Annual Report
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MINOTAUR
EXPLORATION
2 0 1 5
MINOTAUR
EXPLORATION
Chairman’s Review
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Managing Director’s Report
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Directors’ Report
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Auditor’s Independence Declaration
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Financial Report
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ASX Additional Information
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59
CORPORATE DIRECTORY
MINOTAUR EXPLORATION LIMITED
ACN 108 483 601
ASX CODE MEP
DIRECTORS
Mr Derek Carter Chairman
Mr Andrew Woskett Managing Director
Dr Antonio Belperio Executive Director
Mr Richard Bonython Non-Executive Director
Mr John Atkins Non-Executive Director
(Resigned 30 June 2015)
COMPANY SECRETARY
Mr Donald Stephens
REGISTERED OFFICE
c/o HLB Mann Judd (SA) Pty Ltd
169 Fullarton Road
DULWICH SA 5065
PRINCIPAL PLACE OF BUSINESS
Level 1, 8 Beulah Road
NORWOOD SA 5067
SHARE REGISTER
Computershare Investor Securities Pty Ltd
Level 5, 115 Grenfell Street
ADELAIDE SA 5000
LEGAL ADVISORS
O’Loughlins Lawyers
Level 2, 99 Frome Street
ADELAIDE SA 5000
BANKERS
National Australia Bank
22-28 King William Street
ADELAIDE SA 5000
AUDITORS
Grant Thornton Audit Pty Ltd
Level 1, 67 Greenhill Road
WAYVILLE SA 5034
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www.minotaurexploration.com.au
This annual report covers both Minotaur Exploration Ltd (ABN 35 108 483 601) as an individual
entity and the consolidated group (‘Group’) comprising Minotaur Exploration Ltd and its subsidiaries.
The Group’s functional and presentation currency is Australian dollars.
A description of the Group’s operations and of its principal activities is included in the review of
operations and activities in the Directors’ Report on pages 10 to 11. The Directors’ Report is not part
of the financial report.
MINOTAUR EXPLORATION LIMITED
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Chairman’s Review
DEREK CARTER CHAIRMAN MINOTAUR EXPLORATION LIMITED
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Minotaur’s policy of sharing risk at the exploration
level, through joint venture models, has placed it well
during the period of declining commodity prices,
depressed share prices and consequent investor
fatigue. Acting proactively we have taken steps to
conserve cash by slimming overheads, preferencing
our exploration spend into core projects, placing
non-core assets for sale and working to form new joint
venture arrangements.
Our track record of success will surely translate
through the new financial year into an expansion of
joint venture activity across our extensive tenement
portfolio, helping to maintain a healthy level of activity
and improve the probability of discovery.
Our team is conscientiously focused on leveraging
our expertise, both managerial and technical, into
Minotaur’s physical assets to improve shareholder
value.
The Company remains firmly positive about the
future for copper as an in-demand commodity,
despite the present cyclically low metal price of
US$2.25 per pound.
We consider Minotaur’s land positions in South
Australia and Queensland provide superior discovery
exposure to a rising metal price as existing mines
globally draw down on their reserves.
Several years of innovative work in the Cloncurry
district has shown distinct promise with recognition
of iron sulphide hosted copper-gold systems across
numerous areas.
Our work with JOGMEC and then around the Eloise
mine area perfectly demonstrates the validity of our
exploration toolbox in that region.
In this respect I would thank all the Minotaur team
for their efforts during the year. They continue to be
vigilant to new opportunities in metals that could
elevate the Company closer to operating status and see
the prospect of an acquisition as a possible pathway
to growth warranting ongoing attention.
As Minotaur Exploration moves into its second
decade listed on the ASX your Board has confidence
in the potential for both our tenements and our team
to deliver discovery success and their conversion to
economic deposits.
The Artemis discovery is a case in point and we
are anxious to resume drilling to test for extensions
of that deposit in collaboration with a new joint
venture partner.
Yours truly,
Derek Carter
Chairman
ANNUAL REPORT 2015
MINOTAUR EXPLORATION LIMITED
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Managing Director’s Report
ANDREW WOSKETT MANAGING DIRECTOR MINOTAUR EXPLORATION LIMITED
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Business Review
• In South Australia the Department of State
Development (DSD) selected Minotaur as one
of only two companies to participate in the
Mineral Systems Drilling Program 2015, a unique
government-research-industry collaboration
to test discovery concepts within relatively
unexplored areas of the Gawler Craton;
• DSD awarded Minotaur a co-funded grant to drill
test gold mineralisation along the Mingary lode
system west of Broken Hill;
• Models for nickel sulphide targets near Kalgoorlie
and Leinster attracted two co-funding grants
from the Western Australia Department of Mines’
Exploration Incentive Scheme.
Minotaur is honoured that our internal technical
expertise has been evaluated, benchmarked and
endorsed by various state agencies. It underscores
the level of credibility Minotaur has garnered across
multiple jurisdictions and mineralisation styles. For
Minotaur’s shareholders it demonstrates a significant
point of difference in a crowded junior sector.
Our ‘toolbox’ of techniques continues to be refined
through experience and is delivering results as
demonstrated, for example, in the area around Artemis
where recent IP surveys extended the footprint of
several geophysical targets.
We remain enthusiastic towards copper as a globally
significant commodity, contrary to current price
pressure due to softening demand from China. We
maintain our belief in the discovery potential around
Cloncurry and expect to be able to engage new joint
venture partners to pursue that vision with us.
Even though ‘grassroots’ exploration continues to be
out of favour with many investors our view is that
discoveries will reward effort and quality deposits will
reward shareholder support in multiples.
Minotaur’s main focus through the 2015 Financial Year
continued to be the identification of copper-gold
prospects around the Cloncurry region.
Motivated by drill results from the Artemis polymetallic
discovery, the Eloise Copper joint venture committee
elected to accelerate the work plan in order to define
the mineralised envelope of the discovery lode.
A campaign of diamond drilling and downhole EM
ramped-up and continued into the new calendar year.
Work had to be suspended, however, in March after it
became clear that the joint venture partner’s financial
ability to continue funding the work plan was
exhausted. Ultimately, that culminated in cancellation
of the joint venture in June. The enforced activity
hiatus detrimentally impacted perception of the
discovery’s standing in the market to the extent that
the Company’s share value declined to under half its
pre-discovery value.
Despite that project specific funding setback
Minotaur’s exploration credentials were recognised
across multiple fronts by a range of industry peers
and geoscience agencies.
The Company was judged Queensland Explorer of
the Year 2014 for its activity around Cloncurry.
That accolade was reinforced by the award of several
drilling grants to test conceptual copper, nickel or
gold targets, including:
• The Queensland Geological Survey (QGS) selected
Minotaur’s Osborne tenements to trial Supermax,
an aerial VTEM technique to locate base metal
prospects just south of the Cannington mine;
• QGS awarded Minotaur a drilling grant to test the
Cassowary target, south of the Osborne mine, for
iron oxide copper-gold potential;
ANNUAL REPORT 2015
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Queensland Explorer of the Year 2014
Corporate Review
The value of nickel metal fell 50% through the year
to a six year low, causing us to minimise expenditure
on our nickel tenements in Western Australia. These
assets, acquired as a component of the 2013 Breakaway
takeover, are now treated as non-core and available
for sale.
Minotaur held $4.17 million in cash and term deposits
at the end of June 2015. Joint venture funded projects
help contribute towards recovery of overheads, such
that net administration costs decreased to 14.5% of
total expenses (2014FY; 26%), indicating a continuing
point of difference for the Company against many of its
peers where overheads represent a disproportionate
element of operating costs.
The contrast can be seen in another way. The graphic
below locates Minotaur’s cash position relative to
the universe of ASX listed ‘junior miners’ (those 535
with a market capitalisation of less than $50 million).
Clearly Minotaur is in a comparatively favourable
position referenced to the bulk of companies exposed
to severely depleted cash balances and cessation of
field activity. To bolster Minotaur’s cash base and
maintain an active exploration portfolio management
is striving to monetise non-core assets and create new
joint venture arrangements.
Artemis discovery: massive sulphide comprising
sphalerite (black), Chalcopyrite (yellow),
Galena (blue-grey) and Pyrrhotite (bronze).
80
60
40
20
Median = A$0.8m
Average = A$2.2m
MEP = A$4.2m
1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0
MANAGING DIRECTOR’S REPORT
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Operations Review: Primary Projects
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Mount Isa
Cloncurry
Eloise
Osborne
Leinster
Scotia
Camel Lake
Gawler Ranges
Poochera
Lake Purdilla
Border
Mutooroo
Adelaide
Sydney
Lexington
Casterton
Minotaur maintains a diverse array of
minerals exploration tenements around
Australia, totalling 13,650 km2.
ANNUAL REPORT 2015
Cu projects
Au projects
Ni projects
Industrial Minerals projects
MANAGING DIRECTOR’S REPORT
5
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The Company’s principal areas of interest are
summarised below:
Regional geology of the eastern Mt Isa Block
showing Minotaur tenements relative to select
major mines; graded in size with respect to their
contained metal content.
Cloncurry Region Projects
Minotaur’s exploration activity in Queensland is
centred on the Cloncurry region where tenements
cover approximately 3,800km2.
JOGMEC Joint Venture
EPM 8608, 16975, 17286, 18068, 18802, 18861, 19412,
19530, 25862 & EPMA 25889 (except EPM 8608 in relation
to which a net smelter royalty of 2% is payable to
South32 Limited); (Japan Metals Oil and Gas Corporation,
JOGMEC, 55.7%, Minotaur 44.3% and diluting)
Regional Cloncurry Projects
(Minotaur 100% unless noted otherwise)
Ernest Henry Area: EPM 19775
Elrose Area: EPM 18624, 19500, 25237, 25238,
25389, 25801
Eloise Copper Area: EPM 17838, 18442; MDL 431, 432;
(on parts of MDL 431, MDL 432 and EPM17838 Sandfire
Resources NL is earning 80%)
JOGMEC Osborne JV Area: EPM 18571, 18574, 18575,
18576, 18720, 19061, 19066, 25197, 25699, 25886, 25888
& EPMA 25960; (a new JV with JOGMEC came into effect
in August 2015 whereby JOGMEC may earn 51%)
Osborne Area: EPM 18573, EPMA 25856
ANNUAL REPORT 2015
MANAGING DIRECTOR’S REPORT
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Operations Review: Primary Projects
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Western Australia Nickel-Gold Prospects
Minotaur holds tenements along the WA nickel belt,
an area where quality of mines and mineral resources
is well known. The Company considers these assets
to be non-core and available for sale.
Leinster Nickel Belt
E36/235, E37/909, M36/475, M36/502, M36/511, M36/524,
M36/526, M36/548, M37/806, M37/877, M37/878,
P37/7170, P37/7370, P37/7371, P37/7372, P37/7373
(Minotaur 100%)
a) Scotia Nickel-Gold Tenements
E29/661, E29/886, M24/279, M24/336, M29/245 &
M29/246, P29/2105, P29/2117, P29/2118, P29/2119,
P29/2120, P29/2121; (Minotaur Gold Solutions Ltd 100%,
of which Minotaur owns 50%)
While these tenements have known nickel and gold
deposits and obvious exploration potential the Board
of Minotaur Gold Solutions has declared the assets
as available for sale. Minimal work is being undertaken
to maintain the tenements in good standing.
ANNUAL REPORT 2015
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Competent Persons’ Statements
Information in this section that relates to Exploration Results, Mineral
Resources or Ore Reserves is based on information compiled by
Dr A. P. Belperio, who is a full-time employee of the Company and a
Fellow of the Australasian Institute of Mining and Metallurgy
(AusIMM). Dr Belperio has sufficient experience relevant to the style
of mineralisation and type of deposit under consideration and to the
activity that 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 (JORC Code).
Dr Belperio consents to inclusion in this document of the information
in the form and context in which it appears.
Other Projects
In addition to its core projects, Minotaur owns or has an interest in a range of other exploration assets in Australia.
Activity on selected projects during the financial year is summarised below.
Project Name
Commodity
State
Activities/Commodity
Border
(Minotaur 46.4%, Sumitomo 53.6%)
Gawler Ranges
(Minotaur 100%)
Gold
Copper
Base metals
Copper and
other base metals
Industrial Minerals
(Minotaur 100%; available for sale assets)
Poochera Kaolin deposits
Lake Purdilla
Kaolin
Gypsum
A zone of gold mineralisation possibly striking up to 12km from
the historic Mingary mine is to be drill tested under a PACE co-funded
drilling grant.
Ground EM surveys over VTEM anomalies refined multiple
high-conductance targets at Eagle Rock. Targets are to be diamond
drilled by Department of State Development as the primary
component of the Mineral Systems Drilling Program 2015.
SA
SA
SA
Project work aimed at attracting new investment into or sale of the
assets continues. Close proximity to a future-shipping terminal to
serve the Lake Purdilla gypsum deposit enhances the case for export
to Asian markets.
A large, high quality gypsum deposit for which an export shipping
facility study produced positive metrics.
Andrew Woskett
Managing Director
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Directors’ Report
Diamond drilling, Eloise
Your Directors present their report on the
consolidated Group for the financial year ended
30 June 2015.
Director Details
The names of the Directors in office at any time
during, or since the end of, the year are:
Mr Derek Carter
Chairman
Mr Andrew Woskett
Managing Director
Dr Antonio Belperio
Executive Director
Mr Richard Bonython
Non-Executive Director
Mr John Atkins
Non-Executive Director (resigned 30 June 2015)
Directors have been in office since the start of
the financial year to the date of this report unless
otherwise stated.
DIRECTORS’ REPORT
9
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Names, qualifications, experience and special
responsibilities
Mr Richard Bonython B Ag Sc
(Non-Executive Director)
Mr Derek Carter BSc, MSc, FAusIMM (CP)
(Chairman)
Derek Carter has over 40 years experience in
exploration and mining geology and management.
He held senior positions in the Shell Group of
Companies and Burmine Ltd before founding
Minotaur Gold Ltd in 1993.
He is currently Chairman of Minotaur Exploration Ltd
and Highfield Resources Ltd and a former Chairman
of Petratherm Ltd (resigned 31 March 2014). He is
a board member of Intrepid Mines Ltd and a former
board member of Mithril Resources Ltd (resigned
31 December 2014) and Toro Energy Ltd (resigned
28 November 2012), all ASX listed companies.
As Chairman of Minotaur Exploration Ltd, he is
responsible for the management of the board as well
as the general strategic direction of the Company.
Mr Andrew Woskett B Eng, M Comm Law
(Managing Director)
Andrew Woskett has 35 years project and corporate
experience in the mining industry. He held senior
development responsibility for a variety of Australian
mining landmarks in gold, copper, iron ore and coal.
He has had several roles as managing director
of resource development companies culminating in
his tenure as managing director of Minotaur since
early 2010.
Andrew is a Fellow of the Australasian Institute of
Mining and Metallurgy.
Richard Bonython has been a director of Minotaur
Exploration and its predecessors since 1994. He has
over 45 years experience in the building, rural and
mineral industries.
He is a member of the audit committee and is also a
former director of Petratherm Ltd (resigned 31 March
2014) and Mithril Resources Ltd (resigned 31 December
2014), both ASX Listed companies.
Dr Antonio Belperio BSc (Hons), PhD, FAusIMM
(Executive Director)
Dr Belperio has an Honours Degree in Geology from
the University of Adelaide, a PhD from James Cook
University, and a diverse background in a wide variety
of geological disciplines, including marine geology,
environmental geology and mineral exploration.
He has 35 years of experience in university, government
and the mineral exploration industry. Dr Belperio is also
a Director of Thomson Resources Ltd (ASX code: TMZ)
a public company listed on the ASX.
Mr John Atkins LLB, LLM (Non-Executive Director,
resigned 30 June 2015)
Mr Atkins was appointed to the Board of Minotaur
Exploration Ltd on 20 November 2013. He was the
Chairman of Breakaway Resources Ltd immediately
prior to it joining the Minotaur Group.
Mr Atkins resigned on 30 June 2015 in preparation
for his appointment as Agent General in London for
Western Australia.
ANNUAL REPORT 2015
DIRECTORS’ REPORT
10
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Director Details
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Donald Stephens BAcc, FCA
(Company Secretary)
A polymetallic discovery emerged at Artemis, near
Cloncurry, where a joint venture with Golden Fields
Resources Pty Ltd (GFR) tested several EM anomalies.
Artemis was shown to be a high grade copper-gold-
silver-zinc deposit with drill testing to date between
80m and 200m below surface and along 100m of
strike. Drilling below the lode to establish repetitions
was intended but deferred when GFR was unable to
continue with its joint venture contributions. The joint
venture was terminated in June 2015.
At the Cloncurry joint venture (MEP 44.3% and diluting,
JOGMEC 55.7%) several IOCG targets were drilled
to basement. Broad intervals of low grade copper in
pyrrhotite-rich breccias continue to be intersected.
The Mingary gold and base metals system in
South Australia was upgraded to drill target status
with receipt of a PACE co-funded drilling grant.
The structure will be drilled in the new financial year to
test continuity of mineralisation along structure.
Minotaur’s technical interest in the Gawler Range
Volcanics has been rekindled as a result of our work
around Cloncurry. Similarities between iron sulphide
hosted copper systems, such as Artemis, and the
terrane along the southern Gawler Range volcanic belt
contact with the lower Hiltaba granite suite suggest
potential for base metal mineralisation.
Minotaur’s conceptual approach was endorsed by the
South Australian Department of State Development
(DSD) when DSD selected Minotaur’s geophysical
targets as prime candidates for the Minerals Systems
Drilling Program 2015. That program will cause
a number of Minotaur’s targets to be drill tested
by DSD.
Mr Stephens is a Chartered Accountant and corporate
adviser with over 25 years experience in the accounting
industry, including 14 years as a partner of HLB Mann
Judd (SA), a firm of Chartered Accountants. He is
a Director of Mithril Resources Ltd, Petratherm Ltd,
Papyrus Australia Ltd , Lawson Gold Ltd, Reproductive
Health Science Ltd, Crest Minerals Ltd and was
formerly a Director of TW Holdings Ltd (resigned
14 December 2012). He is additionally Company
Secretary to Highfield Resources Ltd, Mithril Resources
Ltd and various other public companies.
