ALTECH BATTERIES LTD — Interim / Quarterly Report 2013

Mar 13, 2013

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ABN 45 125 301 206

INTERIM REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2012

CONTENTS

PAGE

DIRECTORS’ REPORT	4
AUDITOR’S INDEPENDENCE DECLARATION	6
STATEMENT OF FINANCIAL POSITION	7
STATEMENT OF COMPREHENSIVE INCOME	8
STATEMENT OF CHANGES IN EQUITY	9
STATEMENT OF CASH FLOWS	10
CONCISE NOTES TO THE FINANCIAL STATEMENTS	11
DIRECTORS’ DECLARATION	14
INDEPENDENT REVIEW REPORT	15

CORPORATE DIRECTORY

DIRECTORS

Luke Atkins (Chairman) Ric Dawson(Managing Director) Daniel Tenardi(Non-Executive Director) Peter Bailey (Non-Executive Director) Jamie Coote (Non-Executive Director)

AUDITORS

Moore Stephens Level 3, 12 St Georges Terrace, PERTH WA 6000

SHARE REGISTRY

COMPANY SECRETARY

Piers Lewis

Security Transfer Registrars Pty Ltd 770 Canning Highway Applecross WA 6153 Telephone: +618 9315 2333 Facsimile: +618 9315 2233

REGISTERED OFFICE & PRINCIPAL PLACE OF BUSINESS

3 Bay Road Claremont, Western Australia 6010 Phone: +618 9389 5557 Facsimile: +618 9389 5510 Email: info@ammg.com.au Website: www.ammg.com.au

STOCK EXCHANGE LISTING

The Company is listed on Australian Securities Exchange Limited

Home Exchange: Perth ASX Codes: AKA AKAOB

Australia Minerals and Mining Group Limited – Half Year Report 31 December 2012 3

The Directors present their report on Australia Minerals and Mining Group Limited for the half-year ended 31 December 2012.

BOARD OF DIRECTORS

The names and details of the Australia Minerals and Mining Group Limited (“Company”) directors in office during the financial period and until the date of this report are as follows. Directors were in office for this entire period unless otherwise stated.

Luke Atkins Chairman Ric Dawson Managing Director Daniel Tenardi Non-Executive Director Peter Bailey Non-Executive Director Jamie Coote Non-Executive Director

COMPANY SECRETARY

Piers Lewis

REVIEW OF OPERATIONS

During the six monthly period ending 31 December 2012, the Company’s development of its innovative aluminous clay to alumina processing technology progressed significantly. AMMG engaged consulting processing chemists, TSW Analytical Pty Ltd, to determine the lowest energy intensive and most efficient acid-based process for the production of high purity alumina (HPA) from the Company’s aluminous clay material. Subsequent to year end, the Company successfully produced >99.9% HPA using its own processing technology, and increased its combined resource to 297Mt of aluminous clay with the acquisition of the Gibson HPA project (147Mt inferred resource). The Company has filed a patent application to protect the intellectual property of its processing technology.

The Company secured the Green Range coal project, which is located just 40-70kms from the town and port of Albany. An exploration target* of 400-500Mt of thermal coal grade was estimated, based on historical drill hole data. The project was a successful applicant in the state government’s Exploration Incentive Scheme (EIS), which refunds direct costs associated with drilling at the project. The stage 1 drill program will target coal and glauconite, and is estimated to commence in early 2013.

Highly encouraging metallurgical test work was received from the Company’s Bencubbin magnetite project. The results indicated a very ‘coarse’ liberation of magnetite at a grind size of 150 microns. The average iron concentrate was above 70% with an average mass recovery of 38.6% with a ‘coarser’ grind size of 150 microns. The concentrated magnetite also contained low levels of impurities such as alumina, phosphorus and silica. The stage 2 EIS co-funded drilling program is scheduled for later in 2013.

A maiden JORC inferred resource of 6.1Mt at 39.9% iron, calcined iron grade 52.5%, was delineated at the Company’s 100% owned Constance Range iron ore project in Queensland. The resource was obtained after conducting block modelling of analysed RC drill samples at BHP’ historical Deposit ‘D’.

The Company conducted its stage 1 diamond drilling program at the Southdown Extension iron ore project to extend the known depth of mineralisation. Previous metallurgical test results from the Company’s stage 1 RC drilling program showed average iron concentration averaging 68%, mass recovery 35%; a ‘coarse-grained’ grind size of -75 microns was also used.

Metallurgical test results from the EIS co-funded stage 1 drilling program indicated individual metre assays of up to 2.56% nickel at the Company’s Pingaring nickel project. The next phase of exploration will concentrate on trying to detect any underground EM conductors that can be indicative of the presence of sulphides.

