TIDMBKY
RNS Number : 5816S
Berkeley Resources Limited
25 September 2014
BERKELEY RESOURCES LIMITED
ANNUAL FINANCIAL REPORT
30 JUNE 2014
ABN 40 052 468 569
CORPORATE DIRECTORY
Directors Bankers
Mr Ian Middlemas -Chairman Australia and New Zealand Banking
Dr James Ross - Non-Executive Deputy Group Ltd
Chairman 77 St Georges Terrace
Mr Robert Behets - Non-Executive Perth WA 6000
Director Share Registry
Company Secretary Australia
Mr Clint McGhie Computershare Investor Services
Executives Pty Ltd
Mr Francisco Bellón - General Level 2
Manager Operations 45 St Georges Terrace
Mr Javier Colilla - Senior Vice Perth WA 6000
President Telephone: +61 8 9323 2000
Registered Office Facsimile: +61 8 9323 2033
Level 9, 28 The Esplanade
Perth WA 6000 United Kingdom
Australia Computershare Investor Services
Telephone: +61 8 9322 6322 Plc
Facsimile: +61 8 9322 6558 PO Box 82
Spanish Office The Pavilions
Berkeley Minera Espana, S.L. Bridgewater Road
Carretera SA-322, KM 30 Bristol BS99 7NH
37495 Retortillo Telephone: +44 870 889 3105
Salamanca, Spain Stock Exchange Listings
Telephone: +34 923 193903 Australia
Website Australian Securities Exchange
www.berkeleyresources.com.au Limited
Email Home Branch - Perth
info@berkeleyresources.com.au Level 40, Central Park
Auditor 152-158 St Georges Terrace
Stantons International Perth WA 6000
Level 2
1 Walker Avenue United Kingdom
West Perth WA 6005 London Stock Exchange - AIM
Solicitors 10 Paternoster Square
Hardy Bowen Lawyers London EC4M 7LS
Level 1, 28 Ord Street ASX/AIM Code
West Perth WA 6005 BKY - Fully paid ordinary shares
Nominated Adviser and Broker
Numis Securities Limited
The London Stock Exchange
Building
10 Paternoster Square
London EC4M 7LT
Contents
Directors' Report 1
Consolidated Statement of Profit or Loss and Other Comprehensive
Income 23
Consolidated Statement of Financial Position 24
Consolidated Statement of Cash Flows 25
Consolidated Statement of Changes in Equity 26
The following sections are available in the full version of
the Annual Financial Report on Berkeley Resources Limited's
website: www.berkeleyresources.com.au
Notes to and forming part of the Financial Statements
Directors' Declaration
Auditor's Independence Declaration
Independent Auditor's Report
DIRECTORS' REPORT
30 JUNE 2014
The Directors of Berkeley Resources Limited submit their report
on the Consolidated Entity consisting of Berkeley Resources Limited
('Company' or 'Berkeley' or 'Parent') and the entities it
controlled at the end of, or during, the year ended 30 June 2014
('Consolidated Entity' or 'Group').
DIRECTORS
The names of Directors in office at any time during the
financial year or since the end of the financial year are:
Mr Ian Middlemas -Chairman
Dr James Ross - Non-Executive Deputy Chairman
Mr Robert Behets - Non-Executive Director
Unless otherwise disclosed, Directors held their office from 1
July 2013 until the date of this report.
CURRENT DIRECTORS AND OFFICERS
Ian Middlemas
Chairman
Qualifications - B.Com, CA
Mr Middlemas is a Chartered Accountant, a member of the
Financial Services Institute of Australasia and holds a Bachelor of
Commerce degree. He worked for a large international Chartered
Accounting firm before joining the Normandy Mining Group where he
was a senior group executive for approximately 10 years. He has had
extensive corporate and management experience, and is currently a
director with a number of publicly listed companies in the
resources sector.
Mr Middlemas was appointed a Director and Chairman of Berkeley
Resources Limited on 27 April 2012. During the three year period to
the end of the financial year, Mr Middlemas has held directorships
in Paringa Resources Limited (October 2013 - present), Prairie
Mining Limited (August 2011 - present), Papillon Resources Limited
(May 2011 - present), Pacific Ore Limited (April 2010 - present),
Wildhorse Energy Limited (January 2010 - present), Equatorial
Resources Limited (November 2009 - present), WCP Resources Limited
(September 2009 - present), Sovereign Metals Limited (July 2006 -
present), Odyssey Energy Limited (September 2005 - present), Sierra
Mining Limited (January 2006 - June 2014), Decimal Software Limited
(July 2013 - April 2014), Global Petroleum Limited (April 2007 -
December 2011) and Coalspur Mines Limited (March 2007 - October
2011).
James Ross AM
Non-Executive Deputy Chairman
Qualifications - B.Sc. (Hons.), PhD, FAusIMM, FAICD
Dr Ross is a leading international geologist whose technical
qualifications include an honours degree in Geology at UWA and a
PhD in Economic Geology from UC Berkeley. He first worked with
Western Mining Corporation Limited for 25 years, where he held
senior positions in exploration, mining and research. Subsequent
appointments have been at the level of Executive Director, Managing
Director and Chairman in a number of small listed companies in
exploration, mining, geophysical technologies, renewable energy and
timber. His considerable international experience in exploration
and mining includes South America, Africa, South East Asia and the
Western Pacific.
Dr Ross is Chairman of Earth Science Western Australia Inc. and
the John De Laeter Centre for Isotope Research; a member of the
Technology Industry Advisory Council; and a former Director of
Kimberley Foundation Australia Limited.
He was appointed a Director of Berkeley Resources Limited on 4
February 2005. He has not been a Director of another listed company
in the three years prior to the end of the financial year.
Robert Behets
Non-Executive Director
Qualifications - B.Sc (Hons), FAusIMM, MAIG
Mr Behets is a geologist with over 25 years' experience in the
mineral exploration and mining industry in Australia and
internationally. He was instrumental in the founding, growth and
development of Mantra Resources Limited, an African focused uranium
company, through to its acquisition by ARMZ for approximately A$1
billion in 2011. Prior to Mantra, Mr Behets held various senior
management positions during a long career with WMC Resources
Limited.
Mr Behets has a strong combination of technical, commercial and
managerial skills and extensive experience in exploration, mineral
resource and ore reserve estimation, feasibility studies and
operations across a range of commodities, including uranium, gold
and base metals. He is a Fellow of The Australasian Institute of
Mining and Metallurgy, a Member of the Australian Institute of
Geoscientists and was also previously a member of the Australasian
Joint Ore Reserve Committee ('JORC').
Mr Behets was appointed a Director of the Company on 27 April
2012. During the three year period to the end of the financial
year, Mr Behets has also held a directorship in Papillon Resources
Limited (May 2012 - present).
Francisco Bellón
General Manager Operations
Qualifications - M.Sc
Mr Bellón is a Mining Engineer specialising in mineral
processing and metallurgy with over 18 years' experience in
operational and project management roles in Europe, South America
and West Africa. He held various senior management roles with TSX
listed Rio Narcea Gold Mines during a 10 year career with the
company, including Plant Manager for El Valle/Carles process
facility and Operations Manager prior to its acquisition by Lundin
Mining in 2007. During this period, Mr Bellón was involved in the
development, construction, commissioning and production phases of a
number of mining operations in Spain and Mauritania including El
Valle-Boinás / Carlés (open pit and underground gold-copper mines
in northern Spain), Aguablanca (open pit nickel-copper mine in
southern Spain) and Tasiast (currently Kinross' world class open
pit gold mine in Mauritania). He subsequently joined Duro Felguera,
a large Spanish engineering house, where as Manager of the Mining
Business, he managed the peer review, construction and
commissioning of a number of large scale mining operations in West
Africa and South America in excess of US$1B.
Mr Bellón joined Berkeley Resources in May 2011.
Javier Colilla
Senior Vice President Corporate
Qualifications - Econ (Hons), LLB (Hons), MBA
Mr Colilla is a Mineral Economist and Lawyer. With prior
experience in auditing and insurance sectors, he has over 25 years'
experience in the mining sector commencing as the Managing Director
of an international drilling company in the early 1980's. He
subsequently worked for Anglo American as General Manager of their
Spanish subsidiaries, whilst also contributing as international
staff member to several projects in Europe and South America. Mr
Colilla held various executive management roles during a long
career with the TSX listed Rio Narcea Gold Mines, including Vice
President Business Development, Chief Financial Officer, Senior
Vice President Corporate, as well as Administrator/Director of its
subsidiaries. During this period, he was involved in all aspects of
commercial, legal and joint venture management, permitting,
stakeholder engagement, government liaison and project financing
for a number of mining operations in Spain and internationally
including El Valle-Boinás / Carlés, Aguablanca and Tasiast.
Following the acquisition of Rio Narcea Gold Mines by Lundin Mining
in 2007, Mr Colilla consulted on renewable energies projects and
advised several international leading legal firms in the areas of
public aid financing (domestic and international) and due diligence
exercises in relation to Spanish mining companies being acquired by
multinational mining groups.
Mr Colilla joined Berkeley Resources in April 2010.
Mr Clint McGhie
Company Secretary and Chief Financial Officer
Qualifications - B.Com, CA, ACIS, FFin
Mr McGhie is a Chartered Accountant and Chartered Secretary. He
commenced his career at a large international Chartered Accounting
firm, before moving to commerce in the role of financial controller
and company secretary. Mr McGhie now works in the corporate office
of a number of public listed companies focussed on the resources
sector.
Mr McGhie was appointed Company Secretary and Chief Financial
Officer of Berkeley Resources Limited on 18 May 2012.
PRINCIPAL ACTIVITIES
The principal activities of the Consolidated Entity during the
year consisted of mineral exploration. There was no significant
change in the nature of those activities.
EMPLOYEES
2014 2013
------------------------------------------- ----- -----
The number of full time equivalent people
employed by the Consolidated Entity at
balance date 29 30
DIVIDENDS
No dividends have been declared, provided for or paid in respect
of the financial year ended 30 June 2014 (2013: nil).
