Company
earns an equity interest in Minera Chanape S.A.C.
During the year ended 30 June 2014 the Company advanced Matriz Resources Limited an interest free, unsecured loan of
$206,332 to help fund the costs associated with its potential acquisition. At the time, Director Laurie Ziatas was also a director
of Matriz Resources Limited. The loan was impaired to $nil during the 2014 financial year.
Note 25: Financial Risk Management
Overview
This note presents information about the Economic Entity’s exposure to credit, liquidity and market risks, their objectives,
policies and processes for measuring risk, and management of capital. The Economic Entity does not use any form of
derivatives as it is not at a level of exposure that requires the use of derivatives to hedge its exposure. Exposure limits are
reviewed by management on a continuous basis. The Economic Entity does not enter into or trade financial instruments,
including derivative financial instruments, for speculative purposes.
The Board of Directors has overall responsibility for the establishment and supervision of the risk management framework.
Management monitors and manages the financial risks relating to the operations of the Economic Entity through regular
reviews of the risks.
Significant Accounting Policies
Details of the significant accounting policies and methods adopted, including the criteria for recognition, the basis of
measurement and the basis on which revenues and expenses are recognised, in respect of each class of financial asset,
financial liability and equity instrument are disclosed in Note 1 to the financial statements.
Net Fair Value
The carrying amount of financial assets and financial liabilities recorded in the financial statements represents their respective
net fair values, determined in accordance with the accounting policies disclosed in Note 1 to the financial statements.
Credit Risk
Credit risk refers to the risk that a counter-party will default on its contractual obligations resulting in financial loss to the
consolidated entity. The consolidated entity has adopted the policy of only dealing with creditworthy counter-parties and
obtaining sufficient collateral or other security where appropriate, as a means of mitigating the risk of financial loss from
defaults. The consolidated entity measures credit risk on a fair value basis. The consolidated entity does not have any
significant credit risk exposure to any single counter-party.
Cash and cash equivalents
The Economic Entity limits its exposure to credit risk by only investing in liquid securities and only with counterparties that
have an acceptable credit rating.
Trade and other equivalents
As the Economic Entity operates primarily in exploration activities, it does not have trade receivable and therefore is not
exposed to credit risk in relation to trade receivables.
The Economic Entity has established an allowance for impairment that represents their estimate of incurred losses in respect
of other receivables (mainly relates to staff advances and security bonds) and investments. The management does not expect
any counterparty to fail to meet its obligations.
Platypus Minerals 2015 Annual Report
Page 57
PLATYPUS MINERALS LTD
ABN 99 008 894 442
AND CONTROLLED ENTITIES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 JUNE 2015
Note 25: Financial Risk Management (cont’d)
Exposure to credit risk
The carrying amount of the Economic Entity’s financial assets represents the maximum credit exposure. The Economic Entity’s
maximum exposure to credit risk at the reporting date was:
Cash and cash equivalents
2015
$
53,472
53,472
2014
$
71,148
71,148
Impairment losses
During the year ended 30 June 2014 the company advanced Matriz Resources Limited an interest free, unsecured loan of
$206,332 to help fund the costs associated with its potential acquisition. The loan was impaired to $nil during the year ended
30 June 2014 due to the director’s view of non-recovery, as Matriz in dependant on raising capital which they will find difficult
in the current market.
Liquidity Risk
Liquidity risk is the risk that the Economic Entity will not be able to meet its financial obligations as they fall due. The Economic
Entity’s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its
liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to
the Economic Entity’s reputation.
The Economic Entity manages liquidity risk by maintaining adequate cash reserves from funds raised in the market and by
continuously monitoring forecast and actual cash flows. The Economic Entity does not have any external borrowings.
The Company will need to raise additional capital in the next 12 months. The decision on how and when the Company will
raise future capital will largely depend on the market conditions existing at that time.
The following are the maturities of financial liabilities, including estimated interest payments and excluding the impact of netting
agreements of the Economic Entity:
Less than 6 months
6 months to 1 year
1 to 5 years
Over 5 years
2015
$
-
219,667
-
-
219,667
2014
$
267,999
-
-
-
267,999
Market Risk
Market risk was the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices will
affect the Economic Entity’s income or the value of its holdings of financial instruments. The objective of market risk
management is to manage and control market risk exposure within acceptable parameters, while optimising the return.
