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LEGEND MINING LIMITED Annual Report 2004
65223_rns_2004-03-29_c3ada89f-0eae-43c4-86e2-ef8e1bf36238.pdf
Annual Report
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LEGEND MINING LIMITED
A.C.N. 060 966 145
ANNUAL REPORT
2003
CONTENTS
| Page | |
|---|---|
| Company Directory | 1 |
| Location Map and Gold Pour | 2 |
| Chairman's Report | 3 |
| Directors' Review of Activities | 4 |
| Corporate Governance Statement | 11 |
| Directors' Report | 13 |
| Statement of Financial Performance | 17 |
| Statement of Financial Position | 18 |
| Statements of Cash Flows | 19. |
| Notes to the Financial Statements | 20 |
| Directors' Declaration | 38 |
| Independent Auditor's Report | 39 |
| Shareholder Information | 41 |
| Tenement Directory | 43 |
COMPANY DIRECTORY
Directors
Michael William Atkins (Chairman) Murray Vincent McDonald (Managing Director) Ian David Cowden (Executive Director)
Secretary
Donna Dockerill
Registered Office
Suite 1 46 Ord Street PO Box 626 WEST PERTH WA 6005
Telephone: (08) 9322 3700 Facsimile: (08) 9322 3800
Bankers
Westpac 109 St George's Tce PERTH WA 6000
Auditors
Grant Thornton Chartered Accountants 256 St Georges Terrace PERTH WA 6000
Home Exchange
Australian Stock Exchange Ltd 2 The Esplanade PERTH WA 6000
Share Registry
Advanced Share Registry Services Level 7 200 Adelaide Terrace PERTH WA 6000
Telephone: (08) 9221 7288 Facsimile: (08) 9221 7869
Web
www.legendmining.com.au
LEGEND'S FIRST GOLD POUR 2 DAYS AFTER TAKING OPERATION CONTROL
Refer to Web Site for colour photos
CHAIRMAN'S REPORT
Dear Shareholder.
Legend became one of the top ten Australian owned local gold producers when it took over operations at the historic high profile Gidgee Gold Project on the 17th December, 2003.
The project 90 km north of Sandstone in Western Australia covers over 600km2 of the highly prospective Gum Creek greenstone belt and includes excellent existing infrastructure, including power, water, roads, day night airstrip and an under-utilised 600,000 tonnes per annum gold processing plant.
This acquisition has elevated legend from a low profile explorer to a high profile gold producer, with a gold project that has already produced in excess of one million ounces.
The Gidgee acquisition will allow Legend to grow, diversify and create value for all our shareholders.
We poured our first gold bar two days after taking control and operational transition has gone very smoothly due largely to the commitment of the Gidgee workforce. Despite the timing of the acquisition spanning Christmas, 2,286.6 ounces of gold was produced in the first two weeks of our operations. This is equivalent to an annualised rate of about 60,000 ounces per annum, which following recent new discoveries has the potential to increase during our 2004 year.
We have accelerated underground and regional exploration, particularly at near-mine areas where we consider it highly likely that we will discover extensions to existing and previously mined ore bodies and open up new mineralised zones for treatment at the operating mill. We also expect that discoveries of even small open pit resources regionally, can increase the production rate and efficiency of the mill through blending of open pit and underground ore.
We are focused on converting resources into reserves at the Swan Bitter mine together with the strategic opportunity of exploiting the nearby 92,000 ounce Kingfisher and 310,000 ounce Wilson deposits, where we are carrying out studies with the objective of opening these up as new ore sources as quickly as possible.
Recent ASX releases highlight some exceptional drilling results that we have achieved over the short time we have been operating the Gidgee mine and that will add to the existing gold resources, currently in excess of 500,000 ounces and due for upgrading in the near future.
Two new lodes. Mali and Senegal, have been discovered adiacent to and readily accessible from the current mining operations at the Swan Bitter underground gold mine. Theses lodes potentially open up a new 4.5 km long exploration target zone for additional new discoveries. Better gold intersections at Mali and Senegal include 12.60m $\hat{\omega}$ 22.6g/t 7.95m @ 33.50g/t and 5.65m @ 6.11g/t respectively. New results from the high grade multiple Tasmania lodes are expected at the time of this report.
Details of the acquisition and review are set out in this report.
Last year I reported on our Karratha ground. We are currently re-evaluating opportunities to advance this area for our company.
I personally feel this was the most significant year in the progress of our Company, and I would like to thank our loyal shareholders who have contributed over the years and welcome all new shareholders.
Current reports on your company including details of significant gold finds may be accessed from our web page www.legendmining.com.au.
I particularly wish to thank my fellow Directors for a major contribution in successfully acquiring the Gidgee Gold Project and the seamless transition that has followed.
This is an exciting time for Legend, all our shareholders and the Gidgee team.
I look forward with confidence to reporting future events to you all.
Michael Atkins CHAIRMAN 18 March 2004
ACQUISITION OF GIDGEE GOLD PROJECT
Legend became one of the top ten Australian owned local gold producers when it took over operations at the Gidgee Gold Project on $17th$ December, 2003, following shareholder approval on the $15th$ December, 2003. The Gidgee Gold Project is located 90 kilometres north of Sandstone in the Goldfields region of Western Australia.
Consideration for the acquisition was:
| Non refundable deposit | 200,000 |
|---|---|
| Cash at Settlement | \$1,300,000 |
| Gold in Circuit, Stores | 581,369 S |
| Shares in Legend -16,667,000 shares at 6cps | \$1,000,000 |
| Final payment (before 31 March, 2004) | \$1,300,000 |
| (\$1,500,000 before 30 June, 2004) | |
| Replacement of DOIR performance bonds | \$2,057,000 |
| TOTAL | \$6,438,369 |
The main highlights for Legend in acquiring the Gidgee Gold Project are as follows:
- $\ddot{\phantom{0}}$ Legend overnight became a gold producer
- Over 1 million ounces already mined from the project area, north of Sandstone
- 122,979 ounces of gold poured from July 2001 to June 2003 $\ddot{\phantom{1}}$
- Mining revenue of \$10.3 million for December 2003 quarter of which 1.2 million from 17 $\bullet$ December, 2003 was Legend income
- Resources of 515,000 ounces of gold as at 30 June 2003 $\bullet$
- 600,000 tpa CIP plant
- Over 600 square kilometres of greenstone belt with excellent potential
- Excellent infrastructure including day/night air strip $\bullet$
REVIEW OF OPERATIONS GIDGEE GOLD PROJECT (Legend 100%)
During the December 2003 quarter, the Gidgee mine generated a cash operating surplus of \$3.77 million from revenue of \$10.3 million, producing a total of 18,170 ounces of gold at a cash operating cost of $$347/oz.$
Legend's performance for the period 17 December, 2003 was \$0.47 million cash surplus from revenue of \$1.2 million, with production of 2,287 ounces of gold from 10,129 tonnes treated.
Operational transition to Legend has gone very smoothly due largely to the commitment of the Gidgee workforce team. Leading up to the handover, gold levels in the treatment plant were minimised and surface ore stockpiles were depleted for reconciliation purposes, and these had to be built back up during the last two weeks of December under Legend's new ownership.
