Annual Report
2012
DIRECTORS
AUSTRALIAN BUSINESS NUMBER
90 135 531 341
Stephen Bizzell
David Christensen
Geoffrey McConachy
Andrew Martin
Chris Anderson
SECRETARY
Angelo Gaudio
ASX Code: AOE
ADMINISTRATION AND REGISTERED
OFFICE
SHARE REGISTRY
36 North Terrace
Kent Town SA 5067
Phone: + 61 8 8363 6989
Fax: +61 8 8363 4989
Website: www.renaissanceuranium.com.au
Link Market Services Limited
ANZ Building
Level 15, 324 Queen Street
Brisbane Qld 4000
Phone: +61 2 8280 7454
Fax: +61 2 92870303
SOLICITORS
AUDITORS
HopgoodGanim Lawyers
Level 8, W aterfront Place
1 Eagle Street
Brisbane Qld 4000
Phone: + 61 7 3024 0000
Fax: +61 7 3024 0300
McDonald Steed McGrath Lawyers
11-13 Gilbert St
Adelaide SA 5000
Phone: +61 8 8161 5088
Fax: +61 8 8410 7266
BDO (SA)
Level 7, BDO Centre
420 King W illiam Street
Adelaide SA 5000
Phone: +61 8 7324 6000
Fax: +61 8 7324 6111
Competent Persons Statement
The exploration results reported herein, insofar as they relate to mineralisation, are based on information
compiled by Mr G. W. McConachy (fellow of the Australasian Institute of Mining and Metallurgy) who is a
director of Renaissance. Mr McConachy has sufficient experience relevant to the style of mineralisation
and type of deposits being considered to qualify as a competen t person as defined by the 2004 edition of
the Australasian code for reporting of exploration results, mineral resources and ore reserves (the JORC
code, 2004 edition). Mr McConachy consents to the inclusion in the report of the matters based on his
information in the form and context in which it appears.
Renaissance Uranium Limited
Annual Report June 2012
Contents
Chairman’s letter to shareholders
Review of operations
Directors' report
Auditor's independence declaration
Shareholder information
Corporate governance statement
Financial statements
Consolidated statement of comprehensive income for the year ended 30 June 2012
Consolidated statement of financial position as at 30 June 2012
Consolidated statement of changes in equity for the year ended 30 June 2012
Consolidated statement of cash flows for the year ended 30 June 2012
Notes to the consolidated financial statements for the year ended 30 June 2012
Directors' declaration
Independent auditor's report to the members
1
2
11
22
23
26
32
33
34
35
36
70
71
These financial statements are the consolidated financial statements of the consolidated entity consisting of
Renaissance Uranium Limited and its subsidiaries. The financial statements are presented in the Australian
currency.
Renaissance Uranium Limited is a company limited by shares, listed on the Australian Securities Exchange
(ASX) under the code "RNU" and incorporated and domiciled in Australia. Its registered office and principal
place of business is:
Renaissance Uranium Limited
36 North Terrace
Kent Town SA 5067
A description of the nature of the consolidated entity's operations and its principal activities is included in the
review of operations on pages 2 to 10 and in the directors' report on pages 11 to 21, both of which are not part of
these financial statements.
The financial statements were authorised for issue by the directors on 24 September 2012. The directors have
the power to amend and reissue the financial statements.
Through the use of the internet, we have ensured that our corporate reporting is timely and complete. All press
releases,
our website:
financial
www.renaissanceuranium.com.au.
information
statements
available
other
and
are
on
1 | RENAISSANCE URANIUM LIMITED Annual Report 2012
Chairman’s letter to shareholders
Chairman’s Letter to Shareholders
Dear Shareholders,
It is with great pleasure that I present Renaissance Uranium’s Annual Report for the year ended 30 June 2012, our
first full year as an ASX-listed company.
During this past year, Renaissance advanced and expanded our portfolio of highly prospective exploration
properties, creating multiple opportunities for potential imminent mineral discoveries. Whilst the significant
progress that has been made by Renaissance during the past year has not been reflected in our current share
price, we are optimistic that the upcoming exploration programs may provide a catalyst for the re-rating of the
company by the equity markets.
Our strategy has, and will continue to, focus on prospects for near-term, economic discoveries on projects where
we are able to apply innovative, modern exploration techniques to quickly pass into cost-effective, targeted drill
campaigns.
During the year, this strategy resulted in the advancement of several of our prospects in South Australia, where our
exploration produced exciting near-term discovery prospects for copper and gold, as well as creating medium-term
opportunities in uranium. Of particular note were achievements at:
Gairdner, where we confirmed multiple prospects for world-class, iron-oxide, copper-gold-uranium
targets, as well as prospects for silver;
Olary, where our initial scout drilling and continued geochemical sampling has established excellent
prospects for a near-surface gold operation, similar to the nearby operational White Dam gold mine; and
Warrior, an historic advanced uranium project, which we recently acquired after an extensive review of
low-cost uranium opportunities.
In the coming months, we look forward to conducting drill testing at each of the above prospects.
In addition, we have established a pipeline of high quality exploration projects that offer further opportunities for
mineral discovery as our work programs progress towards drilling. These projects include our Cowell (graphite)
and Spencer (copper) prospects in the Eyre Peninsula, our Tanners Dam Project (IOCGU and uranium) in the
Central Gawler Craton and our newly acquired Frome Project (uranium) in the Frome Basin.
In formulating and executing our strategy, we have also taken into account the uncertainty and volatility in the
global markets over the past year. While maintaining an aggressive exploration program, with multiple active
projects, we have also remained committed to cost effective exploration, focusing our efforts in our home state of
South Australia, where our exploration team has made significant mineral discoveries in the past. We have also
minimised costs by focusing on accessible, near surface projects, where we can quickly advance toward targeted
drill programs. As a result, we have succeeded in maintaining a strong cash position, with $5.1 million cash on
hand as of 30 June 2012.
From a commodity perspective, we have focused on projects where our drilling is most likely to rapidly deliver
economic deposits. This has resulted in pending discovery opportunities in copper and gold, as well as additional
prospects in silver and graphite. At the same time, we have created medium-term, low-cost opportunities in the
uranium sector that offer the potential to benefit from changes in investor sentiment toward uranium going forward.
With our current projects, as well as our experienced management team, we move forward with enthusiasm for our
prospects in the current year.
On behalf on my Board and fellow shareholders, I thank our Managing Director, David Christensen and the entire
Renaissance team for their dedicated work during an exciting and challenging year. I also extend my sincere
thanks to you, our shareholders, for your continued support.
Yours faithfully,
Stephen Bizzell
Chairman
Review of operations
Annual Report 2012 RENAISSANCE URANIUM LIMITED | 2
Review of Operations
Renaissance Uranium Limited (the Company) is an Australian exploration company focused on the discovery and
development of economically viable deposits containing uranium, gold, copper and associated minerals. The
Company holds multiple exploration licenses, with activity directed particularly toward projects located in
established mineral provinces of South Australia.
The Company is an active, early-stage explorer, with multiple projects, at or advancing towards, discovery phase
drill programs. We are based in South Australia, where in previous roles our experienced exploration team has
participated directly in the discovery of several significant uranium, gold, copper and other base metals deposits.
Our strategy is to create near-term, economic discovery opportunities by focusing on projects where we are able to
apply innovative, modern exploration techniques to quickly pass into cost-effective, targeted drill campaigns.
During the year, we undertook several exploration programs, including at our Gairdner Project in the Central
Gawler Craton of South Australia, where we are targeting iron-oxide, copper-gold-uranium (IOCGU) and silver.
After completing extensive on-ground magnetic and gravity surveys, we have now identified multiple IOCGU
targets for imminent drill programs. Our extensive geochemical soil sampling program has resulted in additional
silver drill targets. During the year, we also acquired the right to earn-into 80% of an adjacent tenement,
consolidating our position in the Gairdner district. We expect to commence drilling at Gairdner in the first half of the
current year.
At our Olary Project in eastern South Australia, our initial scout drilling program returned multiple intersections of
elevated, near-surface oxide-gold over soil gold anomalies that we identified through geochemical soil sampling.
Recently, our continued soil-sampling identified additional anomalous gold zones, with results that included the
highest gold value to date from the program. In the coming year, we expect to recommence drilling, with a goal of
locating economic, near-surface oxide-gold deposits, similar in style to the nearby White Dam gold mine.
With respect to uranium, our strategy during the year has been to limit exploration spending, while maintaining or
acquiring drill-ready exploration projects that offer opportunities for economic discoveries either under present
market conditions or in the event of improved investor sentiment. After completing an extensive review of
uranium opportunities, we recently completed two low-cost acquisitions, acquiring rights to the historic Warrior
uranium project in the Central Gawler Craton and a large land position in the uranium-rich Frome Basin of South
Australia. We were also awarded a grant by the South Australian government to drill test uranium/IOCGU targets
at our Tanners Dam Project, which is also located in South Australia’s Central Gawler Craton.
We advanced several other projects through reconnaissance phases, identifying targets for on site evaluation and
creating additional prospects for economic discovery from near-term drill programs. These reconnaissance
stage projects include two prospects in the Eyre Peninsula of South Australia: our Cowell Prospect, where we are
targeting graphite, and our Eastern Eyre project, where we are exploring for copper and other base metals. We
also identified multiple copper targets at our Marree Project in the Adelaide Fold Belt. We expect to continue
advancing toward drilling on these projects in the current year.
We have expanded our tenement holdings in South Australia, through acquisition, joint venture and applications for
mineral exploration licences by nearly 5,900 km2. These new tenements, together with our active reconnaissance
exploration projects, provide us with a strong pipeline of potential projects for future growth and development.
We are delighted to report that our health and safety record has been very strong, with no reportable events and no
workdays lost due to accidents. The Company is committed to keeping a safe workplace and ensuring that all of
our employees and contractors remain vigilant to health and safety issues. We will continue to monitor our health
and safety management systems to minimise risks, incidents and injuries.
In the past year, we have had opportunities to engage positively with key groups with interests in the areas covered
by our mineral tenements, including landowners, traditional owners and the Government. We remain focused on
fostering strong working relationships with these groups, as well as all stakeholders, to deliver positive outcomes
for all concerned as we move forward in the coming year.
3 | RENAISSANCE URANIUM LIMITED Annual Report 2012
Review of operations
Key Project Review
Project
Location
Primary target(s)
Status
Gairdner
Gawler Craton (SA)
IOCGU and silver
Olary (including Cutana
and Outalpa)
Southern Curnamona
Province (SA)
Gold
Warrior
Gawler Craton (SA)
Sandstone-hosted uranium
Cowell
Eyre Peninsula (SA)
Graphite
Tanners Dam
Gawler Craton (SA)
IOCGU/Volcanic-hosted
uranium
Additional prospect area
acquired
Detailed ground gravity
survey completed
IOCGU targets confirmed
Initial and infill soil sampling
completed
Silver targets identified
Native Title agreement
executed
Target drilling planned
Scout drilling completed
Multiple intersections of
elevated gold
Soil sampling completed
New targets identified
Follow-up and initial target
drilling planned
Advanced uranium project
acquired
Data review commenced
Follow-up drilling planned
Graphite prospects
identified
Airborne electromagnetic
survey planned
Drill targets identified
PACE drilling grant
awarded
Additional prospect area
acquired
Target drilling planned
Advanced uranium project
Frome
Frome Basin (SA)
Sandstone-hosted uranium
acquired
Data review commenced
Review of operations
Annual Report 2012 RENAISSANCE URANIUM LIMITED | 4
Figure 1. South Australian Project Map
5 | RENAISSANCE URANIUM LIMITED Annual Report 2012
Review of operations
Gairdner Project
Location:
Gawler Craton (South Australia)
Tenements:
EL 4675 (100%) and EL 4836 (earning 80%)
Area:
1,072 km2
Target:
IOCGU and silver
At the Gairdner Project, exploration during the reporting period focused on base metal and silver targets within a host rock
succession of Mesoproterozoic Gawler Range Volcanics and co-magmatic Hiltaba intrusions. The Company considers
the margins of the granite and volcanics prospective for large-scale discoveries of economic deposits containing, in
particular, IOCGU and silver.
Figure 2. Gairdner Project tenements, showing regional geology and principal prospects confirmed
from recent geophysical surveys and soil sampling
The project consists of 100%-owned EL 4675, and EL 4836. During the reporting period, Renaissance acquired a right
to earn into 80% of EL 4836 from SAEX Pty Ltd.
The Company initially identified geophysical IOCGU targets within the Gairdner Project from regional aeromagnetic data,
which indicated a large complex of increased magnetic response over multiple zones covering both EL 4675 and EL
4836. To better identify potential for sufficient volume to support economic IOCGU mineralisation, the Company
completed additional detailed geophysical surveys during the reporting period and has now confirmed significant excess
mass consistent with IOCGU-style mineralisation over the Border and Kokatha anomalies.
The Company’s exploration for silver at the Gairdner Project is focused on identifying areas of anomalous silver
geochemistry in extensive areas of inferred Lower Gawler Range Volcanics. During the reporting period, the Company
completed wide-spaced and infill soil sampling, identifying multiple silver prospects.
The Company expects to commence drill testing of prospective IOCGU and silver targets in the current year.
Review of operations
Annual Report 2012 RENAISSANCE URANIUM LIMITED | 6
Olary Project
Location:
Southern Curnamona Province (South Australia)
Tenements:
EL 4394 (Cutana) (100%) and EL 4399 (Outalpa)
Area:
569 km2
Target:
Gold
The exploration program at the Olary Project during the reporting period targeted gold and associated mineralisation, with
a particular emphasis on oxide-gold deposits, similar in style to the nearby White Dam gold, owned by Polymetals Mining
Limited (ASX: PLY) and Exco Resources Limited (ASX: EXS).
Figure 3. Olary Project, showing gold prospects and elevated gold intersections
During the reporting period, the Company completed a reconnaissance drill program over soil gold targets identified from
soil geochemical sampling in EL 4399 (Cutana). This initial scout program resulted in multiple anomalous, near-surface
gold intercepts over wide areas, including elevated intersections at two partially drilled prospects, Heinrichs and Tepco.
The coincidence between soil gold values and oxidized gold intersections during scout drilling suggests to the Company
that soil geochemical sampling is an effective technique to identify underlying gold, meriting additional application in other
prospective areas within the Olary Project. As a result, later in the reporting period, the Company completed
broad-spaced, multi-element geochemical soil sampling over prospective portions of EL 4399 (Outalpa). From its
assessment of the anomalous gold results, the Company identified three anomalous zones, including Duckpond, where
sampling returned a peak gold response in Proterozoic gneiss of 161 ppb, the highest gold value to date from the
Company’s soil sampling program within the project area. To prioritise anomalies within the defined anomalous zones,
the Company plans to conduct close-spaced, infill geochemical sampling to define drilling positions for first pass drilling
over defined targets.
After completing infill sampling over Duckpond and other recently identified anomalies, the Company intends to resume
drill testing at Heinrichs, Tepco and other high priority targets.
7 | RENAISSANCE URANIUM LIMITED Annual Report 2012
Review of operations
Warrior Project
Location:
Gawler Craton (South Australia)
Tenements:
EL 4570 (100%)
Area:
165 km2
Target:
Sandstone-hosted uranium
During the reporting period, the Company conducted a comprehensive review of uranium projects. This review
resulted in the Company acquiring rights to the historic Warrior uranium project, over which extensive drilling by PNC
Exploration Pty Ltd (PNC) in the 1970s defined multiple zones of elevated uranium. The Company acquired 100% of
the project, consisting of EL 4570, from Hillment Pty Ltd, a wholly-owned subsidiary of Stellar Resources Limited (ASX:
SRZ), in exchange for a residual net smelter royalty of 1%.
Figure 4. Map of significant uranium occurrences (from Geoscience Australia), showing Warrior project and
other South Australian uranium projects
The Warrior uranium project was discovered in the late 1970s by PNC, the former Japanese government sponsored
uranium exploration company. PNC identified seven discrete zones of elevated uranium mineralisation which fall
within EL 4570. Subsequent to PNC relinquishing the Warrior project in the early 1980s during a period of historically
low uranium prices, exploration from 2005 to 2008 identified prospective extensions to the Warrior paleochannel, as
well as confirming the presence of elevated uranium throughout the project area.
Through the use of additional coring drilling and a prompt fission neutron (PFN) tool, in both the elevated uranium zones
discovered by PNC, as well as extensions to the paleochannels suggested by later exploration work, the Company
considers Warrior to offer significant prospects for the delineation of an economic uranium ore body. The Company’s
initial assessment of the existing drill data suggests a significant variation between air core results and results obtained
from the limited core sampling available from adjacent holes. As an initial work program, the Company intends to
assess all historic drill data available over the project area to delineate targets for testing using core drilling and rotary
mud drilling with a PFN probe. Subsequently, the Company anticipates drill testing in both the uranium zones
delineated by PNC, as well as new uranium zones within the Warrior paleochannel.
Review of operations
Annual Report 2012 RENAISSANCE URANIUM LIMITED | 8
Cowell Prospect
Location:
Eastern Eyre Peninsula (South Australia)
Tenements:
EL 3978 (earning 75%)
Area:
840 km2
Target:
Graphite
During the reporting period, as part of its continual assessment of exploration opportunities within its project
portfolio, the Company identified prospectivity for graphite at its Cowell Prospect, which is adjacent to graphite
prospects that have been reported by Archer Exploration Limited (ASX: AXE). The Cowell Prospect is located
within EL 3978 of the Company’s Pirie Basin Project.
Figure 5. Cowell Prospect, showing proposed coverage area
for airborne electromagnetic (AEM) survey
The Company considers the geology and the location of the Cowell Prospect to offer strong graphite potential. The
project area is well-positioned in an emerging graphite district, with advanced graphite exploration being undertaken by
several mineral explorers within the Eyre Peninsula. On the adjacent tenement to the west Archer Exploration has
identified its Wilklow Prospect along strike from the Cowell Prospect. Within the Company’s project area, immediately to
the east, untested regional shear zone in Lower Proterozoic sediments offer the ideal setting for large graphite deposits.
To identify potential graphite drill targets, the Company intends to conduct an airborne electromagnetic survey over the
shear zones and other prospective graphite areas within EL 3978.
