ABN 51 127 297 170
Metal Bank Limited
and its controlled entities
Annual Financial Report
For the year ended
30 June 2019
METAL BANK LIMITED AND ITS CONTROLLED ENTITIES
CONTENTS
Letter from the Chair
Review of Operations
Corporate Governance
Directors’ Report
Auditor’s Independence Declaration
Consolidated Statement of Profit or Loss and Other Comprehensive Income
Consolidated Statement of Financial Position
Consolidated Statement of Changes in Equity
Consolidated Statement of Cash Flows
Notes to the Financial Statements
Director’s Declaration
Independent Audit Report to the Members of Metal Bank Limited
Additional Information for Listed Companies
Corporate Directory
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13 – 19
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23
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25 – 45
46
47 – 49
50 – 51
52 – 53
METAL BANK LIMITED AND ITS CONTROLLED ENTITIES
LETTER FROM THE CHAIR
Dear Shareholder
On behalf of the Directors of Metal Bank Limited (Metal Bank, MBK or the Company), I am pleased to report on
the activities of the Company for the year ended 30 June 2019.
Our exploration focus during the year was on the Company’s 8 Mile project, located near the Mt Rawdon gold
mine in south-east Queensland. This large-scale mineralised hydrothermal system was discovered by the
Company in 2018. Gold and multi-element surface geochemistry followed, identifying on the Eastern Target an
extensive gold system extending more than 3km, with broad low-grade gold mineralisation intersected in limited
shallow historical drilling. IP geophysics subsequently identified potential depth extensions of near-surface gold
mineralisation, which was confirmed on two prospects in a drilling program completed in June 2019.
Further drilling is being carried out on this project focussing on these large-scale bulk tonnage intrusion-related
gold targets.
The 8 Mile project complements the Company’s Eidsvold and Triumph projects, being associated with historical
goldfields and representing intrusion related gold systems with multi-million-ounce upside in south-east
Queensland.
At Eidsvold, reinterpretation of geophysics during the year has identified new large-scale targets under 10m to
100m of sedimentary cover.
A detailed review of project data at Triumph has been conducted this year identifying four high priority targets.
The Company is pursuing options to advance its Triumph and Eidsvold projects, including potential Joint Venture
arrangements.
Throughout the year, the Company has conducted advanced reviews and analysis of new growth opportunities,
including potential acquisitions and corporate transactions, with a view to identifying projects that fit within our
growth strategy and that have the ability to add shareholder value. This work is ongoing, and we remain focussed
on growing the Company.
We look forward to continued exploration success in the year ahead and we thank our shareholders for their
ongoing support.
Inés Scotland
Non-executive Chair
27 September 2019
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METAL BANK LIMITED AND ITS CONTROLLED ENTITIES
REVIEW OF OPERATIONS
REVIEW OF OPERATIONS
During the year, Metal Bank has continued to apply cutting edge exploration tools and technology to define
gold resources associated with overlooked and underexplored intrusion related gold systems, focusing on
historical goldfields located in south-east Queensland.
The 8 Mile project is the Company’s primary focus after a successful initial drill program intersected
gold mineralisation during the year, following the recent granting of tenure. Significant bulk tonnage
gold potential has been defined over an area >3.6km and in close proximity to the Mt Rawdon gold
mine, which has produced in excess of 2Moz Au.
The Triumph project remains a priority with bulk tonnage gold targets defined beneath the multiple
zones of near-surface high-grade gold mineralisation. Shallow drilling has defined a large gold
system and together with geophysical results has provided sufficient data to target bulk tonnage
style gold mineralisation less than 200m below surface.
On the Eidsvold project, large-scale coincident geophysics and geochemistry anomalies represent
compelling gold targets close to the historical Eidsvold goldfield (100,000oz past production) and
concealed by cover sediments.
In parallel, Metal Bank continues to review highly prospective, advanced and near-production
resource opportunities which have the potential to significantly enhance the current project
portfolio and reduce the timeline towards production.
The operations of the consolidated entity are as described below:
Three Gold Projects – South-East Queensland Gold Region
MBK holds three gold projects prospective for intrusion-related gold mineralisation (IRGS) within the
northern New England Orogen of Eastern Australia. This region hosts several gold mines including the Cracow
(3Moz Au), and Mt Rawdon (2Moz Au) gold mines as well as the historical Mt Morgan deposit (8Moz Au)
shown in Figure 1.
The 8 Mile project is centred on the historical Perry goldfield, located only 15km to the north-east of the
2Moz Mt Rawdon gold mine in south-east Queensland. Metal Bank recognised large-scale alteration targets
in reprocessed regional magnetics data associated with the Perry goldfield. In a short period of time since
tenure grant (November 2018) Metal Bank has identified large gold targets >3.6km in length defined by
multi-element surface geochemistry data. Initial drilling by Metal Bank has intersected broad zones of gold
mineralisation associated with an intensely altered intrusive on two drill sections located 2km apart. These
initial drill results are very encouraging and highlight that the region has been overlooked by modern
exploration despite its close proximity to Mt Rawdon gold mine.
Exploration to date on the Triumph project has resulted in the discovery of multiple high-grade gold zones
which occur near surface and define a large-scale gold system centred around the historical Norton goldfield.
The high-grade gold mineralisation is interpreted as leakage (‘smoke’) above bulk tonnage style gold systems
similar to other large intrusion related gold mines in Queensland. The completion of shallow drilling across
the project has defined the extent of the system and importantly provides a robust drilling data set. This data
set has been used to create 3D models of metal and alteration zoning across the project highlighting four
priority bulk tonnage targets <200m below surface.
The Eidsvold project is centred on an historical goldfield (100,000oz Au historical production) with only
limited historical exploration completed beneath the surrounding sedimentary cover in the district. Airborne
geophysical surveys (magnetics and EM) by Metal Bank have defined large-scale gold targets close to the
historical goldfield. Surface soil sampling utilising a new soil technique aimed at detecting mineralisation
through cover was completed over the geophysical targets during the year, highlighting significant soil pH
lows over the targets. This may indicate the weathering of mineralisation/sulphides from the basement
geophysical anomalies thereby enhancing prospectivity.
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METAL BANK LIMITED AND ITS CONTROLLED ENTITIES
REVIEW OF OPERATIONS
Figure 1: Location of MBK gold projects in South-East Queensland, Australia. Province gold endowment of
18Moz Au
8 Mile Project (100% MBK)
Tenement granted November 2018
Extensive gold zones intersected in initial drilling on both the Perry and Flori’s Find prospects
Results confirm the gold is associated with mineralised intrusives interpreted as ‘leakage’ above
large-scale bulk tonnage targets occurring less than 200m below surface.
Project located close to Mt Rawdon gold mine (2Moz)
The 8 Mile project, comprising an area of 245km2, is located 15km to the north-east of Mt Rawdon (2Moz Au)
gold mine in the Northern New England Orogen, south-east Queensland (Figure 1).
Exploration by MBK on the 8 Mile project following tenement grant in November 2018 has comprised soil
geochemistry and three lines of IP geophysics over a 3.6km long zone encompassing the Perry and Flori’s Find
prospects, as well as the historical Perry goldfield. An initial RC drilling programme was completed (10 holes
for 872m)1 on the Perry and Flori’s Find prospects which intersected broad zones of gold mineralisation at
both prospects, more than 2km apart (refer Figure 2).
Drill results include1:
Flori’s Find Prospect
22m @ 1.1g/t Au from 8m (ETRC001)
18m @ 0.7g/t Au from surface (ETRC002)
4m @ 5.5g/t Au from 76m, including 2m @ 9.7g/t Au from 76m (ETRC005)
Perry Prospect
46m @ 0.3g/t Au from 24m (ETRC007)
12m @ 2.1g/t Au from 4m, including 2m @ 7.5g/t Au from 14m (ETRC008)
36m @ 1.2g/t Au from 36m, including 2m @ 14.8g/t Au from 36m(ETRC009)
At both the Flori’s Find and Perry prospects, the gold mineralisation is closely associated with high-level
strongly altered intrusive rocks, interpreted as high-level leakage above a larger gold system occurring less
than 200m below surface. These rocks have many similarities to the alteration and intrusives suite at the
nearby two million-ounce Mt Rawdon gold mine.
High priority IP geophysical targets, identified directly beneath the broad zones of gold mineralisation
intersected in recent shallow drilling at both the Floris Find and Perry prospects, are interpreted as bulk
tonnage intrusion-related gold systems.
1 MBK ASX Release 23 July 2019
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METAL BANK LIMITED AND ITS CONTROLLED ENTITIES
REVIEW OF OPERATIONS
Multi-element and gold surface geochemistry highlight at least four near-surface gold systems within an
overall north-east trending structural corridor greater than 3.6km x 800m (open to the north-east), which
includes the Flori’s Find and Perry prospects (refer Figure 3). Metal zonation models derived from the
interpretation of multi-element soil geochemistry indicate the near surface geochemical anomalies are in the
upper levels of a large intrusion-related gold system. Results from this drilling programme combined with the
three lines of IP geophysics provide additional support for the existence of a large intrusion-related gold
system.
Figure 2: Eastern Target showing drilling and MBK soil geochemistry.
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METAL BANK LIMITED AND ITS CONTROLLED ENTITIES
REVIEW OF OPERATIONS
Figure 3: Perry prospect drill section showing bulk tonnage target interpreted from IP geophysics data.
Location of section shown in Figure 2.
Figure 4: Flori’s Find prospect drill section showing bulk tonnage target interpreted from IP geophysics data.
Location of section shown in Figure 2.
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METAL BANK LIMITED AND ITS CONTROLLED ENTITIES
REVIEW OF OPERATIONS
Figure 5: 8 Mile project showing the Eastern target and location of the Mt Rawdon gold mine (2Moz).
Large-scale bulk tonnage intrusion-related gold targets are the immediate focus for further drilling. These
targets occur beneath the broad zones of gold mineralisation intersected in the recent drilling associated with
high level intrusions that are interpreted to be ‘leakage’ from a significant gold system below. Multi-element
(including gold) surface geochemistry also provides strong support for the presence of multiple large-scale
gold systems.
Triumph Project (100% MBK)
Greenfields exploration success over the past three years has resulted in the discovery of six
significant mineralised centres within the Triumph gold system, which is predominantly concealed
by shallow cover and centred on the historical Norton goldfield.
Four priority bulk tonnage gold targets (Big Hans, Advance, Bonneville and Bald Hill East) have been
defined less than 200m below surface via 3D modelling of alteration and metal zonation across the
project during the year.
High-grade gold mineralisation intersected to date on the project is interpreted as leakage above
bulk tonnage style gold systems.
The Triumph project, comprising an area of 135km2, is located between the Mt Rawdon (2Moz Au) gold mine
and the historical Mt Morgan (8Moz Au and 0.4Mt Cu) mine in the Northern New England Orogen, south-east
Queensland (Figure 1).
Exploration by MBK on the Triumph project has discovered a large underexplored gold system around a
historical goldfield. The 10km2 gold system is 95% concealed beneath shallow sediment cover, which has
presented MBK with a unique opportunity and ‘first mover’ advantage to generate and drill test targets on
this previously unrecognised large gold system. Systematic exploration over the outcropping areas,
constituting only 5% of the entire gold camp, has led to the discovery of high-grade gold mineralisation in
drilling on six prospects within the past three years.
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METAL BANK LIMITED AND ITS CONTROLLED ENTITIES
REVIEW OF OPERATIONS
The Triumph project is an intrusion-related gold camp centred about the historical high-grade Norton
goldfield (mined in the late 1800’s and again in the 1990’s) located between the Mt Rawdon (2Moz Au) gold
mine and the historical Mt Morgan (8Moz Au and 0.4Mt Cu) mine in the Northern New England Orogen,
south-east Queensland.
Exploration by MBK over the past three years has discovered near-surface gold mineralisation across six
prospects within a 10km2 system. Highlights from this work include2:
Bald Hill West
-
15m @ 10.3g/t Au from 9m
Bald Hill East
30m @ 0.5g/t Au from surface (open)
New Constitution
10m @ 26.9g/t Au from 51m
Advance
3m @ 25g/t Au from 17m
Super Hans
22m @ 1.1g/t Au from 12m
Big Hans
18m @ 4.0g/t Au from surface
The high-grade gold mineralisation intersected is interpreted to represent outer halo style mineralisation
above bulk tonnage style gold systems. It is the bulk tonnage style mineralisation that represents the priority
target for MBK on the project.
