ABN 53 090 772 222
Annual Report
30 June 2014
Lindian Resources Limited
CONTENTS
Corporate Directory
Directors’ Report
Corporate Governance Statement
PAGE NO
1
2
13
Consolidated Statement of Comprehensive Income
17
Consolidated Statement of Financial Position
Consolidated Statement of Cash Flows
Consolidated Statement of Changes in Equity
Notes to the Financial Statements
Directors’ Declaration
Auditor’s Independence Declaration
Independent Auditor’s Report
ASX Additional Information
Tenement Table
18
19
20
21
43
44
45
47
50
Lindian Resources Limited
CORPORATE DIRECTORY
Directors
Mr. Matthew Wood (Executive Chairman)
Mr. Kerry Griffin (Exploration Director)
Mr. Brian McMaster (Executive Director)
Mr. Ariel Edward (Eddie) King (Non-Executive Director)
Mr. Steve Formica (Non-Executive Director)
Company Secretary
Mr. Jack James
Registered Office
Level 1
330 Churchill Avenue
Subiaco WA 6008
Telephone: + 61 8 9200 4438
Facsimile: + 61 8 9200 4469
Website: www.lindianresources.com.au
Share Registry
Automic Registry Services
Level 1
7 Ventnor Avenue
West Perth WA 6005
Telephone: + 61 8 9324 2099
Facsimile: + 61 8 9321 2337
Auditors
RSM Bird Cameron Partners
8 St Georges Terrace
Perth WA 6000
Stock Exchange
Lindian Resources Limited shares
are listed on the Australian Securities
Exchange, the home branch being Perth
ASX code: LIN, LINOC, LINO
Lindian Resources Limited
1
2014 Report to Shareholders
Directors’ Report
The Directors present their report for Lindian Resources Limited (“Lindian” or “the Company”) and its subsidiaries for the year
ended 30 June 2014 (“the Group”).
DIRECTORS
The names, qualifications and experience of the Company’s Directors in office during the period and until the date of this
report are as follows. Directors were in office for this entire period unless otherwise stated.
Mr. Matthew Wood
Executive Chairman
Mr. Wood has over 18 years’ experience in the resource sector with both major and junior resource companies and has
extensive experience in the technical and economic evaluation of resource projects throughout the world. Mr. Wood’s
expertise is in project identification, negotiation, acquisition and corporate development. Mr. Wood has an honours degree in
geology from the University of New South Wales and a graduate certificate in mineral economics from the Western Australian
School of Mines.
Mr. Wood was a director of Signature Metals Limited (appointed 19 February 2007, resigned 13 February 2012). Mr. Wood is
currently a director of Avanco Resources Limited (appointed 4 July 2007), Caravel Energy Limited (appointed 29 May 2009),
Voyager Resources Limited (appointed 12 June 2009), Haranga Resources Limited (appointed 2 February 2010), Wolf
Petroleum Limited (appointed 24 April 2012), Black Star Petroleum Limited (appointed 28 February 2013), Triumph Tin Limited
(appointed 1 April 2014) and Castillo Copper Limited (appointed 1 April 2014). He has not held any other listed directorships
over the past three years.
Mr. Kerry Griffin (appointed 16 October 2013)
Exploration Director
Mr. Griffin has 18 years’ professional experience in exploration, resource development and mining geology in Australia,
Southern Africa, South America and Mongolia including senior roles with such companies as Ivanhoe, Newcrest Mining and
Consolidated Minerals.
Mr. Griffin has significant experience in Mongolia having spent four years with Ivanhoe Mines as the Senior Development
Geologist for the world class OyuTolgoi development. In this role he not only managed major diamond drilling programs, but
also looked after geological interpretation, 3D modelling and resource estimation, and the training of the incoming Mongolian
geologists. Mr. Griffin is a Competent/Qualified Person for JORC/43-101 standard reporting and sign-off. Mr. Griffin is a
resident of Mongolia and based in Ulaanbaatar.
Mr. Griffin was formerly a director of Haranga Resources Limited (appointed 1 January 2012, resigned 9 August 2013). He
has not held any other current or former listed directorships in the past three years.
Mr. Brian McMaster
Executive Director
Mr. McMaster is a Chartered Accountant, and has over 20 years’ experience in the area of corporate reconstruction and
turnaround/performance improvement. Formerly, Mr. McMaster was a partner of the restructuring firm Korda Mentha and prior
to that was a partner at Ernst & Young. His experience includes significant working periods in the United States, South
America, Asia and India.
Mr. McMaster was a director of The Waterberg Coal Company (appointed 12 April 2012, resigned 17 March 2014) and
Firestone Energy Limited (appointed 14 June 2013, resigned 18 March 2014). Mr. McMaster is currently a director of Caravel
Lindian Resources Limited
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2014 Report to Shareholders
Directors’ Report
Energy Limited (appointed 2 December 2011), Wolf Petroleum Limited (appointed 24 April 2012), Black Star Petroleum
Limited (appointed 9 August 2012), Paradigm Metals Limited (appointed 14 September 2012), Castillo Copper Limited
(appointed 31 August 2013), Haranga Resources Limited (appointed 1 April 2014), Triumph Tin Limited (appointed 1 April
2014) and Voyager Resources Limited (appointed 27 August 2014). He has not held any other listed directorships in the past
three years.
Mr. Eddie King (appointed 13 June 2014)
Non-Executive Director
Mr. King is a qualified mining engineer and holds a Bachelor of Commerce and Bachelor of Engineering from The University
of Western Australia. Mr. King is currently a representative for CPS Capital. Mr. King’s past experience includes being
manager for an investment banking firm, where he specialized in the technical and financial requirements of bulk commodity
and other resource projects. Mr. King was born in the Philippines where he has an extensive network.
He has not held any other current or former listed directorships in the past three years.
Mr. Steve Formica (appointed 15 July 2014)
Non-Executive Director
Mr. Formica has been a successful businessman for over 30 years through involvement in multiple ventures either as a
founding shareholder, operational managing director or as a non-executive director. Mr. Formica has been a long time share
investor and is a large shareholder of the Company.
Mr. Formica is currently a non-executive director and chairman of Enerji Limited (appointed 2 May 2014). He has not held any
other listed directorships in the past three years.
Mr. Steven Leithead (resigned 16 October 2013)
Former Managing Director
Mr. Leithead has over 30 years’ experience in the global resources industry, with a focus on exploration, development,
financing and management of mineral projects in various commodities including gold, copper, coal, uranium, and oil and gas
in Australia, Africa, Asia and the Former Soviet Union. He has a Bachelor of Applied Science degree from Curtin University
and a Masters of Mineral and Energy Economics from Macquarie University.
He has not held any other current or former listed directorships in the past three years.
Mr. Scott Funston (resigned 3 July 2014)
Former Executive Director
Mr. Funston is a qualified Chartered Accountant and Company Secretary with more than 10 years’ experience in the mining
industry and the accounting profession. His expertise is financial management, regulatory compliance and corporate advice.
Mr. Funston possesses a strong knowledge of the Australian Securities Exchange requirements and currently assists or has
previously assisted a number of resources companies operating throughout Australia, South America, Asia, USA and Canada
with financial accounting, stock exchange compliance and regulatory activities.
Mr. Funston was a director of Highfield Resources Limited (appointed 2 November 2012, resigned 28 February 2014), The
Waterberg Coal Company (appointed 5 April 2013, resigned 17 March 2014) and Castillo Copper Limited (appointed 19
November 2012, resigned 1 April 2014). Mr. Funston is currently a director of Avanco Resources Limited (appointed 17 March
2009). He has not held any other listed directorships over the past three years.
Lindian Resources Limited
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2014 Report to Shareholders
Directors’ Report
Mr. Angus Caithness (resigned 16 October 2013)
Former Non-Executive Director
Mr. Caithness is a Harvard Business School graduate, a Chartered Accountant and member of the Financial Services Institute
of Australasia. Mr. Caithness was previously the Chief Financial Officer of Erdenes Tavan Tolgoi, the owner of the largest
coking coal deposit in the world, the Chief Financial Officer of Hunnu Coal Limited and an Executive Director at Ernst & Young.
He has been providing assurance and transaction advisory services across the international resources community within
established and emerging markets for over 15 years.
Mr. Caithness has no other current or former listed directorships in the past three years.
COMPANY SECRETARY
Mr. Jack James (appointed 3 July 2014)
Mr. James has a Bachelor of Business from the Queensland University of Technology and is a Chartered Accountant. Mr.
James provides accounting, secretarial and advisory advice to private and public companies, government and other
stakeholders. Mr. James has over 15 years’ experience in chartered accounting, specialising in corporate advisory and
reconstruction.
Mr. James is currently a director on Lithex Resources Limited (appointed 12 December 2013) and Eumeralla Resources
Limited (appointed 22 August 2011). Mr. James was previously a director of Black Star Petroleum Limited (appointed 9 August
2012, resigned 28 February 2013) and Firestone Energy Limited (appointed 5 February 2013, resigned 13 June 2013). He
has not held any other listed directorships over the past three years.
Mr. Scott Funston (resigned 3 July 2014)
Mr. Funston was the former Company Secretary, resigned on 3 July 2014.
DIRECTORS’ MEETINGS
During the financial year, in addition to regular Board discussions, the number of meetings of Directors held during the year
and the number of meetings attended by each Director were as follows:
Director
Eligible to Attend
Attended
Number of Meetings
Number of Meetings
Mr. Matthew Wood
Mr. Kerry Griffin
Mr. Brian McMaster
Mr. Eddie King
Mr. Steven Leithead
Mr. Scott Funston
Mr. Angus Caithness
2
2
2
-
-
2
-
2
1
2
-
-
2
-
REMUNERATION REPORT (AUDITED)
This report outlines the remuneration arrangements in place for Directors and executives of Lindian Resources Limited in
accordance with the requirements of the Corporation Act 2001 and its Regulations. For the purpose of this report, Key
Management Personnel (KMP) of the Company are defined as those persons having authority and responsibility for planning,
directing and controlling the major activities of the Group, directly or indirectly, including any Director (whether executive or
otherwise) of the Group, and includes the executives in the Company receiving the highest remuneration.
Lindian Resources Limited
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2014 Report to Shareholders
Directors’ Report
The remuneration report is set out under the following main headings:
(cid:120) Principles used to determine the nature and amount of remuneration
(cid:120) Details of remuneration
(cid:120) Service agreements
(cid:120) Share-based compensation
(cid:120) Additional disclosures relating to key management personnel
Principles used to determine the nature and amount of remuneration
The Board is responsible for determining and reviewing compensation arrangements for the Directors. The Board assesses
the appropriateness of the nature and amount of emoluments of such officers on a periodic basis by reference to relevant
employment market conditions with the overall objective of ensuring maximum stakeholder benefit from the retention of a high
quality board and executive team. The Group does not link the nature and amount of the emoluments of such officers to the
Group’s financial or operational performance. The expected outcome of this remuneration structure is to retain and motivate
Directors.
As part of its Corporate Governance Policies and Procedures, the Board has adopted a formal Remuneration Committee
Charter. Due to the current size of the Group and number of directors, the Board has elected not to create a separate
Remuneration Committee but has instead decided to undertake the function of the Committee as a full Board under the
guidance of the formal charter.
The rewards for Directors have no set or pre-determined performance conditions or key performance indicators as part of their
remuneration due to the current nature of the business operations. The Board determines appropriate levels of performance
rewards as and when they consider rewards are warranted. The Group has no policy on executives and Directors entering into
contracts to hedge their exposure to options or shares granted as part of their remuneration package.
