TIDMSGZ
RNS Number : 5982H
Scotgold Resources Ltd
16 March 2015
SCOTGOLD RESOURCES LIMITED
INTERIM FINANCIAL REPORT
FOR THE HALF YEAR ENDED 31 DECEMBER 2014
DIRECTORS' REPORT
Your Directors submit the financial report of the Group for the
half-year ended 31 December 2014. In order to comply with the
provisions of the Corporations Act 2001, the Directors report as
follows:
DIRECTORS
The following persons were Directors of Scotgold Resources
Limited during the half year and up to the date of this report
unless otherwise stated:
In office In office
from to
Chris Sangster Non Executive 17/10/2007 present
Director
Phillip Non Executive 14/08/2007 14./12/2014
Jackson Director
Non Executive 14/12/14 present
Chairman
Nat le Roux Non Executive 10/10/2014 present
Director
Richard Non Executive 10/10/2014 present
Harris Director
Richard Managing Director 10/10/2014 present
Gray
John Bentley Executive Chairman 17/02/2009 10/10/2014
Sandy Littlejohn Non-Executive 10/10/2014 14/12/2014
Chairman
REVIEW OF OPERATIONS
Cononish Gold and Silver Project
In order to facilitate financing under current market
conditions, the Company, in conjunction with its consultants, have
continued to examine and evaluate possible alternative
configurations for the Cononish Gold and Silver Project with a view
to optimising returns and attempting to reduce the initial capital
expenditure and the overall funding requirement to bring the
project to production.
The initial options considered to date have considered varied
processing rates, strategic mining sequences and mining
selectivity. Whilst these options remain under review, a number of
other options relating to construction, commissioning and
production build up periods, as well as plant configuration, are
also being considered for further examination and evaluation before
a preferred development option can be finalised.
An application to the Loch Lomond and Trossachs National Park
Planning Authority to amend the permitted hours of operation of the
processing plant from 16 hours per day to 24 hours per day
(excluding Sundays and recognised Scottish public holidays) was
recommended for approval on 24 January 2015 subject to the
conclusion of the requisite legal agreements. These agreements have
now been concluded.
As a variation to a condition of the existing consent, this
approval also had the effect of extending the date by which
development should commence to January 2018. The variation will
facilitate efficient plant operations and possible capital
expenditure reductions in respect of the processing plant.
The Company has also continued discussions with possible plant
suppliers regarding the capital costs and financing of the possible
smaller facility and is in negotiations relating to supplier
financing for the mining equipment required with the aim of
achieving further reductions in the initial capital
expenditure.
On 22 January 2015 the Company announced a new Mineral Resource
Estimate for the Cononish Gold Project, compiled by CSA Global (UK)
Limited (see ASX release: Resource Estimate Update -
22/01/2015).
The Mineral Resource Estimate has been classified and is
reported as Measured, Indicated and Inferred based on guidelines
recommended in the JORC Code (2012).
Classification Tonnes Gold Contained Silver Contained
grade ounces grams ounces
grams of Gold per of Silver
per tonne
tonne
Measured - In situ 60,000 15.0 29,000 71.5 139,000
Indicated - In
situ 474,000 14.3 217,000 58.7 895,000
Indicated - Mined
Stockpile 7,000 7.9 2,000 39.0 9,000
-------- ---------- -----------
Measured and Indicated 541,000 14.3 248,000 59.9 1,043,000
Inferred - In situ 75,000 7.4 18,000 21.9 53,000
-------- ---------- -----------
Total Mineral Resource
Estimate 616,000 13.4 266,000 55.3 1,096,000
======== ========== ===========
Reported from 3D block model with grades estimated
by Ordinary Kriging with 15m x 15m Selective
Mining Unit Local Uniform Conditioning adjustment.
Minimum vein width is 1.2m. Totals may not
appear to add up due to appropriate rounding.
Cut-off grade 3.5 g/t gold. In situ dry bulk
density 2.72.
