Minotaur Exploration Ltd · Information in this report that relates to Exploration Results, Mineral...
20
Minotaur Exploration Ltd
Transcript of Minotaur Exploration Ltd · Information in this report that relates to Exploration Results, Mineral...
!"
Minotaur Exploration Ltd !"#$%&$'()$*)%$+('$
,-./$01-2$314526
/52$671$7-./$81-2$19:1:$%'$;1<1=>12$?('($
#$%&'()*"+,-.&*('$&%"/'0"1"2(.3"45(*"65-&*'"
7"
@596196A$65$,-./$01-2$314526$!"#$%&'#()*+$,'#&*--------------------------------------------------------------------------------------------------------------------------------------*.*/01"&'#2(*341$,$41$4%$*!$%56#6&"'4*--------------------------------------------------------------------------------------------------------*7*8'4('5"16&$1*9&6&$:$4&*';*8':,#$<$4("=$*34%':$*--------------------------------------------------------------------------------*>*8'4('5"16&$1*9&6&$:$4&*';*?"464%"65*@'("&"'4*----------------------------------------------------------------------------------------*AB*8'4('5"16&$1*9&6&$:$4&*';*8<64C$(*"4*DE0"&F*---------------------------------------------------------------------------------------*AA*8'4('5"16&$1*9&6&$:$4&*';*86(<*?5'G(*-------------------------------------------------------------------------------------------------*AH*I'&$(*&'*&<$*?"464%"65*9&6&$:$4&(*---------------------------------------------------------------------------------------------------------*A.*A-* 9JKK/+L*M?*93NI3?38/IO*/88MJIO3IN*@MP383D9*------------------------------------------------------------*A.*H-* 9DNKDIO*3I?M+K/O3MI*-----------------------------------------------------------------------------------------------------------*AQ*.-* N/3I*MI*+D8P/993?38/O3MI*M?*IMI*8J++DIO*/99DO9*---------------------------------------------------*AR*Q-* 399JD!*8/@3O/P*-------------------------------------------------------------------------------------------------------------------------*AR*S-* 3ITD9OKDIO9*3I*/99M83/OD9*------------------------------------------------------------------------------------------------*AU*R-* 9JV9DWJDIO*DTDIO9*--------------------------------------------------------------------------------------------------------------*AU*U-* 8MIO3INDIO*P3/V3P3O3D9*----------------------------------------------------------------------------------------------------------*AU*!"#$%&'#()*!$%56#6&"'4*-----------------------------------------------------------------------------------------------------------------------------*A7*341$,$41$4&*/01"&'#)(*+$="$G*+$,'#&*----------------------------------------------------------------------------------------------------*A>!
#$%&'()*"+,-.&*('$&%"/'0"1"2(.3"45(*"65-&*'"
8"
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
Corporate
The Company completed the placement of approximately 12.08 million shares to raise approximately $3.4 million before costs.
An ASX listing was accomplished by Thomson Resources Ltd (ASX: TMZ) on 17 December.
Development
Poochera Kaolin Project, SA (EL 4575 Minotaur 100%)
Comprehensive testing demonstrated the quality, purity and consistency of the Poochera kaolin. Analyses were carried out across a range of specially selected grades from the Company’s pilot plant, primarily by the Ian Wark Research Institute (University of South Australia) and CSIRO (Land and Water) which are both nationally recognised laboratories employing industry standard techniques. These latest tests demonstrate that Poochera kaolin samples have physical, chemical and mineralogical characteristics conforming to key commercial determinants.
The Company’s pilot plant was relocated to premises at Streaky Bay.
Exploration
The Company withdrew, relinquished or terminated activities on the Malachite, Warriner Creek, Cultana, Tregalana and Booubyjan project areas. New tenements were granted, acquired or optioned into at Golden Mountain, Mt Tarrengower, Heathcote and Rochester.
Tunkillia Gold Project, SA (EL 4495, 4596, ELA 183/2010 Minotaur 54.65%; Helix Resources 45.35% diluting)
Drill testing of a range of targets resulted in positive assessment of biogeochemical exploration as a viable technique for generating new targets under cover. Based on the promising work to date from biogeochemistry, a new program of target generation and subsequent drill testing has been approved by the Joint Venture parties for the 2011 calendar year.
#$%&'()*"+,-.&*('$&%"/'0"1"2(.3"45(*"65-&*'"
R"
Border Base Metals and Magnetite Project, SA (EL 3596, 3745, 4270, 4352, 6815, 6496, Sumitomo 59.1%, Minotaur 40.9%)
The strike extent of the magnetic Braemar Ironstone formation was confirmed to be over 40 km through close-spaced, low-level airborne magnetic surveys along 3,500 line kilometres. Metallurgical work showed a chemically clean, blast furnace grade concentrate at 69% Fe could be produced at a reasonably coarse grind of 53 microns. Unseasonal rain prevented further drill testing which will now occur in early 2011. Five base metal targets will also be drill tested in the new year.
Acropolis Project (EL 3761, 3762; 100% Minotaur, Toro with uranium rights)
Drill testing of the Aphrodite target to a depth of 829 m did not encounter any alteration, mineralization or rock types dense enough to adequately explain the gravity anomaly. Further research is continuing.