The table below shows the performance of the Group as measured by loss per share for the past six financial years:
As at 30 June
Loss per share (cents)
2014
(0.28)
2013
(0.66)
2012
(2.23)
2011
(2.07)
2010
(2.20)
2009
(3.14)
Details of remuneration
Details of Key Management Personnel
Mr. Matthew Wood
Mr. Kerry Griffin
Executive Chairman
Exploration Director
Mr. Brian McMaster
Executive Director
Mr. Eddie King
Non-Executive Director
Mr. Steven Leithead
Former Managing Director
Mr. Scott Funston
Former Executive Director
Mr. Angus Caithness
Former Non-Executive Director
Lindian Resources Limited
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2014 Report to Shareholders
Directors’ Report
Details of the nature and amount of each element of the emolument of each Director and executive of the Group for the
financial year are as follows:
Short term
Options
Post
employment
2014
Base
Directors Consulting
Share based
Option
Director
Mr. Matthew Wood
Mr. Kerry Griffin*
Mr. Brian McMaster
Mr. Eddie King**
Mr. Steven Leithead***
Mr. Scott Funston****
Mr. Angus Caithness***
Salary
$
-
-
-
-
-
-
-
-
Fees
$
-
-
-
-
-
-
-
-
Fees
Payments
Superannuation
Total
Related
$
69,000
87,489
60,000
-
140,000
105,000
7,500
468,989
$
-
-
-
-
-
-
-
-
$
-
-
-
-
-
-
-
-
$
%
69,000
87,489
60,000
-
140,000
105,000
7,500
468,989
-
-
-
-
-
-
-
* Mr. Griffin was appointed on 16 October 2013
** Mr. King was appointed on 13 June 2014
*** Mr. Leithead and Mr. Caithness resigned on 16 October 2013
**** Mr. Funston resigned on 3 July 2014
Short term
Options
Post
employment
2013
Base
Directors Consulting
Share based
Option
Salary
Fees
Fees
Payments
Superannuation
Total
Related
Director
Mr. Matthew Wood
Mr. Steven Leithead
Mr. Scott Funston
Mr. Angus Caithness
Mr. Brian McMaster
$
-
-
-
-
-
-
$
-
-
-
-
-
-
$
72,000
240,000
120,000
30,000
69,000
531,000
$
-
-
-
-
-
-
$
-
-
-
-
-
-
$
%
72,000
240,000
120,000
30,000
69,000
531,000
-
-
-
-
-
There were no other executive officers of the Group during the financial years ended 30 June 2014 and 30 June 2013. No
remuneration is performance related. The share options issued in previous financial years were not subject to a performance
hurdles as these options were issued as a form of retention bonus and incentive package.
Executive Directors
All Executive Directors are paid an annual consulting fee on a monthly basis. Their services can be terminated at any time by
either party.
Non-Executive Director
All Non-Executive Directors are paid an annual consulting fee on a monthly basis. Their services can be terminated at any
time by either party.
The aggregate remuneration for Non-Executive Directors has been set at an amount not to exceed $150,000 per annum.
This amount may only be increased with the approval of Shareholders at a general meeting.
Lindian Resources Limited
6
2014 Report to Shareholders
Directors’ Report
Service Agreements
In May 2011, the Group entered into a service agreement for certain administrative services and office space for a term of
two years with Garrison Capital Pty Ltd, a company of which Mr. Wood and Mr. McMaster are directors and shareholders.
The agreement has expired but the Group continues to use Garrison Capital for administrative services and office space.
Share-based compensation
Issue of shares
There were no share issued to directors and other key management personnel as part of compensation during the year ended
30 June 2014.
Options
There were no grants of options over ordinary shares affecting remuneration of directors and other key management personnel
in this financial year or future reporting years.
Additional disclosures relating to key management personnel
Key Management Personnel Options
The numbers of options over ordinary shares in the company held during the financial year by each key management personnel
of Lindian Resources Limited and specified executive of the group, including their personally related parties, are set out below:
Balance at the
Granted during
Exercised
Other changes
Balance at the
Exercisable
Non-
start of the year
the year as
during the
during the year
end of the year
exercisable
compensation
year
Vested options
Director
Mr. Matthew Wood
12,650,000
Mr. Kerry Griffin*
-
Mr. Brian McMaster
3,250,000
Mr. Eddie King**
Mr. Steven Leithead***
Mr. Scott Funston****
-
4,000,000
5,020,000
Mr. Angus Caithness***
1,375,000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
6,937,500
19,587,500 19,587,500
-
-
-
1,500,002
4,750,002
4,750,002
62,500
62,500
62,500
(4,000,000)
-
-
2,500,000
7,520,000
7,520,000
(1,375,000)
-
-
-
-
-
-
-
-
-
* Mr. Griffin was appointed on 16 October 2013
** Mr. King was appointed on 13 June 2014
*** Mr. Leithead and Mr. Caithness resigned on 16 October 2013
**** Mr. Funston resigned on 3 July 2014
Lindian Resources Limited
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2014 Report to Shareholders
Directors’ Report
Key Management Personnel Share holdings
The number of shares in the company held during the financial year by each key management personnel of Lindian Resources
Limited, including their personally related parties, is set out below. There were no shares granted during the reporting period as
compensation.
Balance at the
Granted during the
On exercise of
Other changes
Balance at the end
start of the year
year as
share options
during the year
of the year
compensation
Director
Mr. Matthew Wood
7,900,000
Mr. Kerry Griffin*
Mr. Brian McMaster
Mr. Eddie King**
-
-
-
Mr. Steven Leithead***
Mr. Scott Funston****
Mr. Angus Caithness***
9,000,000
3,207,500
625,000
* Mr. Griffin was appointed on 16 October 2013
** Mr. King was appointed on 13 June 2014
-
-
-
-
-
-
-
-
-
-
-
-
-
-
22,437,500
30,337,500
-
3,000,004
62,500
(9,000,000)
5,000,000
(625,000)
-
3,000,004
62,500
-
8,207,500
-
*** Mr. Leithead and Mr. Caithness resigned on 16 October 2013
**** Mr. Funston resigned on 3 July 2014
Other transactions with key management personnel
Resourceful International Consulting Pty Ltd, a company of which Mr. Funston is a director, charged the Group consulting fees,
which $5,500 was outstanding at year end.
Vega Funds Pty Ltd, a company of which Mr. McMaster is a director, charged the Group consulting fees, which $5,500 was
outstanding at year end.
Garrison Capital Pty Ltd, a company of which Mr. Wood and Mr. McMaster are directors and shareholders, provided the Group
with a fully serviced office including administration and information technology support totalling $120,000 and reimbursement
of payments for courier, accounting and other minor expenses, at cost $45,777. $13,875 was outstanding at year end.
These transactions have been entered into on normal commercial terms and conditions no more favourable than those available
to other parties unless otherwise stated.
END OF REMUNERATION REPORT
INTERESTS IN THE SECURITIES OF THE COMPANY
As at the date of this report, the interests of the Directors in the securities of Lindian Resources Limited are:
Director
Ordinary
Shares
Listed Options
over Ordinary
Shares
exercisable at 2
cents each
Listed Options
over Ordinary
Shares
exercisable at 8
cents each
Unlisted Options
over Ordinary
Shares
exercisable at 15
cents each
Unlisted Options
over Ordinary
Shares
exercisable at 20
cents each
M. Wood
K. Griffin
B. McMaster
E. King
S. Formica
30,337,500
3,500,000
13,337,500
-
3,000,004
62,500
-
1,500,002
-
-
-
62,500
14,666,667
6,333,334
2,500,667
-
-
2,750,000
-
500,000
2,750,000
-
-
-
-
Lindian Resources Limited
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2014 Report to Shareholders
Directors’ Report
RESULTS OF OPERATIONS
The Group’s net loss after taxation attributable to the members for the year to 30 June 2014 was $856,266 (2013: $1,029,074)
and the net assets of the Group at 30 June 2014 was $14,587,698 (2013: $13,899,916).
DIVIDENDS
No dividend was paid or declared by the Group during the year and up to the date of this report.
CORPORATE STRUCTURE
Lindian Resources Limited is a company limited by shares, which is incorporated and domiciled in Australia.
NATURE OF OPERATIONS AND PRINCIPAL ACTIVITIES
During the financial year, the principal activity was mineral exploration. The Group currently holds base metal projects in
Philippines.
REVIEW OF OPERATIONS
MASAPELID PROJECT
Whilst exploration on the Masapelid Project has previously generated positive exploration results, the year has presented
challenges for the Company.
Whilst exploration in previous financial years has been very positive and continued Lindian’s momentum on the Masapelid
Project, denial by the Department of Environment and Natural Resources (DENR) of an application by the Company’s partner
to a two year extension of the exploration period under the Masapelid Mineral Production Sharing Agreement (MPSA) has
resulted in the Company ceasing exploration on the project until resolution of this matter. The Company, through its Philippines
partner, San Manuel Mining Corporation (SMMC), submitted a Motion for Reconsideration to the DENR in the first quarter of
the year that inter alia identified errors in the DENR’s denial decision making process and sought reversal of the decision
rendered. On 17 January 2014, Lindian announced that the motion for reconsideration had been denied by the DENR.
However, in issuing the resolution, the DENR has granted the SMMC until 6 January 2015 to submit a Declaration of Mining
Project Feasibility in respect of the Project (DMPF). The lodgement of a DMPF would provide the Company with the basis for
renewal of the MPSA for a further 25 years or, if warranted, conversion to a Financial Technical Assistance Agreement (FTAA).
Since the denial of the motion for reconsideration by the DENR, the Company has continued to undertake the necessary tasks
required to submit the DMPF. The Company’s subsidiary, Bundok Mineral Resources Corporation, has engaged Case Law,
a prominent Philippine legal firm, for legal services in providing advice and assistance to enable SMMC to undertake the
submissions and seek the approval of the DMPF.
The work undertaken during the year includes:
(cid:120) Advise and counselling on the applicable law and regulations to undertake and complete each aspect of the DMPF;
(cid:120) The preparation and filing of applications, petitions, agreements, instruments, documents and papers as may be
required by the responsible governmental agencies (including the Mining and Geosciences Bureau (MGB), DENR
and other agencies including local government units), Securities and Exchange Commission, counterparties and
such other third parties; and
(cid:120) Coordination and liaison work with specialist advisers, service providers, representatives of governmental agencies
and third parties, who are involved in the submission of the DMPF. The ground team for the DMPF is working with
the local community and local government municipalities to seek their endorsement for the DMPF.
Specifically, the matters undertaken during the final quarter included a focus on the Environmental Impact Assessment which
is being conducted by Mediatrix Business Consultancy (Mediatrix). It is proposed that the results of Mediatrix activities will be
Lindian Resources Limited
9
2014 Report to Shareholders
Directors’ Report
presented at Public Scoping of the Project with attendance of stakeholders from the various government departments and
other stakeholders.
The Company is committed to the timely completed of the DMPF and upon approval of the DMPF by the DENR the Company
will then be able to move the project forward into development and construction and will have the opportunity to apply for
further exploration permits to increase the scale of the project.
Lindian remains fully committed to the development of the Masapelid Project and to its community relations programmes.
OTHER PROJECTS
The Company will continue exploration work on these projects. These activities include obtaining clearance certification,
conducting field based investigations, implementing community relations programmes, executing Free, Prior and Informed
Consent agreements and making various submissions to the local and central mining authorities and the continuation of title
processes with the regulatory authorities.
COMMUNITY RELATIONS
The Company has continuously and actively engaged in a community relations program aligned to its exploration focus on
the island. Lindian has active skills training and work related education programs in place. In addition, the Company has an
active horticulture training program underway. Further, Lindian has been a financial contributor to community programs,
including for example the Sisson diocese, Roman Catholic Church building program.
OTHER OPPORTUNITIES
Lindian continues to assess new global opportunities in copper and gold projects as they arise.
CORPORATE:
During the period the Company raised $2,076,235 through the issue of fully paid ordinary shares and listed options following
the successful completion of a fully underwritten renounceable entitlements issue.
Mr. Griffin joined the Board of the Company as Exploration Director. Mr. King and Mr. Formica joined the Board as Directors
of the Company.
The Chairman of Lindian, Mr. Wood, has taken on an executive role as Executive Chairman.
Mr. Leithead and Mr. Caithness resigned from their positions as Directors. Mr Funston resigned from his position as a Director
and Company Secretary, Mr James was appointed as the new Company Secretary.
SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS
There have been no significant changes in the state of affairs of the consolidated entity during the financial year.
SIGNIFICANT EVENTS AFTER THE BALANCE DATE
There were no known significant events from the end of the financial year to the date of this report.
LIKELY DEVELOPMENTS AND EXPECTED RESULTS OF OPERATIONS
The Directors have excluded from this report any further information on the likely developments in the operations of the
Company and the expected results of those operations in future financial years, as the Directors believe that it would be
speculative and prejudicial to the interests of the Company.
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2014 Report to Shareholders
Directors’ Report
ENVIRONMENTAL REGULATIONS AND PERFORMANCE
The Group carries out operations that are subject to environmental regulations under legislation in Philippines. The Group has
formal procedures in place to ensure regulations are adhered to. The Group is not aware of any breaches in relation to
environmental matters.
SHARE OPTIONS
As at the date of this report, there were 225,230,194 unissued ordinary shares under options (225,230,194 at the reporting
date). The details of the options at the date of this report are as follows:
Number
Exercise Price $
Expiry Date
131,671,754
19,250,000
500,000
103,808,440
225,230,194
0.08
0.20
0.15
0.02
31 December 2014
28 February 2015
14 June 2016
30 July 2018
No option holder has any right under the options to participate in any other share issue of the company or any other entity.
103,811,764 options with an exercise price of 2 cents, expiring on 30 July 2018, were issued during the financial year.
No other options were issued or lapsed during the financial year.
3,324 options with an exercise price of 2 cents, expiring on 30 July 2018, were exercised during the financial year.