An exploration target* of 25-30Mt at 2.5% heavy mineral was estimated at the Company’s 100% owned South West mineral sands project. Exploration to obtain a JORC resource is scheduled for 2013.

*The term “Target” should not be misunderstood nor misconstrued as an estimate of Mineral Resources and Reserves as defined by the JORC Code (2004) and therefore the term has not been used in this context. It is uncertain if further exploration or feasibility study will result in the determination of a Mineral Resource or Mining Reserve.

Australia Minerals and Mining Group Limited – Half Year Report 31 December 2012 4

RESULTS OF OPERATIONS

The operating loss after income tax of the Company for the half-year ended 31 December 2012 was $717,009(2011:$529,873). The Company’s basic loss per share for the period was 0.7 cents (2011: 0.5 cents).

No dividend has been paid during or is recommended for the financial period ended 31 December 2012.

FINANCIAL POSITION

The Company’s working capital, being current assets less current liabilities was $3,797,395 at 31 December 2012 (30 June 2012: $5,168,349).

In the Directors’ opinion there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable.

AUDITOR’S INDEPENDENCE DECLARATION

The lead auditor’s independence declaration for the half-year ended 31 December 2012 has been received and immediately follows the Directors’ Report.

This report has been made in accordance with a resolution of the Board of Directors.

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Luke Atkins Chairman

Dated at Perth this 14[th] day of March 2013

Australia Minerals and Mining Group Limited – Half Year Report 31 December 2012 5

AUDITORS INDEPENDENCE DECLARATION

_______________

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Australia Minerals and Mining Group Limited – Half Year Report 31 December 2012

6

STATEMENT OF FINANCIAL POSITION As at 31 December 2012

Note Current Assets Cash and cash equivalents Trade and other receivables Total Current Assets Non Current Assets Property, Plant & Equipment Exploration and evaluation expenditure Total Non-Current Assets TOTAL ASSETS Current Liabilities Trade and other payables TOTAL LIABILITIES NET ASSETS Equity Issued Capital Reserves Accumulated losses TOTAL EQUITY	31 December 2012 30 June 2012 $ $ 3,676,884 4,955,630 418,133 473,120
	4,095,017 5,428,750
	26,743 39,330 3,734,302 2,227,172
	3,761,046 2,266,502
	7,856,063 7,695,252
	297,623 260,401
	297,623 260,401
	7,558,440 7,434,851
	9,403,181 8,805,581 1,164,047 921,049 (3,008,788) (2,291,779)
	7,558,440 7,434,851

The above statement of financial position should be read in conjunction with the accompanying notes.

Australia Minerals and Mining Group Limited – Half Year Report 31 December 2012 7

STATEMENT OF COMPREHENSIVE INCOME For the Half-Year Ended 31 December 2012

Revenue from ordinary activities Expenses Accounting and audit fees ASX and Share Registry fees Chairman’s fees Company Secretarial fees Director’s fees Depreciation Employee benefits expense Insurance expense Rent expense Expense of Share based payments Exploration expenditure written off Other expenses Loss before income tax expense Income tax expense Loss from continuing operations Other comprehensive Income Total comprehensive income / (loss) for the period Total comprehensive income / (loss) attributable to members of Company Basic loss per share (cents per share) Diluted loss per share (cents per share)	31 December 31 December 2012 2011 $ $ 256,203 182,706 (15,412) (9,234) (36,275) (39,443) - (9,273) (26,476) (32,333) (75,333) (25,000) (14,372) (14,557) (163,825) (165,252) (39,797) (7,500) (33,877) (29,272) (78,444) (5,842) (360,370) (263,171) (129,031) (111,066)
	(717,009) (529,873) - -
	(717,009) (529,873)
	- -
	(717,009) (529,873)
	(717,009) (529,873)
	(0.7) (0.5) (0.7) (0.5)

The above statement of comprehensive income should be read in conjunction with the accompanying notes.

Australia Minerals and Mining Group Limited – Half Year Report 31 December 2012 8

STATEMENT OF CHANGES IN EQUITY For the Half-Year Ended 31 December 2012

Balance at 1 July 2011 Loss for the period Other comprehensive income Total comprehensive income for the period Equity-based payments Issue of shares Issue of options Balance at 31 December 2011 Balance at 1 July 2012 Loss for the period Other comprehensive income Total comprehensive income for the period Performance rights issued Issue of shares Directors and Employee options Share based payments Options issued to shareholders Balance at 31 December 2012	Issued Capital $ Accumulated losses $ Reserves $ Total $ 8,804,581 (1,536,393) 694,950 7,963,138
	- (529,873) - (529,873)
	- - - -
	- (529,873) - (529,873) - - 5,842 5,842 1,000 - - 1,000 - - 34,905 34,905
	8,805,581 (2,066,266) 735,697 7,475,012
	8,805,581 (2,291,779) 921,049 **7,434,851 **
	- (717,009) - (717,009) - - - -
	- (717,009) - (717,009) - - 55,000 55,000 597,600 - - 597,600 - - 23,444 23,444 - - 56,000 56,000 - - 108,554
	9,403,181 (3,008,788) 1,164,047 7,558,440

The above statement of changes in equity should be read in conjunction with the accompanying notes.