The Cononish mineralisation is open at depth down plunge and to
the west along strike. There is therefore potential to add to the
resource by further extensional drilling.
Work has now commenced to use the 3D geological model to
quantitatively assess the optimal mining methodology for the
Cononish deposit. The outcome of this, combined with the new MRE,
will form a revised mine development plan which is scheduled for
completion in the second quarter of 2015.
Grampian Gold Project
The Company has continued to actively pursue exploration
activities on its substantial land position in the Dalradian group
of the south west Grampians, a terrain highly prospective for both
gold and potential base metal occurrences. The majority (85%) of
the area currently under option to Scotgold is located outside the
Loch Lomond and the Trossachs National Park.
The Company's strategy has been to advance the Cononish Project
to production whilst conducting early stage regional exploration
over the wider Grampian Gold project area in conjunction with
follow up work on the more advanced prospects close to the Cononish
project area.
The Grampian Gold project encompasses a large area of the highly
prospective Dalradian sequence. Basic exploration data, including
gravity and airborne magnetics, is available from government
surveys carried out between 1950s and 1970s but is of a quality and
spacing that does not adequately reflect the prospectivity of the
area. This and the general lack of previous exploration over the
area (other than early stage exploration in the vicinity of the
Cononish project) has dictated the Company's approach to
exploration.
The Company holds five option agreements with the Crown over the
highly prospective Dalradian sequence in the south western
Grampians of Scotland. Previously, these option agreements had been
renewed annually. During 2014, the Crown indicated it was
undertaking a review of its option arrangements. Subsequent to its
review, the Crown has recently indicated that option agreements
will be granted for period of up to six years (subject to
satisfactory performance) with review and appropriate area
reduction after one and three years. The Crown has indicated,
subject to the conclusion of the appropriate legal agreements, that
it has re-granted all the Company's existing option areas subject
to a reduction in area in the Inverliever option area. The Company
will update shareholders of the exact terms when the form of the
agreements is finalised.
In order to advance its understanding of the regional setting,
over the past three years, the Company has embarked on a regional
scale stream sediment sampling program.
In the initial wide spaced regional program, in excess of 750
stream sediment samples were taken over the area. Initial
interpretation of these results continues and this program is now
being followed up by a more detailed infill sampling program in the
anomalous result areas in order to further target areas for
detailed fieldwork and prospecting. To date a further 300 samples
have been taken in the infill program with a further 187 to be
taken.
In parallel with this regional program, Scotgold continues to
evaluate previously identified high grade outcrop samples
identified by previous exploration close to the Cononish
project.
The Company believes that the next phase of exploration in the
central 'Tyndrum' option area should compromise an airborne
geophysical survey in order to assess the nature and continuity of
the structural regime in this area with a view to determining its
potential to host similar 'Cononish style' deposits. Results from
the infill stream sediment sampling program will guide further
exploration effort in areas outside the immediate Cononish
area.
FINANCING
Capital Raisings and Loan Repayment
During the period the company raised $3,359,739 from placements
and an entitlements issue, $1,000,000 from a Convertible Note issue
and repaid in full the RMB loan at a cost of $3,031,286.
Competent Persons' Statement:
The information in this report that relates to the 2015 Mineral
Resources for Cononish Gold Project (ASX release - Resource
Estimate Update 22/01/2015) is based on information compiled by
Malcolm Titley, a Competent Person who is a Member of The
Australasian Institute of Mining and Metallurgy. Mr Titley is
employed by CSA Global (UK) Limited, an independent consulting
company. Mr Titley 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'. Mr Titley consents to the inclusion in
the report of the matters based on his information in the form and
context in which it appears.
Further, the Company confirms it is not aware of any new
information or data that materially affects the information
contained in the original announcement and that all material
assumptions and technical parameters underpinning the estimate of
Resources continue to apply and have not materially changed.