Currency Risk
The group has potential exposure to foreign currency movements by virtue of its investments in Minera Chanape and its
involvement in exploration tenements in Peru. At this time the currency risk is not considered significant.
The Economic Entity has not entered into any derivative financial instruments to hedge such transactions.
The Economic Entity’s investments in its subsidiaries are not hedged as those currency positions are considered to be long
term in nature.
Page 58
Platypus Minerals 2015 Annual Report
PLATYPUS MINERALS LTD
ABN 99 008 894 442
AND CONTROLLED ENTITIES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 JUNE 2015
Note 25: Financial Risk Management (cont’d)
Commodity Price Risk
The Economic Entity was still operating primarily in the exploration and evaluation phase and accordingly the Group’s financial
assets and liabilities are not yet subject to commodity price risk.
Capital Management
The Economic Entity’s objectives when managing capital are to safeguard the Economic Entity’s ability to continue as a going
concern and to maintain a strong capital base sufficient to maintain future exploration and development of its projects. In order
to maintain or adjust the capital structure, the Group may return capital to shareholders, issue new shares or sell assets to
reduce debt. The Economic Entity’s focus has been to raise sufficient funds through equity to fund exploration and evaluation
activities.
There were no changes in the Economic Entity’s approach to capital management during the year. Risk management policies
and procedures are established with regular monitoring and reporting.
Neither the Company nor any of its subsidiaries are subject to externally imposed capital requirements.
Interest Rate Risk
The Economic Entity is exposed to interest rate risk (primarily on its cash and cash equivalents), which is the risk that a financial
instrument’s value will fluctuate as a result of changes in the market interest rates on interest-bearing financial instruments.
The Economic Entity does not use derivatives to mitigate these exposures.
The Economic Entity adopts a policy of ensuring that as far as possible it maintains excess cash and cash equivalents in
higher interest-bearing cash management account.
Profile
At the reporting date the interest rate profile of the Economic Entity’s interest-bearing financial instruments was:
Weighted
Average
Effective
Interest Rate
2015
2014
Floating Interest Rate
$
Fixed Interest Rate
Current
$
Non-interest Bearing
$
Total
$
2015
2014
2015
2014
2015
2014
2015
2014
Financial
Assets:
Cash
Investments
Total Financial
Assets
Financial
Liabilities:
Trade and sundry
creditors
Interest bearing
liabilities
Total Financial
Liabilities
2.25%
-
2.50%
-
53,472
71,148
-
-
53,472
71,148
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
53,472
71,148
53,472
71,148
-
105,010
119,669
105,010
119,669
114,657
148,330
-
-
114,657
148,330
114,657
148,330
105,010
119,669
219,667
267,999
Platypus Minerals 2015 Annual Report
Page 59
PLATYPUS MINERALS LTD
ABN 99 008 894 442
AND CONTROLLED ENTITIES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 JUNE 2015
Note 25: Financial Risk Management (Cont’d)
Cash flow sensitivity analysis for variable rate instruments
A change of 100 basis points in interest rates at the reporting date would have increased (decreased) equity and profit or loss
by the amounts shown below. This analysis assumes that all other variables, in particular foreign currency rates, remain
constant. The analysis is performed on the same basis for 2014.
30 June 2015
Variable rate instruments
30 June 2014
Variable rate instruments
Equity
A$
Profit or loss
A$
(534)
(534)
(1,882)
(1,882)
A decrease of 100 basis points in interest rates would have had an equal but opposite effect on equity and profit or loss by
the amounts shown above, on the basis that all other variables remain constant.
Note 26: Company Details
The registered office and principal place of business of the Company is:
Level 1, 254 Railway Parade
WEST LEEDERVILLE WA 6007
Tel: (08) 9363 7800
Fax: (08) 9363 7801
Page 60
Platypus Minerals 2015 Annual Report
PLATYPUS MINERALS LTD
ABN 99 008 894 442
AND CONTROLLED ENTITIES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 JUNE 2015
Note 27: Parent Entity Financial Information
The following information relates to the legal parent only.