9 | RENAISSANCE URANIUM LIMITED Annual Report 2012
Review of operations
Tanners Dam Project
Location:
Central Gawler Craton (South Australia)
Tenements:
EL 4814 (100%) and ELA 2011/304 (100%)
Area:
583 km2
Target:
Volcanic-hosted uranium and IOCGU
Exploration during the reporting period at Tanners Dam targeted volcanic-hosted uranium and IOCGU associated with
high-level Hiltaba granite intruded into the base of a massive felsic lava pile.
Figure 6. Tanners Dam magnetic image, showing granite (blue) intruding over
volcanics (red and green)
Key exploration features at Tanner Dam include:
Project tenements coincident with major structural corridor. The Tanners Dam Project is located
coincident with a major northwest to southeast crustal terrain boundary, a critical tectonic element in the location
of Olympic Dam.
High mineralization potential. Within the project areas, geochemical data indicates anomalous values of
fluorine, molybdenum, arsenic and uranium typical of the global magmatic uranium-fluorine-lithophile element
association.
Large magnetic low body. Geophysical surveys show a large magnetic low, suggestive of magnetite
destruction by hydrothermal fluids. This has several peripheral magnetic lows, coincident radiometric highs and
positive gravity anomalies.
Felsic lava pile above a Hiltaba granite magma chamber. Tanners Dam provides a geological environment
comparable to Streltsovska, Russia’s pre-eminent uranium region, where uranium and fluorite were sourced by
hydrothermal leaching of a felsic lava pile above a caldera magma chamber. At Tanners Dam, geochemical
anomalism, including quartz veins carrying up to 10% fluorite in existing shallow drill-holes, supports this
geological model.
During the reporting period, the Company was awarded a grant to fund up to $40,000 of drilling pursuant to the South
Australian Government’s Plan for Accelerating Exploration (PACE) Initiative. Renaissance is currently preparing for drill
testing of defined target zones.
Review of operations
Annual Report 2012 RENAISSANCE URANIUM LIMITED | 10
Frome Project
Location:
Frome Basin (South Australia)
Tenements:
ELs 3841, 3842, 3844, 3845, 3846, 4584, 4585, 4586, 4672 and 4823 (each 100%)
Area:
4,572 km2
Target:
Sandstone-hosted uranium
During the reporting period, as part of its continual assessment of available uranium projects, the Company identified
and acquired the Frome Project, a major strategic land position in the uranium-rich Frome Basin of South Australia.
The project tenements were acquired from Frome Uranium Pty Ltd (Frome Uranium), a subsidiary of Callabonna
Uranium Limited (ASX: CUU) in exchange for 800,000 ordinary shares in the Company (representing approximately
0.7% of the Company’s issued and outstanding shares).
Figure 7. Newly acquired Frome tenements, showing location in relation to
nearby uranium deposits
The newly acquired tenements cover an extensive area of 4,572 km2, within an area that hosts several significant
uranium deposits. These deposits include the operating Beverley uranium mine (46.3 million pounds @ 0.27%
U3O8), as well as recently discovered uranium deposits at Four Mile (70.5 million pounds @ 0.33% U3O8) and Beverley
North and Pepegoona (8.8 million pounds @ 0.18% U3O8).
As an initial work program, the Company intends to utilise existing airborne geophysical data in conjunction with
available drill-hole data to define preferred stratigraphic and structural settings consistent with Four Mile and Beverley.
11 | RENAISSANCE URANIUM LIMITED Annual Report 2012
Directors’ Report
Directors' Report
Your directors present their report on the consolidated entity (referred to hereafter as the Group) consisting of
Renaissance Uranium Limited (referred to hereafter as the Parent Entity or the Company) and the entities it
controlled at the end of, or during, the year ended 30 June 2012.
Directors
The following persons were directors of the Company during the whole of the financial year and up to the date of this
report, unless otherwise stated:
David Christensen, Managing Director
David Christensen is an experienced mining executive, with recent successful experience managing exploration,
mining and marketing operations. Prior to founding the Company, David served as Chief Executive Officer of
Adelaide-based companies, Heathgate Resources Pty Ltd and Quasar Resource Pty Ltd. While at Heathgate and
Quasar, his responsibilities included overseeing Australian operations, including the Beverley uranium mine, as well
as the expansion into new projects with the discovery and development of the Four Mile deposit and numerous joint
ventures. David’s experience also includes serving as President of Nuclear Fuels Corporation, a trading and
marketing company, where he managed a multi-million dollar uranium portfolio and was responsible for developing
sales strategy, executing trades and swaps and negotiating all contracts. David commenced his career as an
attorney in California and London offices of international law firm Latham & Watkins, where he advised on corporate
finance and mergers and acquisitions. David was educated at Cornell University (BA, Economics and Classical
Civilizations), the University of California, Los Angeles (JD) and the Universitá di Bologna (Fulbright Fellow).
Special responsibilities
Managing Director
Stephen Bizzell, Non-Executive Chairman
Stephen is Chairman of boutique corporate advisory and funds management group Bizzell Capital Partners. He is
highly experienced in the fields of corporate restructuring, debt and equity financing, mergers and acquisitions and
has over 20 years corporate finance and public company management experience in the resources sector in
Australia and Canada. Stephen was previously an Executive Director of Arrow Energy from 1999 to until its
acquisition in 2010 by Royal Dutch Shell and PetroChina for $3.5 billion. Stephen was instrumental in Arrow’s
corporate and commercial success and its growth from a junior explorer to a large integrated energy company.
Stephen spent his early career in the corporate finance division of Ernst & Young and the tax division of Coopers &
Lybrand and qualified as a Chartered Accountant. During the past three years Stephen has also served as a
Director of the following ASX listed companies: Renison Consolidated Mines NL (since 1996), Bow Energy Ltd (2004
to 2012), Dart Energy Ltd (since 2006), Liquefied Natural Gas Limited (from 2007 to 2010) (Alternate Director),
Apollo Gas Ltd (2009 to 2011), Hot Rock Ltd (since 2009), Diversa Ltd (since 2010), Stanmore Coal Ltd (since
2009), Titan Energy Services Ltd (since 2011), Armour Energy Ltd (since 2012).
Special responsibilities
Chairman of the board
Member of the Audit and Risk Management Committee
Geoffrey McConachy, Executive Director
Geoffrey McConachy is an accomplished geologist with over thirty years of Australian and international experience
in the mining industry assessing and a wide range of commodities. Prior to joining the Company, Geoffrey worked
for Heathgate Resources Pty Ltd and Quasar Resources Pty Ltd, where his roles included Managing Director,
Exploration. While at Heathgate and Quasar, Geoffrey led the exploration and development team in the discovery,
definition and evaluation of four uranium deposits including the Four Mile deposit, for which he was co-honoured with
the Prospector of the Year award from the Australian Association of Mining & Exploration Companies. His
experience includes instrumental roles in the discovery of the Fosterville gold deposit in Victoria and the Potosi base
metal deposit in New South Wales. Geoffrey was educated at the University of New England (BSc, Geology and
Geography) (Hons). He is a fellow of the Australasian Institute of Mining and Metallurgy and a former Director of the
Uranium Information Centre.
Special responsibilities
Member of the Audit and Risk Management Committee
Andrew Martin, Non-Executive Director
Andrew Martin is an executive with Deutsche Bank. Andrew has worked in a banking or advisory capacity for over
15 years, generally within the infrastructure, utilities and natural resources sectors. In recent years, Andrew has
advised on transactions within the power generation, utilities, gas, water, road, rail, port and resources sectors.
Andrew has a Bachelor of Economics (Hons) from the University of Sydney and is a founder and Director of ASX
listed Stanmore Coal Limited (since 2009) and unlisted St Lucia Resources International Pty Limited.
Special responsibilities
Chairman of the Audit and Risk Management Committee
Directors’ Report
Annual Report 2012 RENAISSANCE URANIUM LIMITED | 12
Directors (continued)
includes an
Chris Anderson, Non-Executive Director (Appointed 1 February 2012)
Chris Anderson is an experienced geophysicist with over 30 years in mineral exploration in Australia and abroad.
His recent experience
the Carrapateena
copper-gold-uranium mine in South Australia. His earlier experience includes acting as Placer Pacific’s Exploration
the Kalkaroo
Manager
copper-gold-molybdenum deposit in South Australia. Mr Anderson’s significant international experience includes
recent geophysical interpretation in Zambia for Equinox Resources Ltd., and in Tanzania for North Mara Gold
Mines, where he contributed to the discovery of the one million ounce Gokona gold deposit. From 2005 to 2010
Chris served as executive director of ASX listed Stellar Resources Ltd., with exploration interests in SA, NSW,
Victoria and Tasmania.
for Eastern Australia, where he was
the 2005 discovery of
the discovery of
instrumental role
instrumental
in
in
Chris is a graduate of Adelaide University (BSc, Geology and Geophysics) (Hons), and is a fellow of Australasian
Institute of Mining and Metallurgy.
Special responsibilities
Nil
David Macfarlane, Non-Executive Chairman (Resigned 31 January 2012)
David Macfarlane is a lawyer admitted to practice in England and Hong Kong. He was for many years an equity
partner in a leading international law firm (Lovells), heading its Energy and Commodities Group. He has also
served as an executive board member of Man Financial and Louis Dreyfus and as an elected Non-Executive
Director of the UK Securities and Futures Authority. He was one of the founders and first managing Director of EDF
Trading Limited, one of the world´s leading wholesale energy market participants. He is a Non-Executive Director
of the EDF Trading boards in Singapore, Australia and Japan. Following his retirement from his position with
Renaissance on 31 January 2012, David relocated together with his family from Australia to his native United
Kingdom.
Chief Financial Officer and Company Secretary
Angelo Gaudio, Chief Financial Officer and Company Secretary
Angelo Gaudio has significant experience in senior financial positions within the resource sector. Prior to joining
the Company in 2011 he served as Vice President, Finance and Administration with Heathgate Resources Pty Ltd,
for which he managed accounting, financial affairs and procurement since the inception of the Beverley uranium
mine in 1999. Angelo is a qualified accountant with over thirty-five years of finance, management and accounting
experience. His expertise includes corporate finance, risk management and financial reporting, as well as
corporate development and Native Title relations. Angelo is a Fellow of the Institute of Public Accountants and a
Certificated member of Chartered Secretaries Australia.
Directors’ Shareholdings
The following table sets out each director’s shareholding as at 30 June 2012, their relevant interest in shares and
options in the Company as at the date of this report.
Director
David Christensen
Geoffrey McConachy
Andrew Martin
Stephen Bizzell
Chris Anderson (Appointed 1 February 2012)
David Macfarlane (Resigned 31 January 2012)
Fully Paid Ordinary Shares
12,000,000
6,000,000
20,000,000
9,558,999
6,000,000
640,000
Share options
1,600,000
1,300,000
800,000
800,000
800,000
1,000,000
Meetings of directors
The numbers of meetings of the Company's board of directors and of each board committee held during the year
ended 30 June 2012, and the numbers of meetings attended by each director were:
Stephen Bizzell
David Christensen
Geoffrey McConachy
Andrew Martin
Chris Anderson (Appointed 1 February 2012)
David Macfarlane (Resigned 31 January 2012)
Full meetings of
directors
A
Attended
8
9
9
9
3
4
B
Held
9
9
9
9
4
5
Audit Committee
meetings
A
Attended
2
2
2
2
-
1
B
Held
2
2
2
2
2
1
A = Number of meetings attended
B = Number of meetings held during the time the director held office or was a member of the committee during
the year
13 | RENAISSANCE URANIUM LIMITED Annual Report 2012
Directors’ Report
Principal activities
The principal activities of the Group during the financial year involved mineral exploration.
Dividends - Renaissance Uranium Limited
There were no dividends declared or paid during the financial year (2011: Nil).
Review of operations
For the year ended 30 June 2012, the loss for the Group after providing for income tax was $297,219 (2011:
$1,049,980). Further detailed information on the operations of the Group and its business strategies and
prospects is set out in the review of operations on pages 2 to 10 of this annual report.
Significant changes in the state of affairs
There have been no significant changes in the Group’s state of affairs during the financial year other than have
been disclosed elsewhere in this report.
Matters subsequent to the end of the financial year
On 31 August 2012 the Company completed the acquisition of ten exploration licences in the Frome Basin and one
exploration licence located in the northern Gawler Craton of South Australia from Frome Uranium Pty Ltd, a
subsidiary of Callabonna Uranium Limited (ASX: CUU), in exchange for 800,000 ordinary shares in Renaissance.
On 11 September 2012 the Company completed the acquisition of the Warrior uranium project in the Gawler
Craton of South Australia. The Company acquired a 100% interest in an exploration licence, which includes the
Warrior uranium project, from Hillment Pty Ltd (Hillment), a wholly-owned subsidiary of Stellar Resources Limited
(ASX: SRZ). As consideration the Company has granted Hillment a residual net smelter royalty of 1%.
In the opinion of the directors, no other matter or circumstance has arisen since 30 June 2012 that has significantly
affected, or may significantly affect:
the Group's operations in future financial years, or
the results of those operations in future financial years, or
the Group's state of affairs in future financial years.
Likely developments and expected results of operations
The Company will continue activities in the exploration, evaluation and acquisition of viable projects with the
objective of establishing a significant production business.
Environmental regulation and performance
The directors have put in place strategies and procedures to ensure that the Group manages its compliance with
environmental regulations. The directors are not aware of any breaches of any applicable environmental
regulations.
Directors’ Report
Annual Report 2012 RENAISSANCE URANIUM LIMITED | 14
Remuneration report – audited
This remuneration report sets out remuneration information for the Group’s non-executive directors, executive
directors and other key management personnel of the Group and the Company.
Directors and key management personnel disclosed in this report
Name
Directors
Stephen Bizzell
David Christensen
Geoffrey McConachy
Andrew Martin
Chris Anderson
David Macfarlane
Position
Non-Executive Chairman
Managing Director
Executive Director
Non-Executive Director
Non-Executive Director (Appointed 1 February 2012)
Non-Executive Chairman (Resigned 31 January 2012)
Other key management personnel
Angelo Gaudio
CFO and Company Secretary
Role of the remuneration committee
The board carries out the functions of the Remuneration and Nominations Committees and is responsible for
reviewing and negotiating the compensation arrangements of senior executives. It assesses the appropriateness
of the nature and amount of remuneration of such officers on a periodic basis by relevant employment market
conditions with the overall objective of ensuring maximum stakeholder benefit from the retention of a high quality
Board and executive team. The board is responsible for managing:
non-executive director fees
executive remuneration (directors and other executives), and
the over-arching executive remuneration framework and incentive plan policies.
Their objective is to ensure that remuneration policies and structures are fair and competitive and aligned with the
long-term interests of the Group.
The Corporate Governance Statement provides further information on the role of this committee.
Relationship between remuneration and Group performance
During the financial year, the Group has generated losses as its principal activity was exploration for uranium and
associated minerals within South Australia and Northern Territory. As the Group is still in the exploration and
evaluation stage, the link between remuneration, Group performance and shareholder wealth is tenuous. Share
prices are subject to the influence of metals prices and market sentiment toward the sector, and as such increases or
decreases may occur quite independent of executive performance or remuneration.
Principles used to determine the nature and amount of remuneration
Non-executive directors
Fees and payments to non-executive directors reflect the demands which are made on, and the responsibilities
of, the directors. Non-executive directors' fees and payments are reviewed periodically by the board. The
Chair's fees are determined independently to the fees of non-executive directors based on comparative roles in
the external market. The Chair is not present at any discussions relating to determination of his own
remuneration.
Non-executive directors do not receive performance-based pay.
Directors' fees
The current base fees were established with effect from 15 December 2010.
Non-executive directors' fees are determined within an aggregate directors' fee pool limit, which is periodically
recommended for approval by shareholders. The maximum currently stands at $350,000 per annum and was
approved by a special resolution of the members of the Company on 5 August 2010.
The following fees have applied:
Base fees
Chair
Other non-executive directors
From 1 July 2012
From 1 July 2011
$60,000 p.a.
$36,000-40,000 p.a.
$60,000 p.a.
$36,000-40,000 p.a.
15 | RENAISSANCE URANIUM LIMITED Annual Report 2012
Directors’ Report
Remuneration report – audited (continued)
Retirement allowances for non-executive directors
In line with guidance from the ASX Corporate Governance Council on non-executive directors' remuneration, no
retirement allowances are provided for non-executive directors. Superannuation contributions required under
the Australian superannuation guarantee legislation continue to be made as required and are deducted from the
directors' overall fee entitlements.
Executive pay
The objective of the Group’s executive reward framework is to ensure reward for performance is competitive and
appropriate for the results delivered. The framework aligns executive reward with achievement of strategic
objectives and the creation of value for shareholders, and conforms to market practice for delivery of reward.
The board ensures that executive reward satisfies the following key criteria for good reward governance
practices:
competitiveness and reasonableness;
acceptability to shareholders;
performance linkage / alignment of executive compensation;
transparency; and
capital management.
The Group has structured an executive remuneration framework that is market competitive and complimentary to
the reward strategy of the organisation.
Principles used to determine the nature and amount of remuneration
The framework provides a mix of fixed and long-term incentives.
The board carries out the functions of the Remuneration and Nominations Committees and is responsible for
reviewing and negotiating the compensation arrangements of senior executives. It assesses the appropriateness
of the nature and amount of remuneration of such officers on a periodic basis by relevant employment market
conditions with the overall objective of ensuring maximum stakeholder benefit from the retention of a high quality
Board and executive team. The board manages remuneration and incentive policies and practices and
remuneration packages and other terms of employment for executive directors, other senior executives and
non-executive directors. The Corporate Governance Statement provides further information on the role of a
Remuneration committee.
The executive pay and reward framework has the following components:
base pay and benefits, including superannuation; and
long-term incentives through the issue of unlisted share options.
The combination of these comprises an executive's total remuneration.
Base pay and benefits
Base pay and benefits are structured as a total employment cost package which may be delivered as a
combination of cash and prescribed non-financial benefits, at the executives' discretion and subject to board
approval.
Executives are offered a competitive base pay that comprises the fixed component of pay and rewards to ensure
base pay is set to reflect the market for a comparable role. Base pay for executives is reviewed periodically to
ensure the executive's pay is competitive with the market.
There are no guaranteed base pay increases included in any executives' contracts.
Directors’ Report
Annual Report 2012 RENAISSANCE URANIUM LIMITED | 16
Remuneration report – audited (continued)
Principles used to determine the nature and amount of remuneration (continued)
Benefits
Private health insurance benefits are provided to the Managing Director.