EARNINGS PER SHARE
2014 2013
Cents Cents
------------------------ ------- -------
Basic loss per share (4.19) (6.24)
------------------------ ------- -------
Diluted loss per share (4.19) (6.24)
CORPORATE STRUCTURE
Berkeley Resources Limited is a company limited by shares that
is incorporated and domiciled in Australia. The Company has
prepared a consolidated financial report including the entities it
acquired and controlled during the financial year.
CONSOLIDATED RESULTS
2014 2013
$ $
------------------------------------------------ ------------------ -------------
Loss of the Consolidated Entity before
income tax (7,577,578) (11,145,447)
Income tax benefit/(expense) 43,630 (43,630)
------------------------------------------------ ------------------ -------------
Net loss (7,533,948) (11,189,077)
Net loss attributable to members of Berkeley
Resources Limited (7,533,948) (11,189,077)
================================================ ================== =============
OPERATING AND FINANCIAL REVIEW
Berkeley is a uranium exploration and development company with a
quality resource base in Spain. The Company is currently focussed
on advancing its wholly owned flagship Salamanca Project ('the
Project').
The Salamanca Project comprises the Retortillo, Alameda, Gambuta
and Zona 7 deposits, plus a number of other Satellite deposits
located in western Spain.
During the year, the Company completed a Preliminary Feasibility
Study ('PFS') on the integrated development of Retortillo and
Alameda, which clearly demonstrated the Project's potential to
support a significant scale, long life uranium mining operation.
The Company has subsequently commenced a Definitive Feasibility
Study ('DFS') for the Project.
Operations
Highlights during, and subsequent to the end of, the financial
year:
(i) Completion of the PFS confirming the technical and economic
viability of the Salamanca Project, including:
-- Steady state annual production of 3.3 million pounds U(3)
O(8) over a 7 year period, with average annual production of 2.7
million pounds U(3) O(8) over an initial 11 year life of mine;
-- Average operating costs (C1 cash costs) of US$24.60 per pound
of U(3) O(8) over the life of mine;
-- Upfront capital cost of US$95.1 million to deliver initial
production. A further US$74.4 million, incurred in the second year
of production, to achieve steady state operation; and
-- PFS considered a base case scenario, with strong potential to
increase the production profile and/or mine life.
(ii) Commencement of the Salamanca Project DFS:
-- DFS focussed on the integrated development of Retortillo and Alameda; and
-- A number of work programs providing key inputs to the DFS,
including detailed geological and structural mapping,
hydrogeological studies, metallurgical testwork, and resource
drilling at Retortillo, have commenced.
(iii) Environmental Licence for Retortillo granted:
-- The Regional Government granted a Favourable Declaration of
Environmental Impact ('Environmental Licence') for Retortillo
following submission and extensive review of the Company's
Environmental and Social Impact Assessment ('ESIA').
(iv) Exploitation Concession ('Mining Licence') for Retortillo granted:
-- Valid for an initial period of 30 years, renewable for two further periods of 30 years;
-- Covers an area of 25.2km(2) and includes the entire area containing the Retortillo deposit;
-- Retortillo deposit forms part of the integrated Salamanca
Project and is the first resource from which production is
scheduled to commence; and
-- With the grant of Mining Licence by the Regional Government,
the approval processes associated with other key permits, including
the Initial Authorisation of the process plant as a radioactive
facility and the Exceptional Authorisation for Land Use
(application for reclassification from rural to industrial use) of
the affected surface land area at Retortillo, may now be
finalised.
(v) Gambuta Scoping Study:
-- Completion of a positive Scoping Study on the Gambuta
deposit, enabling the Company to advance Gambuta to the next stage
of evaluation;
-- The Gambuta deposit, which is located approximately 145
kilometres southeast of Retortillo, has an Inferred Mineral
Resource Estimate ('MRE') of 12.7 million tonnes at 394 ppm U(3)
O(8) for a total of 11.1 million pounds of U(3) O(8) at a 200 ppm
U(3) O(8) cut-off grade (refer ASX September 2012 Quarterly
Report); and
-- Gambuta will ultimately be integrated with Retortillo and
Alameda, with a view to potentially increasing the production scale
and/or mine life of the Salamanca Project.
(vi) High Grade Mineralisation Intersected at Zona 7:
-- Zona 7 is the largest of the Retortillo Satellite Deposits
and currently hosts an Inferred MRE of 3.9 million tonnes averaging
414 ppm U(3) O(8) for a contained 3.6 million pounds of U(3) O(8)
at a 200 ppm U(3) O(8) cut-off grade (not including the results
from the 2013 or 2014 drill programs - See ASX September 2012
Quarterly Report). It is located within 10 kilometres of the
proposed location of the centralised processing plant at
Retortillo;
-- 2013 drill program intersected high grade mineralisation at shallow depths and extended the mineralisation a further 1,200 metres to the southwest of the current resource area;
-- Better intercepts from the 2013 program included 29 metres @
3,391 ppm U(3) O(8) , 17 metres @ 1,260 ppm U(3) O(8) , 15 metres @
1,392 ppm U(3) O(8) , 25 metres @ 683 ppm U(3) O(8) and 13 metres @
1,161 ppm U(3) O(8) ;
-- A follow up drill program aimed at infilling the zone of
mineralisation delineated by the 2013 program and extending it
further along strike commenced in May 2014. The 2014 program was
designed to close the broadly spaced 2013 drill pattern down to a
notional 100 metre by 100 metre grid to facilitate the estimation
of a revised Inferred MRE for Zona 7 in late 2014; and
-- Results from the 2014 program received to date include 21
metres @ 3,101 ppm U(3) O(8,) 25 metres @ 2,005 ppm U(3) O(8,) 21
metres @ 1,535 ppm U(3) O(8,) 17 metres @ 1,517 ppm U(3) O(8) and
16 metres @ 1,014 ppm U(3) O(8) .
Salamanca Project
Berkeley's flagship Salamanca Project comprises the Retortillo,
Alameda, Gambuta and Zona 7 deposits, plus a number of other
Satellite deposits located in western Spain.
Project Evaluation
Pre-Feasibility Study
In September 2013, the Company completed a PFS on the integrated
development of Retortillo and Alameda, which clearly demonstrated
the Salamanca Project's potential to support a significant scale,
long life uranium mining operation (refer ASX announcement dated 26
September 2013).
Using only the current MRE for Retortillo and Alameda, which
total 34.5 million pounds U(3) O(8) (36.9 million tonnes at 424
ppm; 200 ppm U(3) O(8) cut-off grade), as a base case scenario, the
Project can support an average annual production of 3.3 million
pounds of U(3) O(8) during the seven years of steady state
operation and 2.7 million pounds of U(3) O(8) over a minimum eleven
year mine life (refer ASX June 2014 Quarterly Report). There is
strong potential to increase the production profile and/or mine
life through the exploitation of additional resources held by the
Company (totalling 27.1 million pounds U(3) O(8) ) and with ongoing
exploration work.
The PFS was based on open pit mining, heap leaching using on-off
leach pads, a centralised process plant at Retortillo, and a remote
ion exchange operation at Alameda, with loaded resin trucked to the
centralised plant for final extraction and purification. The open
pits are shallow (maximum depth of 135 metres) with low strip
ratios (average 1:2.1 ore to waste for the Project over the life of
mine). During steady state operation the annual ore processing rate
is 5.5 million tonnes. Operating costs (C1 cash costs) average
US$24.60 per pound U(3) O(8) over the life of mine.
The initial capital cost (nominally +/- 20% accuracy) for the
Project is estimated at US$95.1 million. This cost is inclusive of
all mine, processing, infrastructure and indirect costs required to
develop and commence production at Retortillo. A further US$74.4
million of capital, incurred in the second year of production, is
required to develop Alameda and achieve steady state operation. The
Project's capital cost reflects the excellent existing
infrastructure, use of heap leaching as the preferred processing
route, and the favoured mining contractor scenario (no mining fleet
capital expenditure).
Definitive Feasibility Study
A number of opportunities to further enhance the Project
economics through capital and operating cost reductions were
identified in the PFS. Prior to commencing the DFS, the Company
undertook a comprehensive review of the PFS with a view to
assessing these opportunities and defining key work programs to be
incorporated into the final scope. Following finalisation of the
Scope of Work, the key areas of focus for the DFS include:
-- Resource infill drilling programs aimed at upgrading the
classification of specific portions of the current Retortillo and
Alameda MRE's to the Measured category;
-- Further metallurgical testwork programs, including additional
column leach work (six metre columns - operational height), in
combination with ion exchange ('IX') at Alameda and solvent
extraction ('SX') and ammonium diuranate ('ADU') precipitation at
Retortillo to generate more detailed information relating to the pH
and acid consumption optimisation, design and sizing of the IX and
SX units, and final product specification;
-- Development of a Geo-Met model which will incorporate
additional geological and metallurgical parameters into the
resource block model to support metallurgical process modelling and
mine planning and optimisation;
-- Open pit optimisation, detailed mine design and production
scheduling using the upgraded MRE block models;
-- Enhanced design of the project infrastructure and site facilities;
-- Undertaking engineering studies to support capital and
operating cost estimates for the Project to a level of accuracy of
nominally +/-10%; and
-- Undertaking an evaluation of the various alternatives for
funding the development of the Project and the sale of future
uranium production (including uranium marketing and off-take
arrangements).
A number of work programs providing key inputs to the DFS,
including the resource infill drilling program at Retortillo, the
metallurgical testwork program, development of Geo-Met models and
hydrogeological studies for both sites, were advanced late in the
year.
Resource Drilling
The PFS was based solely on the MREs for Retortillo and Alameda
(Table 1), prepared by Berkeley and reported in accordance with the
JORC Code (2004).
The Alameda MRE was unchanged from that reported in July 2012
and was based on data from approximately 41,000 metres of
historical diamond ('DD') drilling and 11,000 metres of DD and
reverse circulation ('RC') drilling undertaken by Berkeley.
The Retortillo MRE was updated in September 2013 to incorporate
the results of a 2013 RC infill drilling program which comprised 67
RC drill holes for 4,382 metres.