During the period a detailed analysis of the project data identified four priority bulk tonnage targets (Big
Hans, Advance, Bonneville and Bald Hill East) interpreted to be located beneath the near-surface
mineralisation. Refer to Figure 6 showing the location of the priority bulk tonnage targets and refer to Figure
7 showing the metal zonation model for the Triumph project.
Figure 6: Triumph project showing the priority bulk tonnage gold targets (Big Hans, Advance, Bonneville,
Bald Hill East). Refer to Figure 7 below showing the metal zonation model.
2 MBK ASX Release: 20 June 2016, 06 Aug 2018, 05 Sept 2016, 13 Feb 2018, 13 March 2018
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METAL BANK LIMITED AND ITS CONTROLLED ENTITIES
REVIEW OF OPERATIONS
Figure 7: Triumph gold project metal zonation model, interpretation of zonation is shown in Figure 6.
The four priority targets, which require deeper drilling to assess bulk tonnage potential, include:
Big Hans – Shallow drilling intersected gold mineralisation along a 500m of strike and remains open.
Intersections include 3m @ 10.9g/t Au from 42m3, 100m along strike from 18m @ 4.0g/t Au from surface.
Both these intercepts represent the top of a large gold system with potential for the system to improve with
depth.
Advance – Multiple narrow high-grade gold zones were intersected within an area 400m x 400m. This
includes 3m @ 25g/t Au from 17m and 1m @ 45g/t from 28m4. Strong Pb and Zn mineralisation provide
support for the mineralisation intersected to date to be located above the main gold system. The next step
required for this prospect is drilling designed to target the high-grade mineralisation at a depth of between
100m to 150m below surface.
Bald Hill East – Broad zones of low-grade gold mineralisation intersected in shallow drilling to a (maximum
depth of 60m are interpreted to represent the upper portions of a large intrusion related gold system.
Mineralisation including 30m @ 0.5g/t Au from surface (open)5 define a target greater than 300m in strike
with multiple parallel structures over 100m wide. The next step required for this prospect is drilling designed
to test the gold system between 100m to 150m below surface.
Bonneville - Multiple anomalous gold intersections (>0.1g/t Au) from shallow drilling6 combined with multi-
element geochemistry provide support for Bonneville being in the very upper levels of an intrusion-related
gold system which halo a deeper IP resistivity / chargeability anomaly approximately 200m below surface.
The next step required for this prospect is drilling designed to drill test the IP anomaly.
3 MBK ASX Release 12 June 2018, 17 Aug 2017
4 MBK ASX Release 03 Apr 2018
5 MBK ASX Release 02 Aug 2018
6 MBK ASX Release 02 Aug 2018
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METAL BANK LIMITED AND ITS CONTROLLED ENTITIES
REVIEW OF OPERATIONS
Eidsvold Project (100% MBK)7
Interpretation of airborne EM and magnetic geophysical survey results during the year identified
large-scale targets concealed by cover sediments
Large-scale untested gold targets have been defined, with initial drill holes intersecting gold
mineralisation beneath sediment cover associated with regional magnetic lows along strike from the
historical goldfield
The Eidsvold project is centred on the historical Eidsvold goldfield (100,000oz Au mined in the early 1900’s)
within the Eidsvold intrusive complex, located between the Cracow (3Moz Au) and Mt Rawdon (2Moz Au)
gold mines in the Northern New England Orogen (refer Figure 8).
The Eidsvold project represents a ‘first mover’ opportunity to target bulk tonnage intrusion related gold
systems concealed by sedimentary cover on an area which is largely unexplored and adjacent to a historical
goldfield with over 100,000oz Au historical production.
Airborne geophysical surveys (magnetics and EM) by Metal Bank have defined large-scale gold targets close
to the historical goldfield. The targets are concealed by between 10m to 100m of cover and are interpreted
to represent breccia-style gold systems similar to the Mt Leyshon and Kidston gold mines in Queensland.
Refer to Figure 8.
Surface soil sampling using a new soil technique aimed at detecting mineralisation through cover was
completed over the geophysical targets during the year. Field pH data highlight large ‘low pH’ anomalies
associated with four of the geophysical targets and provide evidence of possible weathering of the
mineralisation/sulphides from the basement geophysical anomalies enhancing their prospectivity. Refer to
Figure 9.
Figure 8: Eidsvold project showing regional airborne magnetics data (400m line spacing) and high priority
targets concealed by cover sediment.
7 MBK ASX Release 18 Sept 2018
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METAL BANK LIMITED AND ITS CONTROLLED ENTITIES
REVIEW OF OPERATIONS
Figure 9: Eidsvold project showing regional airborne magnetics data and priority targets defined by low pH
in soil sampling over cover sediments.
Corporate
New Opportunities
The Company continues to review new project opportunities with a view to identifying projects that fit with
its growth strategy and have the ability to add shareholder value.
Compliance
A new Company Constitution was approved by members and adopted in November 2018.
Tony Schreck
Managing Director
27 September 2019
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TENEMENT SCHEDULE AND COMPETENT PERSONS STATEMENT
METAL BANK LIMITED AND ITS CONTROLLED ENTITIES
Schedule of Tenements
Tenements
Location
Percentage Interest
Roar Resources Pty Ltd (Wholly Owned Subsidiary)
Triumph Project
EPM 18486
EPM 19343
Eidsvold Project
EPM 18431
EPM 18753
8 Mile Project
EPM26945
EPM – Exploration Permit
Queensland
Queensland
Queensland
Queensland
100%
100%
100%
100%
Queensland
100%
Competent Persons Statement
The information in this Report that relates to Exploration Results is based on information compiled or reviewed
by Mr Tony Schreck, who is a Member of The Australasian Institute of Geoscientists. Mr Schreck is an employee
of the Company. Mr Schreck 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
as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves’. Mr Schreck consents to the inclusion in the Report of the matters based on his
information in the form and context in which it applies.
The Exploration Targets described in this report are conceptual in nature and there is insufficient information
to establish whether further exploration will result in the determination of Mineral Resources. Any resources
referred to in this report are not based on estimations of Ore Reserves or Mineral Resources made in
accordance with the JORC Code and caution should be exercised
in any external technical or
economic evaluation.
11
CORPORATE GOVERNANCE
METAL BANK LIMITED AND ITS CONTROLLED ENTITIES
Metal Bank Limited (“Metal Bank”), through its board and executives, recognises the need to establish and
maintain corporate governance policies and practices that reflect the requirements of the market regulators
and participants, and the expectations of members and others who deal with Metal Bank. These policies and
practices remain under constant review as the corporate governance environment and good practices evolve.
ASX Corporate Governance Principles and Recommendations
The third edition of ASX Corporate Governance Council Principles and Recommendations (the “Principles”)
sets out recommended corporate governance practices for entities listed on the ASX.
The Company has issued a Corporate Governance Statement which discloses the Company’s corporate
governance practices and the extent to which the Company has followed the recommendations set out in the
Principles. The Corporate Governance Statement was approved by the Board on 27 September 2019 and is
available on the Company’s website: http://metalbank.com.au/corporate-governance
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METAL BANK LIMITED AND ITS CONTROLLED ENTITY
DIRECTORS REPORT
Your directors present their report on Metal Bank Limited and its subsidiaries (Consolidated Entity or the
Group) for the year ended 30 June 2019.
DIRECTORS
The names of directors in office at any time during or since the end of the year are:
Current Directors
INĖS SCOTLAND
NON-EXECUTIVE
CHAIR
B App Sc
Ms Scotland was most recently the Managing Director and CEO of Ivanhoe
Australia, an ASX listed entity with a market capitalisation of $500m.
Prior to this Ms Scotland was the Managing Director and CEO of Citadel
Resource Group Limited. Ms Scotland was a founding shareholder of Citadel
and was its managing director through its growth, until its acquisition by
Equinox Minerals in January 2011.
At the time of acquisition by Equinox, Citadel was developing the Jabal Sayid
Copper Project in Saudi Arabia, had a market capitalisation of $1.3B and had
raised more than $380m on the equity markets.
Ms Scotland has worked in the mining industry for over 20 years for large scale
gold and copper companies in Australia, Papua New Guinea, USA and the
Middle East. This has included working for Rio Tinto companies, Comalco, Lihir
and Kennecott Utah Copper.
Appointed 13 August 2013.
Other current public company directorships:
None
ANTHONY SCHRECK
EXECUTIVE DIRECTOR
B App Sc (Geol), GDipSc,
MAIG, GAICD
Mr Schreck has more than 25 years of mineral exploration experience in
Australia and the South West Pacific region (Solomon Islands). He has managed
large exploration projects in challenging terrains for major companies including
North Flinders Mines, Normandy, Newmont, Anglo Gold Ashanti and Xstrata.
Mr Schreck is credited with the grassroots discovery of the multi-million-ounce
Twin Bonanza gold system (Buccaneer and Old Pirate gold deposits) in the
Northern Territory. He has been key in the successful startup and management
of a number of private resource companies.
Appointed 29 November 2013.
Mr Schreck has held no other current public company directorships or former
directorships in the last 3 years.
GUY ROBERTSON
EXECUTIVE DIRECTOR
B Com (Hons), CA.
Mr Robertson has more than 30 years’ experience as Chief Financial Officer,
Company Secretary and Director of both public and private companies in
Australia and Hong Kong.
Previous roles included Chief Financial Officer/GM Finance of Jardine Lloyd
Thompson, Colliers International Limited and Franklins Limited.
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METAL BANK LIMITED AND ITS CONTROLLED ENTITY
DIRECTORS REPORT
GUY ROBERTSON
(CONTINUED)
Mr Robertson has over 10 years’ experience in ASX listed mineral exploration
companies and is currently a Director of Hastings Technology Metals Ltd.
Appointed 17 September 2012.
Other current public company directorships:
Hastings Technology Metals Ltd
Former directorships in the last 3 years:
Bellevue Gold Limited
Secretary
SUE-ANN HIGGINS
(Company Secretary)
BA LLB Hons ACIS GAICD
Ms Higgins is an experienced company executive who has worked for over
25 years in the mining industry including in senior legal and commercial roles
with ARCO Coal Australia Inc, WMC Resources Ltd, Oxiana Limited and
Citadel Resource Group Limited. Ms Higgins has extensive experience in
governance and compliance, mergers and acquisitions, equity capital
markets and mineral exploration, development and operations.
Appointed 21 August 2013.
Interest in the shares and options of the Company
As at the date of this report, the interests of the directors in the shares and options of Metal Bank Limited
were:
Inés Scotland
Anthony Schreck
Guy Robertson
Ordinary
Shares
108,936,780
17,501,330
680,000
Options
Performance
Rights
-
-
-
-
-
-
SIGNIFICANT CHANGES IN STATE OF AFFAIRS
Other than as outlined in the Chairman’s report, there were no significant changes in the state of affairs of
the Company during the year.
PRINCIPAL ACTIVITIES
The principal activity of the Company during the financial year was mineral exploration. There have been no
significant changes in the nature of the Company’s principal activities during the financial year.
SIGNIFICANT AFTER BALANCE SHEET DATE EVENTS
There are no matters or circumstances that have arisen since the end of the financial period that have
significantly affected or may significantly affect the operations of the consolidated entity, the results of those
operations, or the state of affairs of the consolidated entity in future financial years.
LIKELY FUTURE DEVELOPMENTS AND EXPECTED RESULTS
The primary objective of Metal Bank is to continue its exploration activities on its current exploration projects
in Australia and to continue to pursue new project opportunities as they arise.
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METAL BANK LIMITED AND ITS CONTROLLED ENTITY
DIRECTORS REPORT
The material business risks faced by the Company that are likely to have an effect on the financial prospects
of the Company, and how the Company manages these risks, are:
Future Capital Needs – the Company does not currently generate cash from its operations. The Company
will require further funding in order to meet its corporate expenses, continue its exploration activities and
complete studies necessary to assess the economic viability of its projects. The Company’s financial
position is monitored on a regular basis and processes put into place to ensure that fund raising activities
will be conducted in a timely manner to ensure the Company has sufficient funds to conduct its activities.
