ANNUAL
REPORT
2019
CORP ORATE DIR E CTORY
DIRECTORS
Mr Jeremy Kirkwood
Non-Executive Chairman
Mr Daniel Madden
Managing Director
Mr Brian Dawes
Non-Executive Director
Ms Karen Gadsby
Non-Executive Director
Mr Peter Benjamin
Non-Executive Director
COMP ANY S ECRETARY
Mr Shaun Vokes
Mr Alex Neuling
REGI STERED & PRINCIPAL OF FI CE
Level 11 – 2 Mill Street
Perth WA 6000
Telephone +61 8 9380 4230
Facsimile +61 8 9382 8200
Website: www.talismanmining.com.au
A UDITORS
HLB Mann Judd
Level 4, 130 Stirling Street
Perth, Western Australia 6000
Telephone +61 8 9227 7500
Facsimile +61 8 9227 7533
S HA RE REGISTRY
Link Market Services
Level 12, QV1 Building
250 St Georges Terrace
Perth, Western Australia 6000
Telephone +61 8 9211 6670
S ECURITIES EXCHANG E LISTING
Australian Securities Exchange Limited
Level 40, Central Park
152-158 St Georges Terrace
Perth, Western Australia 6000
ASX Code: TLM
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2019 ANNUAL REPORT
TABL E OF CONTEN TS
Letter from the Chairman . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
Review of Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
Directors’ Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26
Remuneration Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. 31
Auditor’s Independence Declaration . . . . . . . . . . . . . . . . . . . . . . . .
. 38
Independent Auditor’s Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. 39
Index to the Financial Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44
Notes to the Consolidated Financial Statements . . . 49
Directors’ Declaration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78
Additional Securities Exchange Information . . . . . . . . .
. 79
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2019 ANNUAL REPORT LETTER FROM
THE CHAIRMAN
Dear Talisman Shareholder,
I am pleased to present to you Talisman Mining Limited’s Annual
Report for the 2019 Financial Year.
outstanding prospectivity of the Lachlan Project for the discovery of
multiple mineralisation types and styles.
During the past year your Company has achieved much, especially
the sale of its 30% share in the Doolgunna Project Joint Venture
(Doolgunna JV) to our joint venture partner Sandfire Resources NL.
The sale provided Talisman with a gross headline A$72.3 million
cash payment (before debt repayments and transaction costs). This
outcome reflected the full realisation of Talisman’s share of the Monty
Copper-Gold Project’s value based on the current mine plan, whilst
retaining exposure to any future upside from additional production or
discovery via a perpetual 1% Net Smelter Return royalty across the
broader joint venture ground.
By realising this value for shareholders immediately prior to
completion of development, we were able to avoid the risks
associated with a start-up mining operation and distribute A$40.8
million to shareholders by way of a fully franked dividend and a
return of capital.
Talisman shareholders were left with an appropriately capitalised
company leveraged to potential value from our exploration and
development assets across the Lachlan Copper-Gold Project
(Lachlan Project) and Lucknow Gold Project (Lucknow Project)
in NSW and the Sinclair Nickel Project (Sinclair Project) in
Western Australia.
The Lachlan Project, where we control a land package of more than
3,000km2 prospective for copper-gold, gold and base metal deposits,
is a key feature of our growth strategy. This low-cost entry gives us a
fantastic opportunity to once again generate value.
Our team is adopting a methodical approach to exploration in NSW
to ensure targets are identified and properly tested in a cost-effective
manner. Following a comprehensive geological and exploration review
completed in January 2019, a large number of exploration targets
have been identified that are considered to have the potential to host
significant gold or base metal mineralisation and warrant further
exploration activities.
At the Blind Calf Prospect – the most advanced of our targets in
NSW – reverse circulation drilling has continued to return good widths
of high-grade copper. Results from the drill programs undertaken
during the year have provided us with the confidence to undertake a
campaign of deeper drilling designed to extend the known high-grade
copper mineralisation at depth and further unlock what may be a
significant high-grade copper system.
Methodical and systematic exploration across earlier stage targets in
the second half of the financial year has ensured we have been able
to strengthen the pipeline of high-potential exploration opportunities,
including the identification of multiple new zones of anomalous high-
grade gold-in-soil targets. Many of these targets are scheduled for
drill testing in the first half of the 2020 Financial Year.
During the period we continued to undertake disciplined, targeted
and cost effective exploration at the Sinclair Project and published
a maiden Mineral Resource estimate for the Sinclair Project based
on remnant nickel mineralisation adjacent to existing mine workings
and extensional nickel mineralisation at depth. Subsequent to the
end of the period, Talisman entered into a binding agreement to
divest the Sinclair Project to Saracen Mineral Holdings Limited for
$10 million cash and a 2% Net Smelter Return (NSR) royalty from
any future metal production from the Sinclair Project tenements and
any future base metal production from Saracen’s Waterloo Nickel
Project. The disposal provides certainty of value through the upfront
cash payment and exposure to any potential future metal production
from the royalties. It also removes approximately $2 million in annual
commitments plus a $9 million environmental liability associated
with the Sinclair Project.
Consistent with our long-term growth strategy, we continue to
evaluate new gold and base metal project opportunities in Australia
that we believe represent an attractive opportunity for Talisman.
Subsequent to the end of the 2019 Financial Year we entered into
a farm-in for the Lucknow Gold Project in NSW, one of the earliest
goldfields to be mined commercially in Australia. Historic production
records for Lucknow are incomplete, however in excess of 400,000
ounces of gold has reportedly been produced at very high grades of
100 to 200 g/t Au1. Minimal modern exploration has been completed
outside of the existing mine workings and we intend to complete a
program of geochemical surface sampling and mapping ahead of
drill testing potential down plunge extensions of the high-grade gold
shoots and repeat mineralised structures.
In summary, the 2019 Financial Year was a period of great
achievement for Talisman. Your Board and Management have
consistently applied a value-based framework to its key decisions
and placed the business in a position from where it has considerable
potential to grow strongly in the coming years, underpinned by a
solid cash position.
I thank Talisman’s management team, my fellow Board members,
contractors and consultants for their considerable efforts throughout
the 2019 Financial Year.
I would also like to acknowledge the support of our shareholders in
the Company’s activities. On behalf of the Board we will continue to
be focussed on generating value for your investment.
Yours faithfully,
The continued success of the Company’s exploration programs
validates Talisman’s methodical approach and highlights the
Jeremy Kirkwood
Chairman
1 NSW DIGS report, First Annual Exploration Report EL5770, 2001 - R00030162
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2019 ANNUAL REPORT REVIEW OF
OPERATIONS
REVIEW OF OPERATIONS
OVE RV IEW
Overview
The past twelve months saw significant activity both on-ground with active exploration programs throughout the
year and transactionally with the sale of Talisman Mining Limited’s (“Talisman” or the “Company”) 30% interest
in the Doolgunna Project Joint Venture (the “Joint Venture”) to Sandfire Resources NL (“Sandfire”).
The past twelve months saw significant activity both on-
ground with active exploration programs throughout the year
and transactionally with the sale of Talisman Mining Limited’s
(“Talisman” or the “Company”) 30% interest in the Doolgunna
Project Joint Venture (the “Joint Venture”) to Sandfire Resources
NL (“Sandfire”).
In August 2018 the Company reached agreement with Sandfire, to sell to Sandfire it’s 30% share of the Joint
Venture for A$72.3 million less the amounts owing under the Company’s financing arrangements with Taurus
Mining Finance Fund (“Taurus”). The sale transaction included the granting to the Company of an uncapped
and perpetual 1% net smelter return royalty applying to 100% of all contained copper and gold in ore mined and
sold from within the Joint Venture tenement area above the respective contained metal levels in the Monty
Copper-Gold Mine (“Monty”) mine plan based on the Monty Feasibility Study released in April 2017. As a result
of the transaction Talisman returned cash of 22 cents per share ($40.8 million) to shareholders from the
proceeds by way of fully franked special dividend and a return of part of the paid-up share capital of the
Company via an equal capital reduction.
On-ground exploration activities included reconnaissance work
at multiple early stage targets involving geological mapping,
systematic geochemical sampling (via auger drilling and soil
sampling programs) and aeromagnetic surveys whilst reverse
circulation (“RC”) drilling campaigns were completed at a
number of more advance targets. The main focus of the RC
drill campaigns was at the advanced Blind Calf Prospect where
wide, high-grade copper results continue to be intercepted as
the Company progresses to unlock what may be a significant
high-grade copper system.
In August 2018 the Company reached agreement with Sandfire,
to sell to Sandfire it’s 30% share of the Joint Venture for A$72.3
million less the amounts owing under the Company’s financing
arrangements with Taurus Mining Finance Fund (“Taurus”). The
sale transaction included the granting to the Company of an
uncapped and perpetual 1% net smelter return royalty applying
to 100% of all contained copper and gold in ore mined and
sold from within the area of the Joint Venture tenements above
the respective contained metal levels in the Monty Copper-
Gold Mine (“Monty”) mine plan based on the Monty Feasibility
Study released in April 2017. As a result of the transaction
Talisman returned cash of 22 cents per share ($40.8 million) to
shareholders from the proceeds by way of fully franked special
dividend and a return of part of the paid-up share capital of the
Company via an equal capital reduction.
The Company continued to expand its exploration activities in the highly prospective eastern Lachlan Fold Belt
in New South Wales (“NSW”) where it now controls over 3,000km2 of exploration tenure through 100% owned
ground, farm-in arrangements and joint ventures (the “Lachlan Cu-Au Project”). On-ground exploration activities
included reconnaissance work at multiple early stage targets involving geological mapping, systematic
geochemical sampling (via auger drilling and soil sampling programs) and aeromagnetic surveys whilst reverse
circulation (“RC”) drilling campaigns were completed at a number of more advance targets. The main focus of
the RC drill campaigns was at the advanced Blind Calf Prospect where wide, high-grade copper results continue
to be intercepted as the Company progresses to unlock what may be a significant high-grade copper system.
Subsequent to the year end Talisman entered into a farm-
in agreement on the Lucknow Gold Project ("Lucknow") in
NSW. Lucknow is one of the earliest goldfields to be mined
commercially in Australia and has had minimal modern
exploration completed outside of the existing mine workings.
Talisman intends to complete a program of geochemical
surface sampling and mapping prior to drill testing potential
down plunge extensions of the high-grade gold shoots and
repeat mineralised structures.
Consistent with the Company’s long-term growth strategy, Talisman entered into a farm-in agreement on the
Lucknow Gold Project (“Lucknow”) in NSW subsequent to the year end. Lucknow is one of the earliest goldfields
to be mined commercially in Australia and has had minimal modern exploration completed outside of the existing
mine workings. Talisman intends to complete a program of geochemical surface sampling and mapping ahead
of drill testing potential down plunge extensions of the high-grade gold ore shoots and repeat mineralised
structures.
At the Sinclair Nickel Project (“SNP”), the Company continued
its strategy of completing staged, cost effective and meaningful
exploration focused on the identification of additional shallow
nickel sulphide mineralisation. Subsequent to the year end,
Talisman entered into a binding agreement to divest the SNP
to Saracen Mineral Holdings Limited (“Saracen”) for $10 million
cash and a 2% Net Smelter Return royalty from any future
metal production from the SNP tenements and any future
At the Sinclair Nickel Project, the Company continued its strategy of completing staged, cost effective and
base metal production from Saracen’s Waterloo Nickel Project.
meaningful exploration focused on the identification of additional shallow nickel sulphide mineralisation.
The Company continued to expand its exploration activities
in the highly prospective eastern Lachlan Fold Belt in New
South Wales (“NSW”) where it now controls over 3,000km2
of exploration tenure through 100% owned ground, farm-in
arrangements and joint ventures (the “Lachlan Cu-Au Project”).
Figure 1: Talisman Project locations
Figure 1: Talisman Project locations
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2019 ANNUAL REPORT
D OOLGUN NA CO PPER- GOLD
P ROJ E CT ( JOI N T VENTU R E WIT H
SAN DFIRE R ESO URCES N L)
On 8 August 2018 Talisman signed a conditional Share Sale
Agreement with Sandfire for Sandfire to acquire Talisman A
Pty Ltd (“Talisman A”), the subsidiary which held Talisman’s
30% interest in the Joint Venture (“Share Sale Agreement”).
Key terms of the Share Sale Agreement included:
• Talisman to receive net cash from Sandfire equal to
$72.3 million less the amounts to be paid at completion
to Taurus by Sandfire on behalf of:
• Talisman A, to repay debt owed at completion by
Talisman A (to the extent Talisman A’s cash reserves
at completion were insufficient) under the Taurus loan
facility (“Loan Facility”); and
• Talisman, equal to the amount owed at completion
by Talisman under the Taurus working capital facility
announced on 28 June 2018 (“Working Capital
Facility”).
• Sandfire to assume, via its acquisition of Talisman A,
an amended form of the existing 2.25% gross revenue
royalty held by Taurus over Talisman’s 30% share of
Monty production.
• Talisman A’s budgeted capital contributions to the Joint
Venture, including for development of Monty, to be funded
by Sandfire for the period from 5 June 2018 to completion.
• Talisman to retain an ongoing 1% Net Smelter Return
royalty (“NSR Royalty”) payable on 100% of any copper
and gold extracted from the Joint Venture tenure above
the Monty mine plan.
The Share Sale Agreement was conditional on Talisman
shareholders approving the proposed transaction which
occurred on 4 October 2018. Completion of the Talisman A
share sale transaction subsequently occurred on 12 October
2018. As a result of transaction completion, Talisman received
net proceeds of $58.15 million from Sandfire (after the
repayment of the Loan Facility and Working Capital Facility)
and the NSR Royalty.
In December 2018, Talisman paid a fully franked special
dividend of 6.375 cents per share (total of $11.8 million) to all
shareholders from the proceeds of the Share Sale Agreement.
Additionally, on 8 March 2019, Talisman paid a further
15.625 cents per share (total of $29 million) to Talisman
shareholders via a return of part of the paid-up share capital
of the Company through an equal capital reduction in
accordance with sections 256B and 256C of the Corporations
Act (“Capital Return”). After making the Capital Return,
Talisman returned cash of 22 cents per share ($40.8 million)
to shareholders from the proceeds received on completion of
the Share Sale Agreement.
L ACHL AN COPPER-GOLD PROJ E CT
The Lachlan Cu-Au Project area covers 3,181km2 of
exploration tenure including an extensive strike extent along
the Gilmore suture (Figure 2). It is considered that this area has
the potential to host a variety of deposit types including low
sulphation epithermal gold and base metal deposits (similar to
the Mineral Hill deposit), structurally controlled gold deposits
(similar to the Mt Boppy deposit), structurally controlled copper
deposits (similar to the Blind Calf deposit), Cobar style gold
and base metal deposits, as well as skarn deposits.
During the year, Talisman commenced a comprehensive
geological and exploration review of the Lachlan Cu-Au Project
which examined the potential mineralising systems that have
created the extensive gold and base metal occurrences within
the Lachlan Cu-Au Project area. The review was completed
in January 2019 and encompassed the datasets generated
by Talisman from its first year of work programs, additional
geological information obtained from external sources,
other historical exploration data and mineral deposit models
applicable to the Lachlan Fold Belt.
Large-scale structures in the area such as the Rookery Fault
and the Gilmore Suture have played an important role in the
development of the Cobar super basin, as well as providing
pathways for mineralising fluids and the formation of mineral
deposits. Typically, the large-scale deposits and numerous
mineral occurrences within the region have a strong spatial
correlation with these large-scale structures.
The Company has identified multiple exploration targets that
are considered to have the potential to host significant gold
or base metal mineralisation and warrant further exploration
activities. Targets are classified depending on corroborating
geological information into 5 stages:
• Stage 1 Conceptual Targets.
• Stage 2
Prospect areas with anomalies defined from
surface sampling programs.
• Stage 3
Prospect areas with known gold or base metal
mineralisation intersected in drilling with
coincident surface geochemical anomalism.
• Stage 4
Prospect areas with economic grade
mineralisation and/or economic width
intersection.
• Stage 5
Prospect areas with economic grade and width
mineralisation that are subject to targeted
resource drilling.
On ground exploration activities during the year were focused
on testing a number of these targets and incorporated:
•
•
•
further regional geochemical sampling (auger/ soils);
infill and extension sampling;
regional airborne and ground based geophysical surveys;
• first pass RC drill testing of new targets; and
•
follow up RC drill testing of existing targets.
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2019 ANNUAL REPORTREVIEW OF OPERATIONS Figure 2: Lachlan Copper-Gold Project tenure and simplified geology.
i.
Figure 2: Lachlan Copper-Gold Project tenure and simplified geology.
As previously announced to the ASX 2 , Haverford Holdings Ltd (Haverford), a 100% owned subsidiary of Talisman, has entered into a Farm-In Agreement (Farm-in)
with Bacchus Resources Pty Ltd (Bacchus) over certain Lachlan Cu-Au Project tenements.
(i) As previously announced to the ASX2 , Haverford Holdings Ltd (Haverford), a 100% owned subsidiary of Talisman, has entered into a Farm-In Agreement (Farm-in) with
Bacchus Resources Pty Ltd (Bacchus) over certain Lachlan Cu-Au Project tenements.
In accordance with the terms of the Farm-in:
•
In accordance with the terms of the Farm-in:
• Haverford can earn up to a 80% interest in the Bacchus Tenements (EL8547, EL8571, EL8638, EL8657, EL8658 and EL8680) by sole funding $2.3M of on-ground
Haverford can earn up to a 80% interest in the Bacchus Tenements (EL8547, EL8571, EL8638, EL8657, EL8658 and EL8680) by sole funding $2.3M of on-
ground exploration expenditure over four years; and
exploration expenditure over four years; and
• Should Haverford earn an interest in the Bacchus Tenements, Bacchus is entitled to receive a 20% interest in the Haverford Tenements (EL8615, EL8659 and EL8677).
Should Haverford earn an interest in the Bacchus Tenements, Bacchus is entitled to receive a 20% interest in the Haverford Tenements (EL8615, EL8659 and
EL8677). Should Haverford not earn an interest in the Bacchus Tenements, Bacchus may elect to take a 20% interest in the Haverford Tenements.
•
•
• Should Haverford not earn an interest in the Bacchus Tenements, Bacchus may elect to take a 20% interest in the Haverford Tenements.
• Should Haverford earn into the Bacchus Tenements, a formal joint venture will be entered into which provides that Bacchus will be free carried for 10% of its joint venture
interest until a decision to mine. Post a decision to mine, Bacchus can then elect whether to contribute or not, if Bacchus elects not to contribute, Haverford shall acquire
Bacchus’ interest in the joint venture for 95% of fair value as agreed by the joint venture participants.
Should Haverford earn into the Bacchus Tenements, a formal joint venture will be entered into which provides that Bacchus will be free carried for 10% of its
joint venture interest until a decision to mine. Post a decision to mine, Bacchus can then elect whether to contribute or not, if Bacchus elects not to contribute,
Haverford shall acquire Bacchus’ interest in the joint venture for 95% of fair value as agreed by the joint venture participants.
ii.
(ii) As previously announced to the ASX3 , Haverford has entered into a Farm-In Agreement (Farm-in) with Peel Mining Limited (ASX:PEX) over PEX’s Mt Walton (EL8414) and
Michelago (EL8451) Projects (collectively the Peel Tenements). In accordance with the terms of the Farm-in, Haverford can earn up to a 75% interest in the Peel Tenements
by sole funding $0.7M of on-ground exploration expenditure over five years.
As previously announced to the ASX 3 , Haverford has entered into a Farm-In Agreement (Farm-in) with Peel Mining Limited (ASX:PEX) over PEX’s Mt Walton
(EL8414) and Michelago (EL8451) Projects (collectively the Peel Tenements). In accordance with the terms of the Farm-in, Haverford can earn up to a 75% interest
in the Peel Tenements by sole funding $0.7M of on-ground exploration expenditure over five years.
iii.
(iii) Talisman and its subsidiary Haverford entered into a joint venture with Bacchus in relation to EL8814. Talisman and Haverford have given notice to withdraw from this joint
venture and are progressing with the transfer of their joint venture interest to Bacchus. Haverford will continue to be the registered holder of EL8814 until this process has
been completed.
Talisman and its subsidiary Haverford entered into a joint venture with Bacchus in relation to EL8814. Talisman and Haverford have given notice to withdraw from
this joint venture and are progressing with the transfer of their joint venture interest to Bacchus. Haverford will continue to be the registered holder of EL8814 until
this process has been completed.
2 Refer Talisman ASX announcement “Further NSW Gold and Base Metals Tenure Secured” 09 January 2018.
3 Talisman ASX announcement “AGM Presentation” 23 November 2017.
2 Refer Talisman ASX announcement “Further NSW Gold and Base Metals Tenure Secured” 09 January 2018.
3 Talisman ASX announcement “AGM Presentation” 23 November 2017.
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2019 ANNUAL REPORTREVIEW OF OPERATIONS
BL IND CA LF PRO SPECT (EL8719)
The Blind Calf Prospect area is a high priority advanced stage
drill target with high grade copper mineralisation.
Drilling by Talisman and prior explorers has shown the Blind
Calf-Dunbars system to be a copper bearing sheared quartz
lode, extending along strike for approximately 300m and to
a depth of over 200m. Drilling has also identified a zone of
high-grade copper mineralisation (+5% Cu) within the main
lode system that remains open and untested at depth, down
dip and plunge. Drilling in the first half of the year was aimed
at testing down dip from previously reported high-grade
copper mineralisation and intersected strongly altered volcanic
lithologies, with quartz veining and logged copper sulphide
mineralisation (chalcopyrite).
Figure 2: Lachlan Copper-Gold Project tenure and simplified geology.
i.
As previously announced to the ASX 2 , Haverford Holdings Ltd (Haverford), a 100% owned subsidiary of Talisman, has entered into a Farm-In Agreement (Farm-in)
with Bacchus Resources Pty Ltd (Bacchus) over certain Lachlan Cu-Au Project tenements.
In accordance with the terms of the Farm-in:
•
•
•
Haverford can earn up to a 80% interest in the Bacchus Tenements (EL8547, EL8571, EL8638, EL8657, EL8658 and EL8680) by sole funding $2.3M of on-
ground exploration expenditure over four years; and
Should Haverford earn an interest in the Bacchus Tenements, Bacchus is entitled to receive a 20% interest in the Haverford Tenements (EL8615, EL8659 and
EL8677). Should Haverford not earn an interest in the Bacchus Tenements, Bacchus may elect to take a 20% interest in the Haverford Tenements.
Should Haverford earn into the Bacchus Tenements, a formal joint venture will be entered into which provides that Bacchus will be free carried for 10% of its
joint venture interest until a decision to mine. Post a decision to mine, Bacchus can then elect whether to contribute or not, if Bacchus elects not to contribute,
Haverford shall acquire Bacchus’ interest in the joint venture for 95% of fair value as agreed by the joint venture participants.
ii.
As previously announced to the ASX 3 , Haverford has entered into a Farm-In Agreement (Farm-in) with Peel Mining Limited (ASX:PEX) over PEX’s Mt Walton
(EL8414) and Michelago (EL8451) Projects (collectively the Peel Tenements). In accordance with the terms of the Farm-in, Haverford can earn up to a 75% interest
in the Peel Tenements by sole funding $0.7M of on-ground exploration expenditure over five years.
iii.
Talisman and its subsidiary Haverford entered into a joint venture with Bacchus in relation to EL8814. Talisman and Haverford have given notice to withdraw from
this joint venture and are progressing with the transfer of their joint venture interest to Bacchus. Haverford will continue to be the registered holder of EL8814 until
this process has been completed.
2 Refer Talisman ASX announcement “Further NSW Gold and Base Metals Tenure Secured” 09 January 2018.
3 Talisman ASX announcement “AGM Presentation” 23 November 2017.
7
Figure 3: Blind Calf-Dunbars collar plan showing selected Talisman and historic intersections, highlighting new proximal drill-ready target
area (refer to Talisman June 2018 and December 2018 Quarterly Activities Reports and KDR announcement 18/11/2011).
Figure 4: Blind Calf-Dunbars collar plan showing selected TLM and historic intersections, highlighting new proximal drill-ready target area (refer to
TLM June 2018 and December 2018 Quarterly Activities Reports and KDR announcement 18/11/2011).
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2019 ANNUAL REPORTREVIEW OF OPERATIONS
Figure 4: Blind Calf-Dunbar long section showing previously reported DHEM anomalies and previously reported Talisman and historic drill intersections
(for full details of drill intersections, refer to ASX: TLM June 2018 and December 2018 Quarterly Activities Reports).
Drill results confirmed the continuation of the Blind Calf lode at
depth with a consistent thickness. Importantly, the high-grade
core encountered in previous drilling was again intersected in
BCRC0010 and remains open down plunge to the north.
area of historic workings (Figure 4) and results from the drilling
and DHEM surveys provided Talisman with the confidence to plan
a campaign of follow up drilling at the Blind Calf-Dunbar lode and
to test a number of parallel lodes in the immediate area.
Best results (refer Talisman ASX announcement 30 Nov 2018
"Lachlan Project Update: More High Grade Copper at Blind
Calf" ), returned from RC drilling during the year included:
• BCRC005
7m @ 5.68% Cu from 98m
• BCRC006
13m @ 5.71% Cu from 129m
• BCRC007
11m @ 4.78% Cu from 127m
• BCRC008
5m @ 3.10% Cu from 199m
• BCRC0010
21m @ 2.67% Cu from 117m
A drilling campaign commenced late in June 2019 with a
3,749 metre RC drilling programme which included 4 holes into
the Blind Calf and Dunbar Lodes and a further 15 to the north
west, south and south east of the Blind Calf-Dunbars system
(Figure 3). High-priority targets included:
• proximal high-grade parallel lodes in the immediate
footwall to the Blind Calf mineralisation intersected in
drilling by previous explorers and in the upper portions of
recent Talisman drilling;
• down plunge extensions to the Blind Calf-Dunbars lode
• BCRC0011
3m @ 3.63% Cu from 188m
system;
• BCRC0012
5m @ 2.35% Cu from 74m
• outcropping quartz veining with strong associated
The Blind Calf-Dunbar system represents one of many
outcropping copper rich quartz vein systems in the immediate
alteration and copper mineralisation to the south east of
Blind Calf;
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8
Figure 5: Noisy Ned - Drill collar locations over simplified solid geology.