Review of Operations
Corporate
Matters to note include:
• held $4.2 million in cash and term deposits at the
end of June 2015;
• redefined the Company’s focus on copper-gold
exploration and discovery; and
• embarked on a sale process for WA nickel assets.
Exploration
Exploration activity primarily focused on copper-gold
targets in Queensland and on nickel-gold prospective
tenements in Western Australia.
ANNUAL REPORT 2015
MINOTAUR EXPLORATION LIMITED
11
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Leinster drilling
Likely developments, business strategies
and prospects
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
A joint venture with GFR over the Leinster nickel-gold
tenements in WA tested numerous gold in soil
anomalies using shallow RC. Results were generally
positive but did not locate a sourcing system for
intensive drilling. Joint venture activity was suspended
early in the year and the JV was terminated in June.
An EM nickel target, ‘Valdez’ near the historic Waterloo
nickel mine, was recognised by the Western Australia
Department of Mines as worthy of receipt of a
co-funded drilling grant to test for massive sulphide
mineralisation.
Minotaur’s focus has further narrowed back onto its
copper-gold prospects. Discovery of the Artemis
gold-base metals deposit using ground EM techniques
gave encouragement to refine a number of nearby
similar EM responses. Recent IP surveys pinpointed
several new drill prospects and indicated potential to
expand the mineralisation footprint at Artemis and
the adjacent Sandy Creek deposit. Minotaur holds to
discovery as its objective and the opportunity
to convert economic grade deposits into mineable
propositions.
EM work was conducted across ultramafic contacts
at the Saints deposits on the Scotia tenements
near Kalgoorlie, indicating the presence of a
previously unknown contact zone. Remodeling of
the historic drill database highlighted gaps in the
drilling where additional resources could be located.
With the collapse in the nickel price from US$18,500
to US$11,500 per tonne activity was curtailed and
expenditure minimised.
Project Development
Industrial minerals
Market assessment of kaolin and gypsum properties
and market openings continued towards a trade sale
or engaging an in-bound investment partner to fund
project development.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Information in this report that relates to Exploration Results,
Mineral Resources or Ore Reserves is based on information
compiled by Dr A. P. Belperio, who is a full-time employee
of the Company and a Fellow of the Australasian Institute
of Mining and Metallurgy. Dr A. P. Belperio has a minimum
of 5 years 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”. Dr A. P. Belperio
consents to the inclusion in the report of the matters
based on his information in the form and context in which
it appears.
ANNUAL REPORT 2015
DIRECTORS’ REPORT
12
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
OPERATING RESULTS
RISK MANAGEMENT
The Group takes a proactive approach to risk
management. The Board is responsible for ensuring
that risks, and also opportunities, are identified on a
timely basis and that the Group’s objectives and
activities are aligned with the risks and opportunities
identified by the Board.
The Group believes that it is crucial for all Board
members to be a part of this process, and as such,
the Board has not established a separate risk
management committee.
The Board has a number of mechanisms in place to
ensure that management’s objectives and activities
are aligned with the risks identified by the Board.
These include the following:
• Board approval of a strategic plan designed
to meet stakeholders’ needs and manage
business risk.
• Implementation of Board approved operating
plans and budgets and Board monitoring
of progress against these budgets, including
the establishment and monitoring of
performance indicators of both a financial and
non-financial nature.
Lake Purdilla Gypsum, crystalline selenite
The consolidated loss of the Group after providing for
income tax amounted to $6,515,921 (2014: $2,666,811).
INTERESTS IN THE SHARES AND OPTIONS OF THE
COMPANY AND RELATED BODIES CORPORATE
As at the date of this report, the interests of the
Directors in the shares and options of Minotaur
Exploration Ltd were:
Number of
Ordinary Shares
Number of Options over
Ordinary Shares
John Atkins
Derek Carter
203,557
2,261,701
Antonio Belperio
1,312,750
Richard Bonython
1,606,896
-
-
-
-
Andrew Woskett
205,000
2,000,000
DIVIDENDS PAID OR RECOMMENDED
No dividends were paid or declared since the start of
the financial year. No recommendation for payment
of dividends has been made.
PRINCIPAL ACTIVITIES
The principal activities of the consolidated Group
during the financial year were:
• To secure new tenements with potential for
mineralisation; and
• To evaluate results achieved through surface
sampling, drilling and geophysical surveys carried
out during the year.
ANNUAL REPORT 2015
MINOTAUR EXPLORATION LIMITED
13
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Minotaur is part of a unique government-research-industry collaboration to test discovery concepts in
areas of the Gawler Craton.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS
No significant changes occurred during the year.
ENVIRONMENTAL REGULATIONS
The Group is aware of its responsibility to impact as
little as possible on the environment and, where
there is any disturbance, to rehabilitate sites. During
the year the majority of work carried out was in
Queensland and the Group followed procedures and
pursued objectives in line with guidelines published
by the Queensland Government. These guidelines are
quite detailed and encompass the impact on owners
and land users, heritage, health and safety and proper
restoration practices.
The Group adheres to regulatory guidelines, and any
local conditions applicable, both in South Australia
and elsewhere. The Group has not been in breach of
any State or Commonwealth environmental rules or
regulations during the period.
EVENTS SINCE THE END OF THE REPORTING PERIOD
No matter or circumstance has arisen since 30 June
2015 that has significantly affected the Group’s
operations, results or state of affairs, or may do so in
the future.
ANNUAL REPORT 2015
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
UNISSUED SHARES UNDER OPTION
At the date of this report, the following unlisted options to acquire ordinary shares in the Company were on issue:
Issue Date
Expiry Date
Exercise Price
Balance at 1 July 2014
Net Issued/(Exercised or
Expired) during the Year
Balance at 30 June 2015
10/05/2010
10/05/2010
10/05/2010
30/09/2011
04/07/2012
05/07/2013
20/11/2014
17/05/2015
30/08/2015
27/02/2016
29/09/2016
03/07/2017
04/07/2018
19/11/2019
$0.40
$0.40
$0.55
$0.21
$0.25
$0.30
$0.19
4,300,000
1,000,000
1,000,000
1,565,000
2,095,000
2,083,333
-
12,043,333
(4,300,000)
-
-
(520,000)
(520,000)
-
5,505,000
165,000
-
1,000,000
1,000,000
1,045,000
1,575,000
2,083,333
5,505,000
12,208,333
SHARES ISSUED AS A RESULT OF EXERCISE
OF OPTIONS
INDEMNIFICATION AND INSURANCE OF DIRECTORS
AND OFFICERS
No shares were issued during the financial year as a
result of the exercise of options (2014: Nil).
LAPSE OF OPTIONS
On 17 May 2015, 4,300,000 unlisted options issued to
Directors and the Company Secretary were unexercised
and expired. In addition, 1,040,000 options issued
under the Company’s employee share option plan
expired during the year due to employee resignations.
NEW OPTIONS ISSUED
On 20 November 2014, the Company issued 5,505,000
unlisted options under the Company’s employee share
option plan. The options are exercisable at $0.19 and
expire on 19 November 2019.
To the extent permitted by law, the Company has
indemnified (fully insured) each director and the
secretary of the Company for an annual premium
of $19,436.
The liabilities insured include costs and expenses that
may be incurred in defending civil or criminal
proceedings (that may be brought) against the officers
in their capacity as officers of the Company or a related
body, and any other payments arising from liabilities
incurred by the officers in connection with such
proceedings, other than where such liabilities arise
out of conduct involving a wilful breach of duty by
the officers or the improper use by the officers of their
position or of information to gain advantage for
themselves or someone else or to cause detriment to
the Company.
MINOTAUR EXPLORATION LIMITED
15
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Remuneration Report – Audited
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Drilling rig in the Cloncurry Region
This report outlines the remuneration arrangements
in place for Directors and other key management
personnel of Minotaur Exploration Ltd.
Remuneration philosophy
The Board is responsible for determining remuneration
policies applicable to Directors and senior executives
of the Group. The broad policy is to ensure that
remuneration properly reflects the individuals’ duties
and responsibilities and that remuneration is
competitive in attracting, retaining and motivating
people with appropriate skills and experience.
At the time of determining remuneration consideration
is given by the Board to the Group’s financial
performance.
Employment contracts
The employment conditions of the Managing Director,
Mr Andrew Woskett, are formalised in a consultancy
agreement. Mr Woskett commenced as a consultant to
Minotaur on 1 March 2010 and his annual retainer is
$355,675 per annum, exclusive of GST. The Company
may terminate the consultancy agreement without
cause by providing three (3) months written notice
and paying a severance amount equal to nine (9)
months’ retainer. Termination payments are generally
not payable on resignation or dismissal for serious
misconduct. In the instance of serious misconduct the
Company can terminate the agreement at any time.
The employment conditions of the Executive Director,
Dr Antonio Belperio, are formalised in a contract of
employment. Dr Belperio commenced employment
on 1 January 2005 and his gross salary, inclusive of
the 9.5% superannuation guarantee is $281,875 per
annum. The Company may terminate the employment
contract without cause by providing six (6) months
written notice or making payment in lieu of notice,
based on the annual salary component. Termination
payments are generally not payable on resignation or
dismissal for serious misconduct. In the instance
of serious misconduct the Company can terminate
employment at any time.
ANNUAL REPORT 2015
DIRECTORS’ REPORT
16
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Remuneration Report – Audited
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Employment contracts continued
Key management personnel remuneration
and equity holdings
The Board currently determines the nature and amount
of remuneration for Board members and senior
executives of the Group. The policy is to align director
and executive objectives with shareholder and
business objectives by providing a fixed remuneration
component and offering specific long-term incentives.
The non-executive directors and other executives
receive a superannuation guarantee contribution
required by the government, which is currently 9.5%,
and do not receive any other retirement benefits.
Some individuals, however, may choose to sacrifice
part of their salary to increase payments towards
superannuation.
All remuneration paid to directors and other key
management personnel is expensed as incurred.
Key management are also entitled to participate
in the Group’s share option scheme. Options are
valued using the Black-Scholes methodology.
The board policy is to remunerate non-executive
directors at market rates based on comparable
companies for time, commitment and responsibilities.
The board determines payments to non-executive
directors and reviews their remuneration annually,
based on market practice, duties and accountability.
Independent external advice is sought when required.
The employment conditions of the Exploration
Manager, Mr Glen Little, are formalised in a contract of
employment. Mr Little commenced employment on
28 October 2014 and his gross salary, inclusive of the
9.5% superannuation guarantee, is $192,000 per
annum. Mr Little is also entitled to the lease of a motor
vehicle, with the total cost to the Company totalling
$20,000 per annum. If in a particular year the cost to
the Company is less than $20,000, the difference
will be paid to Mr Little as additional remuneration.
The Company may terminate the employment contract
without cause by providing one (1) month written
notice or making payment in lieu of notice, based on
the annual salary component. Termination payments
are generally not payable on resignation or dismissal
for serious misconduct. In the instance of serious
misconduct the Company can terminate employment
at any time.
The employment conditions of the Commercial
Manager, Mr Varis Lidums, are formalised in a contract
of employment. Mr Lidums commenced employment
on 1 March 2011 and his gross salary, inclusive of the
9.5% superannuation guarantee, is $195,000 per
annum. The Company may terminate the employment
contract without cause by providing one (1) month
written notice or making payment in lieu of notice,
based on the annual salary component. Termination
payments are generally not payable on resignation
or dismissal for serious misconduct. In the instance of
serious misconduct the Company can terminate
employment at any time.
ANNUAL REPORT 2015
MINOTAUR EXPLORATION LIMITED
17
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Table 1: Director remuneration for the year ended 30 June 2015 and 30 June 2014
Short Term Employee Benefits
Post Employment
Share-based Payments
Totals
Performance Based
Salary & Fees
Bonus
Superannuation
Options
$
% of Remuneration
John Atkins*
Derek Carter
Antonio Belperio
Richard Bonython
Andrew Woskett
Total
2015
2014
2015
2014
2015
2014
2015
2014
2015
2014
2015
2014
43,836
26,474
91,560
91,560
257,420
261,155
43,899
43,999
355,675
349,069
792,390
772,257
-
-
-
-
38,613
20,399
-
-
62,243
26,453
100,856
46,852
4,164
2,449
-
-
28,123
26,044
4,170
4,070
-
-
36,457
32,563
-
-
-
-
-
-
-
-
-
-
-
-
48,000
28,923
91,560
91,560
324,156
307,598
48,069
48,069
417,918
375,522
929,703
851,672
-
-
-
-
12
7
-
-
15
7
11
6
Table 2: Remuneration of other key management personnel for the year ended 30 June 2015 and 30 June 2014
Short Term Employee Benefits
Post Employment
Share-based Payments
Totals
Performance Based
Salary & Fees
Bonus
Superannuation
Options
$
% of Remuneration
Ian Garsed*
Varis Lidums
Glen Little**
2015
2014
2015
2014
2015
2014
Donald Stephens*** 2015
2014
41,958
172,490
178,082
178,490
116,221
-
-
-
-
12,013
30,137
14,016
-
-
-
-
1,800
23,622
19,781
17,807
11,041
-
-
-
-
-
50,310
-
111,800
-
-
-
43,758
208,125
278,310
210,313
239,062
-
-
-
Total
2015
2014
336,261
350,980
30,137
26,029
32,622
41,429
162,110
-
561,130
418,438
-
6
11
7
-
-
-
-
5
6
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other transactions with key management personnel
*** Donald Stephens: HLB Mann Judd (SA) Pty Ltd
received professional fees for accounting, taxation
and secretarial services provided during the year
amounting to $67,553 (2014: $116,612) (inclusive
of GST). Donald Stephens, the Company Secretary,
is a consultant with HLB Mann Judd (SA) Pty Ltd.
Bonuses
During the 2015 financial year a number of Minotaur’s
key management personnel received a cash bonus in
respect of meeting key performance targets agreed
by the Board.
Bonuses are paid at the discretion of the Board.
All available bonuses to directors and other key
management personnel were paid during the year.
Share-based remuneration
Options may be granted to Key Management Personnel
at the discretion of the Board under an Employee Share
Option Plan.
All options refer to options over ordinary shares of the
Company, which are exercisable on a one-for-one basis
under the terms of the agreements. All options expire
on the earlier of their expiry date or termination of the
individual’s employment.
ANNUAL REPORT 2015
DIRECTORS’ REPORT
18
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Remuneration Report – Audited
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Options held by key management personnel for the year ended 30 June 2015
Balance at
beginning of period
Granted
as remuneration
Exercised
Net change
other
Balance at
end of period
Expiry
date
First
exercise date
Directors
Derek Carter
Antonio Belperio
Richard Bonython
Andrew Woskett
Andrew Woskett
Other key management
Ian Garsed
Ian Garsed
Varis Lidums
Varis Lidums
Varis Lidums
Glen Little
1,200,000
900,000
900,000
1,000,000
1,000,000
250,000
250,000
250,000
250,000
-
-
-
-
-
-
-
-
-
-
-
450,000
1,000,000
Donald Stephens
400,000
-
-
-
-
-
-
-
-
-
-
-
-
-
(1,200,000)
(900,000)
(900,000)
-
-
-
17/05/15
18/05/10
17/05/15
18/05/10
17/05/15
18/05/10
-
-
1,000,000
30/08/15
30/08/10
1,000,000
27/02/16
28/02/11
(250,000)
(250,000)
-
-
-
-
-
-
250,000
250,000
450,000
29/09/16
30/09/12
03/07/17
04/07/12
29/09/16
30/09/12
03/07/17
04/07/12
21/11/19
20/11/14
1,000,000
21/11/19
20/11/14
(400,000)
-
17/05/15
18/05/10
Shares held by key management personnel for the year ended 30 June 2015
Directors
John Atkins
Derek Carter
Antonio Belperio
Richard Bonython
Andrew Woskett
Other key management
Ian Garsed
Varis Lidums
Glen Little
Balance at
1 July 2014
98,661
2,156,805
838,062
1,502,000
-
-
-
-
Donald Stephens
305,000
On exercise
of options
-
-
-
-
-
-
-
-
-
Net change
other
104,896
104,896
474,688
104,896
205,000
-
-
-
-
Balance
30 June 2015
203,557
2,261,701
1,312,750
1,606,896
205,000
-
-
-
305,000
ANNUAL REPORT 2015
MINOTAUR EXPLORATION LIMITED
19
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Lake Moriaty, Scotia Project
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Use of remuneration consultants
Non-audit services
During the financial year, there were no remuneration
recommendations made in relation to key
management personnel for the Company by any
remuneration consultants.
Voting and comments made at the Company’s
2014 Annual General Meeting
Minotaur Exploration Ltd received more than 95.7%
of “yes” votes on its remuneration report for the 2014
financial year by proxy.
The Company did not receive any feedback at the
Annual General Meeting on its remuneration report.
End of audited remuneration report.
Directors’ meetings
The number of meetings of directors (including
meetings of committees of directors) held during the
year and the number of meetings attended by each
director were as follows:
Directors’ Meetings
Audit Committee
Director
Eligible
Attended
Eligible
Attended
Derek Carter
Andrew Woskett
Richard Bonython
Antonio Belperio
John Atkins
7
7
7
7
7
6
7
7
7
6
-
-
2
2
-
-
-
2
2
-
During the year, Grant Thornton, the Company’s
auditors, performed certain other services in addition
to their statutory audit duties.
The Board has considered the non-audit services
provided during the year by the auditor and is satisfied
that the provision of those non-audit services during
the year is compatible with, and did not compromise,
the auditor independence requirements of the
Corporations Act 2001 for the following reasons:
• all non-audit services were subject to the corporate
governance procedures adopted by the Company
to ensure they do not impact upon the impartiality
and objectivity of the auditor; and
• the non-audit services do not undermine the
general principles relating to auditor
independence as set out in APES 110 Code of
Ethics for Professional Accountants, as they did not
involve reviewing or auditing the auditor’s own
work, acting in a management or decision-making
capacity for the Company, acting as an advocate for
the Company or jointly sharing risks and rewards.