Exploration and Developments Risks – the business of exploration for gold and other minerals and their
development involves a significant degree of risk, which even a combination of experience, knowledge
and careful evaluation may not be able to overcome. To prosper, the Company depends on factors that
include successful exploration and the establishment of resources and reserves within the meaning of the
2012 JORC Code. The Company may fail to discover mineral resources on its projects and once
determined, there is a risk that the Company’s mineral deposits may not be economically viable. The
Company employs geologists and other technical specialists, and engages external consultants where
appropriate to address this risk.
Commodity Price Risk – as a Company which is focused on the exploration of gold and base and precious
metals, it is exposed to movements in the price of these commodities. The Company monitors historical
and forecast price information from a range of sources in order to inform its planning and decision making.
Title and permit risks - each permit or licence under which exploration activities can be undertaken is
issued for a specific term and carries with it work commitments and reporting obligations, as well as other
conditions requiring compliance. Consequently, the Company could lose title to, or its interests in, one
or more of its tenements if conditions are not met or if sufficient funds are not available to meet work
commitments. Any failure to comply with the work commitments or other conditions on which a permit
or tenement is held exposes the permit or tenement to forfeiture or may result in it not being renewed
as and when renewal is sought. The Company monitors compliance with its commitments and reporting
obligations using internal and external resources to mitigate this risk.
PERFORMANCE IN RELATION TO ENVIRONMENTAL REGULATION
The consolidated entity will comply with its obligations in relation to environmental regulation on its
Queensland projects and when it undertakes exploration in the future. The Directors are not aware of any
breaches of any environmental regulations during the period covered by this report.
OPERATING RESULTS AND FINANCIAL REVIEW
The loss of the consolidated entity after providing for income tax amounted to $425,026 (2018: loss of
$779,139).
The Group’s operating income decreased to $41,781 (2018: $53,694) and relates purely to interest on funds
at bank.
Expenses decreased to $466,807 (2018: $832,833) attributable to the write off of exploration costs in the
prior year and an increased allocation of geological salary costs to projects in the current year.
Capitalised exploration costs increased to $8,804,339 (2018: $7,984,603) reflecting the exploration work
during the work on the 8 Mile project and the Triumph project.
Net assets decreased to $10,416,762 (2018: $10,841,788) due to the loss for the year.
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METAL BANK LIMITED AND ITS CONTROLLED ENTITY
DIRECTORS REPORT
DIVIDENDS PAID OR RECOMMENDED
The directors do not recommend the payment of a dividend and no amount has been paid or declared by
way of a dividend to the date of this report.
REMUNERATION REPORT
Remuneration Policy
The Board determines, on a case by case basis, the terms and conditions of employment of company
executives and consultants, including remuneration.
The Board’s policy for determining the nature and amount of remuneration for Board members and
executives (Remuneration Policy) is as follows:
The terms and conditions for the executive directors and other senior staff members, are developed by
the Chair and Company Secretary and approved by the Board;
Remuneration for directors and senior executives is determined and reviewed by the Board by reference
to the Company’s performance, the individual’s performance, as well as comparable information from
listed companies in similar industries;
In determining competitive remuneration rates, the Board may seek independent advice on local and
international trends among comparative companies and industry generally. It examines terms and
conditions for employee incentive schemes, benefit plans and share plans. Independent advice may be
obtained to confirm that executive remuneration is in line with market practice and is reasonable in the
context of Australian executive reward practices;
The Company is a mineral exploration company and does not generate cash from its operations. In order
to preserve cash for exploration activities, the Board has determined, where possible, to pay a base
remuneration less than market rates to its executive directors, employees and individual contractors
with base remuneration to be supplemented by performance incentives to ensure attraction, retention
and ongoing incentives for its directors and executives;
The Board determines payments to the non-executive directors and reviews their remuneration
annually, based on market practice, duties and accountability;
All remuneration paid to directors is valued at the cost to the Company and expensed. Where
appropriate, shares given to directors and executives are valued as the difference between the market
price of those shares and the amount paid by the director or executive. Options are valued using the
Black-Scholes methodology; and
Issue of performance rights are subject to the terms of Metal Bank Performance Rights Plan and their
vesting is subject to vesting conditions and performance hurdles relating to the performance of both the
Company and the individual as determined and assessed by the Board.
The Company has not tabled figures for earnings and shareholders’ funds for the last five years as, being an
exploration company, these historical figures have no relevance in determining remuneration structure.
DIRECTORS' AND EXECUTIVE OFFICERS’ EMOLUMENTS –
(a) Details of Directors and Key Management Personnel
(i)
Current Directors
Inés Scotland – Non-Executive Chair (appointed 13 August 2013)
Anthony Schreck – Executive Director (appointed 29 November 2013)
Guy Robertson – Executive Director (appointed 17 September 2012)
(ii)
Company Secretary
Sue-Ann Higgins (appointed 21 August 2013)
16
METAL BANK LIMITED AND ITS CONTROLLED ENTITY
DIRECTORS REPORT
Remuneration report (continued)
(iii)
Key Management Personnel
Trevor Wright - Exploration Manager (appointed 4 July 2016)
Other than the directors, the company secretary and the Exploration Manager, the Company had no Key
Management Personnel for the financial year ended 30 June 2019.
Directors’ remuneration and other terms of employment are reviewed annually by the Board having regard
to performance against goals set at the start of the year, relative comparative information and independent
expert advice, where appropriate.
Except as detailed in Notes (a) – (c) to the Remuneration Report, no director or officer has received or become
entitled to receive, during or since the financial year, a benefit because of a contract made by the Company
or a related body corporate with a director, a firm of which a director is a member or an entity in which a
director has a substantial financial interest. This statement excludes a benefit included in the aggregate
amount of emoluments received or due and receivable by directors and shown in Notes (a) – (c) to the
Remuneration Report, prepared in accordance with the Corporations Regulations, or the fixed salary of a full
time employee of the Company.
(b) Remuneration of Directors and Key Management Personnel
Remuneration Policy
The Company’s Remuneration Policy is outlined above. Remuneration of Directors of the Group and Key
Management Personnel is set out below.
Service Contracts
The Company has a services contract with Goldfind Exploration Pty Ltd for provision of the services of the
Managing Director providing for remuneration of $251,850 per annum. The contract is cancellable by either
party giving six months’ notice.
The Company has a service contract with the Company Secretary providing an annual fee of $84,000, and
cancellable by either party giving one months’ notice.
Parent & Group Key Management Personnel
2019
2018
Base
Salary
and Fees
Share
Based
Payments
Super-
annuation
Total
Base
Salary
and Fees
Share
Based
Payments
Super-
annuation
I. Scotland
A. Schreck
G. Robertson
T. Wright
S. Higgins
Totals
-
-
-
-
-
-
-
239,104
-
12,746
251,850
217,500
10,830
20,662
50,000
178,558
92,400
560,062
-
-
-
-
-
-
-
12,746
50,000
178,558
92,400
572,808
50,000
183,061
114,940
565,501
-
7,590
6,580
25,000
-
-
-
20,662
Total
-
248,992
50,000
190,651
121,520
611,163
There are no other employment benefits, either short term, post-employment or long term, non-monetary
or otherwise other than those outlined above.
17
METAL BANK LIMITED AND ITS CONTROLLED ENTITY
DIRECTORS REPORT
Remuneration report (continued)
(c) Employee Related Share-based compensation
Options
No options were issued to employees or to directors or executives as part of their remuneration for the year
ended 30 June 2019.
Performance Rights
The Metal Bank Performance Rights Plan (the Rights Plan) and issue of securities under the Rights Plan was
first approved by shareholders at the Annual General Meeting of the Company held on 30 November 2012
and this approval was renewed by shareholders at the Annual General Meeting of the Company held on
30 November 2018.
To be eligible to participate in the Rights Plan, a person must be a full or part time employee, contractor or
consultant (approved by the Board) of the Company or any subsidiary of the Company or a director.
No performance rights were issued during the year and no performance rights were outstanding at the end
of the year.
During the previous year 3,737,184 performance rights were issued. The rights had a performance period
which expired on 31 August 2018. After assessing the vesting conditions, the Board determined that
1,254,585 of the 2018 Performance Rights had vested and the balance of performance rights on issue have
lapsed.
The Company is an exploration company and has no revenue from sales of product. Consequently,
earnings/loss and return to shareholders over the previous five years is not an appropriate benchmark for
the determination of executive remuneration, and has not been tabled.
Remuneration report – end.
MEETINGS OF DIRECTORS
The number of directors' meetings (including committees) held during the financial period, each director who
held office during the financial period and the number of meetings attended by each director are:
Director
I. Scotland
A. Schreck
G. Robertson
Directors Meetings
Meetings Attended
Number Eligible
to Attend
5
5
5
5
5
5
INDEMNIFYING OFFICERS
In accordance with the constitution, except as may be prohibited by the Corporations Act 2001, every officer
or agent of the Company shall be indemnified out of the property of the Company against any liability incurred
by him or her in his or her capacity as officer or agent of the Company or any related corporation in respect
of any act or omission whatsoever and howsoever occurring or in defending any proceedings, whether civil
or criminal.
18
METAL BANK LIMITED AND ITS CONTROLLED ENTITY
DIRECTORS REPORT
The Company paid insurance premiums of $10,900 in August 2019 in respect of directors’ and officers’
liability. The insurance premiums relate to:
costs and expenses incurred by the relevant officers in defending legal proceedings, whether civil or
criminal and whatever their outcome;
other liabilities that may arise from their position, with the exception of conduct involving wilful breach
of duty or improper use of information to gain a personal advantage.
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.
During the financial year, the company has not paid a premium in respect of a contract to insure the auditor
of the company or any related entity.
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
proceeding 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.
AUDITOR’S INDEPENDENCE DECLARATION
The lead auditor’s independence declaration under Section 307C in relation to auditor’s independence for
the year ended 30 June 2019 has been received and can be found on the following page.
NON-AUDIT SERVICES
The Board of Directors advises that no non-audit services were provided by the Company’s auditors during
the year.
This report is made in accordance with a resolution of the directors.
Guy Robertson
Director
Sydney, 27 September 2019
19
RSM Australia Partners
Level 13, 60 Castlereagh Street Sydney NSW 2000
GPO Box 5138 Sydney NSW 2001
T +61 (0) 2 8226 4500
F +61 (0) 2 8226 4501
www.rsm.com.au
AUDITOR’S INDEPENDENCE DECLARATION
As lead auditor for the audit of the financial report of Metal Bank Limited for the year ended 30 June 2019, I
declare that, to the best of my knowledge and belief, there have been no contraventions of:
(i)
the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and
(ii)
any applicable code of professional conduct in relation to the audit.
RSM AUSTRALIA PARTNERS
Gary N Sherwood
Partner
Sydney NSW
Dated: 27 September 2019
THE POWER OF BEING UNDERSTOOD
AUDIT | TAX | CONSULTING
20
RSM Australia Partners is a member of the RSM network and trades as RSM. RSM is the trading name used by the members of the RSM network. Each member of the
RSM network is an independent accounting and consulting firm which practices in its own right. The RSM network is not itself a separate legal entity in any jurisdiction.