INDEMNIFICATION AND INSURANCE OF DIRECTORS AND OFFICERS
The Company has made an agreement indemnifying all the Directors and officers of the Company against all losses or
liabilities incurred by each Director or officer in their capacity as Directors or officers of the Company to the extent permitted
by the Corporations Act 2001. The indemnification specifically excludes wilful acts of negligence. The Company paid
insurance premiums in respect of Directors’ and Officers’ Liability Insurance contracts for current officers of the Company,
including officers of the Company’s controlled entities. The liabilities insured are damages and legal costs that may be incurred
in defending civil or criminal proceedings that may be brought against the officers in their capacity as officers of entities in the
Group. The total amount of insurance premiums paid has not been disclosed due to confidentiality reasons.
PROCEEDINGS ON BEHALF OF COMPANY
No person has applied for leave of court to bring proceedings on behalf of the Company or intervene in any proceedings to
which the Company is a party for the purpose of taking responsibility on behalf of the Company for all or any part of those
proceedings. The Company was not a party to any such proceedings during the year.
INDEMNITY AND INSURANCE OF AUDITOR
The Company has not, during or since the end of the financial year, indemnified or agreed to indemnify the auditor of the
company or any related entity against a liability incurred by the auditor.
CORPORATE GOVERNANCE
In recognising the need for the highest standards of corporate behaviour and accountability, the Directors of Lindian
Resources Limited support and have adhered to the principles of sound corporate governance. The Board recognises the
recommendations of the Australian Securities Exchange Corporate Governance Council, and considers that Lindian
Resources is in compliance with those guidelines to the extent possible, which are of importance to the commercial operation
of a junior listed resources company. During the financial year, shareholders continued to receive the benefit of an efficient
and cost-effective corporate governance policy for the Company. The Company’s Corporate Governance Statement and
disclosures are contained elsewhere in the annual report.
Lindian Resources Limited
11
2014 Report to Shareholders
Directors’ Report
AUDITOR INDEPENDENCE AND NON-AUDIT SERVICES
Section 307C of the Corporations Act 2001 requires the Company’s auditors to provide the Directors of Lindian Resources
Limited with an Independence Declaration in relation to the audit of the full year financial report. A copy of that declaration is
included within this report.
There were no non audit services provided by the Company’s auditor.
Signed on behalf of the board in accordance with a resolution of the Directors.
Matthew Wood
Executive Chairman
11 September 2014
Competent Person Statement
The information in this report that relates to Mineral Resources and Exploration Results is based on information compiled by
Mr Matthew Wood who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Wood is an Executive Director of
Lindian Resources Limited, in which he is also a shareholder. Mr Wood has sufficient experience which is relevant to the style
of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent
Person (CP) as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) “Australasian Code for Reporting of
Exploration Results, Mineral Resources and Ore Reserves”. Mr Wood consents to the inclusion in the report of the matters
based on his information in the form and context in which it appears.
Lindian Resources Limited
12
2014 Report to Shareholders
CORPORATE GOVERNANCE STATEMENT
The Board of Directors of Lindian Resources Limited (“Lindian Resources” or “the Company”) is responsible for corporate
governance of the Company. The Board guides and monitors the business and affairs of the Company on behalf of the
shareholders by who they are elected and to whom they are accountable.
Upon listing, the Company established a set of corporate governance policies and procedures. These were based on the
Australian Securities Exchange Corporate Governance Council’s (the Council’s) “Principles of Good Corporate Governance
and Best Practice Recommendations” (the Recommendations). In accordance with the Council’s recommendations, the
Corporate Governance Statement must now contain certain specific information and must disclose the extent to which the
company has followed the guidelines during the period. Where a recommendation has not been followed, that fact must be
disclosed, together with the reasons for the departure. For further information on corporate governance policies adopted by
the Company, refer to our website: www.lindianresources.com.au.
Structure of the Board
The skills, experience and expertise relevant to the position of Director held by each Director in office at the date of the annual
report is included in the Directors’ Report. Directors of the Company are considered to be independent when they are
independent of management and free from any business or other relationship that could materially interfere with, or could
reasonably be perceived to materially interfere with, the exercise of their unfettered and independent judgement.
The Board has accepted the following definition of an Independent Director:
“An Independent Director is a Director who is not a member of management, is a Non-executive Director and who:
(cid:120)
is not a substantial shareholder (under the meaning of Corporations Law) of the Company or an officer of, or otherwise
associated, directly or indirectly, with a substantial shareholder of the Company;
(cid:120) has not within the last three years been employed in an executive capacity by the Company or another Company
(cid:120)
(cid:120)
member, or been a Director after ceasing to hold any such employment;
is not a principal of a professional adviser to the Company or another Company member;
is not a significant consultant, supplier or customer of the Company or another Company member, or an officer of or
otherwise associated, directly or indirectly, with a significant consultant, supplier or customer;
(cid:120) has no significant contractual relationship with the Company or another Company member other than as a Director of
the Company;
(cid:120)
is free from any interest and any business or other relationship which could, or could reasonably be perceived to,
materially interfere with the Director’s ability to act in the best interests of the Company.”
In accordance with the definition of independence above, no Directors are considered Independent Directors. Accordingly, a
majority of the board is not considered independent.
There are procedures in place, as agreed by the board, to enable Directors to seek independent professional advice on issues
arising in the course of their duties at the Company’s expense. The term in office held by each Director in office at the date of
this report is as follows:
Name
Matthew Wood
Kerry Griffin
Brian McMaster
Eddie King
Steve Formica
Term in office
3 years 4 months
11 months
3 years 2 months
3 months
2 months
Nomination Committee
The Board does not have a nomination committee. The Board is of the opinion that due to the nature and size of the Company,
the functions performed by a nomination committee can be adequately handled by the full Board.
Lindian Resources Limited
13
2014 Report to Shareholders
CORPORATE GOVERNANCE STATEMENT
When a new Director is to be appointed the Board reviews the range of skills, experience and expertise on the board, identifies
its needs and prepares a short-list of candidates with appropriate skills and experience. Where necessary, advice is sought
from independent search consultants.
The Board then appoints the most suitable candidate who must stand for election at the next annual general meeting of the
Company.
Retirement and rotation of Directors are governed by the Corporations Act 2001 and the Constitution of the Company. Each
year one third of the Directors must retire and offer themselves for re-election.
This selection, nomination and appointment process is detailed on the company website.
Audit and Risk Management Committee
The Company does not have an audit committee. The Board is of the opinion that due to the nature and size of the Company,
the functions performed by an audit committee can be adequately handled by the full Board. At such time when the Company
is of sufficient size, a separate Audit and Risk Management Committee will be formed.
It is the Board’s responsibility to ensure that an effective internal control framework exists within the entity. This includes both
internal controls to deal with both the effectiveness and efficiency of significant business processes, the safeguarding of
assets, the maintenance of proper accounting records, and the reliability of financial and non-financial information. It is the
Board’s responsibility for the establishment and maintenance of a framework of internal control of the Company.
Performance
The Board of Lindian Resources conducts its performance review of itself on an ongoing basis throughout the year. The small
size of the company and hands on management style requires an increased level of interaction between Directors and
executives throughout the year. Board members meet amongst themselves both formally and informally. The Board considers
that the current approach that it has adopted with regard to the review of its performance provides the best guidance and
value to the Company.
Remuneration
The Company’s policy for determining the nature and amount of emoluments of Board members is as follows:
(cid:120) Remuneration of Executive and Non –Executive Directors is reviewed annually by the Board.
(cid:120) Remuneration packages are set at levels intended to attract and retain Directors and Executives capable of managing
the Company’s operations and adding value to the Company.
Non-Executive Directors
Non-Executive Directors receive fees which are determined by the Board within the aggregate limit set by the shareholders
at a General Meeting. All Non-Executive Directors will receive remuneration by way of fees and receive no retirement benefits
excluding statutory superannuation, if applicable. External professional advice will be sought to determine the level of Directors
fees to ensure they are appropriate. The Board will determine the level of fees with reference to other comparable listed
companies determined by size and nature of operations. Directors’ fees should be set at a level to attract suitably qualified
individuals to accept the responsibilities of a Directorship. The issue of options to non-executive Directors is considered an
appropriate method of providing sufficient incentive and reward whilst maintaining cash reserves.
Executives
The Executive Officers’ remuneration is considered to properly reflect the person’s duties and responsibilities, and takes
account of remuneration levels across the sector.
Lindian Resources Limited
14
2014 Report to Shareholders
CORPORATE GOVERNANCE STATEMENT
Share and Option based remuneration
The Company may issue options to Executives as it is considered an appropriate method of providing sufficient incentive and
reward whilst maintaining cash reserves. Participants in equity-based remuneration plans are not permitted to enter into any
transactions that would limit the economic risk of options or other unvested entitlements.
For details of remuneration paid to Directors and officers for the financial year please refer to the Directors’ Report in these
Financial Statements.
Trading Policy
Trading in Company securities is regulated by the Corporations Act and the ASX Listing Rules. The Board makes all Directors,
officers and employees aware on appointment that it is prohibited to trade in the Company’s securities whilst that Director,
officer or employee is in the possession of price sensitive information.
For details of shares held by Directors and officers please refer to the Directors’ Report in these Financial Statements.
Directors are required to report to the Company Secretary any movements in their holdings of Company securities, which are
reported to ASX in the required timeframe prescribed by the ASX Listing Rules.
This Trading Policy can be found on the company website.
Diversity Policy
The company is committed to workplace diversity and to ensuring a diverse mix of skills and talent exists amongst its Directors,
officers and employees, to enhance Company performance. The Board has adopted a Diversity Policy which addresses equal
opportunities in the hiring, training and career advancement of Directors, officers and employees.
In accordance with this policy, the Board provides the following information pertaining to the proportion of women across the
organisation at the date of this report.
Women in the whole organisation
Women in senior executive positions
Women on the board
Assurance
Actual
Number
Percentage
3
-
-
38%
-
-
The CEO and CFO (or equivalent) periodically provide formal statements to the Board confirming that in all material aspects:
(cid:120)
(cid:120)
the company’s financial statements present a true and fair view of the company’s financial condition and operational
results; and
the risk management and internal compliance and control systems are sound, appropriate and operating efficiently
and effectively.
This assurance forms part of the process by which the Board determines the effectiveness of its risk management and internal
control systems in relation to financial reporting risks.
Shareholder Communication Policy
Pursuant to Principle 6, the Company’s objective is to promote effective communication with its shareholders at all times.
Lindian Resources Limited is committed to:
(cid:131) Ensuring that shareholders and the financial markets are provided with full and timely information
(cid:131) Complying with continuous disclosure obligations contained in the ASX listing rules and the Corporations Act in Australia
(cid:131) Communicating effectively with its shareholders and making it easier for shareholders to communicate with the Company
To promote effective communication with shareholders and encourage effective participation at general meetings, information
is communicated to shareholders:
Lindian Resources Limited
15
2014 Report to Shareholders
CORPORATE GOVERNANCE STATEMENT
(cid:131) Through the release of information to the market via the ASX
(cid:131) Through the distribution of the annual report and notices of annual general meeting
(cid:131) Through shareholder meetings and investor relations presentations
(cid:131) Through letters and other forms of communications directly to shareholders
(cid:131) By posting relevant information on the Company’s website: www.lindianresources.com.au
The external auditors are required to attend the annual general meeting and are available to answer any shareholder questions
about the conduct of the audit and preparation of the audit report.
Corporate Governance Compliance
During the financial year Lindian Resources has complied with each of the 8 Corporate Governance Principles and the
corresponding Best Practice Recommendations, other than in relation to the matters specified below:
Best Practice
Recommendation
Notification of Departure
Explanation of Departure
2.1
2.2
2.4
3.3
The Company does not have a
The Directors consider that the current structure and
majority of independent directors
composition of the Board is appropriate to the size and
nature of operations of the Company.
The Chairman is not an
The Directors consider that the current structure and
independent director
composition of the Board is appropriate to the size
and nature of operations of the Company.
The Group does not have a
The role of the Nomination Committee has been
Nomination Committee
assumed by the full Board.
The Company has not disclosed
The Board continues to monitor diversity across the
in its annual report its
organisation and is satisfied with the current level of
measurable objectives for
gender diversity within the Company as disclosed
achieving gender diversity and
above. Due to the size of the company and its small
progress towards achieving
number of employees, the Board does not consider it
them.
appropriate at this time, to formally set measurable
objectives for gender diversity.
4.1 and 4.2
The Group does not have an
The role of the Audit and Risk Management
Audit and Risk Management
Committee has been assumed by the full Board.
8.1
8.2
Committee
The Group does not have a
The role of the Remuneration Committee has been
Remuneration Committee
assumed by the full Board.
Non-executive directors receive
To attract and retain an independent Non-executive
options as a part of
director with sufficient skills and experience to the
remuneration.
Company, incentive options were required as part of
the remuneration package.