Details of the amounts paid to the auditors of the
Company, Grant Thornton, and its related practices for
audit and non-audit services provided during the year
are set out in Note 23 to the Financial Statements.
A copy of the Auditor’s Independence Declaration as
required under s307C of the Corporations Act 2001 is
included on page 20 of this financial report and forms
part of this Directors’ Report.
Proceeds on behalf of the Group
Signed in accordance with a resolution of the Directors:
No person has applied for leave of Court to bring
proceedings on behalf of the Group or intervene in
any proceedings to which the Group is a party for
the purpose of taking responsibility on behalf of the
Group for all or any part of those proceedings.
Derek Carter
Chairman
Dated this 19th day of August 2015
ANNUAL REPORT 2015
MINOTAUR EXPLORATION LIMITED
20
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Auditor’s Independence Declaration
TO THE DIRECTORS OF MINOTAUR EXPLORATION LIMITED
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Level 1,
67 Greenhill Rd
Wayville SA 5034
Correspondence to:
GPO Box 1270
Adelaide SA 5001
T 61 8 8372 6666
F 61 8 8372 6677
E info.sa@au.gt.com
W www.grantthornton.com.au
AUDITOR’S INDEPENDENCE DECLARATION TO THE
DIRECTORS OF MINOTAUR EXPLORATION LIMITED
In accordance with the requirements of section 307C of the Corporations Act 2001, as lead auditor for the audit
of Minotaur Exploration Limited for the year ended 30 June 2015, I declare that, to the best of my knowledge and
belief, there have been:
a
no contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to
the audit; and
b no contraventions of any applicable code of professional conduct in relation to the audit.
GRANT THORNTON AUDIT PTY LTD
Chartered Accountants
I S Kemp
Partner – Audit & Assurance
Adelaide, 19 August 2015
Grant Thornton Audit Pty Ltd ACN 130 913 594
a subsidiary or related entity of Grant Thornton Australia Ltd ABN 41 127 556 389
‘Grant Thornton’ refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or refers to one or more member firms,
as the context requires. Grant Thornton Australia Ltd is a member firm of Grant Thornton International Ltd (GTIL). GTIL and the member firms are not a worldwide partnership. GTIL and
each member firm is a separate legal entity. Services are delivered by the member firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of, and do not
obligate one another and are not liable for one another’s acts or omissions. In the Australian context only, the use of the term ‘Grant Thornton’ may refer to Grant Thornton Australia Limited
ABN 41 127 556 389 and its Australian subsidiaries and related entities. GTIL is not an Australian related entity to Grant Thornton Australia Limited.
Liability limited by a scheme approved under Professional Standards Legislation. Liability is limited in those States where a current scheme applies.
ANNUAL REPORT 2015
MINOTAUR
EXPLORATION
Financial Report
for the year ended 2015
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 Consolidated
Financial Statements
22
23
24
25
26
1 Summary of Significant Accounting Policies 26
2 Parent Information
3 Operating Segments
4 Revenue and Expenses
5
Income Tax Benefit
6 Earnings per Share
7 Cash and Cash Equivalents
8 Trade and Other Receivables
9 Other Current Assets
10 Held-for-Sale Assets
11 Available-for-Sale Investments
12 Property, Plant and Equipment
13 Exploration and Evaluation Assets
14 Share-based Payments
15 Trade and Other Payables
16 Borrowings
17 Provisions
18 Issued Capital
19 Reserves
20 Accumulated Losses
21 Non-Controlling Interest
22 Commitments for Expenditure
23 Auditor’s Remuneration
36
37
37
39
40
40
41
41
41
42
42
44
44
46
46
46
47
47
48
48
48
49
24 Contingent Liabilities and Contingent Assets 49
25 Controlled Entities
26 Business Combinations
27 Financial Assets and Liabilities
28 Financial Risk Management
29 Fair Value Measurement
30 Related Party Disclosure and
49
50
51
52
54
Key Management Personnel Remuneration 55
31 Post-Reporting Date Events
Directors’ Declaration
Independent
Auditor’s Report
55
56
57
FINANCIAL REPORT
22
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Consolidated Statement of Profit or Loss and
Other Comprehensive Income FOR THE YEAR ENDED 30 JUNE 2015
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Revenue
Loss on disposal of foreign subsidiary
Other income
Impairment of exploration and evaluation assets
Impairment of available-for-sale investments
Project generation costs
Employee benefits expense
Depreciation expense
Finance costs
Other expenses
Loss before income tax expense
Income tax benefit
Loss for the year
Other comprehensive income
Items that may be reclassified to profit or loss
Write-off of foreign currency translation reserve upon
disposal of foreign subsidiary
Exchange differences arising on translation of foreign operations
Fair value gains on available-for-sale assets, net of tax
Note
4(a)
4(c)
4(b)
4(d)
4(d)
4(d)
4(e)
4(d)
4(d)
4(f)
5
Consolidated Group
2015
$
423,471
(73,639)
51,882
(4,808,019)
(178,379)
(374,122)
(787,398)
(192,820)
(5,718)
2014
$
524,036
-
197,304
(762,812)
(722,097)
(1,143,699)
(316,962)
(184,356)
(8,494)
(1,126,238)
(1,397,209)
(7,070,980)
555,059
(3,814,289)
1,147,478
(6,515,921)
(2,666,811)
19(b)
19(b)
19(c)
125,630
-
-
-
917
60,000
Total comprehensive income for the year
(6,390,291)
(2,605,894)
Loss for the year is attributable to:
Members of the parent entity
Non-controlling interest
Total comprehensive income for the year is attributable to:
Members of the parent entity
Non-controlling interest
Earnings per share
Basic earnings per share (cents)
Diluted earnings per share (cents)
20
21
(6,472,394)
(43,527)
(2,596,370)
(70,441)
(6,515,921)
(2,666,811)
(6,346,764)
(43,527)
(2,535,453)
(70,441)
(6,390,291)
(2,605,894)
6
6
(3.81)
(3.81)
(1.94)
(1.94)
The above statement should be read in conjunction with the accompanying notes.
ANNUAL REPORT 2015
MINOTAUR EXPLORATION LIMITED
23
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Consolidated Statement of Financial Position AS AT 30 JUNE 2015
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Consolidated Group
Note
2015
$
2014
$
CURRENT ASSETS
Cash and cash equivalents
Trade and other receivables
Other current assets
Held-for-sale assets
TOTAL CURRENT ASSETS
NON-CURRENT ASSETS
Available-for-sale investments
Property, plant and equipment
Exploration and evaluation assets
TOTAL NON-CURRENT ASSETS
TOTAL ASSETS
CURRENT LIABILITIES
Trade and other payables
Borrowings
Short-term provisions
TOTAL CURRENT LIABILITIES
NON-CURRENT LIABILITIES
Borrowings
Long-term provisions
TOTAL NON-CURRENT LIABILITIES
TOTAL LIABILITIES
NET ASSETS
EQUITY
Issued capital
Reserves
Accumulated losses
PARENT INTEREST
Non-controlling interest
TOTAL EQUITY
The above statement should be read in conjunction with the accompanying notes.
7
8
9
10
11
12
13
15
16
17
16
17
18
19
20
21
4,163,979
35,330
166,884
4,366,193
4,758,158
4,794,173
44,499
102,304
4,940,976
-
9,124,351
4,940,976
839,083
1,161,157
13,759,742
1,127,693
1,243,968
19,243,007
15,759,982
21,614,668
24,884,333
26,555,644
935,464
14,089
483,624
677,897
114,386
455,340
1,433,177
1,247,623
409,507
26,391
435,898
392,000
32,459
424,459
1,869,075
1,672,082
23,015,258
24,883,562
40,781,387
1,024,418
36,874,859
798,959
(18,975,019)
(13,018,255)
22,830,786
24,655,563
184,472
227,999
23,015,258
24,883,562
ANNUAL REPORT 2015
FINANCIAL REPORT
24
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Consolidated Statement of Changes in Equity
FOR THE YEAR ENDED 30 JUNE 2015
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Consolidated Group
Issued
Capital
Ordinary
$
Share
Option
Reserve
$
Other
Components
of Equity
(Note 19)
$
Note
Accumulated
Losses
$
Non-
Controlling
Interest
$
Total Equity
$
36,874,859
924,589
(125,630)
(13,018,255)
227,999
24,883,562
Balance at 1 July 2014
Comprehensive income
Total loss for the year
Write-off of foreign currency
translation reserve upon
disposal of foreign subsidiary
Total comprehensive income
for the year
Transactions with owners,
in their capacity as owners,
and other transfers
Issue of shares through
Share Purchase plan and
Share Placement
Transaction costs (net of tax)
Options issued under
Employee Share Option Plan
Transfer from share option
reserve upon lapse of options
-
-
-
18
3,991,000
(84,472)
-
-
-
-
-
19(a)
19(a)
-
-
615,459
(515,630)
3,906,528
99,829
Balance at 30 June 2015
40,781,387
1,024,418
Balance at 1 July 2013
Comprehensive income
Total loss for the year
Other comprehensive income
for the year
Total comprehensive income
for the year
Transactions with owners,
in their capacity as owners,
and other transfers
Fair value of shares issued
for services
Issue of shares for acquisition
of Breakaway
Transaction costs (net of tax)
-
-
-
18
26
100,155
5,218,211
(16,255)
-
-
-
-
-
-
Transfer from share option
reserve upon lapse of options
19(a)
-
(88,586)
5,302,111
(88,586)
-
(6,472,394)
(43,527)
(6,515,921)
125,630
-
-
125,630
125,630
(6,472,394)
(43,527)
(6,390,291)
-
-
-
-
-
-
-
-
-
515,630
515,630
-
-
-
-
-
3,991,000
(84,472)
615,459
-
4,521,987
(18,975,019)
184,472
23,015,258
-
(2,596,370)
(70,441)
(2,666,811)
60,917
-
-
60,917
60,917
(2,596,370)
(70,441)
(2,605,894)
-
-
-
-
-
-
-
-
88,586
88,586
-
-
-
-
-
100,155
5,218,211
(16,255)
-
5,302,111
31,572,748
1,013,175
(186,547)
(10,510,471)
298,440
22,187,345
Balance at 30 June 2014
36,874,859
924,589
(125,630)
(13,018,255)
227,999
24,883,562
The above statement should be read in conjunction with the accompanying notes.
ANNUAL REPORT 2015
MINOTAUR EXPLORATION LIMITED
25
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Consolidated Statement of Cash Flows FOR THE YEAR ENDED 30 JUNE 2015
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers
Payments to suppliers and employees
Interest received
Finance costs
R&D tax concession received
Consolidated Group
Note
2015
$
2014
$
253,056
(1,720,064)
109,838
(5,718)
598,227
265,608
(2,582,070)
310,265
(8,494)
1,147,478
NET CASH USED IN OPERATING ACTIVITIES
7
(764,661)
(867,213)
CASH FLOWS FROM INVESTING ACTIVITIES
Cash acquired through acquisition of Breakaway
Payments for property, plant and equipment
Proceeds from sale of property, plant and equipment
Purchase of available-for-sale investments
Proceeds from sale of available-for-sale investments
Purchase of exploration and evaluation assets
Joint venture receipts
Payment for exploration activities
-
(124,177)
25,001
(80,000)
326,989
-
3,794,983
(7,951,152)
490,259
(505,372)
-
(85,000)
364,463
(600,000)
2,659,824
(6,273,988)
NET CASH USED IN INVESTING ACTIVITIES
(4,008,356)
(3,949,814)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issue of shares through Share Purchase Plan and share placement
Funds received from GFR
Payment of transaction costs for issue of shares
Proceeds from borrowings
Repayment of borrowings
NET CASH PROVIDED BY FINANCING ACTIVITIES
NET DECREASE IN CASH AND CASH EQUIVALENTS
Net foreign exchange differences
Cash at the beginning of the year
CASH AT THE END OF THE YEAR
3,991,000
362,253
(127,640)
46,747
(129,537)
4,142,823
-
-
(16,255)
392,000
(35,098)
340,647
(630,194)
(4,476,380)
-
4,794,173
917
9,269,636
7
4,163,979
4,794,173
The above statement should be read in conjunction with the accompanying notes.
ANNUAL REPORT 2015
FINANCIAL REPORT
26
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Notes to the Consolidated Financial Statements
FOR THE YEAR ENDED 30 JUNE 2015
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
These consolidated financial statements and notes represent
those of Minotaur Exploration Ltd and Controlled Entities
(the ”consolidated Group” or “Group”).
The separate financial statements of the parent entity,
Minotaur Exploration Ltd, have not been presented within this
financial report as permitted by the Corporations Act 2001.
1 SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES
Basis of Preparation
The consolidated financial statements are general purpose
financial statements that have been prepared in accordance
with Australian Accounting Standards, Australian Accounting
Interpretations, other authoritative pronouncements of the
Australian Accounting Standards Board and the Corporations
Act 2001. The Group is a for-profit entity for financial reporting
purposes under Australian Accounting Standards.
Minotaur Exploration Limited is the Group’s Ultimate Parent
Company. Minotaur Exploration Limited is a Public Company
incorporated and domiciled in Australia. The address of its
registered office is C/- HLB Mann Judd (SA) Pty Ltd,
169 Fullarton Road, Dulwich SA 5065 and its principal place
of business is Level 1, 8 Beulah Road, Norwood SA 5067.
Australian Accounting Standards set out accounting policies
that the Australian Accounting Standards Board has
concluded would result in financial statements 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
as issued by the International Accounting Standards
Board (IASB). Material accounting policies adopted in the
preparation of these financial statements are presented below
and have been consistently applied unless stated otherwise.
Except for cash flow information, the financial statements have
been prepared on an accruals basis and are based on historical
costs, modified, where applicable, by the measurement at
fair value of selected non-current assets, financial assets and
financial liabilities.
The consolidated financial statements for the year ended
30 June 2015 were approved and authorised for issue by the
Board of Directors on 19 August 2015.
a) Principle of Consolidation
The consolidated financial statements incorporate the
assets, liabilities and results of entities controlled by
Minotaur Exploration Ltd at the end of the reporting
period. The parent entity controls a subsidiary if it is
exposed, or has rights, to variable returns from its
involvement with the subsidiary and has the ability to
affect those returns through its power over the subsidiary.
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 25 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 profit or loss and other 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.
Non-controlling interests
Non-controlling interests (i.e. equity in a subsidiary not
attributable directly or indirectly to a parent) are present
in the consolidated statement of financial position
within equity separately from the equity of the owners
of the parent.
b)
Income Tax
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 profit or loss is
the tax payable on taxable income. Current tax liabilities
(assets) are 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 outside profit or loss when the tax
relates to items that are recognised outside profit or loss.
Except for business combinations, no deferred income
tax is recognised from the initial recognition of an asset
or liability, 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 and their
measurement also reflects the manner in which
management expects to recover or settle the carrying
amount of the related asset or liability.
ANNUAL REPORT 2015
MINOTAUR EXPLORATION LIMITED
27
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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) a legally enforceable right of set-off exists; and
b)
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.
Tax consolidation
The parent entity and its Australian wholly-owned entities
are part of a tax-consolidated group under Australian
taxation law. The head entity within the tax consolidation
group for the purposes of the tax consolidation system is
Minotaur Exploration Ltd.
Minotaur Exploration Ltd and each of its own wholly-
owned subsidiaries recognise the current and deferred
tax assets and deferred tax liabilities applicable to the
transactions undertaken by it, after elimination of
intra-group transactions. Minotaur Exploration Ltd
recognises the entire tax-consolidated group’s retained
tax losses.
c) Property, Plant and Equipment
Each class of property, plant and equipment is carried at
cost as indicated less, where applicable, any accumulated
depreciation and impairment losses.
Land and buildings
Buildings are measured on the cost basis and therefore
carried at cost less accumulated depreciation for buildings
and any accumulated impairment. In the event the
carrying amount of buildings is greater than the estimated
recoverable amount, the carrying amount is written
down immediately to the estimated recoverable amount
and impairment losses are recognised either in profit or
loss or as a revaluation decrease if the impairment losses
relate to a revalued asset.
A formal assessment of recoverable amount is made
when impairment indicators are present.
Plant and equipment
Plant and equipment are measured on the cost basis and
therefore carried at cost less accumulated depreciation
and any accumulated impairment. In the event the
carrying amount of plant and equipment is greater than
the estimated recoverable amount, the carrying amount
is written down immediately to the estimated recoverable
amount and impairment losses are recognised either
in profit or loss or as a revaluation decrease if the
impairment losses relate to a revalued asset. A formal
assessment of recoverable amount is made when
impairment indicators are present.
The carrying amount of property, plant and equipment
is reviewed annually by directors to ensure it is not in
excess of the recoverable amount from these assets.
The recoverable amount is assessed on the basis of the
expected net cash flows that will be received from the
asset’s employment and subsequent disposal.
The expected net cash flows have been discounted to
their present values in determining recoverable amounts.
The cost of fixed assets constructed within the
consolidated group includes the cost of materials, direct
labour, borrowing costs and an appropriate proportion
of fixed and variable overheads. Subsequent costs are
included in the asset’s carrying amount or recognised as
a separate asset, as appropriate, only when it is probable
that future economic benefits associated with the item
will flow to the Group and the cost of the item can be
measured reliably. All other repairs and maintenance
are charged to the statement of profit or loss and other
comprehensive income during the financial period in
which they are incurred.
Depreciation
The depreciable amount of all fixed assets including
buildings and capitalised lease assets, but excluding
freehold land, is depreciated on a straight-line and
diminishing value basis over the asset’s useful life to the
consolidated group commencing from the time the
asset is held ready for use. Leasehold improvements are
depreciated over the shorter of either the unexpired
period of the lease or the estimated useful lives of the
improvements.