RSM Australia Partners ABN 36 965 185 036
Liability limited by a scheme approved under Professional Standards Legislation
METAL BANK LIMITED AND ITS CONTROLLED ENTITY
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2019
Revenue
Administration expenses
Personnel costs
Compliance and regulatory expenses
Directors fees
Management and consulting fees
Travel expenses
Exploration expenditure written off
Share based payments
LOSS BEFORE INCOME TAX
Income tax expense
LOSS FOR THE YEAR
LOSS ATTRIBUTABLE TO MEMBERS OF
METAL BANK LIMITED
Note
2
10
3
4
2019
$
41,781
(62,863)
(42,357)
(88,859)
(50,000)
(211,271)
(8,015)
(3,442)
-
2018
$
53,694
(101,890)
(171,993)
(119,060)
(50,000)
(183,228)
(18,096)
(163,566)
(25,000)
(425,026)
(779,139)
-
-
(425,026)
(779,139)
(425,026)
(779,139)
OTHER COMPREHENSIVE INCOME
-
-
TOTAL COMPREHENSIVE LOSS
(425,026)
(779,139)
Loss for the year is attributable to:
Owners of Metal Bank Limited
Total Comprehensive loss for the year is
attributable to:
Owners of Metal Bank Limited
Earnings per share
Basic and diluted loss per share
(cents per share)
(425,026)
(779,139)
(425,026)
(779,139)
20
(0.05)
(0.10)
The Consolidated Statement of Profit or Loss and Other Comprehensive Income are to be read in conjunction
with the attached notes
21
METAL BANK LIMITED AND ITS CONTROLLED ENTITY
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2019
Note
2019
$
CURRENT ASSETS
Cash and cash equivalents
Trade and other receivables
Financial assets
TOTAL CURRENT ASSETS
NON-CURRENT ASSETS
Plant and equipment
Exploration and evaluation expenditure
TOTAL NON-CURRENT ASSETS
TOTAL ASSETS
CURRENT LIABILITIES
Trade and other payables
Employee benefit obligations
TOTAL CURRENT LIABILITIES
TOTAL LIABILITIES
NET ASSETS
EQUITY
Issued capital
Reserves
Accumulated losses
TOTAL EQUITY
5
6
7
8
10
11
12
2018
$
2,980,581
76,406
1,250
3,058,237
32,649
7,984,603
8,017,252
1,753,685
61,164
1,250
1,816,099
29,667
8,804,339
8,834,006
10,650,105
11,075,489
233,343
-
233,343
220,139
13,562
233,701
233,343
233,701
10,416,762
10,841,788
13
14
20,852,582
-
(10,435,820)
20,827,582
162,520
(10,148,314)
10,416,762
10,841,788
The Consolidated Statement of Financial Position are to be read in conjunction with the attached notes.
22
METAL BANK LIMITED AND ITS CONTROLLED ENTITY
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2019
Issued
Capital
$
Reserves
Accumulated
Losses
$
Note
Total
$
Balance as at 1 July 2018
Loss for the year
Other comprehensive income for
the year
Total comprehensive loss for the
year
20,827,582
-
162,520
-
(10,148,314)
(425,026)
10,841,788
(425,026)
-
-
-
-
-
-
(425,026)
(425,026)
Issue of capital
Cost of issue of capital
Transfer from share based payment
Share based payment
Balance as at 30 June 2019
13
13
14
14
-
-
25,000
-
20,852,582
(162,520)
137,520
-
-
(10,435,820)
10,416,762
Balance as at 1 July 2017
Loss for the year
Other comprehensive
income for the year
Total comprehensive
loss for the year
17,633,012
-
165,110
-
(9,385,230)
(779,139)
8,412,892
(779,139)
-
-
-
-
-
-
(779,139)
(779,139)
Issue of capital
13
13
Cost of issue of capital
Transfer from share based payment 14
14
Share based payment
3,355,365
(172,330)
11,535
-
-
-
(27,590)
25,000
-
-
16,055
-
3,355,365
(172,330)
-
25,000
Balance as at 30 June 2018
20,827,582
162,520
(10,148,314)
10,841,788
The Consolidated Statement of Changes in Equity are to be read in conjunction with the attached notes.
23
METAL BANK LIMITED AND ITS CONTROLLED ENTITY
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2019
CASH FLOWS FROM OPERATING ACTIVITIES
Payments to suppliers and employees
Interest received
NET CASH USED IN OPERATING ACTIVITIES
22
CASH FLOWS FROM INVESTING ACTIVITIES
Payments for fixed assets
Payment for exploration and evaluation
NET CASH USED IN INVESTING ACTIVITIES
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issue of shares and options
Cost of share issue
NET CASH PROVIDED BY FINANCING
ACTIVITIES
2019
$
2018
$
(464,806)
42,089
(422,717)
(1,991)
(802,188)
(804,179)
-
-
-
(621,080)
52,135
(568,945)
(28,337)
(2,588,844)
(2,617,182)
3,355,366
(172,330)
3,183,036
NET DECREASE IN CASH HELD
(1,226,896)
(3,091)
Cash at the beginning of the financial year
CASH AT THE END OF THE FINANCIAL YEAR
5
2,980,581
1,753,685
2,983,672
2,980,581
The Consolidated Statement of Cash Flows are to be read in conjunction with the attached notes.
24
METAL BANK LIMITED AND ITS CONTROLLED ENTITY
NOTES TO THE FINANCIAL STATEMENTS
This financial report includes the consolidated financial statements and notes of Metal Bank Limited and its
controlled entities (Consolidated Group or Group), and a separate note on the accounts of Metal Bank
Limited as the parent entity (Parent).
1. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF PREPARATION
The financial report is a general purpose financial report that has been prepared in accordance with Australian
Accounting Standards, Australian Accounting Interpretations, other authoritative pronouncements of the
Australian Accounting Standards Board and the Corporations Act 2001.
Australian Accounting Standards set out accounting policies that the AASB has concluded would result in a
financial report containing relevant and reliable information about transactions, events and conditions.
Compliance with Australian Accounting Standards ensures that the financial statements and notes also
comply with International Financial Reporting Standards. Material accounting policies adopted in the
preparation of this financial report are presented below and have been consistently applied unless otherwise
stated.
This financial report is presented in Australian Dollars.
The financial report has been prepared on an accruals basis and is based on historical costs, modified, where
applicable, by the measurement at fair value of selected non-current assets, financial assets and financial
liabilities.
The financial report covers the Group of Metal Bank Limited and controlled entities. Metal Bank Limited is a
public listed company, incorporated and domiciled in Australia.
a.
Principles of Consolidation
The consolidated financial statements incorporate the assets, liabilities and results of entities
controlled by Metal Bank Limited at the end of the reporting period. A controlled entity is any entity
over which Metal Bank Limited has the ability and right to govern the financial and operating policies
so as to obtain benefits from the entity’s activities.
Where controlled entities have entered or left the Group during the year, the financial performance
of those entities is included only for the period of the year that they were controlled. A list of
controlled entities is contained in Note 9 to the financial statements.
In preparing the consolidated financial statements, all inter-group balances and transactions between
entities in the consolidated group have been eliminated in full on consolidation.
Non-controlling interests, being the equity in a subsidiary not attributable, directly or indirectly, to a
parent, are reported separately within the equity section of the consolidated statement of financial
position and statement of comprehensive income. The non-controlling interests in the net assets
comprise their interests at the date of the original business combination and their share of changes in
equity since that date.
b. Business Combinations
Business combinations occur where an acquirer obtains control over one or more businesses.
A business combination is accounted for by applying the acquisition method, unless it is a combination
involving entities or businesses under common control. The business combination will be accounted
for from the date that control is attained, whereby the fair value of the identifiable assets acquired
and liabilities (including contingent liabilities) assumed is recognised (subject to certain limited
exemptions).
When measuring the consideration transferred in the business combination, any asset or liability
resulting from a contingent consideration arrangement is also included. Subsequent to initial
recognition, contingent consideration classified as equity is not remeasured and its subsequent
settlement is accounted for within equity. Contingent consideration classified as an asset or liability is
remeasured each reporting period to fair value, recognising any change to fair value in profit or loss,
unless the change in value can be identified as existing at acquisition date.
25
METAL BANK LIMITED AND ITS CONTROLLED ENTITY
NOTES TO THE FINANCIAL STATEMENTS
Statement of significant accounting policies (continued)
All transaction costs incurred in relation to the business combination are expensed to the statement
of comprehensive income.
The acquisition of a business may result in the recognition of goodwill or a gain from a bargain
purchase.
c. Adoption of New and Revised Accounting Standards
Changes in accounting policies on initial application of Accounting Standards
The consolidated entity has adopted all of the new or amended Accounting Standards and Interpretations
issued by the Accounting Standards Board (“AASB”) that are mandatory for the current reporting period.
Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been
early adopted.
The following Accounting Standards and Interpretations are most relevant to the consolidated entity.
AASB 15: Revenue From Contracts With Customers
The consolidated entity has adopted AASB 15 from 1 July 2018. The standard provides a single
comprehensive model for revenue recognition. The core principle of the standard is that an entity shall
recognise revenue to depict the transfer of promised goods or services to customers at an amount that
reflects the consideration to which the entity expects to be entitled in exchange for those goods or
services. The standard introduced a new contract-based revenue recognition model with a measurement
approach that is based on an allocation of the transaction price. This is described further in the accounting
policies below. Credit risk is presented separately as an expense rather than adjusted against revenue.
Contracts with customers are presented in an entity's statement of financial position as a contract liability,
a contract asset, or a receivable, depending on the relationship between the entity's performance and the
customer's payment. Customer acquisition costs and costs to fulfil a contract can, subject to certain
criteria, be capitalised as an asset and amortised over the contract period.
As the Group is not yet in the production stage this accounting standard is not applicable and no
adjustment is required to the current or the prior reporting period.
AASB 9: Financial Instruments
The consolidated entity has adopted AASB 9 from 1 July 2018. The standard introduced new classification
and measurement models for financial assets. A financial asset shall be measured at amortised cost if it is
held within a business model whose objective is to hold assets in order to collect contractual cash flows
which arise on specified dates and that are solely principal and interest. A debt investment shall be
measured at fair value through other comprehensive income if it is held within a business model whose
objective is to both hold assets in order to collect contractual cash flows which arise on specified dates
that are solely principal and interest as well as selling the asset on the basis of its fair value. All other
financial assets are classified and measured at fair value through profit or loss unless the entity makes an
irrevocable election on initial recognition to present gains and losses on equity instruments (that are not
held-for-trading or contingent consideration recognised
in other
comprehensive income ('OCI'). Despite these requirements, a financial asset may be irrevocably
designated as measured at fair value through profit or loss to reduce the effect of, or eliminate, an
accounting mismatch. For financial liabilities designated at fair value through profit or loss, the standard
requires the portion of the change in fair value that relates to the entity's own credit risk to be presented
in OCI (unless it would create an accounting mismatch). New simpler hedge accounting requirements are
intended to more closely align the accounting treatment with the risk management activities of the entity.
New impairment requirements use an 'expected credit loss' ('ECL') model to recognise an allowance.
Impairment is measured using a 12-month ECL method unless the credit risk on a financial instrument has
increased significantly since initial recognition in which case the lifetime ECL method is adopted. For
receivables, a simplified approach to measuring expected credit losses using a lifetime expected loss
allowance is available.
in a business combination)
26
METAL BANK LIMITED AND ITS CONTROLLED ENTITY
NOTES TO THE FINANCIAL STATEMENTS
Statement of significant accounting policies (continued)
d.
Income Taxes
The income tax expense (revenue) for the year comprises current income tax expense (income) and
deferred tax expense (income). Current income tax expense charged to the profit or loss is the tax payable
on taxable income calculated using applicable income tax rates enacted, or substantially enacted, as at
reporting date. Current tax liabilities (assets) are therefore measured at the amounts expected to be paid
to (recovered from) the relevant taxation authority.
Deferred income tax expense reflects movements in deferred tax asset and deferred tax liability balances
during the year as well unused tax losses. Current and deferred income tax expense (income) is charged
or credited directly to equity instead of the profit or loss when the tax relates to items that are credited
or charged directly to equity. Deferred tax assets and liabilities are ascertained based on temporary
differences arising between the tax bases of assets and liabilities and their carrying amounts in the
financial statements. Deferred tax assets also result where amounts have been fully expensed but future
tax deductions are available. No deferred income tax will be recognised from the initial recognition of an
asset or liability, excluding a business combination, where there is no effect on accounting or taxable
profit or loss.
Deferred tax assets and liabilities are calculated at the tax rates that are expected to apply to the period
when the asset is realised or the liability is settled, based on tax rates enacted or substantively enacted at
reporting date. Their measurement also reflects the manner in which management expects to recover or
settle the carrying amount of the related asset or liability. Deferred tax assets relating to temporary
differences and unused tax losses are recognised only to the extent that it is probable that future taxable
profit will be available against which the benefits of the deferred tax asset can be utilised. Where
temporary differences exist in relation to investments in subsidiaries, branches, associates, and joint
ventures, deferred tax assets and liabilities are not recognised where the timing of the reversal of the
temporary difference can be controlled and it is not probable that the reversal will occur in the
foreseeable future.
Current tax assets and liabilities are offset where a legally enforceable right of set-off exists and it is
intended that net settlement or simultaneous realisation and settlement of the respective asset and
liability will occur. Deferred tax assets and liabilities are offset where a legally enforceable right of set-off
exists, the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority
on either the same taxable entity or different taxable entities where it is intended that net settlement or
simultaneous realisation and settlement of the respective asset and liability will occur in future periods in
which significant amounts of deferred tax assets or liabilities are expected to be recovered or settled.
e.