Superannuation
Retirement benefits are delivered via superannuation contributions required under
the Australian
superannuation guarantee legislation. Other retirement benefits may be provided directly by the Group if
approved by shareholders.
Long-term incentives
Long-term incentives may be provided to directors, executives and consultants through the granting of unlisted
share options.
The granting of unlisted share options is designed to provide long-term incentives for executives to deliver
long-term shareholder returns. The granting of such options is at the board's discretion and no individual has a
contractual right to receive any guaranteed benefits. The options are issued for nil consideration and have
variable vesting dates, exercise prices and maturity dates, i.e. last date to exercise the options.
Performance related compensation
The Company currently has no formal performance related remuneration policy which governs the payment of
annual cash bonuses upon meeting pre-determined performance targets. However, the board may consider
performance related remuneration in the form of cash or share options when they consider such to be warranted.
Details of remuneration
Amounts of remuneration
Details of the remuneration of the directors and the key management personnel of the Group (as defined in
AASB 124 Related Party Disclosures) are set out in the following tables.
The key management personnel of the Company includes the directors as per pages 11 and 12 above and the
following executive officer who has authority and responsibility for planning, directing and controlling the activities
of the Company and reports directly to the Managing Director; Angelo Gaudio, CFO and Company Secretary.
17 | RENAISSANCE URANIUM LIMITED Annual Report 2012
Directors’ Report
Remuneration report – audited (continued)
Details of remuneration (continued)
Key management personnel of the Company and the Group
2012
Name
Non-executive directors
Stephen Bizzell
Andrew Martin
Chris Anderson (Appointed 1 February 2012)
David Macfarlane (Resigned 31 January 2012)
Sub-total non-executive directors
Executive directors
David Christensen
Geoffrey McConachy
Other key management personnel
Angelo Gaudio
Sub-total executive directors and other key
management personnel
Short-term employee
benefits
Post-
employment
benefits
Share-
based
payments
Cash
salary and
fees
$
Non-
monetary
benefits
$
Super-
annuation
$
Options
$
Total
$
48,333
36,697
9,000
32,163
126,193
-
-
-
-
-
-
3,303
-
2,890
6,193
300,000
287,500
29,515
-
15,775
15,775
48,333
-
40,000
-
9,000
-
-
32,924
- 132,386
- 345,290
- 303,275
230,000
-
15,775
- 245,775
817,500
29,515
47,325
- 894,340
Total key management personnel compensation
943,693
29,515
53,518
- 1,026,726
Key management personnel of the Company and the Group
2011
Name
Non-executive directors
David Macfarlane (Appointed 1 September 2010)
Andrew Martin (Appointed 1 September 2010)
Stephen Bizzell (Appointed 1 September 2010)
Abigail Steed (Resigned 26 July 2010)
Sub-total non-executive directors
Executive directors
David Christensen
Geoffrey McConachy (Appointed 8 October 2010)
Other key management personnel
Angelo Gaudio (Appointed 28 February 2011)
Duncan Cornish (Appointed 26 July 2010, Resigned 15
June 2011)
Sub-total executive directors and other key
management personnel
Short-term employee
benefits
Post-
employment
benefits
Share-
based
payments
Cash
salary and
fees
$
Non-
monetary
benefits
$
Super-
annuation
$
Options
$
Total
$
30,034
20,058
21,830
-
71,922
-
-
-
-
-
2,708
1,805
-
-
4,513
50,000
40,000
40,000
-
82,742
61,863
61,830
-
130,000 206,435
256,764
195,885
26,782
-
5,929
11,399
80,000 369,475
65,000 272,284
78,731
42,063
-
-
7,086
40,000 125,817
-
71,000 113,063
573,443
26,782
24,414
256,000 880,639
Total key management personnel compensation
645,365
26,782
28,927
386,000 1,087,074
Directors’ Report
Annual Report 2012 RENAISSANCE URANIUM LIMITED | 18
Remuneration report – audited (continued)
Details of remuneration (continued)
The relative proportions of remuneration that are linked to performance and those that are fixed are as follows:
Name
Fixed remuneration
At risk - STI
2012
2011
2012
2011
At risk - LTI *
2012
2011
Non-executive directors of the Company
Stephen Bizzell
Andrew Martin
Chris Anderson (Appointed 1 Feb 2012)
David Macfarlane (Resigned 31 Jan 2012)
Executive directors of the Company
David Christensen
Geoffrey McConachy
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
-%
-%
-%
-%
-%
-%
-%
-%
-%
-%
-%
-%
-%
-%
-%
-%
-%
-%
-%
-%
-%
-%
-%
Other key management personnel of the Group
Angelo Gaudio
100%
100%
-%
-%
-%
-%
* Since the long-term incentives are provided exclusively by way of options, the percentages disclosed also reflect
the value of remuneration consisting of options, based on the value of options expensed during the year.
Service agreements
On appointment to the board, all non-executive directors enter into a service agreement with the Company in the
form of a letter of appointment. The letter summarises the board policies and terms, including compensation,
relevant to the office of director.
Remuneration and other terms of employment for the managing director, executive director, chief financial officer
and the other key management personnel are also formalised in service agreements. Provisions of the
agreements relating to remuneration are set out below.
All contracts with executives may be terminated early by either party with three months’ notice, subject to
termination payments as may be detailed below:
David Christensen, Managing Director, has an agreement with the Company for a term of 3 years commencing on
5 May 2010. This agreement was extended by a further 2 years during the year. His base salary, exclusive of
superannuation, for year ended 30 June 2012 is $300,000 p.a. to be reviewed annually by the board. The minimum
superannuation entitlement (9% of the maximum contributions base pursuant to the Superannuation Guarantee
(Administration) Act 1992) will be paid. Private health insurance benefits are provided and payment of a
termination benefit on early termination by the Company, other than for gross misconduct, will be equal to the base
salary plus benefits for 12 months.
Geoffrey McConachy, Executive Director, has an agreement with the Company for a term of 3 years commencing
on 8 October 2010. His base salary, exclusive of superannuation, for year ended 30 June 2012 is $287,500 p.a. to
be reviewed annually by the board. The minimum superannuation entitlement (9% of the maximum contributions
base pursuant to the Superannuation Guarantee (Administration) Act 1992) will be paid. Payment of a termination
benefit on early termination by the Company, other than for gross misconduct, will be equal to the base salary plus
benefits for 12 months.
Angelo Gaudio, Chief Financial Officer and Company Secretary, has an agreement with the Company for a term of
2 years commencing on 28 February 2011. His base salary, exclusive of superannuation, for year ended 30 June
2012 is $230,000 p.a., to be reviewed annually by the board. The minimum superannuation entitlement (9% of the
maximum contributions base pursuant to the Superannuation Guarantee (Administration) Act 1992) will be paid.
There is no provision for any termination benefit on early termination by the Company.
19 | RENAISSANCE URANIUM LIMITED Annual Report 2012
Directors’ Report
Remuneration report – audited (continued)
Details of remuneration (continued)
Share-based compensation
There were no share based payments granted to directors or key management personnel during the year ended 30
June 2012.
The terms and conditions of options affecting remuneration in the current or a future reporting period are as follows:
Name
Director of the Company
Number of
options
granted
Date vested
and
exercisable
Expiry date
Exercise
price
Value per
option at
grant date
%
Vested
David Christensen
1,600,000
30 Aug 2010
15 Dec 2013
Geoffrey McConachy
1,300,000
30 Aug 2010
15 Dec 2013
Stephen Bizzell
Andrew Martin
Chris Anderson
800,000
30 Aug 2010
15 Dec 2013
800,000
30 Aug 2010
15 Dec 2013
800,000
30 Aug 2010
15 Dec 2013
David Macfarlane
1,000,000
30 Aug 2010
15 Dec 2013
$0.24
$0.24
$0.24
$0.24
$0.24
$0.24
$0.050
100%
$0.050
100%
$0.050
100%
$0.050
100%
$0.050
100%
$0.050
100%
Other key management personnel
Angelo Gaudio
800,000
30 Aug 2010
15 Dec 2013
$0.24
$0.050
100%
These options were not issued based on performance criteria as the Board does not consider this appropriate for a
junior exploration company. The options were issued to directors and executives of the Company to align
comparative shareholder return and reward for directors and executives.
Options granted carry no dividend or voting rights. There are no amounts paid or payable on the granting of options.
When exercisable, each option is convertible into one ordinary share on exercise. Options may be exercised at any
time from the date of vesting to the date of their expiry.
Directors’ Report
Annual Report 2012 RENAISSANCE URANIUM LIMITED | 20
Remuneration report – audited (continued)
Details of remuneration (continued)
Bonuses and share-based compensation benefits
Key Management personnel and executives were not paid cash bonuses or performance-related bonuses
during the years ended 30 June 2012 and 2011.
End of remuneration report - audited
Share options granted to directors and executives
No options over unissued ordinary shares of the Company were granted during the financial year to the
directors and executives of the Company as part of their remuneration.
No options have been granted since year end.
Shares under option
Unissued ordinary shares of the Company under option at the date of this report are as follows:
Date options granted
Expiry date
Exercise
price of
shares
Number under option
30 August 2010
30 August 2010
27 October 2010
15 December 2010
17 February 2011
30 April 2012
15 December 2013
31 December 2014
31 December 2014
31 December 2014
17 February 2015
30 April 2016
$0.24
$0.24
$0.24
$0.24
$0.24
$0.054
8,100,000
2,000,000
700,000
2,000,000
750,000
750,000
14,300,000
Indemnification and insurance of directors, officers and auditor
The Company has established an insurance policy to indemnify all directors and officers against all liabilities
to a third party that may arise from their position as directors or officers of the Company and its controlled
entities, except where the liability arises out of conduct involving a lack of good faith.
During the financial year, the Company paid a premium in respect of a contract insuring directors,
secretaries and executive officers of the Company and its controlled entities against a liability incurred as
director, secretary or executive officer to the extent permitted by the Corporations Act 2001. The contract of
insurance prohibits disclosure of the nature of the liability and the amount of the premium.
The Company has not otherwise, during or since the end of the financial year, except to the extent permitted
by law, indemnified or agreed to indemnify an officer or auditor of the Company or any of its controlled
entities against a liability incurred as such an officer or auditor.
Non-audit services
During the financial year, the following fees for non-audit services were paid or payable to the auditor, BDO,
or their related practices:
Consolidated
30 June
2012
$
30 June
2011
$
Audit related services
Amounts paid to BDO Audit (QLD) Pty Ltd for investigating accountants report
on information included in a prospectus
Total remuneration for audit-related services
-
-
13,750
13,750
Taxation services
Amounts paid to a related practice of BDO (SA) for tax compliance and advisory
services
Total remuneration for taxation services
Total fees for non-audit services
10,505
10,505
7,570
7,570
10,505
21,320
21 | RENAISSANCE URANIUM LIMITED Annual Report 2012
Directors’ Report
Non-audit services (continued)
The directors are satisfied that the provision of non-audit services, during the year, by the auditor
(or by another person or firm on behalf of the auditor), is compatible with the general standard of
independence for auditors imposed by the Corporations Act 2001.
On the advice of the audit committee, the directors are satisfied that the provision of non-audit
services by the auditor, as set out above, did not compromise the auditor independence
requirements of the Corporations Act 2001 for the following reasons:
all non-audit services have been reviewed by the audit committee to ensure that they do
not impact the integrity and objectivity of the auditor; and
none of the non-audit services undermine the general principles relating to auditor
independence as set out in APES 110 Code of Ethics for Professional Accountants.
Proceedings on behalf of the Company
No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to
bring proceedings on behalf of the Company, or to intervene in any proceedings to which the
Company is a party, for the purpose of taking responsibility on behalf of the Company for all or part
of those proceedings.
No proceedings have been brought or intervened in on behalf of the Company with leave of the
Court under section 237 of the Corporations Act 2001.
Auditor’s Independence Declaration
A copy of the auditor's independence declaration as required under section 307C of the
Corporations Act 2001 is set out on page 22.
This report is made in accordance with a resolution of directors.
David Christensen
Director
Adelaide
Date: 24 September 2012
Auditor’s independence declaration
Annual Report 2012 RENAISSANCE URANIUM LIMITED | 22
Auditor’s independence declaration
23 | RENAISSANCE URANIUM LIMITED Annual Report 2012
Shareholder Information
Renaissance Uranium Limited
Shareholder information
30 June 2012
The shareholder information set out below was applicable as at 12 September 2012
A. Distribution of equity securities
Analysis of numbers of equity security holders by size of holding:
Holding
1
1,001
5,001
10,001
100,001
1000 *
5,000
10,000
100,000
-
-
-
-
and over
Ordinary shares
Shares
Options
5
23
88
332
114
562
-
-
-
-
14
14
-
-
-
-
14
14
* Share holdings of 1,000 shares or less is regarded as holding less than a marketable parcel of shares
B. Equity security holders
Twenty largest quoted equity security holders
The names of the twenty largest holders of quoted equity securities are listed below:
Name
Ordinary shares
Number held
Percentage of
issued shares
David Christensen
SLRI Pty Ltd
St Lucia Resources Capital Fund Pty Ltd
Geoffrey William McConachy
CANNC Consulting Pty Ltd
Casalamada Pty Ltd
Bizzell Nominees Pty Ltd
BCP Alpha Investments Limited *
R & C Australia Pty Ltd
Clasm Pty Ltd *
Hiltaba Gold Pty Ltd
BT Portfolio Services Limited
CF2 Pty Ltd *
National Nominees Limited
Pakasoluto Pty Ltd
Sixth Erra Pty Ltd *
Albiano Holdings Pty Ltd
Red Beetroot Pty Ltd
Callabonna Uranium Ltd
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20 Stephen Grant Bizzell *
12,000,000
11,000,000
9,000,000
6,000,000
6,000,000
6,000,000
4,958,333
3,848,333
1,887,000
1,800,000
1,500,000
1,430,000
1,253,333
1,250,000
1,111,869
1,043,334
1,008,974
1,000,000
800,000
738,333
10.45%
9.58%
7.84%
5.23%
5.23%
5.23%
4.32%
3.35%
1.64%
1.57%
1.31%
1.25%
1.09%
1.09%
0.97%
0.91%
0.88%
0.87%
0.70%
0.64%
TOTAL
73,629,509
64.14%
* Merged
Shareholder information
Annual Report 2012 RENAISSANCE URANIUM LIMITED | 24
Shareholder information (continued)
B. Equity security holders (continued)
Unquoted equity securities
Number
on issue
Number
of holders
Share options
14,300,000 *
14
* Number of unissued ordinary shares under the options. No person holds 20% or more of these
securities.
C. Substantial holders
Substantial holders in the Company are set out below:
Name
Ordinary Shares
Number
held
Percentage
David Christensen
SLRI Pty Ltd + St Lucia Resources Capital Fund Pty Ltd
Stephen Bizzell + Other Related Interests
CANNC Consulting Pty Ltd + CANNC Investments
Geoffrey William McConachy
Casalamada Pty Ltd
12,000,000
20,000,000
9,558,999
6,015,000
6,000,000
6,000,000
10.45%
17.42%
8.33%
5.24%
5.23%
5.23%
TOTAL
59,573,999
51.89%
D. Voting rights
The voting rights attaching to each class of equity securities are set out below:
(a)
(b)
Ordinary shares
On a show of hands every member present at a meeting in person or by proxy shall have
one vote and upon a poll each share shall have one vote.
Options
No voting rights.
E. Restricted securities
Restricted securities on issue at 12 September 2012 are:
Escrow
Release Date
Escrow
Period
Ordinary
Shares
$0.24 @
15/12/2013
Options
$0.24 @
31/12/2014
$0.24 @
17/02/2015
Total
15 December 2012 24 months 37,170,999
7,100,000
3,350,000
-
47,620,999
25 | RENAISSANCE URANIUM LIMITED Annual Report 2012
Shareholder Information
Shareholder information (continued)
F.
Interests in Tenements
The Group held the following interests in tenements as at 12 September 2012:
Tenement
South Australia
Name
% Interest
Application
Lodged
Grant Date
Expiry Date
EL 4399
EL 4394
EL 4627
EL 4628
EL 4676
EL 4677
EL 4822
EL 4957
EL 4400
EL 3978
EL 5012
EL 4721
EL 4675
EL 4836
EL 4814
Outalpa
Cutana
Tent Hill
Wilpoorina
Witchelina
Farina
Willouran
Lyndhurst
Midgee
Cowell JV
Cultana
IronBaron
Gairdner
100
100
100
100
100
100
100
100
100
0 (Earn-in JV)
100
100
100
Kokotha JV
0 (Earn-in JV)
Tanners Dam
100
-
-
-
-
-
-
-
-
-
-
10-Dec-09
09-Dec-12
10-Dec-09
09-Dec-12
13-Dec-10
12-Dec-12
13-Dec-10
12-Dec-12
22-Feb-11
21-Feb-13
22-Feb-11
21-Feb-13
17-Jan-12
16-Jan-14
09-Jul-12
08-Jul-14
10-Dec-09
09-Dec-12
07-Nov-07
06-Nov-12
17-Mar-09
-
-
-
-
-
-
04-Apr-11
03-Apr-13
22-Feb-11
21-Feb-13
15-Feb-12
14-Feb-14
21-Dec-11
21-Dec-12
ELA2011/304
Tanners Dam Nth
100 (Application)
20-Dec-11
-
-
* Acquired EL’s 3841, 3842, 3844, 3845, 3846, 4584, 4585, 4586, 4672 & 4823 in Frome Basin subject to
transfer
* Acquired EL 4640 in Gawler Craton subject to transfer
* Acquired EL 4570 in Gawler Craton subject to transfer
Northern Territory
EL27519
EthelCreek
100
-
15-Jul-10
14-Jul-16
ELA27517
NirripiNth
0 (Application)
29-Jul-09
ELA27518
NirripiWest
0 (Application)
29-Jul-09
ELA27520
GhostGumBore
0 (Application)
29-Jul-09
EL28259
EL28260
EL28261
EL28262
EL28285
EL28286
EL28287
EL28663
Erldunda East
Erldunda West
Lyndavale East
Depot Hill West
Lyndavale West
Erldunda North
Depot Hill East
Rodinga
100
100
100
100
100
100
100
100
-
-
-
-
-
-
-
-
-
-
-
-
-
-
24-Mar-11
23-Mar-17
24-Mar-11
23-Mar-17
24-Mar-11
23-Mar-17
24-Mar-11
23-Mar-17
04-Apr-11
03-Apr-17
04-Apr-11
03-Apr-17
04-Apr-11
03-Apr-17
27-Oct-11
26-Oct-17
* Denotes acquired since Year Ended 30 June 2012 and subject to ministerial consent.