Yorke Peninsula IOCG-REE Project (EL 4541, 4616 Red Metal 100%, Minotaur earning 51%; EL 4435 Minotaur 100%) After assessment of previous geophysical surveys and historical drilling data, a contract for a new VTEM survey incorporating 500 line kilometres has been awarded to Geotech Airborne, to be flown in early 2011.
Louth Base Metals Project, NSW (EL 7169 Minotaur 100%, JOGMEC earning 51%)
Drilling of four holes (total 1,332.9m) designed to test ground electrical geophysical anomalies interpreted to be related to Cobar Basin type mineral deposits were completed with negative results.
Cowra Base Metals Project, NSW (EPM 5514, 6102, 6806 Minotaur 51%,Gateway Mining 49%; Mitsubishi Corporation-Mitsubishi Materials Corporation earning 24%)
Potential new target areas, identified from a combination of geology and geophysical characteristics, were field checked but no significant alteration, mineralisation or soil anomalism was recorded.
Boorowa Base Metals Project, NSW (EL 6805, 6882, Minotaur 100%; Mitsubishi Corporation and Mitsubishi Materials Corporation earning 32%).
Potential target areas, identified from a combination of geology and geophysical characteristics, were field checked but no significant alteration, mineralisation or soil anomalism was recorded.
#$%&'()*"+,-.&*('$&%"/'0"1"2(.3"45(*"65-&*'"
S"
Naraku IOCG Project, Queensland (EPM 8608, 12463, 14296, 16479, 16594, 16927, 16975, 16977, 17286, 18017, 18068, 18268, 18283, 18367 (Minotaur 100% except EPM 8608 &12463 with royalty by BHPBilliton; JOGMEC earning 51%)).
Geophysical work was completed on four targets and drill testing approved. The Gypsy Plains target was drill tested by a single angled diamond drill hole (MNDDH016) to 401m total depth. Other planned holes at the Cormorant and Cormorant North targets could not be drilled due to early onset of the wet season. The Gypsy Plains drillhole intersected repeated zones of massive and brecciated sulphide, predominantly pyrrhotite with lesser pyrite and minor chalcopyrite. The best copper intersection was 12 metres @ 0.33% Cu (346–358 m). Anomalous zinc was also recorded with best interval being 4 metres @ 2.15% Zn (200–204 m). Other targets will be drill tested in 2011 after the wet season.
Central Nova Scotia IOCG Project, Canada (Minotaur 80%; Dundee Precious Metals 20% diluting)
Detailed ground magnetic data collected along a 20 kilometre long zone of aeromagnetic anomalism in the Bass River area revealed a large number of discrete high amplitude magnetic anomalies believed to reflect magnetite-rich breccias pipes. Interpreted haematite-IOCG targets have been prioritised for drill testing in 2011.
Southern Gawler Joint Venture (EL 3486*, 3565, 3592, ELA 228/2010, 281/2010* Minotaur 100%; *Toro with uranium rights)
After 2 years of limited exploration, Trafford Resources withdrew from this joint venture on five tenements located along the southern and eastern boundaries of the Gawler Ranges, without earning an interest in any of the tenements.
Nonning Base Metals Project (EL 3535, Minotaur 100%, Menninnie Metals earning 51%, Toro with uranium rights)
Terms of the Joint Venture Agreement with Menninnie Metals were amended. The earn-in period for Menninnie Metals to attain 51% equity has been extended by 12 months (to 5th June 2012) and to attain a 70% equity has been extended by 24 months (to 5th June 2013). Expenditure requirements under the Joint Venture remain unchanged.
Golden Mountain Project (MIN 4683, Xplor Pty Ltd 100%, Minotaur exploring under Option Agreement)
Minotaur entered into an Option Agreement whereby it can investigate potential for economic gold mineralisation at the Golden Mountain goldfield north of Bonnie Doon. The tenement holder is Xplor Pty Ltd, a wholly owned subsidiary of Mining Projects Group Ltd (ASX: MPJ). A gold resource estimate was completed for the Golden Mountain Deposit by independent consultants CSA Global Pty Ltd (CSA). CSA reported an Inferred Resource of 950,000 tonnes at 2.31 g/t using a 1.0 g/t Au cut off for a total of 70,500 ounces of gold, as reported by Minotaur in an ASX release dated 12th October 2010.
Cut off (Au g/t)
Classification Tonnes Grade (g/t Au) Ounces Comments
1.0 Inferred 950,000 2.31 70,500 CSA Global - 2010
#$%&'()*"+,-.&*('$&%"/'0"1"2(.3"45(*"65-&*'"
T"
Mt Tarrengower Gold Prospect (EL 4533, Xplor Pty Ltd 100%, Minotaur exploring under Option Agreement)
As part of the Option Agreement with Xplor (see above in Golden Mountain Project for details), Minotaur drilled three diamond holes on different structures to ascertain the presence of both subvertical and flat-lying structures. Various intervals of fractured rock, quartz veins and sulphide-bearing sediments were intersected but corresponding gold assays were sporadic and of low tenor.