2019 ANNUAL REPORTREVIEW OF OPERATIONS
• untested outcropping quartz veins with strong associated
alteration along strike directly to the south of the Dunbars
mineralisation; and
• an outcropping lode system to the northwest of Blind Calf,
where historic drilling by previous explorers has returned
shallow copper mineralisation.
A further round of diamond drilling is anticipated in the first half
of the financial year ending June 2020 following receipt and
assessment of drill results and DHEM surveys associated with
the June 2019 campaign.
strong multi-element base metal anomaly (Zn/Pb/Cu), identified
by previous shallow auger geochemical sampling that extends
for a strike length of more than 1 kilometre along the regionally
significant Gilmore Suture fault zone.
RC drilling returned broad zones of zinc, lead and copper
mineralisation encountered on all drill sections, the
mineralisation is interpreted to be trending NNW with a
shallow dip to the east. Results show wide zones of anomalous
Zn and Pb mineralisation within the upper felsic units (Figure
6), with narrow zones of higher grade (+0.5%), Zn, Pb and Cu
throughout the sequence. Logging of drill cuttings noted fresh
base metal sulphides (sphalerite, galena, chalcopyrite).
NO IS Y NE D PRO SPECT (EL8677)
During the first half of the financial year 12 RC drill holes for a
total of 2,358 metres were completed at the Noisy Ned Prospect
(Figure 5). Drilling was designed to provide a first pass test of a
Further field work is anticipated following the completion of
the DHEM survey to better define the stratigraphy, prior to
planning the next phase of drill testing for the financial year
ended June 2020.
Figure 5: Noisy Ned - Drill collar locations over simplified solid geology.
Figure 5: Noisy Ned - Drill collar locations over simplified solid geology.
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Noisy Ned Prospect
During the first half of the financial year 12 RC drill holes for a total of 2,358 metres were completed at the Noisy
Ned Prospect. Drilling was designed to provide a first pass test of a strong multi-element base metal anomaly
(Zn/Pb/Cu), identified by previous shallow auger geochemical sampling that extends for a strike length of more
than 1 kilometre along the regionally significant Gilmore Suture fault zone.
RC drilling returned broad zones of zinc, lead and copper mineralisation encountered on all drill sections, the
mineralisation is interpreted to be trending NNW with a shallow dip to the east. Results show wide zones of
anomalous Zn and Pb mineralisation within the upper felsic units (Figure 5), with narrow zones of higher grade
(+0.5%), Zn, Pb and Cu throughout the sequence. Logging of drill cuttings noted fresh base metal sulphides
(sphalerite, galena, chalcopyrite).
Further field work is anticipated following the completion of the DHEM survey to better define the stratigraphy,
prior to planning the next phase of drill testing for the financial year ended June 2020.
Figure 6: Noisy Ned - Drill collar locations over simplified solid geology.
Figure 5: Noisy Ned - Drill collar locations over simplified solid geology.
REGI ONAL GE OCHEMICAL SAMP LI NG
Cumbine Prospect (EL8414)
C UMBI NE PROSPECT (EL8414)
Talisman completed four RC holes for a total of 757 metres at
Talisman completed four RC holes for a total of 757 metres at the Cumbine Prospect in the first half of the
the Cumbine Prospect in the first half of the financial year to
financial year to test an historic induced polarisation (“IP”) geophysical anomaly associated with historic
test an historic induced polarisation (“IP”) geophysical anomaly
anomalous gold-in soils and rock chip samples on the flanks of an outcropping felsic volcanic sequence. Drilling
associated with historic anomalous gold-in soils and rock
chip samples on the flanks of an outcropping felsic volcanic
encountered a contiguous sequence of altered felsic rocks, with broad zones of elevated gold results throughout
sequence. Drilling encountered a contiguous sequence of
all four of the completed holes.
altered felsic rocks, with broad zones of elevated gold results
A number of zones of brecciation and quartz veining were logged and have been interpreted to represented
throughout all four of the completed holes.
fault zones. These zones have higher elevations of gold (>0.5g/t Au), with one zone in CURC0003 returning 7m
A number of zones of brecciation and quartz veining were
@ 1.95g/t Au from 109m including 1m @ 5.83g/t Au.
logged and have been interpreted to represented fault zones.
These zones have higher elevations of gold (>0.5g/t Au), with
Recently completed 3D modelling of part of the detailed airborne magnetic data highlighted a strong magnetic
one zone in CURC0003 returning 7m @ 1.95g/t Au from 109m
anomaly to the south east of this previous drilling and in close proximity to the Cumbine Prospect RC drilling
including 1m @ 5.83g/t Au (refer Talisman ASX announcement
(Figure 6). Two drill holes have been planned to test the new magnetic anomaly.
30 Nov 2018 "Lachlan Project Update: More High Grade
Copper at Blind Calf" ).
During the financial year Talisman undertook an extensive
campaign of soil geochemistry including rock chip sampling,
auger drilling and soil sampling over areas that were mapped
as having suitable in-situ regolith profiles. This fast, low-cost
sampling technique has the ability, to rapidly and efficiently
enhance geological and geochemical understanding of large
areas of Talisman’s extensive tenement holding.
A total of 65 rock chip samples, 3,500 auger samples and
3,000 soil samples were collected from across the Lachlan
project on a nominal 300 x 50m grid with infill sampling
conducted on 100 x 50m grid. All samples were analysed for
base metals and pathfinder elements on-site using a portable
XRF machine before being sent to ALS Global laboratory in
Orange for low level gold analysis. This program identified a
total of five new high priority targets that will be drill tested in
subsequent drill campaigns.
The identification of numerous geochemical anomalies
validates Talisman’s systematic geological approach by
providing high priority targets for future RC drill testing. It is
anticipated that additional targets for geochemical sampling
will be identified as Talisman’s geological team continue to
systematically evaluate target areas identified during the
target generation review that was completed in January 2019.
Recently completed 3D modelling of part of the detailed
airborne magnetic data highlighted a strong magnetic anomaly
to the south east of this previous drilling and in close proximity
to the Cumbine Prospect RC drilling (Figure 7). Two drill holes
have been planned to test the new magnetic anomaly.
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Figure 6: Plan and oblique section of the Cumbine Prospect showing new modelled 3D magnetic anomaly, proposed new drill holes and previously
Figure 7: Plan and oblique section of the Cumbine Prospect showing new modelled 3D magnetic anomaly, proposed new drill holes and
completed drilling by Talisman.
previously completed drilling by Talisman.
Regional Geochemical Sampling
GOL D-IN-S OILS ANOMALISM
identified a large, strong gold-in-soil anomaly that extends for
over 1 kilometre.
A number of gold-in soils anomalies have been identified
During the financial year Talisman undertook an extensive campaign of soil geochemistry including rock chip
within the Lachlan Cu-Au Project area using geochemical
sampling, auger drilling and soil sampling over areas that were mapped as having suitable in-situ regolith
sampling. These include the Cumbine, Melrose, Blind Calf,
profiles. This fast, low-cost sampling technique has the ability, to rapidly and efficiently enhance geological and
Harding’s and Brooklyn-Kaolin Shaft Prospects.
geochemical understanding of large areas of Talisman’s extensive tenement holding.
Melrose Prospect (EL8719)
A total of 65 rock chip samples, 3,500 auger samples and 3,000 soil samples were collected from across the
Gold assay results have identified an anomaly at the Melrose
Lachlan project on a nominal 300 x 50m grid with infill sampling conducted on 100 x 50m grid. All samples were
Prospect extending over 1.5km and remaining open to the
analysed for base metals and pathfinder elements on-site using a portable XRF machine before being sent to
north (Figure 8). Results returned a peak assay value of
ALS Global laboratory in Orange for low level gold analysis. This program identified a total of five new high
+400ppb Au (0.4 g/t Au) in soils. Surface verification of this
priority targets that will be drill tested in subsequent drill campaigns.
gold anomaly has identified a strongly altered gossanous unit
and quartz veining in a sequence of altered volcanic rocks.
The identification of numerous geochemical anomalies validates Talisman’s systematic geological approach by
Further drilling is planned to test this anomalism.
providing high priority targets for future RC drill testing. It is anticipated that additional targets for geochemical
Blind Calf Au (EL8719)
sampling will be identified as Talisman’s geological team continue to systematically evaluate target areas
As part of the larger geochemical sampling program, soil
identified during the target generation review that was completed in January 2019.
sampling conducted approximately 1 kilometre along strike
to the north-west of Blind Calf high-grade copper discovery
The newly identified gold anomaly is closely associated with
a geophysical feature characterised by a flexure in a regional
magnetic trend. Detailed mapping shows a similar flexure
associated with strong alteration in the vicinity of the high-
grade copper lodes. Site validation of the large gold anomaly
identified a similar system to that at Blind Calf with a north-
south trending shear zone and associated shear veins dipping
steeply to the west, hosted within Ordovician sediments close
to the contact with Devonian volcanics. Further drilling is
planned to test this anomalism.
Gold assay results identified an anomaly at the Harding’s
Prospect extending over 1km, with a peak assay value of
+500ppb Au (0.5 g/t Au) in soils. Surface verification of this
gold anomaly shows a sequence of sub-cropping highly
Harding’s Prospect (EL8547)
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A number of gold-in soils anomalies have been identified within the Lachlan Cu-Au Project area using
geochemical sampling. These include the Cumbine, Melrose, Blind Calf, Harding’s and Brooklyn-Kaolin Shaft
Gold-in-soils Anomalism
Prospects.
Melrose Prospect (EL8719)
Gold assay results have identified an anomaly at the Melrose Prospect extending over 1.5km and remaining
open to the north (Figure 7). Results returned a peak assay value of +400ppb Au (0.4 g/t Au) in soils. Surface
verification of this gold anomaly has identified a strongly altered gossanous unit and quartz veining in a
sequence of altered volcanic rocks. Further drilling is planned to test this anomalism.
Figure 8: Melrose gold-in-soil anomaly (peak +400ppb Au), showing proposed first pass RC drill traverses.
Figure 7: Melrose gold-in-soil anomaly (peak +400ppb Au), showing proposed first pass RC drill traverses.
Blind Calf Au (EL8719)
Brooklyn-Kaolin Shaft Prospects (EL8680 & EL8547)
As part of the larger geochemical sampling program, soil sampling conducted approximately 1 kilometre along
altered volcanic rocks, which are interpreted to represent a
strike to the north-west of Blind Calf high-grade copper discovery identified a large, strong gold-in-soil anomaly
continuation of the Mineral Hill volcanic sequence. Further
that extends for over 1 kilometre.
drilling is planned to test this anomalism.
Gold assay results from regolith sampling along southeast
extension of the Mineral Hill Corridor highlighted multiple
gold-in-soil anomalies. The area contains numerous historic
workings and is hosted by altered volcanic rocks.
The newly identified gold anomaly is closely associated with a geophysical feature characterised by a flexure in
a regional magnetic trend. Detailed mapping shows a similar flexure associated with strong alteration in the
vicinity of the high-grade copper lodes. Site validation of the large gold anomaly identified a similar system to
that at Blind Calf with a north-south trending shear zone and associated shear veins dipping steeply to the west,
hosted within Ordovician sediments close to the contact with Devonian volcanics. Further drilling is planned to
test this anomalism.
Talisman also completed a large regional scale airborne
magnetic survey of approximately 1,000km2 over selected
areas of the Lachlan Cu-Au Project areas (Figure 9). The
survey was undertaken at 50m line spacings with a 40m
flight height, providing very high data resolution.
REGI ONAL DETAILED AI RBOR NE
GE OPHYSICAL SURVEY
Processing of data captured during the survey is now
complete and had been stitched with the publicly available
NSW regional data set to provide a continuous image across
the tenement package. This updated data set will be utilised
in future project wide targeting, along with more detailed
prospect scale geological interpretations.
13
Historic shallow (<100m) drilling and surface sampling
along this trend returned a number of anomalous gold and
base metal (copper and zinc) results in close proximity to
the contact between the Mineral Hill Rift sequence volcanics
and adjacent sedimentary rock suites. It is proposed that RC
drilling will take place in the second quarter 2020 to follow up
historic drill intersections and test the significance of the gold-
in-soils anomalism.
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Figure 9: Lachlan Project TMI 1VD ESHADE magnetic image. Survey was flown on a nominal 50 line spacing and 40m height.
Figure 8: Lachlan Project TMI 1VD ESHADE magnetic image. Survey was flown on a nominal 50 line spacing and 40m height.
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Sinclair Nickel Project (TLM 100%)
SI NC L AIR NICK EL P ROJE CT
( TL M 100 % )
Sinclair is located in the Agnew-Wiluna Greenstone Belt in WA’s north-eastern Goldfields. The Sinclair Nickel
Deposit, developed and commissioned in 2008 and operated successfully before being placed on care and
maintenance in August 2013, produced approximately 38,500 tonnes of nickel at an average life-of-mine head
grade of 2.44% Ni. Sinclair has extensive infrastructure and includes a substantial 207km2 tenement package
During the year Talisman continued to advance the Sinclair
covering more than 80km strike of prospective ultramafic contact within a 35km radius of the existing processing
Nickel Project through cost efficient, staged exploration focused
plant and infrastructure (Figure 9 & Figure 10).
on priority exploration targets across the project.
Sinclair is located in the Agnew-Wiluna Greenstone Belt in
WA’s north-eastern Goldfields. The Sinclair Nickel Deposit,
developed and commissioned in 2008 and operated successfully
before being placed on care and maintenance in August 2013,
produced approximately 38,500 tonnes of nickel at an average
life-of-mine head grade of 2.44% Ni. Sinclair has extensive
During the year Talisman continued to advance the Sinclair Nickel Project through cost efficient, staged
exploration focused on priority exploration targets across the project.
infrastructure and includes a substantial 207km2 tenement
package covering more than 80km strike of prospective
ultramafic contact within a 35km radius of the existing
processing plant and infrastructure (Figure 10 & Figure 11).
Figure 9: The Sinclair Nickel Project showing regional geology nickel production centres and reported contained nickel* of the Agnew-Wiluna Belt
(*MINDEX 2012)
Figure 10: The Sinclair Nickel Project showing regional geology nickel production centres and reported contained
nickel* of the Agnew-Wiluna Belt (*MINDEX 2012)
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Regional Exploration
S KYE EA ST
Shallow RC drilling at the Sky East Prospect completed
in August 2018 identified high-grade massive nickel
sulphide mineralisation close to surface in an untested area
approximately 1 kilometre to the south of the existing Sinclair
open pit (refer Talisman ASX announcement 7 Sep 2018
"Sinclair Exploration Update: RC drilling indentifies new
mineralised position" ). Results included:
• SNRC045
4m @ 1.28% Ni from 16m
• SNRC048
7m @ 3.54% Ni from 51m
(Inc. 2m @ 7.47% Ni from 55m)
Talisman completed two subsequent deeper RC drill holes
(SNRC055 and SNRC056) in October 2018 to provide a
platform for a DHEM survey to investigate the potential for
down-plunge extensions of the near surface mineralisation in
SNRC045 and SNRC048 (Figure 12 and Figure 13).
Figure 11: Sinclair Project – Prospect Locations.
Figure 10: Sinclair Project – Prospect Locations.
Regional Exploration
Skye East
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Shallow RC drilling at the Sky East Prospect completed in August 2018 identified high-grade massive nickel
sulphide mineralisation close to surface in an untested area approximately 1 kilometre to the south of the
existing Sinclair open pit. Results included:
• SNRC045 4m @ 1.28% Ni from 16m
• SNRC048 7m @ 3.54% Ni from 51m (Inc. 2m @ 7.47% Ni from 55m)
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Figure 12: Sinclair Nickel Project – Skye East plan view showing contact position and RC drilling.
Figure 12: Sinclair Nickel Project – Skye East long section.
Results from the DHEM survey of SNRC055 showed a strong EM conductor associated with the sulphide rich
sedentary unit, as well as two smaller off-hole conductive anomalies that have been interpreted to represent
sulphide occurrences within the target ultramafic unit down plunge from the nickel sulphide mineralisation
encountered in SNRC045. Further review and interpretation of this fertile basal contact, which is in close
proximity to the existing Sinclair Nickel Mine is required.
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Talisman completed two subsequent deeper RC drill holes (SNRC055 and SNRC056) in October 2018 to
provide a platform for a DHEM survey to investigate the potential for down-plunge extensions of the near surface
mineralisation in SNRC045 and SNRC048 (Figure 11 and Figure 12).
The two completed holes (SNRC055 and SNRC056) both encountered the interpreted ultramafic contact at the
interpreted depths with trace disseminated nickel sulphides, as well as a significant sulphide rich sedimentary
unit in the immediate hanging wall. Results from analysis did not return any significant nickel mineralisation.
Figure 11: Sinclair Nickel Project – Skye East long section.
Figure 13: Sinclair Nickel Project – Skye East long section.
The two completed holes (SNRC055 and SNRC056) both
encountered the interpreted ultramafic contact at the
interpreted depths with trace disseminated nickel sulphides,
as well as a significant sulphide rich sedimentary unit in the
immediate hanging wall. Results from analysis did not return
any significant nickel mineralisation.
Results from the DHEM survey of SNRC055 showed a strong
EM conductor associated with the sulphide rich sedentary unit,
as well as two smaller off-hole conductive anomalies that have
been interpreted to represent sulphide occurrences within the
target ultramafic unit down plunge from the nickel sulphide
mineralisation encountered in SNRC045. Further review and
interpretation of this fertile basal contact, which is in close
proximity to the existing Sinclair Nickel Mine is required.
DEL PH I (M37/1223 AND M37 /818 )
Talisman completed a six-hole RC program in September 2018
along a single traverse to the south of the Delphi Prospect
located between 4km and 6km south of the Sinclair mine.
Drilling intersected ultramafic and mafic rocks, confirming the
continuation of the host package however did not intersect any
sulphide mineralisation. Further assessment and interpretation
resulted in two additional RC holes being drilled at Delphi in
March 2019 with drilling encountering sulphidic ultramafic
lithologies, and a variety of sediments. The hole was cased for
future geophysical surveys. No significant intersections were
returned.
Results from other areas targeted with the shallow aircore
drilling showed elevated nickel, however no significant results
were returned.
ANTIOCH AIRCORE DRILLI NG
The Antioch tenement package covers an extensive, 35
kilometres of strike of the main prospective ultramafic rocks
which host significant nickel mineralisation in the region. The
majority of the Antioch trend is overlain by shallow transported
cover, which deepens to the south along the Bannockburn
Sheer (host to the historic Bannockburn Gold Mine). In
December 2018 a 4,500-metre air-core (AC) drilling campaign
was undertaken to test for interpreted extensions of the
prospective ultramafic basal contact along the Antioch Trend
to the east of the Sinclair Nickel Mine. No significant nickel
mineralisation was returned.
FLY BORE AND AMY RIX (M3 6/4 45 , M36/4 46
AND M37/735)
A total of six AC holes on two lines, 40m north and 40m south
of the historic intercept were drilled at the Amy Rix Prospect
during the quarter ending March 2019 (Figure 14). Drilling
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encountered a variety of lithologies including sediments, felsic
intrusives, ultramafic and mafic lithologies, with strongly
oxidised ‘gossanous’ material logged from surface at the Amy
Rix Prospect.
Results from analysis of the Amy Rix Prospect samples has
highlighted a broad zone of oxide nickel mineralisation from
surface over three adjacent drill traverses over a strike distance
of 500m (refer Talisman ASX announcement 20 May 2019
"Sinclair Exploration Update"). This zone of gossanous nickel
mineralisation remains open along strike in both directions.
Results from analysis included:
• SNAC0195
14m @ 0.73% Ni from surface
(inc. 4m @ 1.29% Ni from 4m)
• SNAC0196
24m @ 0.77% Ni from surface
• SNAC0197
21m @ 1.03% Ni from surface
(inc.10m @ 1.34% Ni from 4m)
• SNAC0198
11m @ 0.69% Ni from surface
(inc. 2m @ 1.34% Ni from 4m)
• SNAC0199
13m @ 0.66% Ni from surface
• SNAC0200
32m @ 0.78% Ni from surface
Follow up work, with mapping and rock chipping of the outcrop
is required to be conducted to validate the AC anomalies with
further deeper RC drilling dependent on the outcome of this
validation exercise.
Targets across M36/446 and M37/735 were generated from
aeromagnetic data and previous geological interpretations.
These targets were identified as potentially prospective
ultramafic basal contact zones. Wide spaced drilling failed
to intersect any significant nickel mineralisation, however
lithologies provide further information for future interpretations
and review.
CODY WEL L (M37/1089)
AC drilling across the Cody Well Prospect was completed to
test the northern extension of mineralisation along the Sinclair
trend. The geology of the area is interpreted to be a narrow
north-south striking mafic/ultramafic sequence, between
granites to the east and west. Drilling intersected a variety
of lithologies including granitic intrusives, and sediments.
Wide spaced drilling failed to intersect significant nickel
mineralisation.
One RC hole was drilled at Cody Well North in March 2019
with drilling encountering sulphidic ultramafic lithologies,
and a variety of sediments. The hole was cased for future
geophysical surveys. No significant intersections were
returned.
SCHMITZ WEL L (M37/1136, M37/1137, M37 /11 26 )
AC drilling across the Schmitz Well tenements was designed
to test the extent of mineralisation between the Schmitz Well
mineralisation to the south and the Delphi mineralisation
to the north on the interpreted southern extension of the
Sinclair trend. Historic geological interpretation based on
aeromagnetic data identified a narrow north-south trending
sequence of mafic and ultramafic lithologies.
Wide spaced AC drilling failed to intersect significant nickel
mineralisation, however geological information gained will
assist in future planning, and interpretation of the local trends.
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Figure 13: Amy Rix Prospect showing historic and recent Talisman air-core drilling intersections overlain on a regional magnetic image.
Figure 14: Amy Rix Prospect showing historic and recent Talisman air-core drilling intersections overlain on a regional magnetic image.
Cody Well (M37/1089)
AC drilling across the Cody Well Prospect was completed to test the northern extension of mineralisation along
the Sinclair trend. The geology of the area is interpreted to be a narrow north-south striking mafic/ultramafic
sequence, between granites to the east and west. Drilling intersected a variety of lithologies including granitic
intrusives, and sediments. Wide spaced drilling failed to intersect significant nickel mineralisation.
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One RC hole was drilled at Schmitz Well South in March 2019
with drilling encountering sulphidic ultramafic lithologies, and a
variety of sediments. No significant intersections were returned.
ST URT MEA DOWS (M37/362 )
A single traverse of AC drilling was completed across a section
of M37/362 to test the southern extension of the Bannockburn
shear. Drilling encountered deep transported material >90m,
with holes typically terminated at blade refusal in residual
bedrock.
Drilling failed to intersect any significant gold or nickel
mineralisation, however geological information gained will
assist in future planning and interpretation of the local trends.
OUTCA MP WELL AND PARNASSUS
Two RC holes were drilled at the Outcamp Well and Parnassus
Prospects to test the interpreted ultramafic basal contact under
cover. Drilling encountered sulphidic ultramafic lithologies,
and a variety of sediments. No significant intersections were
returned.
MIN ERA L RESOURCE ESTIMA TE AND
EX PL ORA TI ON TARGET
Talisman completed a Mineral Resource Estimate (MRE) for
Sinclair in August 2018. The MRE is based on historic RC
and diamond drilling completed by Xstrata Nickel Australasia
Operations Pty Ltd and incorporates remnant nickel sulphide
mineralisation adjacent to existing mine development and
extensional mineralisation continuing immediately down
plunge of existing mine workings.
Tonnage
Ni %
The MRE process resulted in an Indicated and Inferred Mineral
Resource, reported in accordance with JORC 2012, of 720,000t
Lower - 10%
670,000
2.0
Upper +10%
790,000
2.5
Table 1: Sinclair Nickel Project – Exploration Target approximate range
@ 2.3% Ni for 16,200t of contained nickel. Full details of the
resource are presented on page 21.
The MRE is based on a recently completed reinterpretation of
the massive and disseminated/ stringer sulphide mineralisation
at the Sinclair deposit by Talisman’s geological team. The MRE
was completed by an independent consultant, in conjunction
with Talisman. Nickel mineralisation at the Sinclair deposit
continues beyond the current underground mine infrastructure
and has been identified in drilling for a further 1,200m down-
plunge from the end of previous mining development. The
first 500m of this continuation has been drilled at a sufficient
density to enable a JORC Inferred Resource classification
(Figure 15).
Further to the north, the continuation of the Sinclair deposit
down-plunge mineralisation has only limited drilling for a
further 700m on a 100-200m spaced drill pattern (Figure 15),
and this mineralisation forms an Exploration Target ranging
between approximately 670,000t @ 2.0% Ni for 13,700t
of contained nickel and 790,000t @ 2.5% Ni for 19,900t of
contained nickel (Table 1). The Exploration Target is conceptual
in nature, there has been insufficient exploration to estimate a
Mineral Resource and it is uncertain if further exploration will
result in the estimation of a Mineral Resource (for full details
refer to TLM ASX announcement “Sinclair Nickel - Talisman
Maiden JORC Mineral Resource”, dated 31 August 2019).
Exploration Target
Exploration Target
Lower - 10%
Tonnage
Ni %
Ni t
670,000
2.0
13,700
790,000
Upper +10%
Ni t
Table 1: Sinclair Nickel Project – Exploration Target at approximate
13,700
range (± 10%) of grades and tonnes around a median at a 1.5% Ni
cut-off.
19,900
19,900
2.5
Figure 14: Sinclair Nickel Project – Mineral Resource Estimate: Resource Classification.
Figure 15: Sinclair Nickel Project – Mineral Resource Estimate: Resource Classification.
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20 1 9 MIN ERA L R ESOU RCE STAT EMENT
Sinclair Mineral Resource – 100% Basis
The Mineral Resource estimate for the Sinclair Deposit
(previously announced by the Company refer ASX
announcement “Sinclair Nickel - Talisman Maiden JORC
Mineral Resource” published on 31 August 2018), prepared in
accordance with JORC (2012) and detailed in Table 2, has been
classified as an Indicated and Inferred Mineral Resource based
primarily on historic RC and diamond drilling completed by
Xstrata Nickel Australasia Operations Pty Ltd and incorporates
remnant nickel sulphide mineralisation adjacent to existing
mine development and extensional mineralisation continuing
immediately down plunge of existing mine workings. Nickel
mineralisation at the Sinclair Deposit continues beyond
the current underground mine infrastructure and has been
identified in drilling for a further 1,200m down-plunge from
the end of previous mining development. The first 500m of this
continuation has been drilled at a sufficient density to enable a
JORC Inferred Resource classification.