Corporate Governance Statements
Annual Report 2012 RENAISSANCE URANIUM LIMITED | 26
Corporate Governance Statements
The board of directors (the Board) of the Company is responsible for the corporate governance of the Group.
The Board guides and monitors the business and affairs of the Company on behalf of its shareholders by whom
they are elected and to whom they are accountable.
The Company’s Corporate Governance Statement is structured with reference to the Australian Securities
Exchange (“ASX”) Corporate Governance Council’s (the “Council”) “Corporate Governance Principles and
Recommendations, 2nd Edition”, which are as follows:
Principle 1
Principle 2
Principle 3
Principle 4
Principle 5
Principle 6
Principle 7
Principle 8
Lay solid foundations for management and oversight
Structure the board to add value
Promote ethical and responsible decision making
Safeguard integrity in financial reporting
Make timely and balanced disclosure
Respect the rights of shareholders
Recognise and manage risk
Remunerate fairly and responsibly
A copy of the eight Corporate Governance Principles and Recommendations can be found on the ASX’s website.
The Board is of the view that with the exception of the departures from the ASX Guidelines as set out below, it
otherwise complies with all of the ASX Guidelines.
ASX Principles
and recommendations
Summary of the Group’s
Position
Principle 1 – Lay solid foundations for management and oversight
Recommendation 1.2 – Companies should
disclose the process for evaluating the
performance of senior executives
The Board has not established a separate nomination committee.
The directors consider that the Group is not of a size nor are its
affairs of such complexity as to justify the formation of any other
special or separate committees at this time. In the absence of a
formally constituted nomination committee, the Board acts as a
nomination committee. Members of the Board have been
brought together to provide a blend of qualifications, skills and
national and international experience required for managing a
company operating within the mining industry.
Principle 2 – Structure the board to add value
Recommendation 2.1 – A majority of the
Board should be independent directors
While
this
the Group does not presently comply with
recommendation, the Group may consider appointing further
independent directors in the future. The Group believes that
given the size and scale of its operations, non-compliance by the
Group with this recommendation will not be detrimental to the
Group.
Recommendation 2.4 – The board should
establish a nomination committee
The Board’s view is that the Group is not currently of the size to
justify the formation of a separate nomination committee. The
Board currently performs the functions of a nomination committee
and where necessary will seek advice of external advisors in
relation to this role. The Board shall, upon the Group reaching
the requisite corporate and commercial maturity, approve the
constitution of a nomination committee to assist the Board in
relation to the appointment of Directors and senior management.
27 | RENAISSANCE URANIUM LIMITED Annual Report 2012
Corporate Governance Statements
ASX Principles
and recommendations
Summary of the Group’s
Position
Principle 4 – Safeguard integrity in financial reporting
Recommendation 4.2 – The audit
committee should be structured so that it:
- Consists only of non-executive
directors
- Consists of a majority of independent
directors
- Is chaired by an independent chair,
who is not chair of the board
- Has at least 3 members
Mr Martin is a non-executive director and the current Chairman
of the Audit and Risk Management Committee. Mr Martin is a
director of SLRI Pty Ltd and St Lucia Capital Fund Pty Ltd, which
act as corporate trustees for trust funds which together are
substantial (greater than 5%) shareholders in the Company.
Mr Martin is a beneficiary of a trust ultimately holding a more
than 20% interest in these trust funds and as such, does not
meet the independence requirement as defined in the ASX
guidelines.
Mr Stephen Bizzell is a non-executive director, the current
Chairman of the Board and a member of the Audit and Risk
Management Committee. The Group does not consider Mr
Bizzell to be an independent director as defined in the ASX
Guidelines on the basis that he, together with his associated
entities, are in aggregate a substantial (greater than 5%)
shareholder in the Group.
Mr McConachy is an executive director and a member of the
Audit and Risk Management Committee and has business
dealings with the Group as disclosed in note 19 to the financial
statements. He is also a substantial (greater than 5%)
shareholder in the Company and as such does not meet the
independence requirement as defined in the ASX guidelines.
On the basis of above information, the Group is of the view that
that the Audit and Risk Management Committee does not
consist of a majority of independent directors. While the Group
does not presently comply with this Recommendation 4.2, the
Group may consider appointing further independent Directors in
the future. The Group believes that given the size and scale of
its operations, non-compliance by
this
the Group with
Recommendation 4.2 will not be detrimental to the Group.
Principle 8 - Remunerate fairly and responsibly
Recommendation 8.1 – The board should
establish a remuneration committee
The Board has not established a remuneration committee. The
Board considers that given its size, no efficiencies or other
benefits would be gained by the establishing of such committee.
The role of the remuneration committee is carried out by the full
Board. The Group has adopted a Remuneration Committee
Charter, which
the Company’s Corporate
in
Governance Charter available on the Company website,
www.renaissanceuranium.com.au.
is set out
Corporate Governance Statements
Annual Report 2012 RENAISSANCE URANIUM LIMITED | 28
Board
The Board has adopted a formal Board Charter that outlines the roles and responsibilities of directors and senior
executives. The Board Charter is publicly available on the Company website, www.renaissanceuranium.com.au.
The skills, experience and expertise relevant to the position of director held by each director in office at the date of
the Annual Report is included in the Director’s Report. Corporate Governance Council Recommendation 2.1
requires a majority of the Board should be independent Directors. The Corporate Governance Council defines and
independent director as a non-executive director who is not a member of management and who is free of any
business or other relationship that could materially interfere with – or could reasonably be perceived to materially
interfere with – the independent exercise of their judgement.
In the context of director independence “materiality” is considered from both the Company and the individual
director’s perspective. The determination of materiality requires consideration of both quantitative and qualitative
elements. An item is presumed to be quantitatively immaterial if it is equal or less than 10% of the appropriate
base amount. It is presumed to be material (unless there is qualitative evidence to the contrary) if it is equal to or
greater than 10% of the appropriate base amount. Qualitative factors considered included whether a relationship
is strategically important, the competitive landscape, the nature of the relationship and the contractual or other
arrangements governing it and other factors which point to the actual ability of the Director in question to shape the
direction of the Company’s loyalty.
Factors that may impact on a director’s independence are considered each time the Board meets.
At the date of this report:
In accordance with the Council’s definition of independence above, and the materiality thresholds set, no directors
are considered to be independent:
In accordance with the Council’s definition of independence above, and the materiality thresholds set, the following
directors are not considered to be independent:
Name
David Christensen
Position
Managing Director
Geoffrey McConachy
Executive Director
Reason for non-compliance
Mr Christensen is Managing Director and is a substantial
(greater than 5%) shareholder in the Company and as
such does not meet the independence requirement as
defined in the ASX guidelines.
Mr McConachy is an Executive Director and has business
dealings with the Group as disclosed in note 19 to the
financial statements. He is also a substantial (greater than
5%) shareholder in the Company and as such does not
meet the independence requirement as defined in the
ASX guidelines.
Stephen Bizzell
Andrew Martin
Chris Anderson
Non-Executive Director
Non-Executive Chairman Mr Bizzell is a Non-executive Director and a member of
the Audit and Risk Management Committee. Together
with his associated entities, he is a substantial (greater
than 5%) shareholder in the Company and as such does
not meet the independence requirement as defined in the
ASX guidelines.
Mr Martin is a non-executive director and the current
Chairman of the Audit and Risk Management Committee.
Mr Martin is a director of SLRI Pty Ltd and St Lucia Capital
Fund Pty Ltd, which act as corporate trustees for trust
funds which together are substantial (greater than 5%)
shareholders in the Company. Mr Martin is a beneficiary
of a trust ultimately holding a more than 20% interest in
these trust funds and as such, does not meet the
independence requirement as defined
the ASX
guidelines.
Mr Anderson is a Non-executive Director and has
business dealings with the Group as disclosed in note 19
to the financial statements. He is also a substantial
(greater than 5%) shareholder in the Company and as
such does not meet the independence requirement as
defined in the ASX guidelines.
Non-Executive Director
in
29 | RENAISSANCE URANIUM LIMITED Annual Report 2012
Corporate Governance Statements
Board (Continued)
The Company considers industry experience and specific expertise, as well as general corporate experience, to be
important attributes of its Board members. The Directors noted above have been appointed to the Board of the
Company due to their considerable industry and corporate experience.
There are procedures in place, agreed by the board, to enable Directors, in furtherance of their duties, to seek
independent professional advice at the Company’s expense.
The term in office held by each Director in office at the date of this report is as follows:
Name
David Christensen
Stephen Bizzell
Andrew Martin
Geoffrey McConachy
Chris Anderson
Term in office
3 years 7 months
2 years
2 years
1 year 11 months
7 months
Trading Policy
The board has adopted a policy and procedure on dealing in the Company’s securities by Directors, officers and
employees which prohibits dealing in the Company’s securities when those persons possess inside information
until it has been released to the market and adequate time has passed for this to be reflected in the security’s
prices, and during certain pre-determined windows.
The Company’s policy regarding dealings by directors in the Company’s shares is that directors should never
engage in short term trading and should not enter into transactions when they are in possession of price sensitive
information not yet released by the Company to the market; or for a period of fourteen (14) days prior to the
scheduled (per ASX Listing Rules) release by the Company of (ASX), Quarterly Operations and Cash Flow
Reports or such shorter period as may be approved of by the Board of Directors after receipt of notice of intention
to buy or sell by a director to other members of the Board.
Directors will generally be permitted to engage in trading (subject to due notification being given to the Chairperson
and Secretary) for a period commencing one (1) business day after the release of (ASX) Quarterly Operations and
Cash Flow Reports to the market and for a period commencing one (1) business day following the release of price
sensitive information to the market which allows a reasonable period of time for the information to be disseminated
among members of the public.
Remuneration and Nomination Committees
Due to the size and scale of operations, the Company does not have separately established Remuneration or
Nomination Committees. The full Board carries out the functions of Remuneration and Nomination Committees,
operating under charters (available on the Company website, www.renaissanceuranium.com.au) approved by the
Board.
Audit and Risk Management Committee
The Board has established an Audit and Risk Management Committee, which operates under a charter approved
by the Board. It is the Board’s responsibility to ensure that an effective internal control framework exists within the
Company. This includes internal controls to deal with both the effectiveness and efficiency of significant business
processes, the safeguarding of assets, the maintenance of proper accounting records, and the reliability of
financial information as well as non-financial considerations such as the benchmarking of operational key
performance indicators. The Board has delegated the responsibility for the establishment and maintenance of a
framework of internal control and ethical standards for the management of the Company to the Audit and Risk
Management Committee.
The Committee also provides the Board with additional assurance regarding the reliability of financial information
for inclusion in the financial reports. All members of the Audit and Risk Management Committee are
Non-Executive Directors.
The members of the Audit and Risk Management Committee at the date of this report are:
Andrew Martin (Chairman)
Stephen Bizzell
Geoffrey McConachy
Corporate Governance Statements
Annual Report 2012 RENAISSANCE URANIUM LIMITED | 30
Audit and Risk Management Committee (Continued)
For additional details of directors’ attendance at Board and Audit and Risk Management Committee meetings and
to review the qualifications of the members of the Audit and Risk Management Committee, please refer to the
Directors’ Report.
The Audit and Risk Management Charter
www.renaissanceuranium.com.au.
is publicly available on
the Company’s website,
Risk Management
The Company has developed a basic framework for risk management and internal compliance and control
systems which cover organisational, financial and operational aspects of the Company’s affairs. Further details of
the Company’s Risk management, policies can be found within the Audit and Risk Management Committee
Charter available on the Company’s website www.renaissanceuranium.com.au.
Recommendation 7.2 requires that the Board disclose that management has reported to it as to the effectiveness
of the Company’s management of its material business risks. Business risks are considered regularly by the
Board and management.
As required by Recommendation 7.3, the Board has received written assurances from the Managing Director and
Chief Financial Officer that to the best of their knowledge and belief, the declaration provided by them in
accordance with section 295A of the Corporations Act is founded on a sound system of risk management and
internal control and that they system is operating effectively in all material respects in relation to financial reporting
risks.
Performance Evaluation
The full Board, in carrying out the functions of the Remuneration and Nomination Committees, considers
remuneration and nomination issues annually and otherwise as required in conjunction with the regular meetings
of the Board.
The performance of the individual members of the Board is considered at the regular meetings of the Board. No
formal performance evaluation of the directors was undertaken during the year ended 30 June 2012. The Board
intends to undertake formal evaluations during the current financial year against indicators aligned with the
financial and non-financial objectives of the Company.
Remuneration
It is the Company’s objective to provide maximum stakeholder benefit through the retention of a high quality Board
and Executive team by remunerating directors and key executives fairly and appropriately with reference to
relevant and employment market conditions. To assist in achieving this objective, the Board links the nature and
amount of Executive Director’s and Officer’s emoluments to the Group’s financial and operations performance.
The expected outcomes of the remuneration structure are:
retention and motivation of key Executives
attraction of quality management to the Group
performance incentives which allow Executives to share the rewards of the success of the Group
For details on the amount of remuneration and all monetary and non-monetary components for each of the
(Non-Director) Executives during the period, and for all Directors, please refer to the Remuneration Report within
the Directors’ Report. In relation to the payment of bonuses, options and other incentive payments, discretion is
exercised by the Board, having regard to the overall performance of the Company and the performance of the
individual during the period.
There is no scheme to provide retirement benefits, other than statutory superannuation, to Non-Executive
Directors.
The Board is responsible for determining and reviewing compensation arrangements.
Continuous Disclosure Policy
Detailed compliance procedures for ASX Listing Rule disclosure requirements have been adopted by the Group.
The Company’s Obligation of Disclosure Policy can be found within the Company’s Corporate Governance Charter
on the Company’s website www.renaissanceuranium.com.au.
31 | RENAISSANCE URANIUM LIMITED Annual Report 2012
Corporate Governance Statements
Communications
The Group has designed a disclosure system to ensure it complies with the ASX’s continuous disclosure rules and
that information is made available to all investors equally, promoting effective communications with shareholders
and encouraging shareholder participation at general shareholder meetings. A copy of the Information Disclosure
Program Procedures can be found within the Company’s Corporate Governance Charter on its website
(www.renaissanceuranium.com.au) in the Corporate Governance section. In addition to corporate and project
information generally available on the Company’s website, in the Investors section of the Company’s website the
following information is made available:
ASX Releases
Annual Reports
Quarterly Reports
Presentations
Prospectus
Other Information
Further information relating to the Company’s corporate governance practices and policies has been made publicly
available on the Company’s web site www.renaissanceuranium.com.au.
Consolidated statement of comprehensive income
Annual Report 2012 RENAISSANCE URANIUM LIMITED | 32
Financial statements
Renaissance Uranium Limited
Consolidated statement of comprehensive income
For the year ended 30 June 2012
Revenue from continuing operations
Other income
Administration and consulting
Depreciation and amortisation expense
Employee benefits expense
Legal fees
Office accommodation
Other expenses
Loss before income tax
Income tax expense
Loss for the year
Notes
5 (a)
5 (b)
6
Consolidated
30 June
2012
$
30 June
2011
$
332,446
190,815
234,813
(191,560)
(3,351)
(533,367)
(31,831)
(21,333)
(83,036)
(297,219)
998
(476,215)
(917)
(606,163)
(29,869)
(6,400)
(122,229)
(1,049,980)
7
-
(297,219)
-
(1,049,980)
Other comprehensive income
Other comprehensive income for the year, net of tax
-
-
Total comprehensive income for the year
(297,219)
(1,049,980)
Loss is attributable to:
Owners of Renaissance Uranium Limited
Total comprehensive income for the year is attributable to:
Owners of Renaissance Uranium Limited
Earnings per share for loss from continuing operations
attributable to the ordinary owners of the Parent Entity:
Basic earnings per share
Diluted earnings per share
Earnings per share for loss attributable to the ordinary owners
of the Parent Entity:
Basic earnings per share
Diluted earnings per share
(297,219)
(1,049,980)
(297,219)
(1,049,980)
Cents
Cents
(0.3)
(0.3)
(1.2)
(1.2)
Cents
Cents
(0.3)
(0.3)
(1.2)
(1.2)
28
28
28
28
The above consolidated statement of comprehensive income should be read in conjunction with the accompanying
notes.
33 | RENAISSANCE URANIUM LIMITED Annual Report 2012
Consolidated statement of financial position
Renaissance Uranium Limited
Consolidated statement of financial position
As at 30 June 2012
ASSETS
Current assets
Cash and cash equivalents
Trade and other receivables
Other
Total current assets
Non-current assets
Property, plant and equipment
Exploration and evaluation
Total non-current assets
Total assets
LIABILITIES
Current liabilities
Trade and other payables
Provisions
Total current liabilities
Non-current liabilities
Total non-current liabilities
Total liabilities
Net assets
EQUITY
Contributed equity
Reserves
Accumulated losses
Total equity
Consolidated
30 June
2012
$
30 June
2011
$
Notes
8
9
10
11
13
14
5,107,959
87,204
38,357
5,233,520
7,485,009
125,531
-
7,610,540
29,746
4,291,316
4,321,062
4,213
2,223,025
2,227,238
9,554,582
9,837,778
375,876
44,744
420,620
446,683
35,030
481,713
-
-
420,620
481,713
9,133,962
9,356,065
16
17(a)
17(b)
9,758,800
917,275
(1,542,113)
9,133,962
9,709,300
891,660
(1,244,895)
9,356,065
The above consolidated statement of financial position should be read in conjunction with the accompanying notes.