Current and Non-Current Classification
Assets and liabilities are presented in the statement of financial position based on current and non-current
classification.
An asset is classified as current when: it is either expected to be realised or intended to be sold or
consumed in the consolidated entity's normal operating cycle; it is held primarily for the purpose of
trading; it is expected to be realised within 12 months after the reporting period; or the asset is cash or
cash equivalent unless restricted from being exchanged or used to settle a liability for at least 12 months
after the reporting period. All other assets are classified as non-current.
A liability is classified as current when: it is either expected to be settled in the consolidated entity's
normal operating cycle; it is held primarily for the purpose of trading; it is due to be settled within 12
months after the reporting period; or there is no unconditional right to defer the settlement of the liability
for at least 12 months after the reporting period. All other liabilities are classified as non-current.
27
METAL BANK LIMITED AND ITS CONTROLLED ENTITY
NOTES TO THE FINANCIAL STATEMENTS
Statement of significant accounting policies (continued)
f.
Property, Plant and Equipment
Plant and equipment is stated at cost less accumulated depreciation and any accumulated impairment
losses.
Depreciation is calculated on a straight-line basis over the estimated useful life of the assets as follows:
Plant and equipment – over 5 years
The assets’ residual values, useful lives and amortisation methods are reviewed, and adjusted if
appropriate, at each financial year end.
(i) Impairment
The carrying values of plant and equipment are reviewed for impairment at each balance date, with
recoverable amount being estimated when events or changes in circumstances indicate that the
carrying value may be impaired.
The recoverable amount of plant and equipment is the higher of fair value less costs to sell and value in
use.
An impairment exists when the carrying value of an asset exceeds its estimated recoverable amount.
The asset is then written down to its recoverable amount.
For plant and equipment, impairment losses are recognised in the statement of comprehensive income.
An annual transfer from the asset revaluation reserve to retained earnings is made for the difference
between depreciation based on the re-valued carrying amounts of the assets and depreciation based on
the assets’ original costs. Additionally, any accumulated depreciation as at the revaluation date is
eliminated against the gross carrying amounts of the assets and the net amounts are restated to the re-
valued amounts of the assets.
Upon disposal, any revaluation reserve relating to the particular asset being sold is transferred to
retained earnings.
(ii) Derecognition and disposal
An item of property, plant and equipment is derecognised upon disposal or when no further future
economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the
asset (calculated as the difference between the net disposal proceeds and the carrying amount of the
asset) is included in the statement of comprehensive income in the year the asset is derecognised.
g.
Exploration and Evaluation Costs
Exploration, evaluation and development expenditure incurred is accumulated in respect of each
identifiable area of interest. These costs are only carried forward to the extent that they are expected to
be recouped through the successful development of the area or where activities in the area have not yet
reached a stage that permits reasonable assessment of the existence of economically recoverable
reserves. Accumulated costs in relation to an abandoned area are written off in full against profit in the
year in which the decision to abandon the area is made.
An area of interest refers to an individual geological area whereby the presence of a mineral deposit is
considered favourable or has been proved to exist. It is common for an area of interest to contract in size
progressively, as exploration and evaluation lead towards the identification of a mineral deposit which
may prove to contain economically recoverable reserves. When this happens during the exploration for
28
METAL BANK LIMITED AND ITS CONTROLLED ENTITY
NOTES TO THE FINANCIAL STATEMENTS
Statement of significant accounting policies (continued)
Exploration and evaluation costs (continued)
and evaluation of mineral resources, exploration and evaluation expenditures are still included in the cost
of the exploration and evaluation asset notwithstanding that the size of the area of interest may contract
as the exploration and evaluation operations progress. In most cases, an area of interest will comprise a
single mine or deposit.
When production commences, the accumulated costs for the relevant area of interest are amortised over
the life of the area according to the rate of depletion of the economically recoverable reserves. A regular
review is undertaken of each area of interest to determine the appropriateness of continuing to carry
forward costs in relation to that area of interest. Costs of site restoration are provided over the life of the
facility from when exploration commences and are included in the costs of that stage. Site restoration
costs include the dismantling and removal of mining plant, equipment and building structures, waste
removal, and rehabilitation of the site in accordance with clauses of the mining permits. Such costs have
been determined using estimates of future costs, current legal requirements and technology on an
undiscounted basis.
Any changes in the estimates for the costs are accounted on a prospective basis. In determining the costs
of site restoration, there is uncertainty regarding the nature and extent of the restoration due to
community expectations and future legislation. Accordingly the costs have been determined on the basis
that the restoration will be completed within one year of abandoning the site.
h.
Financial Instruments
(i) Classification
From 1 January 2018, the Company classifies its financial assets in the following measurement categories:
those to be measured subsequently at fair value (either through OCI or through profit or loss), and
those to be measured at amortised cost.
The classification depends on the Company’s business model for managing the financial assets and the
contractual terms of the cash flows.
For assets measured at fair value, gains and losses will either be recorded in profit or loss or OCI. For
investments in equity instruments that are not held for trading, this will depend on whether the Company
has made an irrevocable election at the time of initial recognition to account for the equity investment at
fair value through other comprehensive income (FVOCI).
The Company reclassifies debt investments when and only when its business model for managing those
assets changes.
(ii) Recognition and derecognition
Regular way purchases and sales of financial assets are recognised on trade-date, the date on which the
Company commits to purchase or sell the asset. Financial assets are derecognised when the rights to
receive cash flows from the financial assets have expired or have been transferred and the Company has
transferred substantially all the risks and rewards of ownership.
(iii) Measurement
At initial recognition, the Company measures a financial asset at its fair value plus, in the case of a financial
asset not at fair value through profit or loss (FVPL), transaction costs that are directly attributable to the
acquisition of the financial asset. Transaction costs of financial assets carried at FVPL are expensed in
profit or loss.
Financial assets with embedded derivatives are considered in their entirety when determining whether
their cash flows are solely payment of principal and interest.
29
METAL BANK LIMITED AND ITS CONTROLLED ENTITY
NOTES TO THE FINANCIAL STATEMENTS
Statement of significant accounting policies (continued)
Financial instruments (continued)
iv) Impairment
From 1 January 2018, the Company assesses on a forward looking basis the expected credit losses
associated with its debt instruments carried at amortised cost and FVOCI. The impairment methodology
applied depends on whether there has been a significant increase in credit risk.
For trade receivables, the Company applies the simplified approach permitted by AASB 9, which requires
expected lifetime losses to be recognised from initial recognition of the receivables.
i.
Impairment of Assets
At each reporting date, the Company reviews the carrying values of its tangible and intangible assets to
determine whether there is any indication that those assets have been impaired. If such an indication
exists, the recoverable amount of the asset, being the higher of the asset’s fair value less costs to sell and
value in use, is compared to the asset’s carrying value. Any excess of the asset’s carrying value over its
recoverable amount is expensed to the consolidated statement of comprehensive income. Impairment
testing is performed annually for goodwill and intangible assets with indefinite lives.
Where it is not possible to estimate the recoverable amount of an individual asset, the Company estimates
the recoverable amount of the cash-generating unit to which the asset belongs. In the case of available-
for-sale financial instruments, a prolonged decline in the value of the instrument is considered to
determine whether impairment has arisen.
j.
Cash and Cash Equivalents
Cash and cash equivalents include cash on hand, deposits held at call with banks, other short-term highly
liquid investments with original maturities of 3 months or less, and bank overdrafts. Bank overdrafts are
shown within short-term borrowings in current liabilities on the statement of financial performance.
k.
Trade and Other Payables
These amounts represent liabilities for goods and services provided to the consolidated entity prior to the
end of the financial year and which are unpaid. Due to their short-term nature they are measured at
amortised cost and are not discounted. The amounts are unsecured and are usually paid within 30 days
of recognition.
l.
Revenue Recognition
Interest revenue is recognised using the effective interest method. It includes the amortisation of any
discount or premium.
m. Goods and Services Tax (GST)
Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of
GST incurred is not recoverable from the Australian Tax Office. In these circumstances the GST is
recognised as part of the cost of acquisition of the asset or as part of an item of the expense. Receivables
and payables in the statement of financial position are shown inclusive of GST. Cash flows are presented
in the 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.
30
METAL BANK LIMITED AND ITS CONTROLLED ENTITY
NOTES TO THE FINANCIAL STATEMENTS
Statement of significant accounting policies (continued)
n.
Earnings Per Share
Basic earnings per share
Basic earnings per share is calculated by dividing the profit attributable to the owners of Metal Bank
Limited, excluding any costs of servicing equity other than ordinary shares, by the weighted number of
ordinary shares outstanding during the financial year, adjusted for bonus elements in ordinary shares
issued during the financial year.
Diluted earnings per share
Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to
take into account the after income tax effect of interest and other financing costs associated with dilutive
potential ordinary shares and the weighted average number of ordinary shares assumed to have been
issued for no consideration in relation to dilutive potential ordinary shares.
o. Comparative Figures
When required by Accounting Standards, comparative figures have been adjusted to conform to changes
in presentation for the current financial year.
p.
Significant Judgements and Key Assumptions
The directors evaluate estimates and judgements incorporated into the financial report based on
historical knowledge and best available current information. Estimates assume a reasonable expectation
of future events and are based on current trends and economic data, obtained both externally and within
the Company.
q. Key Judgements and Estimates
Key Judgement Exploration Expenditure
The Company capitalises expenditure relating to exploration and evaluation where it is considered likely
to be recoverable or where the activities have not reached a stage which permits a reasonable assessment
of the existence of reserves. While there are certain areas of interest from which no reserves have been
extracted, the directors are of the continued belief that such expenditure should not be impaired since
feasibility studies in such areas have not yet concluded. Such capitalised expenditure is carried at
reporting date at $8,804,339.
Key Judgement Environmental Issues
Balances disclosed in the financial statements and notes thereto are not adjusted for any pending or
enacted environmental legislation, and the directors understanding thereof. At the current stage of the
company’s development and its current environmental impact the directors believe such treatment is
reasonable and appropriate.
Key Estimate Share based payment transactions
The Company measures the cost of equity-settled transactions by reference to the fair value of the equity
instruments at the date at which they are granted. The fair value is determined by reference to the market
price.
New Accounting Standards and Interpretations in issue not yet mandatory or early adopted
Australian Accounting Standards and Interpretations that have recently been issued or amended but are
not yet mandatory, have not been early adopted by the consolidated entity for the annual reporting
period ended 30 June 2019. The consolidated entity's assessment of the impact of these new or amended
Accounting Standards and Interpretations, most relevant to the consolidated entity, are set out below.
31
METAL BANK LIMITED AND ITS CONTROLLED ENTITY
NOTES TO THE FINANCIAL STATEMENTS
Statement of significant accounting policies (continued)
AASB 16 Leases This standard is applicable to annual reporting periods beginning on or after 1 January
2019. The standard replaces AASB 117 'Leases' and for lessees will eliminate the classifications of
operating leases and finance leases. Subject to exceptions, a 'right-of-use' asset will be capitalised in the
statement of financial position, measured at the present value of the unavoidable future lease payments
to be made over the lease term. The exceptions relate to short-term leases of 12 months or less and leases
of low-value assets (such as personal computers and small office furniture) where an accounting policy
choice exists whereby either a 'right-of-use' asset is recognised or lease payments are expensed to profit
or loss as incurred. A liability corresponding to the capitalised lease will also be recognised, adjusted for
lease prepayments, lease incentives received, initial direct costs incurred and an estimate of any future
restoration, removal or dismantling costs. Straight-line operating lease expense recognition will be
replaced with a depreciation charge for the leased asset (included in operating costs) and an interest
expense on the recognised lease liability (included in finance costs). In the earlier periods of the lease, the
expenses associated with the lease under AASB 16 will be higher when compared to lease expenses under
AASB 117. However EBITDA (Earnings Before Interest, Tax, Depreciation and Amortisation) results will be
improved as the operating expense is replaced by interest expense and depreciation in profit or loss under
AASB 16. For classification within the statement of cash flows, the lease payments will be separated into
both a principal (financing activities) and interest (either operating or financing activities) component. For
lessor accounting, the standard does not substantially change how a lessor accounts for leases. The
consolidated entity will adopt this standard from 1 July 2019 and its adoption is not expected to have a
material impact on the financial accounts for the following year.