The useful life for each class of depreciable assets are:
Class of Fixed Asset
Useful life
Leasehold improvements
3 – 7 years
Plant and equipment
Motor Vehicles
2 - 20 years
6 - 10 years
ANNUAL REPORT 2015
FINANCIAL REPORT
28
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Notes to the Consolidated Financial Statements
FOR THE YEAR ENDED 30 JUNE 2015
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1 SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES
c) Property, Plant and Equipment
e) Leases
Depreciation
The assets’ residual values and useful lives are reviewed,
and adjusted if appropriate, at the end of each
reporting period. An asset’s carrying amount is written
down immediately to its recoverable amount if the
asset’s carrying amount is greater than its estimated
recoverable amount.
Gains and losses on disposals are determined by
comparing proceeds with the carrying amount. These
gains and losses are included in the statement of profit
or loss and other comprehensive income. When revalued
assets are sold, amounts included in the revaluation
surplus relating to that asset are transferred to retained
earnings.
d) Exploration and Development Expenditure
Exploration, evaluation and development expenditures
incurred are capitalised in respect of each identifiable
area of interest. These costs are only capitalised to the
extent that they are expected to be recovered through
the successful development of the area or where activities
in the area have not yet reached a stage that permits
reasonable assessment of the existence of economically
recoverable reserves.
Accumulated costs in relation to an abandoned area are
written off in full against profit in the year in which the
decision to abandon the area is made.
When production commences, the accumulated costs
for the relevant area of interest are amortised over the
life of the area according to the rate of depletion of the
economically recoverable reserves.
A regular review is undertaken of each area of interest
to determine the appropriateness of continuing to
capitalise costs in relation to that area of interest.
Costs of site restoration are provided over the life of the
project 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 local
laws and regulations and clauses of the 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.
ANNUAL REPORT 2015
Leases of fixed assets where substantially all the risks
and benefits incidental to the ownership of the asset, but
not the legal ownership that is transferred to entities in
the consolidated group, are classified as finance leases.
Finance leases are capitalised by recognising an asset
and a liability at the lower of the amounts equal to the
fair value of the leased property or the present value of
the minimum lease payments, including any guaranteed
residual values. Lease payments are allocated between
the reduction of the lease liability and the lease interest
expense for the period.
Leased assets are depreciated on a diminishing value
basis over the shorter of their estimated useful lives or
the lease term.
Lease payments for operating leases, where substantially
all the risks and benefits remain with the lessor, are
recognised as expenses in the periods in which they
are incurred.
Lease incentives under operating leases are recognised
as a liability and amortised on a straight line basis over
the lease term.
f) Financial Instruments
Recognition and initial measurement
Financial assets and financial liabilities are recognised
when the entity becomes a party to the contractual
provisions to the instrument. For financial assets, this is
equivalent to the date that the company commits itself
to either the purchase or sale of the asset (i.e. trade date
accounting is adopted).
Financial instruments are initially measured at fair value
plus transaction costs, except where the instrument is
classified "at fair value through profit or loss", in which
case transaction costs are expensed to profit or loss
immediately.
Classification and subsequent measurement
Finance instruments are subsequently measured at fair
value, amortised cost using the effective interest rate
method, or cost.
Amortised cost is the amount at which the financial asset
or financial liability is measured at initial recognition less
principal repayments and any reduction for impairment,
and adjusted for any cumulative amortisation of the
difference between that initial amount and the maturity
amount calculated using the effective interest method.
Fair value is determined based on current bid prices for
all quoted investments. Valuation techniques are applied
to determine the fair value for all unlisted securities,
including recent arm’s length transactions, reference to
similar instruments and option pricing models.
MINOTAUR EXPLORATION LIMITED
29
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The effective interest method is used to allocate interest
income or interest expense over the relevant period and
is equivalent to the rate that discounts estimated future
cash payments or receipts (including fees, transaction
costs and other premiums or discounts) through the
expected life (or when this cannot be reliably predicted,
the contractual term) of the financial instrument to the
net carrying amount of the financial asset or financial
liability. Revisions to expected future net cash flows will
necessitate an adjustment to the carrying value with a
consequential recognition of an income or expense item
in profit or loss.
The Group does not designate any interests in
subsidiaries, associates or joint venture entities as being
subject to the requirements of Accounting Standards
specifically applicable to financial instruments.
i)
Loans and receivables
Loans and receivables are non-derivative financial
assets with fixed or determinable payments that are
not quoted in an active market and are subsequently
measured at amortised cost. Gains or losses are
recognised in profit or loss through the amortisation
process and when the financial asset is derecognised.
Loans and receivables are included in current assets,
where they are expected to mature within 12 months
after the end of the reporting period.
ii) Available-for-sale investments
Available-for-sale investments are non-derivative
financial assets that are either not capable of being
classified into other categories of financial assets
due to their nature or they are designated as such by
management. They comprise investments in the
equity of other entities where there is neither a fixed
maturity nor fixed or determinable payments.
They are subsequently measured at fair value with
any remeasurements other than impairment losses
and foreign exchange gains and losses recognised in
other comprehensive income. When the financial
asset is derecognised, the cumulative gain or loss
pertaining to that asset previously recognised
in other comprehensive income is reclassified into
profit or loss.
Available-for-sale financial assets are classified as
non-current assets when they are expected to be
sold after 12 months from the end of the reporting
period. All other available-for-sale financial assets
are classified as current assets.
iii) Financial liabilities
Non-derivative financial liabilities other than financial
guarantees are subsequently measured at amortised
cost. Gains or losses are recognised in profit or
loss through the amortisation process and when the
financial liability is derecognised.
g)
Investments in Associates and Joint Ventures
Associates are those entities over which the Group is
able to exert significant influence but which are not
subsidiaries.
A joint venture is an arrangement that the Group controls
jointly with one or more other investors, and over which
the Group has rights to a share of the arrangement’s net
assets rather than direct rights to underlying assets and
obligations for underlying liabilities. A joint arrangement
in which the Group has direct rights to underlying assets
and obligations for underlying liabilities is classified as a
joint operation.
Investments in associates and joint ventures are
accounted for using the equity method. Interests in joint
operations are accounted for by recognising the Group’s
assets (including its share of any assets held jointly), its
liabilities (including its share of any liabilities incurred
jointly), its revenue from the sale of its share of the output
arising from the joint operation, its share of the revenue
from the sale of the output by the joint operation and its
expenses (including its share of any expenses incurred
jointly). Any goodwill or fair value adjustment attributable
to the Group’s share in the associate or joint venture is
not recognised separately and is included in the amount
recognised as investment.
The carrying amount of the investment in associates
and joint ventures is increased or decreased to
recognise the Group’s share of the profit or loss and
other comprehensive income of the associate and joint
venture, adjusted where necessary to ensure consistency
with the accounting policies of the Group.
Unrealised gains and losses on transactions between the
Group and its associates and joint ventures are eliminated
to the extent of the Group’s interest in those entities.
Where unrealised losses are eliminated, the underlying
asset is also tested for impairment.
h) Business Combinations
The Group applies the acquisition method in accounting
for business combinations. The consideration transferred
by the Group to obtain control of a subsidiary is calculated
as the sum of the acquisition-date fair values of assets
transferred, liabilities incurred and the equity interests
issued by the Group, which includes the fair value of any
asset or liability arising from a contingent consideration
arrangement. Acquisition costs are expensed as incurred.
The Group recognises identifiable assets acquired and
liabilities assumed in a business combination regardless
of whether they have been previously recognised
in the acquiree’s financial statements prior to the
acquisition. Assets acquired and liabilities assumed are
generally measured at their acquisition-date fair values.
ANNUAL REPORT 2015
FINANCIAL REPORT
30
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Notes to the Consolidated Financial Statements
FOR THE YEAR ENDED 30 JUNE 2015
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1 SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES
Exchange differences arising on translation of foreign
operations with functional currencies other than
Australian dollars are recognised in other comprehensive
income and included in the foreign currency translation
reserve in the statement of financial position. These
differences are recognised in profit or loss in the period
in which the operation is disposed.
j) Employee Benefits
Short-term employee benefits
Short-term employee benefits are benefits, other than
termination benefits, that are expected to be settled
wholly within twelve (12) months after the end of the
period in which the employees render the related service.
Short-term employee benefits are measured at the
undiscounted amounts expected to be paid when the
liabilities are settled.
Other long-term employee benefits
The Group’s liabilities for annual leave and long service
leave are included in other long-term benefits as they
are not expected to be settled wholly within twelve (12)
months after the end of the period in which the
employees render the related service. They are measured
at the present value of the expected future payments to
be made to employees. The expected future payments
incorporate anticipated future wage and salary levels,
experience of employee departures and periods of service,
and are discounted at rates determined by reference to
market yields at the end of the reporting period on high
quality corporate bonds (2014: government bonds) that
have maturity dates that approximate the timing of the
estimated future cash outflows. Any re-measurements
arising from experience adjustments and changes in
assumptions are recognised in profit or loss in the periods
in which the changes occur.
The Group presents employee benefit obligations as
current liabilities in the statement of financial position
if the Group does not have an unconditional right to
defer settlement for at least twelve (12) months after
the reporting period, irrespective of when the actual
settlement is expected to take place.
Equity-settled compensation
The Group operates an employee share option plan.
Share-based payments to employees are measured
at the fair value of the instruments issued and amortised
over the vesting periods. Share-based payments to
non-employees are measured at the fair value of goods
or services received or the fair value of the equity
instruments issued, if it is determined the fair value of the
goods or services cannot be reliably measured, and are
recorded at the date the goods or services are received.
h) Business Combinations
Goodwill is stated after separate recognition of
identifiable intangible assets. It is calculated as the excess
of the sum of (a) fair value of consideration transferred,
(b) the recognised amount of any non-controlling interest
in the acquire, and (c) acquisition-date fair value of any
existing equity interest in the acquiree, over the
acquisition-date fair values of identifiable net assets.
i) Foreign Currency Transactions and Balances
Functional and presentation currency
The functional currency of each of the Group’s entities
is measured using the currency of the primary
economic environment in which that entity operates.
The consolidated financial statements are presented in
Australian dollars which is the parent entity’s functional
and presentation currency.
Transactions and balances
Foreign currency transactions are translated into
functional currency using the exchange rates prevailing
at the date of the transaction. Foreign currency monetary
items are translated at the year end exchange rate.
Non-monetary items measured at historical cost continue
to be carried at the exchange rate at the date of the
transaction. Non-monetary items measured at fair value
are reported at the exchange rate at the date when fair
values were determined.
Exchange differences arising on the translation of
monetary items are recognised in profit or loss, except
where deferred in equity as a qualifying cash flow or
net investment hedge.
Exchange differences arising on the translation of
non-monetary items are recognised directly in other
comprehensive income to the extent that the underlying
gain or loss is recognised in other comprehensive
income; otherwise the exchange difference is recognised
in profit or loss.
Group companies
The financial results and position of foreign operations,
whose functional currency is different from the Group’s
presentation currency, are translated as follows:
•
assets and liabilities are translated at exchange
rates prevailing at the end of the reporting period;
•
•
income and expenses are translated at average
exchange rates for the period; and
retained earnings are translated at the exchange
rates prevailing at the date of the transaction.
ANNUAL REPORT 2015
MINOTAUR EXPLORATION LIMITED
31
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The corresponding amount is recorded to the option
reserve. The fair value of options is determined using the
Black-Scholes pricing model. The number of options
expected to vest is reviewed and adjusted at the end of
each reporting period such that the amount recognised
for services received as consideration for the equity
instruments granted is based on the number of equity
instruments that eventually vest.
k) Provisions
Provisions are recognised when the Group has a legal or
constructive obligation, as a result of past events, for
which it is probable that an outflow of economic benefits
will result and that outflow can be reliably measured.
Provisions are measured using the best estimate of the
amounts required to settle the obligation at the end of
the reporting period.
l) Cash and Cash Equivalents
Cash and cash equivalents include cash on hand, deposits
available on demand with banks, other short-term highly
liquid investments with original maturities of 6 months
or less, and bank overdrafts.
Bank overdrafts are reported within short-term
borrowings in current liabilities in the statement of
financial position.
m) Revenue and Other Income
Revenue is measured at the fair value of the consideration
received or receivable after taking into account any trade
discounts and volume rebates allowed. When the inflow
of consideration is deferred, it is treated as the provision
of financing and is discounted at a rate of interest that is
generally accepted in the market for similar arrangements.
The difference between the amount initially recognised
and the amount ultimately received is interest revenue.
Revenue from the sale of goods is recognised at the
point of delivery as this corresponds to the transfer of
significant risks and rewards of ownership of the goods
and the cessation of all involvement in those goods.
Interest revenue is recognised using the effective interest
rate method.
Revenue recognition relating to the provision of services
is determined with reference to the stage of completion of
the transaction at the end of the reporting period, where
outcome of the contract can be estimated reliably. Stage
of completion is determined with reference to the services
performed to date as a percentage of total anticipated
services to be performed. Where the outcome cannot
be estimated reliably, revenue is recognised only to the
extent that related expenditure is recoverable.
All revenue is stated net of the amount of goods and
services tax (GST).
n) Trade and Other Payables
Trade and other payables represent the liabilities for
goods and services received by the entity that remain
unpaid at the end of the reporting period. The balance
is recognised as a current liability with the amounts
normally paid within 30-90 days of recognition of
the liability.
o) Borrowing Costs
Borrowing costs directly attributable to the acquisition,
construction or production of assets that necessarily take
a substantial period of time to prepare for their intended
use or sale are added to the cost of those assets, until
such time as the assets are substantially ready for their
intended use or sale.
All other borrowing costs are recognised in profit or loss
in the period in which they are incurred.
p) 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 Taxation
Office (ATO).
Receivables and payables are stated inclusive of the
amount of GST receivable or payable. The net amount of
GST recoverable from, or payable to, the ATO is included
with other receivables or payables in the statement of
financial position.
Cash flows are presented on a gross basis. The GST
components of cash flows arising from investing or
financing activities which are recoverable from, or payable
to, the ATO are presented as operating cash flows included
in receipts from customers or payments to suppliers.
q) Government Grants
Government grants are recognised at fair value where
there is reasonable assurance that the grant will be
received and all grant conditions will be met. Grants
relating to expense items are recognised as income over
the periods necessary to match the grant to the costs
they are compensating. Grants relating to assets are
credited to deferred income at fair value and are credited
to income over the expected useful life of the asset on a
straight-line basis.
r) Comparative Figures
When required by Accounting Standards, comparative
figures have been adjusted to conform to changes in
presentation for the current financial year.
ANNUAL REPORT 2015
FINANCIAL REPORT
32
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Notes to the Consolidated Financial Statements
FOR THE YEAR ENDED 30 JUNE 2015
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1 SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES
AASB 2013-3 Amendments to AASB 136 – Recoverable
Amount Disclosures for Non-Financial Assets
s) Critical Accounting Estimates and Judgments
The directors evaluate estimates and judgments
incorporated into the financial statements based on
historical knowledge and best available current
information. Estimates assume a reasonable expectation
of future events and are based on current trends and
economic data, obtained both externally and within
the Group.
Key estimates
i)
Impairment
The Group assesses impairment at the end of each
reporting period by evaluating conditions and
events specific to the Group that may be indicative
of impairment triggers. Recoverable amounts of
relevant assets are reassessed using value-in-use
calculations which incorporate various key
assumptions.
ii) Exploration and evaluation expenditure
The Group capitalises expenditure relating to
exploration and evaluation where it is considered
likely to be recoverable or where the activities have
not reached a stage that 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 written off since feasibility studies in such areas
have not yet concluded. Such capitalised expenditure
is carried at the end of the year at $13,759,742
(2014: $19,243,007).
t) Changes in accounting policies
New and amended standards adopted by the Group
A number of new and revised standards and an
interpretation became effective for the first time to annual
periods beginning on or after 1 July 2014. Information on
these new standards is presented below.
AASB 2012-3 Amendments to Australian Accounting
Standards – Offsetting Financial Assets and
Financial Liabilities
AASB 2012-3 adds application guidance to AASB 132 to
address inconsistencies identified in applying some of
the offsetting criteria of AASB 132, including clarifying
the meaning of “currently has a legally enforceable right
of set-off” and that some gross settlement systems may
be considered equivalent to net settlement.
AASB 2012-3 is applicable to annual reporting periods
beginning on or after 1 January 2014.
The adoption of these amendments has not had a
material impact on the Group as the amendments merely
clarify the existing requirements in AASB 132.
ANNUAL REPORT 2015
These narrow-scope amendments address disclosure of
information about the recoverable amount of impaired
assets if that amount is based on fair value less costs
of disposal.
When developing IFRS 13 Fair Value Measurement, the
IASB decided to amend IAS 36 Impairment of Assets
to require disclosures about the recoverable amount
of impaired assets. The IASB noticed however that
some of the amendments made in introducing those
requirements resulted in the requirement being
more broadly applicable than the IASB had intended.
These amendments to IAS 36 therefore clarify the IASB’s
original intention that the scope of those disclosures
is limited to the recoverable amount of impaired assets
that is based on fair value less costs of disposal.
AASB 2013-3 makes the equivalent amendments
to AASB 136 Impairment of Assets and is applicable
to annual reporting periods beginning on or after
1 January 2014.
The adoption of these amendments has not had a
material impact on the Group as they are largely of the
nature of clarification of existing requirements.
AASB 2014-1 Amendments to Australian Accounting
Standards (Part A: Annual Improvements 2010-2012
and 2011-2013 Cycles)
Part A of AASB 2014-1 makes amendments to various
Australian Accounting Standards arising from the issuance
by the IASB of International Financial Reporting Standards
Annual Improvements to IFRSs 2010-2012 Cycle and
Annual Improvements to IFRSs 2011-2013 Cycle.