Consolidated statement of changes in equity
Annual Report 2012 RENAISSANCE URANIUM LIMITED | 34
Renaissance Uranium Limited
Consolidated statement of changes in equity
For the year ended 30 June 2012
Consolidated
Balance at 1 July 2010
Loss for the year
Total comprehensive income
Transactions with owners in their capacity as
owners:
Contributions of equity net of transaction costs
Share options issued
Balance at 30 June 2011
Balance at 1 July 2011
Loss for the year
Total comprehensive income
Transactions with owners in their capacity as
owners:
Contributions of equity, net of transaction costs
Share options issued
Contributed
equity
$
Option
Reserve
$
Accumulated
losses
$
Total
equity
$
Notes
301
-
-
-
-
-
(194,915)
(194,614)
(1,049,980)
(1,049,980)
(1,049,980)
(1,049,980)
16
17
9,708,999
9,709,300
-
891,660
891,660
-
-
(1,244,895)
9,708,999
891,660
9,356,065
9,709,300
891,660
(1,244,895)
9,356,065
-
-
-
-
(297,219)
(297,219)
(297,219)
(297,219)
16
17
49,500
49,500
-
-
25,615
25,615
-
-
-
49,500
25,615
75,115
Balance at 30 June 2012
9,758,800
917,275
(1,542,114)
9,133,961
The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes.
35 | RENAISSANCE URANIUM LIMITED Annual Report 2012
Consolidated statement of cash flows
Renaissance Uranium Limited
Consolidated statement of cash flows
For the year ended 30 June 2012
Consolidated
30 June
2012
$
30 June
2011
$
Cash flows from operating activities
Receipts from Goods & Services Tax paid
Payments to suppliers and employees (inclusive of goods and services tax)
Interest received
Other (Research & Development Tax Concession)
Net cash inflow (outflow) from operating activities
163,094
(1,074,487)
387,553
5b 234,813
27 (289,027)
32,874
(646,095)
136,706
-
(476,514)
Cash flows from investing activities
Payments for property, plant and equipment
Cash inflow from business combination
Payments for exploration expenditure
Net cash inflow (outflow) from investing activities
Cash flows from financing activities
Proceeds of loan from shareholder
Repayment of loan from shareholder
Payment for share issue expenses
Proceeds from issues of shares
Net cash inflow (outflow) from financing activities
10 (28,884)
23
-
(2,059,139)
(2,088,023)
(5,130)
100
(1,032,033)
(1,037,063)
-
-
-
-
-
-
-
(146,000)
(790,956)
9,715,000
8,778,044
Net increase / (decrease) in cash and cash equivalents
Cash and cash equivalents at the beginning of the financial period
Cash and cash equivalents at end of year
(2,377,050)
7,485,009
5,107,959
7,264,466
220,543
7,485,009
8
The above consolidated statement of cash flows should be read in conjunction with the accompanying notes.
Notes to the consolidated financial statements
Annual Report 2012 RENAISSANCE URANIUM LIMITED | 36
Notes to the consolidated financial statements
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
Summary of significant accounting policies
Financial risk management
Critical accounting estimates and judgements
Segment information
Revenue
Expenses
Income tax expense
Current assets - Cash and cash equivalents
Current assets - Trade and other receivables
Non-current assets - Property, plant and equipment
Non-current assets - Exploration and evaluation, development and mine properties
Non-current assets - Deferred tax assets
Current liabilities - Trade and other payables
Current liabilities - Provisions
Non-current liabilities - Deferred tax liabilities
Contributed equity
Reserves and retained earnings
Dividends
Key management personnel disclosures
Remuneration of auditors
Commitments
Related party transactions
Business combination
Subsidiaries
Interests in joint ventures
Events occurring after the reporting period
Reconciliation of profit after income tax to net cash outflow from operating activities
Earnings per share
Share-based payments
Parent Entity financial information
Application of new and revised Accounting Standards
Page
37
43
45
46
47
47
48
49
49
50
50
51
51
52
52
53
54
54
55
57
58
59
59
60
61
61
61
62
63
66
67
37 | RENAISSANCE URANIUM LIMITED Annual Report 2012
Notes to the consolidated financial statements
1 Summary of significant accounting policies
The principal accounting policies adopted in the preparation of these consolidated financial statements are set
out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
The financial statements are for the Group consisting of Renaissance Uranium Limited (''Company'' or ''Parent
Entity'') and its subsidiaries. Renaissance Uranium Limited is a for-profit entity for the purpose of preparing
these financial statements.
(a) Basis of preparation
These general purpose financial statements have been prepared in accordance with Australian Accounting
Standards, other authoritative pronouncements of the Australian Accounting Standards Board and the
Corporations Act 2001.
The presentation currency used in this financial report is Australian dollars.
(i) Compliance with IFRS
The consolidated financial statements of the Group also comply with International Financial Reporting Standards
(IFRS) as issued by the International Accounting Standards Board (IASB).
(ii) Historical cost convention
These financial statements have been prepared under the historical cost convention, as modified by the
revaluation of available-for-sale investments and financial assets and liabilities (including derivative financial
instruments) at fair value through profit and loss.
(iii) Going Concern
The financial statements have been prepared on a going concern basis which contemplates the continuity of
normal business activities and the realisation of assets and discharge of liabilities in the ordinary course of
business. This includes the realisation of capitalised exploration expenditure of $4,291,316 (30 June 2011:
$2,223,025). Whilst the directors believe sufficient funds are held for commitments over the next 12 months, the
ability of the Group beyond that period, to maintain continuity of normal business activities and to pay its debts as
and when they fall due and to recover the carrying value of its areas of interest, is dependent upon the ability of
the Company to successfully raise additional capital and/or the successful exploration and subsequent
exploitation of its areas of interest through sale or development.
(b) Principles of consolidation
(i) Subsidiaries
The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of the Company as
at 30 June 2012 and the results of all subsidiaries for the year then ended. The Company and its subsidiaries
together are referred to in these financial statements as the Group or the consolidated entity.
Subsidiaries are all those entities over which the Group has the power to govern the financial and operating
policies, generally accompanying a shareholding of more than one-half of the voting rights. The existence and
effect of potential voting rights that are currently exercisable or convertible are considered when assessing
whether the Group controls another entity.
Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are
de-consolidated from the date that control ceases.
Intercompany transactions, balances and unrealised gains on transactions between consolidated companies are
eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of the impairment of
the asset transferred. Accounting policies of subsidiaries have been changed where necessary to ensure
consistency with the policies adopted by the Group (refer to note 1(h)).
(ii)
Joint ventures
Jointly controlled assets
The proportionate interests in the assets, liabilities and expenses of a joint venture activity have been
incorporated in the financial statements under the appropriate headings. Details of the joint venture
are set out in note 25.
Notes to the consolidated financial statements Annual Report 2012 RENAISSANCE URANIUM LIMITED | 38
1 Summary of significant accounting policies (continued)
(c) Foreign currency translation
Functional and presentation currency
(i)
Items included in the financial statements of each of the Group's entities are measured using the currency of the
primary economic environment in which it operates (‘the functional currency'). The consolidated financial
statements are presented in Australian dollars, which is the Company's functional and presentation currency.
(ii) Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at
the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such
transactions and from the translation at year end exchange rates of monetary assets and liabilities denominated
in foreign currencies are recognised in profit or loss, except when they are deferred in equity as qualifying cash
flow hedges and qualifying net investment hedges or are attributable to part of the net investment in a foreign
operation.
Foreign exchange gains and losses that relate to borrowings are presented in the consolidated income
statement, within finance costs. All other foreign exchange gains and losses are presented in the consolidated
income statement on a net basis within other income or other expenses.
(d) Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable. Amounts disclosed as
revenue are net of returns, trade allowances and duties and taxes paid. Interest income is recognised on a time
proportion basis using the effective interest method.
(e) Cash and cash equivalents
For the purpose of presentation in the statements of cash flows, cash and cash equivalents includes cash on
hand, deposits held at call with financial institutions, other short-term and highly liquid investments with original
maturities of three months or less that are readily convertible to known amounts of cash and which are subject to
an insignificant risk of changes in value.
(f) Trade receivables
Trade and other receivables are recognised initially at cost less any impairment losses. Trade and other
receivables are generally due for settlement within 30 days. They are presented as current assets unless
collection is not expected for more than 12 months after the reporting date.
(g)
Income tax
The income tax expense or revenue for the period is the tax payable on the current period's taxable income
based on the applicable income tax rate for each jurisdiction adjusted by changes in deferred tax assets and
liabilities attributable to temporary differences and to unused tax losses.
Deferred income tax is provided in full, using the liability method, on temporary differences arising between the
tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However,
deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill. Deferred income
tax is also not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a
business combination that at the time of the transaction affects neither accounting nor taxable profit or loss.
Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by
the end of the reporting period and are expected to apply when the related deferred income tax asset is realised
or the deferred income tax liability is settled.
Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is
probable that future taxable amounts will be available to utilise those temporary differences and losses.
39 | RENAISSANCE URANIUM LIMITED Annual Report 2012
Notes to the consolidated financial statements
1 Summary of significant accounting policies (continued)
(g) Income tax (continued)
Deferred tax liabilities and assets are not recognised for temporary differences between the carrying amount and
tax bases of investments in foreign operations where the Company is able to control the timing of the reversal of
the temporary differences and it is probable that the differences will not reverse in the foreseeable future.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets
and liabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets and
tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a
net basis, or to realise the asset and settle the liability simultaneously.
Current and deferred tax is recognised in profit or loss, except to the extent that it relates to items recognised in
other comprehensive income or directly in equity. In this case, the tax is also recognised in other
comprehensive income or directly in equity, respectively.
(h) Business combinations
The acquisition method of accounting is used to account for all business combinations, regardless of whether
equity instruments or other assets are acquired. The consideration transferred for the acquisition of a subsidiary
comprises the fair values of the assets transferred, the liabilities incurred and the equity interests issued by the
Group. The consideration transferred also includes the fair value of any asset or liability resulting from a
contingent consideration arrangement and the fair value of any pre-existing equity interest in the subsidiary.
Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent
liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at
the acquisition date. On an acquisition-by-acquisition basis, the Group recognises any non-controlling interest
in the acquiree either at fair value or at the non-controlling interest’s proportionate share of the acquiree’s net
identifiable assets.
The excess of the consideration transferred the amount of any non-controlling interests in the acquiree and the
acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the Group's share
of the net identifiable assets acquired is recorded as goodwill. If those amounts are less than the fair value of
the net identifiable assets of the subsidiary acquired and the measurement of all amounts has been reviewed, the
difference is recognised directly in profit or loss as a bargain purchase.
Where settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted
to their present value as at the date of exchange. The discount rate used is the entity's incremental borrowing
rate, being the rate at which a similar borrowing could be obtained from an independent financier under
comparable terms and conditions.
Contingent consideration is classified either as equity or a financial liability. Amounts classified as a financial
liability are subsequently remeasured to fair value with changes in fair value recognised in profit or loss.
(i)
Impairment of assets
Goodwill and intangible assets that have an indefinite useful life are not subject to amortisation and are tested
annually for impairment or more frequently if events or changes in circumstances indicate that they might be
impaired. Other assets that are subject to amortisation are reviewed for impairment whenever events or changes
in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised
for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount
is the higher of an asset’s fair value less costs to sell and value in use. For the purposes of assessing
impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash
generating units).
Non-financial assets other than goodwill that have previously been impaired are reviewed for possible reversal of
impairment at each reporting date.
(j) Property, plant and equipment
All plant and equipment is stated at historical cost less depreciation. Historical cost includes expenditure that is
directly attributable to the acquisition of the items.
The cost of an item of plant and equipment also includes the initial estimate of the costs of dismantling and
removing the item and restoring the site on which it is located.
Notes to the consolidated financial statements Annual Report 2012 RENAISSANCE URANIUM LIMITED | 40
1 Summary of significant accounting policies (continued)
(j) Property, plant and Equipment (continued)
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. The carrying amount of any component accounted for as a separate asset
is derecognised when replaced. All other repairs and maintenance are charged to profit or loss during the
reporting period in which they are incurred.
Depreciation on plant and equipment (excluding land) is calculated on a straight line basis over the estimated
useful life of the asset.
The expected useful lives in the current and comparative periods are as follows:
-
Plant and equipment
3 – 10 years
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 (note 1(i)).
Gains and losses on disposals are determined by comparing proceeds with carrying amount. These are
included in the income statement.
(k) Exploration and evaluation expenditure
Exploration and evaluation expenditure is carried forward in the financial statements, in respect of areas of
interest for which the rights of tenure are current and where:
(i) such costs are expected to be recouped through successful development and exploitation of the area of
interest, or alternatively, by its sale; or
(ii) exploration and/or evaluation activities in the area of interest have not yet reached a stage which permits a
reasonable assessment of the existence or otherwise of economically recoverable reserves and while active and
significant operations in, or in relation to, the area are continuing.
Exploration expenditure incurred that does not satisfy the policy stated above is expensed in the period in which
it is incurred. Exploration expenditure that has been capitalised which no longer satisfies the policy stated
above is written off in the period in which that decision is made.
The net carrying value of each area of interest is reviewed regularly and, to the extent to which this value exceeds
its recoverable value, that excess is provided for or written off in the year in which this is determined.
(l) Trade and other payables
These amounts represent liabilities for goods and services provided to the Group prior to the end of financial year
which are unpaid. The amounts are unsecured and are usually paid within 30 days of recognition. Trade and
other payables are presented as current liabilities unless an unconditional right exists to defer payment 12
months from the reporting date. They are recognised initially at their fair value and subsequently measured at
amortised cost using the effective interest method.
(m) Provisions
Provisions for legal claims are recognised when: the Group has a present legal or constructive obligation as a
result of past events; it is more likely than not that an outflow of resources will be required to settle the obligation;
and the amount has been reliably estimated. Provisions are not recognised for future operating losses.
Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is
determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of
an outflow with respect to any one item included in the same class of obligations may be small.
The Group has obligations to restore and rehabilitate certain areas where drilling has occurred on exploration
tenements. These obligations are currently being met as the drilling is completed and as such no provision has
been recognised.
41 | RENAISSANCE URANIUM LIMITED Annual Report 2012
Notes to the consolidated financial statements
1 Summary of significant accounting policies (continued)
(n) Employee benefits
(i) Short-term obligations
Liabilities for wages and salaries, including non-monetary benefits and annual leave and accumulating sick leave
expected to be settled within 12 months after the end of each reporting period in which the employees render the
related service are recognised in respect of employees' services up to the end of the reporting period and are
measured at the amounts expected to be paid when the liabilities are settled. The liability for annual leave and
accumulating sick leave is recognised in the provision for employee benefits. All other short-term employee
benefit obligations are presented as payables.
(ii) Retirement benefit obligations
Defined contribution plans
A defined contribution plan is a post-employment benefit plan under which an entity pays fixed contributions into
a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for
contributions to defined contribution pension plans are recognised as an employee benefit expense in profit or
loss when they are due.
(iii) Share-based payments
Share-based compensation benefits are provided to directors, executives and consultants through the granting
of share options. Detailed information is set out in note 29.
Options are granted for no cash consideration. When these share options are granted, the fair value of the
options issued is recognised as an employee benefits expense with a corresponding increase in equity.
The fair value at grant date is independently determined using a Black-Scholes option pricing model that takes
into account the exercise price, the term of the option, the vesting and performance criteria, the impact of dilution,
the non-tradeable nature of the option, the share price at grant date and expected price volatility of the underlying
share, the expected dividend yield and the risk-free interest rate for the term of the option.
Upon the exercise of options, the balance of the share-based payments reserve relating to those options is
transferred to share capital.
(o) Contributed equity
Ordinary shares are classified as equity.
Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction, net of tax,
from the proceeds.
(p) Earnings per share
(i) Basic earnings per share
Basic earnings per share is calculated by dividing:
the profit attributable to owners of the Company, excluding any costs of servicing equity other than ordinary
shares
by the weighted average number of ordinary shares outstanding during the financial year.(refer to note 28)
(ii) Diluted earnings per share
Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into
account:
the after income tax effect of interest and other financing costs associated with dilutive potential ordinary
shares, and
the weighted average number of additional ordinary shares that would have been outstanding assuming the
conversion of all dilutive potential ordinary shares.
Notes to the consolidated financial statements Annual Report 2012 RENAISSANCE URANIUM LIMITED | 42
1 Summary of significant accounting policies (continued)
(q) Segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the Managing
Director, who is the Group's chief operating decision maker. The Managing Director is responsible for allocating
resources and assessing performance of the operating segments. Refer to note 4 for segment reporting
information.
(r) Goods and Services Tax (GST)
Revenues, expenses and assets are recognised net of the amount of associated GST, unless the GST incurred
is not recoverable from the taxation authority. In this case it is recognised as part of the cost of acquisition of the
asset or as part of the expense.
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 taxation authority is included with other receivables or payables in the
consolidated 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 taxation authority, are presented as operating
cash flows.
(s) Parent Entity financial information
The financial information for the Parent Entity, Renaissance Uranium Limited, disclosed in note 30 has been
prepared on the same basis as the consolidated financial statements, except as set out below.
Investments in subsidiaries and joint venture entities
(i)
Investments in subsidiaries and joint venture entities are accounted for at cost in the financial statements of the
Parent Entity.
43 | RENAISSANCE URANIUM LIMITED Annual Report 2012
Notes to the consolidated financial statements
2 Financial risk management
The Group considers its capital to comprise its ordinary share capital and accumulated losses. The Group
does not have a formally established treasury function. The board is responsible for managing the Group’s
finance facilities. The Group does not currently undertake hedging of any kind and is not directly exposed
to currency risk.
The Group holds the following financial instruments:
Financial assets
Cash and cash equivalents
Trade and other receivables
Financial liabilities
Trade and other payable
(a)
Market risk
Consolidated
30 June
2012
$
30 June
2011
$
5,107,959
87,204
5,195,163
7,485,009
125,531
7,610,540
375,876
375,876
446,683
446,683
(i) Cash flow and fair value interest rate risk
As at 30 June 2012 and 30 June 2011, the Group had no borrowings.
The table below summarises the Group's exposure to interest rate risk at the end of the reporting period:
Consolidated
30 June 2012
30 June 2011
Weighted
average
interest rate
%
Balance
$
Weighted
average
interest rate
%
Balance
$
Cash and cash equivalents
Trade and other receivables
Trade and other payables
Net exposure to cash flow interest rate risk
4.84 %
- %
- %
5,107,959
87,204
(375,876)
4,819,287
5.7 %
- %
- %
7,485,009
125,531
(446,683)
7,163,857
An analysis by maturities is provided in (c) below.
The Group analyses its interest rate exposure on a dynamic basis.
(ii) Summarised sensitivity analysis
The table below summarises the sensitivity of the Group’s financial assets and financial liabilities to interest
rate risk.
