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
=============== ===============
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