Annual Report
2013
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
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
HopgoodGanim Lawyers
Level 8, W aterfront Place
1 Eagle Street
Brisbane Qld 4000
Phone: + 61 7 3024 0000
Fax: +61 7 3024 0300
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 releva nt to the style of mineralisation
and type of deposits being considered to qualify as a competent 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.
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Renaissance Uranium Limited
Annual Report June 2013
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 profit or loss and other comprehensive income for the year ended 30 June 2013
Consolidated statement of financial position as at 30 June 2013
Consolidated statement of changes in equity for the year ended 30 June 2013
Consolidated statement of cash flows for the year ended 30 June 2013
Notes to the consolidated financial statements for the year ended 30 June 2013
Directors' declaration
Independent auditor's report to the members
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 18 and in the directors' report on pages 19 to 31, both of which are not part of
these financial statements.
The financial statements were authorised for issue by the directors on 27 September 2013. 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, financial statements and other information are available on our website:
www.renaissanceuranium.com.au.
1 | RENAISSANCE URANIUM LIMITED Annual Report 2013
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 2013.
Notwithstanding a very difficult year for junior explorers on the Australian share market, Renaissance enjoyed
much success during the year in advancing key exploration projects and creating multiple opportunities for
potential 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 been, and will continue to be, 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 led us to focus, in particular, on targeted copper-oriented
prospects, where we have identified opportunities to leverage off significant drilling performed by earlier explorers
and has identified new untested targets for large, economic ore-bodies.
iron-oxide,
Of particular note were achievements at Eastern Eyre, where we delineated multiple
copper-gold-uranium targets. During the year, we successfully gained access to a key project tenement located
within the world-class Olympic Dam IOCGU belt. This area, which had previously been inaccessible to modern
explorers, became the major focus of our exploration efforts, as our geophysical surveys confirmed the project’s
prospectivity and identified multiple untested targets. As of the date of lodgement of this Annual Report, we are
awaiting assay results from our initial drill program over the first of these targets, and we expect the project area to
deliver meaningful exploration returns as we move forward in the current year.
In addition, we have established a pipeline of high quality exploration projects that offer further opportunities for
mineral discovery. These projects include our Gairdner project (iron-oxide, copper-gold-uranium) in the Central
Gawler Craton and our Olary project (gold) in the Southern Curnamona Province, where our reconnaissance drill
programs undertaken during the year intersected elevated copper and gold, respectively. We identified further
exploration prospects within our Farina project (sedimentary copper) in the Adelaide Fold Belt and our Cowell
prospect (graphite) in the Eyre Peninsula. We also anticipate future value appreciation from our uranium projects,
including our newly acquired Frome project in the Frome Basin and Warrior project in the Gawler Craton.
In formulating and executing our strategy, we have taken into account the uncertainty and volatility in the global
markets over the past year. We are committed to maintaining an active exploration program, whilst also
managing our expenses in a cost-effective manner. Our programs are focused 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 $2.7 million cash on
hand as of 30 June 2013.
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, as well as additional
prospects in other base and precious metals. 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 2013 RENAISSANCE URANIUM LIMITED | 2
Review of Operations
Renaissance Uranium Limited (Renaissance) is an Australian exploration company focused on the discovery and
development of economically viable deposits containing copper, gold, uranium and other minerals. Renaissance
holds multiple exploration licenses, with activity directed particularly toward projects located in established mineral
provinces of South Australia.
Renaissance is an active explorer, with multiple projects at the discovery drill phase. We are based in South
Australia, where in previous roles; our experienced team has participated directly in the discovery of several
significant 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 and leverage off previous exploration work
to quickly pass into cost-effective, targeted drill campaigns.
During the year, we directed significant effort toward advancing our Eastern Eyre project in the southern portion of
the Olympic Dam iron-oxide, copper-gold-uranium (IOCGU) corridor. The Olympic Dam corridor is generally
considered to be among the world’s most prospective target areas for IOCGU deposits. Within this prime
exploration zone, our Eastern Eyre project tenements offer a number of untested IOCGU targets within an area of
widespread copper mineralisation. The area was subject to historical drilling from the 1960s through the 1980s
with targets generated primarily through geochemical surface sampling. However, these historical programs did
not test key portions of the project area, including the Roopena Fault, an extensive hydrothermal alteration zone
that extends through our tenements and which we consider to offer significant prospects for the discovery an
economic copper ore body.
In November 2012, Renaissance achieved a major regulatory breakthrough at Eastern Eyre, with the grant of an
exploration licence over a portion of the project area that falls within a proposed expansion to the Department of
Defence Cultana Training Area. With the grant of this licence, we undertook significant pre-drilling activities,
including a detailed ground gravity survey and an airborne electromagnetic (EM) survey. As a result,
Renaissance identified multiple, high priority untested drill targets. Renaissance recently completed its first drill
program at Eastern Eyre, and, as of the date of lodgment of this Annual Report, we are awaiting assay results.
During the year, we completed an initial drill program at our Gairdner project, where we intersected elevated
copper and nickel at our Kokatha prospect. At our Olary project, our reconnaissance drilling intersected elevated
gold. We also 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 our Farina project, where we are targeting potentially large tonnage
Zambian Copper Belt-style, sedimentary copper deposits, as well as our Cowell prospect, where an airborne EM
survey undertaken during the year resulted in the identification of graphite targets. We expect to continue
advancing these projects in the current year.
With respect to uranium, we have continued our strategy to limit exploration spending, while maintaining drill-ready
exploration projects that offer opportunities for economic discoveries either under present market conditions or in
the event of improved investor sentiment. During the year, we completed the acquisition of two low-cost projects,
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 have expanded our tenement holdings in South Australia, through acquisition, joint venture and applications for
mineral exploration licences by 5,784 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. Renaissance 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 2013
Review of operations
Key Project Review
Project
Location
Primary target(s)
Status
Eastern Eyre
Southern Gawler
Craton (SA)
IOCGU and
associated deposits
Airborne EM survey completed
Detailed ground gravity survey
completed
IOCGU drill targets confirmed
Deed of access granted by Department
of Defence
Native Title agreement executed
Additional prospect area acquired
Target drilling commenced
Farina
Adelaide Fold Belt
(SA)
Sedimentary copper
Copper drill targets identified
Surface sampling and airborne EM
survey planned
Gairdner
Central Gawler
Craton (SA)
IOCGU, silver
Detailed ground gravity survey
completed
Infill soil sampling completed
Induced polarisation survey completed
Reconnaissance drilling completed
Elevated copper and nickel intersected
at Kokatha
Cowell
Eyre Peninsula (SA)
Graphite
Airborne EM completed
Graphite target confirmed
Tanners
Dam/Sherrys
Dam
Central Gawler
Craton (SA)
IOCGU, uranium
Reconnaissance drilling completed
Weakly anomalous mineralisation
intersected
Olary
Southern
Curnamona Province
(SA)
Gold, IOCGU
Regional and infill soil sampling
completed
New targets identified
Reconnaissance drilling completed
Elevated gold intersected
Additional prospect area acquired
Warrior
Central Gawler
Craton (SA)
Sandstone-hosted
uranium
Advanced uranium project acquired
Data review commenced
Drill targets identified
Frome
Frome Basin
(SA)
Sandstone-hosted
uranium
Advanced uranium project acquired
Data review commenced
Drill targets identified
Review of operations
Annual Report 2013 RENAISSANCE URANIUM LIMITED | 4
Figure 1. South Australian Project Map
5 | RENAISSANCE URANIUM LIMITED Annual Report 2013
Review of operations
Eastern Eyre
Location:
Southern Gawler Craton (South Australia)
Tenements:
ELs 4721, 5012 and 5236 (100%)
Area:
1,220 km2
Target:
IOCGU and related deposits
Renaissance commenced exploration at its 100%-owned Eastern Eyre project following the grant of its licence
application over exploration licence 5012. Activities undertaken during the reporting period included a detailed
review of historical exploration data, followed by ground gravity and airborne EM surveys. As a result of this
reconnaissance work, Renaissance identified several untested, IOCGU targets and commenced first-stage drilling.
Figure 2. Eastern Eyre project, showing prospect locations within EL 5012 and EL 4721
Overview
Renaissance’s exploration at the Eastern Eyre project is targeting IOCGU-style and related deposits within the
Roopena Fault zone in the southern portion of the Olympic Dam corridor. See Figure 3. The Olympic Dam
corridor is generally considered to be among the world’s most prospective target areas for IOCGU deposits,
hosting the massive Olympic Dam deposit, as well as other large-scale IOCGU deposits, including Prominent Hill
and Carrapateena to the north of the project area and the Hillside deposit and extensive historical copper mining
district of Moonta to the south. While large target zones of the Olympic Dam corridor are often located far from
infrastructure and in areas with deep cover sequences, Renaissance’s project area is readily accessible, with
basement targets from surface to approximately 200 metres depth, amongst the shallowest targets in the Olympic
Dam IOCGU corridor.
Review of operations
Annual Report 2013 RENAISSANCE URANIUM LIMITED | 6
Eastern Eyre (continued)
Figure 3. Olympic Dam IOCGU belt, showing location of Renaissance’s
Eastern Eyre project in relation to significant mineral deposits
In addition to its favorable location, Renaissance’s project area benefits from widespread copper mineralization
intersected from historical drilling in several prospect areas located to the east of the Roopena Fault zone. The
majority of these prospects were targeted from the late 1960s through the 1980s using geochemical surface
sampling, followed by shallow drilling. The presence of multiple zones of copper mineralisation suggests to
Renaissance that the Roopena Fault zone represents a zone of extensive hydrothermal alteration. The majority
of the historical exploration programs in the project area generally bypassed this faulting zone, instead focusing on
the areas to the east, where soil sampling provided an effective targeting mechanism. The discovery by Rex
Minerals (ASX: RXM) in 2009 of the Hillside IOCGU deposit to the south of the project area has reinforced the
importance of the faulting zone in the deposition of IOCGU-style ore bodies. Accordingly, Renaissance considers
targets located proximate to the Roopena Fault to represent particularly attractive (and often untested) IOCGU drill
targets. In addition to assessing the previously identified targets east of the faulting zone, a major focus of
Renaissance’s current exploration efforts has been the Roopena Fault zone.
Prior to Renaissance’s recent activity in the project area, an additional factor hindered exploration, contributing to
the lack of drill testing performed over highly prospective areas. Dating prior to the Hillside discovery in 2009, the
Department of Defence has sought to expand its Cultana Training Area, located to the east of Renaissance’s
Eastern Eyre project, into areas covered by portions of the project area extending west over the Roopena Fault
zone into Renaissance’s EL 5012. See Figure 1. While Hillside’s discovery, as well as increased availability of
geophysical targeting to modern explorers, increased the attractiveness of prospects within the faulting zone of EL
5012, the Department of Defence’s expansion plans limited the ability to gain exploration access to test this area.
In 2012, the Department of Defence and the Government of South Australia agreed upon protocols for conducting
exploration within the Cultana Training Area and proposed extensions into EL 5012. With these procedures
clarified, in September 2012, DMITRE granted Renaissance’s exploration licence over EL 5012, permitting
Renaissance to commence on-ground activities.
7 | RENAISSANCE URANIUM LIMITED Annual Report 2013
Review of operations
Eastern Eyre (continued)
Drill targets identified by Renaissance
In late 2012, Renaissance commenced a program of
pre-drilling exploration over the Eastern Eyre project
area. This program included an analysis of previous
exploration data, including surface sampling, drill
intersections and aeromagnetic surveys of the project
area. The majority of the historical exploration
drilling in the area occurred from the 1960s to the
1980s, focusing on near-surface geochemical targets
within a limited portion of the project area. See
Figure 4. Several of the targets in this historical
target zone returned ore-grade copper mineralisation
within well-defined areas of surface copper
anomalism as defined by rotary air blast (RAB) drill
programs.
targets,
Renaissance identified four prospects (1050, 1050
East, Malachite and Quondong) that evidenced both
significant copper geochemistry from previous drilling
intersects, as well as prospectivity for proving up
economic copper deposits through additional drilling
in untested areas with zones of anomalous copper at
surface. See Figure 5.
these historical
Amongst
Figure 4 (right). Eastern Eyre project, showing
historical drilling (<60m in blue; ≥60m in red) and
Roopena target zone
Figure 5. Eastern Eyre project, showing selected prospects within historical
focus zone, drill holes >60m, drill results 500 ppm copper anomalous zones
Review of operations
Annual Report 2013 RENAISSANCE URANIUM LIMITED | 8
Eastern Eyre (continued)
Geophysical surveys
In addition to identifying historical geochemical targets, following the grant of EL 5012 in late 2012, Renaissance
undertook gravity and airborne EM surveys over portions of the project area. To test for high-density zones within
this area, Renaissance completed infill gravity coverage designed to locate high density, hematite dominant
IOCGU-style deposits. Renaissance’s gravity survey covered prospective areas of both EL 4721 and EL 5012.