INVESTMENTS
Mithril Resources Ltd (ASX: MTH) The Company holds 21,416,667 shares (15.62%) and 5,425,000 options in Mithril.
Petratherm Ltd (ASX: PTR) The Company holds 23,498,397 shares (18.53%) in Petratherm.
PlatSearch NL (ASX: PTS) The Company holds 8,000,000 shares (4.5%) in PlatSearch.
Thomson Resources Ltd (ASX: TMZ) Thomson Resources successfully listed on the ASX on 17 December 2010. The Company holds 10,000,000 shares and 1,500,000 options in Thomson.
ActivEX Ltd (ASX: AIV) The Company holds 5,300,000 shares (5.07%) in ActivEX.
The Company completed its divestment of shares in Toro Energy Ltd.
Information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Dr A. P. Belperio, who is a full-time employee of the Company and a Fellow of the Australasian Institute of Mining and Metallurgy. Dr A. P. Belperio has a minimum of 5 years experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Dr A. P. Belperio consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
#$%&'()*"+,-.&*('$&%"/'0"1"2(.3"45(*"65-&*'"
U"
$!G:B652CA$B9:1419:19<1$:1<.-2-6B59$9:5"()0$'&*D<"$%05-5%05%;5"05;.(*('$&%"$<"<5'"&)'"&%"-(E5"V"(%0"3&*><"-(*'"&3"':5"0$*5;'&*<D"*5-&*'"3&*"':5":(.3"@5(*"5%050"8!"A5;5>=5*"7B!BC""W$E%50"$%"(;;&*0(%;5"F$':"("*5<&.)'$&%"&3"':5"0$*5;'&*<C"""
""""
#*"A5*5G"H"I(*'5*"I:($*>(%""!T"#(*;:"7B!!
#$%&'()*"+,-.&*('$&%"/'0"1"2(.3"45(*"65-&*'"
9:5";&%<&.$0('50"<'('5>5%'"&3";&>-*5:5%<$N5"$%;&>5"$<"'&"=5"*5(0"$%";&%X)%;'$&%"F$':"':5"%&'5<"'&"':5";&%<&.$0('50"$%'5*$>"3$%(%;$(."*5-&*'C"
"Y"
@59A5.B:-61:$H6-61=196$5/$@5=421719ABD1$I9<5=1$JF3$K,L$,!MJ$0L!3$L#;L;$%'$;L@LN"L3$?('($
31 Dec 2010 31 Dec 2009$ $
Revenue 215,162 215,324 Gain on reclassification of non current asset 3 1,784,951 - Other income 104,765 274,388 Impairment of exploration and evaluation assets (592,027) (1,687,268) Employee benefits expense (270,518) (279,077) Depreciation expense (72,899) (65,950) Finance costs (6,926) (6,032) Share of losses of associates accounted for using the equity method (705,684) (122,069) Other expenses (549,291) (248,533)
Loss before income tax expense (92,467) (1,919,217)
Income tax benefit/(expense) (58,970) (52,036)
Loss from continuing operations (151,437) (1,971,253)
Loss attributable to members of the parent entity (151,437) (1,971,253)
Other comprehensive incomeExchange differences arising on translation of foreign operations (67,292) (19,628) Gain/(loss) on available-for-sale investments taken to equity 412,900 159,110
Total comprehensive income for the period 194,171 (1,831,771)
Earnings per share: !"#$% !"#$%
Basic earnings per share (0.17) (2.63)Diluted earnings per share (0.17) (2.63)
Consolidated GroupHalf-year ended
$
#$%&'()*"+,-.&*('$&%"/'0"1"2(.3"45(*"65-&*'"
9:5";&%<&.$0('50"<'('5>5%'"&3"3$%(%;$(."-&<$'$&%"$<"'&"=5"*5(0"$%";&%X)%;'$&%"F$':"':5"%&'5<"'&"':5";&%<&.$0('50"$%'5*$>"3$%(%;$(."*5-&*'C"
"!B"
@59A5.B:-61:$H6-61=196$5/$JB9-9<B-.$O5AB6B59$$!H$!K$%'$;L@LN"L3$?('($$
31 December 30 June2010 2010
Note $ $
CURRENT ASSETSCash and cash equivalents 5,312,391 4,122,122Trade and other receivables 355,209 734,421Other current assets 68,753 51,257
TOTAL CURRENT ASSETS 5,736,353 4,907,800
NON-CURRENT ASSETSAvailable-for-sale investments 3,413,900 993,068Investments in associates 5 1,463,528 1,884,261Property, plant and equipment 569,387 467,753Exploration and evaluation assets 10,235,949 9,398,169
TOTAL NON-CURRENT ASSETS 15,682,764 12,743,251
TOTAL ASSETS 21,419,117 17,651,051
CURRENT LIABILITIESTrade and other payables 694,727 540,158Short-term borrowings 32,624 31,398Short-term provisions 222,979 264,244
TOTAL CURRENT LIABILITIES 950,330 835,800
NON-CURRENT LIABILITIESLong-term borrowings 136,210 152,834Long-term provisions 71,099 65,446
TOTAL NON-CURRENT LIABILITIES 207,309 218,280
TOTAL LIABILITIES 1,157,639 1,054,080
NET ASSETS 20,261,478 16,596,971
EQUITYIssued capital 4 29,211,473 25,930,647Reserves 1,508,487 991,449Retained earnings (10,458,482) (10,325,125)
TOTAL EQUITY 20,261,478 16,596,971
Consolidated Group
#$%&'()*"+,-
.&*('$&
%"/'0"1"2(.3"45(*"65-&*'"
9:5";&%<&
.$0('50"<'('5>5%'"&
3";:(%E5<"$%"5Z)$'@
"$<"'&"=5"*5(0"$%
";&%X)%;'$&%"F$':
"':5"%&'5<"'&"':5";&%<&
.$0('50"$%
'5*$>"3$%(%;$(."*5-&*'C"
"!!