Table 1 - Summary of MREs used as the basis of the PFS
Retortillo and Alameda
Mineral Resource Estimates - September 2013
Reported at a lower cut-off grade of 200 ppm U(3) O(8)
--------------------------------------------------------------------------------
Category Tonnage Grade Contained U(3)
O(8)
(million tonnes) (U(3) O(8) (million pounds)
ppm)
------------ ------------ ------------------ ------------ ------------------
Retortillo Indicated 14.4 378 12.0
------------ ------------ ------------------ ------------ ------------------
Inferred 1.8 359 1.4
------------------------- ------------------ ------------ ------------------
Sub Total 16.2 376 13.4
------------------------- ------------------ ------------ ------------------
Alameda Indicated 20.0 455 20.1
------------ ------------ ------------------ ------------ ------------------
Inferred 0.7 657 1.0
------------------------- ------------------ ------------ ------------------
Sub Total 20.7 462 21.1
------------------------- ------------------ ------------ ------------------
Combined Indicated 34.4 423 32.1
------------ ------------ ------------------ ------------ ------------------
Inferred 2.5 443 2.4
------------------------- ------------------ ------------ ------------------
Total 36.9 424 34.5
------------------------- ------------------ ------------ ------------------
A comparison between the Retortillo September 2013 MRE and July
2012 MRE highlights the following:
-- Total tonnes increased by 7% (16.2 million tonnes vs. 15.2 million tonnes);
-- Average grade decreased by 2% (376 ppm U(3) O(8) vs. 383 ppm U(3) O(8) );
-- Total contained uranium increased by 5% (13.4 million pounds
U(3) O(8) vs. 12.8 million pounds U(3) O(8) ); and
-- Indicated Resources increased from 61% to 90% of total MRE.
These changes are largely attributable to the inclusion of the
results of the 2013 infill drilling, which were mostly in line with
expectations based on the previous July 2012 resource model, and
they also confirmed that the mineralisation extends a further 200
metres to the northwest beyond the previous resource boundary.
Following completion of the detailed design of the infill
drilling program for Retortillo for the DFS, activities including
land owner authorisation, site access and drill site preparation
were undertaken late in the year and drilling commenced in August
2014. The 2014 infill drilling program is aimed at upgrading the
resource classification of the areas to be mined during the initial
two years of the PFS production schedule to the Measured
category.
Gambuta Scoping Study
During the year, the Company also completed a Scoping Study
level evaluation ('the Study') of the Gambuta deposit. The Study
was managed by Berkeley, with input from a number of industry
recognised specialist consultants covering the key disciplines.
The Gambuta deposit, which is located approximately 145
kilometres southeast of Retortillo, has an Inferred MRE of 12.7
million tonnes at 394 ppm U(3) O(8) for a total of 11.1 million
pounds of U(3) O(8) at a 200 ppm U(3) O(8) cut-off grade (refer ASX
September 2012 Quarterly Report).
The conceptual approach used in the Study was based on open pit
mining, heap leaching, and a remote IX operation, with the loaded
resin being trucked to the proposed centralised plant at Retortillo
for final extraction and purification.
The geometry, average thickness and depth of the mineralisation
make it amenable to shallow open pit mining with a low ore to waste
strip ratio.
The results of the Study were positive and accordingly, the
Company will advance Gambuta to the next stage of the evaluation.
Gambuta will ultimately be integrated with Retortillo and Alameda,
with a view to potentially increasing the production scale and/or
mine life of the Salamanca Project.
Permitting
Significant progress was made with permitting during the year,
with two major permitting milestones achieved for Retortillo.
In October 2013, the Regional Government of Castilla and León
granted a Favourable Declaration of Environmental Impact
('Environmental Licence') for Retortillo.
The grant of the Environmental Licence followed substantial work
over a 24 month period, including environmental and social baseline
studies and culminating with the submission of the Environmental
and Social Impact Assessment ('ESIA'), together with the
Exploitation Plan and the Reclamation and Closure Plan for
Retortillo.
The ESIA and associated documentation were subjected to
extensive review by all relevant authorities and key stakeholders,
including a 30 day Public Information Period, prior to the grant of
the Environmental Licence. The Environmental Licence covers all
mining and processing activities, including treatment of loaded
resin transported to Retortillo from other deposits.
Key activities undertaken during the ESIA process, which was
managed by Berkeley with input from a multi-disciplinary group of
specialist consultants, included environmental baseline monitoring
studies, census work to understand the flora and fauna within and
around the tenement area, ecosystem and habitat sensitivity
surveys, noise and air quality studies, surface and underground
water studies, and extensive community engagement.
In April 2014, the Regional Government of Castilla and León
granted the Exploitation Concession ('Mining Licence') for
Retortillo. The Retortillo deposit forms part of the Salamanca
Project and is the first resource from which production is
scheduled to commence.
The grant of the Mining Licence for Retortillo is a major
milestone for the Company and follows the approval of Exploitation
and Reclamation and Closure Plans for the proposed mining operation
submitted by Berkeley, and the completion of a number of studies
and technical review sessions with relevant government agencies.
The granting of the Mining Licence has also taken into account the
prerequisite approval of the Company's ESIA by the environmental
authorities, and the favourable recommendation report issued by the
Nuclear Safety Council.
The Mining Licence is valid for an initial period of 30 years
and may be renewed for two additional periods of 30 years. It
covers an area of 25.2km(2) and includes the entire area containing
the Retortillo MRE.
With the grant of the Mining Licence, the approval processes
associated with other key permits including the Initial
Authorisation of the process plant as a radioactive facility and
the Exceptional Authorisation for Land Use (application for
reclassification from rural to industrial use) of the affected
surface land area at Retortillo, may now be finalised.
The key documents required for the next phase of permitting at
Alameda were submitted to the relevant authorities during the year.
These included a revised version of the Environmental Scoping
Document ('ESD') which was updated to incorporate the results from
the PFS and inputs from the granting of the Environment and Mining
Licenses for Retortillo.
Exploration
Zona 7
A comprehensive review of all available data for the tenements
surrounding the Company's existing resources, undertaken in early
2013, identified the potential extension of Zona 7 to the southwest
as a priority drill target.
Zona 7 is located approximately 10 kilometres to the northwest
of the proposed location of the centralised processing plant at
Retortillo and currently hosts an Inferred MRE of 3.9 million
tonnes averaging 414 ppm U(3) O(8) for a contained 3.6 million
pounds of U(3) O(8) at a lower cut-off grade of 200 ppm U(3) O(8)
(refer ASX June 2012 Quarterly Report).
An 18 hole, 1,133 metre RC drill program was subsequently
completed in mid-2013 to test this priority target. Assay results
returned from this drilling program in August 2013 confirmed that
the Zona 7 mineralisation extends a further 1,200 metres to the
southwest of the current resource area. The drilling, which was
carried out on an approximately 400 metre by 100 metre grid,
essentially doubled the strike extent of the mineralised zone and
it remains open. Significant high grade intersections were recorded
at shallow depths (from 9 metres to a maximum depth of 84 metres),
with thicknesses up to 29 metres. Better intercepts included 29
metres @ 3,391 ppm U(3) O(8) , 17 metres @ 1,260 ppm U(3) O(8) , 15
metres @ 1,392 ppm U(3) O(8) , 25 metres @ 683 ppm U(3) O(8) and 13
metres @ 1,161 ppm U(3) O(8) (refer ASX announcement dated 7 August
2013).
A follow-up drill program in 2014, comprising 44 RC holes for
approximately 3,100 metres and three DD holes for approximately 300
metres, was aimed at infilling the zone of mineralisation defined
by the 2013 drilling and extending it further along strike. The
program was designed to close the broadly spaced 2013 drill pattern
down to a notional 100 metre by 100 metre grid to facilitate the
estimation of a revised Inferred Mineral Resource for the
prospect.
The 2014 program will be completed in September.
Results from the 2014 program received to date include 21 metres
@ 3,101 ppm U(3) O(8,) 25 metres @ 2,005 ppm U(3) O(8,) 21 metres @
1,535 ppm U(3) O(8,) 17 metres @ 1,517 ppm U(3) O(8) and 16 metres
@ 1,014 ppm U(3) O(8) . These results have shown that there is good
continuity of the mineralised zone, both in terms of thickness and
grade, between the previous broader spaced holes. Significant high
grade intersections have been recorded at shallow depths (from
surface to a maximum depth of 73 metres), with thicknesses up to 25
metres.
The data obtained from both the 2013 and 2014 drilling programs
will form the basis for an upgraded Inferred Mineral Resource for
Zona 7, anticipated to be completed in the December 2014
quarter.
A summary of all resource and exploration drilling completed by
Berkeley during the year is presented in the following table.
Table 2: 2013/2014 Drilling Summary
Diamond RC Total
Holes Metres Holes Metres Holes Metres
------------ ------- -------- ------ ------- ------ -------
Retortillo - - - - - -
------------ ------- -------- ------ ------- ------ -------
Alameda - - - - - -
Zona 7 - - 32 2081 32 2081
------------ ------- -------- ------ ------- ------ -------
Total - - 32 2081 32 2081
------------ ------- -------- ------ ------- ------ -------
Results of Operations
The Consolidated Entity's net loss after tax for the year ended
30 June 2014 was $7,533,948 (2013: $11,189,077). This loss is
partly attributable to:
(i) Exploration and evaluation expenses of $6,935,123 (2013:
$11,999,142), which is attributable to the Group's accounting
policy of expensing exploration and evaluation expenditure incurred
subsequent to the acquisition of the rights to explore and up to
the successful completion of definitive feasibility studies for
each separate area of interest.
The reduced exploration and evaluation expenditure in the year
ended 30 June 2014 is a reflection of the activities undertaken
during the year, including a period of internal review following
the release of the PFS in September 2013, and an ongoing focus on
cost control across all areas of the business.
(ii) Share based payments expense of $809,174 (2013: $417,918)
was recognised in respect of incentive securities granted to
directors, employees and key consultants. The Company expenses the
incentive securities over the vesting period.
