AVIRA RESOURCES LTD — Interim / Quarterly Report 2012

Feb 21, 2013

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ASX Release

DATE: 22 - FEB - 2012 ASX Code: MGS

Half Year Report

The Board of MGT Resources Limited (Company) herby presents the Half Year Report for the Company ending 31 December 2012.

Registry: Computershare Issued Shares: 288,157,040

By order of the Board,

Tin Price: US$23,125/t Gold Price: US$1,568/oz

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Alexander Moody Company Secretary

MGT

Resources Limited 2.05/68 York Street, Sydney, NSW 2000, Australia

T: 61 2 9262 1122 F: 61 2 9299 5175

www.mgt.net.au info@mgt.net.au

"#$%!&'!(&(!)(!+,

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MGT Resources Limited Half-year report

APPENDIX 4D HALF-YEAR REPORT

1. Company details

Name of entity: MGT Resources Limited ABN: 38 131 715 645 Reporting period: Half-year ended 31 December 2012 Previous corresponding period: Half-year ended 31 December 2011

2. Results for announcement to the market

Revenues from ordinary activities N/A Loss from ordinary activities after tax attributable to the owners of down 17.2 % to ($1,354,855) MGT Resources Limited Loss for the period attributable to the owners of MGT Resources Limited down 17.2% to ($1,354,855)

Dividends

There were no dividends paid or declared during the current financial period.

Comments

The loss for the consolidated entity after providing for income tax amounted to ($1,354,855) (31 December 2011: loss $1,637,051)

3. NTA backing

Reporting period Previous corresponding period Net tangible asset backing per ordinary 0.029 cents 0.025 cents security

4. Control gained over entities

Name of entities (or group of entities)

Name of entities (or group of entities) Not applicable – control gained previously Date control gained 2009 Contribution of such entities to the reporting entity’s - profit/(loss) from ordinary activities during the period (where material) Profit/(loss) from ordinary activities after tax of the controlled - Entity (or group of entities) for the whole of the previous Corresponding period (where material)

MGT Resources Limited Half-year report

5. Loss of control over entities

Name of entities (or group of entities)

Name of entities (or group of entities) Not applicable Date control gained - Contribution of such entities to the reporting entity’s - profit/(loss) from ordinary activities during the period (where material) Profit/(loss) from ordinary activities after tax of the controlled - Entity (or group of entities) for the whole of the previous Corresponding period (where material)

6. Dividends

Current period

There were no dividends paid of declared during the current financial period.

Previous corresponding period

There were no dividends paid of declared during the previous financial period.

7. Dividend reinvestment plans

The following dividend or distribution plans are in operation:

Not applicable.

The last date(s) for receipt of election notices for the dividend or distribution plans: Not applicable

8. Details of associates and joint venture entities

Name of associate/joint venture:

Not applicable

9. Foreign entities

Details of origin of accounting standards used in compiling the report”

Not applicable.

10. Audit report/Review subject to modified opinion

Audit has issued a modified opinion with an emphasis of matter paragraph regarding going concern for the December 2012 consolidated financial report.

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  

   []  []   []  []   []   []   [] 

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 

 

    

    

   



            



   

    

  





  

  

 

   

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

 



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 



DUNCAN DOVICO

A���������������������������������

In relation to our review of the financial report of MGT Resources Limited and its controlled entity for the half-­‐year ended 31 December 2012, to the best of my knowledge and belief, there have been:

• (i) no contraventions of the auditor independence requirements as set out in the Corporations Act 2001 in relation to the review; and

• (ii) no contraventions of any applicable code of professional conduct in relation to the review.

This declaration is in respect of MGT Resources Limited and its controlled entity during the half-­‐year ended 31 December 2012.

DUNCAN DOVICO CHARTERED ACCOUNTANTS

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Rosemary Megale Partner

Dated in Sydney, this 22[nd] February 2013

LEVEL 12, 90 ARTHUR STREET, NORTH SYDNEY NSW 2060 � PO BOX 1994 , NORTH SYDNEY NSW 2059 T: (02) 9922 1166 � F: (02) 9922 2044 � E: email@duncandovico.com.au � ABN 19 173 326 199 Liability limited by a scheme approved under Professional Standards Legislation

D U N C A N D O V I C O C H A R T E R E D A C C O U N T A N T S

            





•    

•   



•   

  



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            

 

				
				
				

				

				
				
				
				
				
				
				
				

				

				

				

				

				
				
				

			 
			 

 



            

 