Lindian Resources Limited
16
2014 Report to Shareholders
Lindian Resources Limited
Consolidated Statement of Comprehensive Income for the year ended 30 June 2014
Revenue
Interest income
Other income
Foreign exchange gain
Total Revenue
Depreciation expense
Consulting and directors fees
Share based payments
Other expenses
Loss from continuing operations before income tax
Income tax expense
Notes
Consolidated
2014
$
2013
$
25,253
620
11,000
36,873
(34,586)
(390,644)
5,155
(473,064)
41,727
-
50,053
91,780
(42,520)
(416,400)
(222,657)
(439,277)
(856,266)
(1,029,074)
-
-
23
4
5
Loss from continuing operations after income tax
(856,266)
(1,029,074)
Other comprehensive income
Item that may be reclassified subsequently to operating result
Foreign currency translation
Other comprehensive (loss) / income for the year
(349,780)
(349,780)
603,923
603,923
Total comprehensive (loss) for the year
(1,206,046)
(425,151)
Loss per share attributable to owners of Lindian Resources
Limited
(856,266)
(1,029,074)
Basic and diluted loss per share (cents per share)
20
(0.28)
(0.66)
The accompanying notes form part of these financial statements.
Lindian Resources Limited
17
2014 Report to Shareholders
Lindian Resources Limited
Consolidated Statement of Financial Position as at 30 June 2014
CURRENT ASSETS
Cash and cash equivalents
Trade and other receivables
TOTAL CURRENT ASSETS
NON-CURRENT ASSETS
Plant and equipment
Deferred exploration and evaluation expenditure
Notes
Consolidated
2014
$
2013
$
6
7
9
10
515,012
118,819
1,069,268
207,149
633,831
1,276,417
5,013
48,454
14,071,130
12,855,286
TOTAL NON-CURRENT ASSETS
14,076,143
12,903,740
TOTAL ASSETS
CURRENT LIABILITIES
Trade and other payables
TOTAL CURRENT LIABILITIES
TOTAL LIABILITIES
NET ASSETS
EQUITY
Issued capital
Reserves
Accumulated losses
TOTAL EQUITY
14,709,974
14,180,157
11
122,276
280,241
122,276
280,241
122,276
280,241
14,587,698
13,899,916
12
13
14
24,121,968
22,222,985
8,928,340
9,283,275
(18,462,610)
(17,606,344)
14,587,698
13,899,916
The accompanying notes form part of these financial statements.
Lindian Resources Limited
18
2014 Report to Shareholders
Lindian Resources Limited
Consolidated Statement of Cash Flows for the year ended 30 June 2014
CASH FLOWS FROM OPERATING ACTIVITIES
Payments to suppliers and employees
Interest received
Other receipts
Notes
Consolidated
2014
$
2013
$
(1,000,126)
(755,090)
24,442
620
54,665
47
NET CASH USED IN OPERATING ACTIVITIES
6
(975,064)
(700,378)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of plant and equipment
Expenditure on exploration
NET CASH USED IN INVESTING ACTIVITIES
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issue of shares
Share issue costs
NET CASH FROM FINANCING ACTIVITIES
Net (decrease) in cash held
Cash and cash equivalents at beginning of period
Effect of foreign exchange on cash
CASH AND CASH EQUIVALENTS AT END OF YEAR
6
The accompanying notes form part of these financial statements.
-
(40,082)
(1,484,986)
(2,689,415)
(1,484,986)
(2,729,497)
2,076,301
(179,039)
1,897,262
(562,788)
1,069,268
8,532
515,012
16,000
-
16,000
(3,413,875)
4,423,845
59,298
1,069,268
Lindian Resources Limited
19
2014 Report to Shareholders
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Lindian Resources Limited
Notes to the financial statements at and for the year ended 30 June 2014
1. Corporate Information
The financial report of Lindian Resources Limited (“Lindian Resources” or “the Company”) and its controlled entities (“the Group”
or “Consolidated” ) for the year ended 30 June 2014 was authorised for issue in accordance with a resolution of the Directors on
11 September 2014.
Lindian Resources Limited is a company limited by shares incorporated in Australia whose shares are publicly traded on the
Australian Securities Exchange.
The nature of the operations and the principal activities of the Group are described in the Directors’ Report.
2. Summary of Significant Accounting Policies
(a) Basis of Preparation
The financial report is a general-purpose financial report, which has been prepared in accordance with Australian Accounting
Standards, Australian Accounting Interpretations, other authoritative pronouncements of the Australian Accounting Standards
Board and the Corporations Act 2001. The Group is a for profit entity for financial reporting purposes under Australian Accounting
Standards.
The financial report has been prepared on an accrual basis and is based on historical costs, modified, where applicable, by the
measurement at fair value of selected non-current assets, financial assets and financial liabilities. Material accounting policies
adopted in preparation of this financial report are presented below and have been consistently applied unless otherwise stated.
The presentation currency is Australian dollars.
Going Concern
The financial statements have been prepared on the going concern basis, which contemplates continuity of normal business
activities and the realisation of assets and discharge of liabilities in the normal course of business.
As disclosed in the financial statements, the company and consolidated entity incurred losses of $1,206,210 and $856,266
respectively and the consolidated entity had net cash outflows from operating activities of $975,064 and from exploration of
activities of $1,484,986 for the year ended 30 June 2014.
The Directors believe that it is reasonably foreseeable that the company and consolidated entity will continue as going concerns
and that it is appropriate to adopt the going concern basis in the preparation of the financial report after consideration of the
following factors:
(cid:120)
(cid:120)
(cid:120)
(cid:120)
As at 30 June 2014, the consolidated entity had net current assets of $511,555, which includes cash and cash
equivalents of $515,012;
The ability afforded by the Corporation Act 2001, to raise further working capital, which occurred during the year, as
disclosed in note 12;
The consolidated entity has a history of successfully raising working capital as and when required and is planning to
raise further capital in the near future; and
The consolidated entity has the ability to scale down its operations in order to curtail expenditure, in the event insufficient
cash is available to meet projected expenditure.
(b) Parent entity information
In accordance with the Corporations Act 2001, these financial statements present the results of the consolidated entity only.
Supplementary information about the parent entity is disclosed in note 25.
Lindian Resources Limited
21
2014 Report to Shareholders
Lindian Resources Limited
Notes to the financial statements at and for the year ended 30 June 2014
(c) Compliance statement
Australian Accounting Standards set out accounting policies that the AASB has concluded would result in a financial report
containing relevant and reliable information about transactions, events and conditions. Compliance with Australian Accounting
Standards ensures that the financial statements and notes also comply with International Financial Reporting Standards.
(d) New accounting standards and interpretations issued but yet effective
The following applicable accounting standards and interpretations have been issued or amended but are not yet effective. These
standards have not been adopted by the Group for the year ended 30 June 2014, and no change to the Group’s accounting policy
Impact on Group’s
financial report
The Group has not yet
determined the impact on the
Group’s financial statements.
Application
date for
Group
1 July 2017
is required:
Reference
Title
Summary
AASB 9
Financial Instruments
AASB 9 includes requirements for the
classification and measurement of financial
assets. It was further amended by AASB
2010-7 to reflect amendments to the
accounting for financial liabilities.
These requirements improve and simplify the
approach for classification and measurement
of financial assets compared with the
requirements of AASB 139. The main changes
are described below.
(a)
(b)
(c)
Financial assets that are debt
instruments will be classified based on
(1) the objective of the entity’s business
model for managing the financial assets;
(2) the characteristics of the contractual
cash flows.
Allows an irrevocable election on initial
recognition to present gains and losses
on investments in equity instruments
that are not held for trading in other
comprehensive income. Dividends in
respect of these investments that are a
return on investment can be recognised
in profit or loss and there is no
impairment or recycling on disposal of
the instrument.
Financial assets can be designated and
measured at fair value through profit or
loss at initial recognition if doing so
eliminates or significantly reduces a
measurement or recognition
inconsistency that would arise from
measuring assets or liabilities, or
recognising the gains and losses on
them, on different bases.
(d) Where the fair value option is used for
financial liabilities the change in fair
value is to be accounted for as follows:
(cid:377) The change attributable to changes
in credit risk are presented in other
comprehensive income (OCI)
(cid:377) The remaining change is presented
in profit or loss
If this approach creates or enlarges an
accounting mismatch in the profit or
loss, the effect of the changes in credit
risk are also presented in profit or loss.
Consequential amendments were also made
to other standards as a result of AASB 9,
introduced by AASB 2009-11 and superseded
by AASB 2010-7 and 2010-10.
The Group has not elected to early adopt any new Standards or Interpretations.
Lindian Resources Limited
22
2014 Report to Shareholders
Lindian Resources Limited
Notes to the financial statements at and for the year ended 30 June 2014
(e) Changes in accounting policies and disclosures
In the year ended 30 June 2014, the Group has reviewed all of the new and revised Standards and Interpretations issued by the
AASB that are relevant to its operations and effective for the current annual reporting period.
It has been determined by the Group that there is no impact, material or otherwise, of the new and revised Standards and
Interpretations on its business and, therefore, no change is necessary to Group accounting policies.
(f) Basis of Consolidation
The consolidated financial statements comprise the financial statements of Lindian Resources Limited and its subsidiaries as at
30 June each year (‘the Company’).
Subsidiaries are all those entities (including special purpose entities) over which the Company has control. The Company controls
an entity when the company 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 to direct the activities of the entity.
The financial statements of the subsidiaries are prepared for the same reporting period as the parent Company, using consistent
accounting policies.
In preparing the consolidated financial statements, all intercompany balances and transactions, income and expenses and profit
and losses resulting from intra-company transactions have been eliminated in full.
Subsidiaries are fully consolidated from the date on which control is obtained by the Company and cease to be consolidated from
the date on which control is transferred out of the Company.
The acquisition of subsidiaries is accounted for using the acquisition method of accounting. The acquisition method of accounting
involves recognising at acquisition date, separately from goodwill, the identifiable assets acquired, the liabilities assumed and any
non-controlling interest in the acquiree. The identifiable assets acquired and the liabilities assumed are measured at their acquisition
date fair values.
The difference between the above items and the fair value of the consideration (including the fair value of any pre-existing
investment in the acquiree) is goodwill or a discount on acquisition.
A change in the ownership interest of a subsidiary that does not result in a loss of control is accounted for as an equity transaction.
(g) Foreign Currency Translation
(i) Functional and presentation currency
Items included in the financial statements of each of the Company’s entities are measured using the currency of the primary
economic environment in which the entity operates (‘the functional currency’). The functional and presentation currency of Lindian
Resources Limited is Australian Dollars. The functional currency of the overseas subsidiary is Philippine Peso.
(ii) Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the
transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at
year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the statement of
comprehensive income.
(iii) Group entities
The results and financial position of all the Company entities (none of which has the currency of a hyperinflationary economy) that
have a functional currency different from the presentation currency are translated into the presentation currency as follows:
Lindian Resources Limited
23
2014 Report to Shareholders
Lindian Resources Limited
Notes to the financial statements at and for the year ended 30 June 2014
(cid:120) assets and liabilities for each statement of financial position presented are translated at the closing rate at the date of that
statement of financial position;
(cid:120)
income and expenses for each statement of comprehensive income are translated at average exchange rates (unless this
is not a reasonable approximation of the rates prevailing on the transaction dates, in which case income and expenses are
translated at the dates of the transactions); and
(cid:120) all resulting exchange differences are recognised as a separate component of equity.
On consolidation, exchange differences arising from the translation of any net investment in foreign entities are taken to foreign
currency translation reserve.
When a foreign operation is sold or any borrowings forming part of the net investment are repaid, a proportionate share of such
exchange differences are recognised in the statement of comprehensive income, as part of the gain or loss on sale where
applicable.
(h) Plant and Equipment
Each class of plant and equipment is carried at cost less, where applicable, any accumulated depreciation and impairment losses.
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. Repairs and maintenance expenditure is charged to the statement of comprehensive income during the financial period
in which it is incurred.
Depreciation
The depreciable amount of all fixed assets is depreciated on a straight line basis over their useful lives to the Group commencing
from the time the asset is held ready for use.
The depreciation rates used for each class of depreciable assets are:
Class of Fixed Asset
Depreciation Rate
Plant and equipment
25% – 33%
Furniture, fixtures and fittings
Computer and software
Motor vehicles
15 %
33 %
25 %
The assets' residual values and useful lives are reviewed, and adjusted if appropriate, at each statement of financial position date.
Derecognition
Additions of plant and equipment is derecognised upon disposal or when no further future economic benefits are expected from
its use or disposal.
Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These gains and losses are
recognised in the statement of comprehensive income.
(i) Impairment of non-financial assets
The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any such indication
exists, or when annual impairment testing for an asset is required, the Group makes an estimate of the asset’s recoverable amount.