The survey included 2,500 stations covering 400 square kilometres, and was carried out by Daishsat Pty Ltd during
December 2012 and February 2013. Coverage was designed to provide 400 by 400 metre station spacing within
target structural areas, where previous gravity coverage was regarded as inadequate for delineation of economic
IOCGU-style mineralised targets.
Figure 6. Eastern Eyre project, showing gravity image over EL 5012
The gravity survey resulted in the identification of multiple high priority gravity targets. Within EL 5012,
Renaissance delineated several first-priority gravity targets, including Spencer East, Highway, Wizo Well,
Malachite, Quondong, Extension Tank and McMahons. See Figure 6. Each of Wizo Well, Malachite and
Quondong represent coincident gravity/magnetic anomalies, with additional magnetic anomalies identified at
Cocoa Dam and Yanaby. See Figure 2. From its assessment of historical drilling over these areas,
Renaissance has identified significant geophysical features that have not been drilled at Wizo Well, Cocoa Dam
and McMahons. In other instances, including Spencer East, Extension Tank, Malachite and Quondong,
Renaissance considers that existing drilling has not adequately tested the geophysical features. In addition,
within EL 4721, Renaissance identified a standout gravity anomaly at the Nilginee prospect. See Figure 7.
9 | RENAISSANCE URANIUM LIMITED Annual Report 2013
Review of operations
Eastern Eyre (continued)
Figure 7. Eastern Eyre project, showing gravity image for Nilgnee Prospect in EL 4721
Following its assessment of results from the gravity survey, Renaissance completed an airborne EM survey over
an area proximate to the historical drill zone. As shown in Figure 8, the EM survey identified an extensive
conductive zone to the immediate west and south of previously identified strongly anomalous copper in RAB drill
holes at the 1050 prospect.
Figure 8. Eastern Eyre project, showing electromagnetic image and RAB copper contours with
identified prospects within and near area of historic drilling
Renaissance considers the recently completed airborne EM survey to have provided significant new information on
possible mineralised positions within the project area and to justify the use of airborne EM to locate high priority
drill targets for copper ore bodies. In particular, Renaissance believes additional EM may be warranted within and
around the Roopena Fault zone extending both to the north and south of the existing coverage area.
Next steps
Renaissance recently completed an initial drill program targeting prospects within the historical RAB zone. As at
the date of lodgement of this Annual Report, Renaissance is awaiting assay results from this program. Following
assessment of these assay results, Renaissance intends to prioritise prospects both within and outside the RAB
copper zone. Follow-up drill coverage is expected to occur in the current year and will include a number of high
priority IOCGU targets.
Review of operations
Annual Report 2013 RENAISSANCE URANIUM LIMITED | 10
Farina
Location:
Adelaide Fold Belt (South Australia)
Tenements:
ELs 4627, 4628, 4676, 4677, 4822 and 4957 (100%)
Area:
3,980 km2
Target:
Sedimentary copper
At its 100%-owned Farina project in the Adelaide Fold Belt of South Australian, Renaissance concluded a review of
historical exploration to identify prospects for potentially large tonnage Zambian Copper Belt-style, sedimentary
copper deposits. This review resulted in the identification of a new copper prospect, Callanna, located within an
area of historic drilling on the northwest margin of exposed Adelaidean rocks. In addition, Renaissance identified
two prospective sedimentary copper target zones where sediments are inferred to exist beneath shallow cover and
hence, amenable to EM surveying.
Figure 9. Farina project, showing geology and historical copper occurrences
Overview
Renaissance’s 100%-owned Farina Project is made up six tenements covering approximately 3,980 km2 within
South Australia’s Adelaide Fold Belt. See Figure 9. The sedimentary sequences of the Adelaide Fold Belt have
long been recognised as distinctly analogous to the copper-rich Zambian Copper Belt, offering prospects for large
tonnage sedimentary copper deposits. In the 1970s and early 1980s, some significant exploration programs
adopted the Zambian-style sedimentary copper model within Renaissance’s current project area, resulting in
intersections of significant ore-grade copper in areas identified from detailed geological mapping and geochemical
targeting. However, little geophysical exploration was included in these programs, suggesting to Renaissance
that more modern geophysical tools offer new opportunities to target mineralisation in areas unexplored in earlier
programs.
As a result of a Geoscience Australia-sponsored wide-spaced (5 kilometre) EM survey flown over the eastern
portion of the Farina project area, Renaissance identified a significant basement conductor coincident with Luck at
Last, a historic copper mine. In addition to offering a promising copper prospect, the regional survey confirmed
the potential to use this technique to located additional high priority copper targets that have not been subject to
previous drilling. In particular, Renaissance recognises an opportunity to leverage off the significant exploration
data available from previous exploration programs, which provide a guide to copper distribution within the
outcropping areas of the project. From this data, Renaissance is able to infer the potential extension of copper
mineralisation into surrounding areas with often relatively shallow cover sequences that have not been previously
explored. Renaissance considers that these unexposed or underexposed areas offer opportunities to map
conductivity variations within the target sequences in order to help identify areas of elevated oxide or sulphide
copper mineralisation.
11 | RENAISSANCE URANIUM LIMITED Annual Report 2013
Review of operations
Farina (continued)
During the reporting period, Renaissance completed a review of historical exploration data in the Farina project to
prioritise areas for more detailed EM surveys and drill testing. In addition to the Luck at Last prospect,
Renaissance has now identified an additional immediate copper target, the Callanna prospect, within an area of
historic drilling on the northwest margin of exposed Adelaidean rocks. Renaissance has further identified two
targets zones where prospective sediments are inferred to exist beneath shallow cover, and hence amenable to
EM surveying
Callanna prospect
The Callanna prospect is located near the northwestern limit of sub-cropping Adelaidean metasediments within the
Willouran Ranges of the Adelaide Fold Belt. See Figure 10.
Figure 10. Geology map of Willouran Ranges, showing location of Callanna prospect. Source: Utah
Development Company 1983, DMITRE Envelope 03507 (Utah Exploration Report, 1983).
Utah Development Company (Utah) defined the Callanna prospect, as part of a wide exploration program
conducted within the Willouran Ranges in the early 1980s targeting Zambian-style sedimentary copper. The
Callanna prospect was identified in 1983, just prior to the cessation of Utah’s exploration program and BHP Billiton
Limited’s (then Broken Hill Proprietary Company Limited) acquisition of Utah. In its final geological report, Utah
recognised the prospectivity of the Callanna prospect, stating:
In light of all the drilling completed in two field seasons in the Callanna sub-project area, and for
that matter anywhere else in the Willouran Ranges, it is clear that the Callanna Mine Syncline
area has now emerged as the most prospective area for the discovery of a viable stratiform
copper ore body. Source: Utah Exploration Report, 1983.
Utah’s conclusions were based on the results of over 16,000 metres of drilling in the project area, focused on areas
with significant outcropping of the targeted Adelaidean stratigraphy. Within the Callanna prospect area, Utah
conducted drilling over a strong soil geochemical anomaly and identified what is described as the “most impressive
drilling results” from the program at the northern end of the anomalous zone. See Figure 11.
Renaissance regards the drilling results at Callanna as highly encouraging for the potential development and
continuation of copper mineralisation to the north of the Utah soil sampling grid, into a large region of shallow soil
cover. Hole WP133 in particular appears to have been terminated within mineralisation, and immediate potential
for a shallow zone of copper sulphide or oxide mineralisation is indicated in the area to the northeast of the soil
copper zone and associated line of historical copper workings.
Review of operations
Annual Report 2013 RENAISSANCE URANIUM LIMITED | 12
Farina (continued)
Figure 11. Callanna prospect, showing soil geochemistry (red >500ppm Cu) and summary drill hole
cross-sections for drill holes WP133 and WP122D. Source: Utah Exploration Report, 1983.
Prospective EM zones
The regional EM survey conducted by Geoscience Australia confirms that modern EM data acquisition will
effectively map subsurface conductivities within the Farina project. This offers an important targeting mechanism
in respect of undertaking exploration for sedimentary copper in the Adelaide Fold Belt, particularly in the large
areas that have remained unexplored because of the presence of thin veneers of recent unconsolidated
sediments. In reviewing geological mapping and semi-detailed aeromagnetic data, Renaissance defined two
large zones where prospective sediments can be inferred to exist beneath shallow cover, and hence amenable to
EM surveying. In the northwest of the project area, Renaissance identified a prospective area of approximately
350 square kilometres along trend from the Callanna prospect. Renaissance has identified a larger, 850 square
kilometres zone to the east of the Luck at Last copper prospect. See Figure 12. Renaissance considers that
both of these areas offer excellent prospects for locating additional sedimentary copper prospects.
Figure 12. Prospect areas for airborne EM coverage
Next steps
Renaissance intends to seek Native Title and regulatory approvals in order to commence initial drilling at the
Callanna and Luck at Last prospects. Additionally, Renaissance expects to conduct more detailed EM surveys
within the recently delineated prospective EM zones.
13 | RENAISSANCE URANIUM LIMITED Annual Report 2013
Review of operations
Gairdner
Location:
Central 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.
Renaissance considers the margins of the granite and volcanics prospective for large-scale discoveries of
economic deposits containing, in particular, IOCGU and silver.
Figure 13. Gairdner project tenements, showing regional geology and principal prospects drilled
during the reporting period
During the reporting period, Renaissance completed a detailed gravity survey and infill soil sampling over
previously identified IOCGU and silver targets. See Figure 13. The IOCGU targets identified from the gravity
survey include the Kokatha prospect, which Renaissance identified as a result of a large complex of intense
magnetic response to the immediate west of sub-cropping Hiltaba granite. Silver targets identified from the
sampling program include the Freshwater, Peninsula and Highway prospects.
Subsequently, Renaissance completed a scout-drilling program consisting of nine reverse circulation holes,
totalling approximately 1,200 metres. Significant results from the drill program included intersections of
anomalous copper at Kokatha over an interval that petrology reports suggested were indicative of IOCGU-style
mineralisation. Other material results from this initial program included anomalous silver at the Freshwater
prospect. Later in in the reporting period, Renaissance completed an additional follow-up drill hole at both
Kokatha and Freshwater, noting:
Kokatha. At Kokatha, Renaissance intersected a sequence of altered basalts and rhyodacites overlying,
at 215 metres, a thick basalt sequence. The geochemistry of the two units was distinct; the lower basalt
was weakly elevated in nickel and copper, while the upper sequence was weakly elevated in rare earth
elements and uranium. Renaissance considers the data provided from this subsequent drilling to be
insufficient to explain the coincident geophysical targets. Renaissance is currently evaluating next-stage
exploration options at Kokatha.
Freshwater. At Freshwater, Renaissance intersected approximately 70 metres thickness of magnetic
basalt overlying a rhyodacite with minor base metal enrichment at the contact. Weakly anomalous silver
was intersected within variably altered basalts of the Lower Gawler Range Volcanics. Renaissance does
not consider the results to justify continued silver exploration at Freshwater.
Review of operations
Annual Report 2013 RENAISSANCE URANIUM LIMITED | 14
Cowell
Location:
Eastern Eyre Peninsula (South Australia)
Tenements:
EL 3978 (earning 75%)
Area:
840 km2
Target:
Graphite
During the reporting period, Renaissance undertook an airborne EM survey at the Cowell prospect, identifying
multiple zones of strong conductivity prospective for economic deposits of graphite. The prospective graphite
target zones are located within EL 3978, which forms part of Renaissance’s Pirie Basin project. Renaissance has
a right to earn a 75% interest in EL 3978 pursuant to an agreement with a subsidiary of Stellar Resources Limited
(ASX: SRZ).