The Company confirms that it is not aware of any new
information or data that materially affects the information
included in the original market announcement and that all
material assumptions and technical parameters underpinning
the estimate in the original market announcement continue to
apply and have not materially changed.
Mineral Resource estimate on 100% Basis4 as at 31 August 2018
Deposit
Sinclair
Classification
Tonnes (t)4
Indicated
Inferred
Total
250,000
460,000
720,000
Grade
Ni (%)4
2.4
2.2
2.3
Ctd Metal
Ni (t) 4
6,000
10,200
16,200
Note: Mineral Resource is based on a 1.5% Ni cut-off
Table 2: Mineral Resource estimate for the Sinclair Deposit (100% basis).
Mineral Resource Estimation Governance
The Sinclair Mineral Resource estimate is reported in accordance with the JORC (2012) guidelines. Information that relates to the
Sinclair JORC 2012 compliant Mineral Resource and Ore Reserve estimate is information previously published by Talisman and is
available on the Talisman and ASX websites (see announcement “Sinclair Nickel - Talisman Maiden JORC Mineral Resource”, dated
31 August 2018).
The Sinclair Mineral Resource estimate was completed by Mr Brian Wolfe, Principal Geologist of the firm International Resource
Solutions Pty Ltd (“IRS”) which specialises in mineral resource estimation, evaluation and exploration, under the supervision of a
suitably qualified Talisman Competent Person. The Company is satisfied with the procedures that IRS had in place for the estimation
of the Sinclair Mineral Resource. Suitably qualified Talisman personnel have also reviewed relevant underlying documentation and
are satisfied with the methodologies used by IRS in this estimate.
Competent Persons’ Statement
Information in this report that relates to Exploration Results and Exploration Targets is based on information completed by
Mr Anthony Greenaway, who is a member of the Australasian Institute of Mining and Metallurgy. Mr Greenaway is a full-time
employee of Talisman Mining Ltd and has sufficient experience which is relevant to the style of mineralisation and types of
deposits under consideration and to the activities undertaken to qualify as a Competent Person as defined in the 2012 Edition
of the “Australian Code for Reporting of Mineral Resources and Ore Reserves”. Mr Greenaway consents to the inclusion in this
report of the matters based on information in the form and context in which it appears.
No new information that is considered material is included in this document. All information relating to exploration results has been
previously released to the market and is appropriately referenced in this document. JORC tables are not considered necessary to
accompany this document.
4 Estimations have been rounded to the nearest 1,000t, 0.1% Ni grade and 1,000t Ni metal. Differences may occur due to rounding.
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2019 ANNUAL REPORTREVIEW OF OPERATIONS Competent Persons’ Statement – Mineral
Resources
Information in this report that relates to Mineral Resources
as defined under the 2012 Edition of the “Australian Code
for Reporting of Mineral Resources and Ore Reserves”, is
based on information compiled by Mr Brian Wolfe, who is
a member of the Australasian Institute of Geoscientists. Mr
Wolfe has sufficient experience which is relevant to the style
of mineralisation and types of deposit under consideration and
to the activities undertaken to qualify as a Competent Person
as defined in the 2012 Edition of the “Australian Code for
Reporting of Mineral Resources and Ore Reserves”. Mr Wolfe
consents to the inclusion in this report of the matters based on
information in the form and context in which it appears.
Forward-Looking Statements
This report may include forward-looking statements. These
forward-looking statements are not historical facts but rather
are based on Talisman Mining Ltd.’s current expectations,
estimates and assumptions about the industry in which
Talisman Mining Ltd operates, and beliefs and assumptions
regarding Talisman Mining Ltd.’s future performance. Words
such as “anticipates”, “expects”, “intends”, “plans”, “believes”,
“seeks”, “estimates”, “potential” and similar expressions are
intended to identify forward-looking statements. Forward-
looking statements are only predictions and are not
guaranteed, and they are subject to known and unknown
risks, uncertainties and assumptions, some of which are
outside the control of Talisman Mining Ltd. Past performance
is not necessarily a guide to future performance and no
representation or warranty is made as to the likelihood of
achievement or reasonableness of any forward-looking
statements or other forecast. Actual values, results or events
may be materially different to those expressed or implied in
this presentation. Given these uncertainties, recipients are
cautioned not to place reliance on forward looking statements.
Any forward looking statements in this announcement speak
only at the date of issue of this announcement. Subject to
any continuing obligations under applicable law and the ASX
Listing Rules, Talisman Mining Ltd does not undertake any
obligation to update or revise any information or any of the
forward looking statements in this report or any changes in
events, conditions or circumstances on which any such forward
looking statement is based.
2222
22
2019 ANNUAL REPORTREVIEW OF OPERATIONS TE NEMENT SCH EDULE
As at date of report
Project / Tenement
SINCLAIR NICKEL
PROJECT
E37/1231
L36/198
L37/175
M36/444
M36/445
M36/446
M37/362
M37/383
M37/384
M37/385
M37/386
M37/424
M37/426
M37/427
M37/590
M37/692
M37/735
M37/816
M37/818
M37/819
M37/1063
M37/1089
M37/1090
M37/1126
M37/1127
M37/1136
M37/1137
M37/1148
M37/1168
M37/1223
M37/1275
Location and
Blocks (Area)
Tenement
Status
Talisman
Equity (%)
Expiry Date
Joint Venture Partner
/ Farm-In Party
Western Australia
N/A
3
(103.1 HA)
(83.9 HA)
(568.0 HA)
(973.0 HA)
(843.0 HA)
(981.5 HA)
(841.7 HA)
(536.7 HA)
(926.8 HA)
(983.8 HA)
(891.0 HA)
(505.0 HA)
(821.0 HA)
(120.0 HA)
(136.1 HA)
(959.0 HA)
(818.4 HA)
(806.5 HA)
(380.2 HA)
(604.0 HA)
(574 HA)
(478 HA)
(603 HA)
(603 HA)
(986 HA)
(850 HA)
(44.78 HA)
(190 HA)
(675 HA)
(1,961 HA)
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
28-08-21
19-04-28
19-04-28
27-03-29
27-03-29
27-03-29
20-05-34
28-01-35
28-01-35
28-01-35
28-01-35
03-02-36
03-02-36
03-02-36
27-03-29
27-03-29
27-03-29
27-03-29
27-03-29
28-08-29
27-03-29
22-04-29
22-04-29
27-03-29
27-03-29
27-03-29
27-03-29
27-03-29
27-03-29
27-03-29
29-07-28
N/A
2323
23
2019 ANNUAL REPORTREVIEW OF OPERATIONS Project / Tenement
LACHLAN PROJECT
EL8615
EL8659
EL8677
EL8414
EL8547
EL8571
EL8638
EL8657
EL8658
EL8680
EL8718
EL8719
EL8814
OTHER
EL8451
Location and
Blocks (Area)
Tenement
Status
Talisman
Equity (%)
Expiry Date
Joint Venture Partner
/ Farm-In Party
NSW
(726km2)
(373km2)
(193km2)
(174km2)
(205km2)
(258km2)
(192km2)
(134m2)
(256km2)
(20km2)
(86km2)
(191km2)
(92km2)
NSW
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
100%
100%
100%
0%
0%
0%
0%
0%
0%
0%
100%
100%
80%
07-07-23
18-10-23
08-12-23
02-12-24
03-04-22
23-05-22
31-08-22
10-10-22
13-10-22
08-12-22
27-03-24
27-03-24
14-12-24
(276km2)
Granted
0%
16-07-19
Bacchus Resources
Pty Ltd (right to 20%
interest)
Peel Mining Ltd (TLM
earning up to 75%)
Bacchus Resources
Pty Ltd (TLM earning
up to 80%)
N/A
Bacchus Resources
Pty Ltd5
Peel Mining Ltd (TLM
earning up to 75%)
5 Talisman and its 100% owned subsidiary Haverford Holdings Pty Ltd (“Haverford”) entered into a joint venture with Bacchus in relation to EL8814. Talisman and
Haverford have given notice to withdraw from this joint venture and are progressing with the transfer of their joint venture interest to Bacchus. Haverford will continue to
be registered holder of EL8814 until this process has been completed.
2424
24
2019 ANNUAL REPORTREVIEW OF OPERATIONS CORP O RATE GOVER N AN CE
STATEME NT
The Company’s Corporate Governance Statement can be
found on the Company’s website at www.talismanmining.com.
au/about-us/corporate-governance.html under the heading
marked “Corporate Governance Statement”.
The following governance-related documents can also be
found on the Company’s website:
Charters
• Board
• Audit Committee
• Nomination Committee
• Remuneration Committee
• Risk Committee
Constitution
• Constitution of Talisman Mining Limited
Board
• Code of Conduct – summary
• Policy and Procedure for the Selection and (Re)
Appointment of Directors
• Process for Performance Evaluation
Compliance, Controls and Policies
• Risk Management Policy – summary
• Continuous Disclosure Policy – summary
• Securities Trading Policy
• Diversity Policy
• Remuneration Policy
Shareholder Communication
• Shareholder Communication and Investor Relations Policy
2525
25
2019 ANNUAL REPORTREVIEW OF OPERATIONS DIRECTORS’ REPORT
Your Directors present their report together with the financial
statements of the Group consisting of Talisman Mining Limited
and the entities it controlled for the financial year ended
30 June 2019. In order to comply with the provisions of the
Corporations Act 2001, the Directors report as follows:
DIRE CTORS
The names of Directors who held office during or since the
end of the year and until the date of this report are as follows.
Directors were in office for this entire period unless otherwise
stated.
Secretary. Dan has more than 17 years’ experience in the
resource sector, including Xstrata Nickel Australasia, Jubilee
Mines NL and Perilya Ltd.
He graduated from the University of Birmingham with a degree
in Commerce and Accounting before joining Deloitte in the UK
and Australia. He is an Associate Member of the Institute of
Chartered Accountants of England and Wales and a member
of the Governance Institute of Australia.
In the 3 years immediately before the end of the financial year,
Dan did not serve as a Director of any other ASX listed entities.
Jeremy Kirkwood
BCom ANU
Non-Executive Chairman
1 April 2016 - current
Chairman (Non-Executive/Independent)
Jeremy Kirkwood joined Talisman in April 2016 and has extensive
experience in corporate strategy, investment banking and global
capital markets and provides invaluable strategic input and
guidance to the Company’s board and management team.
Jeremy is a principal of Pilot Advisory Group and was
previously a Managing Director at Credit Suisse, Morgan
Stanley and Austock. He has primarily worked in public
markets, undertaking merger and acquisitions and capital
raisings for companies principally in the metal and mining,
energy and infrastructure sectors.
In the 3 years immediately before the end of the financial year,
Jeremy also served as a Director of ASX listed Zenitas Ltd
(ASX: ZNT) since April 2016 and resigning on 5 March 2018.
In February 2018 he was appointed as the Chairman of Kin
Mining Ltd (ASX: KIN) where he remained until his resignation
on 24 July 2019. He is also the Chair of Geelong Grammar
School, a Director of Independent Schools Victoria, a Trustee of
the RE Ross Trust and a Director of Hillview Quarries Pty Ltd.
Jeremy serves on the Company’s Audit, Nomination and
Remuneration Committees. With extensive industry
experience, Jeremy is considered qualified to hold these
responsibilities.
Daniel Madden
BComACC, ACA, Governance Institute of Australia
Managing Director
1 July 2016 - current
Managing Director (Executive/Non-Independent)
Dan Madden was appointed as Managing Director on 1 July
2016 and has been with Talisman since 2009 in his previous
roles as acting CEO and Chief Financial Officer and Company
2626
26
Brian Dawes
B. Sc. Mining, MAusIMM
Non-Executive Director
17 June 2009 – current
Non-Executive Director (Independent)
Brian is a mining engineer with extensive international mining
industry experience. He holds a BSc in Mining from the
University of Leeds in the United Kingdom, and is Member of
the Australasian Institute of Mining and Metallurgy.
Brian’s diverse expertise covers all key industry aspects
from exploration through the discovery, feasibility, funding,
approvals, project construction, commissioning, operations,
optimisation, logistics, marketing, and closure phases. This
includes site management and corporate responsibilities in a
diversity of challenging and successful underground and open
pit operations across many commodities and geographies;
mainly in copper, gold, nickel, zinc and lead, and iron ore. Prior
to joining Talisman, Brian held senior positions with Jubilee
Mines NL, Western Areas, LionOre Australia, WMC, Normandy
Mining, and Aberfoyle.
In the 3 years immediately before the end of the financial year,
Brian was appointed as a non-executive director of Kin Mining
Ltd (ASX: KIN) on Feb 2018.
Brian serves on the Company’s Audit, Nomination and
Remuneration Committees. With extensive industry
experience and being financially literate, Brian is considered
qualified to hold these responsibilities.
Karen Gadsby
B. Comm., FCA, MAICD
Non-Executive Director
3 April 2008 - current
Non-Executive Director (Independent)
Karen is a professional Non-Executive Director with over 30
years’ finance and commercial experience across several
sectors.
2019 ANNUAL REPORTDIRECTOR'S REPORT She worked as an Executive for North Ltd throughout Australia
for 13 years including at Robe River Iron Associates and
Energy Resources of Australia Ltd.
In the 3 years immediately before the end of the financial
year, Karen was appointed as a non-executive director of
Joyce Corporation Ltd on 1 July 2017 and served as Chair of
Strategen Environmental Consulting Pty Ltd and Community
First International Ltd.
Karen is the Chair of the Audit Committee and a member of
the Nomination and Remuneration Committees. With her
extensive experience in finance and having chaired a number
of Audit Committees, Karen is considered qualified to hold
these responsibilities.
Alan Senior
Asscshp Mech Eng, FIEAUST, FAusIMM
Non-Executive Director
7 November 2007 – 30 November 2018
Former Non-Executive Director (Independent)
Alan graduated from the West Australian Institute of
Technology (Curtin University) with an Associateship in
Mechanical Engineering in 1968. He is an engineer with
extensive experience in design and project development,
mainly associated with the mining and mineral processing
industry in Australia.
Prior to joining Talisman, Alan operated as an independent
consultant servicing the mineral processing industry. Before
joining the Board of Jubilee in 2003, he led the team which
completed the feasibility study for the Cosmos Nickel Project
and its successful implementation, followed three years later
by the transition from open cut to underground mining. Alan
was a non-executive Director of Jubilee Mines NL up until its
purchase by Xstrata.
Alan was Chairman of Talisman for over 8 years. He served
on the Company’s Audit, Nomination and Remuneration
Committees until his retirement on 30 November 2018.
In the 3 years immediately before the end of the financial year,
Alan did not serve as a Director of any other ASX listed entities.
Peter Benjamin
B.Sc. (Hons), Grad Dip (Exploration), (Bus Admin), GAICD,
MAusIMM, FAIM
Non-Executive Director
24 July 2019 - current
Non-Executive Director (Independent)
mineral resources and ore reserves. Peter has previously held
senior management roles at Iluka Resources Limited, Shaw
River Manganese Ltd and Kalamazoo Resources Ltd. Peter is
now a consultant for the resources industry, mainly focusing on
gold, base metals and mineral sands.
In the 3 years immediately before the end of the financial
year, Peter served as a non-executive director of Kalamazoo
Resources Pty Ltd since March 2015 until he resigned in July
2016. He was appointed as managing director at Kalamazoo
Resources Ltd (ASX: KZR) in July 2016 and resigned in July
2018. He also served as a non-executive director of North
Rossa Pty Ltd from August 2016 to September 2017, and was
a non-executive director of Capricorn Resources Limited (ASX:
CMM) from November 2018 to March 2019.
Peter is a member of the Audit, Nomination and Remuneration
Committees. With his extensive geological and senior
exploration management experience, Peter is considered
qualified to hold these responsibilities.
COMPANY SE CRE TARIES
Shaun Vokes
BBus, CPA
Co-Company Secretary
1 May 2016 - current
Co-Company Secretary
Shaun joined Talisman in February 2016. He is a finance
professional with over 27 years’ experience in the metalliferous
resources industry gained predominantly in senior operational
and management roles within Australia and Africa.
Prior to joining Talisman, Shaun spent five years as Manager,
Business Services/CFO for Kabanga Nickel Company Ltd in
Tanzania. Shaun’s experience includes project evaluation and
financing, business development, contract negotiation, metals
marketing, risk management and corporate and financial
governance for both private and ASX-listed entities across a
range of base and precious metals.
Shaun is a graduate of Curtin University and holds a Bachelor
of Business degree and is a member of the Australian Society
of Certified Practicing Accountants.
Alex Neuling
BSc, FCA (ICAEW), FCIS
Co-Company Secretary
1 May 2016 - current
Co-Company Secretary
Peter is a geologist with over 40 years’ experience in senior
exploration, project, operational and executive management
roles for both junior and mid-tier resource companies. These
roles have included significant experience in the development
and subsequent operations for open pit and underground
precious, base metal and bulk mineral mines throughout
Australia. Peter has extensive experience in managing and
implementing exploration strategies which have led to the
successful and ongoing discoveries and delineation of new
Alex Neuling is a Chartered Accountant and Chartered
Secretary with extensive corporate and financial experience
including as Director, Chief Financial Officer and / or Company
Secretary of various ASX-listed companies in the mining,
mineral exploration, oil & gas and other sectors.
Prior to those roles, Alex worked at Deloitte in London and
Perth. Alex also holds an honours degree in chemistry from
the University of Leeds in the United Kingdom and is principal
2727
27
2019 ANNUAL REPORTDIRECTOR'S REPORT of Erasmus Consulting which provides company secretarial
and financial management consultancy services to a variety of
ASX-listed and other companies.
PR INC IPAL ACTIVI TIES
Joint Venture (collectively the Doolgunna Project), where
Sandfire acquired Talisman A Pty Ltd, the subsidiary which
held the Company’s 30% interest in the Doolgunna Project on
a debt-free and cash-free basis. Completion occurred on
12 October 2018 and the Company recorded a profit on sale
of $55.8 million.
The principal activity of Talisman Mining Limited during the
course of the financial year was exploration for base metals and
other minerals, including copper, copper-gold, gold and nickel.
Financial position
RE V IEW OF OP ERATI ON S
AND FUTURE DE VELOP MEN TS
A detailed review of operations during the financial year and
commentary on future developments is set out in the section
titled “Review of Operations” in this Annual Report.
DIV IDENDS
Dividends paid to members during the financial year were as
follows:
• A special dividend of 6.375 cents per share franked to
100% was paid on 21 December 2018.
Since the end of the financial year the Directors have not
recommended any further payment of dividends in respect of
the financial year.
FINA NCI AL PER FO RM ANC E
AND FIN ANC IAL P O SITI ON
Financial performance
During the financial year, the Group reported an operating
profit after tax of $46.2 million (2018: loss after tax
$10.5 million). The Group reported an operating loss
after tax from continuing operations of $6.7 million (2018:
loss after tax $4.2 million).
Revenue for the year of $0.4 million (2018: $0.06 million)
consisted primarily of bank interest earned on the Group’s
short-term deposits held during the year.
During the financial year the Company completed a Share Sale
Agreement with Sandfire Resources NL (Sandfire), its partner
in the Monty Mining Joint Venture and Springfield Exploration
As at 30 June 2019, the Group had net assets of $17.4 million
(2018: $11.6 million) including $10.6 million of cash and cash
equivalents (2018: $0.4 million).
SUBSE QUENT E VENTS
On 24 July 2019, Peter Benjamin was appointed as a non-
executive director of the Company.
On 26 August 2019, the Company announced to the ASX that
it had entered into a farm in agreement on the Lucknow Gold
Project. The Group can earn an initial 51% interest by sole
funding $0.7 million of exploration expenditure within a 24
month period and a further 19% interest by sole funding an
additional $0.8 million of exploration expenditure over a further
24 month period.
On 27 September 2019, the Company announced to ASX
that it had entered into a binding Share Sale Agreement with
Saracen Mineral Holdings Limited (“Saracen”), for the Company
to dispose of its entire interest in the share capital of its wholly
owned subsidiary Talisman Nickel Pty Ltd (the holder of the
Company’s interest in the Sinclair Nickel Project), to Saracen
(“Share Sale”). As part of the consideration for the Share Sale,
the Company, Talisman Nickel Pty Ltd and Saracen have also
executed two NSR Royalty Deeds, for further information see
Note 26.
DIRE CTORS’ MEE TINGS
The following table sets out the number of Directors’ meetings
(including meetings of committees of Directors) held during
the financial year and the number of meetings attended
by each director (while they were a director or committee
member). During the financial year, 12 board meetings, 3 audit
committee meetings, 1 remuneration committee meeting and 1
nomination committee meeting were held.
Board of directors
Audit committee
Remuneration
committee
Nomination committee
Eligible to
attend
Attended
Eligible to
attend
Attended
Eligible to
attend
Attended
Eligible to
attend
Attended
12
4
12
12
12
12
4
12
12
11
3
2
3
3
3
3
2
3
3
3
1
-
1
1
1
1
-
1
1
1
1
-
1
1
1
1
-
1
1
1
Directors
Jeremy Kirkwood
Alan Senior
Daniel Madden
Brian Dawes
Karen Gadsby
Note: Executive Directors attending committee meetings during the year attended all or part of the meeting by invitation of the relevant Committee.
2828
28
2019 ANNUAL REPORTDIRECTOR'S REPORT
D IR E CTORS’ S HA R EHOLD I N GS
The following table sets out each Director’s relevant interest in shares, and options in shares of the Company or a related body
corporate as at the date of this report:
Fully paid ordinary shares
Share Options
Directors
Jeremy Kirkwood
Daniel Madden
Brian Dawes
Karen Gadsby
S HA RE O PTIO NS
Number
419,000
50,000
353,333
311,334
Number
2,500,000
7,500,000
1,750,000
1,750,000
Share options granted to Directors and key management personnel
At the date of this report, share options granted to the Directors and key management personnel of the Company and the entities it
controlled as part of their remuneration are:
Directors and senior
management
Jeremy Kirkwood
Daniel Madden
Brian Dawes
Karen Gadsby
Shaun Vokes
Anthony Greenaway
Number of options granted
Issuing Entity
Number of ordinary shares
under option
2,500,000
7,500,000
1,750,000
1,750,000
2,500,000
2,500,000
Talisman Mining Ltd
Talisman Mining Ltd
Talisman Mining Ltd
Talisman Mining Ltd
Talisman Mining Ltd
Talisman Mining Ltd
2,500,000
7,500,000
1,750,000
1,750,000
2,500,000
2,500,000
Details of all unissued shares or interests under option as at the date of this report are:
Issuing entity
Grant Date
Expiry date
of options
Number of
shares under
option
Exercise price of
options
Fair
Value Vesting Date
Talisman Mining Limited
11-Nov-16
31-Oct-19
Talisman Mining Limited
11-Nov-16
31-Oct-19
Talisman Mining Limited
11-Nov-16
31-Oct-21
Talisman Mining Limited
11-Nov-16
31-Oct-21
150,000
140,000
40,000
40,000
$0.364
$0.270
30-Jun-17
$0.404
$0.230
30-Jun-18
$0.464
$0.320
30-Jun-19
$0.504
$0.320
30-Jun-20
Talisman Mining Limited
07-May-19
31-Oct-20
2,527,780
$0.141
$0.029
31-Oct-19
Talisman Mining Limited
07-May-19
31-Oct-20
2,527,779
$0.158
$0.026
31-Oct-19
Talisman Mining Limited
07-May-19
31-Oct-20
2,527,777
$0.176
$0.024
31-Oct-19
Talisman Mining Limited
07-May-19
31-Oct-21
2,527,780
$0.141
$0.040
30-Apr-20
Talisman Mining Limited
07-May-19
31-Oct-21
2,527,777
$0.158
$0.038
30-Apr-20
Talisman Mining Limited
07-May-19
31-Oct-21
2,527,776
$0.176
$0.036
30-Apr-20
Talisman Mining Limited
07-May-19
31-Oct-22
2,527,780
$0.141
$0.049
31-Oct-20
Talisman Mining Limited
07-May-19
31-Oct-22
2,527,776
$0.158
$0.047
31-Oct-20
Talisman Mining Limited
07-May-19
31-Oct-22
2,527,775
$0.176
$0.045
31-Oct-20
The holders of these options do not have the right, by virtue of the option, to participate in any share issue or interest issue of any
other body corporate or registered scheme.
2929
29
2019 ANNUAL REPORTDIRECTOR'S REPORT REM UNERATION R EP O RT
AUDITOR INDEPENDEN CE
Section 307C of the Corporations Act 2001 requires our
auditors, HLB Mann Judd, to provide the Directors of the
Company with an Independence Declaration in relation to the
audit of the annual report. This Independence Declaration is
set out on page 38 and forms part of this Directors’ report for
the year ended 30 June 2019.
PROCEEDINGS ON BEHALF OF THE
COMPANY
No person has applied for leave of court to bring proceedings
on behalf of the Company or intervene in any proceedings
to which the Company is a party for the purpose of taking
responsibility on behalf of the Company for all or any part of
those proceedings.
ROUNDING OFF OF AMOUN TS
The company has applied the relief available to it in ASIC
Legislative Instrument 2016/91, and accordingly certain
amounts included in this report and in the financial report have
been rounded off to the nearest $1,000 (where rounding is
applicable), under the option available to the Company under
ASIC Corporations (Rounding in Financial/Directors’ Reports)
Instrument 2016/191. The Company is an entity to which this
instrument applies.
The Remuneration Report, which forms part of the Directors’
report, outlines the remuneration arrangements in place for the
Key Management Personnel of Talisman Mining Limited for the
financial year ended 30 June 2019 and is included on page 31.
ENV IRONMEN TAL RE GUL ATI O N S
The Group’s environmental obligations are regulated under
both State and Federal legislation. Performance with respect
to environmental obligations is monitored by the Board of
Directors and subjected from time to time to government
agency audits and site inspections. No significant or material
environmental breaches have been notified by any government
agency during the year ended 30 June 2019.
INDEM NIFICAT ION OF O FFIC E RS
AND AUDITORS
The Company has agreed to indemnify all the Directors of the
Company for any liabilities to another person (other than the
Company or related body corporate) that may arise from their
position as Directors 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 the Directors and officers of
the Company and its controlled entities against any liability
incurred in the course of their duties 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.
