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WLFE Wolf Minerals

1.40
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
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

Wolf Minerals Limited Interim Financial Report -2-

27/02/2015 7:03am

UK Regulatory


Wolf Minerals (LSE:WLFE)
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From Mar 2019 to Mar 2024

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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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