The Consolidated Entity also recognised interest income of
$825,297 (2013: $1,509,713), and a rebate of $338,074 (2013:
$737,198) was received in respect of R&D activities undertaken
in Australia. The reduction in interest income reflects the reduced
average cash position from 2013 to 2014 and a general reduction in
interest rates from 2013 to 2014.
Financial Position
At 30 June 2014, the Group had cash reserves of A$20.2 million,
with no debt. This puts the Group in a strong financial position as
it looks to complete the DFS and progress the development of the
Salamanca Project. The Company continues to maintain a strong focus
on cost control across all areas of the business
The Group had net assets of $35,582,008 at 30 June 2014 (2013:
$42,136,600), a decrease of $6,554,592 or approximately 15.5%
compared with the previous year. This decrease is consistent with
the reduced cash balance and is largely attributable to the
comprehensive loss for the year, comprising: (i) the current year's
net loss after income tax, and (ii) the foreign exchange gain
arising on the translation of the Group's foreign operations.
The increase in the Exploration Expenditure asset from
$14,173,930 at 30 June 2013 to $14,268,990 at 30 June 2014 is
attributed to the devaluation of the Australian dollar (AUD)
against the Euro, with approximately $8.53 million (EUR6.0million)
of the Exploration asset denominated in Euro and revalued in AUD at
each balance date.
The decrease in trade creditors from $2,172,953 at 30 June 2013
to $1,094,791 is a reflection of a lower level of activity at the
end of 2014 as the Company commences the DFS. This is compared to
the end of 2013 when the Company was actively in the process of
completing the PFS.
Business Strategies and Prospects for Future Financial Years
Berkeley's strategic objective is to create long-term
shareholder value by becoming a uranium producer in the medium
term, through the ongoing exploration, appraisal and development of
its flagship Salamanca Project located in Spain.
The Company has a 100% interest in a total Mineral Resource
estimated at 61.6 million pounds of contained U(3) O(8) (65.4
million tonnes at 427 ppm U(3) O(8) at a cut-off grade of 200 ppm
U(3) O(8) ) but has not to date defined Ore Reserves in accordance
with the JORC Code, nor has it commenced production. To achieve its
strategic objective, the Company currently has the following
business strategies and prospects over the medium term:
-- Completion of a DFS for the Salamanca Project;
-- Commence evaluation of project finance options;
-- Continue the permitting process with a view to obtaining all
necessary permits and licences for construction and production in a
timely fashion;
-- Subject to the results of a positive DFS, obtaining all
necessary permits and licences and project financing, advance the
Salamanca Project through the development and construction phases
and into production;
-- Continue to explore its portfolio of tenements in Spain with
a view to growing the resource base and potentially providing
additional production sources to incorporate into the Salamanca
Project; and
-- Continue to assess new uranium and other business
opportunities which can enhance shareholder value.
As with any other mining project, all of these activities are
inherently risky and the Board is unable to provide certainty that
any or all of these activities will be able to be achieved. The
material business risks faced by the Company that are likely to
have an effect on the Company's future prospects, and how the
Company manages these risks, include:
-- The exploration for, and development of, mineral deposits
involves a high degree of risk. The ultimate development of the
Company's project into a producing mine is dependent on a number of
factors, including; successful studies, obtaining all necessary
permits and licences, and subsequently the required project
financing.
To mitigate this risk, the Company has undertaken systematic and
staged exploration and testing programs, and a number of technical
and economic studies with respect to the Salamanca Project. Further
studies, including a DFS, will also be completed prior to advancing
the Salamanca Project to the construction phase and into
production.
The construction phase of the Company's Project will require
substantial additional financing. Failure to obtain sufficient
financing may result in delaying or indefinite postponement of any
development of the Project. There can be no assurance that
additional capital or other types of financing will be available if
needed or that, if available, the terms of such financing will be
favourable to the Company.
The successful development of the Company's Project will also be
dependent on the granting of all permits necessary for the
construction and production phases. As with any exploration and
development project, there is no guarantee that the Company will be
successful in applying for and maintaining all required permits and
licences to commence construction and subsequently enter into
production;
-- The Company may be adversely affected by fluctuations in
commodity prices. The price of uranium fluctuates widely and is
affected by numerous factors beyond the control of the Company.
Future production from the Company's Project will be dependent upon
the price of uranium being adequate to make these properties
economic. The Company currently does not engage in any hedging or
derivative transactions to manage commodity price risk, but as the
Company's Project advances, this policy will be reviewed
periodically; and
-- Global financial conditions may adversely affect the
Company's growth and profitability. Many industries, including the
mineral resource industry, are impacted by these market conditions.
Some of the key impacts of the current financial market turmoil
include contraction in credit markets resulting in a widening of
credit risk, devaluations and high volatility in global equity,
commodity, foreign exchange and energy markets, and a lack of
market liquidity. A slowdown in the financial markets or other
economic conditions may adversely affect the Company's growth and
ability to finance its activities.
SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS
Other than as disclosed below, there were no significant changes
in the state of affairs of the Consolidated Entity during the
year.
-- In September 2013, the Company completed the PFS confirming
the technical and economic viability of the Salamanca Project and
its potential to support a significant scale, long life, low cost
uranium operation. Using only the MRE for Retortillo and Alameda,
the PFS is considered a base case scenario with strong potential to
increase the production profile and/or mine life through the
exploitation of additional resources held by the Company and with
ongoing exploration work.
-- In October 2013, the Regional Government of Castilla and León
granted a Favourable Declaration of Environmental Impact
('Environmental Licence') for Retortillo following submission and
extensive review of the Company's Environmental and Social Impact
Assessment.
-- On 31 December 2013, the Company issued 968,000 fully paid
ordinary shares following the conversion of 968,000 Tranche 1
Performance Share Rights upon satisfaction of the PFS
milestone.
-- The Company granted 490,000 Performance Share Rights to
employees and consultants of the Company on 28 March 2014.
-- In April 2014, a major permitting milestone was achieved with
the grant of the Exploitation Concession ('Mining Licence') for
Retortillo by the Regional Government of Castilla and León. The
Retortillo deposit forms part of the Salamanca Project and is the
first resource from which production is scheduled to commence.
SIGNIFICANT POST BALANCE DATE EVENTS
As at the date of this report there are no matters or
circumstances, which have arisen since 30 June 2014 that have
significantly affected or may significantly affect:
-- the operations, in financial years subsequent to 30 June 2014, of the Consolidated Entity;
-- the results of those operations, in financial years
subsequent to 30 June 2014, of the Consolidated Entity; or
-- the state of affairs, in financial years subsequent to 30
June 2014, of the Consolidated Entity.
ENVIRONMENTAL REGULATION AND PERFORMANCE
The Consolidated Entity's operations are subject to various
environmental laws and regulations under the relevant government's
legislation. Full compliance with these laws and regulations is
regarded as a minimum standard for all operations to achieve.
Instances of environmental non-compliance by an operation are
identified either by external compliance audits or inspections by
relevant government authorities.
There have been no significant known breaches by the
Consolidated Entity during the financial year.
In September 2012, Berkeley qualified for certification in
accordance with ISO 14001 of Environmental Management, which sets
out the criteria for an environmental management system, and UNE
22480 of Sustainable Mining Management, which allows for the
systematic monitoring and tracking of sustainability indicators,
and is useful in the establishment of targets for constant
improvement.
INFORMATION ON DIRECTORS' INTERESTS IN SECURITIES OF
BERKELEY
Interest in Securities at the
Date of this Report
Ordinary $0.45 Unlisted Performance
Current Directors Shares(i) Options(ii) Rights(iii)
------------------- ----------- --------------- -------------
Ian Middlemas 5,300,000 4,000,000 -
------------------- ----------- --------------- -------------
James Ross 415,000 - 300,000
------------------- ----------- --------------- -------------
Robert Behets 1,240,000 1,000,000 720,000
------------------- ----------- --------------- -------------
Notes
(i) "Ordinary Shares" means fully paid ordinary shares in the capital of the Company.
(ii) "$0.45 Unlisted Options" means an option to subscribe for 1
Ordinary Share in the capital of the Company at an exercise price
of $0.45 each on or before 30 June 2016.
(iii) "Performance Rights" means the right to subscribe to 1
Ordinary Share in the capital of the Company upon the completion of
specific performance milestones by the Company.
SHARE OPTIONS AND PERFORMANCE RIGHTS
At the date of this report the following Options and Performance
Rights have been issued over unissued Ordinary Shares of the
Company:
-- 1,000,000 Unlisted Options at an exercise price $0.41 each that expire on 21 September 2015.
-- 1,750,000 Unlisted Options at an exercise price of $0.475
each that expire on 22 December 2015.
-- 5,500,000 Unlisted Options at an exercise price of $0.45 each that expire on 30 June 2016.
-- 1,118,000 Performance Rights at no exercise price that expire on 30 June 2015.
-- 1,478,000 Performance Rights at no exercise price that expire on 31 December 2016.
-- 1,598,000 Performance Rights at no exercise price that expire on 31 December 2017.
These Options do not entitle the holders to participate in any
share issue of the Company or any other body corporate. During the
financial year, there were 968,000 new shares issued as a result of
the exercise of Performance Rights, and no new shares issued as a
result of the exercise of Unlisted Options. There were 35,000
Unlisted Options that lapsed (forfeited) and 2,826,666 Unlisted
Options that expired during the year. Since 30 June 2014, there
have been no shares issued as a result of the exercise of Unlisted
Options or Performance Rights on issue.
MEETINGS OF DIRECTORS
The following table sets out the number of meetings of the
Company's Directors held during the year ended 30 June 2014, and
the number of meetings attended by each director.
Board Meetings Board Meetings
Number Eligible to Attend Number Attended
------------------- --------------------------- -----------------
Current Directors
Ian Middlemas 3 3
------------------- --------------------------- -----------------
James Ross 3 3
------------------- --------------------------- -----------------
Robert Behets 3 3
------------------- --------------------------- -----------------
REMUNERATION REPORT (AUDITED)
This report details the amount and nature of remuneration of
each director and executive officer of the Company.