@59A5.B:-61:$H6-61=196$5/$@7-9P1A$B9$LQGB68$$
JF3$K,L$,!MJ$0L!3$L#;L;$%'$;L@LN"L3$?('($
$
Ava
ila
ble
-F
ore
ign
Iss
ue
dS
ha
refo
r-s
ale
Cu
rre
nc
y
Ca
pit
al
Re
tain
ed
Op
tio
nre
va
lua
tio
ntr
an
sla
tio
n
Ord
ina
ryE
arn
ing
sR
es
erv
ere
se
rve
Re
se
rve
To
tal
No
te$
$$
$$
$
Ba
lan
ce
at
1 J
uly
20
09
23
,55
6,0
63
(6,0
75
,23
6)
86
2,3
82
50
8,6
11
(61
,11
2)
18
,79
0,7
08
To
tal c
om
pre
he
nsi
ve in
com
e f
or
the
pe
rio
d-
(1,9
71
,25
3)
-1
59
,11
0(1
9,6
28
)(1
,83
1,7
71
)
Issu
e o
f sh
are
s b
y w
ay
of
pri
vate
pla
cem
en
t2
,49
6,0
00
--
--
2,4
96
,00
0
Tra
nsa
ctio
n c
ost
s (n
et
of
tax)
(12
1,4
16
)-
--
-(1
21
,41
6)
Tra
nsf
er
fro
m a
vaila
ble
fo
r sa
le r
eva
lua
tion
re
serv
e
up
on
dis
po
sal o
f in
vest
me
nts
--
-(1
96
,62
5)
-(1
96
,62
5)
Tra
nsf
er
fro
m s
ha
re b
ase
d p
aym
en
t re
serv
e u
po
n
lap
se o
f o
ptio
ns
-2
52
,00
0(2
52
,00
0)
--
-B
ala
nc
e a
t 3
1 D
ec
em
be
r 2
00
92
5,9
30
,64
7(7
,79
4,4
89
)6
10
,38
24
71
,09
6(8
0,7
40
)1
9,1
36
,89
6
Ba
lan
ce
at
1 J
uly
20
10
25
,93
0,6
47
(10
,32
5,1
25
)8
20
,39
42
04
,71
9(3
3,6
64
)1
6,5
96
,97
1
To
tal c
om
pre
he
nsi
ve in
com
e f
or
the
pe
rio
d-
(15
1,4
37
)-
41
2,9
00
(67
,29
2)
19
4,1
71
Issu
e o
f sh
are
s b
y w
ay
of
pri
vate
pla
cem
en
t4
3,3
82
,24
2-
--
-3
,38
2,2
42
Issu
e o
f sh
are
s u
po
n e
xerc
ise
of
op
tion
s4
25
,00
0-
--
-2
5,0
00
Tra
nsf
er
fro
m s
ha
re b
ase
d p
aym
en
t re
serv
e u
po
n
exe
rcis
e o
f o
ptio
ns
11
,18
1-
(11
,18
1)
--
-
Tra
nsa
ctio
n c
ost
s (n
et
of
tax)
4(1
37
,59
7)
--
--
(13
7,5
97
)
Co
st o
f sh
are
ba
sed
pa
yme
nt
--
11
5,4
10
11
5,4
10
Tra
nsf
er
fro
m a
vaila
ble
fo
r sa
le r
eva
lua
tion
re
serv
e
up
on
dis
po
sal o
f in
vest
me
nts
--
-8
5,2
81
-8
5,2
81
Tra
nsf
er
fro
m s
ha
re b
ase
d p
aym
en
t re
serv
e u
po
n
lap
se o
f o
ptio
ns
-1
8,0
80
(18
,08
0)
--
-B
ala
nc
e a
t 3
1 D
ec
em
be
r 2
01
02
9,2
11
,47
3(1
0,4
58
,48
2)
90
6,5
43
70
2,9
00
(10
0,9
56
)2
0,2
61
,47
8
Co
ns
oli
da
ted
Gro
up
$
#$%&'()*"+,-.&*('$&%"/'0"1"2(.3"45(*"65-&*'"
9:5";&%<&.$0('50"<'('5>5%'"&3";(<:"3.&F<"$<"'&"=5"*5(0"$%";&%X)%;'$&%"F$':"':5"%&'5<"'&"':5";&%<&.$0('50"$%'5*$>"3$%(%;$(."*5-&*'C"
"!7
@59A5.B:-61:$H6-61=196$5/$@-A7$J.5EA$$JF3$K,L$,!MJ$0L!3$L#;L;$%'$;L@LN"L3$?('($$
Half year Half yearended ended
31 Dec 2010 31 Dec 2009$ $
Receipts from customers 110,449 124,116Payments to suppliers and employees (638,504) (671,454)Interest received 116,956 69,729Finance costs (6,892) (5,982)Receipt of R&D Tax Concession 312,150 -
NET CASH PROVIDED BY/(USED IN) OPERATING ACTIVITIES (105,841) (483,591)