An asset’s recoverable amount is the higher of its fair value less costs to sell and its value in use and is determined for an individual
asset, unless the asset does not generate cash inflows that are largely independent of those from other assets of the Group and
the asset's value in use cannot be estimated to be close to its fair value. In such cases the asset is tested for impairment as part
Lindian Resources Limited
24
2014 Report to Shareholders
Lindian Resources Limited
Notes to the financial statements at and for the year ended 30 June 2014
of the cash generating unit to which it belongs. When the carrying amount of an asset or cash-generating unit exceeds its
recoverable amount, the asset or cash-generating unit is considered impaired and is written down to its recoverable amount.
In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that
reflects current market assessments of the time value of money and the risks specific to the asset. Impairment losses relating to
continuing operations are recognised in the statement of comprehensive income.
An assessment is also made at each reporting date as to whether there is any indication that previously recognised impairment
losses may no longer exist or may have decreased. If such indication exists, the recoverable amount is estimated. A previously
recognised impairment loss is reversed only if there has been a change in the estimates used to determine the asset’s recoverable
amount since the last impairment loss was recognised. If that is the case the carrying amount of the asset is increased to its
recoverable amount. That increased amount cannot exceed the carrying amount that would have been determined, net of
depreciation, had no impairment loss been recognised for the asset in prior years. Such reversal is recognised in profit or loss.
After such a reversal the depreciation charge is adjusted in future periods to allocate the asset’s revised carrying amount, less any
residual value, on a systematic basis over its remaining useful life.
(j) Exploration expenditure
Exploration and evaluation expenditure incurred by or on behalf of the Group is accumulated separately for each area of interest.
Such expenditure comprises net direct costs and an appropriate portion of related overhead expenditure, but does not include
general overheads or administrative expenditure not having a specific nexus with a particular area of interest.
Each area of interest is limited to a size related to a known or probable mineral resource capable of supporting a mining operation.
Exploration and evaluation expenditure for each area of interest is carried forward as an asset provided that one of the following
conditions is met:
(cid:120) such costs are expected to be recouped through successful development and exploitation of the area of interest or,
alternatively, by its sale; or
(cid:120) exploration and evaluation activities in the area of interest have not yet reached a stage which permits a reasonable
assessment of the existence or otherwise of economically recoverable reserves, and active and significant operations in
relation to the area are continuing.
Expenditure which fails to meet the conditions outlined above is written off. Furthermore, the Directors regularly review the carrying
value of exploration and evaluation expenditure and make write downs if the values are not expected to be recoverable.
Identifiable exploration assets acquired are recognised as assets at their cost of acquisition, as determined by the requirements of
AASB 6 Exploration for and evaluation of mineral resources. Exploration assets acquired are reassessed on a regular basis and
these costs are carried forward provided that at least one of the conditions referred to in AASB 6 is met.
Exploration and evaluation expenditure incurred subsequent to acquisition in respect of an exploration asset acquired, is accounted
for in accordance with the policy outlined above for exploration expenditure incurred by or on behalf of the entity.
Acquired exploration assets are not written down below acquisition cost until such time as the acquisition cost is not expected to
be recovered.
When an area of interest is abandoned, any expenditure carried forward in respect of that area is written off.
Expenditure is not carried forward in respect of any area of interest/mineral resource unless the Group’s rights of tenure to that
area of interest are current.
Lindian Resources Limited
25
2014 Report to Shareholders
Lindian Resources Limited
Notes to the financial statements at and for the year ended 30 June 2014
(k) Trade and Other Receivables
Trade receivables, which generally have 30 – 90 day terms, are recognised and carried at original invoice amount less an
allowance for any uncollectible amounts.
An estimate for doubtful debts is made when collection of the full amount is no longer probable. Bad debts are written off when
identified.
(l) Cash and Cash Equivalents
Cash and cash equivalent in the statement of financial position include cash on hand, deposits held at call with banks and other
short term highly liquid investments with original maturities of three months or less. Bank overdrafts are shown as current liabilities
in the statement of financial position. For the purpose of the statement of cash flows, cash and cash equivalents consist of cash
and cash equivalents as described above and bank overdrafts.
(m) Provisions
Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable
that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be
made of the amount of the obligation.
Where the Group expects some or all of a provision to be reimbursed, for example under an insurance contract, the reimbursement
is recognised as a separate asset but only when the reimbursement is virtually certain. The expense relating to any provision is
presented in the statement of comprehensive income net of any reimbursement.
If the effect of the time value of money is material, provisions are determined by discounting the expected future cash flows at a
pre-tax rate that reflects current market assessments of the time value of money, and where appropriate, the risks specific to the
liability.
Where discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost.
(n) Trade and other payables
Liabilities for trade creditors and other amounts are measured at amortised cost, which is the fair value of the consideration to be
paid in the future for goods and services received that are unpaid, whether or not billed to the Group.
(o) Income Tax
Deferred income tax is provided for on all temporary differences at balance date between the tax base of assets and liabilities and
their carrying amounts for financial reporting purposes.
No deferred income tax will be recognised from the initial recognition of goodwill or of an asset or liability, excluding a business
combination, where there is no effect on accounting or taxable profit or loss.
No deferred income tax will be recognised in respect of temporary differences associated with investments in subsidiaries if the
timing of the reversal of the temporary difference can be controlled and it is probable that the temporary differences will not reverse
in the near future.
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 charged or credited in the statement of comprehensive income except where it relates to items that may be charged
or credited directly to equity, in which case the deferred tax is adjusted directly against equity.
Deferred income tax assets are recognised for all deductible temporary differences, carry forward of unused tax assets and unused
tax losses to the extent that it is probable that future tax profits will be available against which deductible temporary differences can
be utilised.
Lindian Resources Limited
26
2014 Report to Shareholders
Lindian Resources Limited
Notes to the financial statements at and for the year ended 30 June 2014
The amount of benefits brought to account or which may be realised in the future is based on tax rates (and tax laws) that have
been enacted or substantially enacted at the balance date and the anticipation that the Group will derive sufficient future assessable
income to enable the benefit to be realised and comply with the conditions of deductibility imposed by the law.
The carrying amount of deferred tax assets is reviewed at each balance date and only recognised to the extent that sufficient future
assessable income is expected to be obtained.
Income taxes relating to items recognised directly in equity are recognised in equity and not in the statement of comprehensive
income.
Deferred tax assets and deferred tax liabilities are offset only if a legally enforceable right exists to set off current tax assets against
current tax liabilities and the deferred tax assets and liabilities relate to the same taxable entity and the same taxation authority.
(p) Issued capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in
equity as a deduction, net of tax, from the proceeds.
(q) Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue is capable
of being reliably measured. The following specific recognition criteria must also be met before revenue is recognised:
Interest income
Revenue is recognised as the interest accrues (using the effective interest method, which is the rate that exactly discounts estimated
future cash receipts through the expected life of the financial instrument) to the net carrying amount of the financial asset.
(r) Segment Information
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker.
The chief operating decision maker, who is responsible for allocating resources and assessing performance of the operating
segments, has been identified as the Board of Directors of Lindian Resources Limited.
(s) Earnings per share
Basic earnings per share
Basic earnings per share is calculated by dividing the profit or loss attributable to equity holders of the Company, excluding any
costs of servicing equity other than dividends, by the weighted average number of ordinary shares, adjusted for any bonus elements.
Diluted earnings per share
Diluted earnings per share is calculated as net profit or loss attributable to members of the Company, adjusted for:
(cid:120)
(cid:120)
the costs of servicing equity (other than dividends);
the after tax effect of dividends and interest associated with dilutive potential ordinary shares that have been recognised
as expenses; and
(cid:120) other non-discretionary changes in revenues or expenses during the period that would result from the dilution of potential
ordinary shares;
divided by the weighted average number of ordinary shares and dilutive potential ordinary shares, adjusted for any bonus elements.
(t) Goods and services tax
Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred is not
recoverable from the Australian Tax Office. In these circumstances, the GST is recognised as part of the cost of acquisition of the
asset or as part of an item of the expense. Receivables and payables in the statement of financial position are shown inclusive of
GST.
Lindian Resources Limited
27
2014 Report to Shareholders
Lindian Resources Limited
Notes to the financial statements at and for the year ended 30 June 2014
The net amount of GST recoverable from, or payable to, the Australian Tax Office is included as part of receivables or payables in
the statement of financial position.
Cash flows are presented in the statement of cash flows on a gross basis, except for the GST component of investing and financing
activities, which are disclosed as operating cash flows.
(u) Share based payment transactions
The Group provides benefits to individuals acting as, and providing services similar to employees (including Directors) of the Group
in the form of share based payment transactions, whereby individuals render services in exchange for shares or rights over shares
(‘equity settled transactions’).
There is currently an Employee Share Option Plan (ESOP) in place, which provides benefits to Directors and individuals providing
services similar to those provided by an employee.
The cost of these equity settled transactions with employees is measured by reference to the fair value at the date at which they
are granted. The fair value is determined by using the Black Scholes formula, taking into account the terms and conditions upon
which the instruments were granted.
In valuing equity settled transactions, no account is taken of any performance conditions, other than conditions linked to the price
of the shares of Lindian Resources Limited (‘market conditions’).
The cost of the equity settled transactions is recognised, together with a corresponding increase in equity, over the period in which
the performance conditions are fulfilled, ending on the date on which the relevant employees become fully entitled to the award
(‘vesting date’).
The cumulative expense recognised for equity settled transactions at each reporting date until vesting date reflects (i) the extent to
which the vesting period has expired and (ii) the number of awards that, in the opinion of the Directors of the Group, will ultimately
vest. This opinion is formed based on the best available information at balance date. No adjustment is made for the likelihood of
the market performance conditions being met as the effect of these conditions is included in the determination of fair value at grant
date. The statement of comprehensive income charge or credit for a period represents the movement in cumulative expense
recognised at the beginning and end of the period. No expense is recognised for awards that do not vest, except for awards where
vesting is conditional upon a market condition.
Where the terms of an equity settled award are modified, as a minimum an expense is recognised as if the terms had not been
modified. In addition, an expense is recognised for any increase in the value of the transaction as a result of the modification, as
measured at the date of the modification.
Where an equity settled award is cancelled, it is treated as if it had vested on the date of the cancellation, and any expense not yet
recognised for the award is recognised immediately. However, if a new award is substituted for the cancelled award, and designated
as a replacement award on the date that it is granted, the cancelled and new award are treated as if they were a modification of
the original award, as described in the previous paragraph.
The cost of equity-settled transactions with non-employees is measured by reference to the fair value of goods and services
received unless this cannot be measured reliably, in which case the cost is measured by reference to the fair value of the equity
instruments granted.
(v) Comparative figures
When required by Accounting Standards, comparatives have been adjusted to conform to changes in presentation for the current
financial year.
Lindian Resources Limited
28
2014 Report to Shareholders
Lindian Resources Limited
Notes to the financial statements at and for the year ended 30 June 2014
(w) Operating segments
Operating segments are presented using the 'management approach', where the information presented is on the same basis as
the internal reports provided to the Chief Operating Decision Makers ('CODM'). The CODM is responsible for the allocation of
resources to operating segments and assessing their performance.
(x) Fair value measurement
When an asset or liability, financial or non-financial, is measured at fair value for recognition or disclosure purposes, the fair value
is based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date; and assumes that the transaction will take place either: in the principle market; or in the
absence of a principal market, in the most advantageous market.
Fair value is measured using the assumptions that market participants would use when pricing the asset or liability, assuming they
act in their economic best interest. For non-financial assets, the fair value measurement is based on its highest and best use.
Valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value,
are used, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.
Assets and liabilities measured at fair value are classified, into three levels, using a fair value hierarchy that reflects the significance
of the inputs used in making the measurements. Classifications are reviewed each reporting date and transfers between levels are
determined based on a reassessment of the lowest level input that is significant to the fair value measurement.
For recurring and non-recurring fair value measurements, external valuers may be used when internal expertise is either not
available or when the valuation is deemed to be significant. External valuers are selected based on market knowledge and
reputation. Where there is a significant change in fair value of an asset or liability from one period to another, an analysis is
undertaken, which includes a verification of the major inputs applied in the latest valuation and a comparison, where applicable,
with external sources of data.
(y) Critical accounting estimates and judgements
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including
expectations of future events that may have a financial impact on the entity and that are believed to be reasonable under the
circumstances.
The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom
equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the
carrying amounts of assets and liabilities within the next financial year are discussed below.
Capitalised exploration and evaluation expenditure
The future recoverability of capitalised exploration and evaluation expenditure is dependent on a number of factors, including
whether the Group decides to exploit the related lease itself or, if not, whether it successfully recovers the related exploration and
evaluation asset through sale.
Factors which could impact the future recoverability include the level of proved, probable and inferred mineral resources, future
technological changes which could impact the cost of mining, future legal changes (including changes to environmental restoration
obligations) and changes to commodity prices.