Details of Key Management Personnel
The Key Management Personnel ('KMP') of the Group during or
since the end of the financial year were as follows:
Directors
Mr Ian Middlemas Chairman
Dr James Ross Non-Executive Deputy Chairman
Mr Robert Behets Non-Executive Director
Other KMP
Mr Francisco Bellón del Rosal General Manager Operations
Mr Javier Colilla Peletero Senior Vice President Corporate
Mr Clint McGhie Chief Financial Officer and Company Secretary
There were no other key management personnel of the Company or
the Group. Unless otherwise disclosed, the Key Management Personnel
held their position from 1 July 2013 until the date of this
report.
Remuneration Policy
The remuneration policy for the Group's KMP has been developed
by the Board taking into account the size of the Group, the size of
the management team for the Group, the nature and stage of
development of the Group's current operations and market conditions
and comparable salary levels for companies of a similar size and
operating in similar sectors.
In addition to considering the above general factors, the Board
has also placed emphasis on the following specific issues in
determining the remuneration policy for key management
personnel:
-- the Group is currently focused on undertaking exploration and
development activities with a view to expanding and developing its
resources. In line with the Group's accounting policy, all
exploration expenditure up to and including the preparation of a
definitive feasibility study is expensed. The Group continues to
examine new business opportunities in the energy and resources
sector;
-- risks associated with resource companies whilst exploring and developing projects; and
-- other than profit which may be generated from asset sales (if
any), the Group does not expect to be undertaking profitable
operations until sometime after the successful commercialisation,
production and sales of commodities from one or more of its current
projects, or the acquisition of a profitable mining operation.
Remuneration Policy for Executives
The Group's remuneration policy is to provide a fixed
remuneration component and a performance based component (options,
performance rights and a cash bonus, see below). The Board believes
that this remuneration policy is appropriate given the
considerations discussed in the section above and is appropriate in
aligning KMP objectives with shareholder and business
objectives.
Fixed Remuneration
Fixed remuneration consists of base salaries, as well as
employer contributions to superannuation funds and other non-cash
benefits. Non-cash benefits may include provision of motor
vehicles, housing and health care benefits.
Fixed remuneration is reviewed annually by Board. The process
consists of a review of Company and individual performance,
relevant comparative remuneration externally and internally and,
where appropriate, external advice on policies and practices.
Performance Based Remuneration - Short Term Incentive
Some KMP are entitled to an annual cash bonus upon achieving
various key performance indicators ('KPI's'), as set by the Board.
Having regard to the current size, nature and opportunities of the
Company, the Board has determined that these KPI's will include
measures such as successful completion of exploration activities
(e.g. completion of exploration programs within budgeted timeframes
and costs), development activities (e.g. completion of feasibility
studies), corporate activities (e.g. recruitment of key personnel)
and business development activities (e.g. project acquisitions and
capital raisings). On an annual basis, after consideration of
performance against key performance indicators, the Board
determines the amount, if any, of the annual cash bonus to be paid
to each KMP.
During the 2014 financial year, a total bonus sum of $73,888
(2013: $50,326) was paid to KMP.
Performance Based Remuneration - Long Term Incentive
The Group has adopted a long-term incentive plan ('LTIP')
comprising the 'Berkeley Performance Rights Plan' (the 'Plan') to
reward KMP and key employees for long-term performance.
Shareholders approved the Plan in April 2013 at a General Meeting
of Shareholders and Performance Rights were issued under the Plan
in May 2013. An additional 490,000 Performance Rights were issued
on 28 March 2014.
The Plan provides for the issuance of unlisted performance share
rights ('Performance Rights') which, upon satisfaction of the
relevant performance conditions attached to the Performance Rights,
will result in the issue of an Ordinary Share for each Performance
Right. Performance Rights are issued for no consideration and no
amount is payable upon conversion thereof.
To achieve its corporate objectives, the Company needs to
attract and retain its key staff, whether employees or contractors.
The Board believes that grants made to eligible participants under
the Plan will provide a powerful tool to underpin the Company's
employment and engagement strategy, and that the implementation of
the Plan will:
(a) enable the Company to incentivise and retain existing key
management personnel and other eligible employees and contractors
needed to achieve the Company's business objectives;
(b) enable the Company to recruit, incentivise and retain
additional key management personnel and other eligible employees
and contractors needed to achieve the Company's business
objectives;
(c) link the reward of key staff with the achievements of
strategic goals and the long term performance of the Company;
(d) align the financial interest of participants of the Plan with those of Shareholders; and
(e) provide incentives to participants of the Plan to focus on
superior performance that creates Shareholder value.
Performance Rights granted under the Plan to eligible
participants will be linked to the achievement by the Company of
certain performance conditions as determined by the Board from time
to time. These performance conditions must be satisfied in order
for the Performance Rights to vest. Upon Performance Rights
vesting, Ordinary Shares are automatically issued for no
consideration. If a performance condition of a Performance Right is
not achieved by the expiry date then the Performance Right will
lapse.
During the financial year, Performance Rights with various
expiry dates ranging from 30 June 2015 to 31 December 2017 were
granted to certain KMP and other employees that vest upon various
performance conditions set by the Company.
Prior to the adoption of the Plan, the Board had chosen to issue
incentive options to KMP as a key component of the incentive
portion of their remuneration, in order to attract and retain the
services of the KMP and to provide an incentive linked to the
performance of the Company.
The Board had a policy of granting options to KMP with exercise
prices at and/or above market share price (at time of agreement).
As such, incentive options granted to KMP would generally only be
of benefit if the KMP performed to the level whereby the value of
the Company increased sufficiently to warrant exercising the
incentive options granted.
Other than service-based vesting conditions, there were no
additional performance criteria on the incentive options granted to
KMP, as given the speculative nature of the Group's activities and
the small management team responsible for its running, it is
considered the performance of the KMP and the performance and value
of the Company were closely related.
Impact of Shareholder Wealth on Key Management Personnel
Remuneration
During the Group's exploration and development phases of its
business, the Board anticipates that the Company will retain future
earnings (if any) and other cash resources for the operation and
development of its business. Accordingly the Company does not
currently have a policy with respect to the payment of dividends
and returns of capital. Therefore there was no relationship between
the Board's policy for determining, or in relation to, the nature
and amount of remuneration of KMP and dividends paid and returns of
capital by the Company during the current and previous four
financial years.
The Board does not directly base remuneration levels on the
Company's share price or movement in the share price over the
financial year and the previous four financial years. Discretionary
annual cash bonuses are based upon achieving various non-financial
KPI as detailed under 'Performance Based Remuneration - Short Term
Incentive' and are not based on share price or earnings. As noted
above, a number of Key Management Personnel have also been granted
Performance Rights and options, which generally will be of greater
value should the value of the Company's shares increase (subject to
vesting conditions being met), and in the case of options, increase
sufficiently to warrant exercising the incentive options
granted.
Impact of Earnings on Key Management Personnel Remuneration
As discussed above, the Group is currently undertaking
exploration and development activities, and does not expect to be
undertaking profitable operations until sometime after the
successful commercialisation, production and sales of commodities
from one or more of its current projects.
Accordingly the Board does not consider earnings during the
current and previous four financial years when determining, and in
relation to, the nature and amount of remuneration of KMP.
Remuneration Policy for Non-Executive Directors
The Board policy is to remunerate Non-Executive Directors at
market rates for comparable companies for time, commitment and
responsibilities. Given the current size, nature and risks of the
Company, incentive options have been used to attract and retain
Non-Executive Directors. The Board determines payments to the
Non-Executive Directors and reviews their remuneration annually,
based on market practice, duties and accountability. Independent
external advice is sought when required.
The maximum aggregate amount of fees that can be paid to
Non-Executive Directors is subject to approval by shareholders at a
General Meeting. Fees for Non-Executive Directors are not linked to
the performance of the economic entity. However, to align
Directors' interests with shareholder interests, the Directors are
encouraged to hold shares in the Company and Non-Executive
Directors have received Performance Rights and incentive options in
order to secure their services and as a key component of their
remuneration.
General
Where required, KMP receive superannuation contributions (or
foreign equivalent), currently equal to 9.25% of their salary
(increased to 9.5% from 1 July 2014), and do not receive any other
retirement benefit. From time to time, some individuals have chosen
to sacrifice part of their salary to increase payments towards
superannuation.
All remuneration paid to KMP is valued at cost to the company
and expensed. Incentive options are valued using the Binomial
option valuation methodology and validated by the Black Scholes
option pricing model. The value of these incentive options is
expensed over the vesting period. The fair value of the Performance
Rights granted is estimated as at the date of grant using the seven
day volume weighted average share price prior to issuance. The
value of the Performance Right is expensed over the vesting
period.
Key Management Personnel Remuneration
Details of the nature and amount of each element of the
remuneration of each Director and other KMP of the Company or Group
for the financial year are as follows:
Short-term Benefits
Percentage
of Total
Remunerat-ion
Post Other that Consists Percent-age
Salary Employ-ment Cash Share-Based Non-Cash of Options/ Performance
& Fees Benefits Bonus Payments Benefits(3) Total Rights Related
2014 $ $ $ $ $ $ % %
Directors
Ian Middlemas 50,000 - - - - 50,000 - -
------------- -------- ------------ ------- ------------ ------------- ---------- -------------- -------------
James Ross 50,000 - - 59,235 - 109,235 54.23 54.23
------------- -------- ------------ ------- ------------ ------------- ---------- -------------- -------------
Robert
Behets(1) 253,400 - - 142,163 - 395,563 35.94 35.94
------------- -------- ------------ ------- ------------ ------------- ---------- -------------- -------------
Other KMP
Francisco
Bellón
del Rosal 280,774 19,710 36,944 113,383 47,776 498,587 22.74 30.15
------------- -------- ------------ ------- ------------ ------------- ---------- -------------- -------------
Javier
Colilla
Peletero 280,768 17,520 36,944 152,902 17,028 505,162 30.27 37.58
------------- -------- ------------ ------- ------------ ------------- ---------- -------------- -------------
Clint
McGhie(2) - - - 106,623 - 106,623 100.00 100.00
------------- -------- ------------ ------- ------------ ------------- ---------- -------------- -------------
Total 914,942 37,230 73,888 574,306 64,804 1,665,170
------------- -------- ------------ ------- ------------ ------------- ---------- -------------- -------------
Notes
(1) Mr Behets received Directors fees of $50,000 and consulting
fees of $203,400 for additional services provided to the
company;
(2) Mr McGhie provides services as the Company Secretary and
Chief Financial Officer through a services agreement between
Berkeley and Apollo Group Pty Ltd. Under the agreement, Apollo
Group Pty Ltd provides administrative, company secretarial and
accounting services, and the provision of a fully serviced office
to the Company for a monthly retainer of $24,000 (2013: $24,000);
and
(3) Other Non-Cash Benefits includes payments made for housing and car benefits.