Operating statistics for 2003 are as follows:
| Legend | 2003 Totals | Units |
|---|---|---|
| 9,792 | 203,976 | Tonnes |
| 7.90 | 9.20 | g/t Au |
| 337 | 143,458 | |
| 0.80 | 1.26 | |
| 10,129 | 343,840 | Tonnes |
| 7.31 | 5.93 | g/t Au |
| 96.1 | 96.6 | $\%$ |
| 2,287 | 62,033 | Ounces |
| 278 | 351 | $\sqrt{2}$ |
| (75) | (2) | $\sqrt{$}$ /oz |
| 203. | 350 | $\sqrt{$}$ |
| 129 | $\sqrt{2}$ | |
| 203 | 479 | $\sqrt{$}$ /0z |
| Ownership 17 to 31 Dec 03 Costs are reported to Australian Gold Council Standard actual figures for 17 to 31 December 2003 |
2003 Total figures are derived from Abelle Ltd's Quarterly Report data and Legend Mining Ltd's |
The Swan Bitter underground mine is located 700 metres east of the 600,000 tonnes per annum CIP treatment plant, and is accessed by two 5x5 metre declines (Swan Bitter and Butcherbird). Underground development from the declines is on 4x4.5 metre jumbo levels, with stoping predominantly by longhole methods.
Since Legend took over, ore has been sourced from six separate stope areas of the Tunisia, Georgia, Albania and Monaco Lodes. Most production came from long hole stoping, with 8% of the gold from airleg stoping of very high grade veins. All lodes are complex quartz vein systems hosted by basalt and dolerite rocks within a wide northerly-trending structural corridor.
Late December 2003, underground development was continuing on three separate headings. Legend plans to further improve productivity over our 2004 year and to accelerate decline development in the Tasmania Lode access area. Reviews and drilling are underway to identify, as a priority, additional gold resources to supplement the Swan Bitter ore.
Underground diamond drilling totalled 1,083 metres for the last two weeks of December, targeting up-dip extensions to the Algeria Lode, further delineation of the Tasmania Lode and a predicted cross-shear at the southern end of the mine. Results included:
| Southern Zone | GUD1033 | 0.38m at $56.38g/t$ Au from 49.25m |
|---|---|---|
| Algeria Lode | GUD1039 | 2.00m at $9.38g/t$ Au from 125.00m |
| Algeria Lode | GUD 1051 | 0.60m at $45.69g/t$ Au from 131.12m |
The Southern Zone results are particularly encouraging, confirming the presence of significant quartz veining and sulphides with high-grade gold in an area south and east of existing workings. This area has been predicted by geological modelling to be favourable for repetition of previously-mined lodes.
Drilling on the Algeria Lode west of existing workings is now targeting a northerly plunge, rather than the previous southerly plunge interpretation. Results are considered to confirm the new model, enhancing the potential of the area to contain significant gold mineralisation.
On possession Legend immediately initiated detailed operational reviews including the reserve/resource base, production planning and cost controls. The company has retained the services of John S Dunlop, a highly regarded mining engineering consultant with strong mine management and underground expertise, to provide strategic and operational guidance to the Board. A new operating and capital budget for the project is being finalised for the 2004 calendar year, to align the Gidgee operation with Legend's financial reporting year which ends 31st December annually.
Legend has also commenced evaluation of all identified gold resources both within and outside the present mine area, with the view to advancing these towards production as soon as possible. Gidgee project resources at 30th June 2003 totalled 515,705 ounces of gold in the measured, indicated and inferred categories (as reported by previous owner Abelle Ltd).
At Kingfisher North, only 2.5 kilometres south of Swan Bitter-Butcherbird and within the same structural corridor, resources of about 432,000t at 6.7g/t Au (Indicated and Inferred) have been reported and contain 92,000oz of gold. Shallow mining at Kingfisher in the past produced 325,000 ounces of gold from one of the largest open pits at Gidgee, with only limited underground development, and Legend has commenced mine scoping studies on this deposit. Deep drilling is planned to enhance and infill the resource.
Resources at the Wilson deposits total 1.3 million tonnes at 7.4g/t Au (Indicated and Inferred) for approximately 307,000oz. These occur as three adjacent tabular subvertical deposits 12 kilometres northeast from the plant, and have previously been mined by open pit to only 60 metres depth. Metallurgical studies have shown that satisfactory recoveries from the refractory ore are achievable by Biox methods, and Legend's consultant metallurgists are now investigating how best to fast-track gold production from the Wilson deposits.
Open pit targets drilled during 2003 by Abelle included Specimen Well, Eagles Peak and Howards.
Further drilling is planned at Specimen Well and Eagles Peak early in 2004 and will be followed by resource estimation and open pit mine planning.
Legend has commissioned an independent detailed structural study early in 2004, initially of the Swan Bitter-Kingfisher area and then extending across the remainder of open pit and underground targets within the tenement holdings. Focus will be on enhancing the current understanding of structural and stratigraphic controls on gold mineralisation, and using this knowledge to rapidly increase the reserve and resource base for the project.
DEVELOPMENT STRATEGY
The Directors of Legend intend to maintain and build on the current profitable mining operations at Gidgee. These operations are expected to produce sufficient cash flow to pay for ongoing operations as well as underground exploration, and some regional exploration. Legend intends to increase exploration activities both around the immediate mine area and also at nearby previously mined open pits, where significant potential exists to open up new mining operations for treatment at the existing mill.
Resources and Ore Reserves
Since acquiring the Gidgee Gold Project in December 2003, Legend Mining has reviewed gold reserves and resources. The following table summarises the status of Identified Mineral Resources as at 31st January. 2004
| Classification | Tonnes and Grade | |
|---|---|---|
| 13,400 | ||
| 120,100 | ||
| 598,000t at 6.9g/t Au | 133,500 | |
| Proved | 215,000t at 3.7g/t Au | 25,600 |
| Probable | 365,000t at 3.1g/t Au | 35,950 |
| Total | 580,000t at 3.3g/t Au | 61,550 |
| 1,178,000t at 5.2g/t Au | 195,050oz | |
| 26,300 | ||
| Indicated | 333,800 | |
| 137,950 | ||
| 498,050 | ||
| 27,250 | ||
| 43,000 | ||
| 18,350 | ||
| 88,600 | ||
| 31 January, 2004 | 3,013,600t at 6.1g/t Au | 586,650oz |
| Proved Probable Total Measured Inferred Total Measured Indicated Inferred Total |
62,250t at 6.5g/t Au 535,750t at 7.0g/t Au 63,900t at 12.8g/t Au 1,420,600t at 7.3g/t Au 678,900t at 6.3g/t Au 2,163,400t at 7.2g/t Au 220,200t at 3.8g/t Au 426,000t at 3.1g/t Au 204,000t at 2.8g/t Au 850,200t at 3.2g/t Au |
Notes:
Data has been compiled from previous reported reserves and resources published by Abelle Limited, and updated where appropriate. Reserve estimates are included within the relevant resource estimates.
Underground deposits include Swan Bitter, Wilson, Kingfisher North, Omega and South Heron.