Consolidated
30 June 2012
Financial assets
Interest rate risk
- 1.0%
+ 1.0%
Carrying
amount
$
Profit
$
Other equity
$
Profit
$
Other equity
$
Cash and cash equivalents
5,107,959
(51,080)
Trade and other receivables
87,204
Financial liabilities
Trade and other payables
(375,876)
-
-
Total increase/ (decrease)
4,819,287
(51,080)
-
-
-
-
51,080
-
-
51,080
-
-
-
-
Notes to the consolidated financial statements Annual Report 2012 RENAISSANCE URANIUM LIMITED | 44
2 Financial risk management (continued)
(a)
Market risk (continued)
Consolidated
30 June 2011
Financial assets
Interest rate risk
-1.0%
+1.0%
Carrying
amount
$
Profit
$
Other equity
$
Profit
$
Other equity
$
Cash and cash equivalents
7,485,009
(74,851)
74,851
-
Trade and other receivables
125,531
-
-
Financial liabilities
Trade and other payables
(446,683)
-
-
Total increase/ (decrease)
7,163,857 (74,851)
74,851
-
-
-
-
-
-
-
(b) Credit risk
Credit risk is managed on a Group basis. Credit risk arises from cash and cash equivalents and deposits with
banks and financial institutions, as well as credit exposures to customers, including outstanding receivables
and committed transactions. For banks and financial institutions, only independently rated parties with a
minimum rating of 'A' are accepted. If wholesale customers are independently rated, these ratings are used.
Otherwise, if there is no independent rating, risk control assesses the credit quality of the customer, taking into
account its financial position, past experience and other factors. Individual risk limits are set based on internal
or external ratings in accordance with limits set by the board.
The credit quality of financial assets that are neither past due nor impaired can be assessed by reference to
external credit ratings (if available) or to historical information about counterparty default rates:
Trade and other receivables
Counterparties without external credit rating
Total trade and other receivables
Cash and cash equivalents
Minimum rating of A
Total cash and cash equivalents
Consolidated
2012
$
2011
$
87,204
87,204
125,531
125,531
5,107,959
7,485,009
5,107,959
7,485,009
45 | RENAISSANCE URANIUM LIMITED Annual Report 2012
Notes to the consolidated financial statements
2 Financial risk management (continued)
(c) Liquidity risk
Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the
availability of funding through an adequate amount of committed credit facilities to meet obligations when due
and close out market positions. At the end of each reporting period the Group held deposits at call of
$5,107,959 (2011: $7,485,009) that are expected to readily generate cash inflows for managing liquidity risk.
The Group has sufficient funds to finance its operations and exploration activities and to allow it to fund
unforeseen expenditure.
Maturities of financial liabilities
The tables below analyse the Group's financial liabilities into relevant maturity groupings based on their
contractual maturities.
The amounts disclosed in the table are the contractual undiscounted cash flows. Balances due within 12
months equal their carrying balances as the impact of discounting is not significant.
Less than 6
months
6 - 12
months
Less
than 1
year
Between
1 and 5
years
Over 5
years
Group - At 30 June 2012
$
$
$
$
$
Total
contract-
ual
cash
flows
$
Carrying
Amount
(assets)/
liabilities
$
Trade payables
Total
(375,876)
(375,876)
-
-
-
-
-
-
- (375,876) (375,876)
- (375,876) (375,876)
Group at 30 June 2011
Less than 6
months
6 - 12
months
Less than
1 year
Between
1 and 5
years
Over 5
years
$
$
$
$
$
Total
contract-
ual cash
flows
$
Carrying
Amount
(assets)/
liabilities
$
Trade payables
Total
(446,683)
(446,683)
-
-
-
-
-
-
- (446,683) (446,683)
- (446,683) (446,683)
3 Critical accounting estimates and judgements
Estimates and judgements are continually evaluated and are based on historical experience and other factors,
including expectations of future events that may have a financial impact on the entity and that are believed to
be reasonable under the circumstances.
Estimates and judgements are continually evaluated and are based on management's historical experience
and knowledge of relevant facts and circumstances at that time.
The Group makes estimates and judgments concerning the future. The resulting accounting estimates and
judgments may differ from the related actual results and may have a significant effect on the carrying amounts
of assets and liabilities within the next financial year and on the amounts recognised in the financial statements.
Information on such estimates and judgments is contained in the accounting policies and/or notes to the
financial statements.
Notes to the consolidated financial statements Annual Report 2012 RENAISSANCE URANIUM LIMITED | 46
3 Critical accounting estimates and judgements (continued)
(i) Exploration and evaluation expenditure
Expenditure incurred on exploration and evaluation activities have been carried forward in accordance with
Note 1 (k) on the basis that exploration and evaluation activities have not yet reached a stage which permits a
reasonable assessment of the existence or otherwise of economically recoverable reserves and active and
significant operations in relation to the area are continuing. Exploration expenditure incurred that does not
satisfy the policy stated above is expensed in the period in which it is incurred. Exploration expenditure that
has been capitalised which no longer satisfies the policy stated above is written off in the period in which the
decision is made. Details of capitalised exploration and evaluation costs are presented in Note 11.
(ii) Estimation for the provision for rehabilitation and dismantling
Provision for rehabilitation and dismantling property, plant and equipment is estimated taking into consideration
facts and circumstances available at the end of the reporting period. This estimate is based on the expenditure
required to undertake the rehabilitation and dismantling, taking into consideration time value.
(iii) Impairment of property, plant and equipment, deferred exploration and development expenditure and mine
properties
The Group reviews for impairment of property, plant and equipment, deferred exploration and development
expenditure and mine properties in accordance with the accounting policy stated in note 1(i) to 1(k). With the
exception of deferred exploration (refer Note 11), the recoverable amount of these assets has been determined
based on higher of the assets' fair value less costs to sell and value in use. These calculations require the use
of estimates and judgements.
(iv) Income taxes
Judgement is required in determining the provision for income taxes. The Group recognises liabilities of
anticipated tax based on estimates of taxes due. Where the final tax outcome of these matters is different from
the amounts that were initially recognised, such differences will impact the income tax and deferred tax
provisions in the year in which such determination is made.
Judgement is also required in determining not to recognise deferred tax assets for tax losses. Total unused tax
losses are shown at note 7(c).
(v) Valuation of assets and liabilities in business combinations
Management has applied estimates and judgements in order to determine the value of assets, liabilities and
contingent liabilities acquired by way of business combinations. The value of assets, liabilities and contingent
liabilities recognised at acquisition date are disclosed at fair value on acquisition. In determining the fair value
management has utilised valuation methodologies including discounted cash flow analysis and adjusted
market value analysis. The assumptions made in performing the valuation include assumptions as to discount
rates, foreign exchange rates, commodity prices, and timing of development of mine properties, capital costs
and future operating cost. Details of business combinations are shown in Note 23.
(vi) Share-based payments
Management has determined the Black Scholes Model is an appropriate technique to determine the fair value
of share-based payments. The Black Scholes Model requires the use of input assumptions, including expected
volatility, expected life, expected dividend rate and expected risk-free rate of return. The list of inputs used in
the Black Scholes Model to calculate the fair values are provided in Note 29.
4 Segment information
The Group has identified its operating segments based on the internal reports that are reviewed and used by
the Managing Director (chief operating decision maker) and the board of directors in assessing performance
determining the allocation of resources. The Group is managed primarily on a geographic basis, that is, the
location of the respective areas of interest (tenements) in Australia. Operating segments are determined on
the basis of financial information reported to the board which is at the consolidated level. The Group does not
have any products or services it derives revenue from.
Accordingly, management currently identifies the Group as having only one reportable segment, being the
exploration for uranium and other minerals in Australia. There have been no changes in the operating
segments during the year. Accordingly, all significant operating decisions are based upon analysis of the Group
as one segment. The financial results from this segment are equivalent to the financial statements of the
Group as a whole.
47 | RENAISSANCE URANIUM LIMITED Annual Report 2012
Notes to the consolidated financial statements
5 Revenue and Other Income
(a) Revenue
Interest income
(b) Other Income
Consolidated
30 June
2012
$
30 June
2011
$
332,446
190,815
Forgiveness of Loan
Research and development tax concession
-
234,813
234,813
998
-
998
6 Expenses
Profit before income tax includes the following specific expenses:
Depreciation
Office furniture and equipment
Computer equipment
Total depreciation
Exploration costs
Exploration expenditure incurred
Exploration expenditure written off
Finance costs - net
Interest and finance charges paid/payable for financial liabilities not at
fair value through profit or loss
Fair value gains on interest swaps cash flow hedges - transfer from
equity
Finance costs expensed
Employee benefits expense
Employee share based payments expense
Defined contribution superannuation expense
Other share based payments expense
Minimum lease payments
Consolidated
30 June
2012
$
30 June
2011
$
358
2,993
3,351
-
-
15,754
15,754
-
-
-
-
917
917
-
-
-
-
-
-
-
473,082
-
60,285
533,367
306,548
275,000
24,615
606,163
18,346
210,145
21,333
6,400
Notes to the consolidated financial statements
Annual Report 2012 RENAISSANCE URANIUM LIMITED | 48
7 Income tax expense
(a)
Income tax expense:
Current tax
Deferred tax
Deferred income tax (revenue) expense included in income tax expense
comprises:
Decrease (increase) in deferred tax assets (note 12)
(Decrease) increase in deferred tax liabilities (note 15)
(b) Numerical reconciliation of income tax expense to prima facie
tax payable
Profit from continuing operations before income tax expense
Tax at the Australian tax rate of 30% (2010: 30%)
Tax effect of amounts which are not deductible (taxable) in calculating
Taxable income:
Non-taxable income:
- Debt forgiveness
- Research and development tax concession
Non-deductible expenses:
Entertainment
Share-based payments
-
-
Deductible capital raising costs
Deferred tax asset not recognised
Under / over provision for income tax
Income tax expense
(c) Tax losses
Consolidated
30 June
2012
$
30 June
2011
$
-
-
-
-
-
-
(1,006,390)
1,006,390
-
(415,658)
415,658
-
(297,219)
(297,219)
(89,166)
(1,049,980)
(1,049,980)
(314,994)
-
(300)
(70,442)
374
5,504
-
153,730
-
89,166
330
145,544
(47,755)
217,175
-
314,994
-
-
Unused tax losses for which no deferred tax asset has been recognised
Potential tax benefit @ 30%
1,437,848
431,354
919,888
275,996
(d) Unrecognised temporary differences
Temporary differences for which deferred tax assets have not been
recognised:
Temporary differences
Potential tax benefit @ 30%
-
-
-
-
49 | RENAISSANCE URANIUM LIMITED Annual Report 2012
Notes to the consolidated financial statements
8 Current assets - Cash and cash equivalents
Cash at bank and in hand
(a) Cash at bank and on hand
Consolidated
30 June
2012
$
30 June
2011
$
5,107,959
7,485,009
Cash at bank accounts are interest bearing attracting normal market interest rates.
As funds are held with AA/AA1 to A/A1 credit rated financial institutions (as per S&P/Moody's ratings) there is
minimal counterparty credit risk of funds held.
(b) Fair value
The carrying amount for cash and cash equivalents equals the fair value.
9 Current assets - Trade and other receivables
GST refundable
Sundry receivables
(a) Fair value risk
Consolidated
30 June
2012
$
30 June
2011
$
86,904
300
87,204
67,197
58,334
125,531
Due to the short-term nature of current receivables, their carrying amount is assessed to approximate their fair
value.
(b) Credit risk
The maximum exposure to credit risk at the end of each reporting period is the carrying amount of each class of
receivables mentioned above. Refer to note 2 for more information on the risk management policy of the
Group and the credit quality of the entity's trade receivables.
Notes to the consolidated financial statements Annual Report 2012 RENAISSANCE URANIUM LIMITED | 50
10 Non-current assets - Property, plant and equipment
Consolidated
Gross carrying amount
Balance at 30 June 2010
Additions
Depreciation charge
Balance at 30 June 2011
Additions
Depreciation charge
Balance at 30 June 2012
Computer Equipment
Cost
Accumulated depreciation
Net book amount
Plant and Equipment
Cost
Accumulated depreciation
Net book amount
Computer
equipment
$
Office furniture
and equipment
$
Total
$
-
5,130
(917)
4,213
25,294
(2,993)
26,514
-
-
-
-
3,590
(358)
3,232
-
5,130
(917)
4,213
28,884
(3,351)
29,746
Consolidated
30 June
2012
$
30 June
2011
$
30,424
(3,910)
26,514
3,590
(358)
3,232
5,130
(917)
4,213
-
-
-
11 Non-current assets - Exploration and evaluation expenditure
Exploration and evaluation
Opening balance
Acquisitions through business combinations
Impairment
Expenditure incurred
Closing balance
Consolidated
30 June
2012
$
2,223,025
-
(15,754)
2,084,045
4,291,316
30 June
2011
$
12,691
600,000
-
1,610,334
2,223,025
Exploration and evaluation expenditure comprises of net direct costs and includes an appropriate portion of
related salaries & wages expenditure associated with each area of interest. During the financial year the Group
has allocated $522,619 of internal personnel costs (2011: $325,776) and management fees of $46,939 (2011:
$37,905) to joint venture tenements which form part of the exploration expenditure for the year.
The recoverability of exploration and evaluation assets depends on successful developments or sale of
tenement areas.
51 | RENAISSANCE URANIUM LIMITED Annual Report 2012
Notes to the consolidated financial statements
12 Non-current assets - Deferred tax assets
Consolidated
The balance comprises temporary differences
attributable to:
Deductible temporary differences
-
-
-
Accruals and other payables
Employee benefits
Expenses deductible over 5 years
Tax losses
Total deferred tax assets
30 June
2012
$
30 June
2011
$
4,950
8,462
13,423 10,509
22,693
173,191
814,825 377,621
1,006,390 419,465
Set-off of deferred tax liabilities pursuant to set-off provisions
(note 15)
Net deferred tax assets
(1,006,390)
( 419,465)
- -
Movements:
Opening balance at 1 July
Credited to profit or loss
Closing balance at 30 June
419,465
586,925
1,006,390
3,807
415,658
419,465
13 Current liabilities - Trade and other payables
Trade payables
Sundry creditor and accrued expenses
Other payables
Consolidated
30 June
2012
$
289,154
83,627
3,095
375,876
30 June
2011
$
226,484
212,877
7,322
446,683
Notes to the consolidated financial statements Annual Report 2012 RENAISSANCE URANIUM LIMITED | 52
14 Current liabilities – Provisions
Consolidated
30 June
2012
$
30 June
2011
$
Employee benefits
44,744
35,030
Provision for employee benefits is made for annual leave owed as at 30 June 2012
15 Non-current liabilities - Deferred tax liabilities
Consolidated
30 June
2012
$
30 June
2011
$
The balance comprises temporary differences attributable to:
Assessable temporary differences
-
-
Interest receivable
Exploration and evaluation expenditure
Total deferred tax liabilities
-
1,006,390
1,006,390
16,532
402,993
419,465
Set-off of deferred tax liabilities pursuant to set-off provisions (note 12)
Net deferred tax liabilities
(1,006,390)
-
(419,465)
-
Movements:
Opening balance at 1 July
Charged to profit or loss
Closing balance at 30 June
419,465
586,925
1,006,390
3,807
415,658
419,465
53 | RENAISSANCE URANIUM LIMITED Annual Report 2012
Notes to the consolidated financial statements
16 Contributed equity
30 June
2012
Shares
30 June
2011
Shares
30 June
2012
$
30 June
2011
$
(a) Share capital
Ordinary shares
Fully paid
(b),(c)
114,000,000
113,250,000
9,758,800
9,709,300
(b) Movements in ordinary share capital:
Date
Details
Notes
Number of
shares
Issue price
$
1 July 2010
Opening balance
30,000,000
301
2 August 2010
2 August 2010
Ordinary shares issued
Ordinary shares issued - acquisition
consideration of Kurilpa Uranium Pty
Ltd
1 September 2010 Ordinary shares issued
9 December 2010 Ordinary shares issued (at IPO)
20 December 2010 Ordinary shares issued to Hiltaba
7,500,000
$0.03
225,000
20,000,000
15,000,000
40,000,000
$0.03
$0.12
$0.20
600,000
1,800,000
8,000,000
Gold Pty Ltd - consideration pursuant
to the Cowell joint venture agreement
750,000
$0.23
Less: Transaction costs arising on
share issues, net of tax
30 June 2011
Balance
113,250,000
172,500
10,797,801
(1,088,501)
9,709,300
30 April 2012
Ordinary shares issued to Hiltaba
Gold Pty Ltd - election securities for
right to earn-in pursuant to the Cowell
joint venture agreement
750,000
$0.066
49,500
30 June 2012
Balance
114,000,000
9,758,800
(c) Ordinary shares
Ordinary shares entitle the holder to participate in dividends and the proceeds on winding up of the Company in
proportion to the number of and amounts paid on the shares held.
On a show of hands every holder of ordinary shares present at a meeting in person or by proxy, is entitled to
one vote, and upon a poll each share is entitled to one vote.
(d) Options
Information relating to options issued, exercised and lapsed during the financial year and options outstanding
at the end of the reporting period, is set out in note 29.
(e) Capital 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 through the optimisation of its capital structure comprising equity
and cash.
The Group reviews the capital structure on a semi-annual basis. As part of this review the Group considers the
cost of capital and the risks associated with each class of capital. Due to the nature of the Group’s activities,
being that of exploration, the Directors believe that the most advantageous way to fund activities is through
equity. The Group’s exploration activities are monitored against budget and cash flow forecasts are prepared
and maintained to ensure that adequate funds are available.
Notes to the consolidated financial statements Annual Report 2012 RENAISSANCE URANIUM LIMITED | 54
17 Reserves and retained earnings
(a) Reserves
Share-based payments
Movements:
Share-based payments
Balance 1 July
Options granted
Balance 30 June
Options granted arise from:
Options issued to directors and executives (refer note 29(a))
Options issued to consultants (refer note 29(a))
Options issued to Hiltaba Gold Pty Limited (refer note 29(b))
Options issued to brokers for equity raising costs (refer note 29(c))
Consolidated
30 June
2012
$
30 June
2011
$
917,275
891,660
Consolidated
30 June
2012
$
30 June
2011
$
891,660
25,615
917,275
-
891,660
891,660
Consolidated
30 June
2012
$
30 June
2011
$
-
18,346
7,269
-
25,615
275,000
210,145
107,515
299,000
891,660
(b) Nature and purpose of reserves
(i) Share-based payments
The share-based payments reserve is used to recognise the fair value of equity instruments issued to directors,
executives, consultants and others.