Short-term Benefits
Percentage
of Total
Remunerat-ion
Post Other that Consists Percent-age
Salary Employ-ment Cash Share-Based Non-Cash of Options/ Performance
& Fees Benefits Bonus Payments Benefits(5) Total Rights Related
2013 $ $ $ $ $ $ % %
-------------- -------- ------------ ------- ------------ ------------ ---------- -------------- -------------
Directors
Ian Middlemas 100,000 - - - - 100,000 - -
-------------- -------- ------------ ------- ------------ ------------ ---------- -------------- -------------
James Ross 50,000 - - 17,423 - 67,423 25.84 25.84
-------------- -------- ------------ ------- ------------ ------------ ---------- -------------- -------------
Robert
Behets(1) 206,600 - - 41,816 - 248,416 16.83 16.83
-------------- -------- ------------ ------- ------------ ------------ ---------- -------------- -------------
Jose Ramon
Esteruelas(2) 24,726 - - - - 24,726 - -
-------------- -------- ------------ ------- ------------ ------------ ---------- -------------- -------------
Matthew
Syme(3) 4,484 - - - - 4,484 - -
-------------- -------- ------------ ------- ------------ ------------ ---------- -------------- -------------
Other KMP
Francisco
Bellón
del Rosal 250,258 15,601 25,163 94,877 21,710 407,609 23.28 29.45
-------------- -------- ------------ ------- ------------ ------------ ---------- -------------- -------------
Javier Colilla
Peletero 234,550 13,851 25,163 113,991 10,404 397,959 28.64 34.97
-------------- -------- ------------ ------- ------------ ------------ ---------- -------------- -------------
Clint
McGhie(4) - - - 31,362 - 31,362 100.00 100.00
-------------- -------- ------------ ------- ------------ ------------ ---------- -------------- -------------
Total 870,618 29,452 50,326 299,469 32,114 1,281,979
-------------- -------- ------------ ------- ------------ ------------ ---------- -------------- -------------
Notes
(1) Mr Behets received Directors fees of $50,000 and consulting
fees of $156,600 for additional services provided to the
company;
(2) Mr Esteruelas resigned as a Non-Executive Director of the
Company on 29 November 2012;
(3) Mr Syme resigned as a Non-Executive Director of the Company on 2 August 2012;
(4) Mr McGhie provides services as the Company Secretary and
Chief Financial Officer through a services agreement between
Berkeley and Apollo Group Pty Ltd. Under the agreement, Apollo
Group Pty Ltd provides administrative, company secretarial and
accounting services, and the provision of a fully serviced office
to the Company for a monthly retainer of $24,000 (2012: $24,000);
and
(5) Other Non-Cash Benefits includes payments made for housing and car benefits.
Options and Performance Rights Granted to KMP
There were no Unlisted Options or Performance Rights granted to
Key Management Personnel during the year ended 30 June 2014.
Details of Unlisted Options and Performance Rights granted by
the Company to each Key Management Personnel of the Group during
the year ended 30 June 2013 are as follows:
Total
Grant Value of No. No.
Date Options/ Vested Vested
Exercise Fair Rights at 30 at 30
Options/ Grant Expiry Price Value No. Granted June June
2013 Rights(1) Date Date $ $ Granted $ 2013 2014
------------- ----------- ----------- ----------- --------- --------- --------- --------- --------- ---------
Directors
James Ross Rights 12-Apr-13 30-Jun-14 - 0.309 100,000 30,900 - 100,000
James Ross Rights 12-Apr-13 30-Jun-15 - 0.309 100,000 30,900 - -
James Ross Rights 12-Apr-13 31-Dec-16 - 0.309 100,000 30,900 - -
James Ross Rights 12-Apr-13 31-Dec-17 - 0.309 100,000 30,900 - -
Robert
Behets Rights 12-Apr-13 30-Jun-14 - 0.309 240,000 74,160 - 240,000
Robert
Behets Rights 12-Apr-13 30-Jun-15 - 0.309 240,000 74,160 -
Robert
Behets Rights 12-Apr-13 31-Dec-16 - 0.309 240,000 74,160 -
Robert
Behets Rights 12-Apr-13 31-Dec-17 - 0.309 240,000 74,160 -
------------- ----------- ----------- ----------- --------- --------- --------- --------- --------- ---------
Other KMP
Francisco
Bellón
del Rosal Rights 12-Apr-13 30-Jun-14 - 0.309 100,000 30,900 - 100,000
Francisco
Bellón
del Rosal Rights 12-Apr-13 30-Jun-15 - 0.309 100,000 30,900 - -
Francisco
Bellón
del Rosal Rights 12-Apr-13 31-Dec-16 - 0.309 200,000 61,800 - -
Francisco
Bellón
del Rosal Rights 12-Apr-13 31-Dec-17 - 0.309 250,000 77,250 - -
Javier
Colilla
Peletero Options 9-Nov-12 22-Dec-15 0.475 0.210 750,000 157,500 - 375,000
Javier
Colilla
Peletero Rights 12-Apr-13 30-Jun-14 - 0.309 100,000 30,900 - 100,000
Javier
Colilla
Peletero Rights 12-Apr-13 30-Jun-15 - 0.309 100,000 30,900 - -
Javier
Colilla
Peletero Rights 12-Apr-13 31-Dec-16 - 0.309 200,000 61,800 - -
Javier
Colilla
Peletero Rights 12-Apr-13 31-Dec-17 - 0.309 250,000 77,250 - -
Clint McGhie Rights 12-Apr-13 30-Jun-14 - 0.309 180,000 55,620 - 180,000
Clint McGhie Rights 12-Apr-13 30-Jun-15 - 0.309 180,000 55,620 - -
Clint McGhie Rights 12-Apr-13 31-Dec-16 - 0.309 180,000 55,620 - -
Clint McGhie Rights 12-Apr-13 31-Dec-17 - 0.309 180,000 55,620 - -
------------- ----------- ----------- ----------- --------- --------- --------- --------- --------- ---------
Notes
(1) For details on the valuation of the Unlisted Options and
Performance Rights, including models and assumptions used, please
refer to Note 17 to the financial statements.
Details of the value of options and rights granted, exercised or
lapsed for each Key Management Person of the Company or Group
during the financial year are as follows:
Value of Value of Value of Value of Percentage
options/ options/ options/ options/ of remuneration
rights granted rights exercised rights lapsed rights included that consists
during the during the during the in remuneration of options/
year(1) year year for the year rights
2014 $ $ $ $ %
Directors
James Ross - 25,230(1) - 59,235 54.23
---------------- ----------------- ------------------ --------------- ----------------- -----------------
Robert Behets - 60,552(1) - 142,163 35.94
---------------- ----------------- ------------------ --------------- ----------------- -----------------
Other KMP
Francisco
Bellón
del Rosal - 25,230(1) - 113,383 22.74
---------------- ----------------- ------------------ --------------- ----------------- -----------------
Javier Colilla
Peletero - 25,230(1) -(2) 152,902 30.27
---------------- ----------------- ------------------ --------------- ----------------- -----------------
Clint McGhie - 45,414(1) - 106,623 100.00
---------------- ----------------- ------------------ --------------- ----------------- -----------------
Notes
(1) On 31 December 2013, Performance Rights expiring 30 June
2014 were exercised. The value of the Performance Rights exercised
is calculated using the 5 day VWAP on 18 December 2013 ($0.2523),
which was the date that the performance milestone was considered to
be satisfied; and
(2) 1,000,000 Unlisted Options with an exercise price of $1.35 expired on 18 June 2014.
Value of Value of Value of Value of Percentage
options/ options/ options/ options/ of remuneration
rights granted rights exercised rights lapsed rights included that consists
during the during the during the in remuneration of options/
year(1) year year for the year rights
2013 $ $ $ $ %
Directors
James Ross 123,600 - -(2) 17,423 25.84
----------------- ---------------- ------------------ --------------- ----------------- -----------------
Robert Behets 296,640 - - 41,816 16.83
----------------- ---------------- ------------------ --------------- ----------------- -----------------
Jose Ramon
Esteruelas(3) - - -(2) - -
----------------- ---------------- ------------------ --------------- ----------------- -----------------
Matthew Syme(4) - - -(5) - -
----------------- ---------------- ------------------ --------------- ----------------- -----------------
Other KMP
Francisco
Bellón
del Rosal 200,850 - - 94,877 23.28
----------------- ---------------- ------------------ --------------- ----------------- -----------------
Javier Colilla
Peletero 358,350 - - 113,991 28.64
----------------- ---------------- ------------------ --------------- ----------------- -----------------
Clint McGhie 222,480 - - 31,362 100.00
----------------- ---------------- ------------------ --------------- ----------------- -----------------
Notes
(1) For details on the valuation of the options and rights,
including models and assumptions used, please refer to Note 17 to
the financial statements;
(2) 250,000 Listed Options exercisable at $0.75 expired on 15 May 2013;
(3) Señor Esteruelas resigned as a Non-Executive Director of the
Company on 29 November 2012;
(4) Mr Syme resigned as a Non-Executive Director of the Company on 2 August 2012; and
(5) 1,000,000 Listed Options exercised at $0.75 expired on 15 May 2013.