To the extent that capitalised exploration and evaluation expenditure is determined not to be recoverable in the future, this will
reduce profits and net assets in the period in which this determination is made.
In addition, exploration and evaluation expenditure is capitalised if activities in the area of interest have not yet reached a stage
which permits a reasonable assessment of the existence or otherwise of economically recoverable reserves.
To the extent that it is determined in the future that this capitalised expenditure should be written off, this will reduce profits and net
assets in the period in which this determination is made.
Lindian Resources Limited
29
2014 Report to Shareholders
Lindian Resources Limited
Notes to the financial statements at and for the year ended 30 June 2014
Share based payment transactions
The Group measures the cost of equity settled transactions with employees by reference to the fair value of the equity instruments
at the date at which they are granted. The fair value is determined by using the Black Scholes formula, taking into account the
terms and conditions upon which the instruments were granted.
3. Segment Information
For management purposes, the Group is organised into one main operating segment, which involves mining exploration for gold
and copper. All of the Group’s activities are interrelated, and discrete financial information is reported to the Board (Chief Operating
Decision Makers) as a single segment.
Revenues of approximately Nil (2013 - Nil) are derived from a single external customer. 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. Total revenue earned by the Group is generated in Australia and all of the Group’s
non-current assets reside in the Philippines.
4. Other Expenses
Accounting and audit fees
Insurance
Occupancy
Legal fees
Listing and share registry costs
Travel
Printing and stationary
Input and withholding tax
Others
Total other expenses
5. Income Tax
(a) Income tax expense
Major component of tax expense for the year:
Current tax
Deferred tax
(b) Numerical reconciliation between aggregate tax expense recognised
in the statement of comprehensive income and tax expense calculated
per the statutory income tax rate.
A reconciliation between tax expense and the product of accounting loss
before income tax multiplied by the Group’s applicable tax rate is as follows:
Consolidated
2014
$
2013
$
106,810
13,221
143,388
6,490
41,398
30,911
7,253
84,544
39,049
98,082
15,809
127,709
12,644
46,559
44,034
10,832
21,553
62,055
473,064
439,277
-
-
-
-
-
-
Loss from continuing operations before income tax expense
Tax at the group rate of 30%
Non-deductible expenses
Income tax benefit not brought to account
Income tax expense
(856,266)
(1,029,074)
(256,880)
(308,722)
(1,547)
258,427
-
66,797
241,925
-
Lindian Resources Limited
30
2014 Report to Shareholders
Lindian Resources Limited
Notes to the financial statements at and for the year ended 30 June 2014
5. Income Tax (cont.)
(c) Deferred tax
The following deferred tax balances have not been brought to account:
Liabilities
Capitalised exploration and evaluation expenditure
Offset by deferred tax assets
Deferred tax liability recognised
Assets
Losses available to offset against future taxable income
Share issue costs deductible over five years
Accrued expenses
Deferred tax assets offset against deferred tax liabilities
Deferred tax assets not brought to account as realisation is not regarded as
probable
Deferred tax asset recognised
(d) Unused tax losses
Unused tax losses
Potential tax benefit not recognised at 30%
The benefit for tax losses will only be obtained if:
Consolidated
2014
$
2013
$
4,221,339
3,856,586
(4,221,339)
(3,856,586)
-
-
7,979,839
7,299,765
107,470
4,950
87,643
19,800
(4,221,339)
(3,856,586)
(3,870,920)
(3,550,622)
-
-
12,903,067
11,835,407
3,870,920
3,550,622
(i)
the Group derives future assessable income in Australia and Philippines of a nature and of an amount sufficient to
enable the benefit from the deductions for the losses to be realised;
(ii)
the Group continues to comply with the conditions for deductibility imposed by tax legislation in Australia and
Philippines; and
(iii)
no changes in tax legislation in Australia or the Philippines, adversely affect the Group in realising the benefit from
the deductions for the losses.
6. Cash and Cash Equivalents
Reconciliation of Cash
Cash comprises of:
Cash at bank
Short term deposits
215,012
300,000
515,012
1,069,268
-
1,069,268
Lindian Resources Limited
31
2014 Report to Shareholders
Lindian Resources Limited
Notes to the financial statements at and for the year ended 30 June 2014
6. Cash and Cash Equivalents (cont.)
Reconciliation of operating loss after tax to the net cash flows
from operations
Loss after tax
Non-cash items
Share-based payment
Depreciation and impairment charges
Foreign currency (gain)/loss
Change in assets and liabilities
Trade and other receivables
Trade and other payables
Consolidated
2014
$
2013
$
(856,266)
(1,029,074)
(5,155)
34,586
(11,000)
10,485
(147,714)
222,657
42,520
(50,053)
19,299
94,273
Net cash outflow from operating activities
(975,064)
(700,378)
Non-cash financing activities are as follows:
- Share-based payments (to Directors, employees and corporate advisors) as disclosed in note 23.
7. Trade and Other Receivables – Current
GST receivable
Prepayments
Security deposit
Advances
Other receivables
2,891
5,086
13,815
50,488
46,539
14,899
130,324
15,993
45,933
-
118,819
207,149
Trade debtors, other debtors and goods and services tax are non-interest bearing and generally receivable on 30 day terms.
They are neither past due nor impaired. The amount is fully collectible. Due to the short term nature of these receivables, their
carrying value is assumed to approximate their fair value.
8.
Investments in Subsidiaries
The consolidated financial statements incorporate the assets, liabilities and results of the following subsidiaries:
Name of Entity
Country of
Equity Holding
Equity Holding
Lindian Resources Guinea Pty Ltd
Bundok Resources Pty Ltd
Bundok Holdings Pty Ltd
Bundok Mineral Resources Corporation
Incorporation
Australia
Australia
Australia
Philippines
2014
100%
100%
100%
100%
2013
100%
100%
100%
100%
Lindian Resources Limited
32
2014 Report to Shareholders
Lindian Resources Limited
Notes to the financial statements at and for the year ended 30 June 2014
9. Plant and Equipment
Plant and Equipment
Cost
Accumulated depreciation
Net carrying amount
Computer Equipment and Software
Cost
Accumulated depreciation
Net carrying amount
Motor Vehicles
Cost
Accumulated depreciation
Net carrying amount
Total Plant and Equipment
Movements in Plant and Equipment
Plant and Equipment
At beginning of the period
Additions
Disposals
Depreciation charge for the year
Computer Equipment and Software
At beginning of the period
Additions
Depreciation charge for the year
Motor Vehicles
At beginning of the period
Additions
Disposals
Depreciation charge for the year
Total Plant and equipment
Consolidated
2014
$
2013
$
469
(469)
-
83,803
(46,635)
37,168
6,210
(5,344)
866
5,577
(3,772)
1,805
21,452
(17,305)
4,147
5,013
21,523
(12,042)
9,481
48,454
37,168
-
(37,067)
34,744
40,451
(101)
(38,027)
-
37,168
1,805
634
(1,573)
866
9,481
-
(70)
(5,264)
4,147
5,013
3,355
472
(2,022)
1,805
14,680
129
-
(5,328)
9,481
48,454
Lindian Resources Limited
33
2014 Report to Shareholders
Lindian Resources Limited
Notes to the financial statements at and for the year ended 30 June 2014
10. Deferred Exploration and Evaluation Expenditure
At beginning of the period
Exploration expenditure during the year
Net exchange differences on translation
Total exploration and evaluation*
Consolidated
2014
$
2013
$
12,855,286
1,555,982
(340,138)
9,605,707
2,697,968
551,611
14,071,130
12,855,286
*The Masapelid project (‘the project’) amounted to $13,774,572 (2013: $12,544,450) is included in the deferred exploration and
evaluation expenditure. The group received an extension until 6 January 2015 from The Department of Environment and Natural
Resources in the Philippines (DENR) to submit a Declaration of Mining Project Feasibility (DMPF) in respect of the project.
Upon the approval of the DEPF by the DENR, the group will then be able to move the project forward and will have the
opportunity to apply for further exploration permits to increase the scale of the project.
The ultimate recoupment of costs carried forward for exploration expenditure is dependent on the successful development and
commercial exploitation or sale of the respective mining areas.
11. Trade and Other Payables
Trade payables
Accruals
Other
47,849
72,409
2,018
178,613
88,863
12,765
122,276
280,241
Trade creditors, other creditors and goods and services tax are non-interest bearing and generally payable on 30 day terms.
Due to the short term nature of these payable, their carrying value is assumed to approximate their fair value.
12. Issued Capital
(a) Issued capital
Ordinary shares fully paid
(b) Movements in shares on issue
At beginning of the period
Exercise of options
Entitlement issue
Less fundraising costs
At 30 June
(c) Ordinary shares
24,121,968
22,222,985
2014
2013
Number of
shares
$
Number of
$
shares
155,717,160
22,222,985 155,517,160
22,206,985
3,324
67
200,000
16,000
207,623,466
2,076,234
-
(177,318)
-
-
-
-
363,343,950
24,121,968 155,717,160
22,222,985
Ordinary shares have the right to receive dividends as declared and, in the event of a winding up of the Company, to participate
in the proceeds from 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 proxy, at a meeting of the Company.
Lindian Resources Limited
34
2014 Report to Shareholders
Lindian Resources Limited
Notes to the financial statements at and for the year ended 30 June 2014
Consolidated
2014
$
2013
$
12. Issued Capital (cont.)
(d) Capital risk management
The Group’s capital comprises share capital, reserves less accumulated losses amounting to $14,587,698 at 30 June 2014
(2013: $13,899,916). The Group manages its capital to ensure its ability to continue as a going concern and to optimise returns
to its shareholders. The Group was ungeared at year end and not subject to any externally imposed capital requirements.
(e) Share options
At 30 June 2014, there were 255,230,194 unissued ordinary shares under options (2013: 152,171,754 options). The details of
the options are as follows:
Number
Exercise Price $
Expiry Date
131,671,754
19,250,000
500,000
103,808,440
255,230,194
0.08
0.20
0.15
0.02
31 December 2014
28 February 2015
14 June 2016
30 July 2018
103,811,764 options with an exercise price of 2 cents, expiring on 30 July 2018, were issued during the financial year.
No other options were issued or lapsed during the financial year.
3,324 options with an exercise price of 2 cents, expiring on 30 July 2018, were exercised during the financial year
13. Reserves
Share based payment reserve
Option reserves
Foreign currency translation reserve
Movements in Reserves
Share based payment reserve
At beginning of the period
Share based payment (income) expense
Balance at the end of the year
4,401,778
4,406,933
4,106,626
4,106,626
419,936
769,716
8,928,340
9,283,275
4,406,933
4,184,276
(5,155)
222,657
4,401,778
4,406,933
The share based payment reserve is used to record the value of equity benefits provided to Directors and executives as part of
their remuneration and non-employees for their services.
Lindian Resources Limited
35
2014 Report to Shareholders
Lindian Resources Limited
Notes to the financial statements at and for the year ended 30 June 2014
13. Reserves (cont.)
Option reserves
At beginning of the period
Options issued
Balance at the end of the year
The option reserves are used to record the premium paid on the issue of listed options.
Foreign currency translation reserve
At beginning of the period
Foreign currency translation
Balance at the end of the year
Consolidated
2014
$
2013
$
4,106,626
4,106,626
-
-
4,106,626
4,106,626
769,716
(349,780)
419,936
165,793
603,923
769,716
The foreign exchange differences arising on translation of balances originally denominated in a foreign currency into the
functional currency are taken to the foreign currency translation reserve. The reserve is recognised in profit and loss when the
net investment is disposed of.
14. Accumulated Losses
Movements in accumulated losses were as follows:
At beginning of the year
Loss
Balance at the end of the year
15. Expenditure Commitments
17,606,344
16,577,270
856,266
1,029,074
18,462,610
17,606,344
Exploration commitments contracted for at reporting date but not recognised as liabilities are as follows:
Within one year
After one year but not longer than 5 years
16. Auditors Remuneration
The auditor of Lindian Resources Limited is RSM Bird Cameron Partners
Amounts received or due and receivable by RSM Bird Cameron Partners for :
- an audit or review of the financial report of the entity and any other entity in the
Group
125,774
-
125,774
130,494
130,494
260,988
26,500
26,500
26,000
26,000
Lindian Resources Limited
36
2014 Report to Shareholders
Lindian Resources Limited
Notes to the financial statements at and for the year ended 30 June 2014
17. Key Management Personnel Disclosures
Details of the nature and amount of each element of the emolument of each Director and Executive of the Group for the financial
Consolidated
2014
$
2013
$
year are as follows:
Short term employee benefits
Share based payments
Total remuneration
18. Events Subsequent to Balance Date
468,989
531,000
-
-
468,989
531,000
There were no known significant events from the end of the financial year to the date of this report.