NON-AUDIT SERVICES
Details of amounts paid or payable to the auditor for non-audit
services provided during the year by the auditor are outlined in
Note 25 to the financial statements. The Directors are satisfied
that the provision of non-audit services is compatible with the
general standard of independence for auditors imposed by the
Corporations Act 2001.
The Directors are of the opinion that the services do not
compromise the auditor’s independence as all non-audit
services have been reviewed to ensure that they do not impact
the impartiality and objectivity of the auditor and none of the
services undermine the general principles relating to auditor
independence as set out in Code of Conduct APES 110 Code of
Ethics for Professional Accountants issued by the Accounting
Professional & Ethical Standards Board.
3030
30
2019 ANNUAL REPORTDIRECTOR'S REPORT REMUNERATION REPORT
This report, which forms part of the Directors’ report,
outlines the remuneration arrangements in place for the Key
Management Personnel of Talisman Mining Limited for the
year ended 30 June 2019. The information provided in this
remuneration report has been audited as required by Section
308(3C) of the Corporations Act 2001.
The Remuneration Report details the remuneration
arrangements for Key Management Personnel who are defined
as those persons having authority and responsibility for
planning, directing and controlling the major activities of the
Group, directly or indirectly, including any Director (whether
executive or otherwise) of the Group.
• Executive Directors and key management personnel are
motivated to pursue long term growth and success of the
Group within an appropriate control framework;
•
•
interests of key leadership are aligned with the long-term
interests of the Company’s shareholders; and
there is a clear correlation between performance and
remuneration.
The remuneration policy for Executive Directors and other key
management personnel has three main components, fixed
remuneration, long term incentive and a potential discretionary
bonus.
KE Y MAN AGEMENT
PERSONNEL DE TAI LS
The key management personnel of Talisman Mining Limited
during the year were:
Directors
Jeremy Kirkwood
Non-Executive Chairman
Daniel Madden
Managing Director
Brian Dawes
Karen Gadsby
Alan Senior
Non-Executive Director
Non-Executive Director
Non-Executive Director
(Retired 30 November 2018)
Other Key Management
Anthony Greenaway
General Manager – Geology
Shaun Vokes
Chief Financial Officer/
Co-Company Secretary
Except as noted, the named persons held their current
positions for the whole of the financial year and since the
financial year.
KE Y MAN AGEMENT PERSO N NEL
(EXCLUDING N ON-EX E CU TIV E
D IR E CTORS)
The Board is responsible for determining the remuneration
policies for the Group, including those affecting Executive
Directors and other key management personnel. The Board may
seek appropriate external advice to assist in its decision making.
The Company’s remuneration policy for Executive Directors and
key management personnel is designed to promote superior
performance and long term commitment to the Group. The
main principles of the policy when considering remuneration
are as follows:
Fixed remuneration
Fixed remuneration is reviewed annually by the Remuneration
Committee. The process consists of a review of relevant
comparative remuneration in the market and internally and,
where appropriate, external advice on policies and practices.
The Remuneration Committee has access to external,
independent advice where necessary.
Executive Directors and other key management personnel
are given the opportunity to receive their fixed (primary)
remuneration in a variety of forms including cash and fringe
benefits such as motor vehicles and expense payment plans. It
is intended that the manner of payment chosen will be optimal
for the recipient without creating undue cost for the Group. The
fixed remuneration component is detailed in the remuneration
for key management personnel tables for the years ended 30
June 2019 and 30 June 2018.
Long term incentives
To align the interests of key management personnel with the
long-term objectives of the Group and its shareholders, the
Group’s policy, having regard to the stage of development
of its assets, is to issue share options under the shareholder
approved ‘Executive and Employee Equity Plan’ (EEEP) and at
the discretion of the Board, subject to shareholder approval
for Directors. The issue of share options as remuneration
represents cost effective consideration to Directors and key
management personnel for their commitment and contribution
to the Group and are used as a strategic tool to recruit and
retain high calibre personnel. Options issued during the year
vest at various periods during the life of the options and value
is only realised by Directors and key management personnel
upon growth at various premiums to the 5-day volume
weighted share price of the Company’s share price from the
date of the grant of the options.
Vesting conditions relating to the performance of the Group
are not considered appropriate having regard to the stage of
development of the Group’s assets.
3131
31
2019 ANNUAL REPORTREMUNERATION REPORT
Potential discretionary bonus
A potential discretionary bonus may be paid to Executive
Directors and other key management personnel. Any potential
bonus paid is at the discretion of the Remuneration Committee
and will typically be made in recognition of contribution to the
Group’s performance and other significant efforts of Executive
Directors and key management personnel in applicable and
appropriate circumstances. For the financial year ended
30 June 2019, the Remuneration Committee recommended
bonuses totalling $35,000 be paid to two key management
personnel.
NON- EXE CU TIVE DIRE CTORS
The Group’s Non-Executive Directors receive fees (including
statutory superannuation) for their services and the
reimbursement of reasonable expenses. The fees paid to
the Group’s Non-Executive Directors reflect the demands on,
and responsibilities of, the Directors. They do not receive any
retirement benefits (other than compulsory superannuation).
The Board decides annually the level of fees to be paid to Non-
Executive Directors with reference to market standards.
Non-Executive Directors may also receive share options where
this is considered appropriate by the Board as a whole and
with regard to the stage of the Group’s development. Such
options vest across the life of the option and are primarily
designed to provide an incentive to Non-Executive Directors
to remain with the Group. Options issued to Non-Executive
Directors are subject to shareholder approval.
A Non-Executive Directors’ fee pool limit of $300,000 per
annum was originally approved by the shareholders at the
General Meeting on 19 May 2008 and re-approved at the
30 June 2016 General Meeting. For the financial year ended
30 June 2019, this pool was utilised to a level of $219,912
(inclusive of superannuation). The fee paid for the 2019
financial year to the Chairman was $80,000 per annum and
$50,000 per annum for the Non-Executive Directors (excluding
statutory superannuation).
KE Y TERMS OF EMPLOYMENT
CONTRACTS
Remuneration and other terms of employment of Directors and
key management personnel are formalised in an employment
contract. The major provisions of the agreements related to the
remuneration are set out below.
Key
Management
Personnel
Term of Agreement
Key Agreement Terms
Daniel Madden Ongoing employment
agreement
Payment of a termination benefit on early termination by the Group (other
than for gross misconduct) at the end of the notice period, is three months’
base salary. Where the Group elects to dispense with the notice period
and terminate employment, six months’ base salary applies.
Notice
Period
3 months
Shaun Vokes
Ongoing employment
agreement
Termination benefit payable on early termination by the Group (other than
for gross misconduct) is equal to three months’ base salary.
3 months
Anthony
Greenaway
Ongoing employment
agreement
Termination benefit payable on early termination by the Group (other than
for gross misconduct) is equal to one months’ base salary.
1 month
Remuneration for Executive Directors and key management
personnel consists of a base salary, superannuation and
performance incentives. Long term performance incentives
may include options granted at the discretion of the Board
subject to obtaining the relevant approvals. The remuneration
of the Managing Director is recommended to the Board by the
Remuneration Committee. Remuneration of key management
personnel (excluding Non-Executive Directors) is recommended
annually by the Remuneration Committee in consultation with
the Managing Director or equivalent.
3232
32
2019 ANNUAL REPORTREMUNERATION REPORT REM U NERATION OF KE Y M ANAGEMENT PERSONNEL
Details of the nature and amount of each element of the remuneration for key management personnel during the year are set out in
the following tables:
Short-term employee benefits
Post-employment
benefits
Share-
based
payment
Total
Salary &
fees
Non-
monetary
Super-
annuation
Bonus
Long
service
leave
accrual
Options (i)
% of
compensation
linked to
performance
$
$
$
$
$
$
$
%
2019
Directors
Jeremy Kirkwood
80,000
-
-
7,600
-
45,295
132,895
Daniel Madden
350,000
25,000
20,819
35,625
5,834
165,745
603,023
Alan Senior (ii)
Brian Dawes
Karen Gadsby
Executives
20,833
50,000
50,000
-
-
-
Shaun Vokes
265,000
10,000
Anthony Greenaway
275,000
-
-
-
-
-
-
1,979
4,750
4,750
26,125
26,125
-
-
-
-
-
10,150
32,962
31,562
86,312
31,562
86,312
56,222
357,347
56,222
357,347
18.53%
15.73%
1,090,833
35,000
20,819
106,954
5,834
396,758
1,656,198
2018
Directors
Jeremy Kirkwood
80,000
-
-
7,600
-
55,380
142,980
Daniel Madden
350,000
25,000
24,196
35,625
5,833
221,520
662,174
Alan Senior
Brian Dawes
Karen Gadsby
Executives
50,000
50,000
50,000
-
-
-
Shaun Vokes
216,666
25,000
Anthony Greenaway
216,666
25,000
-
-
-
-
-
4,750
4,750
4,750
20,583
20,583
-
-
-
-
-
36,920
91,670
36,920
91,670
36,920
91,670
73,840
336,089
73,840
336,089
29.41%
29.41%
1,013,332
75,000
24,196
96,266
5,833
535,340
1,749,967
(i) The value of share-based payments shown in the table are non-cash values based on an accounting valuation calculated under the Black Scholes option pricing method.
The values above represent the accounting expense recorded over the vesting period of the options. The options were granted in the 2017 and 2019 financial years.
(ii) Alan Senior retired as a Non-Executive Director on 30 November 2018.
3333
33
34.08%
31.63%
30.79%
36.57%
36.57%
38.73%
37.23%
40.27%
40.27%
40.27%
2019 ANNUAL REPORTREMUNERATION REPORT
SHAR E- B ASED REM UN ERAT IO N G RANT ED AS COMPENSATION
Options granted to directors during the financial year were approved by shareholders at an extraordinary general meeting of the
Company on 7 May 2019. Options issued to other Company employees were issued under the employee and executive equity plan.
For details of share-based payments granted during the year refer to Note 19.
Name
Jeremy Kirkwood
Daniel Madden
Brian Dawes
Karen Gadsby
Shaun Vokes
Anthony Greenaway
During the financial year
Number
granted
Number vested
and exercisable
% of grant
vested
% of grant
forfeited
% of compensation for the
year consisting of options
2,500,000
7,500,000
1,750,000
1,750,000
2,500,000
2,500,000
-
-
-
-
-
-
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
34.08%
27.49%
36.57%
36.57%
15.73%
15.73%
(i) The value of options granted during the period is recognised in compensation over the vesting period of the grant, in accordance with Australian accounting standards.
EX ERC ISED
No options granted as compensation in the current and/or prior year were exercised.
FORFE ITED / L AP SED / CAN C EL L ED DURING T HE Y EAR
Name
Jeremy Kirkwood
Daniel Madden
Alan Senior
Brian Dawes
Karen Gadsby
Shaun Vokes
Anthony Greenaway
Number forfeited / lapsed /
cancelled during the year
Financial Year Granted
750,000
3,000,000
300,000
500,000
500,000
1,000,000
1,000,000
FY16/17
FY16/17
FY16/17
FY16/17
FY16/17
FY16/17
FY16/17
3434
34
2019 ANNUAL REPORTREMUNERATION REPORT OT HE R INFOR MATI ON
Shares held by Key Management Personnel
Opening
balance at
1 July
Shares
received on
exercise of
options
Net other
change
Balance on
resignation
Closing balance
at 30 June
Balance held
nominally
Number
Number
Number
Number
Number
Number
2019
Directors
Jeremy Kirkwood
Alan Senior
Daniel Madden
Brian Dawes
Karen Gadsby
Executives
Shaun Vokes
Anthony Greenaway
2018
Directors
Jeremy Kirkwood
Alan Senior
Daniel Madden
Brian Dawes
Karen Gadsby
Executives
Shaun Vokes
Anthony Greenaway
419,000
116,666
50,000
353,333
311,334
-
-
1,250,333
219,000
116,666
50,000
353,333
311,334
-
-
1,050,333
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
200,000
-
-
-
-
-
-
N/A
419,000
-
50,000
353,333
311,334
-
-
-
20,000
66,667
(116,666)
N/A
N/A
N/A
N/A
N/A
-
-
-
-
(116,666)
1,133,667
86,667
N/A
N/A
N/A
N/A
N/A
N/A
N/A
419,000
116,666
50,000
353,333
311,334
-
-
-
20,000
66,667
-
-
-
-
200,000
-
1,250,333
86,667
3535
35
2019 ANNUAL REPORTREMUNERATION REPORT
Options held by Key Management Personnel
Opening
balance at
1 July
Granted as
remuneration
Options
Exercised
Options
Lapsed/
Cancelled/
Forfeited
Balance on
resignation
Closing
balance at
30 June
Vested
but not
exercisable
Vested
during the
year
Vested and
exercisable
at 30 June
Number
Number
Number
Number
Number
Number
Number
Number
Number
2019
Directors
Jeremy Kirkwood
750,000
2,500,000
Daniel Madden
3,000,000
7,500,000
Alan Senior
500,000
-
Brian Dawes
500,000
1,750,000
Karen Gadsby
500,000
1,750,000
Executives
Shaun Vokes
1,000,000
2,500,000
Anthony Greenaway
1,000,000
2,500,000
7,250,000
18,500,000
2018
Directors
Jeremy Kirkwood
750,000
Daniel Madden
3,000,000
500,000
500,000
500,000
Alan Senior
Brian Dawes
Karen Gadsby
Executives
Shaun Vokes
1,000,000
Anthony Greenaway
1,000,000
7,250,000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(750,000)
N/A
2,500,000
(3,000,000)
N/A
7,500,000
(300,000)
(200,000)
-
(500,000)
N/A
1,750,000
(500,000)
N/A
1,750,000
(1,000,000)
N/A
2,500,000
(1,000,000)
N/A
2,500,000
(7,050,000)
(200,000)
18,500,000
-
-
-
-
-
-
-
-
N/A
750,000
N/A
3,000,000
N/A
N/A
N/A
500,000
500,000
500,000
N/A
1,000,000
N/A
1,000,000
-
7,250,000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
150,000
450,000
600,000
1,800,000
100,000
300,000
100,000
300,000
100,000
300,000
200,000
600,000
200,000
600,000
1,450,000
4,350,000
This Directors’ report is signed in accordance with a resolution of Directors made pursuant to s.298(2) of the Corporations Act 2001.
On behalf of the Directors
Daniel Madden
Managing Director
Perth, 27 September 2019
3636
36
2019 ANNUAL REPORTREMUNERATION REPORT
D IR E CTORS’ D E C L ARATI ON
The Directors declare that:
a.
b.
in the Directors’ opinion, there are reasonable grounds to believe that the Company will be able to pay its debts as and when
they become due and payable.
in the Directors’ opinion, the attached financial statements, notes and additional disclosures of the consolidated entity are in
accordance with the Corporations Act 2001, including:
i. complying with Australian Accounting Standards and the Corporations Regulations 2001; and
ii. giving a true and fair view of the Group’s financial position as at 30 June 2019 and performance for the year then ended.
c.
in the Directors’ opinion the attached financial statements and notes thereto are in accordance with International Financial
Reporting Standards issued by the International Accounting Standards Board.
d. the Directors have been given the declarations required by s.295A of the Corporations Act 2001.
Signed in accordance with a resolution of the Directors made pursuant to s.295(5) of the Corporations Act 2001.
On behalf of the Directors
Daniel Madden,
Managing Director
Perth, 27 September 2019
3737
37
2019 ANNUAL REPORTREMUNERATION REPORT
A U D I T O R ’ S I N D E P E N D E N C E D E C L A R A T I O N
AUDITOR’S INDEPENDENCE DECLARATION
As lead auditor for the audit of the consolidated financial report of Talisman Mining Limited for the
year ended 30 June 2019, I declare that to the best of my knowledge and belief, there have been
no contraventions of:
a)
the auditor independence requirements of the Corporations Act 2001 in relation to the
audit; and
b)
any applicable code of professional conduct in relation to the audit.
Perth, Western Australia
27 September 2019
L Di Giallonardo
Partner
3838
38
2019 ANNUAL REPORT
(cid:3)
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(cid:86)(cid:76)(cid:74)(cid:81)(cid:76)(cid:73)(cid:76)(cid:70)(cid:68)(cid:81)(cid:87)(cid:3)(cid:68)(cid:70)(cid:70)(cid:82)(cid:88)(cid:81)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)(cid:83)(cid:82)(cid:79)(cid:76)(cid:70)(cid:76)(cid:72)(cid:86)(cid:15)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:71)(cid:76)(cid:85)(cid:72)(cid:70)(cid:87)(cid:82)(cid:85)(cid:86)(cid:182)(cid:3)(cid:71)(cid:72)(cid:70)(cid:79)(cid:68)(cid:85)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:17)(cid:3)(cid:3)(cid:3)
(cid:3)
(cid:44)(cid:81)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:82)(cid:83)(cid:76)(cid:81)(cid:76)(cid:82)(cid:81)(cid:15)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:68)(cid:70)(cid:70)(cid:82)(cid:80)(cid:83)(cid:68)(cid:81)(cid:92)(cid:76)(cid:81)(cid:74)(cid:3)(cid:73)(cid:76)(cid:81)(cid:68)(cid:81)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3)(cid:85)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:3)(cid:82)(cid:73)(cid:3)(cid:55)(cid:68)(cid:79)(cid:76)(cid:86)(cid:80)(cid:68)(cid:81)(cid:3)(cid:48)(cid:76)(cid:81)(cid:76)(cid:81)(cid:74)(cid:3)(cid:47)(cid:76)(cid:80)(cid:76)(cid:87)(cid:72)(cid:71)(cid:3)(cid:76)(cid:86)(cid:3)(cid:76)(cid:81)(cid:3)(cid:68)(cid:70)(cid:70)(cid:82)(cid:85)(cid:71)(cid:68)(cid:81)(cid:70)(cid:72)(cid:3)(cid:90)(cid:76)(cid:87)(cid:75)(cid:3)
(cid:87)(cid:75)(cid:72)(cid:3)Corporations Act 2001(cid:15)(cid:3)(cid:76)(cid:81)(cid:70)(cid:79)(cid:88)(cid:71)(cid:76)(cid:81)(cid:74)(cid:29)(cid:3)(cid:3)
(cid:3)
(cid:68)(cid:12)(cid:3) (cid:74)(cid:76)(cid:89)(cid:76)(cid:81)(cid:74)(cid:3) (cid:68)(cid:3) (cid:87)(cid:85)(cid:88)(cid:72)(cid:3) (cid:68)(cid:81)(cid:71)(cid:3) (cid:73)(cid:68)(cid:76)(cid:85)(cid:3) (cid:89)(cid:76)(cid:72)(cid:90)(cid:3) (cid:82)(cid:73)(cid:3) (cid:87)(cid:75)(cid:72)(cid:3) (cid:42)(cid:85)(cid:82)(cid:88)(cid:83)(cid:182)(cid:86)(cid:3) (cid:73)(cid:76)(cid:81)(cid:68)(cid:81)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3) (cid:83)(cid:82)(cid:86)(cid:76)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3) (cid:68)(cid:86)(cid:3) (cid:68)(cid:87)(cid:3) (cid:22)(cid:19)(cid:3) (cid:45)(cid:88)(cid:81)(cid:72)(cid:3) (cid:21)(cid:19)(cid:20)(cid:28)(cid:3) (cid:68)(cid:81)(cid:71)(cid:3) (cid:82)(cid:73)(cid:3) (cid:76)(cid:87)(cid:86)(cid:3)
(cid:3)
(cid:73)(cid:76)(cid:81)(cid:68)(cid:81)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3)(cid:83)(cid:72)(cid:85)(cid:73)(cid:82)(cid:85)(cid:80)(cid:68)(cid:81)(cid:70)(cid:72)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:92)(cid:72)(cid:68)(cid:85)(cid:3)(cid:87)(cid:75)(cid:72)(cid:81)(cid:3)(cid:72)(cid:81)(cid:71)(cid:72)(cid:71)(cid:30)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:3)
(cid:3)
(cid:69)(cid:12)(cid:3) (cid:70)(cid:82)(cid:80)(cid:83)(cid:79)(cid:92)(cid:76)(cid:81)(cid:74)(cid:3)(cid:90)(cid:76)(cid:87)(cid:75)(cid:3)(cid:36)(cid:88)(cid:86)(cid:87)(cid:85)(cid:68)(cid:79)(cid:76)(cid:68)(cid:81)(cid:3)(cid:36)(cid:70)(cid:70)(cid:82)(cid:88)(cid:81)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)(cid:54)(cid:87)(cid:68)(cid:81)(cid:71)(cid:68)(cid:85)(cid:71)(cid:86)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)Corporations Regulations 2001(cid:17)(cid:3)(cid:3)
(cid:3)
Basis for opinion
(cid:58)(cid:72)(cid:3) (cid:70)(cid:82)(cid:81)(cid:71)(cid:88)(cid:70)(cid:87)(cid:72)(cid:71)(cid:3) (cid:82)(cid:88)(cid:85)(cid:3) (cid:68)(cid:88)(cid:71)(cid:76)(cid:87)(cid:3) (cid:76)(cid:81)(cid:3) (cid:68)(cid:70)(cid:70)(cid:82)(cid:85)(cid:71)(cid:68)(cid:81)(cid:70)(cid:72)(cid:3) (cid:90)(cid:76)(cid:87)(cid:75)(cid:3) (cid:36)(cid:88)(cid:86)(cid:87)(cid:85)(cid:68)(cid:79)(cid:76)(cid:68)(cid:81)(cid:3) (cid:36)(cid:88)(cid:71)(cid:76)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3) (cid:54)(cid:87)(cid:68)(cid:81)(cid:71)(cid:68)(cid:85)(cid:71)(cid:86)(cid:17)(cid:3) (cid:50)(cid:88)(cid:85)(cid:3) (cid:85)(cid:72)(cid:86)(cid:83)(cid:82)(cid:81)(cid:86)(cid:76)(cid:69)(cid:76)(cid:79)(cid:76)(cid:87)(cid:76)(cid:72)(cid:86)(cid:3)
(cid:88)(cid:81)(cid:71)(cid:72)(cid:85)(cid:3)(cid:87)(cid:75)(cid:82)(cid:86)(cid:72)(cid:3)(cid:86)(cid:87)(cid:68)(cid:81)(cid:71)(cid:68)(cid:85)(cid:71)(cid:86)(cid:3)(cid:68)(cid:85)(cid:72)(cid:3)(cid:73)(cid:88)(cid:85)(cid:87)(cid:75)(cid:72)(cid:85)(cid:3)(cid:71)(cid:72)(cid:86)(cid:70)(cid:85)(cid:76)(cid:69)(cid:72)(cid:71)(cid:3)(cid:76)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3) Auditor’s Responsibilities for the Audit of the
Financial Report (cid:86)(cid:72)(cid:70)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:82)(cid:73)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:85)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:17)(cid:3)(cid:58)(cid:72)(cid:3)(cid:68)(cid:85)(cid:72)(cid:3)(cid:76)(cid:81)(cid:71)(cid:72)(cid:83)(cid:72)(cid:81)(cid:71)(cid:72)(cid:81)(cid:87)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:42)(cid:85)(cid:82)(cid:88)(cid:83)(cid:3)(cid:76)(cid:81)(cid:3)(cid:68)(cid:70)(cid:70)(cid:82)(cid:85)(cid:71)(cid:68)(cid:81)(cid:70)(cid:72)(cid:3)(cid:90)(cid:76)(cid:87)(cid:75)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)
(cid:68)(cid:88)(cid:71)(cid:76)(cid:87)(cid:82)(cid:85)(cid:3)(cid:76)(cid:81)(cid:71)(cid:72)(cid:83)(cid:72)(cid:81)(cid:71)(cid:72)(cid:81)(cid:70)(cid:72)(cid:3)(cid:85)(cid:72)(cid:84)(cid:88)(cid:76)(cid:85)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:86)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)Corporations Act 2001 (cid:68)(cid:81)(cid:71)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:72)(cid:87)(cid:75)(cid:76)(cid:70)(cid:68)(cid:79)(cid:3)(cid:85)(cid:72)(cid:84)(cid:88)(cid:76)(cid:85)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:86)(cid:3)(cid:82)(cid:73)(cid:3)
(cid:87)(cid:75)(cid:72)(cid:3) (cid:36)(cid:70)(cid:70)(cid:82)(cid:88)(cid:81)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3) (cid:51)(cid:85)(cid:82)(cid:73)(cid:72)(cid:86)(cid:86)(cid:76)(cid:82)(cid:81)(cid:68)(cid:79)(cid:3) (cid:68)(cid:81)(cid:71)(cid:3) (cid:40)(cid:87)(cid:75)(cid:76)(cid:70)(cid:68)(cid:79)(cid:3) (cid:54)(cid:87)(cid:68)(cid:81)(cid:71)(cid:68)(cid:85)(cid:71)(cid:86)(cid:3) (cid:37)(cid:82)(cid:68)(cid:85)(cid:71)(cid:182)(cid:86)(cid:3) (cid:36)(cid:51)(cid:40)(cid:54)(cid:3) (cid:20)(cid:20)(cid:19)(cid:3) Code of Ethics for
Professional Accountants (cid:11)(cid:179)(cid:87)(cid:75)(cid:72)(cid:3) (cid:38)(cid:82)(cid:71)(cid:72)(cid:180)(cid:12)(cid:3) (cid:87)(cid:75)(cid:68)(cid:87)(cid:3) (cid:68)(cid:85)(cid:72)(cid:3) (cid:85)(cid:72)(cid:79)(cid:72)(cid:89)(cid:68)(cid:81)(cid:87)(cid:3) (cid:87)(cid:82)(cid:3) (cid:82)(cid:88)(cid:85)(cid:3) (cid:68)(cid:88)(cid:71)(cid:76)(cid:87)(cid:3) (cid:82)(cid:73)(cid:3) (cid:87)(cid:75)(cid:72)(cid:3) (cid:73)(cid:76)(cid:81)(cid:68)(cid:81)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3) (cid:85)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:3) (cid:76)(cid:81)(cid:3)