(a) summary of financial information
Assets
Current assets
Total assets
Liabilities
Current liabilities
Total liabilities
Shareholders’ Equity
Issued capital
Reserves
Accumulated Losses
Loss for the year
Total comprehensive Loss
Parent Entity
2015
$
2014
$
57,850
6,435,902
77,202
5,599,594
259,747
259,747
327,164
327,164
41,164,653
642,574
(35,631,073)
6,176,155
(1,016,959)
(1,016,959)
39,659,719
555,324
(34,942,614)
5,272,430
(676,056)
(676,056)
(b) Contractual commitments for the acquisition of property, plant and equipment
As at 30 June 2015 the parent entity has no contractual commitments for the acquisition of property, plant or
equipment.
(c) Guarantees and contingent liabilities
As at 30 June 2015 the parent entity has no guarantees or contingent liabilities.
Platypus Minerals 2015 Annual Report
Page 61
PLATYPUS MINERALS LTD
ABN 99 008 894 442
AND CONTROLLED ENTITIES
DIRECTORS’ DECLARATION
In the opinion of the Directors of Platypus Minerals Ltd (the “Company”):
1.
The financial statements and notes and the remuneration disclosures that are contained in the Directors’ Report, are in
accordance with the Corporations Act 2001, including:
a.
b.
complying with Australian Accounting Standards and the Corporations Regulations 2001; and
giving a true and fair view of the consolidated entity’s financial position as at 30 June 2015 and of its performance
for the year ended on that date;
There are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and
payable.
The Directors have been given the declarations required by Section 295A of the Corporations Act 2001 from the chief
executive officer and chief financial officer for the financial year ended 30 June 2015.
Note 1 confirms that the financial statements also comply with the International Financial Reporting Standards as issued
by the International Accounting Standards Board.
2.
3.
4.
This declaration is made in accordance with a resolution of the Board of Directors.
__________________
TOM DUKOVCIC
Managing Director
Dated this 30th day of September 2015
Page 62
Platypus Minerals 2015 Annual Report
PLATYPUS MINERALS LTD
ABN 99 008 894 442
AND CONTROLLED ENTITIES
Level 3, 12 St Georges Terrace
Perth, WA 6000
PO Box 5785, St Georges Terrace,
WA 6831
T +61 (0)8 9225 5355
F +61 (0)8 9225 6181
www.moorestephenswa.com.au
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF
PLATYPUS MINERALS LIMITED
Report on the Financial Report
We have audited the accompanying financial report of Platypus Minerals Limited (the company) and Platypus Minerals Limited
and Controlled Entities (the consolidated entity), which comprises the statement of financial position as at 30 June 2015, the
statement of profit or loss and other comprehensive income, statement of changes in equity and statement of cash flows for
the year then ended, notes comprising a summary of significant accounting policies and other explanatory information and the
directors’ declaration of the consolidated entity comprising the company and the entities it controlled at the year’s end or from
time to time during the financial year.
Management’s Responsibility for the Financial Report
The directors of the company are responsible for the preparation and fair presentation of the financial report that gives a true
and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control
as the directors determine is necessary to enable the preparation of the financial report that is free from material misstatement,
whether due to fraud or error. In Note 1, the directors also state, in accordance with Accounting Standard AASB 101:
Presentation of Financial Statements that the financial statements comply with International Financial Reporting Standards
(IFRS).
Auditor’s Responsibility
Our responsibility is to express an opinion on the financial report based on our audit. We conducted our audit in accordance
with Australian Auditing Standards. Those standards require that we comply with relevant ethical requirements relating to audit
engagements and plan and perform the audit to obtain reasonable assurance whether the financial report is free from material
misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial report.
The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of
the financial report, whether due to fraud or error. In making those risk assessments, the auditor considers internal control
relevant to the entity’s preparation and fair presentation of the financial report in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal
An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of
control.
accounting estimates made by the directors, as well as evaluating the overall presentation of the financial report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Independence
In conducting our audit, we have complied with the independence requirements of the Corporations Act 2001. We confirm that
the independence declaration required by the Corporations Act 2001, which has been given to the directors of Platypus
Minerals Limited, would be in the same terms if provided to the directors as at the date of this auditor’s report.
Liability limited by a scheme approved under Professional Standards Legislation. Moore Stephens ABN 16 874 357 907. An independent
member of Moore Stephens International Limited - members in principal cities throughout the world. The Perth Moore Stephens firm is
not a partner or agent of any other Moore Stephens firm.
