KING RIVER RESOURCES LIMITED — Interim / Quarterly Report 2011

Mar 7, 2011

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Speewah Metals Limited (formerly Niplats Australia Limited) ACN 100 714 181

Financial Half Year Report For the half year ended 31 December 2010

Contents

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	Page
Corporate Directory	3
Directors’ Report	4
Auditor’s Independence Declaration	6
Director’s Declaration	7
Consolidated Statement of Comprehensive Income	8
Consolidated Statement of Financial Position	9
Consolidated Statement of Cash Flows	10
Consolidated Statement of Changes in Equity	11
Notes to the Half Year Consolidated Financial Statements	12
Independent Review Report	14

Page 2

Corporate Directory

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ACN 100 714 181

ASX CODE

SPM

Speewah Metals Limited shares are listed on the Australian Stock Exchange (ASX)

DIRECTORS

Anthony Barton Non Executive Chairman Derek Carew-Hopkins Non Executive Director Richard Wolanski Executive Director

COMPANY SECRETARY

Richard Wolanski

REGISTERED OFFICE

Level 22, Allendale Square 77 St George’s Terrace Perth WA 6000 Tel: (08) 9221 8055 Fax: (08) 9325 8088 Email: info@speewah.com.au

SOLICITORS

Price Sierakowski Level 24 44 St Georges Terrace Perth WA 6000

BANKERS

ANZ Banking Corporation Level 7 77 St George’s Terrace Perth WA 6000

SHARE REGISTER

Security Transfer Registrars Pty ltd 770 Canning Highway Applecross WA 6153

AUDITORS

Ernst & Young 11 Mounts Bay Road Perth WA 6000

INTERNET ADDRESS

www.speewah.com.au

Page 3

Directors Report

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The directors submit their report for Speewah Metals Limited (“Speewah” or “the Company”) and its controlled entities (“the Group” or “the Consolidated entity”) for the half year ended 31 December 2010.

DIRECTORS

The names and details of the Company’s directors in office during the half year and until the date of this report are as follows. The directors were in office for the entire period unless otherwise stated.

Anthony Barton

Non – Executive Chairman

Appointed 21[st] May 2007

Mr Barton has been involved in founding and growing a number of successful listed public companies. He has extensive experience in capital markets, corporate finance, funds management and venture capital and has had advisory roles in the incorporation and listing of many Australian based resource companies.

Mr Barton is the founding Executive Chairman of the boutique investment bank Australian Heritage Group. He is a graduate of the Royal Melbourne Institute of Technology with a Bachelor of Business (Accountancy) degree and has 33 years of commercial experience having also acted in senior executive and director capacities for two leading Australian stockbroking firms. Mr Barton is also a Non-Executive Chairman of NT Resources Limited.

Derek Carew-Hopkins Non Executive Director

Appointed 1[st] August 2008

Mr Carew-Hopkins has extensive experience in engineering and is a specialist in water and environmental issues. As the Director General of the Department of Environment, Mr Carew-Hopkins had responsibility for a diverse range of environmental and water related regulation, assessment and investigation including a significant agenda of new initiatives across the environment portfolio. He left Government in 2006 and now runs a consultancy specialising in guiding development projects through the approval processes.

Mr Carew-Hopkins has a Bachelor of Civil Engineering from the University of Central Queensland and is an accredited Mediator in dispute resolution. He spent the early part of his career in mining and construction project management and many years in water supply development.

Richard Wolanski

Executive Director & Company Secretary Appointed 21[st] May 2007

Mr Wolanski has been involved with Speewah since prior to the IPO in September 2007, which he managed. He has had extensive professional experience in both Australia and international finance industries, providing corporate, strategic and financial advisory assistance to public companies in Australia, Singapore and the United Kingdom. He is a Chartered Accountant and has a Bachelor of Commerce from the University of Western Australia. He currently is a Director for NT Resources Limited.

Page 4

Directors Report

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CORPORATE STRUCTURE

Speewah is a company limited by shares that is incorporated and domiciled in Australia. Speewah Metals Limited has a fully owned subsidiary Speewah Mining Pty Ltd. The Group has prepared a consolidated financial report incorporating the entity that it controlled during the financial half year, Speewah Mining Pty Ltd a 100% owned subsidiary.