Figure 14. Cowell prospect (EL 3978, earning 75%), showing priority
target conductors over late time AEM image (red zones representing
zones of high conductivity)
The results of the survey indicate that there are multiple zones of high conductivity within the Cowell prospect area.
Of particular interest, two strong conductors are located within the interpreted position along-strike from Archer
Exploration’s (ASX: AXE) Wilklow graphite prospect. See Figure 14. The conductive zones are highlighted in
the late time decay windows from the EM survey, indicating strong electrical conductivity levels associated with
graphite.
As a follow-on exploration program, Renaissance intends to drill test the primary target conductive zones located
along the interpreted stratigraphic boundary from Wilklow. Drilling may be undertaken in conjunction with
Renaissance’s exploration at its nearby Eastern Eyre project.
15 | RENAISSANCE URANIUM LIMITED Annual Report 2013
Review of operations
Tanners Dam and Sherrys Dam
Location:
Central Gawler Craton (South Australia)
Tenements:
ELs 4814 and 5104 (100%)
Area:
583 km2
Target:
Volcanic-hosted uranium and IOCGU
Exploration during the reporting period at Tanners Dam and Sherrys Dam included initial drill testing of targeted
volcanic-hosted uranium and IOCGU targets pursuant to a co-funding grant awarded to Renaissance by the South
Australian Government pursuant to its Plan for Accelerated Exploration (PACE) program.
Figure 15. Sherrys Dam and Tanners Dam drill target locations shown
on local gravity image
The targets at both Sherrys Dam and Tanners Dam were centred around a large (12 kilometre x 7 kilometre),
oval-shaped, magnetic and gravity low body considered to represent a mid-level Hiltaba Suite granite intruded into
the base of the upper Gawler Range Volcanic felsic lava pile. See Figure 15. This area is crossed by a series of
prominent northwest- and northeast-trending fracture zones, broadly coincident with several circular strong
magnetic low features and complexes. This intrusive complex provided two prospects, which were drilled in June
to July 2013:
Sherrys Dam. At Sherrys Dam, Renaissance drill-tested the margin of the intrusive complex adjacent to
a marginal elongate magnetic anomaly. The hole intersected a variably magnetic sequence of rhyodacite
with weakly elevated uranium associated with zones of low magnetite.
Tanners Dam. At Tanners Dam, Renaissance drill-tested a magnetic low within the Tanners Dam
intrusive complex. The target was uranium associated with zones of magnetic destruction associated with
fluorite enriched veins and breccias. The hole intersected variably altered sequences of dacite and
rhyodacite, with weakly elevated uranium intersected in two zones of low magnetic susceptibility along with
a zone of elevated base metals.
Renaissance does not consider the results at Sherrys Dam or Tanners Dam of economic significance, and,
accordingly, it is evaluating next-stage opportunities within the project area.
Review of operations
Annual Report 2013 RENAISSANCE URANIUM LIMITED | 16
Olary
Location:
Southern Curnamona Province (South Australia)
Tenements:
EL 4394, 4399, 5228 and 5301
Area:
708 km2
Target:
Gold and copper
The exploration program at the Olary Project during the reporting period targeted gold and copper 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 16. Renaissance’s Olary project
Renaissance’s exploration strategy includes utilising relatively inexpensive soil geochemical sampling to identify
drill targets for potentially economic, near-surface oxide gold deposits. During the reporting period, Renaissance
completed regional and infill soil geochemical sampling over the western portion of the project area. See Figure
16. The most significant results occurred at Ameroo, where sampling returned multiple anomalous gold results in
three clusters within a 1.3 km2 area of Proterozoic basement. The central portion of the Ameroo area is dissected
by drainage; hence alluvial cover could potentially be affecting basement sample quality. This coupled with the lack
of data in the north of the prospect provide scope for additional work and better define a priority drill target. The
next step work program will likely include completion of detailed sampling of the Ameroo prospect, including
sampling through the alluvial cover sequences to provide a more complete understanding of the basement
geochemistry.
In late 2012, Renaissance completed initial drilling within a magnetic target zone at the Heinrichs prospect.
Renaissance completed four holes, totalling approximately 500 metres, testing initial gold anomalies defined from
earlier soil geochemistry at Heinrichs, as well as reconnaissance testing of magnetic targets. The most significant
result from these four holes was 18 metres @ 0.23 ppm gold (12RCTRC66, 4-22m) in oxidised Proterozoic gneiss.
This result is similar in tenor to the assays returned from earlier drilling approximately 600 meters to the north-east.
Given the extent between these two intercepts and the limited soil geochemical data upon which the drilling was
based, Renaissance considers that more detailed geochemical sampling is warranted to define both potential
trends of the mineralisation and areas of more substantial grade development.
17 | RENAISSANCE URANIUM LIMITED Annual Report 2013
Review of operations
Warrior
Location:
Gawler Craton (South Australia)
Tenements:
ELs 4570 and 4707 (100%, subject to 1% net smelter royalty)
Area:
433 km2
Target:
Sandstone-hosted uranium
During the reporting period, Renaissance completed the acquisition of the historic Warrior uranium project 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 17. Warrior paleochannel, showing uranium mineralised zones (A through G) as identified by PNC,
over airborne EM conductivity image
The Warrior uranium project was discovered in the late 1970s by PNC Exploration Pty Ltd (PNC), the former
Japanese government sponsored uranium exploration company. PNC identified seven discrete zones of
elevated uranium mineralisation that fall within EL 4570. See Figure 17. 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,
Renaissance considers Warrior to offer significant prospects for the delineation of an economic uranium ore body.
Renaissance’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. During the reporting period,
Renaissance completed an assessment of historical drilling and identified targets for testing using core drilling and
rotary mud drilling with a PFN probe. Renaissance anticipates commencing drill testing following indications of a
recovery in the uranium price.
Review of operations
Annual Report 2013 RENAISSANCE URANIUM LIMITED | 18
Frome
Location:
Frome Basin (South Australia)
Tenements:
ELs 5322, 5323, 5324, 5325, 5326, 4584, 4585, 4586, 4672 and 4823 (100%, subject to net smelter
royalty of 0.5%-2%)
Area:
4,218 km2
Target:
Sandstone-hosted uranium
During the reporting period, Renaissance completed the acquisition of 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 Renaissance (representing approximately 0.7% of Renaissance’s issued and
outstanding shares).
Figure 18. Aeromagnetic image of Frome Basin, showing interpreted faulting systems over
Renaissance’s Frome project tenements
The newly acquired tenements cover an extensive area of over 4,000 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).
During the reporting period, Renaissance completed an assessment of available historical exploration data,
including, in particular, existing airborne geophysical data. From airborne EM data, Renaissance has delineated
a fault system within the southern block of the newly acquired tenements (see Figure 18) that it considers to offer
parallels to the basement fault system at the nearby Four Mile and Pepegoona uranium deposits. The fault
system within Renaissance’s tenements is largely untested, and Renaissance considers this area to offer
immediate drill targets for sandstone-hosted uranium. Renaissance anticipates commencing drill testing these
targets following indications of a recovery in the uranium price.
19 | RENAISSANCE URANIUM LIMITED Annual Report 2013
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 2013.
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. He is also a director of Queensland Treasury Corporation.
During the past three years Stephen has also served as a Director of the following ASX listed companies: Laneway
Resources Ltd (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 uranium 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 2013 RENAISSANCE URANIUM LIMITED | 20
Directors (continued)
includes an
Chris Anderson, Non-Executive Director
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 South
Australia, New South Wales, 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
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 2013 and their relevant interest in shares,
options and performance rights in the Company as at the date of this report.
Director
David Christensen
Geoffrey McConachy
Andrew Martin
Stephen Bizzell
Chris Anderson
Fully Paid Ordinary Shares
Share options
12,000,000
6,000,000
20,000,000
9,558,999
6,000,000
1,600,000
1,300,000
800,000
800,000
800,000
Performance rights
630,000
607,500
-
-
-
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 2013, and the numbers of meetings attended by each director were:
Stephen Bizzell
David Christensen
Geoffrey McConachy
Andrew Martin
Chris Anderson
Full meetings of
directors
A
Attended
10
11
11
10
10
B
Held
11
11
11
11
11
Audit Committee
meetings
A
Attended
2
N/A
2
2
N/A
B
Held
2
N/A
2
2
N/A
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
Principal activities
Renaissance Uranium is an Australian-based company focused on the discovery and development of
economically viable deposits containing copper, gold, uranium and other minerals. Renaissance has an
extensive tenement portfolio, holding interests in key mineral provinces of South Australia and the Northern
Territory. The principal activity of the Group during the financial year was mineral exploration.
21 | RENAISSANCE URANIUM LIMITED Annual Report 2013
Directors’ Report
Dividends - Renaissance Uranium Limited
There were no dividends declared or paid during the financial year (2012: Nil).
Review of operations
For the year ended 30 June 2013, the loss for the Group after providing for income tax was $528,989 (2012:
$297,219). 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 18 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
In the opinion of the directors, no other matter or circumstance has arisen since 30 June 2013 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 2013 RENAISSANCE URANIUM LIMITED | 22
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
Position
Non-Executive Chairman
Managing Director
Executive Director
Non-Executive Director
Non-Executive Director
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 copper, gold,
uranium and other 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 sometimes 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.
The following table shows key performance indicators for the Group over the last three years since the Company has
been listed on the ASX:
Key performance indicators
2013
2012
2011
Profit/(Loss) for the year attributable to owners ($)
Basic earnings per share (cents)
Share price (cents) at year end
Increase/(decrease) in share price (%)
Total KMP incentives as a percentage of profit/(loss)
for the year (%)
($528,989)
(0.5)
3.5
(32.7%)
(4.6%)
($297,219)
(0.3)
5.2
(30.7%)
($1,049,980)
(1.2)
7.5
(62.5%)
-
-
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.
23 | RENAISSANCE URANIUM LIMITED Annual Report 2013
Directors’ Report
Remuneration report – audited (continued)
Principles used to determine the nature and amount of remuneration (continued)
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 2013
From 1 July 2012
$60,000 p.a.
$33,000-40,000 p.a.
$60,000 p.a.
$33,000-40,000 p.a.
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 complementary
to the reward strategy of the organisation.
Alignment to shareholders' interests;
has economic profit as a core component of plan design;
focuses on sustained growth in shareholder wealth, consisting of dividends and growth in share price;
delivering constant return on assets as well as focusing the executive on key non-financial drivers of
value, and
attracts and retains high calibre executives.
Alignment to program participants' interests:
rewards capability and experience;
reflects competitive reward for contribution to growth in shareholder wealth;
provides a clear structure for earning rewards, and
provides recognition for contribution.
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 and performance rights.
The combination of these comprises an executive's total remuneration.
Directors’ Report
Annual Report 2013 RENAISSANCE URANIUM LIMITED | 24
Remuneration report – audited (continued)
Principles used to determine the nature and amount of remuneration (continued)
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 executive’s 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 is no guaranteed base pay increase included in any of the executives’ contracts.
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.
Short-term incentives
The Company currently has no formal performance related remuneration policy which governs the payment
of annual cash bonuses upon meeting pre-determined performance targets.
Long-term incentives
Long-term incentives may be provided to directors, executives and consultants through the granting of
unlisted share options and performance rights.
The granting of unlisted share options and performance rights is designed to provide long-term incentives for
executives to deliver long-term shareholder returns. The granting of such options and performance rights 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.
The performance rights plan was approved by shareholders at the 2012 annual general meeting and is
designed to focus executives on delivering long-term shareholder return. Under the plan, participants are
granted rights to shares which will only vest if certain performance conditions are met and the participants are
still employed by the company at the end of the vesting period. Participation in the plan is at the absolute
discretion of the disinterested board members.
The table below outlines the number of performance rights proposed to be issued to each Director, the
number of performance rights subject to either the corporate share performance (CSP) condition or the
personal key performance indicator (KPI) condition (and the maximum number of Shares which will be issued
where the relevant conditions are fully satisfied).