Open pit deposits include Specimen Well, Eagles Peak, Howards, Deep South, Toedter, Heron, Orion, North Snook, Kea, South Emu Feather and North Shrike and low grade oxide stockpiles.
[The information on exploration results and Mineral Resources contained in this report is based on information compiled by consulting geologist Mr Ian Cowden FAusIMM, CPGeo. Mr Cowden has appropriate relevant experience to be considered as a Competent Person as defined in the JORC Code 1999. Mr Cowden consents to the inclusion in this report of the matters based on their information in the form and context in which it appears.]
KARRATHA EXPLORATION PROJECTS
Recognition of the mineralisation potential of the West Pilbara has been enhanced by recent exploration successes in the region. Fox Resources reported new high grade massive nickel-copper sulphide intersections at Radio Hill, and De Grey Resources has discovered new gold and platinum prospects at Indee and Three Kings.
Legend continued exploration during 2003 on it's West Pilbara holding of approximately 675 square kilometres. The work included regional reconnaissance and mapping, target reviews and metal detecting along structural corridors.
Traverses were conducted across rocks of the Cleaverville and Ruth Well formations, from Carlow Castle in the east to Mt Prinsep in the west. Additional work south of the regional Sholl shear zone was targeted on the Orpheus shear zone between Bradley Well and Mt Sholl.
A considerable number of small gold nuggets were discovered by this work, from less than one gram and up to 265 grams (8.5 ounces). Preliminary evaluation suggests that better surface gold distribution is linked to structural control within areas of carbonate and iron alteration. Most of the nugget areas represent new prospects not previously reported, and are being followed up by more detailed geological mapping to determine and locate the source of gold.
Many of the nuggets recovered to date appear to be close to bedrock source as further indicated by the relatively high silver content of up to 20%.
Prospecting work is continuing as part of the exploration effort.
• Carlow Castle (Legend 100%)
Exploration drilling at Carlow Castle has discovered high grade resources, including 30,000 ounces of gold averaging 10g/t (with 1.4% copper) at Carlow South, which is open at depth. This resource, which has been previously reported by Legend, is in the category of "indicated and inferred" mineral resources, as defined in the JORC Code.
Drilling to extend and increase Legend's high grade gold and copper resource at Carlow South has been delayed by the acquisition of the Gidgee project.
Mt Sholl/ Black Hill Well/Twin Table Hills/ Radio Hill (Legend 100%)
Significant gold anomalism has continued to be discovered by fieldwork within the Mt Sholl ground, with recovery of gold nuggets and specimens up to 10 ounces in weight. Shallow costeaning to bedrock has delineated a number of separate quartz-ironstone shear zones or reefs with visible gold, within mainly mafic volcanic rocks.
At Twin Table Hills, adjacent to and along the margin of the regional Sholl Shear Zone, a number of small gold nuggets to 14 grams have been recovered from two separate zones up to 600m long and 200-300m wide. Further investigation into the source of this gold is underway, and similarities in structural setting to the Indee gold deposit are being evaluated.
Exploration is planned to resume in March/April 2004, once weather conditions improve.
Ruth Well Nickel (Legend 100%)
Compilation and evaluation of previous data from the Ruth Well nickel deposits is in progress. Geological Survey publications indicate that the Ruth Well target size is probably 70,000t at about 3% Ni. Discovered by Whim Creek Consolidated in 1971, one diamond drill hole by previous explorers intersected 8.38m of mineralization averaging about 3.52% Ni and 0.78% Cu as reported by Hickman, 2001 (Geology of the Dampier 1:100,000 Sheet, WA Geological Survey).
Previous interpretations have considered Ruth Well to be typical Kambalda-type mineralisation related to extrusive komatiites, but more recent interpretation published by the WA Geological Survey notes that it may be related to a tectonic slice of the ultramafic Andover Complex. This would indicate a Voisey Bay or Radio Hill model may be more applicable. Further exploration is being planned to better understand the extent and grade of these nickel deposits at Ruth Well.
Compilation and evaluation of previous data from the Ruth Well nickel deposits is continuing.
Bradley Well (Legend 100%)
Exploration has discovered several samples of heavily-mineralised gold lode material associated with western extensions of the Orpheus shear and gossan system. Evaluation of the implications of this high grade discovery are continuing, and drill testing is planned.
Following acquisition of the Gidgee project, the Company is now re-evaluating how to best maximise the value of its Karratha Project for shareholders.
EMERALD JOINT VENTURE (Legend 91%)
At the end of 2003 Legend carried out a review of the project and subsequently surrendered the tenement in March, 2004.
MUNNI MUNNI JOINT VENTURE (Legend 33.33%)
Following assessment of results received, Legend's board decided to keep its interest in the joint venture at 33 1/3% and not to further increase to a possible 50%. As a result, Legend did not have to pay \$400,000 to East Coast Minerals NL or continue sole exploration funding, which would have been required had Legend elected to proceed.
MKS Capital Ltd, acquired the tailings in 2001 for \$3.1 million (Legend 0.93 million) and agreed to take over all clean up of plant and environmental liabilities at the Elizabeth Hill site for a payment by Legend of approximately \$19,500. East Coast Minerals will pay \$45,500.
On 27th November, 2003, the JV operator East Coast Minerals announced completion of a detailed aeromagnetic survey over the base of the Munni Munni intrusive seeking nickel-copper sulphide mineralisation. Planned follow-up by ground TEM geophysics was also announced.
Results from 62 geochemical samples were also presented, showing anomalous nickel and copper values, although locations and geological relevance have not yet been reported.
[The information on exploration results and Mineral Resources contained in this report is based on information compiled by consulting geologist Mr Frans Voermans FAusIMM, CPGeo, MAIG. Mr Voermans has appropriate relevant experience to be considered as a Competent Person as defined in the JORC Code 1999. Mr Voermans consents to the inclusion in this report of the matters based on their information in the form and context in which it appears.]
PLACEMENTS
During the financial year, a total of 87,383,663 shares were issued:
- 79.883.663 shares raised \$4.498.000 $\bullet$
- 7,500,000 shares were issued for part settlement of debt to Yandal Investments Pty Ltd
- 16,667,000 shares were issued to Abelle Ltd as part consideration for acquisition of Gidgee Gold Project
All issues were ratified by shareholders on the $15th$ December, 2003.
Please refer to the Directors Report – Changes in State of Affairs for details.
NEW COMPANY SECRETARY APPOINTED
Donna Dockerill has joined Legend Mining and was appointed as Company Secretary on 19 January, 2004. Donna was formerly with Abelle Limited in Perth, responsible for all financial aspects of the Gidgee Gold Project operation, and her first hand knowledge of the project has greatly assisted in the smooth handover to Legend.
SUBSEQUENT EVENTS
Placement 17 March, 2004
Legend Mining Limited has placed with selected Institutional clients of KTM Capital Limited, up to 15 million fully paid ordinary shares in the company at 18 cents per share and with selected clients of Montague Stockbrokers Pty Ltd, up to 3 million fully paid ordinary shares in the company at 18 cents per share.
The funds raised (approximately \$3,240,000) will be used to pay Abelle Limited the final payment of \$1.3 million in respect of the recent acquisition of the Gidgee Gold Project. This early payment takes advantage of a \$200,000 reduction if paid by 31 March 2004 and not 30 June 2004 (\$1.5 million).