NATURE OF OPERATIONS AND PRINCIPAL ACTIVITIES

Speewah has established a portfolio of 100% owned tenements covering approximately 473 square kilometres in the East Kimberley region of Western Australia (“Tenements”). The principal activities of the entities within the Group during the half year were focusing on exploration and development of the Tenements in the East Kimberley region of Western Australia.

REVIEW & RESULTS OF CONSOLIDATED OPERATIONS

The consolidated entity recorded an operating loss after income tax of $274,400 for the half year ended 31 December 2010 (2009: $105,626 profit).

There was no dividend declared or paid during the half year.

SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS

Contributed Equity

During the half year the following significant changes were made to the Company’s contributed equity:

• On the 6[th] August 2010, the Company issued 11,721,024 ordinary shares in a Share Purchase Plan at 21.5 cents per share;

• On the 6[th] August 2010, the Company issued 12,161,628 ordinary shares at 21.5 cents per share; and

• On the 7[th] September 2010, the Company issued 6,976,745 ordinary shares in an Underwriting of the Shortfall for the Share Purchase Plan at 21.5 cents per share.

SIGNIFICANT EVENTS AFTER THE BALANCE DATE

The following event impacted the capital structure of the Company following balance date:

• On the 22[nd] February 2011, the company issued 17,008,773 ordinary shares as the result of a placement at 37 cents.

Other than as described above, there were no significant events following the balance date.

AUDITOR INDEPENDENCE

Section 307C of the Corporation Act 2001 requires our auditors, Ernst & Young, to provide the directors of the Company with an Independence Declaration in relation to the review of the consolidated financial report. This Independence Declaration is disclosed on page 6 of this report and forms part of this directors’ report for the half year ended 31 December 2010.

Signed in accordance with a resolution of the directors.

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Anthony Barton Chairman 8[th] March 2011

Page 5

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Auditor's Independence Declaration to the Directors of Speewah Metals Limited

In relation to our review of the consolidated financial report of Speewah Metals Limited and its controlled entities for the half-year ended 31 December 2010, 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.

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Ernst & Young

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G H Meyerowitz Partner Perth 8 March 2011

Liability limited by a scheme approved under Professional Standards Legislation

GHM:NR:Speewah:2010:016

Directors’ Declaration

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In the opinion of the directors:

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

• (i) giving a true and fair view of the Group’s consolidated financial position as at 31 December 2010 and of it’s performance for the half year then ended; and

• (ii) complying with Accounting Standard AASB 134 “Interim Financial Reporting” and 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.

The declaration is signed in accordance with a resolution of the Board of Directors.

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Anthony Barton Chairman

8[th] March 2011

Page 7

Statement of Comprehensive Income

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FOR THE HALF YEAR ENDED 31 DECEMBER 2010

	Consolidated 2010 2009
Notes	$ $
Revenue 3 Directors’ and Employee benefit expenses - Share based payment - Wages & Salary - Superannuation Consultants expenses Compliance costs Other expenses Loss before income tax expense Income tax benefit Net profit/(loss) after income tax benefit for the period Other Comprehensive Income Total Comprehensive Income/(Loss) for the period Total Comprehensive Income/(Loss) for the period is attributable to: Owners of Speewah Metals Limited Earnings/(loss) per share Basic earnings/(loss) per share (cents) Diluted earnings/(loss) per share (cents)	137,253 127,987 (219,000) - (70,950) (58,117) (2,625) (2,250) (111,610) (66,230) (79,498) (92,411) (232,624) (140,715)
	(579,054) (231,736) 304,654 337,362
	(274,400) 105,626
	- -
	(274,400) 105,626
	(274,400) 105,626
	(274,400) 105,626
	(0.26) 0.14 (0.26) 0.14

The accompanying notes form part of these consolidated financial statements.

Page 8

Statement of Financial Position

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AS AT 31 DECEMBER 2010

Notes	Consolidated 31 December 2010 30 June 2010 $ $
Assets Current Assets Cash and cash equivalents Trade and other receivables Total Current Assets Non Current Assets Deferred exploration expenditure 7 Other financial assets Plant & Equipment Total Non Current Assets Total Assets Liabilities Current Liabilities Trade and other payables Total Current Liabilities Non Current Liabilities Provisions Total Non Current Liabilities Total Liabilities Net Assets Equity Issued capital Reserves Accumulated losses Total Equity	2,244,424 350,313 302,173 67,075
	2,546,597 417,388
	13,848,388 9,788,688 40,000 40,000 22,158 25,718
	13,910,546 9,854,406
	16,457,143 10,271,794
	170,438 274,890
	170,438 274,890
	2,986 2,570
	2,986 2,570
	173,424 277,460
	16,283,719 9,994,334
	16,879,572 10,534,787 1,614,891 1,395,891 (2,210,744) (1,936,344)
	16,283,719 9,994,334

The accompanying notes form part of these consolidated financial statements.