AUDITOR'S INDEPENDENCE DECLARATION
Section 307C of the Corporations Act 2001 requires our Auditors,
HLB Mann Judd, to provide the directors of the company with an
Independence Declaration in relation to the review of the interim
financial report. This Independence Declaration is set out on the
next page and forms part of this directors' report for the
half-year ended 31 December 2014.
This report is signed in accordance with a resolution of the
Board of Directors made pursuant to section 306(3) of the
Corporations Act 2001.
...............................................................
Richard Gray
Managing Director
Dated Scotland 16 March 2015
Enquiries to:
United Kingdom:
Scotgold Resources Limited Westhouse Securities Limited Capital Markets Consultants
Richard Gray
Chief Executive Officer Martin Davison Simon Rothschild
Tel: +44 (0)7905 884 021 Tel: +44 (0)20 7601 6100 Tel +44 (0)7703 167 065
HLB Mann Judd
Accountants
Business Advisers
AUDITOR'S INDEPENDENCE DECLARATION
As lead Auditor for the review of the consolidated financial
report of Scotgold Resources Limited for the half year ended 31
December 2014, I declare that to the best of my knowledge and
belief, there have been no contraventions of:
a) the Auditor independence requirements of the Corporations Act
2001 in relation to the review; and
b) any applicable code of professional conduct in relation to the review.
Perth, Western Australia M R W Ohm
16 March 2015 Partner
HLB Mann Judd (WA Partnership) ABN 22 193 232 714
Level 4, 130 Stirling Street Perth WA 6000. PO Box 8124 Perth BC
6849 Telephone +61 (08) 9227 7500. Fax +61 (08) 9227 7533. Email:
hlb@hlbwa.com.au. Website: http://www.hlb.com.au
Liability limited by a scheme approved under Professional
Standards Legislation
HLB Mann Judd (WA Partnership) is a member ofHLB International,
a worldwide organisation of accounting firms and business
advisers.
CONDENSED STATEMENT OF
PROFIT OR LOSS AND OTHER
COMPREHENSIVE INCOME
FOR THE HALF YEAR ENDED
31 DECEMBER 2014
Consolidated
31 December 31 December
2014 2013
$ $
Revenue 9,141 12,429
Administration costs (157,597) (147,992)
Interest expense (94,810) (75,517)
Unwinding of convertible (31,239) -
note discount
Depreciation and loss on
disposal of fixed assets (9,033) (8,646)
Exploration expensed as (207,110) -
incurred
Employee and consultant
costs (155,972) (158,772)
Listing and share registry
costs (98,143) (110,431)
Legal fees (141,599) (42,189)
Borrowing costs (174,419) -
Share based payments - (104,735)
Office and communication
costs (57,042) (50,202)
Currency revaluation of
interest bearing loan (73,427) (312,541)
Other expenses (49,375) (20,978)
Loss before income tax (1,240,625) (1,019,574)
Income tax benefit - research
and development tax incentive - 44,880
Net loss for the period (1,240,625) (974,694)
Other comprehensive income
Exchange gain/(loss) on
translation of foreign
subsidiaries 4,567 (12,593)
Total comprehensive loss
for the period (1,236,058) (987,287)
Basic loss per share (cents
per share) 0.20 0.45
CONDENSED STATEMENT OF
FINANCIAL POSITION AS
AT 31 DECEMBER 2014
Consolidated
Note 31 December 30 June
2014 2014
$ $
CURRENT ASSETS
Cash and cash equivalents 639,406 640,857
Trade and other receivables 86,613 169,989
Other current assets 16,035 13,026
------------ ------------
Total Current Assets 742,054 823,872
------------ ------------
NON-CURRENT ASSETS
Trade and other receivables 95,220 90,335
Property, plant and equipment 113,464 121,301
Deferred exploration
and evaluation expenditure 2 14,272,957 13,894,769
Total Non-Current assets 14,481,641 14,106,405
------------ ------------
TOTAL ASSETS 15,223,695 14,930,277
------------ ------------
CURRENT LIABILITIES