The balance of the raising will be used as working capital to advance all aspects of Legend's operations, including underground and surface exploration. Pre-feasibility studies on the 300,000oz Wilson gold resource, located within 12km of the mill, will be accelerated.
CORPORATE GOVERNANCE STATEMENT
This statement outlines the main Corporate Governance practices that were in place throughout the period I January 2003 to 31 December 2003. These practices are dealt with under the following headlines: Board of Directors, Business Risks, Ethical Standards and Directors Dealings in Company Shares.
$\mathbf{1}$ . BOARD OF DIRECTORS
The board is responsible for the overall Corporate Governance of Legend Mining Limited ("the Company") including the strategic direction, establishing goals for management and monitoring the achievement of these goals. Due to the size of the board, issues of nomination and remuneration of directors and business risk management are considered by the full board. The board has established a framework for the management of the Company including an overall framework of internal control, a business risk management process and the establishment of appropriate ethical standards.
Composition of Board
The directors of the Company in office at the date of this statement are:
| Name | Position | Expertise |
|---|---|---|
| Michael Atkins | Chairman | Finance |
| Murray McDonald | Managing Director | Management |
| Ian Cowden | Executive Director | Exploration and Mining |
The composition of the board is determined using the following principles:
- The board comprises 3 directors and may be increased where it is felt that additional expertise is required in specific areas, or when an outstanding candidate is identified.
- * The board should comprise directors with a broad range of expertise.
The board reviews its composition on an annual basis to ensure that the board has the appropriate mix of expertise and experience. When a vacancy exists, for whatever reason, or where it is considered that the board would benefit from the services of a new director with particular skills, the board selects a panel of candidates with the appropriate expertise and experience. Potential candidates are identified by the board with advice from an external consultant, if necessary. The board then appoints the most suitable candidate who must stand for election at the general meeting of shareholders.
The terms and conditions of the appointment and retirement of directors are set out in a letter of appointment, which covers remuneration, expectations, terms, the procedures for dealing with conflicts of interest and the availability of independent professional advice.
The performance of all directors is reviewed by the chairman each year. Directors whose performance is unsatisfactory will be requested to retire.
Independent Professional Advice
Each director has the right to seek independent professional advice at the Company's expense. However, prior approval of the chairman is required, which will not be unreasonably withheld.
CORPORATE GOVERNANCE STATEMENT
BOARD OF DIRECTORS cont'd... $\mathbf{1}$
Remnneration
Due to the size of the Company remuneration is considered by the full board. The board reviews remuneration packages and policies applicable to the managing director and directors themselves. Remuneration levels are competitively set to attract the most qualified and experienced directors and senior executives. The board obtains independent advice on the appropriateness of remuneration packages.
Further details of directors' remuneration, superannuation and retirement payments are set out in the notes to the financial statements.
Audit
Being a small Company with three directors the board has not established a separate audit committee; however, the external auditor has full access to the board throughout the year.
The responsibilities of the board ordinarily include:
- Reviewing internal control and recommending enhancements;
- Monitoring compliance with Corporations Act 2001, Stock Exchange Listing Rules, matters outstanding with auditors, Australian Taxation Office, Australian Securities and Investment Commission, Australian Stock Exchange and financial institutions:
- Improving the quality of the accounting function;
- Reviewing external audit reports to ensure that where major deficiencies or breakdowns in controls or procedures have been identified appropriate and prompt remedial action is taken by management; and
- $\ast$ Liaising with the external auditors and ensuring that the annual audit and half-year review are conducted in an effective manner.
The board reviews the performance of the external auditors on an annual basis and nomination of auditors is at the discretion of the board
$2.$ BUSINESS RISKS
Significant areas of concern are discussed at board level. When appropriate, experts are invited to address board meetings on the major risks facing the consolidated entity and to develop strategies to mitigate those risks.
ETHICAL STANDARDS $3.$
The board subscribes to the statement of Ethical Standards as published by the Australian Institute of Company Directors.
All directors and employees are expected to act with the utmost integrity and objectivity, striving at all times to enhance the reputation and performance of the company.
DIRECTORS DEALINGS IN COMPANY SHARES $\mathbf{A}$
Directors must notify the Australian Stock Exchange Limited of any acquisition or disposal of shares by lodgement of a notice of director's interests. Board policy is to prohibit directors from dealing in company shares whilst in possession of price sensitive information.
The board of directors of Legend Mining Limited ("the Company") have pleasure in submitting their report together with the consolidated financial report for the year ended 31 December 2003, and auditors report thereon.
$\mathbf{I}$ . DIRECTORS
The directors of the Company in office at any time during or since the financial year are: $(a)$
Michael Atkins (Appointed 14 February 2003)
Mr Atkins accepted the Board's invitation to join the company as a non-executive chairman, and was formally appointed on 14 February 2003. He is a fellow of the Institute of Chartered Accountants in Australia, and was a founding partner of a national accounting practice from 1979 to 1987. Since 1987 he has acted as Executive Director, and been involved in the executive management of several publicly listed resource companies with operations in Australia, USA, South East Asia and South Africa. Mr Atkins was a founding Executive Chairman and later non-Executive Chairman of Gallery Gold Limited until 2000. He is currently a non-executive director of Carpenter Pacific Resources Ltd. Westgold Resources Ltd. Guardian Funds Management Ltd and Montagu Capital Ltd.
Murray Vincent McDonald
Mr McDonald is a Certified Practising Accountant who has, over his last 24 years, participated in the management of a number of companies in the mining industry. Mr McDonald's expertise ranges from operational management of mining projects to resource project funding and implementation. He is a member of the Taxation Institute of Australia, an affiliate member of the Australasian Institute of Mining and Metallurgy and an affiliate member of the Securities Institute of Australia. He is the founder of Legend Mining Limited. Director since 1995.
Ian David Cowden
Mr Cowden (FAusIMM CPGeo MAIG) is a consulting geologist who has had over 30 years experience in the exploration and mining industry worldwide. He had held executive and senior positions in junior explorers and major international mining companies, with emphasis on feasibility studies and successful development and mining of a range of commodities including gold and silver. He is currently a director of Liberty Gold NL.
Albert Kevin Robert Watson (Resigned 17 February 2003)
Mr Watson has extensive experience in the commercial and banking and finance industries. He was employed at ANZ for 43 years and during that time held various senior executive positions including State Manager, WA and Assistant General Manager, SA and WA. Mr Watson is also closely affiliated with the Chamber of Commerce and Industry of WA of which he is a past President. In later years, he has been involved extensively in the resources industry and is currently a director of Pan Pacific Petroleum NL and New Zealand Oil and Gas Limited. Mr Watson was appointed in 1995.
$(b)$ At the date of this report, the direct interests of the directors in the shares and other equity securities of the Company and related bodies corporate were:
| Name | Shares | Listed Options |
|---|---|---|
| M Atkins | $\blacksquare$ | - |
| M McDonald | 7,525,001 | 4,000,000 |
| I Cowden | $\blacksquare$ |
$2^{\circ}$ PRINCIPAL ACTIVITIES
The principal activities of the consolidated entity during the financial year were mineral exploration.