Employment Contracts with Directors and Executive Officers
Current Directors
From the date of his appointment, Mr Ian Middlemas received a
fixed remuneration component of $100,000 per annum inclusive of
superannuation which is the amount previously set by the Board for
the position of Chairman. Effective from 1 July 2013, the fee for
the Chairman has been reduced to $50,000 per annum inclusive of
superannuation.
Dr James Ross, Non-Executive Director, has a letter of
engagement with Berkeley Resources Limited that was last updated on
15 January 2011 when he was appointed Chairman. Following the
appointment of Mr Ian Middlemas as Chairman on 27 April 2012, Dr
Ross became the Deputy Chairman of the Company. From 27 April 2012,
Dr Ross receives a fixed remuneration component of $50,000 per
annum inclusive of superannuation as previously set by the Board
for Non-Executive Directors. The letter of engagement also includes
a consultancy arrangement which provides for a consultancy fee at
the rate of $1,200 per day for technical geological work done. The
consultancy arrangement has a rolling term and may be terminated by
the Company by giving 1 months' notice.
Dr Ross was granted the following Performance Rights following
Shareholder approval on 12 April 2013:
-- 100,000 Performance Rights exercisable for Nil consideration
each on or before 30 June 2014 (exercised on 31 December 2013);
-- 100,000 Performance Rights exercisable for Nil consideration each on or before 30 June 2015;
-- 100,000 Performance Rights exercisable for Nil consideration
each on or before 31 December 2016; and
-- 10,000 Performance Rights exercisable for Nil consideration
each on or before 31 December 2017.
Mr Robert Behets has a services agreement with the Company dated
18 June 2012, which provides for a consultancy fee at the rate of
$1,200 per day for management and technical services provided by Mr
Behets. Either party may terminate the agreement without penalty or
payment by giving 2 months' notice. In addition, Mr Behets also
receives the fixed remuneration component of $50,000 per annum
inclusive of superannuation as previously set by the Board for
Non-Executive Directors.
Mr Behets was granted the following Performance Rights following
Shareholder approval on 12 April 2013:
-- 240,000 Performance Rights exercisable for Nil consideration
each on or before 30 June 2014 (exercised on 31 December 2013);
-- 240,000 Performance Rights exercisable for Nil consideration each on or before 30 June 2015;
-- 240,000 Performance Rights exercisable for Nil consideration
each on or before 31 December 2016; and
-- 240,000 Performance Rights exercisable for Nil consideration
each on or before 31 December 2017.
Current other KMP
Mr Francisco Bellón, has a contract of employment dated 14 April
2011 and amended on 1 July 2011. The contract specifies the duties
and obligations to be fulfilled by the General Manager Operations.
The contract has a rolling term and may be terminated by the
Company giving 6 months notice, or 12 months in the event of a
change of control of the Company. No amount is payable in the event
of termination for neglect of duty or gross misconduct. Mr Bellón
receives a fixed remuneration component of EUR190,000 per annum
plus compulsory social security contributions regulated by Spanish
law, as well as the provision of accommodation in Salamanca and a
motor vehicle.
The Board granted Mr Bellón 1,000,000 Unlisted Options
exercisable at $0.41 each on or before 21 September 2015 under the
employee share option scheme. These Options vest in three equal
tranches on 21 September 2012, 21 September 2013 and 21 September
2014.
Mr Bellón was also granted the following Performance Rights:
-- 100,000 Performance Rights exercisable for Nil consideration
each on or before 30 June 2014 (exercised on 31 December 2013);
-- 100,000 Performance Rights exercisable for Nil consideration each on or before 30 June 2015;
-- 200,000 Performance Rights exercisable for Nil consideration
each on or before 31 December 2016; and
-- 250,000 Performance Rights exercisable for Nil consideration
each on or before 31 December 2017.
All performance rights vest after the achievement of various
milestones as approved in the Berkeley Resources Limited Employee
Performance Rights Plan.
Mr Javier Colilla Peletero, has a contract of employment dated 1
July 2010. The contract specifies the duties and obligations to be
fulfilled by the Senior Vice President Corporate. The contract has
a rolling term and may be terminated by the Company giving 3 months
notice, or 12 months in the event of a change of control of the
Company or if the appointment becomes redundant. No amount is
payable in the event of termination for neglect of duty or gross
misconduct. Mr Colilla receives a fixed remuneration component of
EUR190,000 per annum plus compulsory social security contributions
regulated by Spanish law, as well as an allowance for the use of
his private motor vehicle.
The Board has granted Mr Colilla 750,000 Incentive Options
exercisable at $0.475 each. These Options vest in two equal
tranches on 12 December 2013 and 12 December 2014 and expire on 22
December 2015.
Mr Colilla was also granted the following Performance
Rights:
-- 100,000 Performance Rights exercisable for Nil consideration
each on or before 30 June 2014 (exercised on 31 December 2013);
-- 100,000 Performance Rights exercisable for Nil consideration each on or before 30 June 2015;
-- 200,000 Performance Rights exercisable for Nil consideration
each on or before 31 December 2016; and
-- 250,000 Performance Rights exercisable for Nil consideration
each on or before 31 December 2017.
All Performance Rights vest after the achievement of various
milestones as approved in the Berkeley Resources Limited Employee
Performance Rights Plan.
Equity instruments held by Key Management Personnel
Option and Performance Right holdings of Key Management
Personnel
Options Vested and
exercised/ exercise-able
Held at Granted as Rights Net Other Held at at 30 June
2014 1 July 2013 Compen-sation Converted Changes 30 June 2014 2014
----------------- ------------- ---------------- --------------- ---------------- -------------- ---------------
Directors
Ian Middlemas 4,000,000 - - - 4,000,000 4,000,000
----------------- ------------- ---------------- --------------- ---------------- -------------- ---------------
James Ross 400,000 - (100,000) - 300,000 -
----------------- ------------- ---------------- --------------- ---------------- -------------- ---------------
Robert Behets 1,960,000 - (240,000) - 1,720,000 1,000,000
----------------- ------------- ---------------- --------------- ---------------- -------------- ---------------
Executives
Francisco
Bellón del
Rosal 1,650,000 - (100,000) - 1,550,000 666,666
----------------- ------------- ---------------- --------------- ---------------- -------------- ---------------
Javier Colilla
Peletero 2,400,000 - (100,000) (1,000,000)(1) 1,300,000 375,000
----------------- ------------- ---------------- --------------- ---------------- -------------- ---------------
Clint McGhie 720,000 - (180,000) - 540,000 -
----------------- ------------- ---------------- --------------- ---------------- -------------- ---------------
Notes
(1) 1,000,000 Unlisted Options granted to Mr Colilla expired on 18 June 2014.
Shareholdings of Key Management Personnel
Held at Granted as Options exercised / Held at
2014 1 July 2013 Compen-sation Rights converted Net Other Changes 30 June 2014
---------------------- ------------- --------------------- -------------------- ------------------ --------------
Directors
Ian Middlemas 5,300,000 - - - 5,300,000
---------------------- ------------- --------------------- -------------------- ------------------ --------------
James Ross 315,000 - 100,000 - 415,000
---------------------- ------------- --------------------- -------------------- ------------------ --------------
Robert Behets 1,000,000 - 240,000 - 1,240,000
---------------------- ------------- --------------------- -------------------- ------------------ --------------
Executives
Francisco Bellón
del Rosal 103,200 - 100,000 - 203,200
---------------------- ------------- --------------------- -------------------- ------------------ --------------
Javier Colilla
Peletero 350,000 - 100,000 - 450,000
---------------------- ------------- --------------------- -------------------- ------------------ --------------
Clint McGhie - - 180,000 - 180,000
---------------------- ------------- --------------------- -------------------- ------------------ --------------
Loans from Key Management Personnel
No loans were provided to or received from KMP during the year
ended 30 June 2014 (2013: Nil).
End of Remuneration Report.
AUDITOR'S AND OFFICERS' INDEMNITIES AND INSURANCE
Under the Constitution the Company is obliged, to the extent
permitted by law, to indemnify an officer (including Directors) of
the Company against liabilities incurred by the officer in that
capacity, against costs and expenses incurred by the officer in
successfully defending civil or criminal proceedings, and against
any liability which arises out of conduct not involving a lack of
good faith.
During the financial year, the Company has paid an insurance
premium to insure Directors and officers of the Company against
certain liabilities arising out of their conduct while acting as a
Director or Officer of the Company. The net premium paid was
$17,472 (2013: $18,098). Under the terms and conditions of the
insurance contract, the nature of liabilities insured against
cannot be disclosed.
The Company has not, during or since the end of the financial
year, indemnified or agreed to indemnify an auditor of the Company
or of any related body corporate against any liability
incurred.
NON-AUDIT SERVICES
There were no non-audit services provided by the auditor (or by
another person or firm on the auditor's behalf) during the
financial year.
AUDITOR'S INDEPENDENCE DECLARATION
The auditor's independence declaration is on page 65 of the
Annual Financial Report.
This report is made in accordance with a resolution of the
Directors made pursuant to section 298(2) of the Corporations Act
2001.
For and on behalf of the Directors
ROBERT BEHETS
Non-Executive Director
25 September 2014
Competent Persons Statement
The information in this announcement that relates to 2014
Exploration Results is extracted from Berkeley's ASX announcement
dated 18 August 2014 which is available to view on
www.berkeleyresources.com.au. The information in the original ASX
Announcement was based on information compiled by Robert Behets,
who is a Fellow of The Australasian Institute of Mining and
Metallurgy. Mr. Behets is a holder of shares, options and
performance rights in, and is a director of Berkeley Resources
Limited. Mr. Behets has sufficient experience which is relevant to
the style of mineralisation and type of deposit under consideration
and to the activity which he is undertaking to qualify as a
Competent Person as defined in the 2012 Edition of the
'Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves'. 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. The
Company confirms that the form and context in which the Competent
Person's findings are presented have not been materially modified
from the original market announcement.