Performance Rights
Recipient
David Christensen
Year 1
Year 2
Year 3
Total
CSP Performance Rights (75%)
210,000
210,000
210,000
630,000
KPI Performance Rights (25%)
70,000
70,000
70,000
210,000
Total
Geoffrey McConachy
280,000
280,000
280,000
840,000
CSP Performance Rights (75%)
202,500
202,500
202,500
607,500
KPI Performance Rights (25%)
67,500
67,500
67,500
202,500
Total
270,000
270,000
270,000
810,000
25 | RENAISSANCE URANIUM LIMITED Annual Report 2013
Directors’ Report
Remuneration report – audited (continued)
Principles used to determine the nature and amount of remuneration (continued)
Long-term incentives (continued)
Vesting of the performance rights is subject to the following performance conditions:
a) Personal Key Performance Indicators (KPI) Condition - 25% of performance rights vest on achievement
of personal KPI’s measured by disinterested board members at their absolute discretion.
b) Corporate Share Performance (CSP) Condition – 75% of performance rights vest based on benchmark
comparison of total shareholder return (TSR), including share price growth compared to 11 selected
peer companies that are listed on the ASX (see list below) over a three year period.
Vesting will occur based on the company’s ranking with the peer group as follows:
TSR Rank
Less than 50th percentile
Between 50th and 67th percentile
Between 67th and 80th percentile
At or above 80th percentile
Proportion of performance rights that vest
0%
20%
50%
100%
Once vested, the performance rights are exercisable for a period of 7 years from the grant date. Options are
granted under the plan for no consideration.
For the corporate share performance (CSP) condition, the peer group of companies includes the following:
Uranium Equities Limited
Energia Minerals Limited
Toro Energy Limited
UraniumSA Limited
Energy & Minerals Australia Limited
Alligator Energy Limited
Minotaur Exploration Limited
Archer Exploration Limited
Helix Resources Limited
Mithril Resources Limited
Thundelarra Exploration Limited
The performance rights are issued for nil consideration and have variable vesting dates, subject to either
corporate share performance condition or personal KPI condition (and the maximum number of shares which
will be issued where the relevant conditions are fully satisfied which are converted on a one for one basis).
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 19 and 20 above and
Angelo Gaudio, CFO and Company Secretary who has authority and responsibility in respect of planning,
directing and controlling activities of the Company and reports directly to the Managing Director.
Directors’ Report
Annual Report 2013 RENAISSANCE URANIUM LIMITED | 26
Remuneration report – audited (continued)
Details of remuneration (continued)
Key management personnel of the Company and the Group
2013
Name
Non-executive directors
Stephen Bizzell
Andrew Martin
Chris Anderson
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
Total key management personnel
compensation
Short-term employee
benefits
Long-term
benefits
Post-
employment
benefits
Cash
salary and fees
$
Non-
monetary
benefits
$
Long
service
leave
$
Super-
annuation
$
Share-
based
payments
Options and
performance
rights
$
Total
$
60,000
36,697
34,000
130,697
-
-
-
-
-
-
-
-
-
3,303
-
3,303
-
-
-
-
60,000
40,000
34,000
134,000
300,000
287,500
16,137
-
3,334
3,195
16,470
16,470
12,253
348,194
11,816 318,981
230,000
-
2,261
16,470
-
248,731
817,500
16,137
8,790
49,410
24,069 915,906
948,197
16,137
8,790
52,713
24,069 1,049,906
Key management personnel of the Company and the Group
2012
Short-term employee
benefits
Long-term
benefits
Name
Non-executive directors
Stephen Bizzell
Andrew Martin
Chris Anderson (Appointed 1 Feb 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
Total key management personnel
compensation
Cash
salary and fees
$
48,333
36,697
9,000
32,163
126,193
300,000
287,500
230,000
Non-
monetary
benefits
$
Long
service
leave
$
-
-
-
-
-
29,515
-
-
817,500
29,515
943,693
29,515
-
-
-
-
-
-
-
-
-
-
Post-
employment
benefits
Super-
annuation
$
Share-
based
payments
Options and
performance
rights
$
-
3,303
-
2,890
6,193
15,775
15,775
15,775
47,325
-
-
-
-
-
-
-
-
-
Total
$
48,333
40,000
9,000
35,053
132,386
345,290
303,275
245,775
894,340
53,518
- 1,026,726
27 | RENAISSANCE URANIUM LIMITED Annual Report 2013
Directors’ Report
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
2013
2012
2013
2012
At risk - LTI *
2013
2012
Non-executive directors of the Company
Stephen Bizzell
Andrew Martin
Chris Anderson
100%
100%
100%
100%
100%
100%
Executive directors of the Company
David Christensen
Geoffrey McConachy
96.5%
96.3%
100%
100%
-%
-%
-%
-%
-%
-%
-%
-%
-%
-%
-%
-%
-%
3.5%
3.7%
-%
-%
-%
-%
-%
Other key management personnel of the Group
Angelo Gaudio
100%
100%
-%
-%
-%
-%
* Since the long-term incentives are provided exclusively by way of options and or performance rights, the
percentages disclosed also reflect the value of remuneration consisting of options and performance rights, based
on the value of options and performance rights 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 on 13 April 2012. His base salary, exclusive of
superannuation, for year ended 30 June 2014 is $300,000 p.a. to be reviewed annually by the board. The
minimum superannuation entitlement (9.25% effective from 1 July 2013 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 9 November 2010. His base salary, exclusive of superannuation, for year ended 30 June 2014 is $287,500 p.a.
to be reviewed annually by the board. The minimum superannuation entitlement (9.25% effective from 1 July 2013
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. This agreement was extended by one year during the year. His base
salary, exclusive of superannuation, for year ended 30 June 2014 is $230,000 p.a., to be reviewed annually by the
board. The minimum superannuation entitlement (9.25% effective from 1 July 2013 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.
Directors’ Report
Annual Report 2013 RENAISSANCE URANIUM LIMITED | 28
Remuneration report – audited (continued)
Details of remuneration (continued)
Share-based compensation
The terms and conditions of options affecting remuneration in the current or a future reporting period are as
follows:
Name
Director of the Company
David Christensen
Geoffrey McConachy
Stephen Bizzell
Andrew Martin
Chris Anderson
Number of
options
granted
Date vested
and
exercisable
Exercise
price
Value per
option at
grant date
%
Vested
Expiry date
1,600,000
1,300,000
800,000
800,000
800,000
30 Aug 2010 15 Dec 2013
30 Aug 2010 15 Dec 2013
30 Aug 2010 15 Dec 2013
30 Aug 2010 15 Dec 2013
30 Aug 2010 15 Dec 2013
$0.24
$0.24
$0.24
$0.24
$0.24
$0.050
$0.050
$0.050
$0.050
$0.050
100%
100%
100%
100%
100%
Other key management personnel
Angelo Gaudio
800,000
30 Aug 2010 15 Dec 2013
$0.24
$0.050
100%
The above options are not based on performance criteria but were issued to directors and executives of the
Company to align comparative shareholder return and reward for directors and executives.
Details of rights over ordinary shares in the Company approved as remuneration to directors and key
management personnel of the Company under the performance rights plan are set out below. Further
information on the performance rights is set out in note 29 to the financial statements.
Name
David Christensen
Geoffrey McConachy
Approved
Year for
grant
Years in
which
rights may
vest
Number
of rights
approved
Value of
rights at
approved
date*
Number of
rights
vested
during the
year
Vested %
2013
2013
2013
2013
2013
2013
2014
2015
2016
2014
2015
2016
210,000
210,000
210,000
202,500
202,500
202,500
$6,531
$6,783
$6,993
$6,298
$6,451
$6,743
-
-
-
-
-
-
-
-
-
-
-
-
* The value at date approved and calculated in accordance with AASB 2 Share-based Payment of performance rights
approved during the year as part of remuneration.
The above number of rights approved represents 75% of total performance rights proposed under the
performance rights plan and based on market vesting condition using a benchmark comparison of total
shareholder return (TSR) with 11 selected peer companies that are listed on the ASX over a three year
period.
The remaining 25% of performance rights approved under the performance rights plan are yet to be granted.
These are to be based on non-market performance conditions and will vest on the achievement of personal
KPI’s measured by disinterested board members at their absolute discretion. The specific KPI’s have not yet
been determined or communicated to the relevant executives.
The terms and conditions of each grant of performance rights affecting remuneration in the current or a
future reporting period are as follows:
Grant Date
Proposed
Vesting
Date
Expiry Date
Exercise
Price
Value per
right at
grant date
Performance
achieved #
%
Vested
30 Nov 2012
30 June 2013 30 Nov 2019
$Nil
$0.0311 To be determined
30 Nov 2012
30 June 2014 30 Nov 2019
$Nil
$0.0323 To be determined
30 Nov 2012
30 June 2015 30 Nov 2019
$Nil
$0.0333 To be determined
n/a
n/a
n/a
# Subject to approval of disinterested board members a preliminary review of the CSP condition calculated that the TSR
Rank achieved for Year Ended 30 June 2013 is between 50th and 67th percentile indicating that 20% of the CSP
proportion of performance shares will vest.
29 | RENAISSANCE URANIUM LIMITED Annual Report 2013
Directors’ Report
Remuneration report – audited (continued)
Details of remuneration (continued)
Share-based compensation (continued)
Options or performance rights granted carry no dividend or voting rights. There are no amounts paid or
payable on the granting of options or Performance rights.
When exercisable, each option or performance right is convertible into one ordinary share on exercise.
Options or performance rights may be exercised at any time from the date of vesting to the date of their
expiry.
Bonuses and short-term incentives
Key management personnel and executives were not paid cash bonuses or performance-related bonuses
during the years ended 30 June 2013 and 2012.
End of remuneration report - audited
Directors’ Report
Annual Report 2013 RENAISSANCE URANIUM LIMITED | 30
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
$0.24
$0.24
$0.24
31 December 2014
17 February 2015
30 April 2016
$0.24
$0.24
$0.054
8,100,000
2,000,000
700,000
2,000,000
750,000
750,000
14,300,000
Date performance rights approved
Expiry date
Exercise
price of
shares
Number of
Performance
Rights
30 November 2012*
30 November 2019
$Nil
1,237,500
* Performance rights granted as remuneration to the directors and the most highly remunerated officers
during the year. Details of options and performance rights granted to key management personnel are
disclosed on pages 24 to 28 above.
No ordinary shares of the Company were issued during the year ended 30 June 2013 on the exercise of
options or performance rights granted. No further shares have been issued since that date.
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
2013
$
30 June
2012
$
Taxation services
Amounts paid to a related practice of BDO (SA) for tax compliance and
advisory services
Total remuneration for taxation services
9,000
9,000
10,505
10,505
Total fees for non-audit services
9,000
10,505
Auditor’s independence declaration
Annual Report 2013 RENAISSANCE URANIUM LIMITED | 32
Auditor’s independence declaration
33 | RENAISSANCE URANIUM LIMITED Annual Report 2013
Shareholder Information
Renaissance Uranium Limited
Shareholder information
30 June 2013
The shareholder information set out below was applicable as at 30 August 2013.
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
24
80
307
117
533
-
-
-
-
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 *
Clasm Pty Ltd *
R & C Australia Pty Ltd
National Nominees Limited
Hiltaba Gold Pty Ltd
BT Portfolio Services Limited
CF2 Pty Ltd *
Sixth Erra Pty Ltd *
Albiano Holdings Pty Ltd
Red Beetroot Pty Ltd
Mrs Tracey Anne Mezzino
Callabonna Uranium Ltd
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20 Locantro Speculative Investments Limited 705,000
12,000,000
11,000,000
9,000,000
6,000,000
6,000,000
6,000,000
4,958,333
3,848,333
2,000,000
1,887,000
1,750,000
1,500,000
1,430,000
1,253,333
1,043,334
1,008,974
1,000,000
850,000
800,000
10.45%
9.58%
7.84%
5.23%
5.23%
5.23%
4.32%
3.35%
1.74%
1.64%
1.52%
1.31%
1.25%
1.09%
0.91%
0.88%
0.87%
0.79%
0.74%
0.70%
TOTAL
74,034,307
64.49%
* Merged.
Shareholder information
Annual Report 2013 RENAISSANCE URANIUM LIMITED | 34
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
SLRI Pty Ltd + St Lucia Resources Capital Fund Pty Ltd
David Christensen
Stephen Bizzell + Other Related Interests
CANNC Consulting Pty Ltd + CANNC Investments
Geoffrey William McConachy
Casalamada Pty Ltd
20,000,000
12,000,000
9,558,999
6,015,000
6,000,000
6,000,000
17.42%
10.45%
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
No restricted securities on issue were held as at 30 August 2013.