There was a significant change in the nature of the consolidated entity's principal activities during the financial vear, being the acquisition of Gidgee Gold Project on 17 December, 2003.
$\overline{3}$ . OPERATING RESULTS
The consolidated loss of the consolidated entity after providing for income tax amounted to \$250.413 $(2002; $1.871.020).$
$\overline{4}$ . DIVIDENDS
No dividend has been paid or recommended during the financial year. The directors will, if the opportunity arises and subject to appropriate surplus profits and auditor approval, pay a dividend to all shareholders
$51$ REVIEW OF OPERATIONS
The details of the consolidated entity's exploration and mining activities during the year are included within the Review of Activities.
6. CHANGES IN STATE OF AFFAIRS
The state of affairs of the consolidated entity was affected by the acquisition of the Gidgee Gold Project. Other significant changes during the financial year include:
- On 24 June, 2003 the Company placed 5,000,000 shares issued at 1.5 cents per fully paid share to raise \$75,000 for additional working capital.
- On 30 September, 2003 the Company issued 7,500,000 ordinary fully paid shares to Yandal Investments Pty Ltd in part satisfaction of debt.
- On 6 October, 2003 the Company placed 2,000,000 shares at 2.5 cents per fully paid share to raise \$50,000 for additional working capital.
- On 20 November, 2003 the Company issued 6.216,663 shares at 6 cents per fully paid share to raise \$373,000 for additional working capital.
- On 15 December, 2003 the Company issued 50,000,000 shares at 8 cents per fully paid share to raise \$4,000,000 in additional working capital to further fund the Gidgee Gold Project acquisition.
- On 15 December, 2003 the Company issued 16,667,000 shares to Abelle Ltd in part satisfaction of the Gidgee acquisition.
$\overline{7}$ . AFTER BALANCE DATE EVENTS
On 24 February, 2004 Westpac Institutional Bank was nominated as the Company's bankers. Westpac intend to provide the company with the following facilities:
- Bond Facility Replacement of the \$2,057,000 Gidgee Gold Project performance bond.
- Provide a 25,000 ounce per year gold hedging facility per annum, for production from the Gidgee Gold Project.
- Provide a revolving working capital facility of \$500,000.
The financial effect of the above transactions, have not been brought to account at balance date.
$8.$ ENVIRONMENTAL REGULATION
The consolidated entity's operations are subject to various environmental regulations under both Commonwealth and State legislation. The directors have complied with these regulations and are not aware of any breaches of the legislation during the financial year which are material in nature.
$Q_{\perp}$ FUTURE DEVELOPMENTS
Likely developments in the operations of the consolidated entity, and expected results of those operations in subsequent financial vears have been discussed, where appropriate, in the Chairman's Report and Review of Activities
$10.$ MEETINGS OF DIRECTORS
The following table sets out the number of meetings of the Company's directors held during the year ended 31 December. 2003 and the numbers of meetings attended by each director.
| No of Meetings Attended |
No of Meetings held whilst a Director |
|
|---|---|---|
| Number of meetings attended by: | ||
| Michael Atkins | Q | 10 |
| Murray McDonald | 10 | 10 |
| lan Cowden | 10 | 10 |
| Kevin Watson |
The Company does not have a formally appointed audit committee as all directors are involved in all activities of the Company on a day to day basis and the size and scope of operations does not warrant its formation.
PROCEEDINGS ON BEHALF OF THE COMPANY $H$ .
No person has applied for leave of court to bring proceedings on behalf of the company or intervene in any proceedings to which the company is a party for the purpose of taking responsibility on behalf of the company for all of any part of those proceedings. The company was not a party to any such proceedings during the year.
$12.$ SHARE OPTIONS
The details of the options on issue by the Company, is disclosed in Note 19 to the financial report.
INDEMNIFICATION OF OFFICERS AND AUDITORS $131$
The Company has not, during or since the financial year, in respect of any person who is or has been an officer or auditor of the Company or a related body corporate:
- indemnified or made any relevant agreement for indemnifying against a liability incurred as an $(a)$ officer, including costs and expenses in successfully defending legal proceedings; or
- $(b)$ paid or agreed to pay a premium in respect of a contract insuring against a liability incurred as an officer for the costs or expenses to defend legal proceedings.
DIRECTORS AND EXECUTIVE OFFICERS EMOLUMENTS $14.$
Details of the nature and amount of each major element of the emoluments of each director of the Company and each of the named executive officers (who total less than 5) receiving the highest emolument are:
| Director | Base Emoluments | Superannuation | Total |
|---|---|---|---|
| Mr M Atkins | 34,000 | $\blacksquare$ | 34,000 |
| Mr M McDonald | 138,000 | 20.700 | 158,700 |
| Mr I Cowden | 20,000 | - | 20,000 |
This report is made in accordance with a resolution of the directors.
Dated at Perth this 18th day of March, 2004
Manay Bonnel.
M V McDonald MANAGING DIRECTOR
Statement of Financial Performance for the year ended 31 December 2003
| Consolidated | Company | ||||
|---|---|---|---|---|---|
| Note | 2003 \$ |
2002 \$ |
2003 \$ |
2002 S |
|
| Revenue from ordinary activities | 2 | 1,244,554 | 1,244,554 | ||
| Raw materials and consumables used Gross profit/(loss) |
3 | (823, 203) 421,351 |
(823, 203) 421,351 |
||
| Other revenues from ordinary activities | $\mathfrak{2}$ | 164,584 | 51,545 | 164,584 | 51,545 |
| Exploration expenditure | 3 | (950,000) | (950,000) | ||
| Depreciation expense | 3 | (42, 801) | (38, 428) | (42, 801) | (38, 428) |
| Borrowing cost expense | 3 | (23, 227) | (18, 653) | (23, 227) | (18, 653) |
| Corporate head office costs | (770, 320) | (846, 191) | (770, 320) | (845,310) | |
| Other expenses from ordinary activities | 3 | (69,293) | (69,293) | ||
| Loss from ordinary activities before income tax expense |
(250, 413) | (1,871,020) | (250, 413) | (1,870,139) | |
| Income tax expense relating to ordinary activities |
5 | ||||
| Net loss | (250, 413) | (1,871,020) | (250, 413) | (1,870,139) | |
| Total changes in equity other than those resulting from transactions with owners as owners. |
(250, 413) | (1,871,020) | (250, 413) | (1,870,139) | |
| EARNINGS PER SHARE | |||||
| Basic loss per share (cents per share) | 4 | (0.005) | (4.48) | ||
| Diluted loss per share (cents per share) | 4 | (0.005) | (4.48) | ||
The accompanying notes form part of these financial statements
Statement of Financial Position as at 31 December 2003
| Consolidated | Company | ||||
|---|---|---|---|---|---|
| Note | 2003 \$ |
2002 S |
2003 \$ |
2002 \$ |
|
| CURRENT ASSETS | |||||
| Cash | 7 | 3,303,622 | 375,767 | 3,303,522 | 375,667 |
| Receivables | 8 | 256,699 | 20,929 | 257,579 | 21,809 |