The information in this announcement that relates to earlier
Exploration Results and Mineral Resources is extracted from
Berkeley's ASX announcements dated 31 July 2012 (June 2012
Quarterly Report), 31 October 2012 (September 2012 Quarterly
Report), 7 August 2013 and 26 September 2013 which are available to
view on Berkeley's website at www.berkeleyresources.com.au. The
information in the original ASX announcements was based on
information compiled by Craig Gwatkin, who is a Member of The
Australian Institute of Mining and Metallurgy and was an employee
of Berkeley Resources Limited. Mr. Gwatkin has sufficient
experience which is relevant to the style of mineralisation and
type of deposit under consideration and to the activity which he is
undertaking to qualify as a Competent Person as defined in the 2004
Edition of the 'Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves'. Mr. Gwatkin consents
to the inclusion in the report of the matters based on his
information in the form and context in which it appears. This
information was prepared and first disclosed under the JORC Code
2004. It has not been updated since to comply with the JORC Code
2012 on the basis that the information has not materially changed
since it was last reported.
The information in this Report that relates to the
Pre-Feasibility Study is extracted from Berkeley's ASX announcement
dated 26 September 2013 which is available to view on Berkeley's
website at www.berkeleyresources.com.au. The information in the
original ASX announcement was based on information compiled by Neil
Senior of SENET (Pty) Ltd. Mr. Senior is a Fellow of The South
African Institute of Mining and Metallurgy and has sufficient
experience which is relevant to the style of mineralisation and
type of deposit under consideration and to the activity which he is
undertaking to qualify as a Competent Person as defined in the 2004
Edition of the 'Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves'. Mr. Senior consents
to the inclusion in the report of the matters based on his
information in the form and context in which it appears. This
information was prepared and first disclosed under the JORC Code
2004. It has not been updated since to comply with the JORC Code
2012 on the basis that the information has not materially changed
since it was last reported.
Production Target
The Production Target stated in this Report is based on the
Company's Pre-Feasibility Study ('PFS') for the Salamanca Project
as released to the ASX on 26 September 2013. The information in
relation to the Production Target that the Company is required to
include in a public report in accordance with ASX Listing Rule 5.16
was included in the Company's June 2014 Quarterly Report released
to the ASX on 24 July 2014.
The Company confirms that the material assumptions underpinning
the PFS and Production Target referenced in the 26 September 2013
and 24 July 2014 releases continue to apply and have not materially
changed.
Forward Looking Statement
Statements regarding plans with respect to the Company's mineral
properties are forward-looking statements. There can be no
assurance that the Company's plans for development of its mineral
properties will proceed as currently expected. There can also be no
assurance that the Company will be able to confirm the presence of
additional mineral deposits, that any mineralisation will prove to
be economic or that a mine will successfully be developed on any of
the Company's mineral properties.
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 30 JUNE 2014
Note 2014 2013
$ $
Revenue from continuing operations 2 1,163,371 2,246,911
Corporate and administration expenses (996,652) (975,298)
Exploration and evaluation expenses (6,935,123) (11,999,142)
Share-based payments 3(b) (809,174) (417,918)
Loss before income tax benefit/ (expense) (7,577,578) (11,145,447)
Income tax benefit/ (expense) 4 43,630 (43,630)
------------------------------------------------------------------------- ----- ----------- -----------------------
Loss after income tax benefit/ (expense) (7,533,948) (11,189,077)
------------------------------------------------------------------------- ----- ----------- -----------------------
Other Comprehensive Income, net of income tax
Items that will not be reclassified subsequently to profit or loss - -
Items that may be classified subsequently to profit or loss
Exchange differences arising on translation of foreign operations 172,516 1,185,200
------------------------------------------------------------------------- ----- ----------- -----------------------
Other Comprehensive Income, net of income tax 172,516 1,185,200
------------------------------------------------------------------------- ----- ----------- -----------------------
Total Comprehensive Loss for the year (7,361,432) (10,003,877)
========================================================================= ===== =========== =======================
Loss attributable to Members of Berkeley Resources Limited (7,533,948) (11,189,077)
Total comprehensive loss attributable to Members of Berkeley Resources
Limited (7,361,432) (10,003,877)
------------------------------------------------------------------------- ----- ----------- -----------------------
Earnings per share
Basic loss per share from continuing operations
(cents per share) 21(a) (4.19) (6.24)
Diluted loss per share from continuing operations (cents per share) 21(b) (4.19) (6.24)
------------------------------------------------------------------------- ----- ----------- -----------------------
The above Consolidated Statement of Profit or Loss and Other
Comprehensive Income should be read in conjunction with the
accompanying notes.
CONSOLIDATED STATEMENT OF
FINANCIAL POSITION
AS AT 30 JUNE 2014
Note 2014 2013
$ $
------------------------------ ----- ------------ ------------
ASSETS
Current Assets
Cash and cash equivalents 22(b) 20,245,401 27,736,790
Trade and other receivables 5 549,183 796,168
Total Current Assets 20,794,584 28,532,958
------------------------------ ----- ------------ ------------
Non-current Assets
Exploration expenditure 6 14,268,990 14,173,930
Property, plant and equipment 7 1,785,251 1,881,538
Other financial assets 8 132,003 70,450
------------------------------ ----- ------------ ------------
Total Non-current Assets 16,186,244 16,125,918
------------------------------ ----- ------------ ------------
TOTAL ASSETS 36,980,828 44,658,876
------------------------------ ----- ------------ ------------
LIABILITIES
Current Liabilities
Trade and other payables 9 1,130,791 2,215,203
Income tax payable - 43,630
Other financial liabilities 10 268,029 263,443
------------------------------ ----- ------------ ------------
Total Current Liabilities 1,398,820 2,522,276
------------------------------ ----- ------------ ------------
TOTAL LIABILITIES 1,398,820 2,522,276
------------------------------ ----- ------------ ------------
NET ASSETS 35,582,008 42,136,600
============================== ===== ============ ============
EQUITY
Equity attributable to equity
holders of the Company
Issued capital 11 119,358,591 119,061,813
Reserves 12 (1,180,339) 30,673
Accumulated losses 13 (82,596,244) (76,955,886)
------------------------------ ----- ------------ ------------
TOTAL EQUITY 35,582,008 42,136,600
============================== ===== ============ ============
The above Statement of Financial Position should be read in
conjunction with the accompanying Notes
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2014
Note 2014 2013
$ $
-------------------------------- ----- ----------- ---------------------------------------
Cash flows from operating
activities
Payments to suppliers and
employees (8,368,242) (11,492,269)
Interest received 721,588 1,476,989
Rebates received 338,074 737,198
-------------------------------- ----- ----------- ---------------------------------------
Net cash outflow from operating
activities 22 (7,308,580) (9,278,083)
-------------------------------- ----- ----------- ---------------------------------------
Cash flows from investing
activities
Exploration acquisition
costs (108,118) (36,489)
Payments for property,
plant and equipment (74,177) (798,644)
-------------------------------- ----- ----------- ---------------------------------------
Net cash outflow from investing
activities (182,295) (835,133)
-------------------------------- ----- ----------- ---------------------------------------
Cash flows from financing
activities
Proceeds from issue of
shares and options - 71,786
Transaction costs from (2,334) -
issue of securities
-------------------------------- ----- ----------- ---------------------------------------
Net cash inflow/(outflow)
from financing activities (2,334) 71,786
-------------------------------- ----- ----------- ---------------------------------------
Net decrease in cash and
cash equivalents held (7,493,209) (10,041,430)
Cash and cash equivalents
at the beginning of the
financial year 27,736,790 37,716,585
Effects of exchange rate
changes on cash and cash
equivalents 1,820 61,635
-------------------------------- ----- ----------- ---------------------------------------
Cash and cash equivalents
at the end of the financial
year 22(b) 20,245,401 27,736,790
================================ ===== =========== =======================================
The above Statement of Cash Flows should be read in conjunction
with the accompanying Notes
CONSOLIDATED STATEMENT OF
CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2014
Issued Share Based Foreign Accumulated Total Equity
Capital Payments Currency Losses
Reserve Translation
Reserve $ $
$ $ $
As at 1 July 2013 119,061,813 2,623,721 (2,593,048) (76,955,886) 42,136,600
Net loss for the
year - - - (7,533,948) (7,533,948)
Other Comprehensive
Income:
Exchange differences
arising on translation
of foreign operations - - 172,516 - 172,516
Total comprehensive
loss - - 172,516 (7,533,948) (7,361,432)
Transactions with
owners, recorded
directly in equity:
Conversion of Performance
Rights 299,112 (299,112) - - -
Adjustment for expired
options - (1,893,590) - 1,893,590 -
Cost of share based
payments - 809,174 - - 809,174
Share Issue costs (2,334) - - - (2,334)
As at 30 June 2014 119,358,591 1,240,193 (2,420,532) (82,596,244) 35,582,008
=========================== ============ ============ ============= ============= =============
Issued Share Based Foreign Accumulated Total Equity
Capital Payments Currency Losses
Reserve Translation
Reserve $ $
$ $ $
As at 1 July 2012 118,930,526 4,363,630 (3,778,248) (67,925,136) 51,590,772
Net loss for the
year (11,189,077) (11,189,007)
Other Comprehensive
Income:
Exchange differences
arising on translation
of foreign operations - - 1,185,200 - 1,185,200
Total comprehensive
loss - - 1,185,200 (11,189,077) (10,003,877)
Transactions with
owners, recorded
directly in equity:
Exercise of listed
options 71,287 - - - 71,287
Reversal of share
issue costs 60,000 - - - 60,000
Issue of options - 500 - - 500
Adjustment for expired
options - (2,158,327) - 2,158,327 -
Cost of share based
payments - 417,918 - - 417,918
As at 30 June 2013 119,061,813 2,623,721 (2,593,048) (76,955,886) 42,136,600
========================= ============ ============= ============= ============= =============
The above Statement of Changes in Equity should be read in
conjunction with the accompanying Notes
The following sections are available in the full version of
the Annual Financial Report on Berkeley Resources Limited's
website: www.berkeleyresources.com.au
Notes to and forming part of the Financial
Statements
Directors' Declaration
Auditor's Independence Declaration
Independent Auditor's Report
This information is provided by RNS
The company news service from the London Stock Exchange
END
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