Page 9

Statement of Cash Flows

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FOR THE HALF YEAR ENDED 31 DECEMBER 2010

Notes	Consolidated 2010 2009 $ $
Cash Flows from Operating Activities Interest received Research & Development Tax Rebate Exploration Incentive Scheme Grant Payments to suppliers and employees Net cash used in operating activities Cash Flows from Investing Activities Payment for exploration and evaluation Net cash used in investing activities Cash Flows from Financing Activities Proceeds from issue of shares Payment of share issue costs Net cash from financing activities Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at beginning of half year Cash and Cash Equivalents at end of half year	85,253 12,265 304,654 337,362 52,000 - (584,760) (369,530)
	(142,853) (19,903)
	(4,307,821) (2,292,325)
	(4,307,821) (2,292,325)
	6,619,750 1,100,000 (274,965) (20,466)
	6,344,785 1,079,534
	1,894,111 (1,232,693) 350,313 1,422,431
	2,244,424 189,738

The accompanying notes form part of these consolidated financial statements.

Page 10

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Statement of Changes in Equity

FOR THE HALF YEAR ENDED 31 DECEMBER 2010

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Consolidated	Issued Capital Employee Option Reserve $ $	Accumulated Losses Total $ $
Balance at 1 July 2009 Profit for the period Total comprehensive income Transactions with owners in their capacity as owners: Issue of share capital Capital raising fees Share Based Payments Balance at 31 December 2009 Balance at 1 July 2010 Loss for the period Total comprehensive loss Transactions with owners in their capacity as owners: Issue of Share Capital Capital Raising Fees Share Based Payments Balance at 31 December 2010	8,452,049 382,791 - -	(608,744) 8,226,096 105,626 105,626
	- - 1,100,000 - (20,466) - - -	105,626 105,626 - 1,100,000 - (20,466) - -
	9,531,583 382,791	(503,118) 9,411,256
	10,534,787 1,395,891 - -	(1,936,344) 9,994,334 (274,400) (274,400)
	- - 6,619,750 - (274,965) - - 219,000	(274,400) (274,400) - 6,619,750 - (274,965) - 219,000
	16,879,572 1,614,891	(2,210,744) 16,283,719

The accompanying notes form part of these consolidated financial statements.

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Notes to the Half Year Consolidated Financial Statements

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1. CORPORATE INFORMATION

Speewah Metals Limited (“Speewah” or “the Company”) is a company limited by shares incorporated and domiciled in Australia, whose shares are publicly traded on the Australian Securities Exchange. These consolidated financial statements are presented in Australian dollars. The condensed financial report was authorised for issue by the directors on 8 March 2011 in accordance with a resolution of the directors. The nature of the operations and principal activities of the Group are described in the Directors’ Report.

2. BASIS OF PREPARATION AND CHANGES IN ACCOUNTING POLICIES

(a) Basis of Preparation

This general purpose condensed financial report for the half-year ended 31 December 2010 has been prepared in accordance with AASB 134 Interim Financial Reporting and the Corporations Act 2001.

The half year financial report does not include all notes of the type normally included within the annual financial report and therefore cannot be expected to provide as full an understanding of the financial performance, financial position and financing and investing activities of the consolidated entity as the full financial report.

The half year financial report should be read in conjunction with the most recent annual financial report for the period ended 30 June 2010.

It is also recommended that the half year financial report be considered together with any public announcements made by Speewah and its controlled entities during the half year ended 31 December 2010 in accordance with the continuous disclosure obligations arising under the ASX Listing Rules.

Apart from the changes in accounting policy noted below, the accounting policies and methods of computation are the same as those adopted in the Annual Financial Report for 2010.

(b) Changes in Accounting Policies

From 1 July 2010, the Group has adopted the Standards and Interpretations, mandatory for annual periods beginning on or after 1 July 2010. Adoption of these standards and interpretations did not have any effect on the financial position or performance of the Group.