Payments for property, plant and equipment (174,632) (62,917)Purchase of investments in associates (500,000) (852,000)Purchase of available-for-sale investments (24,000) (200,000)Proceeds from sale of available-for-sale investments 368,774 472,388Joint venture receipts 1,165,984 1,098,866Payments for exploration activities (2,708,082) (2,416,516)
(1,871,956) (1,960,179)
Proceeds from issue of shares 3,407,242 2,496,000Payment of transaction costs for issue of shares (212,121) (173,452)Repayment of borrowings (15,342) (16,079)
3,179,779 2,306,469
Net increase/(decrease) in cash and cash equivalents 1,201,982 (137,301)Net foreign exchange differences (11,713) (4,719)Cash at the beginning of the period 4,122,122 5,976,176
CASH AT THE END OF THE PERIOD 5,312,391 5,834,156
Consolidated Group
NET CASH PROVIDED BY/(USED IN) FINANCING ACTIVITIES
CASH FLOWS FROM FINANCING ACTIVITIES
NET CASH PROVIDED BY/(USED IN) INVESTING ACTIVITIES
CASH FLOWS FROM INVESTING ACTIVITIES
CASH FLOWS FROM OPERATING ACTIVITIES
#$%&'()*"+,-.&*('$&%"/'0"1"2(.3"45(*"65-&*'""
#561A$65$671$JB9-9<B-.$H6-61=196A$JF3$K,L$,!MJ$0L!3$L#;L;$%'$;L@LN"L3$?('("
!8
#561A$65$671$JB9-9<B-.$H6-61=196A$'R HSNN!30$FJ$HIT#IJI@!#K$!@@FS#KI#T$OFMI@ILH$-R 314526B9P$196B68$
#$%&'()*" +,-.&*('$&%" /'0" [':5" \I&>-(%@]^" $<" (" ;&>-(%@" 0&>$;$.50" $%" K)<'*(.$(C" 9:5";&%<&.$0('50"$%'5*$>"3$%(%;$(."*5-&*'"&3"':5"I&>-(%@"(<"('"(%0"3&*"':5"<$,">&%':<"5%050"8!"A5;5>=5*"7B!B";&>-*$<5<"':5"I&>-(%@"(%0"$'<";&%'*&..50"5%'$'$5<"[':5"\Q*&)-]^"(%0"':5"Q*&)-D<"$%'5*5<'"$%"(<<&;$('5<C""9:5";&%<&.$0('50"(%%)(."3$%(%;$(."*5-&*'"&3"':5"Q*&)-"(<"('"(%0"3&*"':5"@5(*"5%050"8B"P)%5"7B!B"$<"(N($.(=.5")-&%"*5Z)5<'"3*&>"':5"I&>-(%@D<"*5E$<'5*50"&33$;5C"
">R H6-61=196$5/$<5=4.B-9<1$
9:5";&%<&.$0('50"$%'5*$>"3$%(%;$(."*5-&*'"$<"("E5%5*(."-)*-&<5"3$%(%;$(."*5-&*'"F:$;:":(<"=55%" -*5-(*50" $%" (;;&*0(%;5" F$':" K)<'*(.$(%" K;;&)%'$%E" W'(%0(*0<" $%;.)0$%E" KKWM"!8R_" `%'5*$>" a$%(%;$(." 65-&*'$%E" (%0" ':5" I&*-&*('$&%<" K;'" 7BB!C" I&>-.$(%;5" F$':"K)<'*(.$(%" K;;&)%'$%E" W'(%0(*0<" 5%<)*5<" ':('" ':5" 3$%(%;$(." <'('5>5%'<" (%0" %&'5<";&>-.@"F$':"`%'5*%('$&%(."a$%(%;$(."65-&*'$%E"W'(%0(*0<C""9:$<" $%'5*$>" 3$%(%;$(." *5-&*'" $<" $%'5%050" '&" -*&N$05")<5*<"F$':"(%")-0('5"&%" ':5" .('5<'"(%%)(."3$%(%;$(."<'('5>5%'<"&3"':5"Q*&)-C"K<"<);:J"$'"0&5<"%&'";&%'($%"$%3&*>('$&%"':('"*5-*5<5%'<" *5.('$N5.@" $%<$E%$3$;(%'" ;:(%E5<" &;;)**$%E" 0)*$%E" ':5" :(.3?@5(*" F$':$%" ':5"Q*&)-C"`'"$<"':5*53&*5"*5;&>>5%050"':('"':$<"3$%(%;$(."*5-&*'"=5"*5(0"$%";&%X)%;'$&%"F$':"':5"(%%)(."3$%(%;$(."<'('5>5%'<"&3"':5"Q*&)-"3&*"':5"@5(*"5%050"8B"P)%5"7B!BJ"'&E5':5*"F$':"(%@"-)=.$;"(%%&)%;5>5%'<">(05"0)*$%E"':5":(.3?@5(*C"""9:5"(;;&)%'$%E"-&.$;$5<"(%0">5':&0<"&3";&>-)'('$&%"(*5"':5"<(>5"(<"':&<5"(0&-'50"$%"':5";&%<&.$0('50"3$%(%;$(."*5-&*'"(<"('"(%0"3&*"':5"@5(*"5%050"8B"P)%5"7B!BC""