35 | RENAISSANCE URANIUM LIMITED Annual Report 2013
Shareholder Information
Shareholder information (continued)
F.
Interests in Tenements
The Group held the following interests in tenements as at 30 August 2013:
Tenement
South Australia
Name
% Interest
Application
Lodged
Grant Date
Expiry Date
EL 4721
EL 5012
EL 5236
EL 4675
EL 4836
EL 4814
EL 5104
EL 4570
EL 4707
EL 4627
EL 4628
EL 4676
EL 4677
EL 4822
EL 4957
EL 4394
EL 4399
EL 5301
EL 5228
EL 5307
EL 4400
EL 5211
EL 5269
EL 5322
EL 5323
EL 5324
EL 5325
EL 5326
EL 4584
EL 4585
EL 4586
EL 4672
EL 4823
Iron Baron
Cultana
Old Wartaka
Gairdner
100
100
100
100
Lake Harris (SAEX JV)
0 (Earn-in JV)
Tanners Dam
Tanners Dam Nth
Warrior
Carnding
Tent Hill
Wilpoorina
Witchelina
Farina
Willouran
Lyndhurst
Cutana
Outalpa
Outalpa A, B & C
Wompinie
100
100
100
100
100
100
100
100
100
100
100
100
100
100
Cowell (Hiltaba JV)
0 (Earn-in JV)
Midgee
Elbow Hill-A
Elbow Hill-B
Lake Callabonna
Lake Yannerpi
Lake Callabonna South
Callabonna
Coonee Creek
Benagerie Ridge C
Benagerie Ridge D
Benagerie Ridge E
Culberta Bore
Quinyambie
100
100
100
100
100
100
100
100
100
100
100
100
100
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
04-Apr-11
03-Apr-15
13-Sep-12
12-Sep-15
08-May-13
07-May-15
22-Feb-11
21-Feb-15
15-Feb-12
14-Feb-14
21-Dec-11
20-Dec-13
22-Nov-12
21-Nov-14
21-Sep-10
20-Sep-14
28-Mar-11
27-Mar-15
13-Dec-10
12-Dec-14
13-Dec-10
12-Dec-14
22-Feb-11
21-Feb-15
22-Feb-11
21-Feb-15
17-Jan-12
16-Jan-14
09-Jul-12
08-Jul-14
10-Dec-09
09-Dec-14
10-Dec-09
09-Dec-14
09-Jul-13
08-Jul-15
01-May-13
30-Apr-15
07-Nov-12
06-Nov-14
10-Dec-09
09-Dec-14
12-Apr-13
11-Apr-15
13-Jun-13
12-Jun-15
16-Jul-12
15-Jul-14
16-Jul-12
15-Jul-14
17-Jul-12
16-Jul-14
17-Jul-12
16-Jul-14
17-Jul-12
16-Jul-14
19-Oct-10
18-Oct-14
19-Oct-10
18-Oct-14
19-Oct-10
18-Oct-14
21-Feb-11
20-Feb-15
17-Jan-12
16-Jan14
ELA2013/126
Minnipa Area
0 (Application)
25-Jun-13
Shareholder information
Annual Report 2013 RENAISSANCE URANIUM LIMITED | 36
Shareholder information (continued)
F.
Interests in Tenements (continued)
The Group held the following interests in tenements as at 30 August 2013:
Tenement
Northern Territory
Name
% Interest
Application
Lodged
Grant Date
Expiry Date
ELA27517
ELA27518
ELA27520
EL28259
EL28260
EL28261
EL28262
EL28285
EL28286
EL28287
NirripiNth
NirripiWest
0 (Application)
0 (Application)
GhostGumBore
0 (Application)
29-Jul-09
29-Jul-09
29-Jul-09
-
-
-
-
-
-
Erldunda East
Erldunda West
Lyndavale East
Depot Hill West
Lyndavale West
Erldunda North
Depot Hill East
100
100
100
100
100
100
100
-
-
-
-
-
-
-
24-Mar-11
22-Mar-14
24-Mar-11
22-Mar-14
24-Mar-11
22-Mar-14
24-Mar-11
22-Mar-14
04-Apr-11
02-Apr-14
04-Apr-11
02-Apr-14
04-Apr-11
02-Apr-14
37 | RENAISSANCE URANIUM LIMITED Annual Report 2013
Corporate Governance Statements
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 2.2 – The Chairman
should be an independent director
Recommendation 2.4 – The board should
establish a nomination committee
Mr Bizzell is a non-executive director and the current Chairman of
the Board. 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. The Group believes that given the size and scale of its
operations, non-compliance by
this
the Group with
Recommendation 2.2 will not be detrimental to the Group.
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.
Corporate Governance Statements
Annual Report 2013 RENAISSANCE URANIUM LIMITED | 38
ASX Principles
and recommendations
Summary of the Group’s
Position
Principle 3 – Promote Ethical and Responsible Decision Making
Recommendation 3.3 – Companies
should disclose in each annual report
the measurable objectives for achieving
gender diversity set by the board in
accordance with the diversity policy and
progress towards achieving them.
Recommendation 3.4 – Companies
should disclose in each annual report
the proportion of women employees in
the whole organisation, women in
senior executive positions and women
on the board.
Recommendation 3.5 – Companies
should provide the information indicated
in the Guide to reporting on Principle 3.
is available on
The Group adopted a formal diversity policy on 8 November
2012 which
the Company website,
www.renaissanceuranium.com.au. Given the Group’s size
and scale of its operations, and the small number of its
personnel the Board has not yet established any measurable
objectives for achieving gender diversity and as such does not
comply with this recommendation.
Whilst the Group believes that the current non-compliance with
this recommendation will not be detrimental to the Group, it
also recognises that a talented, skilful and diverse workforce
will be an important factor to the Group’s future success as the
Group strives to reach the requisite corporate and commercial
maturity.
The board will review and consider setting measurable
objectives to assist in achieving gender diversity as part of its
annual compliance review.
The Group Table 1 below summarises the proportion of
women in the Group.
The Group has adopted a Corporate Ethics Policy and a
Trading Policy, which are set out in the Company’s Corporate
Governance Charter as well as a stand-alone Trading Policy.
The Board of the Company is committed to administering the
policies and procedures with openness and integrity, pursuing
the true spirit of corporate governance commensurate with the
Company's needs. The Corporate Governance Charter and
Trading Policy are available on the Company website,
www.renaissanceuranium.com.au.
Table 1:
As at 30 June 2013, the Group’s overall workforce is detailed below:
39 | RENAISSANCE URANIUM LIMITED Annual Report 2013
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 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 2013 RENAISSANCE URANIUM LIMITED | 40
Board
The Board has adopted a formal Board Charter that outlines the roles and responsibilities of directors and senior
executives.
the Company website,
www.renaissanceuranium.com.au.
The Corporate Governance Charter
is publicly available on
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 an
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 5% 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 5% 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
41 | RENAISSANCE URANIUM LIMITED Annual Report 2013
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
4 years 7 months
3 years
3 years
2 years 11 months
1 year 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, (The Trading Policy is publicly available on the Company’s website,
www.renaissanceuranium.com.au).
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 approved by the Board (The Remuneration Committee Charter and the Nomination
Committee Charter are included in the Corporate Governance Charter which is publicly available on the Company
website, www.renaissanceuranium.com.au).
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 2013 RENAISSANCE URANIUM LIMITED | 42
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 is included in the Corporate Governance Charter which is publicly
available on the Company’s website, www.renaissanceuranium.com.au.
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 2013. 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.
43 | RENAISSANCE URANIUM LIMITED Annual Report 2013
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 profit or loss and
other comprehensive income
Annual Report 2013 RENAISSANCE URANIUM LIMITED | 44
Financial statements
Renaissance Uranium Limited
Consolidated statement of profit or loss and other comprehensive income
For the year ended 30 June 2013
Revenue
Other income
Administration and consulting
Depreciation and amortisation expense
Employee benefits expense
Legal fees
Office accommodation
Impairment of exploration costs
Other expenses
Loss before income tax
Income tax expense
Loss for the year
Other comprehensive income
Other comprehensive income for the year, net of tax
Notes
5 (a)
5 (b)
6
6
6
6
7
Consolidated
30 June
2013
$
30 June
2012
$
192,195
332,446
161,818
(175,640)
(9,458)
(528,875)
(35,904)
(30,893)
(16,936)
(85,296)
(528,989)
234,813
(191,560)
(3,351)
(533,367)
(31,831)
(21,333)
(15,754)
(67,282)
(297,219)
-
(528,989)
-
(297,219)
-
-
Total comprehensive income for the year
(528,989)
(297,219)
Loss is attributable to:
Owners of Renaissance Uranium Limited
Total comprehensive income for the year is attributable to:
Owners of Renaissance Uranium Limited
(528,989)
(297,219)
(528,989)
(297,219)
Cents
Cents
Earnings per share for loss attributable to the ordinary owners
of the Parent Entity:
Basic earnings per share
Diluted earnings per share
28
28
Cents
Cents
(0.5)
(0.5)
(0.3)
(0.3)
The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction
with the accompanying notes.
45 | RENAISSANCE URANIUM LIMITED Annual Report 2013
Consolidated statement of financial position
Renaissance Uranium Limited
Consolidated statement of financial position
As at 30 June 2013
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
Provisions
Total non-current liabilities
Total liabilities
Net assets
EQUITY
Contributed equity
Reserves
Accumulated losses
Total equity
Consolidated
30 June
2013
$
30 June
2012
$
Notes
8
9
10
11
13
14
15
2,658,106
216,780
34,884
2,909,770
5,107,959
87,204
38,357
5,233,520
22,267
6,162,500
6,184,767
29,746
4,291,316
4,321,062
9,094,537
9,554,582
309,248
66,704
375,952
375,876
44,744
420,620
8,790
8,790
-
-
384,742
420,620
8,709,795
9,133,962
17
18(a)
18(b)
9,798,800
982,097
(2,071,102)
8,709,795
9,758,800
917,275
(1,542,113)
9,133,962
The above consolidated statement of financial position should be read in conjunction with the accompanying notes.
Consolidated statement of changes in equity
Annual Report 2013 RENAISSANCE URANIUM LIMITED | 46
Renaissance Uranium Limited
Consolidated statement of changes in equity
For the year ended 30 June 2013
Consolidated
Contributed
equity
$
Option
Reserve
$
Accumulated
losses
$
Total
equity
$
Notes
Balance at 1 July 2011
9,709,300
891,660
(1,244,894)
9,356,066
Loss for the year
Total comprehensive income
-
-
-
-
(297,219)
(297,219)
(297,219)
(297,219)
Transactions with owners in their capacity as
owners:
Contributions of equity net of transaction costs
Share options issued
17(b)
18(a)
49,500
49,500
-
-
25,615
25,615
-
-
49,500
25,615
75,115
Balance at 30 June 2012
9,758,800
917,275
(1,542,113)
9,133,962
Balance at 1 July 2012
Loss for the year
Total comprehensive income
9,758,800
917,275
(1,542,113)
9,133,962
-
-
-
-
(528,989)
(528,989)
(528,989)
(528,989)
Transactions with owners in their capacity as
owners:
Contributions of equity, net of transaction costs
Share options issued
17(b)
18(a)
40,000
40,000
-
-
64,822
64,822
-
-
-
40,000
64,822
104,822
Balance at 30 June 2013
9,798,800
982,097
(2,071,102)
8,709,795
The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes.
47 | RENAISSANCE URANIUM LIMITED Annual Report 2013
Consolidated statement of cash flows
Renaissance Uranium Limited
Consolidated statement of cash flows
For the year ended 30 June 2013
Consolidated
30 June
2013
$
30 June
2012
$
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
186,627
(959,001)
183,676
163,094
(1,074,487)
387,553
5b - 234,813
27 (588,698)
(289,027)
Cash flows from investing activities
Payments for property, plant and equipment
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 (1,979)
(28,884)
(1,859,176)
(1,861,155)
(2,059,139)
(2,088,023)
-
-
-
-
-
- -
-
-
-
-
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
(2,449,853)
5,107,959
2,658,106
(2,377,050)
7,485,009
5,107,959
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 2013 RENAISSANCE URANIUM LIMITED | 48
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 judgments
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 - Provisions
Non-current liabilities - Deferred tax liabilities
Contributed equity
Reserves and retained earnings
Dividends
Key management personnel disclosures
Remuneration of auditors
Commitments and contingent liabilities
Related party transactions
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
49
55
57
58
59
59
60
61
61
62
62
63
63
64
64
64
65
66
66
67
70
71
72
72
72
73
73
74
74
79
80
49 | RENAISSANCE URANIUM LIMITED Annual Report 2013
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 $6,162,500 (30 June 2012:
$4,291,316). 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.