Trade and other payables 314,314 353,598
Other current liabilities 123,660 69,060
Interest bearing liabilities - 3,031,286
------------ ------------
Total Current Liabilities 437,974 3,453,944
------------ ------------
NON CURRENT LIABILITIES
Interest bearing liabilities 3 790,833 -
Total Non-Current Liabilities 790,833 -
------------ ------------
TOTAL LIABILITIES 1,228,807 3,453,944
------------ ------------
NET ASSETS 13,994,888 11,476,333
============ ============
EQUITY
Issued capital 4 21,884,613 18,463,121
Reserves 1,315,857 978,169
Accumulated losses (9,205,582) (7,964,957)
------------ ------------
TOTAL EQUITY 13,994,888 11,476,333
============ ============
CONDENSED STATEMENT OF CHANGES IN EQUITY
FOR THE HALF YEAR ENDED 31 DECEMBER 2014
Issued Capital Accumulated Options Foreign Convertible Total Equity
Losses Reserve Currency Note Reserve
Translation
Reserve
$ $ $ $ $ $
Half year to 31
December 2013
Balance at
1 July 2013 16,766,418 (6,498,808) 917,000 (45,352) - 11,139,258
Issue of shares 200,000 - - - - 200,000
Share issue
expenses (10,000) - - - - (10,000)
Issue of options - - 104,735 - - 104,735
Total comprehensive
loss for the
period - (974,694) - (12,593) - (987,287)
As at 31 December
2013 16,956,418 (7,473,502) 1,021,735 (57,945) - 10,446,706
-------------- ----------- --------- ------------ ------------- ------------
Half year to 31
December 2014
Balance at
1 July 2014 18,463,121 (7,964,957) 1,038,154 (59,985) - 11,476,333
Issue of shares 3,547,393 - - - - 3,547,393
Share issue
expenses (125,901) - - - - (125,901)
Issue of options - - 90,000 - - 90,000
Issue of Convertible
Note - - - - 243,121 243,121
Total comprehensive
loss for the
period - (1,240,625) - 4,567 - (1,236,058)
As at 31 December
2014 21,884,613 (9,205,582) 1,128,154 (55,418) 243,121 13,994,888
---------- ----------- --------- -------- ------- -----------
CONDENSED STATEMENT OF
CASH FLOWS
FOR THE HALF YEAR ENDED Consolidated
31 DECEMBER 2014
6 months 6 months
to to
31 December 31 December
2014 2013
$ $
CASH FLOWS FROM OPERATING
ACTIVITIES
Payments to suppliers (404,232) (284,067)
Interest income received 4,527 2,255
Net cash used in operating
activities (399,705) (281,812)
------------ ------------
CASH FLOWS FROM INVESTING
ACTIVITIES
Payments for exploration
activities (511,500) (314,594)
Payment for property,
plant and equipment (1,195) 2,534
Net cash used in investing
activities (512,695) (312,060)
------------ ------------
CASH FLOWS FROM FINANCING
ACTIVITIES
Proceeds from issue of
shares and options 3,359,739 200,000
Share issue costs (125,900) -
Loan repayments (3,031,286) (10,000)
Proceeds from borrowing 1,000,000 -
Borrowing costs and interest (312,899) -
Net cash provided by
financing activities 889,654 190,000
------------ ------------
Net decrease in cash
held (22,746) (403,872)
Cash and cash equivalents
at the beginning of the
period 640,857 570,253
Effect of exchange rate
fluctuations on cash
held 21,295 7,377
------------ ------------
Cash and cash equivalents
at the end of the period 639,406 173,758
============ ============
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
FOR THE HALF YEAR ENDED 31 DECEMBER 2014
NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES
Statement of compliance
These interim consolidated financial statements are general
purpose financial statements prepared in accordance with the
requirements of the Corporations Act 2001, applicable accounting
standards including AASB 134 'Interim Financial Reporting',
Accounting Interpretations and other authoritative pronouncements
of the Australian Accounting Standards Board ('AASB'). Compliance
with AASB 134 ensures compliance with IAS 34 'Interim Financial
Reporting'.