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`%" ':5" :(.3?@5(*" 5%050" 8!"A5;5>=5*" 7B!BJ">(%(E5>5%'" *5(<<5<<50" $'<" 5<'$>('5<" $%"*5<-5;'"&3_"
#$%&'()*"+,-.&*('$&%"/'0"1"2(.3"45(*"65-&*'""
#561A$65$671$JB9-9<B-.$H6-61=196A$JF3$K,L$,!MJ$0L!3$L#;L;$%'$;L@LN"L3$?('("
!R
"<R$$$$$$HBP9B/B<-96$-<<5G96B9P$UG:P1=196A$-9:$V18$1A6B=-61A$W<596B9G1:X$
I(**@$%E"N(.)5"&3"5,-.&*('$&%"5,-5%0$')*5"9:5"Q*&)-"-5*3&*>50"("05'($.50" *5N$5F"&3" $'<" 5,-.&*('$&%" '5%5>5%'<"('"-5*$&0"5%0" '&"05'5*>$%5" F:5':5*" ':5" *5.('50" 5,-5%0$')*5" <:&).0" ;&%'$%)50" '&" =5" ;(-$'(.$<50" )%05*"KKWM" T" +,-.&*('$&%" 3&*" (%0" +N(.)('$&%" &3" #$%5*(." 65<&)*;5<" &*" F*$''5%" &33" '&" ':5"<'('5>5%'" &3" ;&>-*5:5%<$N5" $%;&>5C" " K<" (" *5<).'" &3" ':$<" *5N$5FJ" >(%(E5>5%'" :(<"05'5*>$%50" ':('"bSY7JB7U"=5"F*$''5%"&33"(<"(" *5<).'"&3" *5.$%Z)$<:>5%'<"&3" '$'.5"&*"(<"(";&%<5Z)5%;5"&3"':5"5<'$>('50"*5;&N5*(=.5"(>&)%'"=5$%E" .&F5*"':(%"':5"*5.5N(%'"(*5("&3" $%'5*5<'<";(**@$%E"(>&)%'C"9:5" *5>($%$%E"5,-.&*('$&%"(<<5'<";&%'$%)5" '&"<('$<3@" ':5"*5;&E%$'$&%";*$'5*$(C""
?R HLTNL#K$I#JF3N!KIF#$"9:5" 3&..&F$%E" $<" (%" (%(.@<$<" &3" ':5" Q*&)-D<" *5N5%)5" (%0" *5<).'<" =@" *5-&*'(=.5" &-5*('$%E"<5E>5%'"3&*"':5"-5*$&0<")%05*"*5N$5FC""
31-Dec 31-Dec 31-Dec 31-Dec2010 2009 2010 2009
$ $ $ $
@596B9GB9P$F412-6B59AInvestments* 114,813 95,757 1,298,845 248,076
Mineral Exploration - Australia 72,626 67,359 17,220 (1,619,909)
Mineral Exploration - Canada 4,773 4,934 (468,977) 4,934
192,212 168,050 847,088 (1,366,899) Finance costs - - (6,926) (6,032)
Administration/Corporate 22,950 47,274 (859,730) (480,336)
Depreciation - - (72,899) (65,950) Consolidated revenue 215,162 215,324
Profit before income tax (92,467) (1,919,217)
Income tax benefit (58,970) (52,036) Profit/(Loss) for period (151,437) (1,971,253)
Segment Revenue Segment ResultHalf Year ended Half Year ended