Should the Company be unable to continue as a going concern it may be required to realise its assets and
discharge its liabilities other than in the normal course of business and at amounts different to those stated in the
financial statements. The financial statements do not include any adjustments relating to the recoverability and
classification of asset carrying amounts or the amount of liabilities that might result should the Company be
unable to continue as a going concern and meet its debts as and when they fall due.
(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 2013 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 2013 RENAISSANCE URANIUM LIMITED | 50
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 profit or loss, within finance costs.
All other foreign exchange gains and losses are presented in profit or loss 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 tax is provided in full 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 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 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 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.
51 | RENAISSANCE URANIUM LIMITED Annual Report 2013
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 and 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 are 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 2013 RENAISSANCE URANIUM LIMITED | 52
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 any capitalised exploration expenditure no longer satisfies that policy.
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.
53 | RENAISSANCE URANIUM LIMITED Annual Report 2013
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 long service 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
long service 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 unlisted share options and performance rights. Detailed information is set out in note 29.
Options and performance rights are granted for no cash consideration. When these share options and
performance rights are granted, the fair value of the options and performance rights 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 of the option, the term of the option and performance rights, 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 and performance rights.
Upon the exercise of options and performance rights, the balance of the share-based payments reserve relating
to those options and performance rights 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 2013 RENAISSANCE URANIUM LIMITED | 54
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
(i)
Investments in subsidiaries are accounted for at cost in the financial statements of the Parent Entity.
55 | RENAISSANCE URANIUM LIMITED Annual Report 2013
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
2013
$
30 June
2012
$
2,658,106
216,780
2,874,886
5,107,959
87,204
5,195,163
309,248
309,248
375,876
375,876
(i) Cash flow and fair value interest rate risk
As at 30 June 2013 and 30 June 2012, 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 2013
30 June 2012
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
3.78 %
- %
- %
2,658,006
216,780
(309,248)
2,565,538
4.84 %
- %
- %
5,107,959
87,204
(375,876)
4,819,287
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 2013
Financial assets
Interest rate risk
- 1.0%
+ 1.0%
Carrying
amount
$
Profit
$
Other equity
$
Profit
$
Other equity
$
Cash and cash equivalents
2,658,006
(26,580)
Trade and other receivables
216,780
Financial liabilities
Trade and other payables
(309,248)
-
-
Total increase/ (decrease)
2,565,538
(26,580)
-
-
-
-
26,580
-
-
26,580
-
-
-
-
Notes to the consolidated financial statements Annual Report 2013 RENAISSANCE URANIUM LIMITED | 56
2 Financial risk management (continued)
(a)
Market risk (continued)
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)
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
-
-
-
-
-
(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
2013
$
2012
$
216,780
216,780
87,204
87,204
2,658,006
5,107,959
2,658,006
5,107,959
57 | RENAISSANCE URANIUM LIMITED Annual Report 2013
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 a combination of term
deposits and deposits at call of $2,658,106 (2012: $5,107,959) 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 for reasonable contingencies.
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 2013
$
$
$
$
$
Total
contract
ual cash
flows
$
Carrying
Amount
(assets)/
liabilities
$
Trade payables
Total
(309,248)
(309,248)
-
-
-
-
-
-
- (309,248) (309,248)
- (309,248) (309,248)
Group - At 30 June 2012
Less than
6 months
6 - 12
months
Less than
1 year
Between
1 and 5
years
Over 5
years
$
$
$
$
$
Total
contractu
al cash
flows
$
Carrying
Amount
(assets)/
liabilities
$
Trade payables
Total
(375,876)
(375,876)
-
-
-
-
-
-
- (375,876) (375,876)
- (375,876) (375,876)
3 Critical accounting estimates and judgments
Estimates and judgments 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 judgments 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 2013 RENAISSANCE URANIUM LIMITED | 58
3 Critical accounting estimates and judgments (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) Impairment of property, plant and equipment, deferred exploration and development expenditure and mine
properties
The Group reviews for impairment of property, plant and equipment, 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 judgments.
(iii) Income taxes
Judgement is required in determining not to recognise deferred tax assets for tax losses. Total unused tax
losses are shown at note 7(c).
(iv) Share-based payments
Management has determined that the Black Scholes and Monte Carlo Simulation Models are appropriate
techniques to determine the fair value of share-based payments. These models require 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 to calculate the fair values of share-based payments 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.
59 | RENAISSANCE URANIUM LIMITED Annual Report 2013
Notes to the consolidated financial statements
5 Revenue and Other Income
(a) Revenue
Interest income
(b) Other Income
Consolidated
30 June
2013
$
30 June
2012
$
192,195
332,446
Research and development tax concession
161,818
234,813
Note: As at 30 June 2013 the research and development tax concession
cash payment had not yet been received.
6 Expenses
Profit/(Loss) 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
2013
$
30 June
2012
$
708
8,750
9,458
-
-
16,936
16,936
-
-
-
358
2,993
3,351
-
-
15,754
15,754
-
-
-
447,756
24,069
57,050
528,875
473,082
-
60,285
533,367
4,523
18,346
30,893
21,333
Notes to the consolidated financial statements
Annual Report 2013 RENAISSANCE URANIUM LIMITED | 60
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 16)
Consolidated
30 June
2013
$
30 June
2012
$
-
-
-
-
-
-
(1,547,432)
1,547,432
-
(1,006,390)
1,006,390
-
(b) Numerical reconciliation of income tax expense to prima facie
tax payable
Profit/(Loss) from continuing operations before income tax expense
528,989
(297,219)
Tax at the Australian tax rate of 30% (2012: 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
-
-
- Other
Deferred tax asset not recognised
Under / over provision for income tax
Income tax expense
(c) Tax losses
(158,697)
(89,166)
-
(48,545)
-
(70,442)
660
8,578
1,057
196,947
-
158,697
374
5,504
-
153,730
-
89,166
-
-
Unused tax losses for which no deferred tax asset has been recognised
Potential tax benefit @ 30%
1,754,896
526,469
1,437,848
431,354
(d) Unrecognised temporary differences
Temporary differences for which deferred tax assets have not been
recognised:
Temporary differences
Potential tax benefit @ 30%
-
-
-
-
61 | RENAISSANCE URANIUM LIMITED Annual Report 2013
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
2013
$
30 June
2012
$
2,658,106
5,107,959
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
Consolidated
30 June
2013
$
30 June
2012
$
GST refundable
Research & Development Tax Concession receivable
Sundry receivables
45,729
86,904
161,818 -
300
87,204
9,233
216,780
(a) Fair value risk
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 2013 RENAISSANCE URANIUM LIMITED | 62
10 Non-current assets - Property, plant and equipment
Consolidated
Gross carrying amount
Balance at 30 June 2011
Additions
Depreciation charge
Balance at 30 June 2012
Additions
Depreciation charge
Balance at 30 June 2013
Computer Equipment
Cost
Accumulated depreciation
Net book amount
Plant and Equipment
Cost
Accumulated depreciation
Net book amount
Computer
equipment
$
Office furniture
and equipment
$
Total
$
4,213
25,294
(2,993)
26,514
1,125
(8,750)
18,889
-
3,590
(358)
3,232
854
(708)
3,378
4,213
28,884
(3,351)
29,746
1,979
(9,458)
22,267
Consolidated
30 June
2013
$
30 June
2012
$
31,549
(12,660)
18,889
4,444
(1,066)
3,378
30,424
(3,910)
26,514
3,590
(358)
3,232
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
2013
$
4,291,316
-
(16,935)
1,888,119
6,162,500
30 June
2012
$
2,223,025
-
(15,754)
2,084,045
4,291,316
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 $603,001 of internal personnel costs (2012: $522,619) and management fees of $30,076 (2012:
$46,939) 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 and commercial
exploitation of tenement areas.
63 | RENAISSANCE URANIUM LIMITED Annual Report 2013
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
2013
$
30 June
2012
$
8,715
22,648
141,754
1,374,314
1,547,432
4,950
13,423
173,191
814,825
1,006,390
Set-off of deferred tax liabilities pursuant to set-off provisions
(note 16)
Net deferred tax assets
(1,547,432)
(1,006,390)
- -
Movements:
Opening balance at 1 July
Credited to profit or loss
Closing balance at 30 June
1,006,390
541,042
1,547,432
419,465
586,925
1,006,390
13 Current liabilities - Trade and other payables
Trade payables
Sundry creditor and accrued expenses
Other payables
Consolidated
30 June
2013
$
219,850
92,941
(3,543)
309,248
30 June
2012
$
289,154
83,627
3,095
375,876
Notes to the consolidated financial statements
Annual Report 2013 RENAISSANCE URANIUM LIMITED | 64
14 Current liabilities – Provisions
Consolidated
30 June
2013
$
30 June
2012
$
Employee benefits
66,704
44,744
Provision for employee benefits is made for annual leave owed as at 30 June 2013
15 Non-current liabilities – Provisions
Consolidated
30 June
2013
$
30 June
2012
$
Employee benefits
8,790
-
Provision for employee benefits is made for long service leave owed as at 30 June 2013
16 Non-current liabilities - Deferred tax liabilities
Consolidated
30 June
2013
$
30 June
2012
$
The balance comprises temporary differences attributable to:
Assessable temporary differences
-
-
Interest receivable
Exploration and evaluation expenditure
Total deferred tax liabilities
2,556
1,544,877
1,547,432
-
1,006,390
1,006,390
Set-off of deferred tax liabilities pursuant to set-off provisions (note 12)
Net deferred tax liabilities
(1,547,432)
-
(1,006,390)
-
Movements:
Opening balance at 1 July
Charged to profit or loss
Closing balance at 30 June
1,006,390
541,042
1,547,432
419,465
586,925
1,006,390
65 | RENAISSANCE URANIUM LIMITED Annual Report 2013
Notes to the consolidated financial statements
17 Contributed equity
30 June
2013
Shares
30 June
2012
Shares
30 June
2013
$
30 June
2012
$
(a) Share capital
Ordinary shares
Fully paid
(b),(c)
114,800,000
114,000,000
9,798,800
9,758,800
(b) Movements in ordinary share capital:
Date
Details
Notes
Number of
shares
Issue price
$
1 July 2011
Opening balance
113,250,000
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
31 August 2012
Ordinary shares issued to
Callabonna Uranium Pty Ltd -
acquisition of tenements in the Frome
Basin pursuant to the Frome asset
sale agreement
800,000
$0.05
40,000
30 June 2013
Balance
114,800,000
9,798,800
(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 and performance rights
Information relating to options and performance rights issued, exercised and lapsed during the financial year
and options and performance rights 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 2013 RENAISSANCE URANIUM LIMITED | 66
18 Reserves and accumulated losses
(a) Reserves
Share-based payments
Movements:
Share-based payments
Balance 1 July
Options and performance rights granted
Balance 30 June
Options and performance rights granted arise from:
Performance rights approved for issue 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))
(b) Accumulated losses
Movements in accumulated losses were as follows:
Balance 1 July
Net loss for the year
Balance 30 June
Consolidated
30 June
2013
$
30 June
2012
$
982,097
917,275
917,275
64,822
982,097
891,660
25,615
917,275
24,069
4,523
36,230
64,822
-
18,346
7,269
25,615
Consolidated
30 June
2013
$
30 June
2012
$
1,542,113
528,989
2,071,102
1,244,894
297,219
1,542,113
(c) 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.
19 Dividends
The directors did not declare a dividend for the June 2013 period.
Parent Entity
30 June
2013
$
30 June
2012
$
Franking credits available for subsequent financial years based on a
tax rate of 30% (2012: 30%)
-
-
67 | RENAISSANCE URANIUM LIMITED Annual Report 2013
Notes to the consolidated financial statements
20 Key management personnel disclosures
(a) Key management personnel compensation
Consolidated
30 June
2013
$
30 June
2012
$
964,334
8,790
52,713
24,069
1,049,906
973,208
-
53,518
-
1,026,726
Short-term employee benefits
Long-term benefits
Post-employment benefits
Share-based payments
(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 22 to 29.