This condensed half-year report does not include full
disclosures of the type normally included in an annual financial
report. Therefore, it cannot be expected to provide as full an
understanding of the financial performance, financial position and
cash flows of the group as in the full financial report.
It is recommended that the financial report be read in
conjunction with the annual financial report for the year ended 30
June 2014 and any public announcements made by Scotgold Resources
Limited and its subsidiaries during the half-year in accordance
with continuous disclosure requirements arising under the
Corporations Act 2001 and the ASX Listing Rules.
The accounting policies adopted are consistent with those of the
previous financial year and corresponding interim reporting
period.
Basis of preparation
The interim report has been prepared on a historical cost basis.
Cost is based on the fair value of the consideration given in
exchange for assets. The company is domiciled in Australia and all
amounts are presented in Australian dollars, unless otherwise
noted.
For the purpose of preparing the interim report, the half-year
has been treated as a discrete reporting period.
Reporting Basis and Conventions
The financial report has been prepared on the basis of
accounting principles applicable to a going concern, which assumes
the commercial realisation of the future potential of the Group's
assets and the discharge of their liabilities in the normal course
of business.
The financial report has also been prepared on an accruals basis
and is based on historical cost.
Going Concern
As at 31 December 2014, the Group had a cash balance of
$639,406, a loss for the six-month period of $1,240,625 and had a
net cash outflow from operating and investing activities of
$998,004. In order to meet ongoing administrative and exploration
expenditure, the Directors have forecast that a capital raising
and/or entering into a sale or joint venture of assets is
required.
The Directors believe the Company will obtain sufficient funding
to enable it and the consolidated entity to continue as going
concerns and that it is appropriate to adopt that basis of
accounting in the preparation of the financial report. However, the
existence of the above conditions constitute a material uncertainty
in relation to the company's ability to continue as a going concern
and whether it will therefore realise its assets and extinguish its
liabilities in the normal course of business.
Significant accounting judgements and key estimates
The preparation of interim financial reports requires management
to make judgements, estimates and assumptions that affect the
application of accounting policies and the reported amounts of
assets, liabilities, income and expense. Actual results may differ
from these estimates.
In preparing this interim report, the significant judgements
made by management in applying the Group's accounting policies and
the key sources of estimation uncertainty were the same as those
that applied to the consolidated financial report for the year
ended 30 June 2014.
Accounting policies and methods of computation
The accounting policies and methods of computation adopted are
consistent with those of the previous financial year and
corresponding interim reporting period. These accounting policies
are consistent with Australian Accounting Standards and with
International Financial Reporting Standards.
NOTE 2 - DEFERRED EXPLORATION AND EVALUATION
EXPENDITURE
Consolidated
Six months Twelve
to months
to
31 December 30 June
2014 2014
$ $
Balance at beginning
of period 13,894,769 13,348,454
Expenditure incurred
during the period 378,188 546,315
------------ -----------
Total deferred exploration
and evaluation expenditure 14,272,957 13,894,769
============ ===========
The recoupment of costs carried forward in relation to areas of
interest in the exploration and evaluation phases is dependent upon
the successful development and commercial exploitation or sale of
the respective areas.
NOTE 3 - INTEREST BEARING LIABILITIES
Consolidated
Six months Twelve
to months
to
31 December 30 June
2014 2014
RMB Australia Holdings $ $
Limited
Balance at beginning
of period 3,031,286 2,607,455
Loan drawdowns - -
Interest charges capitalised - 210,476
Revaluation to closing
rate - 213,355
Repayment of loan (3,031,286) -
------------ ----------
Total interest bearing
liability - 3,031,286
============ ==========
Convertible Notes
Balance at beginning - -
of period
Loan drawdowns 1,000,000 -
Reclassification to equity
on initial recognition (243,121)
Unwinding of discount
to profit and loss 31,239
Interest accrued on note 2,715
Total interest bearing 790,833 -
liability
============ ==========
CONVERTIBLE NOTES
The company has entered into convertible note agreements
(Convertible Notes) on the terms and conditions set out in the
Company's Notice of Meeting dated 23 June 2014 (and approved by
Shareholders at the General Meeting on 30 July 2014).