2. REVENUE AND OTHER INCOME
Interest received
Other income
3. LOSS FOR THE YEAR
Loss for the year is after charging:
Wages and salaries
Superannuation
Other employment related costs
Less capitalised exploration costs
Personnel costs
2019
$
41,781
-
41,781
2018
$
53,694
-
53,694
2019
$
195,087
18,518
(10,112)
203,493
(161,136)
42,357
2018
$
439,699
41,850
4,549
486,098
(314,105)
171,993
32
METAL BANK LIMITED AND ITS CONTROLLED ENTITY
NOTES TO THE FINANCIAL STATEMENTS
4. INCOME TAX EXPENSE
(a) No income tax is payable by the parent or consolidated entity as they recorded losses for income tax
purposes for the period.
(b) Reconciliation between income tax expense and prima facie tax on accounting profit (loss)
Accounting profit (loss)
Tax at 27.5% (2018:27.5%)
Tax effect of other (deductible)/non-deductible
items
Deferred tax asset not recognised
Income tax expense
(c) Deferred tax assets
Revenue tax losses
Deferred tax assets not recognised
Set off deferred tax liabilities
Income tax expense
(d) Deferred tax liabilities
Exploration expenditure
Set off deferred tax assets
2019
$
(425,026)
(116,882)
2018
$
(779,139)
(214,263)
(9,478)
126,360
-
(9,500)
204,763
-
351,680
(126,360)
(225,320)
-
225,320
(225,320)
-
911,467
(204,763)
(706,704)
-
706,704
(706,704)
-
(e) Tax losses
Unused tax losses for which no deferred tax asset
has been recognised
15,548,046
14,451,967
Potential deferred tax assets attributable to tax losses and exploration expenditure carried forward have not
been brought to account at 30 June 2019 because the directors do not believe it is appropriate to regard
realisation of the deferred tax assets as probable at this point in time. These benefits will only be obtained if:
the Company derives future assessable income of a nature and of an amount sufficient to enable the
benefit from the deductions for the loss and exploration expenditure to be realised;
the Company continues to comply with conditions for deductibility imposed by law; and
no changes in tax legislation adversely affect the company in realising the benefit from the deductions for
the loss and exploration expenditure.
The applicable tax rate is the national tax rate in Australia for companies, which is 27.5% at the reporting date.
5. CASH AND CASH EQUIVALENTS
Cash and cash equivalents
1,753,685
2,980,581
2019
$
2018
$
33
METAL BANK LIMITED AND ITS CONTROLLED ENTITY
NOTES TO THE FINANCIAL STATEMENTS
6. TRADE AND OTHER RECEIVABLES
CURRENT
Other receivables
GST receivable
7. FINANCIAL ASSETS
CURRENT
ASX Listed Shares
Financial assets available for sale¹
¹ Shares in Locality Planning Energy Holdings Limited.
2019
$
2018
$
29,697
31,467
61,164
17,438
58,968
76,406
2019
$
2018
$
1,250
1,250
1,250
1,250
8. PLANT AND EQUIPMENT
Cost
Opening balance, 1 July 2017
Additions
Closing balance, 30 June 2018
Opening balance, 1 July 2018
Additions
Closing balance, 30 June 2019
Depreciation
Opening balance, 1 July 2017
Depreciation
Closing balance, 30 June 2018
Opening balance, 1 July 2018
Depreciation
Closing balance, 30 June 2019
Written Down Value 30 June 2018
Written down value 30 June 2019
Motor Vehicle
Office Equipment
Total
-
23,955
23,955
23,955
-
23,955
-
(1,345)
(1,345)
(1,345)
(2,995)
(4,340)
22,610
19,615
13,610
4,382
17,992
17,992
1,991
19,983
(3,548)
(4,405)
(7,953)
(7,953)
(1,978)
(9,931)
10,039
10,052
13,610
28,337
41,947
41,947
1,991
43,938
(3,548)
(5,750)
(9,298)
(9,298)
(4,973)
(14,271)
32,649
29,667
34
METAL BANK LIMITED AND ITS CONTROLLED ENTITY
NOTES TO THE FINANCIAL STATEMENTS
9. CONTROLLED ENTITY
Parent Entity:
Metal Bank Limited
Subsidiary:
Roar Resources Pty Ltd
MBK Resources USA Inc.
Country of
Incorporation
Ownership %
2019
Ownership %
2018
Australia
Australia
United States of
America
-
100
-
-
100
100
10. EXPLORATION AND EVALUATION EXPENDITURE
2019
$
2018
$
Exploration and evaluation expenditure
8,804,339
7,984,603
Reconciliation of carrying amount
Balance at beginning of financial year
Expenditure in current year
Exploration expenditure written off
Balance at end of financial period
7,984,603
819,736
-
8,804,339
5,578,343
2,569,826
(163,566)
7,984,603
11. TRADE AND OTHER PAYABLES
CURRENT
Unsecured liabilities:
Trade payables
Sundry payables and accrued expenses
12. EMPLOYEE BENEFIT OBIGATIONS
CURRENT
Provision for annual leave, opening balance
Annual leave taken
Provision for year
Provision for annual leave, closing balance
2019
$
2018
$
162,121
71,222
233,343
110,530
109,609
220,139
2019
$
2018
$
13,562
(13,562)
-
-
11,024
-
2,538
13,562
35
METAL BANK LIMITED AND ITS CONTROLLED ENTITY
NOTES TO THE FINANCIAL STATEMENTS
13. SHARE CAPITAL
881,609,712 (2018 – 881,609,712)
fully paid ordinary shares
2019
2018
20,852,582
20,827,582
Ordinary shares participate in dividends and the proceeds on winding up of the parent entity in proportion to
the number of shares held. At shareholders’ meetings each ordinary share is entitled to one vote when a poll
is called, otherwise each shareholder has one vote on a show of hands.
Reconciliation of movements in share capital during the year:
Opening balance
Vesting of performance rights –
20 September 2018
Vesting of performance rights – 4
September 2017
Rights issue – 24 November 2017
Share
issue placement – 29
November 2017
Cost of raising capital
2019
2018
No. Shares
881,609,712
No. Shares
712,418,760
2019
$
20,827,582
2018
$
17,633,012
1,254,585
-
25,000
-
-
-
-
-
1,422,667
142,768,285
25,000,000
-
-
-
-
-
11,535
2,855,365
500,000
(172,330)
Closing balance
882,864,297
881,609,712
20,852,582
20,827,582
Capital Management
The Company’s objectives when managing capital are to safeguard its ability to continue as a going concern, so
that it may continue to provide returns for shareholders and benefits for other stakeholders.
The Company’s capital includes ordinary share capital and financial liabilities, supported by financial assets.
Due to the nature of the Company’s activities, being mineral exploration, it does not have ready access to credit
facilities, with the primary source of funding being equity raisings. Accordingly, the objective of the Company’s
capital risk management is to balance the current working capital position against the requirements of the
Company to meet exploration programmes and corporate overheads. This is achieved by maintaining
appropriate liquidity to meet anticipated operating requirements, with a view to initiating appropriate capital
raisings as required.
Cash and cash equivalents
Trade and other receivables
Financial assets
Trade and other payables
Working capital position
2019
2018
$
$
1,753,685
2,980,581
61,164
1,250
(233,343)
1,582,756
76,406
1,250
(220,139)
2,838,098
36
METAL BANK LIMITED AND ITS CONTROLLED ENTITY
NOTES TO THE FINANCIAL STATEMENTS
Share capital (continued)
Share options
Movements in share options
At 1 July
Issued during the year
Expired during the year
At 30 June
2019
No.
2018
No.
182,768,285
15,000,000
-
167,768,285
(182,768,285)
-
182,768,285
Grant/Issue Date
Expiry Date
Exercise Price
Number
Listed/Unlisted
2 December 2013
30 November 2018
3 cents
15,000,000
Unlisted
24 & 29 November 2017
24 May 2019
3 cents
167,768,285
Unlisted
The following table illustrates the number (No.) and weighted average exercise prices of and movements in
share options issued during the year:
Weighted average
exercise price
2019
$
2019
No.
2018
No.
Outstanding at the beginning of the
year
Granted during the year
Expired during the year
Outstanding at the end of the year
Exercisable at the end of the year
182,768,285
$0.03
15,000,000
-
(182,768,285)
-
-
-
-
-
167,768,285
-
182,768,285
182,768,285
Weighted average
exercise price
2018
$
$0.03
$0.03
-
$0.03
$0.03
There were no share options outstanding at year end and no options were granted during the year
The following share-based payment arrangements were in place during the prior period:
Series
Number
Grant/Issue
Date
Expiry date
Exercise
Price
Fair Value at Grant
Date
Series 1
15,000,000
2/12/13
30/11/18
3 cents
137,520
Listed/
Unlisted
Unlisted
Performance rights
Movements in performance rights
At 1 July
Performance rights issued¹
Performance rights vested
Performance rights lapsed
At 30 June
2019
No.
2018
No.
3,737,184
3,402,667
-
3,737,184
(1,254,585)
(1,422,667)
(2,482,599)
(1,980,000)
-
3,737,184
¹An amount of $25,000 was expensed during the prior year relating to these performance rights (see Note 14).
The performance rights granted during the previous year had a performance period of one year to 31 August
2018. A portion of the performance rights were issued during the year and the balance lapsed.
37
METAL BANK LIMITED AND ITS CONTROLLED ENTITY
NOTES TO THE FINANCIAL STATEMENTS
14. RESERVES
Option issue reserve
Movements in options issue reserve
Opening balance
Share based payment
Issue of shares on vesting of performance rights
Lapse of performance rights
Closing balance
2019
$
-
162,520
-
(25,000)
(137,520)
-
2018
$
162,520
165,110
25,000
(11,535)
(16,055)
162,520
15. FINANCIAL RISK MANAGEMENT
The group’s principal financial instruments comprise mainly of borrowings and deposits with banks and shares
in listed companies shown as financial assets at fair value through profit and loss. The main purpose of the
financial instruments is to achieve optimal funding for the group with limited risk and earn the maximum
amount of interest at a low risk to the group. The group also has other financial instruments such as trade
debtors and creditors which arise directly from its operations.
The consolidated entity holds the following financial instruments at the end of the reporting period:
Financial assets
Cash and cash equivalents
Trade and other receivables
Financial assets at fair value through profit
and loss
Financial liabilities
Trade and other payables
2019
$
1,753,685
61,164
1,250
2018
$
2,980,581
76,406
1,250
1,816,099
3,058,237
233,343
233,343
220,139
220,139
The main risks arising from the Company’s financial instruments are market risk, credit risk and liquidity risk.
The Board reviews and agrees policies for managing each of these risks and they are summarised below:
a. Market risk
Cash flow and fair value interest rate risk
The group’s main interest rate risk arises from borrowings and cash deposits to be applied to
exploration and development areas of interest. Borrowings are primarily to bridge the gap between
funding requirements and obtaining shareholder approval for equity issues. It is the group’s policy to
invest cash in short term deposits to minimise the group’s exposure to interest rate fluctuations. The
group’s deposits were denominated in Australian dollars throughout the year. The group did not enter
into any interest rate swap contracts.
38
METAL BANK LIMITED AND ITS CONTROLLED ENTITY
NOTES TO THE FINANCIAL STATEMENTS
Financial risk management (continued)
b. Credit Risk
Credit risk refers to the risk that counterparty will default on its contractual obligations resulting in
financial loss to the group. The group has adopted the policy of only dealing with credit worthy
counterparties and obtaining sufficient collateral or other security where appropriate, as a means of
mitigating the risk of financial loss from defaults. The cash transactions of the group are limited to high
credit quality financial institutions.
The group does not have any significant credit risk exposure to any single counterparty or any group
of counterparties having similar characteristics. The carrying amount of financial assets recorded in
the financial statements, net of any provisions for losses, represents the group’s maximum exposure
to credit risk.
All cash holdings within the Group are currently held with AA rated financial institutions.
c. Liquidity Risk
The group manages liquidity risk by continuously monitoring forecast and actual cash flows and
matching the maturity profiles of financial assets and liabilities. Surplus funds when available are
generally only invested in high credit quality financial institutions in highly liquid markets.