Among other improvements, the amendments arising
from Annual Improvements to IFRSs 2010-2012 Cycle:
•
clarify that the definition of a ‘related party’ includes
a management entity that provides key management
personnel services to the reporting entity (either
directly or through a group entity)
•
amended AASB 8 Operating Segments to explicitly
require the disclosure of judgements made by
management in applying the aggregation criteria
Among other improvements, the amendments arising
from Annual Improvements to IFRSs 2011-2013 Cycle
clarify that an entity should assess whether an acquired
property is an investment property under AASB 140
Investment Property and perform a separate assessment
under AASB 3 Business Combinations to determine
whether the acquisition of the investment property
constitutes a business combination.
Part A of AASB 2014-1 is applicable to annual reporting
periods beginning on or after 1 July 2014.
The adoption of these amendments has not had a
material impact on the Group as they are largely of the
nature of clarification of existing requirements.
MINOTAUR EXPLORATION LIMITED
33
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
u) Standards, amendments and interpretations to
existing standards that are not yet effective and
have not been adopted early by the Group
AASB 9 Financial Instruments (December 2014)
AASB 9 introduces new requirements for the classification
and measurement of financial assets and liabilities.
These requirements improve and simplify the approach
for classification and measurement of financial assets
compared with the requirements of AASB 139.
The main changes are:
a) Financial assets that are debt instruments will be
classified based on:
i)
ii)
the objective of the entity’s business model for
managing the financial assets; and
the characteristics of the contractual cash flows.
b) Allows an irrevocable election on initial recognition
to present gains and losses on investments in equity
instruments that are not held for trading in other
comprehensive income (instead of in profit or loss).
Dividends in respect of these investments that are a
return on investment can be recognised in profit or loss
and there is no impairment or recycling on disposal of
the instrument.
Introduces a ‘fair value through other comprehensive
c)
income’ measurement category for particular simple
debt instruments.
d) Financial assets can be designated and measured
at fair value through profit or loss at initial recognition
if doing so eliminates or significantly reduces a
measurement or recognition inconsistency that would
arise from measuring assets or liabilities, or recognising
the gains and losses on them, on different bases.
e) Where the fair value option is used for financial
liabilities the change in fair value is to be accounted for
as follows:
•
the change attributable to changes in credit risk are
presented in Other Comprehensive Income (OCI); and
the remaining change is presented in profit or loss.
•
If this approach creates or enlarges an accounting
mismatch in the profit or loss, the effect of the changes
in credit risk are also presented in profit or loss.
Otherwise, the following requirements have generally
been carried forward unchanged from AASB 139
into AASB 9:
•
classification and measurement of financial
liabilities; and
•
derecognition requirements for financial assets
and liabilities.
AASB 9 requirements regarding hedge accounting
represent a substantial overhaul of hedge accounting that
enable entities to better reflect their risk management
activities in the financial statements.
Furthermore, AASB 9 introduces a new impairment model
based on expected credit losses. This model makes
use of more forward-looking information and applies to
all financial instruments that are subject to impairment
accounting.
The Group is yet to undertake a detailed assessment of
the impact of AASB 9. However, based on the Group’s
preliminary assessment, the Standard is not expected to
have a material impact on the transactions and balances
recognised in the financial statements when it is first
adopted for the year ending 30 June 2019.
AASB 15 Revenue from Contracts with Customers
•
replaces AASB 118 Revenue, AASB 111 Construction
Contracts and some revenue-related Interpretations:
– establishes a new revenue recognition model
– changes the basis for deciding whether revenue is
to be recognised over time or at a point in time
– provides new and more detailed guidance
on specific topics (e.g., multiple element
arrangements, variable pricing, rights of return,
warranties and licensing)
– expands and improves disclosures about revenue
In May 2015, the AASB issued ED 260 Income of
Not-for-Profit Entities, proposing to replace the income
recognition requirements of AASB 1004 Contributions
and provide guidance to assist not-for-profit entities to
apply the principles of AASB 15.
The Group is yet to undertake a detailed assessment of
the impact of AASB 15. However, based on the Group’s
preliminary assessment, the Standard is not expected to
have a material impact on the transactions and balances
recognised in the financial statements when it is first
adopted for the year ending 30 June 2018.
AASB 2014-1 Amendments to Australian Accounting
Standards (Part D: Consequential Amendments arising
from AASB 14)
Part D of AASB 2014-1 makes consequential amendments
arising from the issuance of AASB 14.
When these amendments become effective for the first
time for the year ending 30 June 2017, they will not have
any impact on the Group.
AASB 2014-1 Amendments to Australian Accounting
Standards (Part E: Financial Instruments)
Part E of AASB 2014-1 makes amendments to Australian
Accounting Standards to reflect the AASB’s decision to
defer the mandatory application date of AASB 9 Financial
Instruments to annual reporting periods beginning on or
after 1 January 2018.
Part E also makes amendments to numerous Australian
Accounting Standards as a consequence of the
introduction of Chapter 6 Hedge Accounting into AASB 9
and to amend reduced disclosure requirements for
AASB 7 Financial Instruments: Disclosures and AASB 101
Presentation of Financial Statements.
ANNUAL REPORT 2015
FINANCIAL REPORT
34
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Notes to the Consolidated Financial Statements
FOR THE YEAR ENDED 30 JUNE 2015
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1 SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES
The amendments to AASB 138 present a rebuttable
presumption that a revenue-based amortisation method
for intangible assets is inappropriate.
u) Standards, amendments and interpretations to exist-
ing standards that are not yet effective and have not
been adopted early by the Group
AASB 2014-1 Amendments to Australian Accounting
Standards (Part E: Financial Instruments)
The Group is yet to undertake a detailed assessment of
the impact of these amendments. However, based on
the Group’s preliminary assessment, these amendments
are not expected to have a material impact on the
transactions and balances recognised in the financial
statements when it is first adopted for the year ending
30 June 2019.
AASB 2014-3 Amendments to Australian Accounting
Standards – Accounting for Acquisitions of Interests in
Joint Operations
The amendments to AASB 11 state that an acquirer of
an interest in a joint operation in which the activity of
the joint operation constitutes a ‘business’, as defined
in AASB 3 Business Combinations, should:
•
apply all of the principles on business combinations
accounting in AASB 3 and other Australian
Accounting Standards except principles that conflict
with the guidance of AASB 11. This requirement also
applies to the acquisition of additional interests in an
existing joint operation that results in the acquirer
retaining joint control of the joint operation (note that
this requirement applies to the additional interest
only, i.e., the existing interest is not remeasured)
and to the formation of a joint operation when an
existing business is contributed to the joint operation
by one of the parties that participate in the joint
operation; and
•
provide disclosures for business combinations as
required by AASB 3 and other Australian Accounting
Standards.
When these amendments are first adopted for the year
ending 30 June 2017, there will be no material impact
on the transactions and balances recognised in the
financial statements.
AASB 2014-4 Amendments to Australian Accounting
Standards – Clarification of Acceptable Methods of
Depreciation and Amortisation
The amendments to AASB 116 prohibit the use of a
revenue-based depreciation method for property, plant
and equipment. Additionally, the amendments provide
guidance in the application of the diminishing balance
method for property, plant and equipment.
ANNUAL REPORT 2015
This rebuttable presumption can be overcome
(i.e., a revenue-based amortisation method might be
appropriate) only in two (2) limited circumstances:
i)
The intangible asset is expressed as a measure of
revenue, for example when the predominant
limiting factor inherent in an intangible asset is the
achievement of a revenue threshold (for instance,
the right to operate a toll road could be based on a
fixed total amount of revenue to be generated from
cumulative tolls charged); or
ii) When it can be demonstrated that revenue and
the consumption of the economic benefits of the
intangible asset are highly correlated.
When these amendments are first adopted for the year
ending 30 June 2017, there will be no material impact
on the transactions and balances recognised in the
financial statements.
AASB 2014-5 Amendments to Australian Accounting
Standards arising from AASB 15
AASB 2014-5 incorporates the consequential amendments
arising from the issuance of AASB 15.
When these amendments become effective for the first
time for the year ending 30 June 2017, they will not have
any impact on the Group.
AASB 2014-7 Amendments to Australian Accounting
Standards arising from AASB 9 (December 2014)
AASB 2014-7 incorporates the consequential amendments
arising from the issuance of AASB 9.
The Group is yet to undertake a detailed assessment of
the impact of these amendments. However, based on
the Group’s preliminary assessment, these amendments
are not expected to have a material impact on the
transactions and balances recognised in the financial
statements when it is first adopted.
AASB 2014-8 Amendments to Australian Accounting
Standards arising from AASB 9 (December 2014) –
Application of AASB 9 (December 2009) and AASB 9
(December 2010)
AASB 2014-8 limits the application of the existing
versions of AASB 9 (AASB 9 [December 2009] and AASB 9
[December 2010]) from 1 February 2015.
The Group is yet to undertake a detailed assessment of
the impact of these amendments. However, based on
the Group’s preliminary assessment, these amendments
are not expected to have a material impact on the
transactions and balances recognised in the financial
statements when it is first adopted.
MINOTAUR EXPLORATION LIMITED
35
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
AASB 2014-9 Amendments to Australian Accounting
Standards – Equity Method in Separate Financial
Statements
The amendments introduce the equity method of
accounting as one of the options to account for an entity’s
investments in subsidiaries, joint ventures and associates
in the entity’s separate financial statements.
When these amendments are first adopted for the year
ending 30 June 2017, there will be no material impact on
the financial statements.
AASB 2014-10 Amendments to Australian Accounting
Standards – Sale or Contribution of Assets between an
Investor and its Associate or Joint Venture
The amendments address a current inconsistency
between AASB 10 Consolidated Financial Statements
and AASB 128 Investments in Associates and Joint
Ventures (2011). The amendments clarify that, on a sale
or contribution of assets to a joint venture or associate
or on a loss of control when joint control or significant
influence is retained in a transaction involving an
associate or a joint venture, any gain or loss recognised
will depend on whether the assets or subsidiary constitute
a business, as defined in AASB 3 Business Combinations.
Full gain or loss is recognised when the assets or
subsidiary constitute a business, whereas gain or loss
attributable to other investors’ interests is recognised
when the assets or subsidiary do not constitute a
business. This amendment effectively introduces an
exception to the general requirement in AASB 10 to
recognise full gain or loss on the loss of control over a
subsidiary. The exception only applies to the loss of
control over a subsidiary that does not contain a business,
if the loss of control is the result of a transaction involving
an associate or a joint venture that is accounted for using
the equity method.
Corresponding amendments have also been made to
AASB 128 (2011).
When these amendments are first adopted for the year
ending 30 June 2017, there will be no material impact on
the financial statements.
AASB 2015-1 Amendments to Australian Accounting
Standards – Annual Improvements to Australian
Accounting Standards 2012-2014 Cycle
These amendments arise from the issuance of Annual
Improvements to IFRSs 2012-2014 Cycle in September
2014 by the IASB.
Among other improvements, the amendments clarify
that when an entity reclassifies an asset (or disposal
group) directly from being held for sale to being held for
distribution (or vice-versa), the accounting guidance in
paragraphs 27-29 of AASB5 Non-current Assets Held for
Sale and Discontinued Operations does not apply. The
amendments also state that when an entity determines
that the asset (or disposal group) is no longer available
for immediate distribution or that the distribution is
no longer highly probable, it should cease held-for-
distribution accounting and apply the guidance in
paragraphs 27-29 of AASB 5.
When these amendments are first adopted for the year
ending 30 June 2017, there will be no material impact on
the financial statements.
AASB 2015-2 Amendments to Australian Accounting
Standards – Disclosure Initiative: Amendments to
AASB 101
The amendments:
•
clarify the materiality requirements in AASB 101,
including an emphasis on the potentially
detrimental effect of obscuring useful information
with immaterial information
•
•
•
•
clarify that AASB 101’s specified line items in
the statement(s) of profit or loss and other
comprehensive income and the statement of
financial position can be disaggregated
add requirements for how an entity should present
subtotals in the statement(s) of profit and loss and
other comprehensive income and the statement of
financial position
clarify that entities have flexibility as to the order in
which they present the notes, but also emphasise
that understandability and comparability should be
considered by an entity when deciding that order
remove potentially unhelpful guidance in IAS 1 for
identifying a significant accounting policy.
When these amendments are first adopted for the year
ending 30 June 2017, there will be no material impact on
the financial statements.
AASB 2015-3 Amendments to Australian Accounting
Standards arising from the Withdrawal of AASB 1031
Materiality
The Standard completes the AASB’s project to remove
Australian guidance on materiality from Australian
Accounting Standards.
When these amendments are first adopted for the year
ending 30 June 2016, there will be no material impact on
the financial statements.
ANNUAL REPORT 2015
FINANCIAL REPORT
36
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Notes to the Consolidated Financial Statements
FOR THE YEAR ENDED 30 JUNE 2015
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1 SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES
This change was necessitated by developments in the
Australian business environment that confirmed there
is a sufficiently observable, deep and liquid market
in high quality Australian corporate bonds to satisfy
the requirements in AASB 119 Employee Benefits.
The Group has concluded that this change is a change
in accounting estimate in accordance with AASB 108
Accounting Policies, Changes in Accounting Estimates
and Errors.
v) Changes in Accounting Estimates
During the current reporting period, the Group changed
the discount rate used in measuring its Australian dollar
dominated defined benefit obligations and other long
term employee benefits from the Australian government
bond rate to the high quality corporate bond rate.
2 PARENT INFORMATION
Assets
Current assets
Non-current assets
Liabilities
Current liabilities
Non-current liabilities
Equity
Issued capital
Reserves – Share option
Retained earnings
Financial performance
Loss for the year
Other comprehensive income
2015
$
2014
$
3,698,381
20,476,408
4,355,400
21,704,736
24,174,789
26,060,136
723,633
435,898
752,115
424,459
1,159,531
1,176,574
40,781,387
1,024,418
36,874,859
924,588
(18,790,547)
(12,915,885)
23,015,258
24,883,562
(5,359,032)
(2,517,307)
-
-
(5,359,032)
( 2,517,307)
Guarantees
Minotaur Exploration Ltd has not entered into any guarantees, in the current or previous financial year,
in relation to the debts of its subsidiaries.
Contingent Liabilities
Contingent liabilities of the parent entity have been incorporated into the Group information in Note 24.
The contingent liabilities of the parent are consistent with that of the Group.
Contractual Commitments
Contractual Commitments of the parent entity have been incorporated into the Group information in
Note 22. The contractual commitments of the parent are consistent with that of the Group.
ANNUAL REPORT 2015
MINOTAUR EXPLORATION LIMITED
37
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3 OPERATING SEGMENTS
The Board has considered the requirements of AASB 8 Operating Segments and the internal reports that are reviewed by the
chief operating decision maker (the Managing Director) in allocating resources and have concluded, due to the Group being
solely focused on exploration activity, at this time that there are no separately identifiable segments.
Consolidated Group
2015
$
2014
$
4 REVENUE AND EXPENSES
a) Revenue
Administration fees
Rent received
Bank interest received or receivable
b) Other income
Net loss on disposal of tenements
Net gains on disposal of available-for-sale investments
Net gains on disposal of property, plant and equipment
Other income
c) Loss on disposal of foreign subsidiary
On 11 December 2014, the Group executed a Share Purchase Agreement for the sale of
all of the shares in its wholly owned foreign subsidiary, Minotaur Atlantic Exploration Ltd
to Cogonov Inc in exchange for 200,000 common shares in Cogonov Inc valued at
$52,507 (CAD $50,000).
As at 30 June 2015, the fair value of shares held in Cogonov Inc is $Nil.
The carrying amount of the net assets of Minotaur Atlantic Exploration Ltd recognised
as at the date of disposal (11 December 2014) and breakdown of consideration is
detailed as follows:
Current assets
Cash and cash equivalents
Trade and other receivables
Net assets as at date of disposal
Consideration received in shares
Gain on disposal
Translation of foreign subsidiary up to date of disposal
Write-off of foreign currency translation reserve upon disposal of foreign subsidiary
Net loss on disposal
264,382
57,110
202,544
524,036
(489)
194,533
-
3,260
197,304
246,899
68,220
108,352
423,471
-
20,725
25,001
6,156
51,882
$
398
118
516
52,507
51,991
(6,586)
(119,044)
(125,630)
(73,639)
ANNUAL REPORT 2015
FINANCIAL REPORT
38
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Notes to the Consolidated Financial Statements
FOR THE YEAR ENDED 30 JUNE 2015
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4 REVENUE AND EXPENSES
Consolidated Group
d) Expenses
Impairment of non-current assets
Impairment of exploration and evaluation assets
Impairment of available-for-sale financial assets
Total impairment of non-current assets
Project generation costs
Project generation costs
Total project generation costs
Depreciation of non-current assets
Buildings
Leasehold improvements
Plant and equipment
Motor vehicles
2015
$
2014
$
4,808,019
178,379
762,812
722,097
4,986,398
1,484,909
374,122
374,122
1,143,699
1,143,699
7,937
93,635
57,228
34,020
-
93,635
59,245
31,476
Total depreciation of non-current assets
192,820
184,356
Finance expenses
Finance costs
Interest applicable to hire-purchase contracts
Total finance expenses
e) Employee benefits expense
Wages, salaries, directors fees and other remuneration expenses
Superannuation expense
Transfer to/(from) annual leave provision
Transfer to/(from) long service leave provision
Employee share options expense
Transfer to exploration assets
f) Other expenses
Secretarial, professional and consultancy
Employee taxes and levies
Occupancy costs
Insurance costs
ASX/ASIC costs
Share register maintenance
Communication costs
Promotion and seminars
Audit fees
Other expenses
ANNUAL REPORT 2015
150
5,568
5,718
2,815,081
210,843
9,425
12,791
615,459
180
8,314
8,494
2,742,140
187,826
(13,919)
29,339
-
(2,876,201)
(2,628,424)
787,398
316,962
381,869
143,899
283,511
72,086
34,894
46,028
15,030
44,659
46,100
58,162
651,488
116,666
261,748
63,861
37,492
57,713
27,040
43,304
37,826
100,071
1,126,238
1,397,209
MINOTAUR EXPLORATION LIMITED
39
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5
INCOME TAX BENEFIT
The major components of income tax benefit are:
Statement of comprehensive income
Current income tax
Current income tax charge
Tax portion of capital raising costs
Research and development tax concession
Income tax benefit reported in the income statement
A reconciliation between tax expense and the product of accounting loss before
income tax multiplied by the Group’s applicable income tax rate is as follows:
Accounting (loss)/profit before income tax
At the Group’s statutory income tax rate of 30% (2014: 30%)
Immediate write-off of exploration expenditure
Expenditure not allowable for income tax purposes
Non-assessable income
Tax losses not recognised due to not meeting recognition criteria
The Group has tax losses arising in Australia of $83,647,892 (2014: $79,222,711)
that are available indefinitely for offset against future taxable profits of the
companies in which the losses arose. In addition, the Group has $2,323,426
(2014: $2,532,821) capital losses available. These losses include $72,537,535 tax
losses and $2,353,426 capital losses transferred to the tax consolidated group
on the acquisition of Breakaway Resources Ltd’s income tax consolidated group
from 5 December 2013. The utilisation of these losses acquired will be restricted
to the available fraction of 0.287.