$1 million has been advanced to the Company under the
Convertible Note Agreements. The funds raised by the Convertible
Notes will be used as part-repayment of the RMB Facility as
described below and for working capital.
The Convertible Notes have a repayment date of 24 months from
their date of issue, with an interest rate of 1% per annum. The
holders of the Convertible Notes may elect to convert the
Convertible Notes (in part or in full) into ordinary shares in the
Company at a conversion price of $0.0075 per share. For every share
issued on conversion of the Convertible Notes, one free attaching
option will be issued, exercisable at $0.012 on or before 31 March
2016. Full details of the Convertible Notes and attaching options
were set out in the Company's Notice of Meeting dated 23 June
2014.
NOTE 4 - ISSUED CAPITAL Consolidated
31 December 30 June
2014 2014
Ordinary Shares $ $
Issued and fully paid 21,884,613 18,463,121
============ ===========
Movements in ordinary share capital of the Company were as
follows:
Number $
Opening balance at 1
July 2014 483,889,318 18,463,121
Placement 6 August 2014 56,874,933 426,562
Issue 6 August 2014 for director's
fees 18,765,318 187,653
Placement 24 September 2014 9,000,000 72,000
Entitlements issue 194,965,196 1,169,791
Entitlement issue shortfall 281,897,707 1,691,386
Transaction costs - (125,900)
-------------- -----------
Closing balance at 31 December
2014 1,045,392,472 21,884,613
============== ===========
Movements in options in ordinary shares of the Company are as
follows:
Number $
Opening balance at 1 July 2014 36,486,494 1,038,154
Options issued - placement 50,000,000 -
free attaching options
Options issued - RMB loan extension 30,000,000 90,000
Closing balance at 31 December
2014 116,486,494 1,128,154
============ ==========
Details of options are as follows:
Date Issue purpose Expiry Price Number $
RMB borrowing
31/07/12 costs 24/07/15 GBP0.0450 26,222,222 785,000
Consultant incentive
10/10/12 options 31/3/22 $0.0800 3,000,000 121,154
Broker share
7/12/12 issue costs 7/12/15 GBP0.0310 153,161 7,000
RMB borrowing
9/01/13 costs 28/3/16 GBP0.0450 7,111,111 125,000
Free attaching
6/8/14 options 31/3/15 $0.0120 50,000,000 -
RMB borrowing
23/9/14 costs 22/9/17 GBP0.0069 30,000,000 90,000
116,486,494 1,128,154
============ ==========
NOTE 5 - CONTINGENT LIABILITIES
Scotgold Resources Limited and its controlled entities have no
known material contingent liabilities as at 31 December 2014.
NOTE 6 - SEGMENT INFORMATION
Operating segments are reported in a manner consistent with the
internal reporting provided to the chief operating decision maker.
The chief operating decision maker, who is responsible for
allocating resources and assessing performance of the operating
segments, has been identified as the Board of Directors of Scotgold
Resources Limited.
NOTE 7 - EVENTS SUBSEQUENT TO REPORTING DATE
No matters or circumstances have arisen since the end of the
half-year which significantly affected or may significantly affect
the operations of the Group, the results of those operations, or
the state of affairs in future financial years.