18 Dividends
The directors did not declare a dividend for the June 2012 period.
Parent Entity
30 June
2012
$
30 June
2011
$
Franking credits available for subsequent financial years based on a
tax rate of 30% (2011: 30%)
-
-
55 | RENAISSANCE URANIUM LIMITED Annual Report 2011
Notes to the consolidated financial statements
19 Key management personnel disclosures
(a) Key management personnel compensation
Short-term employee benefits
Post-employment benefits
Share-based payments
Consolidated
30 June
2012
$
30 June
2011
$
973,208
53,518
-
1,026,726
672,147
28,927
386,000
1,087,074
Detailed remuneration disclosures are provided in the remuneration report on pages 14 to 20.
(b)
Details of remuneration
Details of the remuneration of each director of the Company and each of the other key management personnel
of the Group, including their personally related entities, are set out in the remuneration report on pages 14 to 20.
(i) Share-based compensation – options
No options were granted to directors and executives during year ended 30 June 2012. Movements in share
options are set out below:
Share options of Renaissance Uranium
Balance at
the start of
the year
No.
Granted during
the reporting
year as
compensation
No.
Exercised
during the
reporting year
No.
Other
changes
during the
year
No.
Balance at
the end of the
year
No.
Vested and
exercisable at the
end of the
reporting period
No.
2012
2011
Name
Directors of the Company
1,000,000
David Macfarlane
David Christensen
1,600,000
Geoffrey McConachy 1,300,000
800,000
Andrew Martin
800,000
Stephen Bizzell
800,000
Chris Anderson
-
-
-
-
-
-
Other key management personnel of the Group
-
Angelo Gaudio
800,000
Name
Directors of the Company
David Macfarlane
David Christensen
Geoffrey McConachy
Andrew Martin
Stephen Bizzell
Chris Anderson
-
-
-
-
-
-
1,000,000
1,600,000
1,300,000
800,000
800,000
800,000
Other key management personnel of the Group
800,000
Angelo Gaudio
-
Balance at
the start of
the year
No.
Granted during
the reporting
year as
compensation
No.
Exercised
during the
reporting year
No.
Other
changes
during the
year
No.
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,000,000
1,600,000
1,300,000
800,000
800,000
800,000
1,000,000
1,600,000
1,300,000
800,000
800,000
800,000
800,000
800,000
Balance at
the end of the
year
No.
Vested and
exercisable at the
end of the
reporting period
No.
1,000,000
1,600,000
1,300,000
800,000
800,000
800,000
1,000,000
1,600,000
1,300,000
800,000
800,000
800,000
800,000
800,000
Notes to the consolidated financial statements
Annual Report 2012 RENAISSANCE URANIUM LIMITED | 56
19 Key management personnel disclosures (continued)
(ii) Share holdings
The numbers of shares in the Company held during the financial year by each director of the Company and
other key management personnel of the Group, including their personally related parties, are set out below.
There were no shares granted during the reporting period as compensation.
2012
Balance at the
start of the
year
Name
Directors of the Company
Ordinary shares
David Macfarlane (Resigned 31/01/12)
David Christensen
Geoffrey McConachy
Andrew Martin*
Stephen Bizzell
Chris Anderson (Appointed 01/02/12)
Other key management personnel of the Group
Ordinary shares
Angelo Gaudio
640,000
12,000,000
6,000,000
20,000,000
9,558,999
6,000,000
6,015,000
Granted
during
reporting year
as
compensation
Received
during the
year on the
exercise of
options
Other
changes
during the
year
Balance at the
end of the
year
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
640,000
12,000,000
6,000,000
20,000,000
9,558,999
6,000,000
6,015,000
* Mr Martin is a non-executive director and is a director of SLRI Pty Ltd and St Lucia Capital Fund Pty Ltd, which act as
corporate trustees for trust funds which together are substantial (greater than 5%) shareholders in the Company. Mr
Martin is a beneficiary of a trust ultimately holding a more than 20% interest in these trust funds.
2011
Name
Granted during
reporting year
as
compensation
Received
during the
year on the
exercise of
options
Other
changes
during the
year
Balance at
the end of the
year
Balance at the
start of the year
Directors of the Company
Ordinary shares
David Macfarlane (Resigned 31/01/12)
David Christensen
Geoffrey McConachy
Andrew Martin*
Stephen Bizzell
Chris Anderson (Appointed 01/02/12)
Other key management personnel of the Group
Ordinary shares
Angelo Gaudio
-
12,000,000
6,000,000
-
-
6,000,000
6,000,000
-
-
-
-
-
-
-
640,000
640,000
-
- 12,000,000
-
6,000,000
-
-
- 20,000,000 20,000,000
9,558,999
-
6,000,000
-
9,558,999
-
-
15,000
6,015,000
* Mr Martin is a non-executive director and is a director of SLRI Pty Ltd and St Lucia Capital Fund Pty Ltd, which act
as corporate trustees for trust funds which together are substantial (greater than 5%) shareholders in the Company.
Mr Martin is a beneficiary of a trust ultimately holding a more than 20% interest in these trust funds.
(c)
Other transactions with key management personnel
Mr G W McConachy and Mr C. Anderson are directors of Euro Exploration Services Pty Ltd (Euro). The Company
has rented office space from Euro for the first five months of the current year and the last nine months of the
previous financial year. Euro has also provided exploration services, geochemical sampling services as well as
the provision of geological personnel services. The rental and services provided are based on normal commercial
terms and conditions. During the financial year the Company incurred expenses of $318,129 (2011: $132,516)
from Euro of which $308,923 (2011: $116,298) has been capitalised as Exploration Expenditure during the financial
year. $19,613 (2011: $17,418) was owing to Euro at 30 June 2012.
57 | RENAISSANCE URANIUM LIMITED Annual Report 2012
Notes to the consolidated financial statements
20 Remuneration of auditors
During the year the following fees were paid or payable for services provided by the auditor of the
Parent Entity, its related practices and non-related audit firms:
(a) BDO Audit (QLD) Pty Ltd
(i) Audit and other assurance services
Amounts paid/payable for audit and review of financial statements for the
entity or any entity in the Group:
Amounts paid to BDO Audit (QLD) Pty Ltd for investigating accountants report
on information included in a prospectus:
Total remuneration for audit and other assurance services
(ii) Taxation services
Amounts paid/payable to a related practice of the auditor for tax compliance
and advisory services for the entity or any entity in the Group:
Total remuneration for taxation services
(b) BDO (SA)
Consolidated
30 June
2012
$
30 June
2011
$
2,035
-
2,035
37,000
13,750
50,750
-
-
7,570
7,570
(i) Audit and other assurance services
Amounts paid/payable for audit and review of financial statements for the
entity or any entity in the Group:
Total remuneration for audit and other assurance services
35,500
35,500
2,035
-
2,0
-
37,000
50,750
(ii) Taxation services
Amounts paid/payable to a related practice of the auditor for tax compliance
and advisory services for the entity or any entity in the Group:
Total remuneration for taxation services
10,505
0
0
-
7,570
7,570
Total auditors' remuneration
48,040
58,320
The auditor of Renaissance Uranium Limited is BDO (SA). BDO Audit (QLD) is the previous auditor of Renaissance
Uranium Limited.
It is the Group’s policy to employ the auditors on assignments additional to their statutory audit duties where their
expertise and experience with the Group are important. These assignments are principally for taxation advice and
the services are provided by a related practice of the auditor.
Notes to the consolidated financial statements
Annual Report 2012 RENAISSANCE URANIUM LIMITED | 58
21 Commitments
In order to maintain current rights to tenure to exploration tenements, the Group is required to perform minimum
exploration work to meet the minimum expenditure requirements specified by various State governments. These
amounts are subject to renegotiation when application for a mining lease is made and at other times. These
amounts, which are not provided for in the financial report and are expected to be capitalised as incurred but not
recognised as liabilities, are as follows:
Exploration and mining leases
Consolidated
30 June
2012
$
30 June
2011
$
Commitments in relation to exploration and mining leases held at the end of
each reporting period but not recognised as liabilities, payable:
3,929,000
3,240,767
To keep tenements in good standing, work programs should meet certain minimum expenditure requirements. If the
minimum expenditure requirements are not met, the Company has the option to negotiate new terms or relinquish
the tenements. The Company also has the ability to meet expenditure requirements by joint venture or farm-in
agreements.
Lease Commitments
Non-cancellable operating lease commitments:
Within one year
Later than one year but not later than five years
Later than five years
Consolidated
30 June
2012
$
30 June
2011
$
28,070
12,017
-
40,087
-
-
-
-
The office lease is a non-cancellable two year lease expiring 30 November 2013. Rent is payable monthly in
advance.
59 | RENAISSANCE URANIUM LIMITED Annual Report 2012
Notes to the consolidated financial statements
22 Related party transactions
(a) Parent Entities
The Parent Entity within the Group is Renaissance Uranium Limited.
(b) Subsidiaries
Interests in subsidiaries are set out in note 24.
(c) Key management personnel
Disclosures relating to key management personnel are set out in note 19.
23 Business combination
(a) Summary of acquisition
On 10 May 2010, the Company entered into a share sale agreement with Kurilpa Uranium Pty Ltd and its
shareholders to purchase 100% of the issued capital in Kurilpa Uranium Pty Ltd.
The agreement was conditional on a number of matters, including satisfactory due diligence investigations
being completed by the Company. All conditions were satisfied and the sale was completed on 2 August 2010.
The acquisition of Kurilpa Uranium Pty Ltd added four prospective tenements in the Northern Territory to the
Group’s existing portfolio. The Company acquired all of the issued shares in Kurilpa Uranium Pty Ltd for
consideration of 20,000,000 ordinary shares at a price of $0.03 in the Company. Acquisition costs of $86,455
have been expensed during the period.
No part of the operations of Kurilpa Uranium Pty Ltd has, or will be, disposed of as part of the combination.
Details of the purchase consideration, the net assets acquired and goodwill are as follows:
Purchase consideration (refer to (d) below):
Fair value of shares issued
Total purchase consideration
Fair value of net identifiable assets acquired (refer to (c) below)
Goodwill
30 June 2011
$
600,000
600,000
600,000
-
Notes to the consolidated financial statements
Annual Report 2012 RENAISSANCE URANIUM LIMITED | 60
23 Business combination (continued)
(b) Cash flow information
Outflow of cash to acquire business, net of cash acquired
Cash consideration
Less: Balances acquired
Cash
Inflow / (outflow) of cash
Consolidated
30 June
2012
$
30 June
2011
$
-
-
-
-
(100)
100
At the date of these financial statements no additional payments are anticipated.
(c) Assets and liabilities acquired
The assets and liabilities recognised as a result of the acquisition are as follows:
Cash
Exploration expenditure
Net assets acquired
30 June 2011
Fair value
$
100
599,900
600,000
(i) Acquisition-related costs
Legal fees, stamp duties, consultant fees and other acquisition-related costs have been included in profit or
loss.
(ii) Acquired receivables
Identifiable assets acquired include trade and other receivables with a fair value of $nil.
(iii) Revenue and profit contribution
From the date of acquisition, Kurilpa Uranium Pty Ltd has contributed nil to revenue and $352 to the net loss of
the Group. If the acquisition had occurred on 1 July 2010, the revenue of the Group would have been
$190,815 and the net loss would have been $1,049,980.
(d) Purchase consideration - cash outflow
No cash outflow as the purchase consideration was a non-cash transaction of 20,000,000 ordinary shares in
the Company.
24 Subsidiaries
Significant investments in subsidiaries
The consolidated financial statements incorporate the assets, liabilities and results of the following subsidiaries
in accordance with the accounting policy described in note 1(b). Astra Resources Pty Ltd was incorporated on
6 December 2011 and the Company is its sole shareholder.
Name of entity
incorporation Class of shares
Equity holding
Country of
2012
%
2011
%
Kurilpa Uranium Pty Ltd
Australia
Ordinary
Astra Resources Pty Ltd
Australia
Ordinary
100
100
100
-
61 | RENAISSANCE URANIUM LIMITED Annual Report 2012
Notes to the consolidated financial statements
25 Interests in joint ventures
(a) Kokotha Joint Venture
On 27 February 2012 the Company entered into a joint venture agreement (the Kokotha Joint Venture
Agreement) with SAEX Pty Ltd. Pursuant to the Kokotha Joint Venture Agreement, the Company is required to
carry out exploration activities and meet the minimum State expenditure commitments of $90,000 p.a. on EL
4836 during an option period of 24 months from the execution date of the Kokatha Joint Venture Agreement.
As at 30 June 2012, exploration expenditure of $110,876 (2011: $0) solely funded by the Company has been
recorded.
(b) Cowell Joint Venture
On 26 October 2010 the Company entered into a joint venture agreement (the Cowell Joint Venture Agreement)
with Hiltaba Gold Pty Ltd, a subsidiary of Stellar Resources Limited (ASX: SRZ). During the year ended 30
June 2012, having met the minimum spend of $500,000, pursuant to the Cowell Joint Venture Agreement, the
Company elected to continue the joint venture, and it may now earn a 75% interest if it spends $3,000,000
toward exploration expenditure on EL 3978 over 4 years. As at 30 June 2012 exploration expenditure of
$1,113,307 (2011: $610,210), solely funded by the Company has been recorded.
26 Events occurring after the reporting period
On 31 August 2012 the Company completed the acquisition of ten exploration licences in the Frome Basin and
one exploration licence located in the northern Gawler Craton of South Australia from Frome Uranium Pty Ltd,
a subsidiary of Callabonna Uranium Limited (ASX: CUU), in exchange for 800,000 ordinary shares in
Renaissance.
On 11 September 2012 the Company completed the acquisition of the Warrior uranium project in the Gawler
Craton of South Australia. The Company acquired a 100% interest in an exploration licence, which includes
the Warrior uranium project, from Hillment Pty Ltd (Hillment), a wholly-owned subsidiary of Stellar Resources
Limited. As consideration, the Company has granted Hillment a residual net smelter royalty of 1%.
No other matter or circumstance has occurred subsequent to year end that has significantly affected, or may
significantly affect, the operations of the Group, the results of those operations or the state of affairs of the
Group in subsequent financial years.
27 Reconciliation of profit after income tax to net cash outflow from operating
activities
Profit / (loss) for the year
Depreciation and amortisation
Recoveries – JV Management Fees
Write Off Exploration/Inventories
Non-cash director, executive and consultant benefits
expense - share-based payments
Change in operating assets and liabilities, net of effects from purchase of
controlled entity:
(Increase) / decrease in trade and other receivables
(Increase) / decrease in other assets
Increase / (decrease) in trade and other payables
Increase / (decrease) in provisions
Net cash inflow / (outflow) from operating activities
Non-cash financing and investing activities
Consolidated
30 June
2012
$
(297,219)
3,351
(46,939)
15,754
30 June
2011
$
(1,049,980)
917
-
-
18,346
485,145
38,315
(38,357)
8,008
9,714
(124,947)
-
177,321
35,030
(476,514)
(289,027)
Acquisition of Kurilpa Uranium Pty Ltd by way of an issue of shares
-
(600,000)
Shares and share options issued to Hiltaba Gold Pty Ltd for no cash
consideration in respect of Exploration and Evaluation activities
(56,769)
(280,015)
Shares options issued to consultants for no cash consideration
(18,346)
(299,000)
Notes to the consolidated financial statements
Annual Report 2012 RENAISSANCE URANIUM LIMITED | 62
28 Earnings per share
(a) Basic earnings per share
From continuing operations attributable to the ordinary owners of the
Company
From discontinued operation
Total basic earnings per share attributable to the ordinary owners of the
Company
(b) Diluted earnings per share
From continuing operations attributable to the ordinary owners of the
Company
From discontinued operation
Total diluted earnings per share attributable to the ordinary owners of
the Company
Consolidated
30 June
2012
Cents
30 June
2011
Cents
(0.3)
-
(0.3)
(0.3)
-
(0.3)
(1.2)
-
(1.2)
(1.2)
-
(1.2)
(c) Reconciliations of earnings used in calculating earnings per share
Basic earnings per share
Profit / (loss) attributable to the ordinary owners of the Company used
in calculating basic earnings per share
From continuing operations
(d) Weighted average number of shares used as the denominator
Consolidated
30 June
2012
$
30 June
2011
$
(297,219)
(297,219)
(1,049,980)
(1,049,980)
Consolidated
30 June
2012
Number
30 June
2011
Number
Weighted average number of ordinary shares used as the denominator
in calculating basic earnings per share
Adjustments for calculation of diluted earnings per share:
Options*
Weighted average number of ordinary shares and potential ordinary
shares used as the denominator in calculating diluted earnings per
share
* Options are considered anti-dilutive as the Group is loss making
113,377,049
90,293,836
-
-
113,377,049
90,293,836
(i) Options
The options have not been included in the determination of basic earnings per share. Options could potentially
dilute earnings per share in the future. Details relating to the options are set out in note 29.
63 | RENAISSANCE URANIUM LIMITED Annual Report 2012
Notes to the consolidated financial statements
29 Share-based payments
(a) Share based payments to directors, executives and consultants
There were no options were issued to directors, senior management and consultants of the Group during the year
ended 30 June 2012.
Set out below are summaries of granted options to directors, senior management and consultants:
Grant Date
Expiry date
Consolidated – 2012
30 Aug 2010
30 Aug 2010
27 Oct 2010
Total
15 Dec 2013
31 Dec 2014
31 Dec 2014
Exercise
price
Balance at
start of the
year
Number
Granted
during the
year
Number
Exercised
during the
year
Number
Forfeited
during the
year
Number
Balance at
end of the
year
Number
Vested and
exercisable
at end of the
year
Number
$0.24
$0.24
$0.24
-
8,100,000
-
1,000,000
-
700,000
9,800,000 -
-
-
-
-
-
-
-
-
8,100,000
1,000,000
700,000
9,800,000
8,100,000
1,000,000
350,000
9,450,000
Weighted average exercise price
$0.24
$-
$-
$-
$0.24
$0.24
Grant Date Expiry date
Exercise
price
Balance at
start of the
year
Number
Granted
during the
year
Number
Exercised
during the
year
Number
Forfeited
during the
year
Number
Balance at
end of the
year
Number
Vested and
exercisable
at end of the
year
Number
Consolidated – 2011
30 Aug 2010
30 Aug 2010
27 Oct 2010
Total
15 Dec 2013
31 Dec 2014
31 Dec 2014
$0.24 -
-
$0.24
-
$0.24
-
8,100,000 -
-
1,000,000
-
700,000
9,800,000 -
-
-
-
-
8,100,000 8,100,000
1,000,000
1,000,000
-
700,000
9,800,000 9,100,000
Weighted average exercise price
$-
$0.24
$-
$-
$0.24
$0.24
During the year none of these options issued were exercised into ordinary shares.