				
				


				
				
				
				
				

				
 				
				
				
				
				


				
				
				
				

				
				
				
				
				
    
				
				
				
				

 



            

 

			
			
			

 			
 			
 			
 			
 			

 			
 			
 			
 			

 			
 			
 			
 			
 			
 			

			
 			
 			

 



            

 

				
				
				
					
					
					
					



					
					
					
					
					
					
					
					
					



					
					

 



            

 

 



          

   

   

 



  

 

 



            

 

 

  

     

  

 



 

   	             

   

 



  

  



            

 



 

 

    

  

 

 

 

	
		
		
		
		


		
		
		
		
		

		

		
		
		



            

 




		
		
		
		
		
		

		
		
		
		
		



		
		

		
		

		



		
		


		

		

		



            

 

 

  

 


	 		 
			
			
			
			

•  

•   

 

		
		

		
		
		
		
		

•    

•     



            





 

   

					
					
					
					
					
					





						
						
						
						
						
						
						

						
						
						
						
						

						



            

 

 

	
		
		
   
		
		

		
		
		

•     

•     

•   

  



DUNCAN DOVICO

����������������������Review Report to the members of MGT Resources Limited

Report on the Condensed Half-­‐year Financial Report

We have reviewed the accompanying half-­‐year financial report of MGT Resources Limited and its controlled entity, which comprises the statement of financial position as at 31 December 2012 and statement of comprehensive income, statement of changes in equity and statement of cash flows for the half-­‐year ended on that date, other selected ��������������������������������������������������������������������� entity comprising the company and the entities it controlled at the half-­‐year end or from time to time during the half-­‐year ended 31 December 2012.

��������������������������������������-­‐year financial report

The directors of the company are responsible for the preparation and fair presentation of the half-­‐year financial report in accordance with Australian Accounting Standards (including the Australian Accounting Interpretations) and the Corporations Act 2001 . This responsibility includes: establishing and maintaining internal controls relevant to the preparation and fair presentation of the half-­‐year financial report that it is free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.

������������������������

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 Interim and Other Financial Reports 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 financial report is not in accordance with the Corporations Act 2001 including: giving a true ��������������������������������������������������������������������31 December 2012 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 MGT Resources Limited and its controlled entities during the half-­‐year ended 31 December 2012, ASRE 2410 requires that we comply with the ethical requirements relevant to the audit of 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 an audit 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 an audit. Accordingly, we do not express an audit opinion.

D U N C A N D O V I C O C H A R T E R E D A C C O U N T A N T S LEVEL 12, 90 ARTHUR STREET, NORTH SYDNEY NSW 2060 � PO BOX 1994 , NORTH SYDNEY NSW 2059 T: (02) 9922 1166 � F: (02) 9922 2044 � E: email@duncandovico.com.au � ABN 19 173 326 199 Liability limited by a scheme approved under Professional Standards Legislation

DUNCAN DOVICO

Independence

In conducting our review, we have complied with independence requirements of the Corporations Act 2001 .

Conclusion

Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the half-­‐year financial report of MGT Resources Limited and its controlled entities is not 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 its performance for the half-­‐year ended on that date; and

• (ii) complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001 .

Material uncertainty regarding continuation as a going concern

Without qualification to the opinion expressed above, we draw attention to the financial report which indicates that the Company incurred a net loss of $1,354,855 during the year ended 31 December 2012 and had net operating cash outflows of $1,403,991 over the same period.

As disclosed in note 2 the financial statements have been prepared on a going concern basis. Notwithstanding this, the ability of the Company to continue as a going concern is dependent on the ability of the Company to raise additional capital or establish sufficient revenue streams. Should additional capital not be raised or revenue streams generated then there is a material uncertainty which may cast significant ��������������������������������������������������������������������������������������������������� unable to realise its assets and discharge its liabilities in the normal course of business, and at the amounts stated in the financial report.

DUNCAN DOVICO CHARTERED ACCOUNTANTS

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Rosemary Megale Partner

Dated in Sydney, this 22[nd] February 2013

D U N C A N D O V I C O C H A R T E R E D A C C O U N T A N T S

LEVEL 12, 90 ARTHUR STREET, NORTH SYDNEY NSW 2060 � PO BOX 1994 , NORTH SYDNEY NSW 2059 T: (02) 9922 1166 � F: (02) 9922 2044 � E: email@duncandovico.com.au � ABN 19 173 326 199 Liability limited by a scheme approved under Professional Standards Legislation