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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Wolf Minerals | LSE:WLFE | London | Ordinary Share | AU000000WLF3 | ORD NPV (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.40 | 0.00 | 00:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
As at 31 December 2014 Wolf had drawn down GBP27,500,000 (A$52,398,500) of the senior term loan and had utilised the full GBP5,000,000 (A$9,527,000) of the available bond facility.
Geotechnical diamond drilling program completed
Wolf has undertaken a geotechnical diamond drill program around the perimeter of the open pit, designed to provide more comprehensive data on the waste rock. The aim of the program is to assess the potential to steepen the pit walls within the existing Planning Permission which will allow for a deeper pit and an increase in ore reserves.
DIRECTORS' REPORT (CONTINUED)
The six hole geotechnical drilling program was completed during the December 2014 quarter, with initial analysis suggesting potential to increase ore reserves by between 15% to 23% within the existing planning permission (refer to announcement dated 1 December 2014). Detailed design and re-assessment of ore reserves will be undertaken during the March 2015 quarter.
Laboratory Services contract awarded for the Project
Wolf finalised and awarded the Assay Laboratory contract for the Project to SGS (refer to announcement dated 22 December 2014).
Under the terms of the contract SGS will provide all the necessary assay laboratory services at the Project for a five year period. Services will include the assay of grade control samples, process plant samples and final product samples. SGS will also provide verification and certification of the products being sent to customers.
SGS is the world's leading inspection, verification, testing and certification company and has more than 80,000 employees and more than 1,650 offices and laboratories around the world.
The forecast assaying costs are in line with estimates contained in the Definitive Feasibility Study of May 2011, and will contribute to Wolf being a low cost tungsten producer.
Appointment of new officers of the Company
On 3 November 2014, Wolf appointed Ms Pauline Carr as Joint Company Secretary. Ms Carr will join Mr Richard Lucas, Chief Financial Officer and current Company Secretary, in providing support to the Board as Mr Lucas takes on increasing responsibilities with the development of the Project.
Ms Carr is a fellow of the Governance Institute of Australia and a fellow of the Australian Institute of Company Directors and has over 20 years company secretarial and governance experience with Australian and internationally listed companies in the resources sector.
On 24 December 2014, the Company also welcomed Mr Will Goodwin who was appointed to act as an Alternate Director for Mr Michael Wolley, a non-executive Director, at any meeting of Directors which he is not able to attend. The appointment of Mr Goodwin will continue until Mr Goodwin either resigns, Mr Wolley revokes the appointment or until Mr Wolley ceases to be a Director, whichever occurs first.
Mr Wolley is Vice President of Todd Minerals and Coal, a major shareholder in the Company.
Mr Goodwin has more than 10 years' experience in private equity, mining, corporate strategy and business development. He is currently employed as Chief Financial Officer for Todd Minerals and Coal, having previously held senior roles in The Todd Corporation and Todd Capital.
He has experience across a broad range of sectors including infrastructure, telecommunications, mining, downstream energy, healthcare, agriculture, fast moving consumer goods and financial services. Mr Goodwin is an affiliate of the Australian Institute of Company Directors and a graduate of the Victoria University of Wellington with a Bachelor of Commerce (economics) and a Masters of Applied Finance.
AUDITOR'S DECLARATION
The lead auditor's independence declaration under section 307C of the Corporations Act 2001 is set out on page 6 for the half year ended 31 December 2014.
This report is made in accordance with a resolution of the Directors.
_____________________________
Russell Clark
Managing Director
Dated: 26 February 2015
AUDITOR'S INDEPENDENCE DECLARATION
TO THE DIRECTORS OF WOLF MINERALS LIMITED
In relation to our review of the financial report of Wolf Minerals Limited for the half year ended 31 December 2014, to the best of my knowledge and belief, there have been no contraventions of the auditor independence requirements of the Corporations Act 2001 or any applicable code of professional conduct.
PKF Mack
Simon Fermanis
Partner
26 February 2015
West Perth,
Western Australia
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE HALF YEAR ENDED 31 DECEMBER 2014
Note 31 December 31 December 2013 2014 $ $ Revenue 303,034 23,305 Administrative expenses (1,213,893) (629,810) Compliance expenses (93,167) (46,134) Consultancy expenses (392,410) (319,065) Depreciation and amortisation expenses (70,093) (8,290) Directors' fees (271,080) (167,725) Employee benefits expense (695,639) (1,093,211) Equity compensation benefits 7 (36,302) (52,185) Finance costs (183,462) (3,394) Foreign exchange gain/(loss) (321,343) 1,211,691 Financial instrument loss (975,366) - Insurance expenses (109,821) (43,138) Occupancy expenses (242,600) (194,977) Loss before income tax (4,302,142) (1,322,933) Income tax benefit 582,965 - -------------- ------------------- Loss for the period after income tax (3,719,177) (1,322,933) Items that may be reclassified subsequently to profit or loss Exchange differences on translating foreign operations (net of tax) 10,975,389 5,634,214 Movement in the cash flow hedge reserve (net (425,817) - of tax) -------------- ------------------- Total comprehensive income for the period 6,830,395 4,311,281 ============== =================== Earnings per share Basic and diluted loss per share (cents) (0.46) (0.67)
The above condensed consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes.
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2014
Note 31 December 30 June 2014 2014 $ $ CURRENT ASSETS Cash and cash equivalents 40,696,583 102,819,455 Derivative financial instruments 13 62,238 - Other receivables 8 8,187,009 19,565,587 --------------- --------------- TOTAL CURRENT ASSETS 48,945,830 122,385,042 --------------- --------------- NON-CURRENT ASSETS Mine development asset 9 219,795,893 119,669,556 Property, plant and equipment 10 353,776 353,872 Other receivables 8 20,178,100 6,444,561 TOTAL NON CURRENT ASSETS 240,327,769 126,467,989 TOTAL ASSETS 289,273,599 248,853,031 --------------- --------------- CURRENT LIABILITIES Trade and other payables 11 19,542,237 25,600,767 Provisions 12 143,734 126,789 Derivative financial instruments 13 89,114 - --------------- --------------- TOTAL CURRENT LIABILITIES 19,775,085 25,727,556 --------------- --------------- NON CURRENT LIABILITIES Provisions 12 3,096,066 2,058,561 Derivative financial instruments 13 1,415,939 - Borrowings 14 37,078,311 - --------------- --------------- TOTAL NON CURRENT LIABILITIES 41,590,316 2,058,561 --------------- --------------- TOTAL LIABILITIES 61,365,401 27,786,117 --------------- --------------- NET ASSETS 227,908,198 221,066,914 =============== =============== EQUITY
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