The weighted average remaining contractual life of the above share options outstanding at the end of the period
was 1.64 years (2011: 2.64 years).
The amount of the equity settled share-based payment expense recognised in the current period in respect of the
options granted above to directors and executives is $Nil (2011: $275,000) and has been included under employee
benefits expense in the statement of comprehensive income.
The amount of the equity settled share-based payment expense recognised in the current period in respect of the
options granted above to consultants is $18,346 (2011: $210,145) and has been included under administration and
consulting expense in the statement of comprehensive income.
(b) Exploration and evaluation share based payments
During the year ended 30 June 2012 the Company issued 750,000 ordinary shares and 750,000 unlisted $0.054
options, expiring 30 April 2016, to Hiltaba Gold Pty Ltd, for the right to earn-in pursuant to the Cowell Joint Venture
Agreement. The options vest on 30 April 2013 and can be exercised at any time up to the expiry date.
During the year ended 30 June 2011 the Company issued 750,000 ordinary shares and 750,000 unlisted $0.24
options, expiring 17 February 2015, to Hiltaba Gold Pty Ltd pursuant to the Cowell Joint Venture Agreement. The
options vested on 17 February 2011 and can be exercised at any time up to the expiry date.
The amount of the equity settled share-based payment recognised in the current period in respect of the ordinary
shares issued above is $49,500 (2011: $172,500) and has been included as exploration and evaluation expenditure
within the non-current assets in the statement of financial position.
Notes to the consolidated financial statements
Annual Report 2012 RENAISSANCE URANIUM LIMITED | 64
29 Share-based payments (continued)
(b) Exploration and evaluation share based payments (continued)
Set out below are summaries of the granted options:
Grant Date
Expiry date
Consolidated – 2012
20 Dec 2010
30 Apr 2012
31 Dec 2014
30 Apr 2016
Exercise
price
Balance at
start of the
year
Number
Granted
during the
year
Number
Exercised
during the
year
Number
Forfeited
during the
year
Number
Balance at
end of the
year
Number
Vested and
exercisable
at end of the
year
Number
$0.24
$0.05
750,000
-
-
750,000
-
-
-
-
750,000
750,000
750,000
-
Total
750,000
750,000
Weighted average exercise price
$0.24
$0.054
-
$-
-
$-
1,500,000
750,000
$0.147
$0.24
Grant Date
Expiry date
Exercise
price
Balance at
start of the
year
Number
Granted
during the
year
Number
Exercised
during the
year
Number
Forfeited
during the
year
Number
Balance at
end of the
year
Number
Vested and
exercisable
at end of the
year
Number
Consolidated – 2011
20 Dec 2010
31 Dec 2014
$0.24
-
750,000
-
-
750,000
750,000
Total
-
750,000
-
-
750,000
750,000
Weighted average exercise price
$-
$0.24
$-
$-
$0.24
$0.24
During the year none of these options issued were exercised into ordinary shares.
The weighted average remaining contractual life of the above share options outstanding at the end of the period was
3.17 years (2011: 3.5 years).
The amount of the equity settled share-based payment recognised in the current period respect of the options granted
above is $7,269 (2011: $107,515) and has been included as exploration and evaluation expenditure within the
non-current assets in the statement of financial position.
(c) Equity raising share based payments
During the year ended 30 June 2011, the Group issued 3,000,000 unlisted options, expiring 31 December 2014 to
various broker consultants involved in raising equity for the Company’s listing on the Australian Stock Exchange
(ASX). Of the options issued, 2,000,000 options were issued to an entity related to Stephen Bizzell, a director of the
Company. The options vested upon issue and can be exercised at any time up to the expiry date.
65 | RENAISSANCE URANIUM LIMITED Annual Report 2012
Notes to the consolidated financial statements
29 Share-based payments (continued)
(c) Equity raising share based payments (continued)
Set out below are summaries of granted options:
Grant Date Expiry date
Exercise
price
Balance at
start of the
year
Number
Granted
during the
year
Number
Exercised
during the
year
Number
Forfeited
during the
year
Number
Balance at
end of the
year
Number
Vested and
exercisable
at end of the
year
Number
Consolidated – 2012
30 Aug 2010
15 Dec 2010
31 Dec 2014
31 Dec 2014
$0.24
$0.24
1,000,000
2,000,000
-
-
-
-
-
-
1,000,000
2,000,000
1,000,000
2,000,000
Total
3,000,000 -
-
-
3,000,000
3,000,000
Weighted average exercise price
$0.24
$-
$-
$-
$0.24
$0.24
Grant Date Expiry date
Exercise
price
Balance at
start of the
year
Number
Granted
during the
year
Number
Exercised
during the
year
Number
Forfeited
during the
year
Number
Balance at
end of the
year
Number
Vested and
exercisable
at end of the
year
Number
Consolidated – 2011
30 Aug 2010
15 Dec 2010
31 Dec 2014
31 Dec 2014
$0.24
$0.24
-
-
1,000,000
2,000,000
-
-
-
-
1,000,000
2,000,000
1,000,000
2,000,000
Total
-
3,000,000 -
-
3,000,000 3,000,000
Weighted average exercise price
$-
$0.24
$-
$-
$0.24
$0.24
During the year none of these options issued were exercised into ordinary shares.
The weighted average remaining contractual life of the above share options outstanding at the end of the
period was 2.5 years (2011: 3.5 years).
The amount of the equity settled share-based payment recognised in the current period in respect of the
options granted above is $Nil (2011: $299,000) and has been included as contributed equity transaction costs
within the statement of financial position.
(d) Fair value of options granted
The assessed fair value at grant date of options is allotted equally over the period from grant date to vesting date.
Fair values at grant date are determined using a Black Scholes option pricing model that takes into account the
exercise price, the term of the option, the vesting and performance criteria, the impact of dilution, the non-tradable
nature of the option, the share price at grant date, expected price volatility of the underlying share, the expected
dividend yield and the risk free interest rate for the term of the option (refer to table below for inputs used).
The following table lists the inputs to the models used for the years ended 30 June 2012 and 2011:
Black Scholes Model inputs
Tranche
1#
Tranche
2#
Tranche
3#
Tranche
4#
Tranche
5#
Tranche
6#
Options grant date
Options expiry date
Weighted average exercise price
Weighted average life of the options
Weighted average underlying share price
Expected share price volatility
Weighted average risk free interest rate
Number of options issued
Value (Black-Scholes) per option
30/08/2010 30/08/2010 27/10/2010 15/12/2010 20/12/2010 30/04/2012
15/12/2013 31/12/2014 31/122014 31/12/2014 31/12/2014 30/04/2016
$0.054
4 years
$0.066
144.5%
4.75%
750,000
$0.058
$0.24
4.34 years 4.18 years 4.05 years 4.03 years
$0.23
82.31%
4.97%
750,000
$0.143
$0.20
82.31%
4.97%
700,000 2,000,000
$0.119
$0.06
$0.24
3.30 years
$0.12
82.31%
4.53%
8,100,000
$0.05
$0.12
82.31%
4.53%
2,000,000
$0.061
$0.12
82.31%
4.97%
$0.24
$0.24
$0.24
Total value of options issued
$405,000 $122,000
$42,000
$238,000 $107,515
$43,497
Notes to the consolidated financial statements
Annual Report 2012 RENAISSANCE URANIUM LIMITED | 66
29 Share based payments (continued)
(d) Fair value of options granted (continued)
# Historical volatility of a group of comparable companies has been used as the basis of determining expected
share price volatility, as it is assumed that this is indicative of future movements. No adjustment has been
made to the life of the option based on no past history regarding any expected early exercise or any variation
of the expiry date. Accordingly the expected life of the options has been taken to the full period of time from
grant date to expiry date, which may fail to eventuate in the future.
(e) General terms and conditions
All of these options were issued by the Company and entitle the holder to one ordinary share in the Company
for each option that may be exercised. The options were granted for no consideration. Once vested the
options can be exercised at any time up to the expiry date. Options granted carry no dividend or voting rights.
No options expired during the periods covered by the above tables.
30 Parent Entity financial information
(a) Summary financial information
The individual financial statements for the Parent Entity show the following aggregate amounts:
Statement of Financial Position
Parent Entity
Current assets
Non-current assets
Total assets
Current liabilities
Non-current liabilities
Total liabilities
Net assets
Shareholders' equity
Contributed equity
Share-based payment reserves
Retained earnings
Total equity
Profit / (loss) for the year
Total comprehensive income
30 June
2012
$
30 June
2011
$
5,233,267
7,607,909
4,324,224
9,557,491
2,230,004
9,837,913
420,620
-
420,620
481,713
-
481,713
9,136,871
9,356,200
9,758,800
917,275
(1,539,204)
9,136,871
9,709,300
891,660
(1,244,760)
9,356,200
(294,444)
(294,444)
(1,049,845)
(1,049,845)
(b) Contingent liabilities of the Parent Entity
The Parent Entity did not have any contingent liabilities as at 30 June 2012 or 30 June 2011. For information
about guarantees given by the Parent Entity, please see below.
(c) Contractual commitments for the acquisition of property, plant or equipment
As at 30 June 2012, the Parent Entity had no contractual commitments for the acquisition of property, plant
or equipment.
(d) Guarantees
As at 30 June 2012, the Parent Entity had not guaranteed the debts of any subsidiary Company.
67 | RENAISSANCE URANIUM LIMITED Annual Report 2012
Notes to the consolidated financial statements
31 Application of new and revised Accounting Standards
(a) New and amended standards and interpretations
The following new and revised Standards and Interpretations have been adopted in the current year and have
affected the amounts reported in these financial statements. Details of other Standards and Interpretations adopted
in these financial statements but that have had no effect on the amounts reported are set out separately.
Standards affecting presentation and disclosure
Amendments to AASB 7
‘Financial Instruments
Disclosure’
AASB 1054 ‘Australian
Additional Disclosures’ and
AASB 2011-1 ‘Amendments to
Australian Accounting
Standards arising from
Trans-Tasman Convergence
Project’
The amendments (part of AASB 2010-4 ‘Further Amendments to
Australian Accounting Standards arising from the Annual Improvements
Project’) clarify the required level of disclosures about credit risk and
collateral held and provide relief from disclosures previously required
regarding renegotiated loans.
AASB 1054 sets out the Australian-specific disclosures for entities that
have adopted Australian Accounting Standards. This Standard contains
disclosure requirements that are in addition to IFRSs in areas such as
compliance with Australian Accounting Standards, the nature of financial
statements (general purpose or special purpose), audit fees, imputation
(franking) credits and the
Reconciliation of net operating cash flow to profit (loss).
AASB 2011-1 makes amendments to a range of Australian Accounting
Standards and Interpretations for the purpose of closer alignment to IFRSs
and harmonisation between Australian and New Zealand Standards. The
Standard deletes various Australian-specific guidance and disclosures
from other Standards (Australian-specific disclosures retained are now
contained in AASB 1054), and aligns the wording used to that adopted in
IFRSs.
The application of AASB 1054 and AASB 2011-1 in the current year has
resulted in the simplification of disclosures in regards to audit fees, franking
credits and capital and other expenditure commitments as well as an
additional disclosure on whether the Group is a for-profit or not-for-profit
entity.
Standards and Interpretations adopted with no effect on financial statements
The following new and revised Standards and Interpretations have been adopted in these financial statements. Their
adoption has not had any significant impact on the amounts reported in these financial statements but may affect the
accounting for future transactions or arrangements.
AASB 2009-12 ‘Amendments
to Australian Accounting
Standards’
Amendments to AASB 101
‘Presentation of Financial
Statements’
The application of AASB 2009-12 makes amendments to AASB 8
‘Operating Segments’ as a result of the issuance of AASB 124 ‘Related
Party Disclosures’ (2009). The amendment to AASB 8 requires an entity to
exercise judgement in assessing whether a government and entities
known to be under the control of that government are considered a single
customer for the purposes of certain operating segment disclosures. The
Standard also makes numerous editorial amendments to a range of
Australian Accounting Standards and Interpretations. The application of
AASB 2009-12 has not had any material effect on amounts reported in the
Group’s consolidated financial statements.
The amendments (part of AASB 2010-4 ‘Further Amendments to
Australian Accounting Standards arising from the Annual Improvements
Project’) clarify that an entity may choose to present the required analysis
of items of other comprehensive income either in the statement of changes
in equity or in the notes to the financial statements.
AASB 2010-5 ‘Amendments to
Australian Accounting
Standards’
The Standard makes numerous editorial amendments to a range of
Australian Accounting Standards and Interpretations. The application of
AASB 2010-5 has not had any material effect on amounts reported in the
Group’s consolidated financial statements.
Notes to the consolidated financial statements
Annual Report 2012 RENAISSANCE URANIUM LIMITED | 68
31 Application of new and revised Accounting Standards (continued)
(a) New and amended standards and interpretations (continued)
Standards and Interpretations adopted with no effect on financial statements (continued)
AASB 2010-6 ‘Amendments to
Australian Accounting
Standards – Disclosures on
Transfers of Financial Assets’
The application of AASB 2010-6 makes amendments to AASB 7 ‘Financial
Instruments – Disclosures’ to introduce additional disclosure requirements
for transactions involving transfer of financial assets. These amendments
are intended to provide greater transparency around risk exposures when
a financial asset is transferred and derecognised but the transferor retains
some level of continuing exposure in the asset.
To date, the Group has not entered into any transfer arrangements of
financial assets that are derecognised but with some level of continuing
exposure in the asset. Therefore, the application of the amendments has
not had any material effect on the disclosures made in the consolidated
financial statements.
AASB 124 (revised December 2009) has been revised on the following two
aspects: (a) AASB 124 (revised December 2009) has changed the
definition of a related party and (b) AASB 124 (revised December 2009)
introduces a partial exemption from the disclosure requirements for
government-related entities.
AASB 124 ‘Related Party
Disclosures’ (revised
December 2009)
(b) New and amended standards and interpretations not yet adopted
At the date of authorisation of the financial statements, the Standards and Interpretations listed below were in issue
but not yet effective.
Standard/Interpretation
AASB 9 ‘Financial Instruments’, AASB 2009-11
‘Amendments to Australian Accounting Standards arising
from AASB 9’ and AASB 2010-7 ‘Amendments to
Australian Accounting Standards arising from AASB 9
(December 2010)’
Effective for
annual reporting
periods
beginning on or
after
1 January 2015
Expected to be
initially applied in
the financial year
ending
30 June 2016
AASB 10 ‘Consolidated Financial Statements’
1 January 2013
30 June 2014
AASB 11 ‘Joint Arrangements’
1 January 2013
30 June 2014
AASB 12 ‘Disclosure of Interest in Other Entities’
1 January 2013
30 June 2014
AASB 127 ‘Separate Financial Statements’ (2011)
1 January 2013
30 June 2014
AASB 128 ‘Investments in Associates and Joint
Ventures’ (2011)
AASB 13 ‘Fair Value Measurement’ and AASB 2011-8
‘Amendments to Australian Accounting Standards
arising from AASB 13’
AASB 119 ‘Employee Benefits (2011) and AASB
2011-10 ‘Amendments to Australian Accounting
Standards arising from AASB 119 (2011)’
1 January 2013
30 June 2014
1 January 2013
30 June 2014
1 January 2013
30 June 2014
69 | RENAISSANCE URANIUM LIMITED Annual Report 2012
Notes to the consolidated financial statements
31 Application of new and revised Accounting Standards (continued)
(b) New and amended standards and interpretations not yet adopted (continued)
Effective for
annual reporting
periods
beginning on or
after
1 January 2012
Expected to be
initially applied in
the financial year
ending
30 June 2013
1 July 2013
30 June 2014
1 January 2013
30 June 2014
1 July 2012
30 June 2013
Standard/Interpretation
AASB 2010-8 ‘Amendments to Australian Accounting
Standards – Deferred Tax: Recovery of Underlying
Assets’
AASB 2011-4 ‘Amendments to Australian Accounting
Standards to Remove Individual Key Management
Personnel Disclosure Requirements’
AASB 2011-7 ‘Amendments to Australian Accounting
Standards arising from the Consolidation and Joint
Arrangements standards’
AASB 2011-9 ‘Amendments to Australian Accounting
Standards – Presentation of Items of Other
Comprehensive Income’
The Group has not yet assessed the impact of these standards.
Directors’ declaration
Annual Report 2011 RENAISSANCE URANIUM LIMITED | 70
In the directors' opinion:
Renaissance Uranium Limited
Directors' declaration
30 June 2012
(a)
(b)
(c)
the financial statements and notes set out on pages 32 to 69 are in accordance with the Corporations
Act 2001, including:
(i)
complying with Accounting Standards, the Corporations Regulations 2001 and other
mandatory professional reporting requirements, and
give a true and fair view of the Group's financial position as at 30 June 2012 and of its
performance for the financial year ended on that date, and
(ii)
the remuneration disclosures included on pages 14 to 20 of the directors’ report (as part of the audited
Remuneration Report) for the year ended 30 June 2012, comply with section 300A of the Corporations
Act 2001.
there are reasonable grounds to believe that the Company will be able to pay its debts as and when they
become due and payable, and
Note 1(a) confirms that the financial statements also comply with International Financial Reporting Standards as
issued by the International Accounting Standards Board.
The directors have been given the declarations by the Managing Director and Chief Financial Officer required by
section 295A of the Corporations Act 2001.
This declaration is made in accordance with a resolution of the directors.
David Christensen
Director
Adelaide
Date: 24 September 2012
71 | RENAISSANCE URANIUM LIMITED Annual Report 2012
Independent auditor’s report to members
Independent auditor’s report to members
Independent auditor’s report to members
Annual Report 2012 RENAISSANCE URANIUM LIMITED | 72