| Inventories | 9 | 581,444 | 581,444 | ||
| TOTAL CURRENT ASSETS | 4,141,765 | 396,696 | 4,142,545 | 397,476 | |
| NON-CURRENT ASSETS | |||||
| Other financial assets | 10 | 33,705 | 45,118 | 33,707 | 45,120 |
| Property, plant & equipment | 11 | 2,223,927 | 145,133 | 2,218,692 | 139,898 |
| Deferred exploration, evaluation and development costs |
12 | 6,059,152 | 1,387,502 | 6,059,152 | 1,387,502 |
| TOTAL NON-CURRENT ASSETS | 8,316,784 | 1,577,753 | 8,311,551 | 1,572,520 | |
| TOTAL ASSETS | 12,458,549 | 1,974,449 | 12,454,096 | 1,969,996 | |
| CURRENT LIABILITIES | |||||
| Payables | 13 | 3,991,018 | 633,999 | 3,991,018 | 633,999 |
| Interest bearing liabilities | 14 | 6,593 | 255,860 | 6,593 | 255,860 |
| Provisions | 15 | 77,028 | 57,500 | 77,028 | 57,500 |
| TOTAL CURRENT LIABILITIES | 4,074,639 | 947,359 | 4,074,639 | 947,359 | |
| NON-CURRENT LIABILITIES | |||||
| Interest bearing liabilities | 14 | 24,092 | 30,290 | 24,092 | 30,290 |
| Provisions | 15 | 2,057,000 | 2,057,000 | ||
| TOTAL CURRENT LIABILITIES | 2,081,092 | 30,290 | 2,081,092 | 30,290 | |
| TOTAL LIABILITIES | 6,155,731 | 977,649 | 6,155,731 | 977,649 | |
| NET ASSETS | 6,302,818 | 996,800 | 6,298,365 | 992,347 | |
| EQUITY | |||||
| Contributed Equity | 16 | 13,230,447 | 7,674,016 | 13,230,447 | 7,674,016 |
| Reserves | 17 | 361,890 | 361,890 | 361,890 | 361,890 |
| Accumulated losses | 18 | (7,289,519) | (7,039,106) | (7,293,972) | (7,043,559) |
| 6,302,818 | 996,800 | 6,298,365 | 992,347 |
The accompanying notes form part of these financial statements
Statement of Cashflows for year ended 31 December 2003
| Consolidated | Company | ||||
|---|---|---|---|---|---|
| Note | 2003 S |
2002 \$ |
2003 \$ |
2002 \$ |
|
| Cash flows from operating activities | |||||
| Receipts from customers | 1,014,239 | 651,666 | 1,014,239 | 651,666 | |
| Payments to suppliers & employees | (747, 378) | (844, 404) | (747, 378) | (843, 524) | |
| Interest received | 9,716 | 14,090 | 9,716 | 14,090 | |
| Borrowing costs | (23, 227) | (15,319) | (23, 227) | (15,319) | |
| Net cash provided by / (used in) operating activities |
$22$ (ii) | 253,350 | (193, 967) | 253,350 | (193, 087) |
| Cash flows from investing activities | |||||
| Payments for exploration, evaluation $\&$ | |||||
| development activities | (277, 173) | (531, 241) | (277, 173) | (531, 241) | |
| Payments for property, plant & | |||||
| equipment | (1,407,306) | (8,014) | (1,407,306) | (8,014) | |
| Proceeds from sale of investments | 28,018 | 32,187 | 28,018 | 32,187 | |
| Payment for investments | (24,500) | (24,500) | |||
| Net cash (used in) investing activities | (1,656,461) | (531, 568) | (1,656,461) | (531, 568) | |
| Cash flows from financing activities | |||||
| Proceed from issue of shares & options | 4,475,500 | 396,890 | 4,475,500 | 396,890 | |
| Proceeds from borrowings | 215,000 | 465,000 | 215,000 | 465,000 | |
| Repayment of borrowings | (162, 500) | (162,500) | |||
| Capital Raising costs | (191, 569) | (191, 569) | |||
| Finance lease payments | (5,465) | (7,674) | (5,465) | (7,674) | |
| Loan to controlled entity | (880) | ||||
| Net cash provided by financing activities |
|||||
| 4,330,966 | 854,216 | 4,330,966 | 853,336 | ||
| Net increase in cash held | 2,927,855 | 128,681 | 2,927,855 | 128,681 | |
| Cash at 1 January, 2003 | 375,767 | 247,086 | 375,667 | 246,986 | |
| Cash at 31 December, 2003 | 22(i) | 3,303,622 | 375,767 | 3,303,522 | 375,667 |
$1.$ SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
$(a)$ Basis of accounting
The financial report is a general purpose financial report that has been prepared in accordance with Accounting Standards, Urgent Issues Group Consensus Views and other authoritative pronouncements of the Australian Accounting Standards Board and the Corporations Act 2001.
The financial report covers the economic entity of Legend Mining Limited and its controlled entity, and Legend Mining Limited as an individual parent entity. Legend Mining Limited is a listed public company, incorporated and domiciled in Australia.
The financial report has been prepared on an accruals basis and is based on historical costs and does not take into account changing money values or, except where stated, current valuations of noncurrent assets and for bullion on hand, which is measured at the amount realised at the spot gold price. Cost is based on the fair values of the consideration given in exchange for assets.
The following is a summary of the material accounting policies adopted by the economic entity in the preparation of the financial report. The accounting policies have been consistently applied unless otherwise stated.
$(b)$ Changes in accounting policy
Employee benefits
The consolidated entity has adopted the revised Accounting Standard AASB 1028 "Employee Benefits", which has resulted in a change in the accounting policy for the measurement of employee benefit liabilities. Previously, the consolidated entity measured the provision for employee benefits based on remuneration rates at the date of recognition of the liability. In accordance with the requirements of the revised Standard, the provision for employee benefits is now measured based on the remuneration rates expected to be paid when the liability is settled.
$(c)$ Cash
For the purposes of the statement of cash flows, cash includes cash on hand, and at call with banks or financial institutions net of bank overdrafts, money market investments readily convertible to cash within 2 working days, and gold bullion. Bank overdrafts are carried at the principal amount. Gold bullion is valued at the spot gold price. Interest is charged as an expense as it accrues.
$(d)$ Receivables
Trade debtors to be settled are carried at the amounts due. Specific provision is made for any accounts, the collection of which is considered doubtful.
Investments $(e)$
- Investments in Shares Shares in listed companies held as current assets are valued by $\mathbf{u}$ directors at those shares' market value at each balance date. The gains or losses, whether realised or unrealised, are included in profit or loss from ordinary activities before income $\mathbf{tax}$ .
- $(ii)$ Controlled Entities - Investment in the controlled entity is carried at cost. The carrying amount of controlled entity investments is reviewed annually by directors to ensure not in excess of recoverable amount of these investments.
$\mathbf{L}$ SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont'd)
Joint Venture – The economic entity's share of the assets, liabilities, revenue and expenses $(iii)$ of joint venture operations are included in the appropriate items of the consolidated statements of financial performance and financial position. Details of the economic entity's interests are shown in Note 28.
The economic entity's interests in joint venture entities are brought to account using the equity method of accounting in the consolidated financial statements. The parent entity's interests in joint venture entities are brought to account using the cost method.