Platypus Minerals 2015 Annual Report
Page 63
PLATYPUS MINERALS LTD
ABN 99 008 894 442
AND CONTROLLED ENTITIES
Auditor’s Opinion
In our opinion:
a.
the financial report of Platypus Minerals Limited and Platypus Minerals Limited and Controlled Entities is in accordance
with the Corporations Act 2001, including:
i.
giving a true and fair view of the company and consolidated entity’s financial position as at 30 June 2015 and
of their performance for the year ended on that date; and
complying with Australian Accounting Standards and the Corporations Regulations 2001; and
ii.
the financial report also complies with International Financial Reporting Standards as disclosed in Note 1.
b.
Inherent Uncertainty Regarding Going Concern
Without qualification to the opinion expressed above, we draw attention to note 1(q) of the financial statements which states
that the financial statements have been prepared on a going concern basis. Whilst the Company currently has adequate
financial resources for the short term its ability to continue as a going concern for at least the next 12 months will require it to
undertake further capital raisings during this period. Based on prior experience, the directors of the Company are confident of
obtaining the necessary shareholder support if and when required. Notwithstanding this there is significant uncertainty as to
whether the Company will continue as a going concern for a minimum period of the next 12 months. Should the Company be
unable to continue as a going concern it may be required to realise its assets and extinguish its liabilities other than in the
normal course of business and at amounts other than as stated in the financial report.
Inherent Uncertainty Regarding the Value of Available for Sale Financial Asset
The Company’s consolidated statement of financial position as at 30 June 2015 includes an available for sale financial
investment in an unlisted Peruvian company with a carrying value of $807,513. The value of this asset is contingent on Platypus
Resources Ltd (“PRL”) complying with the terms of the agreement with the Peruvian company. In the event that the terms of
the agreement are not met, or cannot be renegotiated, PRL will be in default, and will forfeit its interest in the investment. Whilst
PRL was compliant with the terms of the agreement as at 30 June 2015, based on current cash flow forecasts, it is evident
that the company may not be able to meet the minimum expenditure commitments as specified in the agreement. The Directors
are confident that they will be able to renegotiate the terms of the agreement so that PRL is fully compliant going forward. At
this time there is significant uncertainty as to whether the agreement will be successfully renegotiated and complied with, and
therefore whether the investment is impaired as at 30 June 2015.
Report on the Remuneration Report
We have audited the remuneration report as included in the directors’ report for the year ended 30 June 2015. The directors
of the company are responsible for the preparation and presentation of the remuneration report in accordance with s 300A of
the Corporations Act 2001. Our responsibility is to express an opinion on the remuneration report, based on our audit conducted
in accordance with Australian Auditing Standards.
Auditor’s Opinion
In our opinion the remuneration report of Platypus Minerals Limited for the year ended 30 June 2015 complies with s 300A of
the Corporations Act 2001.
Neil Pace
Partner
Moore Stephens
Chartered Accountants
Signed at Perth this 30th day of September 2015
Liability limited by a scheme approved under Professional Standards Legislation. Moore Stephens ABN 16 874 357 907. An independent
member of Moore Stephens International Limited - members in principal cities throughout the world. The Perth Moore Stephens firm is
not a partner or agent of any other Moore Stephens firm.
Page 64
Platypus Minerals 2015 Annual Report
PLATYPUS MINERALS LTD
ABN 99 008 894 442
AND CONTROLLED ENTITIES
CORPORATE GOVERNANCE STATEMENT
The Company has considered and set up a framework for embracing the ASX Principles of Good Corporate Governance and
Best Practice Recommendations (“Recommendations”). The Company has followed each of the Recommendations where
the Board has considered the practices appropriate, taking into account factors such as size of the Company and the Board,
the resources available to the Company and the activities of the Company. Where, after due consideration, the Company’s
corporate governance policies depart from the Recommendations, the Board has outlined the nature of, and reason for, the
adoption of its own practice.
Copies of
www.platypusminerals.com.au.
the Company’s corporate governance policies are available on
the Company’s website at
The Board sets out below its “if not why not” report in relation to those matters of corporate governance where the Company’s
practices depart from the Recommendations. As the Company’s activities develop in size, nature and scope, further
consideration will be given by the Board to implementation of additional corporate governance structures.