Financial Instrument composition and maturity analysis
The tables below reflect the undiscounted contractual settlement terms for financial instruments of a fixed
period of maturity, as well as management’s expectations of the settlement period for all other financial
instruments. As such, the amounts may not reconcile to the statement of financial position.
Within 1 year
1 to 5 years
Over 5 years
Total
2019
$
2018
$
2019
$
2018
$
2019
$
2018
$
2019
$
2018
$
Consolidated
Group
Financial liabilities
- due for payment:
Trade and other
payables
Total contractual
outflows
Financial assets –
cash flows
realisable
Cash and cash
equivalents
Trade and other
receivables
Financial assets
Total anticipated
inflows
Net
inflow/(outflow)
on financial
instruments
233,243
220,139
233,343
220,139
1,753,685
2,980,581
61,164
1,250
76,406
1,250
1,816,099
3,058,237
1,582,756
2,838,098
Financial risk management (continued)
-
-
-
-
-
-
-
-
-
-
-
-
-
233,343
220,139
233,343
220,139
1,753,685
2,980,581
61,164
1,250
76,406
1,250
1,816,099
3,058,237
-
1,582,756
2,838,098
-
-
-
-
-
-
-
-
-
-
-
-
-
-
39
METAL BANK LIMITED AND ITS CONTROLLED ENTITY
NOTES TO THE FINANCIAL STATEMENTS
Cash flow sensitivity analysis for variable rate instruments
A change of 100 basis points in interest rates at the reporting date would have increased/(decreased) equity
and profit or loss by the amounts shown below.
30 June 2019
Cash and cash equivalents
Borrowings
30 June 2018
Cash and cash equivalents
Borrowings
Carrying
Value
$
1,753,685
-
1,753,685
$
2,980,581
-
2,980,581
Change in profit
Change in equity
100bp
Increase
$
100bp
decrease
$
100bp
increase
$
100bp
decrease
$
17,536
-
17,536
$
29,806
-
29,806
(17,536)
-
(17,536)
$
(29,806)
-
(29,806)
17,536
-
17,536
$
29,806
-
29,806
(17,536)
-
(17,536)
$
(29,806)
-
(29,806)
Maturity of financial assets and liabilities
The note below summarises the maturity of the group’s financial assets and liabilities as per the director’s
expectations. The amounts disclosed are the contractual undiscounted cash flows. There are no derivatives.
30 June 2019
Trade and other receivables
Trade and other payables
30 June 2018
Trade and other receivables
Trade and other payables
< 6 months
$
61,164
233,343
$
76,406
220,139
6 – 12
months
$
-
-
$
-
-
1- 5 years
>5 years
Total
$
$
-
-
$
-
-
$
61,164
233,343
$
76,406
220,139
-
-
$
-
-
Fair value of financial assets and financial liabilities
There is no difference between the fair values and the carrying amounts of the group’s financial instruments.
The Group has no unrecognised financial instruments at balance date.
Financial Instruments Measured at Fair Value
The financial instruments recognised at fair value in the statement of financial position have been analysed and
classified using a fair value hierarchy reflecting the significance of the inputs used in making the measurements.
The fair value hierarchy consists of the following levels:
quoted prices in active markets for identical assets or liabilities (Level 1);
inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either
directly (as prices) or indirectly (derived from prices) (Level 2); and
inputs for the asset or liability that are not based on observable market data (unobservable inputs)
(Level 3).
40
METAL BANK LIMITED AND ITS CONTROLLED ENTITY
NOTES TO THE FINANCIAL STATEMENTS
Financial risk management (continued)
Sensitivity analysis on changes in market rates
A change of 20% in equity prices at the reporting date would increase/(decrease) equity and profit or loss as
shown below:
Carrying
Value
$
Change in profit
20%
increase
$
20%
decrease
$
Change in equity
20%
20%
decrease
increase
$
$
1,250
250
(250)
250
(250)
1,250
250
(250)
250
(250)
30 June 2019
Financial assets available for sale
ASX listed investments
30 June 2018
Financial assets available for sale
ASX listed investments
16. COMMITMENTS
The consolidated group currently has commitments for expenditure at 30 June 2019 on its
Australian exploration tenements, up to the date of expiry, as follows:
Not later than 12 months
Between 12 months and 5 years
Greater than 5 years
2019
$
315,833
492,917
-
808,750
2018
$
260,000
970,000
-
1,230,000
17. CONTINGENT LIABILITIES AND CONTINGENT ASSETS
There are no contingent liabilities or assets in existence at balance sheet date.
18. RELATED PARTY DISCLOSURES
Refer to the Remuneration Report contained in the Directors Report for details of the remuneration paid or
payable to each member of the Group’s key management personnel for the year ended 30 June 2019. Other
than the Directors, secretary and exploration manager, the Company had no key management personnel for
the financial period ended 30 June 2019.
The total remuneration paid to key management personnel of the company and the group during the year are
as follows:
Short term employee benefits
Superannuation
Share based payments
2019
$
560,062
12,746
-
572,808
2018
$
565,501
20,662
25,000
611,163
41
METAL BANK LIMITED AND ITS CONTROLLED ENTITY
NOTES TO THE FINANCIAL STATEMENTS
Related party disclosures (continued)
Directors' and executive officers’ emoluments
(a) Details of Directors and Key Management Personnel
(i) Directors
Inés Scotland (Non-Executive Chairman) (Appointed 13 August 2013)
Anthony Schreck (Executive Director) (Appointed 29 November 2013)
Guy Robertson (Executive Director) (Appointed 17 September 2012)
(ii) Company secretary
Sue-Ann Higgins (Company Secretary) (Appointed 21 August 2013)
(iii) Directors’ remuneration
Directors’ remuneration and other terms of employment are reviewed annually by the Board having regard to
performance against goals set at the start of the year, relative comparative information and, where applicable,
independent expert advice.
Except as detailed in Notes (a) – (c) to the Remuneration Report in the Director’s Report, no director has
received or become entitled to receive, during or since the financial period, a benefit because of a contract
made by the Company or a related body corporate with a director, a firm of which a director is a member or
an entity in which a director has a substantial financial interest. This statement excludes a benefit included in
the aggregate amount of emoluments received or due and receivable by directors and shown in Notes (a) - (c)
to the Remuneration Report, prepared in accordance with the Corporations regulations, or the fixed salary of
a full time employee of the Company.
(b) Key Management Personnel
Other than the Directors, Company Secretary and Exploration Manager, the Company had no key management
personnel for the financial period ended 30 June 2018.
(c) Remuneration Options: Granted and vested during the financial year ended 30 June 2019
There were no remuneration options granted during the financial year ended 30 June 2019.
(d) Share and Option holdings
All equity dealings with directors have been entered into with terms and conditions no more favourable than
those that the entity would have adopted if dealing at arm’s length.
Shares held by Directors and Officers
Period from 1 July 2018 to 30 June 2019
Balance at
beginning
of period
Received as
Remuneration
Purchased
Balance at
end of year
I. Scotland
A. Schreck
G. Robertson
T. Wright
S. Higgins
108,936,780
16,959,814
-
541,516
-
108,936,780
17,501,330
-
-
680,000
680,000
13,953,120
3,118,917
142,968,631
379,495
333,574
1,254,585
-
14,332,615
-
680,000
3,452,491
144,903,216
42
METAL BANK LIMITED AND ITS CONTROLLED ENTITY
NOTES TO THE FINANCIAL STATEMENTS
Related party disclosures (continued)
Period from 1 July 2017 to 30 June 2018
Balance at
beginning
of period
96,260,780
16,043,147
-
13,505,120
2,226,667
128,035,714
Received as
Remuneration
Purchased
Balance at
end of year
-
12,676,000
108,936,780
666,667
250,000
16,959,814
-
448,000
308,000
1,422,667
-
-
13,953,120
584,250
13,510,250
3,118,917
142,968,631
I. Scotland
A. Schreck
G. Robertson
T. Wright
S. Higgins
Options held by Officers and Directors
Period from 1 July 2018 to 30 June 2019
Balance at
beginning
of period
12,676,000
9,250,000
-
-
808,000
22,734,000
I. Scotland
A. Schreck
T. Wright
G. Robertson
S. Higgins
Received as
Remuneration
Net Change
Other
Expired during
period
Balance at
end of year
-
-
-
-
-
-
-
-
-
-
-
-
(12,676,000)
(9,250,000)
-
-
(808,000)
(22,734,000)
-
-
-
-
-
-
Period from 1 July 2017 to 30 June 2018
Balance at
beginning
of period
-
9,000,000
-
-
-
9,000,000
I. Scotland
A. Schreck
T. Wright
G. Robertson
S. Higgins
Performance Rights
Received as
Remuneration
Net Change
Other
Expired during
period
Balance at
end of year
-
-
-
-
-
-
12,676,000
250,000
-
-
808,000
13,734,000
-
-
-
-
-
-
12,676,000
9,250,000
-
-
808,000
22,734,000
During the previous year 3,737,184 performance rights were issued. The rights had a performance period which
expired on 31 August 2018. After assessing the vesting conditions, the Board determined that 1,254,585 of the
2018 Performance Rights had vested and the balance of performance rights on issue have lapsed.
43
METAL BANK LIMITED AND ITS CONTROLLED ENTITY
NOTES TO THE FINANCIAL STATEMENTS
19. SEGMENT INFORMATION
The group’s operations are in one business segment being the resources sector. The group operates in
Australia. All subsidiaries in the group operate within the same segment.
The group has no operating results or assets/liabilities in the United States of America and therefore no detail
segment information is disclosed.
20. EARNINGS PER SHARE
Reconciliation of earnings per share
Basic and diluted earnings per share
Profit/(loss) used in the calculation of the basic
earnings per share
Weighted average number of ordinary shares:
Used in calculating basic earnings per ordinary
share
Dilutive potential ordinary shares
Used in calculating diluted earnings per share
21. AUDITORS REMUNERATION
Auditor of parent entity
Audit or review of financial reports
Non-audit services
2019
Cents
2018
Cents
(0.05)
(0.10)
(425,026)
(779,139)
882,582,445
813,156,811
-
882,582,445
-
813,156,811
2019
$
33,000
-
33,000
2018
$
31,600
-
31,600
22. CASH FLOW INFORMATION
Reconciliation of net cash used in operating activities with profit after income tax
Loss after income tax
Non-cash flows in loss:
Share based payments
Exploration written off
Depreciation
Other non-cash items
Changes in assets and liabilities:
Decrease/(Increase) in trade and other receivables
Increase/(decrease) in trade and other payables
Net cash (outflow) from operating activities
Non-cash Financing and Investing Activities
There were no non cash financing and investing activities.
44
2019
$
(425,026)
2018
$
(779,139)
-
-
4,973
-
25,000
163,566
5,750
186
15,242
(17,906)
(422,717)
(23,003)
38,694
(568,945)
METAL BANK LIMITED AND ITS CONTROLLED ENTITY
NOTES TO THE FINANCIAL STATEMENTS
23. PARENT ENTITY DISCLOSURES
Financial Position
Assets
Current Assets
Non-current assets
Total Assets
Total Current Liabilities
Total liabilities
NET ASSETS
EQUITY
Issued capital
Reserves
Accumulated losses
TOTAL EQUITY
2019
$
2018
$
1,782,626
8,773,026
8,696,094
2,302,485
10,555,652
10,998,579
138,890
138,890
156,791
156,791
10,416,762
10,841,788
20,852,582
-
(10,435,820)
20,827,582
162,520
(10,148,314)
10,416,762
10,841,788
Total loss
(425,026)
(962,550)
Total comprehensive loss
(425,026)
(962,550)
i. Contingent liabilities and contingent assets
The parent entity is responsible for the contingent liabilities and contingent assets outlined in note 17.
ii. Commitments
The parent entity is responsible for the commitments outlined in note 16.
iii. Related parties
Interest in subsidiaries is set out in note 9.
Disclosures relating to key management personnel are set out in note 18.
24. SIGNIFICANT AFTER BALANCE DATE EVENTS
There are currently no matters or circumstances that have arisen since the end of the financial period that have
significantly affected or may significantly affect the operations of the consolidated entity, the results of those
operations, or the state of affairs of the consolidated entity in future financial years.