19. Related Party Disclosures
The ultimate parent entity is Lindian Resources Limited. Refer to note 8 for list of all subsidiaries within the group.
Proassist Limited, a company of which Mr. Leithead is a director, charged the Group reimbursement of payments for expenses
at cost for $nil (2013: $9) during the year. No amount (2013: $60,000) was outstanding at year end.
Resourceful International Consulting Pty Ltd, a company of which Mr. Funston is a director, charged the Group consulting fees,
which $5,500 (2013: $33,000) was outstanding at year end.
Banquo Consulting (CI) Ltd, a company of which Mr. Caithness is a director, charged the Group consulting fees, which no
amount (2013: $10,000) was outstanding at year end.
Vega Funds Pty Ltd, a company of which Mr. McMaster is a director, charged the Group consulting fees, which $5,500 (2013:
$16,500) was outstanding at year end.
Garrison Capital Pty Ltd, a company of which Mr. Wood and Mr. McMaster are directors and shareholders, provided the Group
with a fully serviced office including administration and information technology support totalling $120,000 (2013: $120,000) and
reimbursement of payments for courier, accounting and other minor expenses, at cost $50,177 (2013: $42,378). $13,875 (2013:
$39,530) was outstanding at year end.
These transactions have been entered into on normal commercial terms and conditions no more favourable than those available
to other parties unless otherwise stated.
Lindian Resources Limited
37
2014 Report to Shareholders
Lindian Resources Limited
Notes to the financial statements at and for the year ended 30 June 2014
Consolidated
2014
$
2013
$
20.
Loss per Share
Loss used in calculating basic and dilutive EPS
856,266
1,029,074
Number of Shares
Weighted average number of ordinary shares used in calculating
basic earnings / (loss) per share (*):
301,340,087 155,664,009
Effect of dilution:
Share options*
-
-
Adjusted weighted average number of ordinary shares used in
calculating diluted loss per share:
301,340,087 155,664,009
* There is no impact from 255,230,194 options outstanding at 30 June 2014 (2013: 152,171,754 options) on the earnings per
share calculation because they are anti-dilutive. These options could potentially dilute basic EPS in the future. There have been
no transactions involving ordinary shares or potential ordinary shares that would significantly change the number of ordinary
shares or potential ordinary shares outstanding between the reporting date and the date of completion of these financial
statements.
21.
Financial Risk Management
Exposure(cid:3)to(cid:3)interest(cid:3)rate,(cid:3)liquidity,(cid:3)and(cid:3)credit(cid:3)risk(cid:3)arises(cid:3)in(cid:3)the(cid:3)normal(cid:3)course(cid:3)of(cid:3)the(cid:3)Group’s(cid:3)business.(cid:3)(cid:3)The(cid:3)Group(cid:3)does(cid:3)not(cid:3)hold(cid:3)or(cid:3)use(cid:3)
derivative(cid:3)financial(cid:3)instruments.(cid:3)(cid:3)The totals for each category of financial instruments, measured in accordance with AASB 139
as detailed in the accounting policies to these financial statements, are as follows:
Financial Assets
Cash and cash equivalents
Trade and other receivables
Financial Liabilities
Trade and other payables
515,012
1,069,268
118,819
207,149
122,276
280,241
Financial Risk Management Policies
The board’s overall risk management strategy seeks to assist the consolidated group in meeting its financial targets, while
minimising potential adverse effects on financial performance. Its functions include the review of future cash flow requirements.
Specific Financial Risk Exposure and Management
The main risks arising from the Group’s financial instruments are interest rate risk, credit risk and liquidity risk.
(a) Liquidity Risk
Liquidity risk is the risk that the Group will encounter difficulty in meeting obligations associated with financial liabilities.
The Group manages liquidity risk by maintaining sufficient cash facilities to meet the operating requirements of the business
and investing excess funds in highly liquid short term investments. The responsibility for liquidity risk management rests with
the Board of Directors.
Lindian Resources Limited
38
2014 Report to Shareholders
Lindian Resources Limited
Notes to the financial statements at and for the year ended 30 June 2014
Alternatives for sourcing the Group’s future capital needs include the cash position and the issue of equity instruments. These
alternatives are evaluated to determine the optimal mix of capital resources for our capital needs. We expect that, absent a
material adverse change in a combination of our sources of liquidity, present levels of liquidity along with future capital raisings
will be adequate to meet our expected capital needs.
Maturity analysis for financial liabilities
Financial liabilities of the Group comprise trade and other payables. As at 30 June 2014 and 30 June 2013 all financial liabilities
are contractually matured within 60 days.
(b) Interest Rate Risk
Interest rate risk arises from the possibility that changes in interest rates will affect future cash flows or the fair value of financial
instruments.
The Group’s exposure to market risk for changes to interest rate risk relates primarily to its earnings on cash and term deposits.
The Group manages the risk by investing in short term deposits.
Consolidated
2014
$
2013
$
Cash and cash equivalents
515,012
1,069,268
Interest rate sensitivity
The following table demonstrates the sensitivity of the Group’s statement of comprehensive income to a reasonably possible
change in interest rates, with all other variables constant.
Consolidated
Judgements of reasonably possible movements
Effect on Post Tax Earnings
Effect on Equity
Increase 100 basis points
Decrease 100 basis points
Increase/(Decrease)
including accumulated losses
Increase/(Decrease)
2014
$
5,150
(5,150)
2013
$
10,693
(10,693)
2014
$
5,150
(5,150)
2013
$
10,693
(10,693)
A sensitivity of 100 basis points has been used as this is considered reasonable given the current level of both short term and
long term Australian Dollar interest rates. The change in basis points is derived from a review of historical movements and
management’s judgement of future trends. The analysis was performed on the same basis in 2013.
(c) Credit Risk Exposures
Credit risk represents the risk that the counterparty to the financial instrument will fail to discharge an obligation and cause the
Group to incur a financial loss. The Group’s maximum credit exposure is the carrying amounts on the statement of financial
position. The Group holds financial instruments with credit worthy third parties.
At 30 June 2014, the Group held cash at bank. These were held with financial institution with a rating from Standard & Poors
of AA or above (long term). The Group has no past due or impaired debtors as at 30 June 2014.
Lindian Resources Limited
39
2014 Report to Shareholders
Lindian Resources Limited
Notes to the financial statements at and for the year ended 30 June 2014
22. Contingent Liabilities
There are no known contingent liabilities.
23. Share Based Payments
(a) Recognised share based payment transactions
Share based payment transactions recognised either as operating expenses in the statement of comprehensive income, capital
raising expenses in equity or exploration expenditure on the statement of financial position as follows:
Operating expenses
Employee share based payment
Consolidated
2014
$
2013
$
(5,155)
(5,155)
222,657
222,657
(b) Employee share based payment plan
The Group has established an employee share option plan (ESOP). The objective of the ESOP is to assist in the recruitment,
reward, retention and motivation of employees of Lindian Resources Limited. Under the ESOP, the Directors may invite
individuals acting in a manner similar to employees to participate in the ESOP and receive options. An individual may receive
the options or nominate a relative or associate to receive the options. The plan is open to executive officers, nominated
consultants and employees of Lindian Resources Limited.
The fair value at grant date of options granted during the reporting period was determined using the Black Scholes option pricing
model, that takes into account the exercise price, the term of the option, the impact of dilution, the share price at grant date and
expected price volatility of the underlying share and the risk free interest rate for the term of the option.
No options were granted under ESOP during the financial year.
The table below summaries options granted under ESOP during the previous financial years:
Grant Date
Expiry date
Exercise
price
Balance at
start of the
year
Number
Granted
during the
year
Number
Exercised
during the
year
Number
Expired
during the
year
Number
Balance at
end of the
year
Number
Exercisable at
end of the year
Number
14 June 2011
14 June 2016
$0.15
500,000
17 April 2012 28 February 2015
$0.20 1,750,000
18 May 2012 28 February 2015
$0.20 9,250,000
Weighted remaining contractual life
(years)
Weighted average exercise price
11,500,000
1.7
$0.20
-
-
-
-
-
-
-
-
500,000
500,000
- (750,000)
1,050,000
1,050,000
-
-
9,250,000
9,250,000
- (750,000)
10,800,000 10,800,000
-
-
-
-
0.7
0.7
$0.20
$0.20
Lindian Resources Limited
40
2014 Report to Shareholders
Lindian Resources Limited
Notes to the financial statements at and for the year ended 30 June 2014
23. Share Based Payments (cont.)
(c) Share-based payment to suppliers:
(i) Operating expenses
No options were issued to suppliers during the financial year.
The table below summarises options granted during the previous financial year:
Grant Date
Expiry date
Exercise
price
Balance at
start of the
year
Number
Granted
during the
year
Number
Exercised
during the
year
Number
Expired
during the
year
Number
Balance at
end of the
year
Number
Exercisable at
end of the year
Number
18 May 2012 28 February 2015
$0.20 9,000,000
Weighted remaining contractual life
(years)
Weighted average exercise price
1.7
$0.20
-
-
-
-
-
-
-
-
-
9,000,000
9,000,000
0.7
0.7
$0.20
$0.20
24. Dividends
No dividend was paid or declared by the Group in the period since the end of the financial year and up to the date of this report.
The Directors do not recommend that any amount be paid by way of dividend for the financial year ended 30 June 2014.
The balance of the franking account is Nil as at 30 June 2014 (2013: Nil).
Lindian Resources Limited
41
2014 Report to Shareholders
Lindian Resources Limited
Notes to the financial statements at and for the year ended 30 June 2014
25. Parent Entity Information
The following details information related to the parent entity, Lindian Resources Limited, at 30 June 2014. The information
presented here has been prepared using consistent accounting policies as presented in note 2.
Current assets
Non-current assets
Total Assets
Current liabilities
Total Liabilities
Net Assets
Issued capital
Share based payment reserve
Option reserves
Accumulated losses
Total Equity
Loss for the year
Other comprehensive income for the year
Total comprehensive loss for the year
Guarantees
Parent
2014
$
2013
$
495,756
1,039,853
14,149,210
13,086,812
14,644,966
14,126,665
57,429
57,429
226,746
226,746
14,587,537
13,899,919
24,121,968
22,222,985
3,266,579
5,241,827
4,406,934
4,106,626
(18,042,837)
(16,836,626)
14,587,537
13,899,919
(1,206,210)
(425,149)
-
-
(1,206,210)
(425,149)
Lindian Resources Limited has not entered into any guarantees in relation to the debts of its subsidiary.
Other Commitments and Contingencies
Lindian Resources Limited has commitments which are disclosed in note 15. There are no commitments to acquire property,
plant and equipment. The company has no contingent liabilities.
Lindian Resources Limited
42
2014 Report to Shareholders
Directors’ Declaration
In accordance with a resolution of the Directors of Lindian Resources Limited, I state that:
1). In the opinion of the Directors:
(a)
the financial statements and notes of the Group are in accordance with the Corporations Act 2001, including:
(i)
giving a true and fair view of the financial position of the Group as at 30 June 2014 and of its
performance, for the year ended on that date; and
(ii)
complying with Accounting Standards (including the Australian Accounting Interpretations) and the
Corporations Regulations 2001.
(b)
there are reasonable grounds to believe that the Group will be able to pay its debts as and when they become
due and payable; and
(c)
the financial statements and notes also comply with International Financial Reporting Standards as disclosed
in note 2(c).
2). This declaration has been made after receiving the declarations required to be made by the director in accordance with
sections 295A of the Corporations Act 2001 for the year ended 30 June 2014.