(cid:36)(cid:88)(cid:86)(cid:87)(cid:85)(cid:68)(cid:79)(cid:76)(cid:68)(cid:17)(cid:3)(cid:58)(cid:72)(cid:3)(cid:75)(cid:68)(cid:89)(cid:72)(cid:3)(cid:68)(cid:79)(cid:86)(cid:82)(cid:3)(cid:73)(cid:88)(cid:79)(cid:73)(cid:76)(cid:79)(cid:79)(cid:72)(cid:71)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:82)(cid:87)(cid:75)(cid:72)(cid:85)(cid:3)(cid:72)(cid:87)(cid:75)(cid:76)(cid:70)(cid:68)(cid:79)(cid:3)(cid:85)(cid:72)(cid:86)(cid:83)(cid:82)(cid:81)(cid:86)(cid:76)(cid:69)(cid:76)(cid:79)(cid:76)(cid:87)(cid:76)(cid:72)(cid:86)(cid:3)(cid:76)(cid:81)(cid:3)(cid:68)(cid:70)(cid:70)(cid:82)(cid:85)(cid:71)(cid:68)(cid:81)(cid:70)(cid:72)(cid:3)(cid:90)(cid:76)(cid:87)(cid:75)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:38)(cid:82)(cid:71)(cid:72)(cid:17)(cid:3)(cid:3)
(cid:3)
(cid:58)(cid:72)(cid:3)(cid:69)(cid:72)(cid:79)(cid:76)(cid:72)(cid:89)(cid:72)(cid:3)(cid:87)(cid:75)(cid:68)(cid:87)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:68)(cid:88)(cid:71)(cid:76)(cid:87)(cid:3)(cid:72)(cid:89)(cid:76)(cid:71)(cid:72)(cid:81)(cid:70)(cid:72)(cid:3)(cid:90)(cid:72)(cid:3)(cid:75)(cid:68)(cid:89)(cid:72)(cid:3)(cid:82)(cid:69)(cid:87)(cid:68)(cid:76)(cid:81)(cid:72)(cid:71)(cid:3)(cid:76)(cid:86)(cid:3)(cid:86)(cid:88)(cid:73)(cid:73)(cid:76)(cid:70)(cid:76)(cid:72)(cid:81)(cid:87)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:68)(cid:83)(cid:83)(cid:85)(cid:82)(cid:83)(cid:85)(cid:76)(cid:68)(cid:87)(cid:72)(cid:3)(cid:87)(cid:82)(cid:3)(cid:83)(cid:85)(cid:82)(cid:89)(cid:76)(cid:71)(cid:72)(cid:3)(cid:68)(cid:3)(cid:69)(cid:68)(cid:86)(cid:76)(cid:86)(cid:3)
(cid:73)(cid:82)(cid:85)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:82)(cid:83)(cid:76)(cid:81)(cid:76)(cid:82)(cid:81)(cid:17)(cid:3)(cid:3)
(cid:3)
(cid:3)
Key audit matters
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(cid:76)(cid:81)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:68)(cid:88)(cid:71)(cid:76)(cid:87)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:73)(cid:76)(cid:81)(cid:68)(cid:81)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3)(cid:85)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:70)(cid:88)(cid:85)(cid:85)(cid:72)(cid:81)(cid:87)(cid:3)(cid:83)(cid:72)(cid:85)(cid:76)(cid:82)(cid:71)(cid:17)(cid:3)(cid:55)(cid:75)(cid:72)(cid:86)(cid:72)(cid:3)(cid:80)(cid:68)(cid:87)(cid:87)(cid:72)(cid:85)(cid:86)(cid:3)(cid:90)(cid:72)(cid:85)(cid:72)(cid:3)(cid:68)(cid:71)(cid:71)(cid:85)(cid:72)(cid:86)(cid:86)(cid:72)(cid:71)(cid:3)(cid:76)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:70)(cid:82)(cid:81)(cid:87)(cid:72)(cid:91)(cid:87)(cid:3)
(cid:82)(cid:73)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:68)(cid:88)(cid:71)(cid:76)(cid:87)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:73)(cid:76)(cid:81)(cid:68)(cid:81)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3)(cid:85)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:3)(cid:68)(cid:86)(cid:3)(cid:68)(cid:3)(cid:90)(cid:75)(cid:82)(cid:79)(cid:72)(cid:15)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:76)(cid:81)(cid:3)(cid:73)(cid:82)(cid:85)(cid:80)(cid:76)(cid:81)(cid:74)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:82)(cid:83)(cid:76)(cid:81)(cid:76)(cid:82)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:85)(cid:72)(cid:82)(cid:81)(cid:15)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:90)(cid:72)(cid:3)(cid:71)(cid:82)(cid:3)(cid:81)(cid:82)(cid:87)(cid:3)
(cid:83)(cid:85)(cid:82)(cid:89)(cid:76)(cid:71)(cid:72)(cid:3)(cid:68)(cid:3)(cid:86)(cid:72)(cid:83)(cid:68)(cid:85)(cid:68)(cid:87)(cid:72)(cid:3)(cid:82)(cid:83)(cid:76)(cid:81)(cid:76)(cid:82)(cid:81)(cid:3)(cid:82)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:86)(cid:72)(cid:3)(cid:80)(cid:68)(cid:87)(cid:87)(cid:72)(cid:85)(cid:86)(cid:17)(cid:3)(cid:58)(cid:72)(cid:3)(cid:75)(cid:68)(cid:89)(cid:72)(cid:3)(cid:71)(cid:72)(cid:87)(cid:72)(cid:85)(cid:80)(cid:76)(cid:81)(cid:72)(cid:71)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:80)(cid:68)(cid:87)(cid:87)(cid:72)(cid:85)(cid:86)(cid:3)(cid:71)(cid:72)(cid:86)(cid:70)(cid:85)(cid:76)(cid:69)(cid:72)(cid:71)(cid:3)(cid:69)(cid:72)(cid:79)(cid:82)(cid:90)(cid:3)(cid:87)(cid:82)(cid:3)
(cid:69)(cid:72)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:78)(cid:72)(cid:92)(cid:3)(cid:68)(cid:88)(cid:71)(cid:76)(cid:87)(cid:3)(cid:80)(cid:68)(cid:87)(cid:87)(cid:72)(cid:85)(cid:3)(cid:87)(cid:82)(cid:3)(cid:69)(cid:72)(cid:3)(cid:70)(cid:82)(cid:80)(cid:80)(cid:88)(cid:81)(cid:76)(cid:70)(cid:68)(cid:87)(cid:72)(cid:71)(cid:3)(cid:76)(cid:81)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:85)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:17)(cid:3)
(cid:3)
(cid:3)
3939
39
2019 ANNUAL REPORTINDEPENDENT AUDITOR’S REPORT
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Information other than the financial report and auditor’s report thereon
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4040
40
2019 ANNUAL REPORTINDEPENDENT AUDITOR’S REPORT
Responsibilities of the directors for the financial report
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(cid:3)
(cid:3)
Auditor’s responsibilities for the audit of the financial report
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(cid:3)
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(cid:3)
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4141
41
2019 ANNUAL REPORTINDEPENDENT AUDITOR’S REPORT
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(cid:86)(cid:75)(cid:82)(cid:88)(cid:79)(cid:71)(cid:3)(cid:81)(cid:82)(cid:87)(cid:3)(cid:69)(cid:72)(cid:3)(cid:70)(cid:82)(cid:80)(cid:80)(cid:88)(cid:81)(cid:76)(cid:70)(cid:68)(cid:87)(cid:72)(cid:71)(cid:3)(cid:76)(cid:81)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:85)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:3)(cid:69)(cid:72)(cid:70)(cid:68)(cid:88)(cid:86)(cid:72)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:68)(cid:71)(cid:89)(cid:72)(cid:85)(cid:86)(cid:72)(cid:3)(cid:70)(cid:82)(cid:81)(cid:86)(cid:72)(cid:84)(cid:88)(cid:72)(cid:81)(cid:70)(cid:72)(cid:86)(cid:3)(cid:82)(cid:73)(cid:3)(cid:71)(cid:82)(cid:76)(cid:81)(cid:74)(cid:3)(cid:86)(cid:82)(cid:3)(cid:90)(cid:82)(cid:88)(cid:79)(cid:71)(cid:3)
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(cid:3)
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(cid:3)
(cid:3)
Opinion on the Remuneration Report
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(cid:22)(cid:19)(cid:3)(cid:45)(cid:88)(cid:81)(cid:72)(cid:3)(cid:21)(cid:19)(cid:20)(cid:28)(cid:17)(cid:3)(cid:3)
(cid:3)(cid:3)
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(cid:21)(cid:19)(cid:20)(cid:28)(cid:3)(cid:70)(cid:82)(cid:80)(cid:83)(cid:79)(cid:76)(cid:72)(cid:86)(cid:3)(cid:90)(cid:76)(cid:87)(cid:75)(cid:3)(cid:86)(cid:72)(cid:70)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:22)(cid:19)(cid:19)(cid:36)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)Corporations Act 2001(cid:17)(cid:3)
(cid:3)
(cid:3)
Responsibilities
(cid:55)(cid:75)(cid:72)(cid:3) (cid:71)(cid:76)(cid:85)(cid:72)(cid:70)(cid:87)(cid:82)(cid:85)(cid:86)(cid:3) (cid:82)(cid:73)(cid:3) (cid:87)(cid:75)(cid:72)(cid:3) (cid:38)(cid:82)(cid:80)(cid:83)(cid:68)(cid:81)(cid:92)(cid:3) (cid:68)(cid:85)(cid:72)(cid:3) (cid:85)(cid:72)(cid:86)(cid:83)(cid:82)(cid:81)(cid:86)(cid:76)(cid:69)(cid:79)(cid:72)(cid:3) (cid:73)(cid:82)(cid:85)(cid:3) (cid:87)(cid:75)(cid:72)(cid:3) (cid:83)(cid:85)(cid:72)(cid:83)(cid:68)(cid:85)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3) (cid:68)(cid:81)(cid:71)(cid:3) (cid:83)(cid:85)(cid:72)(cid:86)(cid:72)(cid:81)(cid:87)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3) (cid:82)(cid:73)(cid:3) (cid:87)(cid:75)(cid:72)(cid:3)
(cid:53)(cid:72)(cid:80)(cid:88)(cid:81)(cid:72)(cid:85)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3) (cid:53)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:3) (cid:76)(cid:81)(cid:3) (cid:68)(cid:70)(cid:70)(cid:82)(cid:85)(cid:71)(cid:68)(cid:81)(cid:70)(cid:72)(cid:3) (cid:90)(cid:76)(cid:87)(cid:75)(cid:3) (cid:86)(cid:72)(cid:70)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3) (cid:22)(cid:19)(cid:19)(cid:36)(cid:3) (cid:82)(cid:73)(cid:3) (cid:87)(cid:75)(cid:72)(cid:3) Corporations Act 2001(cid:17)(cid:3) (cid:3) (cid:50)(cid:88)(cid:85)(cid:3)
(cid:85)(cid:72)(cid:86)(cid:83)(cid:82)(cid:81)(cid:86)(cid:76)(cid:69)(cid:76)(cid:79)(cid:76)(cid:87)(cid:92)(cid:3)(cid:76)(cid:86)(cid:3)(cid:87)(cid:82)(cid:3)(cid:72)(cid:91)(cid:83)(cid:85)(cid:72)(cid:86)(cid:86)(cid:3)(cid:68)(cid:81)(cid:3)(cid:82)(cid:83)(cid:76)(cid:81)(cid:76)(cid:82)(cid:81)(cid:3)(cid:82)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:53)(cid:72)(cid:80)(cid:88)(cid:81)(cid:72)(cid:85)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:53)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:15)(cid:3)(cid:69)(cid:68)(cid:86)(cid:72)(cid:71)(cid:3)(cid:82)(cid:81)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:68)(cid:88)(cid:71)(cid:76)(cid:87)(cid:3)(cid:70)(cid:82)(cid:81)(cid:71)(cid:88)(cid:70)(cid:87)(cid:72)(cid:71)(cid:3)
(cid:76)(cid:81)(cid:3)(cid:68)(cid:70)(cid:70)(cid:82)(cid:85)(cid:71)(cid:68)(cid:81)(cid:70)(cid:72)(cid:3)(cid:90)(cid:76)(cid:87)(cid:75)(cid:3)(cid:36)(cid:88)(cid:86)(cid:87)(cid:85)(cid:68)(cid:79)(cid:76)(cid:68)(cid:81)(cid:3)(cid:36)(cid:88)(cid:71)(cid:76)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)(cid:54)(cid:87)(cid:68)(cid:81)(cid:71)(cid:68)(cid:85)(cid:71)(cid:86)(cid:17)(cid:3)
(cid:3)
(cid:3)
(cid:3)
(cid:3)
(cid:3)
(cid:3)
(cid:3)
(cid:43)(cid:47)(cid:37)(cid:3)(cid:48)(cid:68)(cid:81)(cid:81)(cid:3)(cid:45)(cid:88)(cid:71)(cid:71)(cid:3)
(cid:38)(cid:75)(cid:68)(cid:85)(cid:87)(cid:72)(cid:85)(cid:72)(cid:71)(cid:3)(cid:36)(cid:70)(cid:70)(cid:82)(cid:88)(cid:81)(cid:87)(cid:68)(cid:81)(cid:87)(cid:86)(cid:3)
(cid:3)
(cid:51)(cid:72)(cid:85)(cid:87)(cid:75)(cid:15)(cid:3)(cid:58)(cid:72)(cid:86)(cid:87)(cid:72)(cid:85)(cid:81)(cid:3)(cid:36)(cid:88)(cid:86)(cid:87)(cid:85)(cid:68)(cid:79)(cid:76)(cid:68)(cid:3)
(cid:21)(cid:26)(cid:3)(cid:54)(cid:72)(cid:83)(cid:87)(cid:72)(cid:80)(cid:69)(cid:72)(cid:85)(cid:3)(cid:21)(cid:19)(cid:20)(cid:28)(cid:3)
(cid:47)(cid:3)(cid:39)(cid:76)(cid:3)(cid:42)(cid:76)(cid:68)(cid:79)(cid:79)(cid:82)(cid:81)(cid:68)(cid:85)(cid:71)(cid:82)(cid:3)(cid:3)
(cid:51)(cid:68)(cid:85)(cid:87)(cid:81)(cid:72)(cid:85)(cid:3)
4242
42
2019 ANNUAL REPORTINDEPENDENT AUDITOR’S REPORT
4343
43
2019 ANNUAL REPORT INDEX TO THE FINANCIAL
REPORT
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
CONSOLIDATED STATEMENT OF CASH FLOWS
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Note 1: Statement of Significant Accounting Policies
Note 2: Revenue and Expenses
Note 3: Income tax
Note 4: Segment Reporting
Note 5: Discontinued Operations and Assets and Liabilities Classified as Held for Sale
Note 6: Earnings/Loss Per Share
Note 7: Dividends
Note 8: Cash and Cash Equivalents
Note 9: Trade and Other Receivables
Note 10 : Property, plant and equipment
Note 11: Intangible Assets
Note 12: Deferred exploration and evaluation expenditure
Note 13: Mine Properties and Development
Note 14: Trade and Other Payables
Note 15: Borrowings
Note 16: Provisions
Note 17: Issued Capital
Note 18: Reserves
Note 19: Share-Based Payment Plans
Note 20: Financial Instruments
Note 21: Commitments and Contingencies
Note 22: Related Party Disclosures
Note 23: Interest in Subsidiaries
Note 24: Parent Entity Disclosures
Note 25: Auditor’s Remuneration
Note 26: Subsequent Events
Directors Declaration
ADDITIONAL SECURITIES EXCHANGE INFORMATION
4444
44
45
46
47
48
49
49
51
52
54
55
59
59
60
61
62
63
63
64
65
65
67
68
69
69
72
74
75
75
76
77
77
78
79
2019 ANNUAL REPORT CONSOLIDATED STATEMENT
OF FINANCIAL POSITION
AS AT 30 JUN E 201 9
Assets
Current Assets
Cash and cash equivalents
Trade and other receivables
Assets classified as held for sale
Total Current Assets
Non-Current Assets
Receivables
Property, plant and equipment
Intangible assets
Deferred exploration and evaluation expenditure
Total Non-Current Assets
Total Assets
Liabilities
Current Liabilities
Trade and other payables
Provisions
Note
30 Jun 19
30 Jun 18
$ `000
$ `000
8
9
5(ii)
9
10
11
12
14
16
10,591
270
16,123
26,984
120
334
55
-
509
27,493
470
253
21,350
22,073
179
2,772
24
14,000
16,975
39,048
945
788
56
50
Liabilities directly associated with assets held for sale
5(ii)
9,139
17,774
Total Current Liabilities
10,140
18,612
Non-Current Liabilities
Provisions
Total Non-Current Liabilities
Total Liabilities
Net Assets
Equity
Issued capital
Reserves
Accumulated losses
Total Equity
16
-
8,792
-
8,792
10,140
27,404
17,353
11,644
17
18
31,866
60,882
240
1,679
(14,753)
(50,917)
17,353
11,644
The accompanying notes form part of these financial statements.
4545
45
2019 ANNUAL REPORT
CONSOLIDATED STATEMENT
OF COMPREHENSIVE INCOME
FOR TH E YEA R EN DED 30 J UN E 2019
Continuing operations
Revenue
Other income
Exploration expenditure expensed as incurred
Employee benefits expense
Legal and Corporate Advisory expenses
Administrative expenses
Occupancy expenses
Finance costs
Impairment of available-for-sale financial assets
Depreciation and amortisation expense
Note
30 Jun 19
Restated (i)
30 Jun 18
$ `000
$ `000
2
2
12
2
2
2
432
10
(3,242)
(1,760)
(914)
(871)
(122)
(75)
-
(117)
60
-
(1,484)
(1,626)
(399)
(452)
(119)
-
(107)
(77)
Loss before income tax expense from continuing operations
(6,659)
(4,204)
Income tax (expense)
Loss after tax from continuing operations
3
-
-
(6,659)
(4,204)
Discontinued operations
Profit / (loss) after tax from discontinued operations
5
52,895
(6,319)
Net profit / (loss) for the year
46,236
(10,523)
Other comprehensive income for the year, net of tax
Items that have been reclassified to profit or loss
Net change in the fair value of available-for-sale financial assets
Other comprehensive loss for the year, net of tax
Total comprehensive income / (loss) for the year
Earnings / (loss) per share:
From continuing and discontinued operations:
Basic earnings / (loss) per share (cents per share)
Diluted earnings / (loss) per share (cents per share)
From continuing operations:
Basic loss per share (cents per share)
Diluted loss per share (cents per share)
(i) The comparatives have been restated for the discontinued operation.
-
-
(14)
(14)
46,236
(10,537)
6
6
6
6
24.90
24.90
(3.59)
(3.59)
(5.67)
n/a
(2.26)
n/a
The accompanying notes form part of these financial statements.
4646
46
2019 ANNUAL REPORT
CONSOLIDATED STATEMENT
OF CASH FLOWS
FO R TH E YEAR EN DED 30 J U NE 2019
Cash flows from operating activities
Payments to suppliers and employees
Payments for exploration and evaluation
Transaction finance costs
Receipts of R&D tax rebate
Interest received
Note
30 Jun 19
30 Jun 18
$ `000
$ `000
inflows/(outflows)
(3,305)
(4,758)
(483)
-
447
(2,495)
(4,066)
(1,659)
84
100
Net cash used in operating activities
8
(8,099)
(8,036)
Cash flows from investing activities
Payments for mine properties and development
Payments for property, plant and equipment
Proceeds from disposal of entity (net of sale costs)
Reallocation of cash to available for sale assets
Net cash provided by / (used in) investing activities
Cash flows from financing activities
Proceeds from borrowings
Transaction costs relating to borrowings
Repayment of borrowings
Dividends paid
Return of capital
-
(311)
71,230
(27)
70,892
2,036
(105)
(18,628)
(11,838)
(29,016)
(6,026)
(7,099)
-
(4,879)
(18,004)
14,915
-
-
-
-
5(i)
5(ii)
8,15
8
8,15
7,18
17
Net cash provided by / (used in) financing activities
(57,551)
14,915
Net increase / (decrease) in cash held
Cash and cash equivalents at the beginning of the period (*)
5,242
5,349
Cash and cash equivalents at the end of the period
8
10,591
(11,125)
11,595
470
(*) Cash and cash equivalents at 30 June 2018
Cash previously classified as available for sale at 30 June 2018
Adjusted opening cash and cash equivalents balance
470
4,879
5,349
The accompanying notes form part of these financial statements.
4747
47
2019 ANNUAL REPORT
CONSOLIDATED STATEMENT
OF CHANGES IN EQUIT Y
FOR TH E YEA R EN DED 30 J UN E 2019
Issued
Capital
Accumulated
Losses
Dividend
Payment
Reserve
Asset
Revaluation
Reserve
Share-
based
Payments
Reserve
Total
Equity
$ `000
$ `000
$ `000
$ `000
$ `000
$ `000
-
-
-
-
-
-
-
-
-
-
-
Balance at 1 July 2017
60,882
(40,574)
Loss for the period
Other comprehensive loss
Total comprehensive loss for the period
Recognition of share-based payments
Unlisted options lapsed
-
-
-
-
-
(10,523)
-
(10,523)
-
180
Balance at 30 June 2018
60,882
(50,917)
Balance at 1 July 2018
60,882
(50,917)
Profit for the period
Other comprehensive income
Total comprehensive income for the period
Profit set aside for dividend (*)
Dividends paid
Return of capital
Recognition of share-based payments
Unlisted options forfeited
Unlisted options cancelled or lapsed
-
-
-
-
-
(29,016)
-
-
-
46,236
-
46,236
-
-
-
-
1,766
Balance at 30 June 2019
31,866
(14,753)
(11,838)
11,838
(11,838)
-
-
-
-
-
14
-
(14)
(14)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,293
21,615
-
-
(10,523)
(14)
-
(10,537)
566
566
(180)
-
1,679
11,644
1,679
11,644
-
-
-
-
-
-
46,236
-
46,236
-
(11,838)
(29,016)
372
(45)
(1,766)
372
(45)
-
240
17,353
(*) Transfer of proportion of current period profit to reserve to facilitate payment of fully franked special dividend of 6.375 cents per ordinary share paid on 21 December 2018.
The accompanying notes form part of these financial statements.
4848
48
2019 ANNUAL REPORT
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FO R TH E YEAR EN DED 30 J U NE 2019
NOTE 1: STATEMENT OF SIGNIFICANT
ACCOUNTING POLICIES
Talisman Mining Limited (the Company) is a public company
listed on the Australian Securities Exchange (trading under the
symbol “TLM”) and incorporated and operating in Australia.
The Company’s Registered Office and its principal place of
business are as follows:
Level 11 / 2 Mill Street
Perth
Western Australia 6000
The nature of the operations and principal activities of the
Company are described in the Directors’ Report.
SIGNIFICANT ACCOUNTING POLICIES
(b) Adoption of new and revised standards
Standards and Interpretations applicable to 30 June 2019
In the year ended 30 June 2019, the Directors have reviewed all
of the new and revised Standards and Interpretations issued
by the AASB that are relevant to the Group and effective for
the current annual reporting period.
As a result of this review, the Directors have determined that
there is no material impact of the new and revised Standards
and Interpretations on the Group and, therefore, no material
change is necessary to Group accounting policies.
AASB 9 Financial Instruments
AASB 9 replaces AASB 139 Financial Instruments: Recognition
and Measurement and makes changes to a number of areas
including classification of financial instruments, measurements,
impairment of financial assets and hedge accounting model.
(a) Basis of preparation
The Group has adopted AASB 9 from 1 July 2018.
These financial statements are general purpose financial
statements, which have been prepared in accordance with
the requirements of the Corporations Act 2001, Accounting
Standards and Interpretations and comply with other
requirements of the law.
The financial statements comprise the consolidated financial
statements for the Group. For the purposes of preparing
the consolidated financial statements, the Company is a
for-profit entity.
The accounting policies detailed below have been consistently
applied to all of the years presented unless otherwise stated.
The financial statements are for the Group consisting of
Talisman Mining Limited and its subsidiaries.
The financial statements have been prepared on a historical
cost basis. Historical cost is based on the fair values of the
consideration given in exchange for goods and services.
The financial statements are presented in Australian dollars
and all values are rounded to the nearest thousand dollars
($’000) unless otherwise stated as permitted by the option
available to the Company under ASIC Corporations (Rounding
in Financial/Director’s Reports) Instrument 2016/191. The
Company is an entity to which this instrument applies.
The Group’s principal activities are exploration for base metals
and other minerals, including copper, copper-gold, gold and nickel.
The Directors have determined that there is no material impact
of the new and revised standard on the Group and therefore no
material change is necessary to Group accounting policies.
AASB 15 Revenue from Contracts with Customers
AASB 15 replaces AASB 118 Revenue and AASB 111
Construction Contracts and related interpretations and it
applies to all revenue arising from contracts with customers,
unless those contracts are in the scope of other standards.
The Group has adopted AASB 9 from 1 July 2018.
The Directors have determined that there is no material impact
of the new and revised standard on the Group and therefore no
material change is necessary to Group accounting policies.
Standards and interpretations in issue not yet adopted
The Directors have also reviewed all Standards and
Interpretations in issue not yet adopted for the year ended 30
June 2019. Those which may have a significant impact on the
Group are set out below. The Group does not plan to adopt
these standards early.
AASB 16 Leases
AASB 16 replaces AASB 117 Leases. AASB 16 removes the
classification of leases as either operating leases or finance
leases for the lessee, effectively treating all leases as finance
leases.
AASB 16 is applicable to annual reporting periods beginning
on or after 1 July 2019.
4949
49
2019 ANNUAL REPORT Impact on Operating Leases
AASB 16 will change how the Group accounts for leases
previously classified as operating leases under AASB 117,
which were off-balance sheet. On initial application of AASB
16, for all leases (except as noted below), the Group will:
•
•
•
recognise right-of-use assets and lease liabilities in the
consolidated statement of financial position, initially
measured at the present value of the future lease
payments
recognise depreciation of right-of-use assets and interest
on lease liabilities in the consolidated statement of profit
or loss
separate the total amount of cash paid into a principal
portion (presented within financing activities) and interest
(presented within operating activities) in the consolidated
cash flow statement
of assets and liabilities that are not readily apparent from other
sources. The estimates and associated assumptions are based
on historical experience and other factors that are considered
to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an
ongoing basis. Revisions are recognised in the period in which
the estimate is revised if it affects only that period, or in the
period of the revision and future periods if the revision affects
both current and future periods.
Useful lives of depreciable assets
Management reviews its estimate of the useful lives of
depreciable assets at each reporting date, based on the
expected utility of the assets. Uncertainties in these estimates
relate to technical obsolescence that may change the utility of
certain software and IT equipment.