Australia Minerals and Mining Group Limited – Half Year Report 31 December 2012 9

STATEMENT OF CASH FLOWS For the Half-Year Ended 31 December 2012

Cash Flows from Operating Activities Payments to suppliers, contractors and employees Payments for exploration and evaluation Interest received Research & Development Research & Development tax refund Net cash flows used in operating activities Cash Flows from Investing Activities Purchase of Property, Plant & Equipment Net cash used in investing activities Cash Flows from Financing Activities Proceeds from issue of options Net cash flows from financing activities Net increase/(decrease) cash and cash equivalents Cash and cash equivalents at the beginning of the financial period Cash and cash equivalents at the end of the financial period	31 December 31 December 2012 2011 $ $ (465,198) (353,275) (1,307,600) (505,642) 98,098 303,742 (27,675) (150,712) 316,860 -
	(1,385,515) (705,887)
	(1,785) (2,162)
	(1,785) (2,162)
	108,554 35,905
	108,554 35,905
	(1,278,746) (672,144) 4,955,630 6,580,296
	3,676,884 5,908,152

The above statement of cash flows should be read in conjunction with the accompanying notes.

Australia Minerals and Mining Group Limited – Half Year Report 31 December 2012 10

Australia Minerals and Mining Group Limited ABN 45 125 301 206

CONDENSED NOTES TO THE HALF YEAR FINANCIAL STATEMENTS

1. Corporate Information

The financial report of Australia Minerals and Mining Group Limited (the Company) for the half-year ended 31 December 2012 was authorised for issue in accordance with a resolution of the directors on 14 March 2013. Australia Minerals and Mining Group Limited is a limited company incorporated in Australia and its shares are publicly traded on the Australian Securities Exchange.

The nature of the operations and principal activities of the Company are described on page 4 of this report.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Preparation

These general purpose interim financial statements for half-year reporting period ended 31 December 2012 have been prepared in accordance with requirements of the Corporations Act 2001 and Australian Accounting Standard AASB 134: Interim Financial Reporting.

This interim financial report is intended to provide users with an update on the latest annual financial statements of Australia Minerals and Mining Group Limited and its controlled entities (referred to as the consolidated group or the Group). As such, it does not contain information that represents relatively insignificant changes occurring during the half-year within the Group. It is therefore recommended that this financial report be read in conjunction with the annual financial statements of the Group for the year ended 30 June 2012, together with any public announcements made during the following half-year.

Accounting Policies

The same accounting policies and methods of computation have been followed in this interim financial report as were applied in the most recent annual financial statements, except in relation to the matters discussed below.

Critical Accounting Estimates and Judgments

The critical estimates and judgments are consistent with those applied and disclosed in the June 2012 annual report, except in relation to the following matter:

Impairment – carbon price

There is presently uncertainty in relation to the impacts of the carbon pricing mechanism recently introduced by the Australian Government. This carbon pricing system could potentially affect the assumptions underlying value-in-use calculations used for asset impairment testing purposes. The consolidated entity has not incorporated the effect of any carbon price implementation in its impairment testing at 31 December 2012.

New and Revised Accounting Requirements Applicable to the Current Half-year Reporting Period

Presentation of Items of Other Comprehensive Income

The Group adopted AASB 2011–9: Amendments to Australian Accounting Standards – Presentation of Items of Other Comprehensive Income on 1 July 2012. AASB 2011–9 is mandatorily applicable from 1 July 2012 and amends AASB 101: Presentation of Financial Statements.

AASB 2011–9 amends the presentation requirements of other comprehensive income. It requires items of other comprehensive income to be grouped between:

• items that will not be reclassified subsequently to profit or loss; and

• those that will be reclassified subsequently to profit or loss when specific circumstances occur.

It also requires, when items of other comprehensive income are presented before the related tax effects with a single amount shown for the aggregate amount of income tax relating to those items, the amount of tax effect to be allocated between:

• items that will not be reclassified subsequently to profit or loss; and

• those that might be reclassified subsequently to profit or loss.

AASB 2011–9 also amends AASB 101 to change the title “income statement” to “statement of profit or loss” under the two-statement approach. Although other titles are also permitted, the Group has decided to use the title “statement of profit or loss”.