Tax consolidation
Minotaur Exploration Ltd and its 100% owned Australian resident subsidiaries
have formed a tax consolidated group with effect from 5 February 2005. Minotaur
Exploration Ltd is the head entity of the tax consolidated Group.
Consolidated Group
2015
$
2014
$
-
43,168
(598,227)
-
-
(1,147,478)
(555,059)
(1,147,478)
(7,070,980)
(2,121,294)
(1,332,030)
1,753,815
-
1,699,509
(3,814,289)
(1,144,287)
(1,122,056)
816,690
(2,166)
1,451,819
-
-
ANNUAL REPORT 2015
FINANCIAL REPORT
40
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Notes to the Consolidated Financial Statements
FOR THE YEAR ENDED 30 JUNE 2015
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6 EARNINGS PER SHARE
Basic earnings per share amounts are calculated by dividing net profit for the year attributable to ordinary equity holders of the
parent by the weighted average number of ordinary shares outstanding during the year.
Diluted earnings per share amounts are calculated by dividing the net profit attributable to ordinary equity holders of the parent
by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary
shares that would be issued on the conversion of all the dilutive potential ordinary shares into ordinary shares.
The following reflects the income and share data used in the basic and diluted earnings per share computations:
Consolidated Group
2015
2014
Net loss attributable to ordinary equity holders of the parent
Weighted average number of ordinary shares for basic earnings per share
($6,515,921)
170,936,993
($2,666,811)
137,614,845
Effect of dilution
Share options
-
-
Weighted average number of ordinary shares adjusted for the effect of dilution
170,936,993
137,614,845
In accordance with AASB 133 ‘Earnings per Share’, as potential ordinary shares may
only result in a situation where their conversion results in an increase in loss per share
or decrease in profit per share from continuing operations, no dilutive effect has
been taken into account for 2015.
There have been no other transactions involving ordinary shares or potential
ordinary shares between the reporting date and the date of completion of these
financial statements.
Consolidated Group
2015
$
2014
$
1,684,251
2,479,728
242,175
4,551,998
4,163,979
4,794,173
1,684,251
2,479,728
242,175
4,551,998
4,163,979
4,794,173
7 CASH AND CASH EQUIVALENTS
Cash and cash equivalents
Cash at bank and on hand
Short-term deposits
Included in cash at bank is $272,200 relating to deposits to secure tenements
and rental tenancy and as such is restricted for this use.
Cash at bank earns interest at floating rates based on daily bank deposit rates.
Short-term deposits are made for varying periods between one month and six
months, depending on the immediate cash requirements of the Group, and
earn interest at the respective short-term deposit rate.
Reconciliation to Statement of Cash Flows
For the purposes of the Statement of Cash Flows, cash and cash equivalents
comprise the following at 30 June:
Cash at banks and on hand
Short-term deposits
ANNUAL REPORT 2015
MINOTAUR EXPLORATION LIMITED
41
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7 CASH AND CASH EQUIVALENTS
Consolidated Group
Reconciliation of net loss after tax to net cash flows from operations
Net loss
Adjustments for non-cash items:
Depreciation
Impairment of non-current assets and project generation costs
loss on sale of foreign subsidiary
Net gain on disposal of property plant and equipment,
available-for-sale financial instruments and tenements
Share options expensed
Shares issued for services – refer to Note 18
Changes in assets and liabilities:
(Increase)/decrease in trade and other receivables
(Increase)/decrease in prepayments
(Decrease)/increase in trade and other payables
(Decrease)/increase in employee provisions
2015
$
2014
$
(6,515,921)
(2,666,811)
192,820
5,360,519
73,639
(45,726)
615,459
-
(64,462)
4,114
(407,319)
22,216
184,356
2,628,608
-
(194,533)
-
100,155
114,955
(18,418)
(1,004,292)
(11,233)
Net cash used in operating activities
(764,661)
(867,213)
8 TRADE AND OTHER RECEIVABLES
Trade receivables (i)
Information regarding the credit risk of current receivables is set out in Note 28.
i)
Trade receivables are non-interest bearing and are generally on 30-90 day terms.
An allowance for doubtful debts is made when there is objective evidence that a trade
receivable is impaired. No impairment was recognised in 2014 and 2015 and no
receivables are past due at balance date.
9 OTHER CURRENT ASSETS
Prepayments
Accrued income
Other
10 HELD-FOR-SALE ASSETS
Opening balance
Transfers from exploration and evaluation assets
35,330
35,330
44,499
44,499
69,791
76,613
20,480
73,905
11,299
17,100
166,884
102,304
-
4,758,158
4,758,158
-
-
-
Held-for-sale assets primarily comprise of the Group’s Scotia and Leinster projects located in Western Australia and the Group’s
gypsum project located in South Australia. In addition, the Group holds certain nickel mining rights and obligations and other
mineral royalty rights across 19 tenements in the West Kambalda region of Western Australia, which have also been classed as
held-for-sale assets.
As at the date of this report the marketing process for the Scotia and Leinster tenement groups are drawing to conclusion, and
preliminary responses are being evaluated by the Group. There can be no surety that the Group will enter into a sale transaction
as a result of this process.
ANNUAL REPORT 2015
FINANCIAL REPORT
42
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Notes to the Consolidated Financial Statements
FOR THE YEAR ENDED 30 JUNE 2015
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
11 AVAILABLE-FOR-SALE INVESTMENTS
At fair value – Shares, listed:
Opening balance
Revaluations
Disposals
Acquisitions
Additions through acquisition of Breakaway
Impairments
12 PROPERTY, PLANT AND EQUIPMENT
Land and buildings
Cost
Opening balance
Additions
Disposals
Accumulated depreciation
Opening balance
Depreciation for the year
Disposals
Consolidated Group
2015
$
2014
$
1,127,693
-
(190,231)
80,000
-
(178,379)
1,853,158
60,000
(169,930)
85,000
21,562
(722,097)
839,083
1,127,693
508,723
508,723
-
-
-
-
508,723
508,723
-
7,937
-
7,937
-
-
-
-
Net book value of land and buildings
500,786
508,723
Property is measured at historical cost less accumulated depreciation.
Land and buildings with a net book value of $500,787 (2014: $508,723) is
offered as security against a mortgage of $392,000.
Leasehold improvements
Cost
Opening balance
Additions
Disposals
Accumulated depreciation
Opening balance
Depreciation for the year
Disposals
Net book value of leasehold improvements
ANNUAL REPORT 2015
611,218
611,218
-
-
-
-
611,218
611,218
150,738
93,635
-
244,373
366,845
57,103
93,635
-
150,738
460,480
MINOTAUR EXPLORATION LIMITED
43
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12 PROPERTY, PLANT AND EQUIPMENT
Consolidated Group
Plant and equipment
Cost
Opening balance
Additions
Additions through acquisition of Breakaway
Disposals
Accumulated depreciation
Opening balance
Depreciation for the year
Disposals
Net book value of plant and equipment
Kaolin pilot plant
Cost
Opening balance
Additions
Disposals
Accumulated depreciation
Opening balance
Depreciation for the year
Disposals
Net book value of Kaolin pilot plant
Motor vehicles
Cost
Opening balance
Additions
Disposals
Accumulated depreciation
Opening balance
Depreciation for the year
Disposals
Net book value of motor vehicles
2015
$
2014
$
455,536
92,909
-
(136,646)
411,799
341,430
57,228
(136,646)
262,012
149,787
405,725
13,224
36,587
-
455,536
281,935
59,495
-
341,430
114,106
283,765
283,765
-
-
-
-
283,765
283,765
218,082
26,618
-
244,700
39,065
202,232
43,718
-
245,950
107,256
34,020
-
141,276
104,674
170,794
47,288
-
218,082
65,683
202,232
-
-
202,232
76,030
31,226
-
107,256
94,976
Total net book value of property, plant and equipment
1,161,157
1,243,968
Motor vehicles with a net book value of $34,316 (2013: $94,976) is
offered as security against hire purchase contracts of $31,596.
ANNUAL REPORT 2015
FINANCIAL REPORT
44
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Notes to the Consolidated Financial Statements
FOR THE YEAR ENDED 30 JUNE 2015
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
13 EXPLORATION AND EVALUATION ASSETS
Exploration, evaluation and development costs carried
forward in respect of mining areas of interest
Exploration and evaluation phase – Joint Operations
Exploration and evaluation phase – Other
Consolidated Group
2015
$
2014
$
1,740,419
12,019,323
11,097,016
8,145,991
13,759,742
19,243,007
The ultimate recoupment of costs carried forward for exploration and evaluation phases is dependent on the successful
development and commercial exploitation or sale of the respective mining areas.
Capitalised tenement expenditure movement reconciliation
– Consolidated Group:
Balance at beginning of year
Additions through expenditure capitalised
Reductions through joint operation contributions
Write-off of tenements relinquished
Transfers between categories/to held-for-sale assets
Exploration
Exploration
Joint Operations
$
Other
$
11,097,016
1,297,774
(1,140,303)
(3,583,641)
(5,930,427)
8,145,991
3,925,441
-
(1,224,378)
1,172,269
Total
$
19,243,007
5,223,215
(1,140,303)
(4,808,019)
(4,758,158)
Balance at end of year
1,740,419
12,019,323
13,759,742
As per ASX release dated 9 June 2015 relating to the Eloise and Leinster projects, the Group terminated its joint operations
with Golden Fields Resources Pty Ltd (GFR) as a consequence of the inability of GFR to continue making payments for the
reimbursement of exploration expenditure in accordance with an agreed payment plan.
Termination of the joint operations resulted in the Group retaining 100% of its interest in the Eloise and Leinster projects.
Exploration and evaluation expenditure incurred by the Group on the Eloise and Leinster projects that was not recovered from
GFR has been capitalised in line with the Group’s policy.
14 SHARE-BASED PAYMENTS
Employee Share Option Plan
The Company has established the Minotaur Exploration Ltd Employee Share Option Plan and a summary of the Rules of the Plan
are set out below:
•
All employees (full and part time) will be eligible to participate in the Plan after a qualifying period of 12 months employment
by a member of the Group, although the Board may waive this requirement.
• Options are granted under the Plan at the discretion of the Board and if permitted by the Board, may be issued to an
employee’s nominee.
•
Each option is to subscribe for one fully paid ordinary share in the Company and will expire 5 years from its date of issue.
An option is exercisable at any time from its date of issue. Options will be issued free. The exercise price of options will be
determined by the Board, subject to a minimum price equal to the market value of the Company’s shares at the time the
Board resolves to offer those options. The total number of shares the subject of options issued under the Plan, when
aggregated with issues during the previous 5 years pursuant to the Plan and any other employee share plan, must not exceed
5% of the Company’s issued share capital.
ANNUAL REPORT 2015
MINOTAUR EXPLORATION LIMITED
45
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14 SHARE-BASED PAYMENTS
Employee Share Option Plan
•
If, prior to the expiry date of options, a person ceases to be an employee of a Group company for any reason other than
retirement at age 60 or more (or such earlier age as the Board permits), permanent disability, redundancy or death, the
options held by that person (or that person’s nominee) automatically lapse on the first to occur of a) the expiry of the period
of 6 months from the date of such occurrence, and b) the expiry date. If a person dies, the options held by that person will be
exercisable by that person’s legal personal representative.
• Options cannot be transferred other than to the legal personal representative of a deceased option holder.
•
The Company will not apply for official quotation of any options. Shares issued as a result of the exercise of options will rank
equally with the Company’s previously issued shares.
• Option holders may only participate in new issues of securities by first exercising their options.
The Board may amend the Plan Rules subject to the requirements of the Listing Rules. The expense recognised in the Statement
of profit or loss and other comprehensive income in relation to share-based payments is disclosed in Note 4 (e).
The following table illustrates the number and weighted average exercise prices (WAEP) and movements in share options under
the Company’s Employee Share Option Plan issued during the year:
Outstanding at the beginning of the year
Granted during the year
Forfeited during the year
Expired or lapsed during the year
Outstanding at the end of the year
Exercisable at the end of the year
2015
Number
2015
WAEP
3,660,000
5,505,000
(1,040,000)
-
8,125,000
8,125,000
0.23
0.19
0.23
-
0.20
0.20
2014
Number
4,570,000
-
(500,000)
(410,000)
3,660,000
3,660,000
2014
WAEP
0.23
-
0.22
0.25
0.23
0.23
A total of 1,045,000 options exercisable at any time until 29 September 2016 with an exercise price of $0.21.
The outstanding balance as at 30 June 2015 is represented by:
•
•
•
A total of 1,575,000 options exercisable at any time until 3 July 2017 with an exercise price of $0.25.
A total of 5,505,000 options exercisable at any time until 21 November 2019 with an exercise price of $0.19.
The weighted average remaining contractual life for the share options outstanding as at 30 June 2015 is 3.53 years (2014: 2.69 years).
The range of exercise prices for options outstanding at the end of the year was $0.19 - $0.25 (2014: $0.21 - $0.25).
The weighted average fair value of options granted during the year was $615,459 (2014: $nil).
Shares issued for services
On 29 October 2013, 894,240 ordinary fully paid shares were issued at $0.112 per share for corporate advisory services received by
the Group in relation to the takeover of Breakaway Resources completed on 5 December 2013.
Shares issued for the takeover of Breakaway Resources
The following table is an analysis of shares issued by the company as consideration for all the shares in Breakaway Resources:
Date Issued
Number Issued
25 October 2013
5 December 2013
39,601,137
3,883,956
43,485,093
Further information regarding the takeover of Breakaway Resources is set out in Note 26.
ANNUAL REPORT 2015
FINANCIAL REPORT
46
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Notes to the Consolidated Financial Statements
FOR THE YEAR ENDED 30 JUNE 2015
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
15 TRADE AND OTHER PAYABLES
Trade payables (i)
Net GST and PAYG Payable
Funds received from GFR (iii)
Joint operation income received in advance
Other payables (ii)
i)
Trade payables are non-interest bearing and are normally settled on 30-day terms.
ii) Other payables are non-interest bearing and are normally settled within 30 – 90 days.
iii) Funds received from GFR are to be converted into equity in Minotaur Gold Solutions Ltd,
maintaining a 50% equity position, upon satisfaction of all cash call conditions.
Information regarding the credit risk of current payables is set out in Note 28.
16 BORROWINGS
Current
Hire purchase contracts
Non-current
Hire purchase contracts
Bank borrowings
Bank borrowings reflect a secured 5 year interest only loan.
There are no annual renewal or review terms.
17 PROVISIONS
Current
Annual leave provision
Balance at 1 July
Net increase/(decrease) in provision
Closing Balance 30 June
Long Service Leave
Balance at 1 July
Net increase in provision
Closing Balance 30 June
Non-current
Long Service Leave
Balance at 1 July
Net decrease in provision
Closing Balance 30 June
ANNUAL REPORT 2015
Consolidated Group
2015
$
2014
$
392,045
21,718
362,253
-
159,448
935,464
460,286
11,142
-
129,716
76,753
677,897
14,089
14,089
17,507
392,000
409,507
102,788
9,425
112,213
352,552
18,859
371,411
483,624
32,459
(6,068)
26,391
114,386
114,386
-
392,000
392,000
116,707
(13,919)
102,788
312,513
40,039
352,552
455,340
43,159
(10,700)
32,459
MINOTAUR EXPLORATION LIMITED
47
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Consolidated Group
2015
$
2014
$
18 ISSUED CAPITAL
180,074,588 fully paid ordinary shares (2014: 152,165,042)
40,781,387
36,874,859
2015
2014
Number
$
Number
$
Balance at beginning of financial year
152,165,042
36,874,859
107,785,709
31,572,748
Issue of shares through Share Purchase Plan
and Share Placement
Shares issued for services
Shares issued for Breakaway takeover
Transaction costs on shares issued
27,909,546
3,991,000
-
894,240
43,485,093
-
100,155
5,218,211
-
-
(84,472)
-
(16,255)
-
-
-
Balance at end of financial year
180,074,588
40,781,387
152,165,042
36,874,859
Effective 1 July 1998, the Corporations legislation abolished the concepts of authorised capital and par value shares.
Accordingly, the Parent does not have authorised capital nor par value in respect of its issued shares.
Fully paid ordinary shares carry one vote per share and carry the right to dividends (in the event such a dividend was declared).
19 RESERVES
Share option reserve (a)
Foreign currency translation reserve (b)
Available-for-sale revaluation reserve (c)
a) Share option reserve
Balance at beginning of financial year
Issue of options to employees and officers under Employee Share Option Plan
Transfer to retained earnings upon lapse of options
Balance at end of financial year
The share option reserve comprises the fair value of options issued to employees
under the Company’s Employee Share Option Plan and to directors of the Company.
b) Foreign currency translation reserve
Balance at beginning of financial year
Translation of foreign subsidiary
Write-off upon disposal of foreign subsidiary*
Balance at end of financial year
Consolidated Group
2015
$
2014
$
1,024,418
-
-
1,024,418
924,589
(125,630)
-
798,959
924,589
615,459
(515,630)
1,013,175
-
(88,586)
1,024,418
924,589
(125,630)
6,586
119,044
(126,547)
917
-
-
(125,630)
* On 11 December 2014, the Group executed a Share Purchase Agreement for the sale of all of the shares in its wholly owned foreign subsidiary,
Minotaur Atlantic Exploration Ltd. Refer to note 4(c) for further details.