"c"9:5"`%N5<'>5%'<"<5E>5%'"*5N5%)5"0&5<"%&'"$%;.)05"5$':5*"':5"E($%"&%"*5;.(<<$3$;('$&%"&3"':5"I&>-(%@D<"$%N5<'>5%'"$%"9:&><&%"65<&)*;5<"/'0"&3"b!JUVRJYS!"[7BBY_"H$.^"&*"&':5*"$%;&>5"-5*'($%$%E"'&"':5"-*&3$'"&%"':5"<(.5"&3"$%N5<'>5%'<"&3"b!BRJUTS"[7BBY_"b7URJ8VV^C"9:5<5"*5(.$<50"(%0")%*5(.$<50"E($%<"(*5":&F5N5*"'(G5%"$%'&"(;;&)%'"$%"':5"`%N5<'>5%'<"<5E>5%'"*5<).'C""9:5"*5N5%)5"*5-&*'50"(=&N5"*5-*5<5%'<"*5N5%)5"E5%5*('50"3*&>"3$%(%;$(."$%<'$')'$&%<J"$%N5<'>5%'<"*5N5%)5<"(%0">(%(E5>5%'"355<"5(*%50"3*&>"X&$%'"N5%')*5"-(*'%5*<C"9:5*5"F5*5"%&"$%'5*<5E>5%'"<(.5<"0)*$%E"':5"-5*$&0C""W5E>5%'"-*&3$'d[.&<<^"*5-*5<5%'<"':5"-*&3$'"&*"[.&<<^"5(*%50d[$%;)**50^"=@"5(;:"<5E>5%'"F$':&)'"(..&;('$&%"&3";5%'*(."(0>$%$<'*('$&%";&<'<J"3$%(%;5";&<'<J"05-*5;$('$&%"(%0"$%;&>5"'(,"[5,-5%<5^d=5%53$'C"9:$<"$<"':5">5(<)*5"*5-&*'50"'&"':5"#(%(E$%E"A$*5;'&*"3&*"':5"-)*-&<5<"&3"*5<&)*;5"(..&;('$&%"(%0"(<<5<<>5%'"&3"<5E>5%'"-5*3&*>(%;5C""
#$%&'()*"+,-
.&*('$&
%"/'0"1"2(.3"45(*"65-&*'"
"
#561A$65$671$JB9-9<B-.$H6-61=196A$
JF3$K,L$,!MJ$0L!3$L#;L;$%'$;L@LN"L3$?('("
!S
" W5E
>5%
'"K<<5'<"
L:5*5"(%"(<<5'"$<")<5
0"(;*&<<">
).'$-.5"<5E>5%'<J"':5"(<<5'"$<"(..&;(
'50"'&"':5"<5E>5%'"':('"*5;5
$N5<"':5">
(X&*$'@"&3"5;&
%&>$;"N(.)5"3*&>"
':5"(<<5'C"`%"':5">
(X&*$'@"&3"$%<'(%;5
<J"<5E>5%'"(<<5'<"(*5";.5(*.@"$05%'$3$(=.5"&%"':5"=(<$<"&3"':5$*"%(')*5"(%0"-:@<
$;(.".&;(
'$&%C"9:5"
3&..&F$%E"$<"(%"(%(.@<$<"&3"':5"Q
*&)-D<"(<<5'<"=@"*5-&*'(=.5"&-5*('$%
E"<5E>5%'C"
"O
pen
ing
Cap
ital
Clo
sin
gB
ala
nce
Exp
en
dit
ure
/Im
pair
men
t/R
ev
alu
ati
on
sD
isp
osals
Bala
nce
1/0
7/2
010
Inv
estm
en
tS
hare
of
loss
/Tra
nsla
tio
ns
31/1
2/2
010
$$
$$
$
@596B9GB9P$F412-6B59A
Inve
stm
ents
*5,3
77,3
29
2,3
87,5
91
(705,6
84)
2,1
97,8
51
(187,0
68)
9,0
70,0
19
Min
era
l Exp
lora
tion -
Aust
ralia
8,5
50,1
63
1,4
49,6
43
(78,3
18)
-
(179,1
41)
9,7
42,3
47
Min
era
l Exp
lora
tion -
Canada
848,0
06
218,6
83
(513,7
05)
(59,3
82)
-
493,6
02
Tota
l segm
ent ass
ets
14,7
75,4
98
4,0
55,9
17
(1,2
97,7
07)
2,1
38,4
69
(366,2
09)
19,3
05,9
68
Oth
er
Adm
inis
tratio
n/C
orp
ora
te2,8
75,5
53
2,1
13,1
49
17,6
51,0
51
21,4
19,1
17
"
#$%&'()*"+,-.&*('$&%"/'0"1"2(.3"45(*"65-&*'""
#561A$65$671$JB9-9<B-.$H6-61=196A$JF3$K,L$,!MJ$0L!3$L#;L;$%'$;L@LN"L3$?('("
!T
"%R T!I#$F#$3L@M!HHIJI@!KIF#$FJ$#F#$@S33L#K$!HHLKH$
Half year Half yearended ended
31 Dec 10 31 Dec 09$ $
Gain on reclassification of investment in associate* 1,784,951 -
1,784,951 -
Consolidated Group
$$c"e%"!U"A5;5>=5*"7B!BJ"9:&><&%"65<&)*;5<"/'0"[f9:&><&%D^"<);;5<<3)..@"3.&('50"&%"':5"KWgJ"('"F:$;:"-&$%'"#$%&'()*D<"$%N5<'>5%'"$%"9:&><&%"F(<"0$.)'50"3*&>"("7!C!8h"$%'5*5<'"'&"!RC7ShC"K;;&*0$%E.@J"3*&>"':$<"0('5J"#$%&'()*":(<";5(<50"'&"(;;&)%'"3&*"9:&><&%"(<"(%"5Z)$'@"(;;&)%'50"(<<&;$('5"(%0"*5;.(<<$3$50"$'<"9:&><&%"<:(*5<"(<"(%"(N($.(=.5?3&*?<(.5"3$%(%;$(."$%<'*)>5%'C"`%"(;;&*0(%;5"F$':"KKWM"!7V"f`%N5<'>5%'"$%"K<<&;$('5<D"-(*(E*(-:"!V"[=^J"('"':5"0('5"&3"':$<"*5;.(<<$3$;('$&%"':5"0$335*5%;5"=5'F55%"':5"I&>-(%@D<";(**@$%E"(>&)%'"$%"9:&><&%"(%0"$'D<"3($*"N(.)5":(<"=55%"*5;&*050"(<"E($%"$%"-*&3$'"&*".&<<C"9:$<"E($%"(>&)%'50"'&"b!JUVRJYS!C""*R IHHSL;$@!OIK!M$