In relation to the independence of the Chairman, Mr Rick Crabb, the Board has resolved that notwithstanding his substantial
shareholding he is regarded to be an independent director as he has consistently demonstrated his capability to make
decisions and take actions that are designed to be in the best interests of the Company. The Board further noted that Mr
Crabb considers himself to be capable of bringing independent judgment to the Board.
Platypus Minerals Ltd current practice
The Company intends to undertake a review of its
policies and procedures for the 2016 financial year.
Satisfied.
Not currently satisfied. The Company intends to
satisfy the requirement by the completion of the
2016 financial year
Satisfied. This practice is currently in place, other
than that the professional development of directors
is each director’s individual responsibility.
Satisfied,
this
the Board has
recommendation is not applicable to the Company
due to its small size.
resolved
that
Recommendation
1.1 A listed entity should disclose:
a) The respective roles and responsibilities of its board and
management; and
b) Those matters expressly reserved to the board and those
delegated to management.
1.2 A listed entity should:
a) Undertake appropriate checks before appointing a person, or
putting forward to security holders a candidate for election, as
a director; and
b) 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.
1.3 A listed entity should have a written agreement with each director and
senior executive setting out the terms of their appointment.
1.4 The Company Secretary of a listed entity should be accountable directly
to the board, through the chair, on all matters to do with the proper
functioning of the board.
1.5 A listed entity should:
a) Have a diversity policy which includes requirements for the
board or a relevant committee of the board to set measurable
objectives for achieving gender diversity and to assess
annually both the objectives and the entity’s progress in
achieving them
b) Disclose that policy or a summary of it; and
c) Disclose as at the end of each reporting period the
measureable objectives for achieving gender diversity set by
the board or a relevant committee of the board in accordance
with the entity’s diversity policy and its progress towards
achieving them.
1.6 A listed entity should:
a) Have a disclose a process for periodically evaluating the
performance of the board, its committees and individual
directors; and
Satisfied. The Company has not yet established
formal performance review measures for the Board
given the size of the Company and the stage of the
Company’s operations.
Platypus Minerals 2015 Annual Report
Page 65
PLATYPUS MINERALS LTD
ABN 99 008 894 442
AND CONTROLLED ENTITIES
b) Disclose, in relation to each reporting period, whether a
performance evaluation was undertaken in the reporting
period in accordance with that process.
1.7 A listed entity should:
a) Have and disclose a process for periodically evaluating the
performance of its senior executives; and
b) Disclose, in relation to each reporting period, whether a
performance evaluation was undertaken in the reporting
period in accordance with that process.
2.1 The board of a listed entity should:
a) Have a nomination committee
b)
If it does not have a nomination committee, disclose that fact
and the processes it employs to address board succession
issues and to ensure that the board has the appropriate
balance of skills, knowledge, experience, independence and
diversity to enable it to discharge its duties and responsibilities
effectively.
Not satisfied. The Company has not yet established
formal performance review measures for the senior
executives. The full Board reviews performance of
senior executives on an ongoing basis.
Not satisfied. Board composition is determined by
consideration of skills, knowledge and experience
necessary to maintain a balanced board.
2.2 A listed entity 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.
2.3 A listed entity should disclose:
Satisfied.
Satisfied.
a) The names of the directors considered by the board to be
b)
independent directors
If a director has an
interest, position, association or
relationship that might cause doubts about the independence
of a director, but the board is of the opinion that it does not
compromise the independence of the director, the nature of
the interest, position, association or relationship in question
and an explanation of why the board is of that opinion.
c) The length of service of each director.
2.4 A majority of the board of a listed entity should be independent directors. Satisfied.
2.5 The chair of the board of a listed entity should be an independent director
Satisfied.
and, in particular, should not be the same person as the CEO of the
entity.
2.6 A listed entity should have a program for inducting new directors and
provide appropriate professional development opportunities for the
directors to develop and maintain the skills and knowledge needed to
perform their role as directors effectively.
3.1 A listed entity should:
Not satisfied. The Board has resolved that this
recommendation is not applicable for a Company of
this size and that it is the responsibility of each
director to maintain their skills.
Satisfied.
a) Have a code of conduct for its directors, senior executives and
employees; and
b) Disclose that code or a summary of it.