ANNUAL REPORT 2015
FINANCIAL REPORT
48
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Notes to the Consolidated Financial Statements
FOR THE YEAR ENDED 30 JUNE 2015
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
19 RESERVES
Consolidated Group
c) Available-for-sale revaluation reserve
Balance at beginning of financial year
Revaluation increment/(decrement)
Balance at end of financial year
20 ACCUMULATED LOSSES
Balance at beginning of financial year
Net loss attributable to members of the parent entity
Transfer from share option reserve – lapsed options
Balance at end of financial year
21 NON-CONTROLLING INTEREST
Balance at beginning of financial year
Net loss attributable to non-controlling interest
22 COMMITMENTS FOR EXPENDITURE
Operating leases
Not longer than 1 year
Longer than 1 year and not longer than 5 years
Hire purchase commitments
Not longer than 1 year
Longer than 1 year and not longer than 5 years
Less: future finance charges
Terms of lease arrangements
2015
$
2014
$
-
-
-
(60,000)
60,000
-
(13,018,255)
(6,472,394)
515,630
(10,510,471)
(2,596,370)
88,586
(18,975,019)
(13,018,255)
227,999
(43,527)
184,472
298,440
(70,441)
227,999
343,821
1,036,287
352,587
1,252,238
1,380,108
1,604,825
15,558
18,152
33,710
(2,114)
31,596
118,041
-
118,041
(3,655)
114,386
The Group has in place an operating lease for its principal place of business. The lease expires on 9 July 2019 and includes an
escalation clause linked to CPI.
Future minimum lease payments under hire purchase contracts together with the present value of the net minimum lease
payments are listed in the above table.
Exploration leases
In order to maintain current rights of tenure to exploration tenements the Group will be required to outlay in the year ending
30 June 2016 amounts of approximately $6.2 million in respect of tenement lease rentals and to meet minimum expenditure
requirements. It is expected that of this minimum expenditure requirement, $3.5 million will be funded by Minotaur’s current and
potential joint venture partners. The net obligation to the Group is expected to be fulfilled in the normal course of operations.
ANNUAL REPORT 2015
MINOTAUR EXPLORATION LIMITED
49
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
23 AUDITOR’S REMUNERATION
Audit or review of the financial report
Taxation compliance
Total auditor’s remuneration
Consolidated Group
2015
$
46,100
1,000
47,100
2014
$
37,826
1,000
38,826
24 CONTINGENT LIABILITIES AND CONTINGENT ASSETS
At the date of signing this report, the Group is not aware of any Contingent Asset or Liability that should be disclosed in
accordance with AASB 137. It is however noted that the Company has established various bank guarantees in place with a
number of State Governments in Australia, totalling $272,200 at 30 June 2015 (2014: $322,200). These guarantees are designed
to act as collateral over the tenements which Minotaur explores on and can be used by the relevant Government authorities in
the event that Minotaur does not sufficiently rehabilitate the land it explores on. It is noted that the bank guarantees have, as
at the date of signing this report, never been utilised by any State Government.
25 CONTROLLED ENTITIES
Parent entity
Minotaur Exploration Limited (i)
Subsidiaries
Minotaur Operations Pty Ltd (ii)
Minotaur Resources Investments Pty Ltd (ii)
Minotaur Industrial Minerals Pty Ltd (ii)
Great Southern Kaolin Pty Ltd (ii)
Breakaway Resources Pty Ltd (iii) (iv)
Scotia Nickel Pty Ltd (iii)
Altia Resources Pty Ltd (iii)
Levuka Resources Pty Ltd (iii)
BMV Properties Pty Ltd (iii)
Minotaur Gold Solutions Limited (v)
Minotaur Atlantic Exploration Limited (vi)
Country of
incorporation
2015
%
2014
%
Ownership interest
Australia
Australia
Australia
Australia
Australia
Australia
Australia
Australia
Australia
Australia
Australia
Canada
100
100
100
100
100
100
100
100
100
50
-
100
100
100
100
100
100
100
100
100
50
100
i) Minotaur Exploration Limited is the head entity within the tax consolidated Group.
ii)
These companies are members of the tax consolidated Group.
iii) On 5 December 2013, Minotaur Exploration completed its 100% acquisition of Breakaway Resources Ltd and its subsidiaries; Scotia Nickel Pty Ltd,
Altia Resources Pty Ltd, Levuka Resources Pty Ltd and BMV Properties Pty Ltd. Upon acquiring 100% of Breakaway, the Group moved to add
Breakaway and its subsidiaries to its tax consolidated Group.
iv) On 20 June 2014, Breakaway Resources Ltd converted to a proprietary company and is now called Breakaway Resources Pty Ltd.
v) Although the Group does not hold more than half of the voting rights of Minotaur Gold Solutions Ltd, it is able to control the company as it
has the power of the operating decisions of the entity and is exposed to the variable returns from its investment. The assessment of control is a
significant judgement as Minotaur holds 50% of the voting equity.
vi) On 11 December 2014, the Group executed a Share Purchase Agreement for the sale of all of the shares in its wholly owned foreign subsidiary,
Minotaur Atlantic Exploration Ltd.
ANNUAL REPORT 2015
FINANCIAL REPORT
50
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Notes to the Consolidated Financial Statements
FOR THE YEAR ENDED 30 JUNE 2015
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
26 BUSINESS COMBINATIONS
On 5 December 2013, the Group completed its 100% acquisition of the issued share capital and voting rights of Breakaway
Resources Limited, now named Breakaway Resources Pty Ltd (Breakaway), a company based in Australia that operates within
the mineral exploration segment. The objective of the acquisition was to further increase the Group’s tenements holdings
over highly prospective ground, in particular in Western Australia and Queensland.
Details of the business combination are as follows:
Fair value of consideration transferred
Issue of shares for acquisition of Breakaway
Recognised amounts of identifiable net assets
Cash and cash equivalents
Trade and other receivables
Total current assets
Property, plant and equipment
Available-for-sale investments
Total non-current assets
Trade and other payables
Provisions
Total current liabilities
Trade creditors
Total non-current liabilities
Identifiable net assets
Exploration and evaluation assets recognised on acquisition
Cash and cash equivalents acquired
Net cash inflow on acquisition
Acquisition costs charged to expenses
Net cash paid relating to the acquisition
Consideration transferred
$
5,218,211
5,218,211
490,259
53,043
543,302
36,587
21,562
58,149
460,311
26,653
486,964
50,000
50,000
64,487
5,153,724
490,259
490,259
518,147
(27,888)
Acquisition-related costs amounting to $518,147 are not included as part of consideration transferred and have been recognised
as an expense in the consolidated statement of profit or loss and other comprehensive income, as part of other expenses.
Exploration and evaluation assets
The exploration and evaluation asset that arose on the combination can be attributed to tenement holdings over highly
prospective geological areas and has been recognised as an exploration and evaluation asset. The exploration and evaluation
asset that has been recognised is attributable to the mineral exploration segment.
Breakaway’s contribution to the Group’s results
Breakaway contributed $7,339 and $268,316 to the Group’s revenues and losses respectively from the date of acquisition to
30 June 2014. Had the acquisition occurred on 1 July 2013, the Group’s revenue for the period to 30 June 2014 would have been
($7,899) and the Group’s loss for the period would have been $3,513,220.
ANNUAL REPORT 2015
MINOTAUR EXPLORATION LIMITED
51
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
27 FINANCIAL ASSETS AND LIABILITIES
Note 1(f ) provides a description of each category
of financial assets and financial liabilities and the
related accounting policies. The carrying amounts
of financial assets and financial liabilities in each
category are as follows:
30 June 2015
Financial assets
Cash and cash equivalents
Trade and other receivables
Available-for-sale assets
Financial liabilities
Trade and other payables
Current borrowings
Non-current borrowings
30 June 2014
Financial assets
Cash and cash equivalents
Trade and other receivables
Available-for-sale assets
Financial liabilities
Trade and other payables
Current borrowings
Non-current borrowings
Note
AFS
$
Cash
$
Loans and
Receivables
$
Total
$
(Carried at fair value) (Carried at amortised cost)
7
8
-
-
11, 27(a)
839,083
4,163,979
-
4,163,979
-
-
35,330
-
35,330
839,083
839,083
4,163,979
35,330
5,038,392
Note
15
16, 27(b)
16, 27(b)
Payables
$
Borrowings
$
Total
$
(Carried at amortised cost)
935,463
-
-
-
14,089
409,507
935,463
14,089
409,507
935,463
423,596
1,359,059
Note
AFS
$
Cash
$
Loans and
Receivables
$
Total
$
(Carried at fair value) (Carried at amortised cost)
7
8
-
-
11, 27(a)
1,127,693
4,794,173
-
4,794,173
-
-
44,499
44,499
-
1,127,693
1,127,693
1,127,693
44,499
5,966,365
Note
15
16, 27(b)
16, 27(b)
Payables
$
Borrowings
$
Total
$
(Carried at amortised cost)
677,897
-
-
-
114,386
392,000
677,897
114,386
392,000
677,897
506,386
1,184,283
A description of the Group’s financial instrument risks, including risk management objectives and policies is given in Note 28.
The methods used to measure financial assets and liabilities reported at fair value are described in Note 29.
ANNUAL REPORT 2015
FINANCIAL REPORT
52
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Notes to the Consolidated Financial Statements
FOR THE YEAR ENDED 30 JUNE 2015
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
27 FINANCIAL ASSETS AND LIABILITIES
Consolidated Group
27(a) AFS financial assets
The details and carrying amounts of AFS financial assets are as follows:
Listed securities
The listed securities are denominated in AUD and are publically traded in Australia.
27(b) Borrowings
Borrowings include the financial liabilities:
2015
$
2014
$
839,083
839,083
1,127,693
1,127,693
Current Non-Current
2015
$
2014
$
2015
$
2014
$
14,089
-
14,089
114,386
-
114,386
17,507
392,000
409,507
-
392,000
392,000
Financial liabilities
Fair value
Finance lease liabilities
Bank borrowings
All borrowings are denominated in AUD.
Borrowings at amortised cost
Bank borrowings are secured by land and buildings owned by the Group (see Note 12). Current interest rates are variable
and average 4.81% (2014: 5.03%). The carrying amount of bank borrowings is considered to be a reasonable approximation
of the fair value.
Other financial instruments
The carrying amount of the following financial assets and liabilities is considered to be a reasonable approximation of the
fair value:
•
•
•
Trade and other receivables;
Cash and cash equivalents; and
Trade and other payables
28 FINANCIAL RISK MANAGEMENT
Credit risk management
The Group manages its capital to ensure that entities in the Group will be able to continue as a going concern while
maximising the return to stakeholders. The capital structure of the Group consists of cash and cash equivalents and equity
attributable to equity holders of the parent, comprising issued capital, reserves and accumulated losses as disclosed in
Notes 18, 19, 20 respectively. Proceeds from share issues are used to maintain and expand the Groups exploration activities
and fund operating costs.
ANNUAL REPORT 2015
MINOTAUR EXPLORATION LIMITED
53
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
28 FINANCIAL RISK MANAGEMENT
Consolidated Group
Financial assets
Cash and cash equivalents
Trade receivables
Available-for-sale assets
Financial liabilities
Payables
Borrowings
Credit risk
2015
$
2014
$
4,163,979
35,330
839,083
935,463
425,710
4,794,173
44,499
1,127,693
677,897
510,041
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group.
The Group has adopted a policy of only dealing with creditworthy counterparties as a means of mitigating the risk of financial loss
from activities.
The Group does not have any significant credit risk exposure to any single counterparty or any Group of counterparties having
similar characteristics. The credit risk on liquid funds is limited because the counterparties are banks with high credit-ratings
assigned by international credit-rating agencies.
The carrying amount of financial assets recorded in the financial statements, net of any allowances for losses, represents the
Group’s maximum exposure to credit risk.
Interest rate risk
The tables listed below detail the Group’s interest bearing assets, consisting solely of cash on hand and on short term deposit
(with all maturities less than one year in duration).
Consolidated
2015
Variable interest rate
2014
Variable interest rate
Weighted average
effective interest rate
Less than
1 year
%
$
2.39
4,163,979
3.44
4,794,173
At reporting date, if interest rates had been 50 basis points higher or lower and all other variables were held constant, the Group’s:
•
net loss would increase or decrease by $22,395 which is mainly attributable to the Group’s exposure to interest rates on
its variable bank deposits.
Liquidity risk management
Ultimate responsibility for liquidity risk management rests with the Board, which has built an appropriate liquidity risk
management framework for the management of the Group’s short, medium and long-term funding and liquidity management
requirements. The Group manages liquidity risk by maintaining adequate reserves.
ANNUAL REPORT 2015
FINANCIAL REPORT
54
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Notes to the Consolidated Financial Statements
FOR THE YEAR ENDED 30 JUNE 2015
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
28 FINANCIAL RISK MANAGEMENT
Liquidity and interest risk tables
The following table details the Company’s and the Group’s remaining contractual maturity for its non-derivative financial liabilities.
The table has been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the
Group can be required to pay. The table includes both interest and principal cash flows.
Weighted average
effective interest rate
Less than
1 year
Longer than 1 year
and not longer
than 5 years
%
$
$
Consolidated
2015
Interest bearing
Non-interest bearing
2014
Interest bearing
Non-interest bearing
4.99
-
5.33
-
14,089
935,463
409,507
-
114,386
677,897
392,000
-
Available-for-sale financial instrument risk management
Ultimate responsibility for the Group’s investments in available-for-sale financial instruments rests with the Board. The Board
actively manages its investments by reviewing the market value of the Group’s portfolio at each board meeting and making
appropriate investment decisions.
29 FAIR VALUE MEASUREMENT
Financial assets and financial liabilities measured at fair value in the statement of financial position are grouped into three Levels of
a fair value hierarchy. The three Levels are defined based on the observability of significant inputs to the measurement, as follows:
•
•
•
level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities
level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either
directly or indirectly
level 3: unobservable inputs for the asset or liability
The following table shows the Levels within the hierarchy of financial assets and liabilities measured at fair value on a recurring
basis at 30 June 2015 and 30 June 2014:
Level 1
$
Level 2
$
Level 3
$
Total
$
30 June 2015
Financial assets at fair value
Available-for-sale investments
Listed securities
30 June 2014
Financial assets at fair value
Available-for-sale investments
Listed securities
839,083
839,083
1,127,693
1,127,693
-
-
-
-
-
-
-
-
839,083
839,083
1,127,693
1,127,693
There were no transfers between Level 1 and Level 2 in 2015 or 2014.
Included within Level 1 of the hierarchy are listed investments. The fair values of these financial assets have been based on the
closing quoted bid prices at the end of the reporting period, excluding transaction costs.
ANNUAL REPORT 2015
MINOTAUR EXPLORATION LIMITED
55
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
30 RELATED PARTY DISCLOSURE AND KEY MANAGEMENT PERSONNEL REMUNERATION
Transactions with key management personnel
The following individuals are classified as key management personnel in accordance with AASB 124 ’Related Party Disclosures’:
Mr Derek Carter, Chairman
Mr Andrew Woskett, Managing Director
Dr Antonio Belperio, Executive Director
Mr Richard Bonython, Non-Executive Director
Mr John Atkins, Non-Executive Director (Resigned 30 June 2015)
Mr Donald Stephens, Company Secretary
Mr Varis Lidums, Commercial Manager
Mr Ian Garsed, General Manager of Exploration (Resigned 8 August 2014)
Mr Glen Little, Exploration Manager (Appointed 28 October 2014)
Key management personnel remuneration includes the following expenses:
Salaries including bonuses
Total short-term employee benefits
Superannuation
Total post-employment benefits
Share-based payments
Total share-based payments
Total remuneration
Transactions with associates
2015
$
2014
$
1,259,644
1,196,118
1,259,644
1,196,118
69,079
69,079
162,110
162,110
73,992
73,992
-
-
1,490,833
1,270,110
Throughout the year no transactions took place between Minotaur Exploration Limited and any associates (2014: $nil).
In addition, no amounts were owed by any associates at the end of the year (2014: $nil).
Director and key management personnel related entities
Throughout the year no transactions took place between Minotaur Exploration Limited and any director related entities (2014: $nil).
Donald Stephens, the Company Secretary, is a consultant with HLB Mann Judd (SA) Pty Ltd. HLB Mann Judd (SA) Pty Ltd received
professional fees for accounting, taxation and secretarial services provided during the year amounting to $67,553 (2014: $116,612)
(inclusive of GST).
Throughout the year, no other transactions took place between Minotaur Exploration Limited and any key management
personnel related entities.
Wholly-owned group transactions
The entities comprising the wholly owned Group and ownership interests in these controlled entities are set out in Note 25.
Transactions between Minotaur Exploration Limited and other entities in the wholly-owned Group during the year consisted
of loans advanced by Minotaur Exploration Limited to fund exploration activities.
31 POST-REPORTING DATE EVENTS
No matter or circumstance has arisen since 30 June 2015 that has significantly affected the Group’s operations, results or state
of affairs, or may do so in the future.