Share-based payment transactions
Lease incentives (e.g. rent-free period) will be recognised
as part of the measurement of the right-of-use assets and
lease liabilities whereas under AASB 117 they resulted in
the recognition of a lease liability incentive, amortised as a
reduction of rental expenses on a straight-line basis.
The Group measures the cost of equity-settled transactions
with employees and Directors by reference to the fair value of
the equity instruments at the date at which they are granted.
The fair value is determined by utilising a Black Scholes model,
using the assumptions detailed in Note 19.
Under AASB 16, right-of-use assets will be tested for
impairment in accordance with AASB 136 Impairment of
Assets. This will replace the previous requirement to recognise
a provision for onerous lease contracts.
For short-term leases (lease term of 12 months or less) and
leases of low-value assets (such as personal computers and
office furniture), the Group will opt to recognise a lease expense
on a straight-line basis as permitted by AASB 16.
The Group has elected not to early adopt AASB 16 but has
conducted an initial assessment of the impact of the new
standard and have determined that there is no material
impact. As at 30 June 2019, the Group has $294,143 of non-
cancellable operating lease commitments, predominantly
relating to a property lease. The Group expects an increase
in reported earnings before interest, tax, depreciation and
amortisation (EBITDA) and an increase in lease assets and
liabilities recognition.
No other new standards, amendments to standards and
interpretations are expected to affect the Group’s consolidated
financial statements.
(c) Statement of compliance
The financial report was authorised for issue on 27 September
2019.
The financial report complies with Australian Accounting
Standards, which include Australian equivalents to International
Financial Reporting Standards (AIFRS). Compliance with AIFRS
ensures that the financial report, comprising the financial
statements and notes thereto, complies with International
Financial Reporting Standards (IFRS).
(d) Significant accounting estimates
and judgements
The application of accounting policies requires the use of
judgements, estimates and assumptions about carrying values
5050
50
Provision for restoration and rehabilitation
The provision for restoration and rehabilitation is based
on the net present value of the estimated cost of restoring
the environmental disturbance that has occurred up to
the reporting date. Significant estimates and assumptions
are made in determining the provision for restoration and
rehabilitation of the mine as there are numerous factors
that will affect the ultimate liability payable. These factors
include estimates of the extent and costs of restoration and
rehabilitation activities, technological changes, regulatory
changes, cost increases as compared to inflation rates and
changes in discount rates. These uncertainties may result
in future actual expenditure differing from the amounts
currently provided. The provision at reporting date represents
management’s best estimate of the present value of the future
restoration and rehabilitation costs required.
Ore reserve and resource estimates
The Group estimates its ore reserves and mineral resources
based on information compiled by Competent Persons (as
defined in the 2012 edition of the Australasian Code for
Reporting of Exploration Results, Mineral Resources and
Ore Reserves [the JORC Code]). Reserves determined in this
way are taken into account in the calculation of depreciation,
amortisation, impairment, deferred mining costs, rehabilitation
and environmental expenditure.
In estimating the remaining life of the mine for the purposes of
amortisation and depreciation calculations, due regard is given,
not only to remaining recoverable metals contained in proved
and probable ore reserves, but also to limitations which could
arise from the potential for changes in technology, demand,
and other issues which are inherently difficult to estimate over
a lengthy time frame.
Where a change in estimated recoverable metals contained in
proved and probable ore reserves is made, depreciation and
amortisation is accounted for prospectively.
The determination of ore reserves and remaining mine life
affects the carrying value of a number of the Group’s assets
2019 ANNUAL REPORTNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS and liabilities including deferred mining costs and the provision
for rehabilitation.
Exploration and evaluation expenditure carried forward
The recoverability of the carrying amount of exploration and
evaluation expenditure carried forward has been reviewed
by the Directors. The recoverability of the carrying amount
of the exploration and evaluation assets is dependent on
the successful development and commercial exploitation, or
alternatively, sale of the respective area of interest.
The Group reviews the carrying value of exploration and
evaluation expenditure on a regular basis to determine
whether economic quantities of reserves have been found or
whether further exploration and evaluation work is underway
or planned to support continued carry forward of capitalised
costs. This assessment requires judgement as to the status of
the individual projects and their estimated recoverable amount.
(e) Going concern
The financial report has been prepared on the going concern
basis, which contemplates continuity of normal business
activities and the realisation of assets and settlements of
liabilities in the ordinary course of business.
(f) Basis of Consolidation
The consolidated financial statements incorporate the financial
statements of the Company and entities controlled by the
Company and its subsidiaries. Control is achieved when the
Company:
• has power over the investee;
•
is exposed, or has rights, to variable returns from its
involvement with the investee; and
• has the ability to use its power over the investee to affect
its returns.
The Company reassesses whether or not it controls an investee
if facts and circumstances indicate that there are changes to
one or more of the three elements listed above.
When the Company has less than a majority of the voting
rights in an investee, it has the power over the investee when
the voting rights are sufficient to give it the practical ability to
direct the relevant activities of the investee unilaterally. The
Company considers all relevant facts and circumstances in
assessing whether or not the Company’s voting rights are
sufficient to give it power, including:
•
the size of the Company’s holding of voting rights relative
to the size and dispersion of holdings of the other vote
holders;
• potential voting rights held by the Company, other
vote holders or other parties; rights arising from other
contractual arrangements; and
• any additional facts and circumstances that indicate that
the Company has, or does not have, the current ability
to direct the relevant activities at the time that decisions
need to be made, including voting patterns at previous
shareholder meetings.
Consolidation of a subsidiary begins when the Company
obtains control over the subsidiary and ceases when the
Company loses control of the subsidiary. Specifically, income
and expenses of a subsidiary acquired or disposed of during
the year are included in the consolidated statement of
comprehensive income from the date the Company gains
control until the date when the Company ceases to control the
subsidiary.
NOTE 2: RE VENUE AN D EXPENSES
Revenue is measured at the fair value of the consideration
received or receivable. Amounts disclosed as revenue are net
of returns, trade allowances, rebates and amounts collected on
behalf of third parties.
Interest income
Interest income from a financial asset is recognised when it
is probable that the economic benefits will flow to the Group
and the amount of revenue can be reliably measured. Interest
income is accrued on a time basis, by reference to the principal
outstanding and at the effective interest rate applicable, which
is the rate that exactly discounts estimated future cash receipts
through the expected life of the financial asset to that assets’
net carrying amount on initial recognition.
Revenue
Bank interest
Other Income
Other income
30 Jun 19
30 Jun 18
$ `000
$ `000
432
432
60
60
30 Jun 19
Restated
30 Jun 18
$ `000
$ `000
10
10
-
-
5151
51
2019 ANNUAL REPORTNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Other Expenses
Loss for the year includes the following expenses:
Non-cash share based payment expense
Other employee benefits
Operating lease rental expense
Legal and Corporate Advisory Expenses
Corporate advisory fees
Other legal fees
(i) The comparatives have been restated for the discontinued operation.
NOTE 3: IN COM E TAX
The income tax expense or benefit 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.
The current income tax charge is calculated on the basis of
the tax laws enacted or substantively enacted at the end of
the reporting period in the countries where the Company’s
subsidiaries and associates operate and generate taxable
income. Management periodically evaluates positions taken in
tax returns with respect to situations in which applicable tax
regulation is subject to interpretation. It establishes provisions
where appropriate on the basis of amounts expected to be
paid to the tax authorities.
Current tax assets and liabilities for the current and prior
periods are measured at the amount expected to be recovered
from or paid to the taxation authorities. The tax rates and tax
laws used to compute the amount are those that are enacted
or substantively enacted by the balance date.
Deferred income tax is provided on all temporary differences
at the balance date between the tax bases of assets and
liabilities and their carrying amounts for financial reporting
purposes.
Deferred income tax liabilities are recognised for all taxable
temporary differences except:
• when the deferred income tax liability arises from the
initial recognition of an asset or liability in a transaction
that is not a business combination and that, at the time of
the transaction, affects neither the accounting profit nor
taxable profit or loss; or
• when the taxable temporary difference is associated with
investments in subsidiaries, associates or interests in joint
5252
52
30 Jun 19
30 Jun 18
$ `000
$ `000
326
566
1,434
1,060
122
119
30 Jun 19
Restated(i)
30 Jun 18
$ `000
$ `000
610
304
914
136
263
399
ventures, and the timing of the reversal of the temporary
difference can be controlled and it is probable that the
temporary difference will not reverse in the foreseeable
future.
Deferred income tax assets are recognised for all deductible
temporary differences, carry-forward of unused tax assets and
unused tax losses, to the extent that it is probable that taxable
profit will be available against which the deductible temporary
differences and the carry-forward of unused tax credits and
unused tax losses can be utilised, except:
• when the deferred income tax asset relating to the
deductible temporary difference arises from the initial
recognition of an asset or liability in a transaction that
is not a business combination and, at the time of the
transaction, affects neither the accounting profit nor
taxable profit or loss; or
• when the deductible temporary difference is associated
with investments in subsidiaries, associates or interests
in joint ventures, in which case a deferred tax asset is
only recognised to the extent that it is probable that the
temporary difference will reverse in the foreseeable future
and taxable profit will be available against which the
temporary difference can be utilised.
The carrying amount of deferred income tax assets is reviewed
at each balance date and reduced to the extent that it is no
longer probable that sufficient taxable profit will be available to
allow all or part of the deferred income tax asset to be utilised.
Unrecognised deferred income tax assets are reassessed at
each balance date and are recognised to the extent that it
has become probable that future taxable profit will allow the
deferred tax asset to be recovered.
Deferred income tax assets and liabilities are measured at the
tax rates that are expected to apply to the year when the asset
is realised or the liability is settled, based on tax rates (and tax
2019 ANNUAL REPORTNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
laws) that have been enacted or substantively enacted at the
balance date.
Income taxes relating to items recognised directly in equity are
recognised in equity and not in profit or loss.
R&D tax rebates are presented with the government grant
approach. The credit will be recognised in profit before tax over
the periods necessary to match the benefit of the credit with
the costs for which it is intended to compensate. These periods
will then depend on whether the R&D costs are capitalised or
expensed as incurred.
Deferred tax assets and deferred tax liabilities are offset only
if a legally enforceable right exists to set off current tax assets
against current tax liabilities and the deferred tax assets
and liabilities relate to the same taxable entity and the same
taxation authority.
The prima facie income tax expense on pre-tax accounting loss from operations
reconciles to the income tax benefit in the financial statements as follows:
Accounting profit / (loss) before income tax
46,236
(10,523)
30 Jun 19
30 Jun 18
$`000
$`000
Income tax expense / (benefit) calculated at 30% (2018: 30%)
Non-deductible expenses
Tax losses and deferred tax balances not recognised
Income tax benefit reported in the statement of comprehensive income
Unrecognised deferred tax balances
Deferred tax assets compromise of:
Tax losses carried forward
Impairment of financial assets
Provisions
Other deferred tax balances
Deferred tax liabilities compromise of:
Exploration expenditure capitalised
Other deferred tax balances
Income Tax expense not recognised directly in equity during the year
13,871
103
(13,974)
-
(3,157)
149
(3,008)
-
30 Jun 19
30 Jun 18
$`000
$`000
2,797
45
73
342
3,257
113
-
113
-
14,787
2,175
-
745
17,707
707
-
707
-
Tax consolidation legislation
The Company and its 100% owned Australian resident
subsidiaries have implemented the tax consolidation
legislation. Current and deferred tax amounts are accounted
for in each individual entity as if each entity continued to act as
a taxpayer on its own.
The Company recognises its own current and deferred tax
amounts and those current tax liabilities, current tax assets and
deferred tax assets arising from unused tax credits and unused
tax losses which it has assumed from its controlled entities
within the tax consolidated Group.
Assets or liabilities arising under tax funding agreements
with the tax consolidated entities are recognised as amounts
payable or receivable from or payable to other entities in the
Group. Any difference between the amounts receivable or
payable under the tax funding agreement are recognised as
a contribution to (or distribution from) controlled entities in the
tax consolidated Group.
5353
53
2019 ANNUAL REPORTNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Other taxes
NOTE 4: SE GMENT REP ORTING
Revenues, expenses and assets are recognised net of the
amount of GST except:
• when the GST incurred on a purchase of goods and
services is not recoverable from the taxation authority, in
which case the GST is recognised as part of the cost of
acquisition of the asset or as part of the expense item as
applicable; and
•
receivables and payables, which are stated with the
amount of GST included.
The net amount of GST recoverable from, or payable to, the
taxation authority is included as part of receivables or payables
in the statement of financial position.
Cash flows are included in the statement of cash flows on a
gross basis and the GST component of cash flows arising from
investing and financing activities, which is recoverable from, or
payable to, the taxation authority are classified as operating
cash flows.
Commitments and contingencies are disclosed net of the
amount of GST recoverable from, or payable to, the taxation
authority.
Segment Results
Talisman management has determined the operating
segments based on the reports reviewed by the Board
for strategic decision making. The Group operates in one
geographical segment, being Australia and has identified the
following operating segments: Monty Operation and Regional
Exploration.
The Monty Operation represented the Group’s 30% joint
venture interest in the Monty Cu-Au Project (Monty). Sandfire
Resources NL (Sandfire) acquired the Group’s 30% interest in
Monty, which was held by Talisman A Pty Ltd, on 12 October
2018. For further information see Note 5.
The Group’s General Manager - Geology is responsible for
budgets and expenditures relating to the Group’s Regional
Exploration activities. Regional Exploration activities do not
normally derive any income. Should a project generated by
Regional Exploration activities commence generating income or
lead to the development of a mining operation, that operation
would then be disaggregated from Regional Exploration and
become reportable in a different segment. Regional exploration
activities classified as discontinued operations were those
incurred in relation to the Sinclair Nickel Project held by
Talisman Nickel Pty Ltd. For further information see Note 5.
Continued
Operations
Regional
Exploration
Discontinued Operations
Monty
Project
Regional
Exploration
Unallocated
Items Consolidated
$ `000
$ `000
$ `000
$ `000
$ `000
30 June 2019
Segment revenues / income
-
15
-
442
Segment profit / (loss) before income tax expense
(3,582)
55,847
(2,952)
(3,077)
457
46,236
27,493
16,123
10,981
(9,139)
(529)
(10,140)
Segment assets
Segment liabilities
30 June 2018
389
(472)
-
-
Segment revenues / income
-
154
40
60
254
Segment (loss) before income tax expense
(1,488)
(3,916)
(2,403)
(2,716)
(10,523)
Segment assets
Segment liabilities
16,737
(8,831)
21,350
(17,774)
-
-
961
(799)
39,048
(27,404)
5454
54
2019 ANNUAL REPORTNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 5 : DIS CO NTIN U ED
OP ERAT IONS AN D AS SE TS AN D
LI AB IL I TIES CL ASS I FIED AS HEL D
FO R SALE
Non-current assets (or disposal groups) are classified as held
for sale if their carrying amount will be recovered principally
through a sale transaction rather than through continuing
use. This condition is regarded as met only when the asset (or
disposal group) is available for immediate sale in its present
condition subject only to terms that are usual and customary
for sales for such asset (or disposal groups) and the sale
is highly probable. Management must be committed to the
sale, which should be expected to qualify for recognition as a
complete sale within one year from the date of classification.
When the Group is committed to a sale plan involving loss of
control of a subsidiary, all of the assets and liabilities of that
subsidiary are classified as held for sale when the criteria
described above are met, regardless of whether the Group will
retain a non-controlling interest in its former subsidiary, after
the sale.
When the Group is committed to a sale plan involving
disposal of an investment, or a portion of an investment, in
an associate or joint venture, the investment or the portion of
the investment that will be disposed of is classified as held for
sale when the criteria described above are met, and the Group
discontinues the use of the equity method in relation to the
portion that is classified as held for sale. Any retained portion
of an investment in an associate or joint venture that has not
been classified as held for sale continues to be accounted for
using the equity method. The Group discontinues the use of the
equity method at the time of disposal when the disposal results
in the Group losing significant influence over the associate or
joint venture.
After the disposal takes place, the Group accounts for any
retained interest in the associate or joint venture in accordance
with AASB 139 unless the retained interest continues to be an
associate or a joint venture, in which case the Group uses the
equity method.
At balance date, the Group has accounted for the following
two operations as discontinued operations:
i) Talisman A Pty Ltd (Doolgunna Project Joint Venture) –
disposed of during the year; and
ii) Talisman Nickel Pty Ltd (Sinclair Nickel Project) – treated as
an asset classified as held for sale.
Discontinued Operations – Group Financial
Performance Summary
The financial performance for the Group’s two discontinued
operations is presented below:
Financial performance of discontinued operations
Gain on disposal of subsidiary
Other Income
Expenses
Exploration expenditure written off
Exploration expenditure expensed as incurred
Employee benefits expense
Legal and corporate advisory expenses
Care and maintenance expenses
Administrative expenses
Finance costs
Realised foreign exchange
Unrealised foreign exchange
Unwinding of discount on provisions
Profit / (loss) before income tax
Income tax
Profit / (loss) after income tax
(i) The comparatives have been restated for the discontinued operation.
30 Jun 19
Restated (i)
30 Jun 18
$ `000
$ `000
56,973
-
36
194
(803)
(1,394)
-
-
(512)
-
(409)
(732)
-
(264)
-
(3,129)
(35)
(37)
(455)
(298)
(1,659)
-
(644)
(256)
52,895
(6,319)
-
52,895
-
(6,319)
5555
55
2019 ANNUAL REPORTNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
i) DIS P O SAL OF TA LISMAN A PT Y
LT D (D OOLGU NN A PROJE CT
JO INT VEN TUR E )
During the year, the Company completed a Share Sale
Agreement with Sandfire Resources NL (Sandfire), its partner
in the Monty Mining Joint Venture and Springfield Exploration
Joint Venture (collectively the Doolgunna Project Joint Venture)
Consideration received or receivable
whereby Sandfire acquired Talisman A Pty Ltd, the subsidiary
which held the Company’s 30% interest in the Doolgunna
Project Joint Venture, on a debt-free and cash-free basis.
Completion of the sale transaction occurred on 12 October 2018.
At 30 June 2018, the Group had assets classified as held for sale
of $21.35 million and liabilities associated with assets held for
sale of $17.774 million in relation to Talisman A Pty Ltd.
Disposal consideration
Less: net asset disposal of Talisman A Pty Ltd
Less: costs of sale paid
Gain on disposal before settlement of project financing
Repayment of loan project financing out of disposal consideration
Gain on disposal before income tax
Income tax expense(i)
Gain on disposal after income tax
Loss for the period from discontinued operation
Profit / (loss) after tax from discontinued operation
30 Jun 19
30 Jun 18
$ `000
72,300
(2,451)
(855)
68,994
(12,021)
56,973
-
56,973
(1,126)
55,847
$ `000
-
-
-
-
-
-
-
-
(3,916)
(3,916)
(i) The tax expense related to the gain on disposal of Talisman A Pty Ltd has been offset by available brought forward income tax losses. These income tax losses relate to
numerous components of the Group’s activities over several years and as a result, it is considered impracticable to calculate the amount that would relate to the discontinued
operation.
Net assets at the date of sale
30 Jun 19
$ `000
214
240
7,199
9,032
16,685
1,305
908
12,021
14,234
2,451
Cash
Other receivables
Assets under construction
Mine development
Total assets
Trade creditors
Rehabilitation, restoration and dismantling provision
Loan – project financing
Total liabilities
Net assets
5656
56
2019 ANNUAL REPORTNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Net cash inflow on disposal
Cash and cash equivalents consideration received or receivable
Net cash and cash equivalents disposed of
Net cash received on disposal
Less: costs of sale paid
Proceeds from disposal of entity (net of sale costs)
30 Jun 19
$ `000
72,300
(214)
72,086
(856)
71,230
Financial performance from discontinued operation
The financial performance presented for the period 1 July 2018 to the date of disposal, 12 October 2018:
Financial performance from operations
Revenue
Expenses
Loss before tax from discontinued operation
Income tax expense
30 Jun 19
30 Jun 18
$ `000
$ `000
15
(1,141)
(1,126)
-
154
(4,070)
(3,916)
-
Loss for the period from discontinued operation
(1,126)
(3,916)
Cash flows
Cash flows presented for the period 1 July 2018 to the date of disposal, 12 October 2018, included in the various categories in the
consolidated statement of cash flows:
Net cash flows from operating activities
Net cash flows from investing activities
Net cash flows from financing activities
Net cash flows
30 Jun 19
30 Jun 18
$ `000
(479)
(214)
(16,277)
(16,970)
$ `000
(1,236)
(11,739)
13,255
280
5757
57
2019 ANNUAL REPORTNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
ii) ASS E T C L ASSI FIE D AS HE LD
FOR SALE - TALI SM AN N ICK EL
PT Y LT D (SIN CL AIR N ICK EL
PROJ E CT )
On 27 September 2019, the Company entered into a binding
Share Sale Agreement with Saracen Mineral Holdings Limited
(“Saracen”), for the Company to dispose of its entire interest
in the share capital of its wholly owned subsidiary Talisman
Nickel Pty Ltd (the holder of the Company’s interest in the
Sinclair Nickel Project), to Saracen (“Share Sale”). As part of the
consideration for the Share Sale, the Company, Talisman Nickel
Pty Ltd and Saracen have also executed two NSR Royalty
Deeds, for further information see Note 26.
Financial Performance
The financial performance of the discontinued operation is presented below:
Financial performance of discontinued operations
Other Income
Expenses
Exploration expenditure written off
Exploration expenditure expensed as incurred
Legal and Corporate Advisory expenses
Care and Maintenance expenses
Unwinding of discount on provisions
Loss before income tax
Income tax
Loss after income tax
30 Jun 19
30 Jun 18
$ `000
$ `000
21
40
(803)
(1,394)
-
(512)
(264)
-
(1,695)
(37)
(455)
(256)
(2,952)
(2,403)
-
(2,952)
-
(2,403)
The major classes of assets and liabilities of Talisman Nickel Pty Ltd comprising the operation classified as held for sale at balance
date, are as follows:
ASSETS
Cash
Trade and other receivables
Inventory
Property, plant and equipment
Deferred exploration and evaluation expenditure
LIABILITIES
Trade Creditors
Rehab, restoration and dismantling provision
Net assets classified as held for sale
5858
58
30 Jun 19
$ `000
27
241
22
2,636
13,197
16,123
83
9,056
9,139
6,984
2019 ANNUAL REPORTNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 6 : EAR NIN GS /LOSS
P ER S HA R E
Basic earnings/loss per share is calculated as net profit/loss
attributable to members of the parent, adjusted to exclude any
costs of servicing equity (other than dividends) and preference
share dividends, divided by the weighted average number of
ordinary shares, adjusted for any bonus element.
Diluted earnings per share is calculated as net profit/loss
attributable to members of the parent, adjusted for:
• costs of servicing equity (other than dividends) and
preference share dividends;
•
the after-tax effect of dividends and interest associated
with dilutive potential ordinary shares that have been
recognised as expenses; and
• other non-discretionary changes in revenues or expenses
during the period that would result from the dilution of
potential ordinary shares; divided by the weighted average
number of ordinary shares and dilutive potential ordinary
shares, adjusted for any bonus element.
The Group does not report diluted earnings per share on
incurring an operating loss for the financial year, or in the event
there are no dilutive potential ordinary shares in existence.
Basic earnings / (loss) per share
Diluted earnings per share
Basic loss per share from continuing operations
Diluted loss per share from continuing operations
Net profit / (loss) for the year
Net loss for the year from continuing operations
30 Jun 19
Restated(i)
30 Jun 18
cents
24.90
24.90
(3.59)
(3.59)
$ `000
46,236
(6,659)
Number
cents
(5.67)
n/a
(2.26)
n/a
$ `000
(10,523)
(4,204)
Number
Weighted average number of ordinary shares for the purpose of basic and diluted
earnings / (loss) per share
185,699,879
185,699,879
(i) The comparatives have been restated for the discontinued operation.
NOTE 7 : DIV IDENDS
Dividends declared and paid during the year
Special franked dividend for 2019: 6.375 cents (2018: nil cents)
11,838
-
The special dividend was franked to 100% and was paid on 21 December 2018.
30 Jun 19
30 Jun 18
$ `000
$ `000
Franking account balance
30 Jun 19
30 Jun 18
$ `000
$ `000
Franking credits available for subsequent reporting periods based on a tax rate of 30%
(2018: 30%)
-
5,074
The above amounts are calculated from the balance of the franking account as at the end of the reporting period, adjusted for:
(a) franking credits that will arise form the payment of the amount of the provision for income tax;
(b) franking debits that will arise from the payment of dividends recognised as a liability at the reporting date; and
(c) franking credits that will arise from the receipt of dividends recognised as receivables at the reporting date.
5959
59
2019 ANNUAL REPORTNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 8: CASH AND CAS H
E QUI VALENTS
Cash comprises cash at bank and in hand. Cash equivalents
are short term, highly liquid investments that are readily
convertible to known amounts of cash and which are subject to
an insignificant risk of changes in value.
For the purposes of the statement of cash flows, cash and cash
equivalents consist of cash and cash equivalents as defined
above, net of outstanding bank overdrafts.
Cash at bank earns interest at floating rates based on daily
bank deposit rates.
Short-term deposits are made for varying periods of between
one day and three months, depending on the immediate cash
requirements of the Group, and earn interest at the respective
short-term deposit rates.
Cash at bank and on hand
Short-term deposits
30 Jun 19
30 Jun 18
$ `000
$ `000
511
390
10,080
80
10,591
470
Reconciliation to the Statement of Cash Flows:
For the purposes of the statement of cash flows, cash and cash equivalents comprise cash on hand and at bank and investments in
money market instruments, net of outstanding bank overdrafts.