$(f)$ Inventories
Ore stocks, gold in circuit, stores inventories and gold dore are valued at the lower of cost and net realisable value using a weighted average cost method and applying absorption costing. The cost of mining stocks includes direct material, direct labour, transportation costs and variable and fixed overhead costs relating to mining activities.
Exploration, evaluation and development expenditure $(g)$
Exploration, evaluation and development expenditure is incurred and accumulated in respect of each area of interest is considered separately when deciding whether and to what extent to carry forward or to write off exploration and evaluation costs.
Exploration and evaluation costs related to an area of interest are carried forward provided the rights to tenure of the area are current and provided that one of the following conditions is met:
- such costs are expected to be recouped through successful development and exploitation of the area of interest, or alternatively by its sale; or
- exploration and/or evaluation activities in the area of interest have not yet reached a stage which permits a reasonable assessment of the existence or otherwise of economically recoverable reserves and active and significant operations in or in relation to the area are continuing.
Accumulated costs in relation to an abandoned area are written off in full against profit or loss in the year in which the decision to abandon the area is made. A regular review is undertaken of each area of interest to determine the appropriateness of continuing to carry forward costs in relation to that area of interest. Each area of interest is limited to the size related to known or probable mineral resources capable of supporting a mining operation.
Amortisation is not charged on costs carried forward in respect of areas of interest in development phase until production reaches commercial levels. When commercial production commences carried forward exploration, evaluation and development costs are amortised on a units of production basis over the life of economically recoverable reserves.
Costs of site restoration are provided over the life of the facility from when exploration commences and are included in the costs of that stage. Site restoration costs include the dismantling and removal of mining plant, equipment and building structures, waste removal, and rehabilitation of the site in accordance with clauses of the mining permits. Such costs have been determined using estimates of future costs, current legal requirements and technology on an undiscounted basis. Any changes in the estimates for the costs are accounted on a prospective basis. In determining the costs of site restoration, there is uncertainty regarding the nature and extent of the restoration due to community expectations and future legislation. Accordingly, the costs have been determined on the basis that the restoration will be completed within one year of abandoning the site.
$1.$ SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont'd)
$(h)$ Property, plant and equipment
Each class of property, plant and equipment are carried at cost, less where applicable any accumulated depreciation.
The carrying amount of plant and equipment is reviewed annually by directors to ensure it is not in excess of the recoverable amount from these assets. The recoverable amount is assessed on the basis of the expected net cashflows which will be received from the assets employment and the subsequent disposal. The expected net cashflows have not been discounted to their present values in determining recoverable amounts.
Depreciation
The depreciable amount of all fixed assets including buildings and capitalised leased assets is depreciated on a straight line basis over their useful lives to the economic entity commencing from the time the asset is held ready for use.
The depreciation rates used for each class of depreciable assets are:
| Class of Fixed Asset | Depreciation Rate |
|---|---|
| Buildings | 10% |
| Plant & Equipment | 7.5% - 50% |
| Leased plant and equipment | 22.5% |
$(i)$ Leased Assets
Leases of fixed assets where substantially all the risks and benefits incidental to the ownership of the asset, but not legal ownership, are transferred to entities in the economic entity, are classified as finance leases. Finance leases are capitalised, recording an asset and a liability equal to the present value of the minimum lease payments, including any guaranteed residual values. Leased assets are depreciated on a straight line basis over their estimated useful lives where it is likely that the economic entity will obtain ownership of the asset or over the term of the lease. Lease payments are allocated between the reduction of the lease liability and the lease interest expense for the period.
Pavables $(i)$
Liabilities are recognised for amounts to be paid in the future for goods or services received whether or not billed to the company or consolidated entity.
$(k)$ Employee benefits
Provision is made for the Company's liability for employee benefits arising from services rendered by employees to balance date. Employee benefits expected to be settled within one year together with entitlements arising from wages and salaries, and annual leave which will be settled within one year, have been measured at the amounts expected to be paid when the liability is settled plus related on-costs. Contributions are made by the economic entity to employee superannuation funds and are charged to expenses when incurred.
$(1)$ Interest-bearing liabilities
All interest bearing liabilities are measured at the principal amount. Interest is charged as an expense as it accrues.
$1.$ SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont'd)
$(m)$ Share issue expenses
Share issue expenses incurred by the Company are offset against share capital.
$(n)$ Earnings per share
$(i)$
Basic Earnings per share
Basic earnings per share is determined by dividing the loss from ordinary activities after income tax by the weighted average number of ordinary shares outstanding during the financial period.
$(ii)$ Diluted Earnings per share
Diluted earnings per share adjusts the figures used in the determination of basic earnings per share by taking into account amounts unpaid on ordinary shares and any reduction in earnings per share that will arise from the exercise of options and other potential ordinary shares outstanding during the financial period.
Principles of consolidation $(0)$
A controlled entity is any entity controlled by Legend Mining Limited. Control exists where Legend Mining Limited has the capacity to dominate the decision-making in relation to the financial and operating policies of another entity so that the other entity operates with Legend Mining Limited to achieve the objectives of Legend Mining Limited. A list of controlled entities is contained in note 26 to the financial statements.
Inter-company balances resulting from transactions between entities in the economic entity have been eliminated on consolidation
$(p)$ Revenue
Revenue from the sale of goods (precious metals) is recognised upon production. Other income is recognised as it accrues.
Interest revenue is recognised on a proportional basis taking into account the interest rates applicable to the financial assets.
Dividend revenue is recognised when the right to receive the dividend has been established. Dividends received from associates and joint venture entities are accounted for in accordance with the equity method of accounting.
All revenue is stated net of the amount of goods and services tax (GST).
$(q)$ Foreign currency transactions and balances
Foreign currency transactions during the year are translated to Australian currency at the rates of exchange applicable at the dates of the transactions. Amounts receivable and payable in foreign currencies at balance date are translated at the rates of exchange ruling on that date.
Exchange differences relating to amounts payable and receivable in foreign currencies are brought to account as exchange gains or losses in the statement of financial performance in the period in which the exchange rates change.
$(r)$ Comparative figures
Where required by the Accounting Standards the comparative figures have been adjusted to conform with any changes in presentation in the current financial year.
$1.$ SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont'd)
$(s)$ Goods and Services Tax (GST)
Revenues, expenses and assets are recognised net of the amount of GST except where the amount of GST incurred is not recoverable from the Australian Taxation Office. In these circumstances the GST is recognised as part of the cost of acquisition of the asset or as part of the expense.
Receivables and payables are stated with the amount of GST included. The net amount of GST recoverable from, or payable to, the ATO is included as a current asset or liability in the statement of financial position. Cashflows are included in the statement of cashflows on a gross basis. The GST components of cashflows arising from investing activities which are recoverable from, or payable to, the ATO are classed as operating cashflows.