DIRECTORS' DECLARATION
FOR THE HALF YEAR ENDED 31 DECEMBER 2014
In the opinion of the directors of Scotgold Resources Limited
("the company"):
1) The attached financial statements and notes thereto are in
accordance with the Corporations Act 2001 including:
(a) complying with Accounting Standards, the Corporations
Regulations 2001 and other mandatory professional reporting
requirements; and
(b) giving a true and fair view of the Group's financial
position as at 31 December 2014 and of its performance for the
half-year then ended; and
2) there are reasonable grounds to believe that the company will
be able to pay its debts as and when they become due and
payable.
This declaration is signed in accordance with a resolution of
the Board of Directors made pursuant to s.303(5) of the
Corporations Act 2001.
...............................................................
Richard Gray
Managing Director
Dated Scotland 16 March 2015
HLB Mann Judd
Accountants
Business Advisers
INDEPENDENT AUDITOR'S REVIEW REPORT
To the members of Scotgold Resources Limited
Report on the Half-Year Financial Report
We have reviewed the accompanying half-year financial report of
Scotgold Resources Limited ("the company") which comprises the
condensed statement of financial position as at 31 December 2014,
the condensed statement of profit or loss and other comprehensive
income, condensed statement of changes in equity and condensed
statement of cash flows for the half-year ended on that date, notes
comprising a summary of significant accounting policies and other
explanatory notes and the directors' declaration of the
consolidated entity comprising the company and the entities it
controlled at the half-year end or from time to time during the
half-year.
Directors' responsibility for the half-year financial report
The directors of the company are responsible for the preparation
of the half-year financial report that gives a true and fair view
in accordance with Australian Accounting Standards and the
Corporations Act 2001 and for such internal control as the
directors determine is necessary to enable the preparation of the
half year financial report that is free from material misstatement,
whether due to fraud or error.
Auditor's responsibility
Our responsibility is to express a conclusion on the half-year
financial report based on our review. We conducted our review in
accordance with auditing Standard on Review Engagements ASRE 2410
Review of a Financial Report Performed by the Independent Auditor
of the Entity, in order to state whether, on the basis of the
procedures described, we have become aware of any matter that makes
us believe that the half-year financial report is not in accordance
with the Corporations Act 2001 including: giving a true and fair
view of the consolidated entity's financial position as at 31
December 2014 and its performance for the half-year ended on that
date; and complying with Accounting Standard AASB 134 Interim
Financial Reporting and the Corporations Regulations 2001. As the
Auditor of the company, ASRE 2410 requires that we comply with the
ethical requirements relevant to the annual financial report.
A review of a half-year financial report consists of making
enquiries, primarily of persons responsible for financial and
accounting matters, and applying analytical and other review
procedures. A review is substantially less in scope than it
conducted in accordance with Australian Auditing Standards and
consequently does not enable us to obtain assurance that we would
become aware of all significant matters that might be identified in
it. Accordingly, we do not express it opinion.
HLB Mann Judd (WA Partnership) ABN 22 193 232 714
Level 4, 130 Stirling Street Perth WA 6000. PO Box 8124 Perth BC
6849 Telephone +61 (08) 9227 7500. Fax +61 (08) 9227 7533. Email:
hlb@hlbwa.com.au. Website: http://www.hlb.com.au
Liability limited by a scheme approved under Professional
Standards Legislation HLB Mann Judd (WA Partnership) is a member of
HLBInternational, a worldwide organisation of accounting firms and
business advisers.
Independence
In conducting our review, we have complied with the independence
requirements of the Corporations Act 2001.
Conclusion
Based on our review, which is not audit, we have not become
aware of any matter that makes us believe that the half-year
financial report of Scotgold Resources Limited is not in accordance
with the Corporations Act 2001 including:
a) giving a true and fair view of the consolidated entity's
financial position as at 31 December 2014 and of its performance
for the half-year ended on that date; and
b) complying with Accounting Standard AASB 134 Interim Financial
Reporting and the Corporations Regulations 2001.
HLB Mann Judd M R W Ohm
Chartered Accountants Partner
Perth, Western Australia
16 March 2015
This information is provided by RNS
The company news service from the London Stock Exchange
END
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