ANNUAL REPORT 2015
MINOTAUR EXPLORATION LIMITED
56
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Directors’ Declaration FOR THE YEAR ENDED 30 JUNE 2015
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
The Directors of the Company declare that:
1
the consolidated financial statements and notes, as set out on pages 22 to 55, are in accordance with the
Corporations Act 2001 and:
a)
comply with Accounting Standards, which, as stated in accounting policy Note 1 to the financial
statements, constitutes explicit and unreserved compliance with International Financial Reporting
Standards (IFRS); and
b) give a true and fair view of the financial position as at 30 June 2015 and of the performance for the
year ended on that date of the Company and consolidated Group;
2
the Managing Director and Company Secretary have each declared that:
a)
the financial records of the Company for the financial year have been properly maintained in
accordance with section 286 of the Corporations Act 2001;
b)
the financial statements and notes for the financial year comply with Accounting Standards; and
c)
the financial statements and notes for the financial year give a true and fair view; and
3
in the Directors’ opinion there are reasonable grounds to believe that the Company will be able to pay
its debts as and when they become due and payable.
This declaration is made in accordance with a resolution of the Board of Directors.
Derek Carter
Chairman
Dated this 19th day of August 2015
ANNUAL REPORT 2015
MINOTAUR EXPLORATION LIMITED
57
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Independent Auditor’s Report
TO THE MEMBERS OF MINOTAUR EXPLORATION LIMITED
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Level 1,
67 Greenhill Rd
Wayville SA 5034
Correspondence to:
GPO Box 1270
Adelaide SA 5001
T 61 8 8372 6666
F 61 8 8372 6677
E info.sa@au.gt.com
W www.grantthornton.com.au
INDEPENDENT AUDITOR’S REPORT TO THE
MEMBERS OF MINOTAUR EXPLORATION LIMITED
Report on the financial report
We have audited the accompanying financial report of Minotaur Exploration Limited (the “Company”), which
comprises the consolidated statement of financial position as at 30 June 2015, the consolidated statement of profit
or loss and other comprehensive income, consolidated statement of changes in equity and consolidated statement
of cash flows for the year then ended, notes comprising a summary of significant accounting policies and other
explanatory information and the directors’ declaration of the consolidated entity comprising the Company and the
entities it controlled at the year’s end or from time to time during the financial year.
Directors’ responsibility 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. The Directors’
responsibility also includes 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. The Directors also state, in the notes to the financial report, in accordance with Accounting Standard
AASB 101 Presentation of Financial Statements, the financial statements comply with International Financial
Reporting Standards.
Auditor’s responsibility
Our responsibility is to express an opinion on the financial report based on our audit. We conducted our audit
in accordance with Australian Auditing Standards. Those standards require us to comply with relevant ethical
requirements relating to audit engagements and plan and perform the audit to obtain reasonable assurance
whether the financial report is free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
financial report. The procedures selected depend on the auditor’s judgement, including the assessment of the
risks of material misstatement of the financial report, whether due to fraud or error.
In making those risk assessments, the auditor considers internal control relevant to the Company’s preparation
of the financial report that gives a true and fair view in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal
control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness
of accounting estimates made by the Directors, as well as evaluating the overall presentation of the financial report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
audit opinion.
ANNUAL REPORT 2015
INDEPENDENT AUDITOR’S REPORT
58
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Independence
In conducting our audit, we have complied with the independence requirements of the Corporations Act 2001.
Auditor’s opinion
In our opinion:
a
the financial report of Minotaur Exploration Limited is in accordance with the Corporations Act 2001, including:
i) giving a true and fair view of the consolidated entity’s financial position as at 30 June 2015 and of its
performance for the year ended on that date; and
ii) complying with Australian Accounting Standards and the Corporations Regulations 2001; and
b the financial report also complies with International Financial Reporting Standards as disclosed in the notes
to the financial statements.
Report on the remuneration report
We have audited the remuneration report included in pages15 to 19 directors’ report for the year ended
30 June 2015. The Directors of the Company are responsible for the preparation and presentation of the
remuneration report in accordance with 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.
Auditor’s opinion on the remuneration report
In our opinion, the remuneration report of Minotaur Exploration Limited for the year ended 30 June 2015,
complies with section 300A of the Corporations Act 2001.
GRANT THORNTON AUDIT PTY LTD
Chartered Accountants
I S Kemp
Partner – Audit & Assurance
Adelaide, 19 August 2015
Grant Thornton Audit Pty Ltd ACN 130 913 594
a subsidiary or related entity of Grant Thornton Australia Ltd ABN 41 127 556 389
‘Grant Thornton’ refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or refers to one or more member firms,
as the context requires. Grant Thornton Australia Ltd is a member firm of Grant Thornton International Ltd (GTIL). GTIL and the member firms are not a worldwide partnership. GTIL and
each member firm is a separate legal entity. Services are delivered by the member firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of, and do not
obligate one another and are not liable for one another’s acts or omissions. In the Australian context only, the use of the term ‘Grant Thornton’ may refer to Grant Thornton Australia Limited
ABN 41 127 556 389 and its Australian subsidiaries and related entities. GTIL is not an Australian related entity to Grant Thornton Australia Limited.
Liability limited by a scheme approved under Professional Standards Legislation. Liability is limited in those States where a current scheme applies.
ANNUAL REPORT 2015
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
ASX Additional Information
Interests in Mining Tenements as at 30 September 2015
Lease ID
Lease Name
State Holding Company
Border Joint Venture
EL4745
EL5502
EL4844
EL5079
EL5437
Bonython Hill
Collins Tank
Mingary
Mutooroo
Woodville Dam
SA
SA
SA
SA
SA
Minotaur Operations
Minotaur Operations
Minotaur Operations
Minotaur Operations
Minotaur Operations
Cloncurry Joint Venture (JOGMEC)
EPM8608
EPM16975
EPM19530
EPM18861
EPM18802
EPM18068
EPM17286
EPMA25889
EPM19412
Bendigo Park
Cattle Creek
Corella
Donaldson Well
East Racecourse
Gidyea Bore
Jackys Creek
Sedan
Middle Creek
Cloncurry (Regional)
EPM25862
EPM19500
EPM25389
EPM18573
EPM25237
EPM25801
EPM19775
EPM18624
EPM25238
EPM25856
Crows Nest
Eloise North
Fullarton
Gum Creek
Levuka
Masai
Mount Margaret
Oorindi Park
Saxby
Wilgunya
Corkwood Project
EPM15633
EPM13380
EPM13376
Beefwood
Corkwood
Pelican Dam
Eloise Copper Project
EPM17838§
EPM18442
MDL431§
MDL432
Levuka
Eloise Northwest
Eloise
Eloise
Osborne Joint Venture (JOGMEC)
EPM18575
EPM18720
EPM25197
EPM25886
EPMA25960
EPM19066
EPM18574
Carbo Creek
Cuckadoo
Hamilton
Hennes Bore
Jubilee
Lucia
Momedah Creek
QLD Minotaur Operations
QLD Minotaur Operations
QLD Minotaur Operations
QLD Minotaur Operations
QLD Minotaur Operations
QLD Minotaur Operations
QLD Minotaur Operations
QLD Minotaur Operations
QLD Minotaur Operations*
QLD Minotaur Operations
QLD Minotaur Operations
QLD Minotaur Operations
QLD Minotaur Operations
QLD Minotaur Operations
QLD
QLD Minotaur Operations
QLD Minotaur Operations
QLD Minotaur Operations
QLD Minotaur Operations
Levuka Resources
QLD
QLD
QLD
QLD
QLD
QLD
QLD
Red Mretal Limited
Red Metal Limited
Red Metal Limited
Levuka Resources
Levuka Resources
Levuka Resources
Levuka Resources
QLD Minotaur Operations
QLD Minotaur Operations
QLD Minotaur Operations
QLD Minotaur Operations
QLD Minotaur Operations
QLD Minotaur Operations
QLD Minotaur Operations
Minotaur Equity
Equity Earned % JV Partner
46.8
46.8
46.8
46.8
46.8
42.4
42.4
42.4
42.4
42.4
42.4
42.4
0
42.4
100
100
100
100
100
100
100
100
100
100
0
0
0
100
100
100
40
100
100
100
100
0
100
100
Sumitomo Metal Mining Oceania 53.2%
Sumitomo Metal Mining Oceania 53.2%
Sumitomo Metal Mining Oceania 53.2%
Sumitomo Metal Mining Oceania 53.2%
Sumitomo Metal Mining Oceania 53.2%
JOGMEC 57.6%
JOGMEC 57.6%
JOGMEC 57.6%
JOGMEC 57.6%
JOGMEC 57.6%
JOGMEC 57.6%
JOGMEC 57.6%
JOGMEC 0%
JOGMEC 57.6%
Red Metal Ltd 100%
Red Metal Ltd 100%
Red Metal Ltd 100%
Sandfire Resources 60%
JOGMEC 0%
JOGMEC 0%
JOGMEC 0%
JOGMEC 0%
JOGMEC 0%
JOGMEC 0%
JOGMEC 0%
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Lease ID
Lease Name
State Holding Company
Minotaur Equity
Equity Earned % JV Partner
JOGMEC 0%
JOGMEC 0%
JOGMEC 0%
JOGMEC 0%
JOGMEC 0%
Stavely Minerals 0%
Stavely Minerals 0%
Osborne Joint Venture (JOGMEC)
EPM18576
EPM18571
EPM25888
EPM25699
EPM19061
Pathungra
Sandy Creek
Tripod Tank
Warburton Creek
Windsor
Victoria Copper Project
EL5402
EL5403
EL5450
Chatsworth
Lexington
Roxborough
Industrial Minerals Project
EL5095
ELA5502
EL5395
EL5308
EL5398
EL4575
EL5016
EL4697
EL5365
Camel Lake
Casterton South
Kyancutta
Mount Hall
Sceales
Tootla
Whichelby
Yanerbie
Yaninee
Gawler Ranges Project
ELA2015/163
ELA2015/130
ELA2015/75
EL4776
ELA72015/74
EL5232
EL5647
ELA2015/80
Scotia Project
E 29/00661
E 29/00886
M 24/00279
M 24/00336
M 29/00245
M 29/00246
P 29/02105
P 29/02117
P 29/02118
P 29/02119
P 29/02120
P 29/02121
Birthday Creek
Fairview
Glyde
Mt Double
Nuckulla
Peltabinna Hill
Pondanna
Waurea
Goongarrie 3
Comet Vale
Goongarrie 5
Goongarrie 6
Goongarrie 13
Goongarrie 14
Goongarrie 7
Goongarrie 8
Goongarrie 9
Goongarrie 10
Goongarrie 11
Goongarrie 12
Leinster Project
E 36/235
E 37/909
M 36/475
M 36/502
M 36/511
M 36/524
M 36/526
M 36/548
M 37/806
Leinster 9
Leinster 2
Leinster 10
Leinster 11
Leinster 18
Leinster 12
Leinster 14
Leinster 15
Leinster 3
QLD Minotaur Operations
QLD Minotaur Operations
QLD Minotaur Operations
QLD Minotaur Operations
QLD Minotaur Operations
VIC
VIC
VIC
SA
VIC
SA
SA
SA
SA
SA
SA
SA
SA
SA
SA
SA
SA
SA
SA
SA
WA
WA
WA
WA
WA
WA
WA
WA
WA
WA
WA
WA
WA
WA
WA
WA
WA
WA
WA
WA
WA
Minotaur Operations
Minotaur Operations
Minotaur Operations
Minotaur Operations
Minotaur Industrial Minerals
Minotaur Operations
Minotaur Operations
Minotaur Operations
Great Southern Kaolin
Minotaur Operations
Minotaur Operations
Minotaur Operations
Minotaur Operations
Minotaur Operations
Minotaur Operations
Minotaur Operations
Minotaur Operations
Minotaur Operations
Minotaur Operations
Minotaur Operations
Minotaur Gold Solutions
Minotaur Gold Solutions
Minotaur Gold Solutions
Minotaur Gold Solutions
Minotaur Gold Solutions
Minotaur Gold Solutions
Minotaur Gold Solutions
Minotaur Gold Solutions
Minotaur Gold Solutions
Minotaur Gold Solutions
Minotaur Gold Solutions
Minotaur Gold Solutions
Altia Resources
Scotia Nickel
Altia Resources
Altia Resources
Altia Resources
Altia Resources
Altia Resources
Altia Resources
Altia Resources
100
100
100
100
100
100
100
100
100
0
100
100
100
100
100
100
100
0
0
0
100
0
100
100
0
50
50
50
50
50
50
50
50
50
50
50
50
100
100
100
100
100
100
100
100
100
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Lease ID
Lease Name
State Holding Company
Minotaur Equity
Equity Earned %
JV Partner
Perilya Ltd 90%, MEP 10% free carried
to BFS completion
Perilya Ltd 90%, MEP 10% free carried
to BFS completion
Perilya Ltd 90%, MEP 10% free carried
to BFS completion
Perilya Ltd 90%, MEP 10% free carried
to BFS completion
Peninsula Resources
Birla Mt Gordon
Leinster Project
M 37/877
M 37/878
P 37/7170
P 37/7370
P 37/7371
P 37/7372
P 37/7373
Leinster 16
Leinster 17
Leinster 4
Leinster 5
Leinster 6
Leinster 7
Leinster 8
Other Projects
EL5542
Blinman
EL5117
Ediacara
ML4386
Third Plain
EL4478
Wilkawillina
EL4961*
EPM17061
P15 4876
P15 4877
P15 4878
P15 4879
P15 4880
P15 4881
P15 4882
P15 4883
P15 4886
M15 395
M15 703
L15 128
L15 255
E15 967
E15 968
P15 5860
P15 4884
P15 4885
P15 4963
Moonta
Mt Osprey
Spargos Reward
Spargos Reward
Spargos Reward
Spargos Reward
Spargos Reward
Spargos Reward
Spargos Reward
Spargos Reward
Spargos Reward
West Kambalda
West Kambalda
West Kambalda
West Kambalda
West Kambalda
West Kambalda
West Kambalda
West Kambalda
West Kambalda
West Kambalda
WA
WA
WA
WA
WA
WA
WA
SA
SA
SA
SA
SA
QLD
WA
WA
WA
WA
WA
WA
WA
WA
WA
WA
WA
WA
WA
WA
WA
WA
WA
WA
WA
Altia Resources
Altia Resources
Scotia Nickel
Scotia Nickel
Scotia Nickel
Scotia Nickel
Scotia Nickel
Perilya
Perilya
Perilya
Perilya
Peninsula Resources
Birla Mt Gordon
Minex Australia
Minex Australia
Minex Australia
Minex Australia
Minex Australia
Minex Australia
Minex Australia
Minex Australia
Minex Australia
Tychean Resources
Tychean Resources
Tychean Resources
Tychean Resources
Tychean Resources
Tychean Resources
Tychean Resources
Tychean Resources
Tychean Resources
Tychean Resources
# Diluting interest
* = Portion only of tenement
Ni 100% = 100% interest in Nickel rights only
Ni 100% +3% Au NSR = 100% interest in Nickel rights and 3% Gold NSR
Ni 100% +1.5% NSR = 100% interest in Nickel rights and 1.5% NSR all other minerals
§
Sandfire Resources earning up to 80% interest in portion of the tenement
100
100
100
100
100
100
100
10
10
10
10
10
#22.9
Ni 100%
Ni 100%
Ni 100%
Ni 100%
Ni 100%
Ni 100%
Ni 100%
Ni 100%
Ni 100% +3% Au NSR
Ni 100% +1.5% NSR
Ni 100% +1.5% NSR
Ni 100% +1.5% NSR
Ni 100% +1.5% NSR
Ni 100% +1.5% NSR
Ni 100% +1.5% NSR
Ni 100% +1.5% NSR
Ni 100% +1.5% NSR
Ni 100% +1.5% NSR
Ni 100% +1.5% NSR
ASX ADDITIONAL INFORMATION
62
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Shareholdings AS AT 30 SEPTEMBER 2015
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Additional information required by the Australian Securities Exchange Ltd and not shown elsewhere in this report is as
follows. The information is current as at 30 September 2015.
Distribution of equity securities
Ordinary share capital
180,074,588 fully paid ordinary shares are held by 3,375 individual shareholders.
All issued ordinary shares carry one (1) vote per share and carry the rights to dividend.
Options
11,208,333 unlisted options are held by 28 option holders.
The number of shareholders, by size of holding, in each class are:
1 – 1,000
1,001 – 5,000
5,001 – 10,000
10,001 – 100,000
100,001 and over
Holding less than a marketable parcel
Substantial shareholders
Ordinary shareholders
Norilsk Nickel Australia Pty Ltd
Yarraandoo Pty Ltd
TWENTY LARGEST HOLDERS OF QUOTED EQUITY SECURITIES
Norilsk Nickel Australia Pty Ltd
Yarraandoo Pty Ltd
OZ Minerals Limited
Newmont Capital Pty Ltd
FMR Investments Pty Limited
Sandfire Resources NL
Locantro Speculative Investments Pty Ltd
Mr Peter Francis Hasenkam
Mr Nicholas James Carter + Mrs Susan Mary Carter
Dorica Nominees Pty Ltd
Kimbriki Nominees Pty Ltd
Romsup Pty Ltd
Miningnut Pty Ltd
Mr Nicholas Carter
Mr Robert Gemelli
Edwin Holdings Pty Ltd
MBM Corporation Pty Ltd
Mr Robert William Moses
National Nominees Limited
Mr Derek Northleigh Carter
Fully paid ordinary shares
Unlisted Options
465
884
485
1,205
336
3,375
1,653
-
-
-
5
23
28
-
Fully paid
Number
Percentage
10,777,919
9,651,388
5.99%
5.36%
Fully Paid Ordinary Shares
Number
Percentage
10,777,919
9,651,388
8,041,670
5,320,000
2,872,303
2,608,695
2,000,000
1,754,896
1,688,396
1,606,896
1,500,000
1,457,064
1,200,000
1,185,095
1,110,572
1,000,000
1,000,000
1,000,000
995,967
900,000
5.99%
5.36%
4.47%
2.95%
1.60%
1.45%
1.11%
0.97%
0.94%
0.89%
0.83%
0.81%
0.67%
0.66%
0.62%
0.56%
0.56%
0.56%
0.55%
0.50%
57,670,861
32.05%
ANNUAL REPORT 2015
MINOTAUR
EXPLORATION
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
www.minotaurexploration.com.au