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Australia Minerals and Mining Group Limited - Half Year Report 31 December 2012

Australia Minerals and Mining Group Limited ABN 45 125 301 206

CONDENSED NOTES TO THE HALF YEAR FINANCIAL STATEMENTS

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The adoption of AASB 2011–9 only changed the presentation of the Group’s financial statements and did not have any impact on the amounts reported for the current period or for any prior period in the Group’s financial statements.

3. Earnings Per Share

	31 Dec 2012	31 Dec 2011
	Cents	Cents
Basic loss per share	(0.7)	(0.5)
Diluted loss per share	(0.7)	(0.5)

Weighted average number of ordinary shares used in the calculation of basic loss per share is 105,973,903. Options to purchase ordinary shares not exercised at 31 December 2012 have not been included in the determination of basic earnings per share.

4. Contributed Equity

(a) Issued and paid up capital

Ordinary shares Shares issued and fully paid Capital raising costs Issued and fully paid capital	31 December 2012 $ 10,179,119 (775,938) 9,403,181	30 June 2012 $ 9,581,519 (775,938)
		8,805,581

(b) Movement in ordinary shares on issue

1/07/2012 Opening Balance 2/08/2012 Shares issued to acquire Green Range project 17/08/2012 Shares issued to acquire Southdown project 31/12/2011 Closing Balance	Number of Shares	Total $
	100,980,002 390,000 6,250,000 107,620,002	8,805,581 35,100 562,500
		9,403,181

5. Segment Information

Management has determined that the Company has one reporting segment being material exploration. As the Company is focused on mineral exploration, management make resource allocation decisions by reviewing the working capital balance, comparing cash balances to committed exploration expenditure and the current results of exploration work performed. This internal reporting framework is the most relevant to assist the Board with making decisions regarding the Company and its ongoing exploration activities, while also taking into consideration the results of exploration work that has been performed to date and capital available to the Company.

The exploration assets as presented relate to the reporting segment, as identified above. All revenue and expenses relate to corporate activities and would not be used to assess segment performance.

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Australia Minerals and Mining Group Limited - Half Year Report 31 December 2012

Australia Minerals and Mining Group Limited ABN 45 125 301 206

CONDENSED NOTES TO THE HALF YEAR FINANCIAL STATEMENTS

6. Subsequent Events

Since the end of the half year, the Directors are not aware of any matter or circumstance not otherwise dealt with in the Directors' Report or the Financial Statements that has significantly or may significantly affect, the state of affairs or operations of the Company in the future financial periods.

7. Contingent Liabilities

In the opinion of the directors, there are no contingent liabilities at 31 December 2012 and none were incurred in the interval between the period end and the date of this financial report.

8. Cash and Cash Equivalents

For the purposes of the half year Cash Flow Statement, cash and cash equivalents comprise the following at 31 December 2012:

Cash at bank and in hand Short-term deposits	31 December 2012 $ 31 December 2011 $ 541,995 111,307 3,134,889 5,796,845
	3,676,884 5,908,152

9. Related Party Disclosures

Mrs. E.A Atkins (a related party to Mr. Luke Atkins) owns the premises that the Company rents for its registered office. During the half year the Company paid $26,000 (2011 – $28,296) on normal commercial terms and conditions.

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Australia Minerals and Mining Group Limited - Half Year Report 31 December 2012

AUSTRALIA MINERALS AND MINING GROUP LIMITED ABN 45 125 301 206

DIRECTORS’ DECLARATION

In accordance with a resolution of the directors of Australia Minerals and Mining Group Limited, I state that:

In the opinion of the directors:

• (a) the financial statements and notes of the Company are in accordance with the Corporations Act 2001, including:

• (i) giving a true and fair view of the financial position as at 31 December 2012 and of the performance for the half-year ended on that date of the Company; and

• (ii) complying with Accounting Standards AASB 134: “Interim Financial Reporting” and the Corporations Regulations 2001; and

• (b) there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable.

On behalf of the Board

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Luke Atkins Chairman

Perth, Western Australia 14[th] March 2013

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Australia Minerals and Mining Group Limited - Half Year Report 31 December 2012

AUSTRALIA MINERALS AND MINING GROUP LIMITED ABN 45 125 301 206

INDEPENDENT AUDITOR’S REVIEW REPORT

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Australia Minerals and Mining Group Limited – Half Year Report 31 December 2012 15

AUSTRALIA MINERALS AND MINING GROUP LIMITED ABN 45 125 301 206

INDEPENDENT AUDITOR’S REVIEW REPORT

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Australia Minerals and Mining Group Limited – Half Year Report 31 December 2012 16