On behalf of the board
Matthew Wood
Executive Chairman
11 September 2014
Lindian Resources Limited
43
2014 Report to Shareholders
(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:4)(cid:9)(cid:10)(cid:11)(cid:12)(cid:7)(cid:13)(cid:14)(cid:4)(cid:15)(cid:10)(cid:7)(cid:16)(cid:14)(cid:12)(cid:7)(cid:17)(cid:4)
(cid:1)(cid:2)(cid:3)(cid:4)(cid:2)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:6)(cid:10)(cid:11)(cid:2)(cid:12)(cid:6)(cid:8)(cid:8)(cid:13)(cid:14)(cid:6)(cid:2)(cid:15)(cid:6)(cid:8)(cid:4)(cid:16)(cid:2)(cid:17)(cid:18)(cid:2)(cid:19)(cid:20)(cid:20)(cid:20)(cid:2)
(cid:5)(cid:15)(cid:21)(cid:2)(cid:22)(cid:7)(cid:23)(cid:2)(cid:24)(cid:25)(cid:26)(cid:27)(cid:28)(cid:2)(cid:15)(cid:6)(cid:8)(cid:4)(cid:16)(cid:2)(cid:17)(cid:18)(cid:2)(cid:19)(cid:1)(cid:29)(cid:29)(cid:2)
(cid:18)(cid:2)(cid:30)(cid:19)(cid:25)(cid:2)(cid:1)(cid:2)(cid:31)(cid:26)(cid:19)(cid:25)(cid:2)(cid:31)(cid:25)(cid:20)(cid:20)(cid:2)(cid:2)(cid:2)(cid:2)(cid:19)(cid:2)(cid:30)(cid:19)(cid:25)(cid:2)(cid:1)(cid:2)(cid:31)(cid:26)(cid:19)(cid:25)(cid:2)(cid:31)(cid:25)(cid:20)(cid:25)(cid:2)
(cid:32)(cid:32)(cid:32)(cid:33)(cid:8)(cid:11)(cid:34)(cid:35)(cid:33)(cid:14)(cid:7)(cid:34)(cid:33)(cid:13)(cid:36)(cid:2)
(cid:2)
(cid:4)
(cid:4)
(cid:4)
(cid:20)(cid:21)(cid:22)(cid:23)(cid:18)(cid:24)(cid:1)(cid:25)(cid:2)(cid:4)(cid:23)(cid:26)(cid:22)(cid:27)(cid:15)(cid:27)(cid:26)(cid:22)(cid:27)(cid:26)(cid:9)(cid:27)(cid:4)(cid:22)(cid:27)(cid:9)(cid:28)(cid:20)(cid:1)(cid:20)(cid:18)(cid:23)(cid:24)(cid:26)(cid:4)
(cid:2)
(cid:2)
(cid:2)
(cid:13)(cid:40)(cid:43)(cid:2)(cid:13)(cid:41)(cid:41)(cid:37)(cid:35)(cid:14)(cid:13)(cid:47)(cid:37)(cid:6)(cid:2)(cid:14)(cid:7)(cid:38)(cid:6)(cid:2)(cid:7)(cid:39)(cid:2)(cid:41)(cid:8)(cid:7)(cid:39)(cid:6)(cid:11)(cid:11)(cid:35)(cid:7)(cid:40)(cid:13)(cid:37)(cid:2)(cid:14)(cid:7)(cid:40)(cid:38)(cid:36)(cid:14)(cid:4)(cid:2)(cid:35)(cid:40)(cid:2)(cid:8)(cid:6)(cid:37)(cid:13)(cid:4)(cid:35)(cid:7)(cid:40)(cid:2)(cid:4)(cid:7)(cid:2)(cid:4)(cid:16)(cid:6)(cid:2)(cid:13)(cid:36)(cid:38)(cid:35)(cid:4)(cid:33)(cid:2)
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(cid:59)(cid:13)(cid:4)(cid:6)(cid:38)(cid:56)(cid:2)(cid:25)(cid:25)(cid:2)(cid:3)(cid:6)(cid:39)(cid:4)(cid:6)(cid:34)(cid:49)(cid:6)(cid:8)(cid:2)(cid:26)(cid:20)(cid:25)(cid:29)(cid:2)
(cid:2)
(cid:24)(cid:3)(cid:58)(cid:2)(cid:22)(cid:50)(cid:24)(cid:59)(cid:2)(cid:60)(cid:18)(cid:58)(cid:61)(cid:24)(cid:21)(cid:51)(cid:2)(cid:15)(cid:18)(cid:24)(cid:12)(cid:51)(cid:61)(cid:24)(cid:3)(cid:2)
(cid:2)
(cid:46)(cid:2)(cid:18)(cid:2)(cid:62)(cid:21)(cid:58)(cid:51)(cid:50)(cid:51)(cid:21)(cid:3)(cid:2)
(cid:15)(cid:13)(cid:8)(cid:4)(cid:40)(cid:6)(cid:8)(cid:2)
(cid:2)
(cid:2)
(cid:2)
(cid:2)
(cid:2)
(cid:2)
(cid:2)
(cid:2)
(cid:2)
(cid:2)
(cid:2)
(cid:2)
(cid:2)
(cid:2)
(cid:2)
(cid:2)
(cid:2)
(cid:2)
(cid:2)
(cid:2)
(cid:2)
(cid:1)
(cid:1)
ASX Additional Information
Additional information required by the Australian Stock Exchange Ltd and not shown elsewhere in this report is as follows.
The information is current at 8 September 2014.
Substantial Share Holders
The names of shareholders who have notified the Company in accordance with Section 671B of the Corporations Act 2001
are:
Shareholder Name
Paul Gabriel Sharbanee
Jason Peterson
Matthew Wood
Distribution of Share Holders
No. of Ordinary
Shares
30,403,935
Percentage
%
8.37
22,154,409
30,337,500
6.09
8.35
Ordinary Shares
Number of Holders
Number of Shares
1 - 1000
1001 - 5000
5001 - 10,000
10,001 - 100,000
100,001 and above
Total
425
442
162
388
262
1,679
212,105
1,076,488
1,222,127
15,695,268
345,137,962
363,343,950
There were 193 holders of ordinary shares holding less than a marketable parcel.
Top Twenty Share Holders
Name
MR PAUL GABRIEL SHARBANEE
MITCHELL GRASS HOLDING SINGAPORE PTE LTD
CELTIC CAPITAL PTY LTD
STEVSAND HOLDINGS PTY LTD
ZERO NOMINEES PTY LTD
ALBATROSS PASS PTY LTD
MR MATTHEW GADEN WESTERN WOOD
DR SALIM CASSIM
MR STEVEN STEWART LEITHEAD
J P MORGAN NOMINEES AUSTRALIA LIMITED
MR STEVEN STEWART LEITHEAD
MIKADO CORPORATION PTY LTD
SHAH NOMINEES PTY LTD
MR MICHAEL ROBERT FRANCO & MR ROBERT MARIO FRANCO & MISS
LAURA MICHELLE FRANCO
MR FRANCIS SCOTT FUNSTON & MRS VICTORIA ALEXIS SUZANNE
FUNSTON
MR JOSE LEVISTE JNR
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
NEWMEK INVESTMENTS PTY LTD
MR JASON PETERSON & MRS LISA PETERSON
NEFCO NOMINEES PTY LTD
Number of Ordinary
Shares held
22,953,934
17,900,000
16,747,875
14,666,667
12,632,952
12,448,642
12,437,500
12,000,000
10,000,000
9,059,314
8,000,000
7,494,242
6,166,667
5,250,000
5,187,500
5,015,470
4,671,052
4,400,000
4,204,867
4,167,500
%
6.32
4.93
4.61
4.04
3.48
3.43
3.42
3.30
2.75
2.49
2.20
2.06
1.70
1.44
1.43
1.38
1.29
1.21
1.16
1.15
195,404,182
53.78
47
Number of Options
held
9,900,000
5,872,842
5,700,000
5,437,500
5,350,000
5,000,000
4,882,400
3,726,666
3,437,500
3,422,459
3,321,335
3,204,249
3,089,565
3,020,000
2,500,000
2,023,604
2,000,667
1,820,000
1,601,548
1,600,000
%
7.52
4.46
4.33
4.13
4.06
3.80
3.71
2.83
2.61
2.60
2.52
2.43
2.35
2.29
1.90
1.54
1.52
1.38
1.22
1.22
76,910,335
58.41
ASX Additional Information
Voting Rights
All ordinary shares carry one vote per share without restriction.
On-Market Buy Back
There is no current on-market buy back.
Top Twenty Option Holders Expiry 31 December 2014 Exercisable at $0.08
Name
MITCHELL GRASS HOLDING SINGAPORE PTE LTD
ZERO NOMINEES PTY LTD
AVONGLADE ENTERPRISES PTY LTD
NEFCO NOMINEES PTY LTD
MR PAUL GABRIEL SHARBANEE
NEWMEK INVESTMENTS PTY LTD
WEST TRADE ENTERPRISES PTY LTD
MR RODNEY JAMES CAPLE & MS FRANCES MARGARET CAMERON
MR MATTHEW GADEN WESTERN WOOD
MR GREGORY KENNETH D'ARCY
CELTIC CAPITAL PTY LTD
MIKADO CORPORATION PTY LTD
MR TIMOTHY JAMES FLAVEL
MS VICTORIA ALEXIS SUZANNE FUNSTON & MR FRANCIS SCOTT
FUNSTON
MR ANDREW PHILIPS
MS BELINDA STUBBLETY
STEVSAND HOLDINGS PTY LTD
MR
J P MORGAN NOMINEES AUSTRALIA LIMITED
ANTHONY
HUNTER
LINDA
MRS
&
HUNTER
BRIJOHN NOMINEES PTY LTD
48
ASX Additional Information
Top Twenty Option Holders Expiry 30 July 2018 Exercisable at $0.02
Name
MR PAUL GABRIEL SHARBANEE
CELTIC CAPITAL PTY LTD
STEVSAND HOLDINGS PTY LTD
MITCHELL GRASS HOLDING SINGAPORE PTE LTD
MR STEVEN STEWART LEITHEAD
ZERO NOMINEES PTY LTD
DR SALIM CASSIM
MR MATTHEW GADEN WESTERN WOOD
ALBATROSS PASS PTY LTD
SHAH NOMINEES PTY LTD
MR FRANCIS SCOTT FUNSTON & MRS VICTORIA ALEXIS SUZANNE
FUNSTON
NEFCO NOMINEES PTY LTD
MIKADO CORPORATION PTY LTD
NEWMEK INVESTMENTS PTY LTD
MR MANVEL BAGRATYAN
VEGA FUNDS PTY LTD
BILL BROOKS PTY LTD
MR MICHAEL ROBERT FRANCO & MR ROBERT MARIO FRANCO & MISS
LAURA MICHELLE FRANCO
AGENS PTY LTD
MAGENTACITY PTY LTD
Number of Options
held
9,276,134
7,500,000
6,333,334
5,000,000
5,000,000
4,680,844
4,000,000
3,500,000
3,109,471
2,833,334
2,500,000
2,500,000
2,500,000
1,900,000
1,800,000
1,500,002
1,500,000
1,500,000
1,250,000
1,250,000
%
8.94
7.22
6.10
4.82
4.82
4.51
3.85
3.37
3.00
2.73
2.41
2.41
2.41
1.83
1.73
1.44
1.44
1.44
1.20
1.20
69,433,119
66.88
49
Tenement Table
Project
Tenure Title
Tenure
Status of
Lindian Interest
Tenure
Masapelid
Owner
SMMC
Del Gallego
BMRC
Salacot
Mt Balintigon
Buena Aurora
Exciban
Abra
SMMC
SMMC
SMMC
SMMC
BMRC
Reference
Tenure
MPSA 004-91-XI
EP V 2001-001
EXPA V-0025
EXPA V-0026
EXPA V-0028
Granted
Granted
Application
Application
Application
EXPA III-06-97
Application
EP III-03-98
Application
EXPA V-019
Application
MRD 302,MRD 303
Granted
EXPA 90-CAR
Application
note 1
100%
note 2
note 2
note 2
note 2
note 2
note 2
note 2
note 5
Expiry
2016
note 3
N/a
N/a
N/a
N/a
N/a
N/a
note 4
N/a
‘BMRC’ = Bundok Mineral Resources Corporation
‘SMMC’ = San Manuel Mining Corporation
‘MRI’ = Merrit Resources Incorporated
Note 1: BMRC has full rights to explore, develop and mine under MPSA. BMRC has a further right to convert MPSA to a
FTAA realising a 100% interest under the FTAA. SMMC, as the titleholder, is required to maintain title to the MPSA.
In order to progress exploration on the MPSA, the MPSA requires a 2 year extension (Extension) to the exploration
period under the MPSA to be approved by the Philippines Department of Environment and Natural Resources
(DENR). Denial by the DENR of the Extension (Decision) was received by BMRC and SMMC on 28 May 2013.
SMMC on behalf of itself and BMRC, issued a Motion for Reconsideration (MR) to the DENR on 7 June 2013 to
reverse its Decision. On 17 January 2014, Lindian announced that the motion for reconsideration had been denied
by the DENR. However, in issuing the resolution, the DENR has granted the SMMC until 6 January 2015 to submit
a Declaration of Mining Project Feasibility in respect of the Project (DMPF). The DMPF is currently pending.
Note 2: BMRC has entered into an option to purchase agreement and will acquire 100% of the project upon exercise of the
option.
Note 3: On 18 March 2013, the Philippines Mines and Geoscience Bureau (MGB) lifted its moratorium on the processing of
Exploration Permits (EP’s), Mineral Agreements (MPSA’s) and Financial or Technical Assistance Agreements
(FTAA’s). As such, the Exploration Permit Applications (EXPA’s) are in process and pending approval.
Note 4: Licence renewal/conversion application made to Mines and Geoscience Bureau.
Note 5: On 16 April 2013, BMRC entered into a Deed of Assignment (DOA) with MRI via which, MRI transferred all rights to
the Abra EXPA to BMRC. The DOA has been lodged with MGB CAR and both the DOA and EXPA are awaiting
processing and approval by the MGB.
50