The Group has not elected to early adopt any new standards or amendments.

	Consolidated 2010 2009 $ $
3. REVENUES Interest revenue Other revenue	85,253 9,897 52,000 118,000
	137,253 127,897

4. SEGMENT INFORMATION

The Consolidated Entity operates in one geographical area being Australia and one industry, being exploration for the period to 31 December 2010. The Chief Operating Decision Makers are the Board of Directors and management of the Group. There is only one operating segment identified being exploration activities in Australia based on internal reports reviewed by the Chief Operating Decision Makers in assessing performance and allocation of resources.

The accounting policies applied for internal reporting purposes are consistent with those applied in the preparation of the financial statements.

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Notes to the Half Year Consolidated Financial Statements

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		Consolidated 31 December 2010 30 June 2010 $ $
5. ISSUED CAPITAL a) Issue and Paid Up Issued and Fully Paid 16,879,572 10,534,787 Total 16,879,572 10,534,787 31 December 2010 31 December 2009 Number of Shares Amount Paid $ Number of Shares Amount Paid $ b) Movement in shares on issue At 1 July 82,800,000 10,534,787 74,800,000 8,452,049 Issued during the period 30,859,397 6,619,750 5,500,000 1,100,000 Cost of issue - (274,965) - (20,466) At 31 December 113,659,397 16,879,572 80,300,000 9,531,583 31 December 2010 Number of Options Weighted Average Exercise Price $ c) Movement in share options on issue At 1 July 8,500,000 37 cents At 31 December 8,500,000 37 cents 6. COMMITMENTS & CONTINGENCIES There were no significant changes to commitments and contingencies during the period. Consolidated 31 December 2010 30 June 2010 31 December 2009 $ $ $ 7. DEFERRED EXPLORATION EXPENDITURE Costs carried forward in respect of: Explorations and Evaluations Phase – At Cost Balance at beginning of the half year 9,788,688 9,100,963 6,871,922 Expenditure incurred 4,059,700 687,725 2,229,041 Total Exploration Expenditure 13,848,388 9,788,688 9,100,963	16,879,572 10,534,787 16,879,572 10,534,787 31 December 2010 31 December 2009 Number of Shares Amount Paid $ Number of Shares Amount Paid $ 82,800,000 10,534,787 74,800,000 8,452,049 30,859,397 6,619,750 5,500,000 1,100,000 - (274,965) - (20,466)	16,879,572 10,534,787
		16,879,572 10,534,787
	113,659,397 16,879,572 80,300,000 9,531,583
7. DEFERRED EXPLORATION EXPENDITURE Costs carried forward in respect of: Explorations and Evaluations Phase – At Cost Balance at beginning of the half year Expenditure incurred Total Exploration Expenditure

The recoupment of costs carried forward in relation to areas of interest in the exploration and evaluation phases are dependent on the successful development and commercial exploitation or sale of the respective areas. Expenditure written off represents tenements relinquished once initial exploration revealed low grade mineralisation thought not to be able to be commercially exploited.

8 . EVENTS AFTER THE BALANCE SHEET DATE

On the 22[nd] February 2011, the company issued 17,008,773 ordinary shares at 37 cents in a placement to overseas investors.

Other than the matters described above, no matter or circumstance has arisen that has significantly affected, or may significantly affect, the operations of Speewah, the results of those operations or the state of affairs of Speewah in subsequent years that is not otherwise disclosed in the consolidated financial statements.

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To the members of Speewah Metals Limited

Report on the Half-Year Financial Report

We have reviewed the accompanying half-year financial report of Speewah Metals Limited, which comprises the statement of financial position as at 31 December 2010, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the half-year ended on that date, notes comprising a summary of significant accounting policies and other explanatory information, 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 controls as the directors determine are 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 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 and fair view of the consolidated entity’s financial position as at 31 December 2010 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 Speewah Metals Limited and the entities it controlled during the half-year, 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.

Independence

In conducting our review, we have complied with the independence requirements of the Corporations Act 2001 . We have given to the directors of the company a written Auditor’s Independence Declaration, a copy of which is included in the Directors’ Report.

Liability limited by a scheme approved under Professional Standards Legislation

GHM:NR:Speewah:2010:015

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 Speewah Metals 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 2010 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 .

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Ernst & Young

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G H Meyerowitz Partner Perth 8 March 2011

GHM:NR:Speewah:2010:015