(i) Share-based compensation – options and performance rights
Movements in share options are set out below:
Share options of Renaissance Uranium
2013
Name
Directors of the Company
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.
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
-
-
-
-
-
-
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.
2012
Name
Directors of the Company
David Macfarlane
1,000,000
(Resigned 31/01/12)
1,600,000
David Christensen
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
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,600,000
1,300,000
800,000
800,000
800,000
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 2013 RENAISSANCE URANIUM LIMITED | 68
20 Key management personnel disclosures (continued)
(b) Details of remuneration (continued)
(i) Share-based compensation – options and performance rights (continued)
Movements in performance rights are set out below:
Performance Rights of Renaissance Uranium
2013
Name
Directors of the Company
Approved to be
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.
Balance at
the start of
the year
No.
David Christensen
Geoffrey McConachy
Andrew Martin
Stephen Bizzell
Chris Anderson
-
-
-
-
-
630,000
607,500
-
-
-
Other key management personnel of the Group
-
Angelo Gaudio
-
-
-
-
-
-
-
-
-
-
-
-
-
630,000
607,500
-
-
-
-
-
-
-
-
-
-
Share holdings
(ii)
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.
2013
Name
Directors of the Company
Ordinary shares
David Christensen
Geoffrey McConachy
Andrew Martin*
Stephen Bizzell
Chris Anderson (Appointed 01/02/12)
Granted
during
reporting year
as
compensation
Received
during the
year on the
exercise of
options
Other
changes
during the
year
Balance at the
start of the
year
12,000,000
6,000,000
20,000,000
9,558,999
6,000,000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Balance at
the end of
the year
12,000,000
6,000,000
20,000,000
9,558,999
6,000,000
6,015,000
Other key management personnel of the Group
Ordinary shares
Angelo Gaudio
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.
69 | RENAISSANCE URANIUM LIMITED Annual Report 2013
Notes to the consolidated financial statements
20 Key management personnel disclosures (continued)
(b) Details of remuneration (continued)
(ii) Share holdings (continued)
2012
Name
Directors of the Company
Ordinary shares
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
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
-
-
-
-
-
-
-
-
-
-
-
-
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.
6,015,000
-
-
-
(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 previous financial year. Euro has also provided
exploration services, geochemical sampling services as well as the provision of geological personnel services. The
services provided are based on normal commercial terms and conditions. During the financial year the Company
incurred expenses of $157,905 (2012: $318,129) from Euro of which $157,905 (2012: $308,923 has been
capitalised as Exploration Expenditure during the financial year. An amount of $13,172 (2012: $19,613) was
owing to Euro at 30 June 2013.
Mr C. Anderson is a director of Pondray Pty Ltd trading as CG Anderson & Associates (CGA). CGA has provided
geophysical services to the company. During the financial year the Company incurred expenses of $102,134
(2012: $74,250) from CGA of which $99,070 (2012: $74,250) has been capitalised as Exploration Expenditure
during the financial year. An amount of $10,285 (2012: Nil) was owing to CGA at 30 June 2013.
Notes to the consolidated financial statements
Annual Report 2013 RENAISSANCE URANIUM LIMITED | 70
21 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
2013
$
30 June
2012
$
-
-
-
-
-
2,035
-
2,035
-
-
(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
36,000
36,000
2,035
35,500
2,0
35,500
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
9,000
0
0
10,505
7,570
7,570
Total auditors' remuneration
45,000
48,040
The auditor of Renaissance Uranium Limited is BDO (SA). BDO Audit (QLD) Pty Ltd was 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.
71 | RENAISSANCE URANIUM LIMITED Annual Report 2013
Notes to the consolidated financial statements
22 Commitments and contingent liabilities
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 lease commitments
Consolidated
30 June
2013
$
30 June
2012
$
Commitments in relation to exploration and mining leases held at the end of
each reporting period but not recognised as liabilities, payable:
Within one year
Later than one year but not later than five years
Later than five years
1,206,000
2,641,000
-
3,847,000
1,564,000
2,365,000
-
3,929,000
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.
Exploration and mining lease contingent liabilities
The Group has entered into Asset Sale Agreements with Hillment Pty Ltd to acquire tenement EL 4570 and a similar
agreement with Hiltaba Gold Pty Ltd for EL4707. Under each agreement, the company has granted a 1% royalty of
the Net Smelter Return. The Group did not have any contingent liabilities as at 30 June 2012.
Operating 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
2013
$
30 June
2012
$
12,017
-
-
12,017
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.
40,087
Notes to the consolidated financial statements
Annual Report 2013 RENAISSANCE URANIUM LIMITED | 72
23 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 20.
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).
Name of entity
incorporation Class of shares
Equity holding
Country of
2013
%
2012
%
Kurilpa Uranium Pty Ltd
Australia
Ordinary
Astra Resources Pty Ltd
Australia
Ordinary
100
100
100
100
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 $120,000 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 2013, exploration expenditure of $306,910 (2012: $110,876) 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 5307 (previously EL 3978) over 4 years. As at 30 June 2013 exploration
expenditure of $1,209,966 (2012: $1,082,314), solely funded by the Company has been recorded.
73 | RENAISSANCE URANIUM LIMITED Annual Report 2013
Notes to the consolidated financial statements
26 Events occurring after the reporting period
No 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
2013
$
30 June
2012
$
(528,989)
9,458
(30,076)
16,936
(297,219)
3,351
(46,939)
15,754
28,592
18,346
(129,577)
3,474
10,734
30,750
38,315
(38,357)
8,008
9,714
(588,698)
(289,027)
Shares issued to Callabonna Uranium for no cash consideration in respect
of Exploration and Evaluation activities
(40,000)
-
Share options issued to Hiltaba Gold Pty Ltd for no cash consideration in
respect of Exploration and Evaluation activities
(36,230)
(56,769)
Shares options issued to consultants for no cash consideration
(4,523)
(18,346)
Performance rights issued to executive directors for no cash consideration
(24,069)
-
Notes to the consolidated financial statements
Annual Report 2013 RENAISSANCE URANIUM LIMITED | 74
28 Earnings per share
(a) Basic earnings per share
From continuing operations attributable to the ordinary owners of the
Company
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
Total diluted earnings per share attributable to the ordinary owners of
the Company
Consolidated
30 June
2013
Cents
30 June
2012
Cents
(0.5)
(0.5)
(0.5)
(0.5)
(0.3)
(0.3)
(0.3)
(0.3)
(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
2013
$
30 June
2012
$
(528,989)
(528,989)
(297,219)
(297,219)
Consolidated
30 June
2013
Number
30 June
2012
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 and performance rights*
Weighted average number of ordinary shares and potential ordinary
shares used as the denominator in calculating diluted earnings per
share
114,666,301
113,377,049
-
-
114,666,301
113,377,049
* Options and performance rights are considered anti-dilutive as the Group is loss making
(i) Options and performance rights
The options and performance rights have not been included in the determination of basic earnings per
share. Options and performance rights could potentially dilute earnings per share in the future. Details
relating to the options and performance rights are set out in note 29.
75 | RENAISSANCE URANIUM LIMITED Annual Report 2013
Notes to the consolidated financial statements
29 Share-based payments
(a) Share based payments to directors, executives and consultants
Set out below are summaries of options granted to directors, senior management and consultants:
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 – 2013
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
1,000,000
700,000
- - - 9,800,000 9,800,000
-
-
-
8,100,000
1,000,000
700,000
-
-
-
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 – 2012
30 Aug 2010
30 Aug 2010
27 Oct 2010
Total
15 Dec 2013
31 Dec 2014
31 Dec 2014
-
$0.24 8,100,000 -
-
1,000,000
$0.24
-
700,000
$0.24
9,800,000 - -
-
-
-
-
-
-
8,100,000 8,100,000
1,000,000
1,000,000
350,000
700,000
9,800,000 9,450,000
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 .64 years (2012: 1.64 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 (2012: $Nil) 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 $4,523 (2012: $18,346) and has been included under administration and
consulting expense in the statement of profit or loss and other comprehensive income.
Set out below are summaries of performance rights granted to directors and senior management:
Grant Date
Expiry date
Consolidated – 2013
30 Nov 2012
Total
30 Nov 2019
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
$Nil
-
- 1,237,500 - - 1,237,500 -
1,237,500
1,237,500
-
-
-
Weighted average exercise price
$-
$Nil
$-
$-
$Nil
$Nil
The weighted average remaining contractual life of the above performance rights outstanding at the end of the
period was 6.42 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 $24,069 (2012: $Nil) and has been included under employee
benefits expense in the statement of comprehensive income.
Notes to the consolidated financial statements
Annual Report 2013 RENAISSANCE URANIUM LIMITED | 76
29 Share-based payments (continued)
(b) Exploration and evaluation share based payments (continued)
During the year ended 30 June 2013 the Company issued 800,000 ordinary shares to Callabonna Uranium Pty Ltd,
for the acquisition of tenements in the Frome Basin of South Australia.
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 vested on 30 April 2013 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 $40,000 (2012: $49,500) and has been included as exploration and evaluation expenditure
within the non-current assets in the statement of financial position.
Set out below are summaries of the 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 – 2013
20 Dec 2010
30 Apr 2012
17 Feb 2015
30 Apr 2016
$0.24
$0.054
750,000
750,000
-
-
-
-
-
-
750,000
750,000
750,000
750,000
Total
1,500,000
Weighted average exercise price
$0.147
-
$-
-
$-
-
$-
1,500,000
1,500,000
$0.147
$0.147
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
20 Dec 2010
30 Apr 2012
17 Feb 2015
30 Apr 2016
$0.24
$0.054
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
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
2.23 years (2012: 3.24 years).
The amount of the equity settled share-based payment recognised in the current period respect of the options granted
above is $36,230 (2012: $7,269) 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.
77 | RENAISSANCE URANIUM LIMITED Annual Report 2013
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 – 2013
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
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
-
Vested and
exercisable
at end of the
year
Number
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 1.5 years (2012: 2.5 years).
The amount of the equity settled share-based payment recognised in the current period in respect of the
options granted above is $Nil (2012: $Nil) 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 of options at grant date are determined using the Black-Scholes Model. This option pricing
model 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 to value options for the years ended 30 June 2013 and
2012:
Black Scholes Model inputs
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
Tranche
3#
27/10/2010
31/12/2014
$0.24
4.18 years
$0.12
82.31%
4.97%
700,000
$0.06
Tranche
6#
30/04/2012
30/04/2016
$0.054
4 years
$0.066
144.5%
4.75%
750,000
$0.058
Total value of options issued
$42,010
$43,499
Notes to the consolidated financial statements
Annual Report 2013 RENAISSANCE URANIUM LIMITED | 78
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) Fair value of performance rights granted
The assessed fair value at grant date of performance rights is allotted equally over the period from grant date to
vesting date. Fair values at grant date are determined using Monte Carlo Simulation. This method involves the
use of a computer model to represent the operation of a complex financial system. A characteristic of the Monte
Carlo Simulation is the generation of a large number of random samples from a specified probability distribution
or distributions to represent the role of risk in the market. Monte Carlo simulates the path of the share price
according to a probability distribution assumption. After a large number of simulations, the arithmetic average of
the outcomes, discounted to the pricing date, is calculated to represent the performance right value. Monte
Carlo Simulation is an approach that can accommodate complex exercise conditions. In particular, it can be
used when the portion of options exercised depends on some function of the whole path followed by the share
price, rather than just its value at expiry.
The following table lists the inputs to the model used to value performance rights for the year
ended 30 June 2013:
Monte Carlo Simulation inputs
Performance rights grant date
Performance rights conditions test date
Performance rights expiry date
Weighted average exercise price
Weighted average life of the performance rights
Weighted average underlying share price
Expected share price volatility
Weighted average risk free interest rate
Number of performance rights issued
Value (Monte Carlo) per performance rights
Tranche 1#
Tranche 2#
Tranche 3#
30/11/2012
30/06/2013
30/11/2019
$Nil
7 years
$0.082
94.12%
2.50%
412,500
$0.0311
30/11/2012
30/06/2014
30/11/2019
$Nil
7 years
$0.082
94.12%
2.50%
412,500
$0.0323
30/11/2012
30/06/2015
30/11/2019
$Nil
7 years
$0.082
94.12%
2.50%
412,500
$0.0333
Total value of performance rights issued
$12,829
$13,324
$13,736
The board determines the number of vested performance rights as at the test date based on assessment of
achievement of the market based performance conditions.