As at As at 31 Dec 10 30 Jun 10
$ $
Fully paid ordinary shares 29,211,473 25,930,64729,211,473 25,930,647
Number $
F2:B9-28$A7-21ABalance at beginning of financial period 80,529,581 25,930,647Shares issued pursuant to private placement at $0.28 per share 12,079,437 3,382,242Issued upon exercise of unlisted options 100,000 25,000Transfer from share based payment reserve upon exercise of options - 11,181Transaction costs on shares issued - (137,597)Balance at end of the financial period 92,709,018 29,211,473
Consolidated Group
$
#$%&'()*"+,-.&*('$&%"/'0"1"2(.3"45(*"65-&*'""
#561A$65$671$JB9-9<B-.$H6-61=196A$JF3$K,L$,!MJ$0L!3$L#;L;$%'$;L@LN"L3$?('("
!U
$&R I#YLHKNL#KH$I#$!HHF@I!KLH$
As at As at 31 Dec 10 30 Jun 10
$ $
Carrying value of investments in associates 1,463,528 1,884,2611,463,528 1,884,261
Market value of listed shares in associates -- Mithril Resources Ltd 3,855,000 2,370,000- Petratherm Ltd 2,467,332 2,869,776
6,322,332 5,239,776
Consolidated Group
$$+R HS"HLZSL#K$LYL#KH$e%"R"P(%)(*@"7B!!J"':5"I&>-(%@"(%%&)%;50"':('"$'"F(<"'&";&>>5%;5"("35(<$=$.$'@"<')0@"&%"$'<"W'*5(G@"M(@"i(&.$%"05-&<$'C"W)=X5;'"'&"=&(*0"$%N5<'>5%'"(--*&N(.J"#$%&'()*D<"&=X5;'$N5"$<"'&"<'(*'"(">$%5"$%"':5"05-&<$'"=@"':5"5%0"&3"7B!7C""[R @F#KI#TL#K$MI!"IMIKILH$9:5*5":(<"=55%"%&";:(%E5"$%";&%'$%E5%'".$(=$.$'$5<"<$%;5"':5".(<'"*5-&*'$%E"0('5C"`'"$<":&F5N5*"%&'50"':('"':5"Q*&)-":(<"N(*$&)<"=(%G"E)(*(%'55<"'&'(.$%E"b!R!JBBB"('"8!"A5;5>=5*"7B!B"F:$;:"(;'"(<";&..('5*(."&N5*"'5%5>5%'<"F:$;:"#$%&'()*"&-5*('5C""
#$%&'()*"+,-.&*('$&%"/'0"1"2(.3"45(*"65-&*'""
;B21<652AC$;1<.-2-6B59$
!V
;B21<652AC$;1<.-2-6B59$"`%"(;;&*0(%;5"F$':"("*5<&.)'$&%"&3"':5"0$*5;'&*<"&3"#$%&'()*"+,-.&*('$&%"/'0J"`"<'('5"':('_""`%"':5"&-$%$&%"&3"':5"0$*5;'&*<_""
[(^ ':5"3$%(%;$(."<'('5>5%'<"(%0"%&'5<"&3"':5";&%<&.$0('50"5%'$'@"(*5"$%"(;;&*0(%;5"F$':"':5"I&*-&*('$&%<"K;'"7BB!J"$%;.)0$%E_"
[$^ E$N5"("'*)5"(%0"3($*"N$5F"&3"':5"3$%(%;$(."-&<$'$&%"(<"('"8!"A5;5>=5*"7B!B"(%0"':5"-5*3&*>(%;5"3&*"':5":(.3?@5(*"5%050"&%"':('"0('5"&3"':5";&%<&.$0('50"5%'$'@j"(%0"
[$$^ ;&>-.@"F$':"K;;&)%'$%E"W'(%0(*0"KKWM"!8R"`%'5*$>"a$%(%;$(."65-&*'$%E"(%0"':5"I&*-&*('$&%<"65E).('$&%<"7BB!j"(%0"
"[=^ ':5*5"(*5"*5(<&%(=.5"E*&)%0<"'&"=5.$5N5"':('"':5";&>-(%@"F$.."=5"(=.5"'&"-(@"$'<"05='<"
(<"(%0"F:5%"':5@"=5;&>5"0)5"(%0"-(@(=.5C"""e%"=5:(.3"&3"':5"M&(*0""
""""
#*"A5*5G"H"I(*'5*"I:($*>(%""!T"#(*;:"7B!!"