45
METAL BANK LIMITED AND ITS CONTROLLED ENTITY
DIRECTOR’S DECLARATION
In accordance with a resolution of the directors of Metal Bank Limited, the directors of the company declare
that:
1.
the financial statements and notes, as set out on pages 21 to 45, are in accordance with the Corporations
Act 2001 and:
a. comply with Australian Accounting Standards, which, as stated in accounting policy Note 1 to the
financial statements, constitutes compliance with International Financial Reporting Standards (IFRS);
and
b. give a true and fair view of the financial position as at 30 June 2019 and of the performance for the
year ended on that date of the consolidated group;
in the directors’ opinion there are reasonable grounds to believe that the company will be able to pay its
debts as and when they become due and payable; and
the directors have been given the declarations required by s295A of the Corporations Act 2001 from the
Chief Executive Officer and Chief Financial Officer.
2.
3.
Signed in accordance with a resolution of directors made pursuant to section 295(5)(a) of the
Corporations Act 2001.
Guy Robertson
Director
Sydney, 27 September 2019
46
INDEPENDENT AUDITOR’S REPORT
To the Members of Metal Bank Limited
Opinion
RSM Australia Partners
Level 13, 60 Castlereagh Street Sydney NSW 2000
GPO Box 5138 Sydney NSW 2001
T +61 (0) 2 8226 4500
F +61 (0) 2 8226 4501
www.rsm.com.au
We have audited the financial report of Metal Bank Limited (the Company) and its subsidiaries (the Group), which
comprises the consolidated statement of financial position as at 30 June 2019, the consolidated statement of
comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash
flows for the year then ended, and notes to the financial statements, including a summary of significant accounting
policies, and the directors' declaration.
In our opinion the accompanying financial report of the Group is in accordance with the Corporations Act 2001,
including:
(i) giving a true and fair view of the Group's financial position as at 30 June 2019 and of its financial
performance for the year then ended; and
(ii) complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for Opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those
standards are further described in the Auditor's Responsibilities for the Audit of the Financial Report section of
our report. We are independent of the Group in accordance with the auditor independence requirements of the
Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board's
APES 110 Code of Ethics for Professional Accountants (the Code) that are relevant to our audit of the financial
report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.
We confirm that the independence declaration required by the Corporations Act 2001, which has been given to
the directors of the Company, would be in the same terms if given to the directors as at the time of this auditor's
report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of
the financial report of the current period. These matters were addressed in the context of our audit of the financial
report as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
THE POWER OF BEING UNDERSTOOD
AUDIT | TAX | CONSULTING
47
RSM Australia Partners is a member of the RSM network and trades as RSM. RSM is the trading name used by the members of the RSM network. Each member of the
RSM network is an independent accounting and consulting firm which practices in its own right. The RSM network is not itself a separate legal entity in any jurisdiction.
RSM Australia Partners ABN 36 965 185 036
Liability limited by a scheme approved under Professional Standards Legislation
Key Audit Matter
How our audit addressed this matter
Carrying value of capitalised exploration and evaluation
Refer to Note 10 in the financial statements
As disclosed in Note 10, the Group had capitalised
exploration and evaluation expenditure of
$8,804,339 as at 30 June 2019. This represents a
significant portion of the Group assets.
The carrying value of exploration and evaluation
assets is subjective based on the Group’s ability
and intention, to continue to explore and develop
the asset. The carrying value may also be impacted
if the mineral reserves and resources are
commercially viable for extraction, or where the
carrying value of the asset is not likely to be
recouped through sale or successful development.
This creates a risk that the amounts stated in the
financial statements may not be recoverable.
Our audit procedures included the following:
Ensuring that the Group had the right to explore in
the relevant exploration area, which included
obtaining and assessing independent searches of
the company’s tenement holdings
Assessing the Group’s intention to carry out
significant exploration and evaluation activity in
the relevant exploration area, which included an
assessment of the Group's future cash flow
forecasts, and enquiry of management and the
Board of Directors as to the intentions and
strategy of the Group
Assessing the results of recent exploration activity
in the Group’s areas of interest, to determine if
there are any negative indicators that would
suggest a potential impairment of the capitalised
exploration and evaluation expenditure
Assessing the Group’s ability to finance any
planned future exploration and evaluation activity.
Reviewing a sample of costs that were capitalised
to determine whether the costs were appropriate
to capitalise in accordance with Australian
Accounting Standards and the consolidated
entity’s accounting policy;
Other Information
The directors are responsible for the other information. The other information comprises the information included
in the Group's annual report for the year ended 30 June 2019, but does not include the financial report and the
auditor's report thereon.
Our opinion on the financial report does not cover the other information and accordingly we do not express any
form of assurance conclusion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information and, in doing
so, consider whether the other information is materially inconsistent with the financial report or our knowledge
obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the Directors for the Financial Report
The directors of the Company are responsible for the preparation of the financial report that gives a true and fair
view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal
control as the directors determine is necessary to enable the preparation of the financial report that gives a true
and fair view and is free from material misstatement, whether due to fraud or error.
48
In preparing the financial report, the directors are responsible for assessing the ability of the Group to continue as
a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of
accounting unless the directors either intend to liquidate the Group or to cease operations, or have no realistic
alternative but to do so.
Auditor's Responsibilities for the Audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from
material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance
with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements
can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably
be expected to influence the economic decisions of users taken on the basis of this financial report.
A further description of our responsibilities for the audit of the financial report is located at the Auditing and
Assurance Standards Board website at: http://www.auasb.gov.au/auditors_responsibilities/ar2.pdf.
This description forms part of our auditor's report.
Report on the Remuneration Report
Opinion on the Remuneration Report
We have audited the Remuneration Report included in pages 16 to 19 of the directors' report for the year ended
30 June 2019.
In our opinion, the Remuneration Report of Metal Bank Limited for the year ended 30 June 2019, complies with
section 300A of the Corporations Act 2001.
Responsibilities
The directors of the Company are responsible for the preparation and presentation of the Remuneration Report
in accordance with section 300A of the Corporations Act 2001. Our responsibility is to express an opinion on the
Remuneration Report, based on our audit conducted in accordance with Australian Auditing Standards.
RSM Australia Partners
Gary N Sherwood
Sydney NSW
27 September 2019
49
METAL BANK LIMITED AND ITS CONTROLLED ENTITY
ADDITIONAL INFORMATION FOR LISTED COMPANIES
AS AT 25 SEPTEMBER 2019
The following additional information is required by the Australian Securities Exchange pursuant to Listing Rule
4.10. The information provided is current as at 25 September 2019 unless otherwise stated.
a. Distribution of Shareholders
Number held
1 – 1,000
1,001 - 5,000
5,001 - 10,000
10,001 - 100,000
100,001+
Total
Number of
share holders
Number of
shares
% of number of
shares
31
8
43
426
609
1,783
23,919
420,023
22,745,586
859,672,986
1,235
882,864,297
0.00%
0.00%
0.05%
2.58%
97.37%
100.00%
b.
The number of shareholders who hold less than a marketable parcel is 270.
c.
Substantial shareholders
The names of the substantial shareholders in the Company, the number of equity securities to which
each substantial shareholder and substantial holder’s associates have a relevant interest, as disclosed
in substantial holding notices given to the Company are:
Indigo Pearl Capital Ltd
Celtic Stars Capital Ltd
Aristo Jet Capital Ltd
Greenvale Asia Limited
No of shares
%
107,880,780
12.22%
52,442,814
53,072,545
5.94%
6.01%
91,596,712
10.37%
50
METAL BANK LIMITED AND ITS CONTROLLED ENTITY
ADDITIONAL INFORMATION FOR LISTED COMPANIES
AS AT 25 SEPTEMBER 2019
d. Twenty largest holders of each class of quoted equity security
Top holders grouped report
Metal Bank Limited
Security class: MBK - ORDINARY FULLY PAID SHARES
As at date:
Display top:
25-Sep-2019
20
Position
1
2
3
4
5
6
7
8
9
10
11
12
12
12
13
14
15
16
17
17
17
17
18
19
20
Holder Name
BERNE NO 132 NOMINEES PTY LTD
<600835 A/C>
BERNE NO 132 NOMINEES PTY LTD
<602987 A/C>
ARISTO JET CAPITAL LIMITED
CELTIC STARS CAPITAL LIMITED
CAPRICORN MINING PTY LTD
BERNE NO 132 NOMINEES PTY LTD
<601299 A/C>
MR TREVOR DEAN WRIGHT &
MRS JOHANNA HELEN WRIGHT
MR ANTHONY WILLIAM SCHRECK
KOHEN ENTERPRISES PTY LTD
BENNELONG RESOURCE CAPITAL PTY LTD
SEAMOOR PTY LTD
CARDA PTY LTD
MR JUSTIN ERIC SCHAFFER
COSMOS NOMINEES PTY LTD
KIRKY CAPITAL PTY LTD
MR BRETT BUTLIN
TILLY INVESTMENTS (ACT) P/L
MR TIMOTHY JAMES KIRKWOOD
MR PETER WILLIAM JACKSON
MR SAMUEL ROTSTEIN
MR MICHAEL FRANCIS MCMAHON &
MRS SUSAN LESLEY MCMAHON
HOLES INVESTMENT PTY LTD
MS SHIRLEY SHU YUN LIN
MR ANTHONY GERARD SMITH &
MS THERESE ANNE SMITH
CITICORP NOMINEES PTY LIMITED
Total
Total issued capital - selected security class(es)
e. Restricted Securities
There are no restricted securities.
f. Unquoted equity securities
The Company has no unquoted equity securities on issue
51
Holding
107,880,780
% IC
12.22%
88,214,212
53,072,545
52,442,814
27,500,000
24,285,647
13,505,120
13,445,924
12,999,100
12,950,000
9,078,898
8,000,000
8,000,000
8,000,000
6,900,000
5,867,842
5,766,565
5,425,000
5,000,000
5,000,000
5,000,000
5,000,000
4,989,154
4,583,302
9.99%
6.01%
5.94%
3.11%
2.75%
1.53%
1.52%
1.47%
1.47%
1.03%
0.91%
0.91%
0.91%
0.78%
0.66%
0.65%
0.61%
0.57%
0.57%
0.57%
0.57%
0.57%
0.52%
4,576,003
497,482,906
882,864,297
0.52%
56.35%
100.00%
METAL BANK LIMITED AND ITS CONTROLLED ENTITY
ADDITIONAL INFORMATION FOR LISTED COMPANIES
AS AT 27 SEPTEMBER 2019
1.
Company Secretary
The name of the company secretary is Ms Sue-Ann Higgins.
2. Address and telephone details of entity’s registered and administrative office
Suite 506, Level 5
50 Clarence Street
Sydney NSW 2000
AUSTRALIA
Ph: (02) 9078 7669
Fax: (02) 9078 7661
Mailing Address
GPO Box 128
Queen Victoria Building
NSW 1230
AUSTRALIA
3. Address and telephone details of the office at which the register of securities is kept
Automic Pty Ltd
Level 5 126 Phillip Street
Sydney NSW 200
Telephone: +(61) (2) 8072 1400
4.
Stock exchange on which the Company’s securities are quoted
The Company’s listed equity securities are quoted on the Australian Securities Exchange.
Home Exchange – Melbourne; ASX Code: MBK.
5.
Review of Operations
A review of operations is contained in the Review of Operations report.
6. On-market buy-back
There is currently no on-market buy-back.
52
DIRECTORS
Inès Scotland (Non-Executive Chairman)
Anthony Schreck (Executive Director)
Guy Robertson (Executive Director)
COMPANY SECRETARY
Sue-Ann Higgins
REGISTERED OFFICE
Suite 506, Level 5
50 Clarence Street
Sydney NSW 2000
AUSTRALIA
Ph: (02) 9078 7669
Fax: (02) 9078 7661
Mailing Address
GPO Box 128
Queen Victoria Building
NSW 1230
AUSTRALIA
SHARE REGISTRY
Automic Pty Ltd
Level 5 126 Phillip Street
Sydney NSW 200
Telephone: +(61) (2) 8072 1400
hello@automicgroup.com.au
AUDITORS
RSM Australia Pty Ltd
Level 13, 60 Castlereagh Street
Sydney NSW 2000
BANKERS
Westpac
WEBSITE
www.metalbank.com.au
53