4.1 The board of a listed entity should:
a) Have an audit committee
b)
If it does not have an audit committee, disclose that fact and
the processes it employs that independently verify and
safeguard the integrity of its corporate reporting, including the
processes for the appointment and removal of the external
auditor and the rotation of the audit engagement partner.
4.2 The board of a listed entity should, before it approves the entity’s
financial statements for a financial period, received 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
Satisfied. The company does not have an audit
committee. The CFO and the MD oversee the audit
process and make recommendations to the Board
as required. The Company safeguards the integrity
that
of
preliminary drafts of each financial report are
circulated to each director for review and comment
prior to finalisation and adoption by the Board.
Satisfied.
reporting by ensuring
its corporate
Page 66
Platypus Minerals 2015 Annual Report
PLATYPUS MINERALS LTD
ABN 99 008 894 442
AND CONTROLLED ENTITIES
opinion has been formed on the basis of a sound system of risk
management and internal control which is operating effectively.
4.3 A listed entity that has an AGM should ensure that its external auditor
attends its AGM and is available to answer questions from security
holders relevant to the audit.
5.1 A listed entity should:
Satisfied.
Satisfied.
a) Have a written policy for complying with its continuous
disclosure obligations under the Listing Rules, and
b) Disclose that policy or a summary of it.
6.1 A listed entity should provide information about itself and its governance
Satisfied.
to investors via its website.
6.2 A listed entity should design and implement an investor relations
Satisfied.
program to facilitate effective two-way communication with investors.
6.3 A listed entity should disclose the policies and processes it has in place
to facilitate and encourage participation at meetings of security holder.
6.4 A listed entity should give security holders the option to receive
communications from, and send communication to, the entity and its
security registry electronically.
7.1 The board of a listed entity should:
a) Have a committee or committees to oversee risk
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.
Satisfied. The Board has resolved
this
recommendation is not applicable to a Company of
this size.
Satisfied.
that
Satisfied. Risk management is overseen on an
ongoing basis by the managing director and the
Board. Risk review is a standing Board agenda item.
7.2 The board or a committee of the board should:
Satisfied.
a) Review the entity’s risk management framework at least
annually to satisfy itself that it continues to be sound; and
b) Disclose, in relation to each reporting period, whether such a
review has taken place.
7.3 A listed entity should disclose:
a)
b)
If it has 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 evaluation and continually improving
the effectiveness of its risk management and internal control
processes.
Not Satisfied. All
associated risks are considered by the full Board.
important decisions and
7.4 A listed entity should disclose whether it has any material exposure to
economic, environmental and social sustainability risks and, if it does,
how it manages or intends to manage those risks.
Satisfied.
8.1 The board of a listed entity should:
a) have a remuneration committee
b)
If it does not have a remuneration committee, disclose that fact
and the processes it employs for setting the level and
for directors and senior
composition of remuneration
executives and ensuring
is
appropriate and not excessive.
remuneration
that such
Not satisfied. The full Board in discussion sets the
level and composition of remuneration for directors
and senior executives and ensures that such
remuneration is appropriate and not excessive.
8.2 A listed entity should separately disclose its policies and practices
regarding the remuneration of non-executive directors and other senior
executives.
8.3 A listed entity which has an equity-based remuneration scheme should
a) 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
b) disclose that policy or a summary of it.
Satisfied.
Not applicable.
Platypus Minerals 2015 Annual Report
Page 67
Supplementary (ASX) Information
Security Holder Details
The following Security Holder information was applicable as at 20 October 2015.