Cash and cash equivalents as shown in the statement of cash flows is reconciled to the related items in the statement of financial
position as follows:
Profit / (loss) for the year after tax
Adjustments for:
Gain on disposal of asset
Gain on disposal of business
Depreciation and amortisation included in income statement
Unwinding discount rate on mine closure provision
Impairment of available-for-sale financial assets
Equity settled share-based payments
Unlisted options forfeited
Unrealised foreign exchange
Exploration expenditure written off
Transaction costs related to loans and borrowings
Changes in net assets and liabilities
(Increase)/decrease in assets:
Trade and other receivables
Increase/(decrease) in liabilities:
Trade and other payables
Provisions
Net cash used in operating activities
6060
60
30 Jun 19
30 Jun 18
$ `000
$ `000
46,236
(10,523)
-
(40)
(56,973)
-
117
264
-
372
(45)
47
803
105
77
256
107
566
-
644
-
-
(268)
(392)
1,237
1,263
6
6
(8,099)
(8,036)
2019 ANNUAL REPORTNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Change in liabilities arising from financing activities
Consolidated
Project
Finance
Facility
$ `000
Working
Capital Facility
$ `000
30 June 2019
Opening balance
Prior year re-classification of financing liabilities as available for sale
Foreign currency differences
Net cash from financing activities
Net cash (used in) financing activities
Other changes
Closing balance
30 June 2018
Opening balance
Foreign currency differences
Net cash from financing activities
-
15,559
1,033
-
(16,592)
-
-
-
644
14,915
Other changes (re-classification of financing liabilities as available for sale)
(15,559)
Closing balance
-
-
-
-
2,036
(2,036)
-
-
-
-
-
-
-
Total
$ `000
-
15,559
1,033
2,036
(18,628)
-
-
-
644
14,915
(15,559)
-
NOTE 9 : TRADE AN D OTH ER
RE CE IVABLES
Trade receivables are measured on initial recognition at fair
value and are subsequently measured at amortised cost using
the effective interest rate method, less any allowance for
impairment. Trade receivables are generally due for settlement
within periods ranging from 30 days to 45 days. There are no
receivables at balance date that are past-due.
Impairment of trade receivables is continually reviewed and
those that are considered to be uncollectible are written off by
reducing the carrying amount directly. An allowance account
is used when there is objective evidence that the Group
will not be able to collect all amounts due according to the
original contractual terms. Factors considered by the Group in
making this determination include known significant financial
difficulties of the debtor, review of financial information and
significant delinquency in making contractual payments to the
Group. The impairment allowance is set equal to the difference
between the carrying amount of the receivable and the present
value of estimated future cash flows, discounted at the original
effective interest rate. Where receivables are short-term
discounting is not applied in determining the allowance.
The amount of the impairment loss is recognised in the
statement of comprehensive income within other expenses.
When a trade receivable for which an impairment allowance
had been recognised becomes uncollectible in a subsequent
period, it is written off against the allowance account.
Subsequent recoveries of amounts previously written off
are credited against other expenses in the statement of
comprehensive income.
Current Assets
Goods and services tax recoverable
Other debtors
Prepayments
Non-Current Assets
Other debtors - security bonds
30 Jun 19
30 Jun 18
$ `000
$ `000
113
121
65
78
92
54
270
253
120
179
120
179
6161
61
2019 ANNUAL REPORTNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 10: P RO PERT Y, P L ANT AN D
E QUI P MENT
Plant and equipment is stated at cost less accumulated
depreciation and any accumulated impairment losses. Such
cost includes the cost of replacing parts that are eligible for
capitalisation when the cost of replacing the parts is incurred.
Similarly, when each major inspection is performed, its cost is
recognised in the carrying amount of the plant and equipment
as a replacement only if it is eligible for capitalisation.
Land and buildings are measured at fair value less
accumulated depreciation on buildings and less any
impairment losses recognised after the date of the revaluation.
Depreciation is calculated on a straight-line basis over the
estimated useful life of the assets as follows:
Mine site plant and equipment
Office furniture and equipment
Motor vehicles
Leasehold improvements
Units of Production
2-6 years
8-10 years
10 years
The assets’ residual values, useful lives and amortisation
methods are reviewed, and adjusted if appropriate, at each
financial year end.
Impairment
The carrying values of plant and equipment are reviewed for
impairment at each balance date, with recoverable amount
being estimated when events or changes in circumstances
indicate that the carrying value may be impaired.
The recoverable amount of plant and equipment is the higher
of fair value less costs to sell and value in use. In assessing
value in use, the estimated future cash flows are discounted to
their present value using a pre-tax discount rate that reflects
current market assessments of the time value of money and
the risks specific to the asset.
For an asset that does not generate largely independent cash
inflows, recoverable amount is determined for the cash-
generating unit to which the asset belongs, unless the asset’s
value in use can be estimated to approximate fair value.
An impairment exists when the carrying value of an asset
or cash-generating unit exceeds its estimated recoverable
amount. The asset or cash-generating unit is then written
down to its recoverable amount.
For plant and equipment, impairment losses are recognised in
the statement of comprehensive income. However, because
land and buildings are measured at revalued amounts,
impairment losses on land and buildings are treated as a
revaluation decrement.
Derecognition and disposal
An item of property, plant and equipment is derecognised
upon disposal or when no further future economic benefits are
expected from its use or disposal.
Any gain or loss arising on derecognition of the asset
(calculated as the difference between the net disposal
proceeds and the carrying amount of the asset) is included in
profit or loss in the year the asset is derecognised.
Year ended 30 June 2019
At 1 July 2018, net of accumulated depreciation
Additions
Disposals
Reclass to available for sale assets (i)
Depreciation charge for the year
Year ended 30 June 2018
At 1 July 2017, net of accumulated depreciation
Additions
Disposals
Reclass to available for sale assets (i)
Depreciation charge for the year
Office
furniture and
equipment
Leasehold
improve-
ments
Plant and
equipment
Motor
vehicles
$ `000
$ `000
$ `000
$ `000
103
101
-
-
(49)
155
59
77
-
-
(33)
103
-
26
-
-
(2)
24
1
-
-
-
(1)
-
2,636
-
-
(2,636)
-
-
2,786
7,049
-
(7,199)
-
2,636
33
150
-
-
(28)
155
59
-
-
-
(26)
33
Total
$ `000
2,772
277
-
(2,636)
(79)
334
2,905
7,126
-
(7,199)
(60)
2,772
6262
62
2019 ANNUAL REPORTNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Office
furniture and
equipment
Leasehold
improve-
ments
Plant and
equipment
Motor
vehicles
$ `000
$ `000
$ `000
$ `000
804
(649)
155
703
(600)
103
52
(28)
24
26
(26)
-
-
-
-
2,636
-
2,636
427
(272)
155
277
(244)
33
Total
$ `000
1,283
(949)
334
3,642
(870)
2,772
At 30 June 2019
Cost or fair value
Accumulated depreciation
Net carrying amount
At 30 June 2018
Cost or fair value
Accumulated depreciation
Net carrying amount
(i) Refer Note 5.
The carrying value of plant and equipment held under finance lease and hire purchase contracts as at 30 June 2019 is nil (2018: nil).
NOTE 1 1: INTAN GIBLE AS S E TS
Intangible assets acquired separately
Intangible assets acquired separately are recorded at cost
less accumulated amortisation and impairment. Amortisation
is charged on a straight-line basis over their estimated useful
lives. The estimated useful life and amortisation method is
reviewed at the end of each annual reporting period, with any
changes in these accounting estimates being accounted for on
a prospective basis.
Impairment of tangible and intangible assets
other than goodwill
The Group assesses at each balance date whether there
is an indication that an asset may be impaired. If any such
indication exists, or when annual impairment testing for an
asset is required, the Group makes an estimate of the asset’s
recoverable amount. An asset’s recoverable amount is the
higher of its fair value less costs to sell and its value in use and
is determined for an individual asset, unless the asset does not
generate cash inflows that are largely independent of those
from other assets or groups of assets and the asset’s value in
use cannot be estimated to be close to its fair value. In such
cases the asset is tested for impairment as part of the cash-
generating unit to which it belongs. When the carrying amount
of an asset or cash-generating unit exceeds its recoverable
amount, the asset or cash-generating unit is considered
impaired and is written down to its recoverable amount.
Software license
Cost
Accumulated amortisation
Carrying value at end of financial year
30 Jun 19
$ `000
30 Jun 18
$ `000
110
41
(55)
(17)
55
24
NOTE 1 2: DEFER R ED EX PLORAT ION
AND E VALUATI ON EX PEN DI T URE
Exploration for and evaluation of mineral resources is the
search for mineral resources after the entity has obtained legal
rights to explore in a specific area, as well as the determination
of the technical feasibility and commercial viability of extracting
the mineral resource.
Exploration and evaluation expenditure is expensed to the
profit or loss as incurred except in the following circumstances
in which case the expenditure may be capitalised:
•
•
the existence of a mineral deposit has been established
however additional expenditure is required to determine
the technical feasibility and commercial viability of
extraction and it is anticipated that future economic
benefits are more likely than not to be generated as a result
of the expenditure; and
the exploration and evaluation activity is within an area
of interest which was acquired as an asset acquisition or
in a business combination and measured at fair value on
acquisition.
6363
63
2019 ANNUAL REPORTNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
A regular review is undertaken of each area of interest to
determine the appropriateness of continuing to carry forward
costs in relation to that area of interest. An impairment exists
when the carrying value of expenditure exceeds its estimated
recoverable amount. The area of interest is then written
down to its recoverable amount and the impairment losses
are recognised in the statement of comprehensive income.
Where an impairment loss subsequently reverses, the carrying
amount of the asset is increased to the revised estimate of its
recoverable amount, but only to the extent that the increased
carrying amount does not exceed the carrying amount that
would have been determined had no impairment loss been
recognised for the asset in previous years.
Upon approval for the commercial development of an
area of interest, exploration and evaluation assets are
tested for impairment and transferred to ‘Mine properties
and development’. No amortisation is charged during the
exploration and evaluation phase.
Costs carried forward in respect of areas of interest in the following phases:
Exploration and evaluation phase – at cost
Balance at beginning of year
Expenditure incurred
Exploration expensed as incurred
Expenditure written off
Reclass to available for sale assets (i)
Carrying value at end of financial year
(i) Refer Note 5.
30 Jun 19
30 Jun 18
$ `000
$ `000
14,000
4,636
18,636
(4,636)
(803)
(13,197)
14,000
4,613
18,613
(4,613)
-
-
-
14,000
The recoupment of costs carried forward in relation to the areas of interest in the exploration and evaluation phases is dependent on
the successful development and commercial exploitation or the sale of the respective areas.
Life to date project
expenditure
expensed
Project Expenditure
expensed in the
period
Life to date project
expenditure
expensed
Project Expenditure
expensed in the
period
30 Jun 19
30 Jun 18
$ `000
$ `000
$ `000
$ `000
Sinclair
Springfield(i)
8,069
2,197
5,872
1,697
28,056
-
28,056
1,434
Halloween West JV
587
-
587
-
Lachlan Copper
4,724
3,242
1,482
1,482
Other Exploration Expenses
90
-
90
-
41,526
5,439
36,087
4,613
(i) Includes the previous Halloween Project
NOTE 13: MIN E PROPERTIES
AND DE V ELOPM EN T
Mine properties represent the accumulation of all exploration,
evaluation and development expenditure incurred in respect
of areas of interest in which mining has commenced or in
the process of commencing. When further development
expenditure is incurred in respect of mine property after the
commencement of production, such expenditure is carried
forward as part of the mine property only when substantial
future economic benefits are thereby established, otherwise
such expenditure is classified as part of the cost of production.
Amortisation is provided on a unit of production basis (other
than restoration and rehabilitation expenditure detailed below)
which results in a write off of the cost proportional to the
depletion of the proven and probable mineral reserves.
The net carrying value of each area of interest is reviewed
regularly and to the extent to which this value exceeds its
recoverable amount, the excess is either fully provided against
or written off in the financial year in which this is determined.
The Group provides for environmental restoration and
rehabilitation at each project site which includes any costs to
dismantle and remove certain items of plant and equipment.
6464
64
2019 ANNUAL REPORTNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
The cost of an item includes the initial estimate of the costs
of dismantling and removing the item and restoring the site
on which it is located, the obligation for which an entity incurs
when an item is acquired or as a consequence of having used
the item during that period. This asset is depreciated on the
basis of the current estimate of the useful life of the asset.
In accordance with AASB 137 Provisions, Contingent Liabilities
and Contingent Assets an entity is also required to recognise
as a provision the best estimate of the present value of
expenditure required to settle the obligation. The present value
of estimated future cash flows is measured using a current
market discount rate.
Mine Development
Opening Balance
Cost
Restoration and rehabilitation provision capitalised
Reclassification to available for sale assets(i)
Net carrying amount at end of financial year.
(i) Refer Note 5
30 Jun 19
30 Jun 18
$ `000
$ `000
-
2,098
-
6,026
-
-
-
908
(9,032)
-
NOTE 1 4: TRADE A ND OTHE R PAYABL ES
Trade and other payables
Wages, salaries, annual leave and sick leave
Trade payables and other payables are carried at amortised
cost and represent liabilities for goods and services provided
to the Group prior to the end of the financial year that are
unpaid and arise when the Group becomes obliged to make
future payments in respect of the purchase of these goods and
services. Trade and other payables are presented as current
liabilities unless payment is not due within 12 months.
Employee leave benefits
Current
Trade payables
Employee benefits
Other payables
Liabilities accruing to employees in respect of wages and
salaries, annual leave, and sick leave expected to be settled
within 12 months of the balance date are recognised in other
payables in respect of employees’ services up to the balance
date. They are measured at the amounts expected to be paid
when the liabilities are settled. Liabilities for non-accumulating
sick leave are recognised when the leave is taken and are
measured at the rates paid or payable.
Liabilities accruing to employees in respect of wages and
salaries, annual leave, and sick leave not expected to be settled
within 12 months of the balance date are recognised in non-
current other payables in respect of employees’ services up to
the balance date. They are measured as the present value of
the estimated future outflows to be made by the Group.
30 Jun 19
30 Jun 18
$ `000
$ `000
696
482
168
253
81
53
945
788
NOTE 1 5: BOR ROWI N GS
Borrowings
Borrowings are initially recognised at fair value, net of
transaction costs incurred. Borrowings are subsequently
measured at amortised cost. Any difference between the
proceeds (net of transaction costs) and the redemption
amount is recognised in profit or loss over the period of the
borrowings using the effective interest method. Fees paid
on the establishment of loan facilities are recognised as
transaction costs of the loan to the extent that it is probable
that some or all of the facility will be drawn down. In this
case, the fee is deferred until the draw down occurs. To the
extent there is no evidence that it is probable that some or
all of the facility will be drawn down, the fee is capitalised as
a prepayment for liquidity services and amortised over the
period of the facility to which it relates.
6565
65
2019 ANNUAL REPORTNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Borrowings are removed from the statement of financial
position when the obligation specified in the contract is
discharged, cancelled or expired. The difference between
the carrying amount of a financial liability that has been
extinguished or transferred to another party and the
consideration paid, including any non-cash assets transferred
or liabilities assumed, is recognised in profit or loss as other
income or finance costs.
Borrowings are classified as current liabilities unless the Group
has an unconditional right to defer settlement of the liability for
at least 12 months after the reporting period.
Secured
Project Finance Facility
Working Capital Facility
Total secured borrowings
Balance as at as at 1 July 2018
Classified as available for sale
Drawdown of loan facility
Exchange differences
Repayment of loan facility
Balance as at 30 June 2019
30 Jun 19
30 Jun 18
$ `000
$ `000
-
-
-
-
-
-
Working Capital
Facility
Project Finance
Facility (i)
$`000
$`000
-
-
-
2,036
-
15,559
-
1,033
Total
$`000
-
15,559
2,036
1,033
(2,036)
(16,592)
(18,628)
-
-
-
(i) Refer Note 5. In the prior year the Project Finance Facility (‘PFF’) liability was reclassified to liabilities directly associated with assets held for sale. On 12 October 2018,
immediately prior to completion of the divestment of the Group’s interest in the Doolgunna Projects Joint Venture, the outstanding liabilities under the PFF and the Working
Capital Finance Facility were repaid in full to the Taurus Mining Finance Fund. Upon repayment both facilities were closed. Refer below for details of the borrowing arrangements.
Fair value disclosures
Details of the fair value of the Group’s borrowings are set out in
Note 20.
Summary of borrowing arrangements
On 27 October 2017, the Group entered into a secured Project
Financing Facility (PFF) with Taurus Mining Finance Fund
(Taurus) for US$20 million. The PFF was guaranteed by the
parent company and secured by the Group’s interest in the
Monty project and is subject to a fixed interest rate of 6.75%
p.a. The PFF was to mature on 30 September 2020.
The PFF also included a royalty of 2.25% on the Group’s gross
payable copper and gold metal-in-ore sales receipts from
Monty. The obligation to pay the royalty ceases once the
Group has received revenue from Monty sales containing
29,700 tonnes of copper and 16,500 ounces of gold. Under
the terms of the PFF, the Group was also subject to certain
financing covenants including debt coverage ratios and
distribution restrictions.
On 28 June 2018, the Group entered into a secure Working
Capital Facility (WCF) with Taurus for US$3 million. The WCF
was secured by the Company’s shares in Haverford Holdings
Pty Ltd (a 100% owned subsidiary that holds the Company’s
interest in its NSW tenements) and Talisman Nickel Pty Ltd (a
100% owned subsidiary that holds the Company’s interest in
the Sinclair Nickel Project). The WCF was subject to a fixed
interest rate of 6.75% and matures on 30 June 2020.
On 12 October 2018 immediately prior to completion of the
divestment of the Group’s interest in the Doolgunna Project to
Sandfire, the outstanding liabilities under the PFF and WCF
were repaid in full to Taurus. Upon repayment both facilities
were closed. Sandfire, via its acquisition of Talisman A Pty Ltd,
assumed an amended form of the existing 2.25% gross royalty
revenue held by Taurus over Talisman’s 30% share of Monty
production.
6666
66
2019 ANNUAL REPORTNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Financing Facilities Available
At balance date, the following financing facilities were available:
in United States Dollars
Total Facilities
Project Facility
Working Capital Facility
Facilities used at balance date
Project Facility
Working Capital Facility
Facilities unused at balance date
Project Facility
Working Capital Facility
Total facilities
Facilities used at balance date
Facilities unused at balance date
Upfront fees
Foreign exchange - unrealised
Interest expense
Commitment and other fees
Total borrowing costs
30 Jun 19
30 Jun 18
$ `000
$ `000
-
-
-
-
-
20,000
3,000
23,000
11,500
-
-
11,500
-
-
-
-
-
-
8,500
3,000
11,500
11,500
11,500
23,000
30 Jun 19
30 Jun 18
$ `000
$ `000
-
15
359
215
589
795
644
683
181
2,303
The borrowing transaction costs have been expensed to profit and loss as the loans were settled as part of the divestment of the
Group’s interest in the Doolgunna Projects Joint Venture.
NOTE 1 6: PROVIS IO NS
Employee benefits
The provision for employee benefits represents vested long
service leave entitlements accrued.
The liability for long service leave is recognised in the provision
for employee benefits and measured as the present value of
expected future payments to be made in respect of services
provided by employees up to the balance date. Consideration
is given to expected future wage and salary levels, experience
of employee departures, and period of service. Expected
future payments are discounted using market yields at the
balance date on government bonds with terms to maturity and
currencies that match, as closely as possible, the estimated
future cash outflows.
Restoration and rehabilitation
A provision for restoration and rehabilitation is recognised
when there is a present obligation as a result of development
activities undertaken, it is probable that an outflow of
economic benefits will be required to settle the obligation, and
the amount of the provision can be measured reliably. The
estimated future obligations include the costs of abandoning
sites, removing facilities and restoring the affected areas.
6767
67
2019 ANNUAL REPORTNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
The provision for future restoration costs is the best estimate
of the present value of the expenditure required to settle the
restoration obligation at the balance date. Future restoration
costs are reviewed annually and any changes in the estimate
are reflected in the present value of the restoration provision at
each balance date.
The initial estimate of the restoration and rehabilitation
provision is capitalised into the cost of the related asset and
amortised on the same basis as the related asset, unless the
present obligation arises from the production of inventory in
the period, in which case the amount is included in the cost
of production for the period. Changes in the estimate of the
provision for restoration and rehabilitation are treated in the
same manner, except that the unwinding of the effect of
discounting on the provision is recognised as a finance cost
rather than being capitalised into the cost of the related asset.
Balance at beginning of financial year
Unwinding and discount rate adjustment
Employee
Benefits
Restoration and
rehabilitation
$ `000
$ `000
50
8,792
-
264
Reclassification of Sinclair restoration and rehabilitation provision to available for sale(i)
-
(9,056)
Long service leave arising during the year
Balance at the end of financial year
(i) Refer to Note 5
Current
Employee benefits
Non-Current
Restoration and rehabilitation
NOTE 17: ISSUED CAPI TAL
Ordinary shares
Issued and fully paid
Movements in ordinary shares on issue
At 1 July
Return of capital (i)
At 30 June
6
-
56
-
30 Jun 19
30 Jun 18
$ `000
$ `000
56
50
56
50
-
8,792
-
8,792
30 Jun 19
30 Jun 18
$
$
31,866,023
60,881,617
30 Jun 19
30 Jun 18
Number
$
Number
$
185,699,879
60,881,617
185,699,879
60,881,617
-
(29,015,594)
-
-
185,699,879
31,866,023
185,699,879
60,881,617
Fully paid ordinary shares carry one vote per share and carry the right to dividend
(i) on 8 March 2019 the Company returned capital of 15.625 cents per share to all shareholders (by equal capital reduction).
6868
68
2019 ANNUAL REPORTNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Ordinary shares entitled 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.
Ordinary shares have no par value and the Company does not
have a limited amount of authorised capital.
Share Options
The Company has one share-based payment option scheme
under which options to subscribe for the Company’s shares
have been granted to certain Directors, other key management
personnel and all employees, refer Note 19.
NOTE 18: RESERVES
Share-based payments reserve
This reserve is used to record the value of equity benefits
provided to employees and Directors as part of their
remuneration. Refer to Note 19 for further details of these
plans.
Accumulated Losses
Balance at beginning financial year
Net profit / (loss) for the year
Dividends paid
Transfer on expiry of unexercised options
Balance at end of financial year
Reserves
Share-based payment reserve
Balance at end of financial year
30 Jun 19
30 Jun 18
$ `000
$ `000
(50,917)
(40,574)
45,703
(10,523)
(11,838)
-
1,766
180
(15,286)
(50,917)
240
1,679
240
1,679
Movement in these reserves are set out in the Statement of Changes in Equity.
NOTE 1 9: SHAR E-B AS ED PAYMENT
P L ANS
Executive and Employee Equity Plan (“EEEP”)
The Group has an Executive and Employee Equity Plan
(“EEEP”) for executives and employees of the Group. In
accordance with the provisions of the EEEP, as approved by
shareholders at a previous Annual General Meeting, executives
and employees may be granted options at the discretion of the
Directors.
Each employee share option converts into one ordinary share
of Talisman Mining Limited on exercise. No amounts are paid
or payable by the recipient on receipt of the option. The options
carry neither rights to dividends nor voting rights. Options may
be exercised at any time from the date of vesting to the date of
their expiry.
The number of options granted is at the sole discretion of
the Directors subject to the total number of outstanding
options being issued under the EEEP not exceeding 5% of the
Company’s issued capital at any one time.
Options issued to Directors are not issued under the EEEP but
are subject to approval by shareholders and attach vesting
conditions as appropriate.
The contractual life of each option granted is 2 to 5 years.
There are no cash settlement alternatives.
6969
69
2019 ANNUAL REPORTNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
The following options lapsed during the financial year:
Grant Date
11-Nov-16
Expiry date of
options
Number of shares
under option
Exercise price
of options
Fair Value Vested Date
Number
Lapsed
31-Oct-18
1,755,000
$0.48
$0.23
11-Nov-16
(1,755,000)
The following options were forfeited during the financial year:
Grant Date
Expiry date of options
Number of shares
under option
Exercise price
of options (i)
Fair Value Vested Date
Number
Forfeited
11-Nov-16
11-Nov-16
31-Oct-21
31-Oct-21
100,000
100,000
$0.46
$0.50
$0.32
30-Jun-19
(100,000)
$0.32
30-Jun-20
(100,000)
The following options were cancelled during the financial year:
Grant Date
Expiry date of options
Number of shares
under option
Exercise price
of options (i)
Fair Value Vested Date
Number
Cancelled
11-Nov-16
11-Nov-16
11-Nov-16
11-Nov-16
31-Oct-19
31-Oct-19
31-Oct-21
31-Oct-21
1,400,000
1,400,000
1,400,000
1,400,000
$0.36
$0.40
$0.46
$0.50
$0.27
30-Jun-17
(1,400,000)
$0.23
30-Jun-18
(1,400,000)
$0.32
30-Jun-19
(1,400,000)
$0.32
30-Jun-20
(1,400,000)
(i) Exercise price adjusted after 15.625 cents per share return of capital on 8 March 2019. Refer note 17 for details.
The following options were issued during the financial year:
Issuing entity
Grant Date
Expiry date
of options
Number of shares
under option
Exercise
price of
options
Fair
Value Vested Date
Talisman Mining Limited
7-May-19
31-Oct-20
2,527,780
$0.14
$0.03
31-Oct-19
Talisman Mining Limited
7-May-19
31-Oct-20
2,527,779
$0.16
$0.03
30-Apr-20
Talisman Mining Limited
7-May-19
31-Oct-20
2,527,777
$0.18
$0.02
31-Oct-20
Talisman Mining Limited
7-May-19
31-Oct-21
2,527,780
$0.14
$0.04
31-Oct-19
Talisman Mining Limited
7-May-19
31-Oct-21
2,527,777
$0.16
$0.04
30-Apr-20
Talisman Mining Limited
7-May-19
31-Oct-21
2,527,776
$0.18
$0.04
31-Oct-20
Talisman Mining Limited
7-May-19
31-Oct-22
2,527,780
$0.14
$0.05
31-Oct-19
Talisman Mining Limited
7-May-19
31-Oct-22
2,527,776
$0.16
$0.05
30-Apr-20
Talisman Mining Limited
7-May-19
31-Oct-22
2,527,775
$0.18
$0.04
31-Oct-20
The following share-based arrangements were in place at the end of the financial year:
Issuing entity
Grant Date
Expiry date
of options
Number of shares
under option
Exercise price
of options
Fair
Value Vested Date
Talisman Mining Limited
11-Nov-16
31-Oct-19
Talisman Mining Limited
11-Nov-16
31-Oct-19
Talisman Mining Limited
11-Nov-16
31-Oct-21
Talisman Mining Limited
11-Nov-16
31-Oct-21
Talisman Mining Limited
7-May-19
31-Oct-20
Talisman Mining Limited
7-May-19
31-Oct-20
Talisman Mining Limited
7-May-19
31-Oct-20
150,000
140,000
40,000
40,000
2,527,780
2,527,779
2,527,777
$0.36
$0.27
30-Jun-17
$0.40
$0.23
30-Jun-18
$0.46
$0.32
30-Jun-19
$0.50
$0.32
30-Jun-20
$0.14
$0.03
31-Oct-19
$0.16
$0.03
30-Apr-20
$0.18
$0.02
31-Oct-20
7070
70
2019 ANNUAL REPORTNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Issuing entity
Grant Date
Expiry date
of options
Number of shares
under option
Exercise price
of options
Fair
Value Vested Date
Talisman Mining Limited
7-May-19
31-Oct-21
Talisman Mining Limited
7-May-19
31-Oct-21
Talisman Mining Limited
7-May-19
31-Oct-21
Talisman Mining Limited
7-May-19
31-Oct-22
Talisman Mining Limited
7-May-19
31-Oct-22
Talisman Mining Limited
7-May-19
31-Oct-22
2,527,780
2,527,777
2,527,776
2,527,780
2,527,776
2,527,775
$0.14
$0.04
31-Oct-19
$0.16
$0.04
30-Apr-20
$0.18
$0.04
31-Oct-20
$0.14
$0.05
31-Oct-19
$0.16
$0.05
30-Apr-20
$0.18
$0.04
31-Oct-20
There has been no alteration of the terms and conditions of the above share-based payment arrangements since grant date.