If the performance conditions have not been met, performance rights lapse and do not carry forward to the next
test date. Performance rights that have not previously been exercised may lapse for a controllable event which
causes cessation of employment.
(f) General terms and conditions
All of these options and performance rights were issued by the Company and entitle the holder to one ordinary
share in the Company for each option and performance rights that may be exercised. The options and
performance rights were granted for no consideration. Once vested the options and performance rights can
be exercised at any time up to the expiry date. Options and performance rights granted carry no dividend or
voting rights.
No options expired during the periods covered by the above tables.
79 | RENAISSANCE URANIUM LIMITED Annual Report 2013
Notes to the consolidated financial statements
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
2013
$
30 June
2012
$
2,909,513
5,233,267
6,205,522
9,115,035
4,324,224
9,557,491
375,347
8,790
384,137
420,620
-
420,620
8,730,898
9,136,871
9,798,800
982,097
(2,049,999)
8,730,898
9,758,800
917,275
(1,539,204)
9,136,871
(510,795)
(510,795)
(294,444)
(294,444)
(b) Contingent liabilities of the Parent Entity
The Parent Entity has entered into Asset Sale Agreements with Hillment Pty Ltd to acquire tenement EL 4570
and a similar agreement with Hiltaba Gold Pty Ltd for EL4707. Under each agreement, the company has
granted a 1% royalty of the Net Smelter Return. The parent entity did not have any contingent liabilities as at
30 June 2012. 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 2013, the Parent Entity had no contractual commitments for the acquisition of
property, plant or equipment.
(d) Guarantees
As at 30 June 2013, the Parent Entity had not guaranteed the debts of any subsidiary Company
Notes to the consolidated financial statements
Annual Report 2013 RENAISSANCE URANIUM LIMITED | 80
31 Application of new and revised Accounting Standards
(a) New and amended standards and interpretations
The consolidated entity has adopted all of the new, revised or amending Accounting Standards and
Interpretations issued by the Australian Accounting Standards Board ('AASB') that are mandatory for the current
reporting period.
Any new, revised or amending Accounting Standards or Interpretations that are not yet mandatory have not
been early adopted.
Any significant impact on the accounting policies of the consolidated entity from the adoption of these
Accounting Standards and Interpretations are disclosed below. The adoption of these Accounting Standards
and Interpretations did not have any significant impact on the financial performance or position of the
consolidated entity.
The following Accounting Standards and Interpretations are most relevant to the consolidated entity:
AASB 2011-9 Amendments to Australian Accounting Standards - Presentation of Items of Other
Comprehensive Income
The consolidated entity has applied AASB 2011-9 amendments from 1 July 2012. The amendments requires
grouping together of items within other comprehensive income on the basis of whether they will eventually be
'recycled' to the profit or loss (reclassification adjustments). The change provides clarity about the nature of
items presented as other comprehensive income and the related tax presentation. The amendments also
introduced the term 'Statement of profit or loss and other comprehensive income' clarifying that there are two
discrete sections, the profit or loss section (or separate statement of profit or loss) and other comprehensive
income section.
(b) New Accounting Standards and Interpretations not yet mandatory or early adopted
Australian Accounting Standards and Interpretations that have recently been issued or amended but are not yet
mandatory, have not been early adopted by the consolidated entity for the annual reporting period ended 30
June 2013. The consolidated entity's assessment of the impact of these new or amended Accounting Standards
and Interpretations, most relevant to the consolidated entity, are set out below.
AASB 9 Financial Instruments, 2009-11 Amendments to Australian Accounting Standards arising from AASB 9,
2010-7 Amendments to Australian Accounting Standards arising from AASB 9 and 2012-6 Amendments to
Australian Accounting Standards arising from AASB 9.
This standard and its consequential amendments are applicable to annual reporting periods beginning on or
after 1 January 2015 and completes phase I of the IASB's project to replace IAS 39 (being the international
equivalent to AASB 139 'Financial Instruments: Recognition and Measurement'). This standard introduces new
classification and measurement models for financial assets, using a single approach to determine whether a
financial asset is measured at amortised cost or fair value. The accounting for financial liabilities continues to be
classified and measured in accordance with AASB 139, with one exception, being that the portion of a change of
fair value relating to the entity’s own credit risk is to be presented in other comprehensive income unless it would
create an accounting mismatch. The consolidated entity will adopt this standard from 1 July 2015 but the impact
of its adoption is yet to be assessed by the consolidated entity.
AASB 10 Consolidated Financial Statements
This standard is applicable to annual reporting periods beginning on or after 1 January 2013. The standard has
a new definition of 'control'. Control exists when the reporting entity is exposed, or has the rights, to variable
returns (e.g. dividends, remuneration, returns that are not available to other interest holders including losses)
from its involvement with another entity and has the ability to affect those returns through its 'power' over that
other entity. A reporting entity has power when it has rights (e.g. voting rights, potential voting rights, rights to
appoint key management, decision making rights, kick out rights) that give it the current ability to direct the
activities that significantly affect the investee’s returns (e.g. operating policies, capital decisions, appointment of
key management). The consolidated entity will not only have to consider its holdings and rights but also the
holdings and rights of other shareholders in order to determine whether it has the necessary power for
consolidation purposes. The adoption of this standard from 1 July 2013 is not expected to have an impact on the
consolidated entity as all subsidiaries are 100% owned.
81 | RENAISSANCE URANIUM LIMITED Annual Report 2013
Notes to the consolidated financial statements
31 Application of new and revised Accounting Standards (continued)
(b) New Accounting Standards and Interpretations not yet mandatory or early adopted (continued)
AASB 11 Joint Arrangements
This standard is applicable to annual reporting periods beginning on or after 1 January 2013. The standard
defines which entities qualify as joint ventures and removes the option to account for joint ventures using
proportional consolidation. Joint ventures, where the parties to the agreement have the rights to the net assets
will use equity accounting. Joint operations, where the parties to the agreements have the rights to the assets
and obligations for the liabilities will account for the assets, liabilities, revenues and expenses separately, using
proportionate consolidation. The adoption of this standard from 1 July 2013 will not have a material impact on
the consolidated entity.
AASB 12 Disclosure of Interests in Other Entities
This standard is applicable to annual reporting periods beginning on or after 1 January 2013. It contains the
entire disclosure requirement associated with other entities, being subsidiaries, associates and joint ventures.
The disclosure requirements have been significantly enhanced when compared to the disclosures previously
located in AASB 127 'Consolidated and Separate Financial Statements', AASB 128 'Investments in Associates',
AASB 131 'Interests in Joint Ventures' and Interpretation 112 'Consolidation - Special Purpose Entities'. The
adoption of this standard from 1 July 2013 will significantly increase the amount of disclosures required to be
given by the consolidated entity such as significant judgments and assumptions made in determining whether it
has a controlling or non-controlling interest in another entity and the type of non-controlling interest and the
nature and risks involved.
AASB 13 Fair Value Measurement and AASB 2011-8 Amendments to Australian Accounting Standards arising
from AASB 13
This standard and its consequential amendments are applicable to annual reporting periods beginning on or
after 1 January 2013. The standard provides a single robust measurement framework, with clear measurement
objectives, for measuring fair value using the 'exit price' and it provides guidance on measuring fair value when
a market becomes less active. The 'highest and best use' approach would be used to measure assets whereas
liabilities would be based on transfer value. As the standard does not introduce any new requirements for the
use of fair value, its impact on adoption by the consolidated entity from 1 July 2013 should be minimal, although
there will be increased disclosures where fair value is used.
AASB 127 Separate Financial Statements (Revised)
AASB 128 Investments in Associates and Joint Ventures (Reissued)
These standards are applicable to annual reporting periods beginning on or after 1 January 2013. They have
been modified to remove specific guidance that is now contained in AASB 10, AASB 11 and AASB 12. The
adoption of these revised standards from 1 July 2013 will not have a material impact on the consolidated entity.
AASB 119 Employee Benefits (September 2011) and AASB 2011-10 Amendments to Australian Accounting
Standards arising from AASB 119 (September 2011)
This revised standard and its consequential amendments are applicable to annual reporting periods beginning
on or after 1 January 2013. The amendments make changes to the accounting for defined benefit plans and the
definition of short-term employee benefits, from 'due to' to 'expected to' be settled within 12 months. The later will
require annual leave that is not expected to be wholly settled within 12 months to be discounted allowing for
expected salary levels in the future period when the leave is expected to be taken. The adoption of the revised
standard from 1 July 2013 is expected to reduce the reported annual leave liability of the consolidated entity but
the impact is not expected to be material.
AASB 2011-4 Amendments to Australian Accounting Standards to Remove Individual Key Management
Personnel Disclosure Requirement
These amendments are applicable to annual reporting periods beginning on or after 1 July 2013, with early
adoption not permitted. They amend AASB 124 'Related Party Disclosures' by removing the disclosure
requirements for individual key management personnel ('KMP'). The adoption of these amendments from 1 July
2014 will result in individual key management personnel disclosures relating to reconciliations of their option and
shareholding balances, loans, and other transactions and balances no longer being presented in the notes to
the financial statements under AASB 124. Instead, Regulation 2M.3.03 (1) of the Corporations Act 2001
requires that these disclosures be included as part of the audited remuneration report.
Notes to the consolidated financial statements
Annual Report 2013 RENAISSANCE URANIUM LIMITED | 82
31 Application of new and revised Accounting Standards (continued)
(b) New Accounting Standards and Interpretations not yet mandatory or early adopted (continued)
AASB 2011-7 Amendments to Australian Accounting Standards arising from the Consolidation and Joint
Arrangements Standards
The amendments are applicable to annual reporting periods beginning on or after 1 January 2013. The
amendments make numerous consequential changes to a range of Australian Accounting Standards and
Interpretations, following the issuance of AASB 10, AASB 11, AASB 12 and revised AASB 127 and AASB 128.
The adoption of these amendments from 1 July 2013 will not have a material impact on the consolidated entity.
AASB 2012-5 Amendments to Australian Accounting Standards arising from Annual Improvements 2009-2011
Cycle
The amendments are applicable to annual reporting periods beginning on or after 1 January 2013. The
amendments affect five Australian Accounting Standards as follows: Confirmation that repeat application of
AASB 1 (IFRS 1) 'First-time Adoption of Australian Accounting Standards' is permitted; Clarification of borrowing
cost exemption in AASB 1; Clarification of the comparative information requirements when an entity provides an
optional third column or is required to present a third statement of financial position in accordance with AASB
101 'Presentation of Financial Statements'; Clarification that servicing of equipment is covered by AASB 116
'Property, Plant and Equipment', if such equipment is used for more than one period; clarification that the tax
effect of distributions to holders of equity instruments and equity transaction costs in AASB 132 'Financial
Instruments: Presentation' should be accounted for in accordance with AASB 112 ‘Income Taxes’; and
clarification of the financial reporting requirements in AASB 134 'Interim Financial Reporting' and the disclosure
requirements of segment assets and liabilities. The adoption of the amendments from 1 July 2013 will not have
a material impact on the consolidated entity.
AASB 2012-9 Amendment to AASB 1048 arising from the Withdrawal of Australian Interpretation 1039
This amendment is applicable to annual reporting periods beginning on or after 1 January 2013. The
amendment removes reference in AASB 1048 following the withdrawal of Interpretation 1039. The adoption of
this amendment will not have a material impact on the consolidated entity.
AASB 2012-10 Amendments to Australian Accounting Standards – Transition Guidance and Other
Amendments
These amendments are applicable to annual reporting periods beginning on or after 1 January 2013. They
amend AASB 10 and related standards for the transition guidance relevant to the initial application of those
standards. The amendments clarify the circumstances in which adjustments to an entity’s previous accounting
for its involvement with other entities are required and the timing of such adjustments. The adoption of these
amendments will not have a material impact on the consolidated entity.
Independent auditor’s report to members
Annual Report 2013 RENAISSANCE URANIUM LIMITED | 84
Independent auditor’s report to members
85 | RENAISSANCE URANIUM LIMITED Annual Report 2013
Independent auditor’s report to members
Independent auditor’s report to members
Annual Report 2013 RENAISSANCE URANIUM LIMITED | 86