1. Distribution of shareholding (ASX:PLP)
The distribution of members and their shareholdings was as follows:
Number Held
1-1,000
1,001 – 5,000
5,001 – 10,000
10,001 – 100,000
100,001 -
Total number of Shareholders
Number of Shareholders
898
409
200
434
230
2,171
2. Twenty largest Shareholders (ASX:PLP; as at 20 October 2015)
Shareholder
JP MORGAN NOMINEES AUSTRALIA
1
2 RICK CRABB
3 RICK WAYNE CRABB + CJ CRABB
4 ACORN CORPORATE PTY LTD
5
6 PETER STAMATOPOULOS
7 APPLABS TECHNOLOGIES LIMITED
8 KEMPO CAPITAL PTY LTD
9 MOUNTS BAY INVESTMENTS PTY LTD
JENNY HORTENCIA EGUSQUIZA OLIVEROS
ISAIAH SIXTY PTY LTD
10 MURDOCH CAPITAL PTY LTD
11 TERRY CAMPION
12 PETER BRADFORD + VICKI BRADFORD
13 ANDREW PETER FISHER
14
15 THORNBURY NOMINEES PTY LTD
16 DENNIS IVAN TRLIN
17 MATTHEW BLAKE
18 THE BRAND CONNECTION PTY LTD
19 GRAZIAN PTY LTD
20
J & TW DEKKER PTY LTD
TOTAL Top 20
3. Substantial Shareholders
Number of
Ordinary Shares
12,967,957
11,748,696
9,426,357
8,231,415
8,231,415
7,612,824
7,498,571
7,300,000
7,300,000
7,300,000
6,000,000
5,320,000
4,500,000
4,300,000
3,900,000
3,658,425
3,000,000
2,506,810
2,500,000
2,500,000
125,802,470
%
5.41
4.92
3.93
3.44
3.44
3.18
3.13
3.05
3.05
3.05
2.50
2.22
1.88
1.79
1.63
1.53
1.25
1.05
1.04
1.04
52.53
The Following shareholders held a substantial interest, being 5.0% or greater, in the issued capital of the Company:
Shareholder
RICK CRABB (and related parties)
JP MORGAN NOMINEES AUSTRALIA
Number of
Ordinary Shares
24,148,145
12,967,957
%
10.08
5.41
Page 68
Platypus Minerals 2015 Annual Report
Supplementary (ASX) Information (cont’d)
4. Listed Optionholdings (ASX: PLPO; as at 20 October 2015)
The twenty largest holders of listed options:
Optionholder
1 RICK CRABB
2 PETER STAMATOPOULOS
3 GRAZIAN PTY LTD
4
J & TW DEKKER PTY LTD
5 ANDREW PETER FISHER
6 THORNBURY NOMINEES PTY LTD
7 THE BRAND CONNECTION PTY LTD
8 SBD DRILLING PTY LTD
9 TERRY CAMPION
ISAIAH SIXTY PTY LTD
10
11 TIGER WYNNE PTY LTD
12 NICKY ALFRED KLEYN + AILEEN KLEYN
13 PAOLA ANDREA BARRENA
14 SANSUU PTY LTD
15
16 OUTBACK MINING PTY LTD
17 STEVEN FREEMAN
18 D H FLOWERS PTY LTD
19 AJM SUPER CO PTY LTD
20 HILBILLY PTY LIMITED
JASON JAMES CUNNINGHAM
TOTAL Top 20
Number of
Options
5,875,000
2,250,000
1,250,000
1,250,000
1,000,000
1,000,000
750,000
625,000
525,000
500,000
500,000
500,000
393,750
250,000
250,000
250,000
250,000
250,000
250,000
250,000
18,168,750
%
26.17
10.02
5.57
5.57
4.45
4.45
3.34
2.78
2.34
2.23
2.23
2.23
1.75
1.11
1.11
1.11
1.11
1.11
1.11
1.11
80.90
5. Restricted Securities
There are no restricted securities in the capital of the Company on issue.
Platypus Minerals 2015 Annual Report
Page 69
PLATYPUS MINERALS LTD
ABN 99 008 894 442
Level 1, 254 Railway Parade
West Leederville WA 6007
T: +61 8 9363 7800
office@platypusminerals.com.au
www.platypusminerals.com.au
Page 4
Platypus Minerals 2015 Annual Report CONTENTS Company Profile 5 Board of Directors 6 Chairman’s Letter 8 Review of Operations Tenement Schedule 16 Contents Financial Report FY13 17 Directors’ Report 18 Auditor’s Independence Declaration 30 Consolidated Statement of Profit and Loss and other Comprehensive Income 31 Consolidated Statement of Financial Position 32 Consolidated Statement of Changes in Equity 33 Consolidated Statement of Cash Flow 34 Notes to the Financial Statements 35 Directors’ Declaration 64 Independent Audit Report to the Members 65 Corporate Governance Statement 67 Supplementary (ASX) Information 70 10