30 Jun 19
30 Jun 18
Number
$
Number
$
Movements in options over ordinary shares on issue
At 1 July
7,925,000
1,678,836
9,705,000
1,292,836
Directors’ and employees’ remuneration
22,750,000
371,164
-
569,794
Unlisted options forfeited
Unlisted options cancelled
Unlisted options lapsed
At 30 June
(200,000)
(44,670)
(30,000)
(3,692)
(5,600,000)
(1,359,616)
-
-
(1,755,000)
(405,932)
(1,750,000)
(180,102)
23,120,000
239,782
7,925,000
1,678,836
The fair value of options granted during the year was $837,523 (2018: nil).
The fair value of the equity-settled share options granted under the option plan is estimated as at the date of grant using the Black-
Scholes model taking into account the terms and conditions upon which the options were granted.
November 2016 Options
Inputs into model
Exercise price
Exercise price post capital return (i)
1
$ 0.48
$ 0.32
2
$ 0.52
$ 0.36
3
$ 0.56
$ 0.40
4
$ 0.62
$ 0.46
5
$ 0.66
$ 0.50
Grant date share price (5 day VWAP)
$ 0.425
$ 0.425
$ 0.425
$ 0.425
$ 0.425
Expected volatility
Risk-free interest rate
Dividend yield (%)
Expected life of options (years)
113%
1.77%
Nil
2.00
113%
1.77%
Nil
3.00
113%
1.77%
Nil
3.00
113%
1.77%
Nil
5.00
113%
1.77%
Nil
5.00
(i) Exercise price adjusted after 15.625 cents per share return of capital on 8 March 2019. Refer note 17 for details.
May 2019 Options
Inputs into model
Exercise price
1
2
3
4
5
6
7
8
9
$ 0.14
$ 0.16
$ 0.18
$ 0.14
$ 0.16
$ 0.18
$ 0.14
$ 0.16
$ 0.18
Grant date share price (5 day VWAP)
$0.088
$0.088
$0.088
$0.088
$0.088
$0.088
$0.088
$0.088
$0.088
Expected volatility
98%
98%
98%
98%
98%
98%
98%
98%
98%
Risk-free interest rate
1.67%
1.67% 1.67% 1.67% 1.67% 1.67% 1.67% 1.67% 1.67%
Dividend yield (%)
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Expected life of options (years)
1.50
1.50
1.50
2.50
2.50
2.50
3.50
3.50
3.50
The expected life of the options is based on historical data and is not necessarily indicative of exercise patterns that may occur. The
expected volatility reflects the assumption that the historical volatility is indicative of future trends, which may also not necessarily be
the actual outcome. No other features of options granted were incorporated into the measurement of fair value.
7171
71
2019 ANNUAL REPORTNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 20: FINAN CIAL IN STR UM EN TS
(a)
Introduction
The Group has exposure to the following risks arising from
financial instruments:
• Credit risk
• Liquidity risk
•
Interest rate risk
• Capital risk
• Foreign currency risk
This note presents information about the Group’s exposure to
each of the above risks, their objectives, policies and processes
for measuring and managing risk and the management
of capital. Further quantitative disclosures are included
throughout this note and the financial report.
The Board of Directors has overall responsibility for the
establishment and oversight of the risk management
framework. Risk management policies are established
to identify and analyse risks faced by the Group, to set
appropriate risk limits and controls and to monitor risks and
adherence to limits. Risk management policies and systems
are reviewed regularly to reflect changes in market conditions
and the Group‘s activities. The Group’s aim is to develop a
disciplined and constructive control environment in which all
employees understand their roles and obligations.
(b) Categories of financial instruments
(includes assets classified as held for sale and associated liabilities)
Financial assets
Cash and cash equivalents
Receivables
Available-for-sale investments
Financial liabilities
Trade and other payables
Borrowings
30 Jun 19
30 Jun 18
$ `000
$ `000
10,618
285
-
10,903
1,028
-
1,028
5,349
618
-
5,967
2,095
15,559
17,654
Fair value of financial assets and liabilities
The carrying amount of financial assets and financial liabilities
recorded in the financial statements represents their respective
net fair values, determined in accordance with the accounting
policies disclosed in Note 1.
and the credit ratings of its counterparties are continuously
monitored, and the aggregate value of transactions concluded
is spread amongst approved counterparties. Credit exposure
is controlled by counterparty limits that are reviewed and
approved by the Risk Management Committee annually.
The Directors consider that the carrying amounts of financial
assets and financial liabilities recorded in the financial
statements approximate their fair value.
(c) Credit risk management
Credit risk refers to the risk that a counterparty will default
on its contractual obligations resulting in financial loss to
the Group. The Group has adopted a policy of only dealing
with creditworthy counterparties and obtaining sufficient
collateral where appropriate, as a means of mitigating the
risk of financial loss from defaults. The Group only transacts
with entities that are rated the equivalent of investment grade
and above. This information is supplied by independent rating
agencies where available and, if not available, the Group uses
publicly available financial information and its own trading
record to rate its major customers. The Group’s exposure
The Group does not have any significant credit risk exposure
to any single counterparty or any Group of counterparties
having similar characteristics. The credit risk on liquid funds
and derivative financial instruments is limited because the
counterparties are banks with high credit ratings assigned by
international credit rating agencies.
The carrying amount of financial assets recorded in the
financial statements, net of any allowance for losses,
represents the Group’s maximum exposure to credit risk
without taking account of the value of any collateral obtained.
(d) Liquidity Risk Management
Ultimate responsibility for liquidity risk management rests
with the board of Directors, who have built an appropriate
liquidity risk management framework for the management of
the Group’s short, medium and long-term funding and liquidity
7272
72
2019 ANNUAL REPORTNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
management requirements. The Group manages liquidity
risk by maintaining adequate reserves, banking facilities and
reserve borrowing facilities by continuously monitoring forecast
and actual cash flows and matching the maturity profiles of
financial assets and liabilities.
The following table details the Company’s and the Group’s
expected contractual maturity for its non-derivative financial
liabilities. These have been drawn up based on undiscounted
contractual maturities of the financial asset and liabilities
based on the earliest date the Group can be required to repay.
The tables include both interest and principal cash flows.
Less than
1 month
1 to 3
months
3 months
to 1 year
1 to 5
years
5+ years
No fixed
term
Total
$ `000
$ `000
$ `000
$ `000
$ `000
$ `000
$ `000
2019
Financial Assets
Non-interest bearing
Variable interest rate
Fixed interest rate
Financial Liabilities
Non-interest bearing
Fixed interest rate
2018
Financial Assets
Non-interest bearing
Variable interest rate
Fixed interest rate
Financial Liabilities
Non-interest bearing
Fixed interest rate
114
538
-
652
841
-
841
618
5,269
-
5,887
1,893
-
1,893
-
-
80
80
-
-
-
-
-
80
80
-
-
-
-
-
10,120
10,120
187
-
187
-
-
-
-
202
15,559
15,761
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
51
-
-
165
538
10,200
51
10,903
-
-
-
-
-
-
-
-
-
-
1,028
-
1,028
618
5,269
80
5,967
2,095
15,559
17,654
(e)
Interest rate risk
profit would have increased by $2,688 (2018: net loss reduced
by $26,000).
The Group is not exposed to interest rate risk on existing finance
facilities as the Group’s borrowings are at fixed interest rates for
the respective terms of the facilities. (Refer to Note 15).
Some of the Group’s assets are subject to interest rate risk but
the Group is not dependent on this income.
Interest rate sensitivity analysis
The sensitivity analysis of the Group’s exposure to interest rate
risk at the reporting date has been determined based on a
change of 50 basis points in interest rates taking place at the
beginning of the financial year and held constant throughout
the year.
(f) Capital risk management
The Board’s policy is to maintain a strong capital base so
as to maintain investor, creditor and market confidence and
to sustain future development of the business. The capital
structure of the Group consists of equity only, comprising
issued capital and reserves, net of accumulated losses. The
Group’s policy is to use capital market issues and debt funding
to meet the funding requirements of the Group.
There were no changes in the Group’s approach to capital
management during the year.
At reporting date, if interest rates had been 50 basis points
higher and all other variables were constant, the Group’s net
The Group is not subject to externally imposed capital
requirements.
7373
73
2019 ANNUAL REPORTNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(g) Foreign currency exchange rate risk management
The Group undertakes certain borrowing transactions denominated in United States Dollars, hence exposures to exchange rate
fluctuations arises.
The carrying amounts of the Group’s foreign currency denominated monetary assets and monetary liabilities at balance date are
as follows:
Consolidated
Liabilities
Assets
2019
$’000
21
2018
$’000
11,500
2019
$’000
1
2018
$’000
321
US Dollars
Foreign currency sensitivity analysis
• Net profit would increase by $291 (2018: net loss increase
The sensitivity analysis below details the Group’s sensitivity to
an increase/decrease in the Australian dollar against the United
States dollar. The sensitivity analysis includes only outstanding
foreign currency denominated monetary items, including
external loans within the Group where the denomination of the
loan is in a currency other than the currency of the lender or the
borrower and adjusts their translation at balance date by a 1%
increase in foreign currency rates.
A 1% increase in the currency rate is the sensitivity rate used
when reporting foreign currency risk internally to management
and represents management’s assessment of the possible
change in foreign exchange rates.
At balance date, if foreign exchange rates had been 1% higher
and all other variables were held constant, the Group’s:
of $151,249) and
• Equity reserves would increase/decrease by $Nil (2018: $Nil).
NOTE 21: COMMITMENTS AND
CONTINGENCIES
Commitments
In order to maintain current rights of tenure to exploration
tenements, the Group is required to perform exploration work
to meet the minimum expenditure requirements specified by
various State governments. These obligations are not provided
for in the financial report and are payable as follows:
Exploration expenditure
Within one year
After one year but not more than five years
Greater than five years
30 Jun 19
30 Jun 18
$’000
$’000
2,971
3,367
10,814
11,458
13,229
17,710
27,014
32,535
If the Group decides to relinquish certain exploration tenements
and/or does not meet these obligations, assets recognised in the
statement of financial position may require review to determine
the appropriateness of carrying values. The sale, transfer or
farm-out of exploration rights to third parties will reduce or
extinguish these obligations.
Talisman Nickel Pty Ltd (Sinclair Nickel Project) was classified as
an asset held for sale at 30 June 2019. Its share of total exploration
expenditure commitments at that date was $23,074,030.
Operating leases
Operating lease arrangements comprise an agreement for the
rental of office space with a lease term of 1 or 3 years; and a
motor vehicle operating lease with a term of 3 years. Future
minimum rentals payable under non-cancellable operating
leases are as follows:
Non-cancellable operating lease commitments
Within one year
After one year but not more than five years
Greater than five years
7474
74
30 Jun 19
30 Jun 18
$’000
$’000
155
160
139
267
-
-
294
427
2019 ANNUAL REPORTNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Contingencies
Details of key management personnel
A contingent liability exists for a deferred consideration
payment of $2 million for the Sinclair Nickel Project, to be paid
six months following the receipt of the first payment for the
sale of nickel product should production recommence within six
years of transaction completion. This contingent consideration
is dependent on a number of factors that are unknown at the
date of this financial report which include amongst others,
material future exploration success and future nickel prices.
There are no other no material contingent liabilities or assets as
at 30 June 2019 and no material contingent liabilities or assets
were incurred in the interval between the period end and the
date of this financial report.
NOTE 22: R EL ATED PA RT Y
D IS C LOSU RES
Other transactions with key management
personnel
No member of the key management personnel appointed
during the period received a payment as part of his or her
consideration for agreeing to hold the position.
The key management personnel of Talisman Mining Limited
during the year were:
Directors
Jeremy Kirkwood Non-Executive Chairman
Daniel Madden
Managing Director
Alan Senior
Non-Executive Director
(July 2018 – November 2018)
Brian Dawes
Non-Executive Director
Karen Gadsby
Non-Executive Director
Executives
Shaun Vokes
Anthony Greenaway General Manager – Geology
Chief Financial Officer/ Company Secretary
Key management personnel compensation is disclosed in the
Remuneration Report which forms part of the Directors’ Report
and has been audited.
The total remuneration paid to key management personnel of
the Company and the Group during the year was as follows:
Short-term employee benefits
Post-employment benefits
Other long-term benefits
Share-based payments(i)
Total key management personnel compensation
30 Jun 19
30 Jun 18
$
$
1,146,652
1,112,528
106,954
96,266
5,834
5,833
396,758
535,340
1,656,198
1,749,967
(i) The value of share-based payments shown in the table are non-cash values based on an accounting valuation calculated under the Black Scholes option pricing method.
NOTE 23: IN TER EST I N S UBS IDIARIES
The consolidated financial statements include the financial statements of Talisman Mining Limited and the subsidiaries listed in the
following table:
Name
Talisman A Pty Ltd
Talisman Nickel Pty Ltd
Haverford Holdings Pty Ltd
Country of
Incorporation
Australia
Australia
Australia
Equity Interest
Investment
2019
2018
2019
2018
%
-
100
100
%
100
100
100
$
-
1
$
10
1
68,000
68,000
Talisman Mining Limited is the ultimate parent entity and ultimate parent of the Group.
7575
75
2019 ANNUAL REPORTNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Balances and transactions between the Company and its
subsidiaries, which are related parties of the Company, have
been eliminated on consolidation.
Details of transactions between the Group and other related
entities are disclosed below.
NOTE 24: PARENT EN TIT Y
DISC LOSURES
The financial information for the parent entity, Talisman
Mining Limited, has been prepared on the same basis as the
consolidated financial statements, except as set out below.
Investments in subsidiaries, associates and joint venture entities
Investments in subsidiaries, associates and joint venture
entities are accounted for at cost in the parent entity’s
financial statements. Dividends received from associates
are recognised in the parent entity’s profit or loss, rather
than being deducted from the carrying amount of these
investments.
Share-based payments
The grant by the Company of options over its equity
instruments to the employees of subsidiary undertakings
in the Group is treated as a capital contribution to that
subsidiary undertaking. The fair value of employee services
received, measured by reference to the grant date fair value,
is recognised over the vesting period as an increase to
investment in subsidiary undertakings, with a corresponding
credit to equity.
Disclosures as at 30 June 2019 and for the year then ended
in relation to Talisman Mining Limited as a single entity are
noted below.
Assets
Current assets
Non-current assets
Total assets
Liabilities
Current liabilities
Total liabilities
Net assets
Equity
Issued capital
Share based payment reserve
Accumulated losses
Total equity
Profit / (loss) for the year
Other comprehensive income
Total comprehensive income / (loss)
30 Jun 19
30 Jun 18
$ `000
$ `000
10,721
327
11,048
529
529
10,519
31,866
240
(21,587)
10,519
573
346
919
801
801
118
60,882
1,679
(62,443)
118
Year ended
30 Jun 19
30 Jun 18
$ `000
$ `000
50,928
(11,518)
-
(14)
50,928
(11,532)
In order to maintain current rights of tenure to exploration
tenements, the Group is required to perform exploration work
to meet the minimum expenditure requirements specified by
various State governments. However, the parent entity itself
is not responsible for any minimum exploration expenditure
commitments.
7676
76
2019 ANNUAL REPORTNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Operating leases
Operating lease arrangements comprise an agreement for the rental of office space with a lease term of 1 or 3 years; and a motor
vehicle operating lease with a term of 3 years. Future minimum rentals payable under non-cancellable operating leases are as follows:
Non-cancellable operating lease commitments
Within one year
After one year but not more than five years
Greater than five years
NOTE 25: AUDITOR’S R EM U N ERAT ION
The auditor of Talisman Mining Limited is HLB Mann Judd.
Preparation of Fringe Benefit Tax Return
Audit of Western Australian Tenement Exploration Expenditure
Audit or review of the financial report
Total Remuneration of Auditors
30 Jun 19
30 Jun 18
$ `000
$ `000
143
149
139
267
-
-
282
416
30 Jun 19
30 Jun 18
$
$
2,000
2,000
1,500
-
44,046
37,500
47,546
39,500
NOTE 26: S UBS E QU EN T E VENTS
Share Sale Agreement and NSR Royalty
Peter Benjamin Board Appointment
On 24 July 2019, Peter Benjamin was appointed as a non-
executive director of the Company.
Lucknow Gold Project Farm In Agreement
On 26 August 2019, the Company announced to the ASX that
it had entered into a farm in agreement on the Lucknow Gold
Project. The Group can earn an initial 51% interest by sole
funding $0.7 million of exploration expenditure within a 24
month period and a further 19% interest by sole funding an
additional $0.8 million of exploration expenditure over a further
24 month period.
Sinclair Nickel Project Transaction
On 27 September 2019, the Company announced to the
ASX that it had entered into a binding Share Sale Agreement
(“SSA”) with Saracen Mineral Holdings Limited (“Saracen”),
for the Company to dispose of its entire interest in the share
capital of its wholly owned subsidiary Talisman Nickel Pty Ltd
(“Talisman Nickel”), the holder of the Company’s interest in the
Sinclair Nickel Project, to Saracen (“Share Sale”). The Company,
Talisman Nickel and Saracen have also executed two NSR
Royalty Deeds, described below, as part of the Share Sale.
Completion of the Share Sale is subject to minimal conditions
and is not conditional on the Company convening a general
meeting.
In consideration for the Share Sale, at completion the Company
is to receive net cash from Saracen equal to A$10.0 million
(calculated on a cash free debt free basis) subject to post-
completion adjustments as agreed by the parties under the
SSA. In addition, the Company, Talisman Nickel and Saracen
have also executed two uncapped, perpetual NSR Royalty
Deeds: one that provides for a 2% Net Smelter Return royalty
associated with any metal production from the Sinclair Nickel
Project tenements, and one that provides for a 2% Net Smelter
Return regarding base metal production from Saracen’s 100%
owned Waterloo Nickel Project tenement (together the “NSR
Royalties”).
Payment of the NSR Royalties is guaranteed by Saracen. Each
of Saracen and Talisman Nickel may sell, assign or otherwise
dispose of part or all of their interest in either the Sinclair
Nickel Project tenements area or the Waterloo Nickel Project
tenement area, provided that the relevant buyer or assignee
agrees to assume, be bound by and perform the obligations
under the relevant NSR Royalty Deed of whichever of Saracen
or Talisman Nickel sold or assigned their interest. The Company
has granted a right of last refusal to Saracen and Talisman
Nickel (or any subsequent buyer or assignee of Saracen’s or
Talisman Nickel’s obligations under the relevant NSR Royalty
Deed) on any sale or disposal of the Company’s rights to the
NSR Royalties.
7777
77
2019 ANNUAL REPORTNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
DIRECTORS’ DECLARATION
Talisman Mining Limited
The Directors of the Group declare that:
1. the consolidated financial statements, comprising the Consolidated Statement of Comprehensive Income, Consolidated
Statement of Financial Position, Consolidated Statement of Cash Flows, Consolidated Statement of Changes in Equity, and
accompanying notes are in accordance with the Corporations Act 2001, and:
(a) comply with Accounting Standards and the Corporations Regulations 2001; and
(b) give a true and fair view of the financial position as at 30 June 2019 and of the performance for the year ended on that date
of the Group;
2. the Managing Director and the Chief Financial Officer of the Group have each declared as required by Section 295A that:
(a) the financial records of the Group for the financial year have been properly maintained in accordance with Section 286 of the
Corporations Act 2001;
(b) the financial statements and notes for the financial year comply with the Accounting Standards; and
(c) the financial statements and notes for the financial year give a true and fair view.
3.
in the Directors’ opinion there are reasonable grounds to believe that the Company will be able to pay its debts as and when they
become due and payable.
4. The Group has included in the notes to the financial statements an explicit and unreserved statement of compliance with
International Financial Reporting Standards.
This declaration is made in accordance with a resolution of the Board of Directors
Daniel Madden
27 September 2019
7878
78
2019 ANNUAL REPORT
ADDITIONAL SECURITIES
EXCHANGE INFORMATION
AS AT 23 SEPTEMBER 2 019
1 . NUMBER O F HOL DERS OF E QUIT Y SE CURIT IES
(a) Distribution of holders of equity securities
Range
1 to 1,000
1,001 to 5,000
5,001 to 10,000
10,001 to 100,000
100,001 and Over
Total
(b) Voting rights
No. of holders
163
506
414
892
253
2,228
Securities
79,165
1,570,692
3,546,614
34,828,436
145,674,972
185,699,879
Each ordinary share is entitled to one vote when a poll is called, otherwise each member present at a meeting or by proxy has one
vote on a show of hands.
(c) Less than marketable parcel of shares
The number of shareholders holding less than a marketable parcel is 572 (holding a total of 1,166,043 shares) given a share value of
$0.10 cents per share.
(d) Substantial Shareholdings:
Ordinary Shareholders
Fully paid ordinary shares
Mr Kerry Kyriakos Harmanis
33,564,138
Number
%
18.07%
Set out above is an extract from the Company’s register of last substantial shareholder notices as received by the Company and/or
lodged at the ASX. Shareholdings and percentages reported in the table are as reported in the most recent notifications received,
however these may differ from current holdings as substantial holders are required to notify the Company only in respect of changes
which act to increase or decrease their percentage holding by at least 1% of total voting rights.
2. COMPAN Y S E CR E TARY
The name of the company secretaries are Shaun Vokes and Alexander Neuling.
3 . RE GI STE RED OFFI CE AN D PRINCIPAL ADMINIST RAT IVE OF FIC E
Registered and principal administrative office:
Level 11, 2 Mill Street
Perth, Western Australia 6000
Telephone +61 8 9380 4230
Registered securities are held at the following address:
Link Market Services Limited
Level 12, QV1 Building
250 St Georges Terrace
Perth, Western Australia 6000
7979
79
2019 ANNUAL REPORT 4. S E C URI TIES EXCHA NGE L IST ING
Quotation has been granted for all the ordinary shares of the Company on all Member Exchanges of the Australian Securities
Exchange Limited
5. RESTRICTED SE CU R ITI ES
There are no restricted securities or securities in voluntary escrow at the date of this report.
6. T W ENT Y L ARG EST HOLD ERS OF ORDINARY SHARES
Ordinary Shareholders
HARMAN NOMINEES PTY LTD
TYCHE HOLDINGS PTY LTD
MRS JASMINE KAILIS
HARMANIS HOLDINGS PTY LTD
TYCHE HOLDINGS PTY LTD
JETOSEA PTY LTD
TYCHE HOLDINGS PTY LTD
BACK9 NOMINEES PTY LTD
HARMANIS HOLDINGS PTY LTD
MICHAEL J KARIN SUPER FUND PTY LTD
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
INVESTMENT HOLDINGS PTY LTD
BACK9 INVESTMENT MANAGEMENT PTY LTD
MR JOHN FORD
SIREB PTY LTD
MR PETER CHARLES WIGHAM
NEW FRONTIER RESOURCES PTY LTD
MR BRIAN ERNEST ZUCAL & MR STEPHEN BRIAN ZUCAL
SYDNEY FUND MANAGERS LIMITED
TYCHE HOLDINGS PTY LTD
Number
11,111,111
6,400,001
5,590,000
4,437,575
3,850,000
3,850,000
3,510,000
3,500,000
3,080,451
2,723,490
2,515,425
2,500,000
2,200,000
2,036,768
1,904,464
1,740,500
1,563,928
1,550,000
1,500,000
1,470,000
%
5.98
3.45
3.01
2.39
2.07
2.07
1.89
1.88
1.66
1.47
1.35
1.35
1.18
1.10
1.03
0.94
0.84
0.83
0.81
0.79
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
8080
80
2019 ANNUAL REPORTADDITIONAL SECURITIES EXCHANGE INFORMATION 7 . UNQU OTED E QU I T Y S E C URIT IES
Class
Exercise Price
Expiry Date
Number
Number of holders
$
Unlisted options
$ 0.36
Unlisted options
$ 0.40
Unlisted options
$ 0.46
Unlisted options
$ 0.50
Unlisted options
$ 0.14
Unlisted options
$ 0.16
Unlisted options
$ 0.18
Unlisted options
$ 0.14
Unlisted options
$ 0.16
Unlisted options
$ 0.18
Unlisted options
$ 0.14
Unlisted options
$ 0.16
Unlisted options
$ 0.18
All options have no voting rights.
8 . ON -MAR KE T BU Y B ACK
31-Oct-19
31-Oct-19
31-Oct-21
31-Oct-21
31-Oct-20
31-Oct-20
31-Oct-20
31-Oct-21
31-Oct-21
31-Oct-21
31-Oct-22
31-Oct-22
31-Oct-22
150,000
140,000
40,000
40,000
2,527,780
2,527,779
2,527,777
2,527,780
2,527,777
2,527,776
2,527,780
2,527,776
2,527,775
At the date of this report the Company is not involved in an on-market buy-back.
5
4
3
3
15
15
15
15
15
15
15
15
15
8181
81
2019 ANNUAL REPORTADDITIONAL SECURITIES EXCHANGE INFORMATION
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8282
82
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83
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8484
84
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Address:
Level 11, 2 Mill Street
Perth WA 6000
PO Box 7446 Cloisters Square
Perth WA 6850
Phone:
+61 8 9380 4230
Fax:
+61 8 9382 8200