$(t)$ Income Tax
The economic entity adopts the liability method of tax effect accounting whereby the income tax expense is based on the loss from ordinary activities adjusted for any permanent differences. Future income tax benefits are not brought to account unless realisation of the asset is assured beyond reasonable doubt. Future income tax benefit in relation to tax losses are not brought to account unless there is virtual certainty of realisation of the benefit.
| Consolidated | Company | |||
|---|---|---|---|---|
| 2003 S |
2002 \$ |
2003 \$ |
2002 \$ |
|
| 2. REVENUE |
||||
| Operating activities | ||||
| Interest received | 9,716 | 14,090 | 9,716 | 14,090 |
| Movement in fine gold metal account | 1,244,554 | 1,244,554 | ||
| Non operating revenues | ||||
| Forgiveness of debt owed by Legend | 100,778 | 100,778 | ||
| Proceeds from sale of shares Rent |
28,018 5,455 |
32,187 | 28,018 5,455 |
32,187 |
| Unrealised gain on investments | 20,617 | 5,268 | 20,617 | 5,268 |
| 1,409,138 | 51,545 | 1,409,138 | 51,545 | |
| LOSS FROM ORDINARY ACTIVITIES 3. |
||||
| Loss from ordinary activities before income tax has | ||||
| been determined: | ||||
| (a) Expenses | ||||
| Cost of sales | 823,203 | 823,203 | ||
| Depreciation of non current assets | ||||
| - buildings | 1,095 | 1,095 | ||
| - leased plant $&$ equipment | 5,498 | 7,546 | 5,498 | 7,546 |
| - plant & equipment Government mining royalties |
36,208 22,868 |
30,882 | 36,208 22,868 |
30,882 |
| Interest charges on capitalised leases | 2,207 | 3,334 | 2,207 | 3,334 |
| Interest expense | 21,020 | 15,319 | 21,020 | 15,319 |
| Loss on disposal of investments | 4,012 | 4,012 | ||
| Loss on disposal of non current assets | 78,574 | 78,574 | ||
| Provision for employee entitlements | 19,528 | 52,193 | 19,528 | 52,193 |
| Write down of exploration expenditure | 950,000 | 950,000 | ||
| (b) Revenues and net gains | ||||
| Net gain on disposal of investments | 32,187 | 32,187 | ||
| EARNINGS PER SHARE 4. |
||||
| (a) Reconciliation of earnings to net loss: | ||||
| Net Loss | (250, 413) | (1,871,020) | ||
| Earnings used in the calculation of basic EPS | (250, 413) | (1,871,020) | ||
| Increase in earnings on convertible notes | 21,000 | |||
| Earnings used in the calculation of dilutive EPS | (250, 413) | (1,850,020) | ||
| (b) Weighted average number of shares on issue | ||||
| during the financial year used in the calculation of | ||||
| basic EPS | 50,066,323 | 41,812,747 | ||
| Weighted average number of converting notes on | ||||
| issue | 513,699 | |||
| Weighted average number of ordinary shares on issue used in the calculation of dilutive EPS. |
50,066,323 | 42,326,446 |
Options outstanding at 31 December 2003, totalling 38,539,207, are not considered potential ordinary shares and are not therefore dilutive.
| Company | ||||
|---|---|---|---|---|
| INCOME TAX EXPENSE 5. |
2003 S |
2002 \$ |
2003 \$ |
2002 \$ |
| The prima facie income tax benefit on the (a) loss from ordinary activities reconciles to the income tax expense in the accounts as follows: |
||||
| Loss from ordinary activities Prima facie tax payable calculated at 30% |
(250, 413) | (1,871,020) | (250, 413) | (1,870,139) |
| of the loss from ordinary activities Add/ (less) tax effect of permanent difference: |
(75, 124) | (561,306) | (75, 124) | (561, 042) |
| Non-deductible expenditure Under provision for income tax in prior year Tax losses not brought to account as future |
318 229,074 |
2,924 | 318 229,074 |
2,924 |
| income tax benefits Recoupment of prior year tax losses not |
558,382 | 558,118 | ||
| previously brought to account | (154, 268) | (154, 268) | ||
| Income tax benefit attributed to operating loss | ä, | |||
| (b) Future income tax benefits not brought to account The potential future income tax benefits arising from tax losses and timing differences have not been recognised as an asset because recovery of tax losses is not virtually certain and recovery of timing differences is not assured beyond reasonable doubt: |
||||
| Tax losses carried forward $\omega$ 30% Timing differences $@30\%$ |
1,001,959 224,932 |
1,156,227 108,839 |
936,662 224,932 |
1,090,930 108,839 |
| 1,226,891 | 1,265,066 | 1,161,594 | 1,199,769 |
The potential future income tax benefit will only be obtained if:
(i) The consolidated entity derives future assessable income of a nature and of an amount sufficient to enable the benefit from the deduction to be realised;
(ii) The consolidated entity continues to comply with the conditions for deductibility imposed by the law; and
(iii) There are no changes in tax legislation adversely affecting the consolidated entity in realising the benefit from deductions.
SEGMENT INFORMATION $6.$
The Company operates in one business and geographical segment being the operator of a producing gold mine in Australia.
| Consolidated | Company | |||
|---|---|---|---|---|
| 2003 $\mathbb S$ |
2002 \$ |
2003 \$ |
2002 \$ |
|
| CASH ASSETS 7. |
||||
| Cash on hand | 287 | 200 | 187 | 100 |
| Cash at bank | 2,027,121 | 296,148 | 2,027,121 | 296,148 |
| Deposits-at call | 31,660 | 79,419 | 31,660 | 79,419 |
| Gold bullion | 1,244,554 | 1,244,554 | ||
| 3,303,622 | 375,767 | 3,303,522 | 375,667 | |
| RECEIVABLES 8. |
||||
| Current | ||||
| Trade Debtors | 60,350 | 60,350 | ||
| Less provision for doubtful debts | (60, 350) | (60, 350) | ||
| GST Receivable Other debtors |
117,667 | 20,929 | 117,667 | 20,929 |
| Loans to controlled entities | 139,032 | 139,032 880 |
880 | |
| 256,699 | 20,929 | 257,579 | 21,809 | |
| 9. INVENTORIES Current |
||||
| Gold in circuit at cost | 167,617 | 167,617 | ||
| Ore stockpiles at cost | 37,639 | 37,639 | ||
| Stores and spares at cost | 376,188 | 376,188 | ||
| 581,444 | $\overline{a}$ | 581,444 | $\blacksquare$ | |
| 10. OTHER FINANCIAL ASSETS Non-current |
||||
| Shares in controlled entity - at cost Shares in listed companies |
2 | $\mathfrak{2}$ | ||
| - at net market value | 33,705 | 45,118 | 33,705 | 45,118 |
| 33,705 | 45,118 | 33,707 | 45,120 | |
No capital gains tax would be payable if the shares in listed companies were sold at balance date.
| 11. PROPERTY, PLANT AND | ||||
|---|---|---|---|---|
| EQUIPMENT | ||||
| Buildings $-$ at cost | 174,837 | $\blacksquare$ | 174,837 | |
| Less accumulated depreciation | (1,095) | $\blacksquare$ | (1,095) | |
| Total buildings | 173,742 | ٠ | 173,742 | |
| Plant and equipment $-$ at cost | 1,832,253 | 255,921 | 1,827,018 | 250,686 |
| Less accumulated depreciation | (37,081) | (136,778) | (37,081) | (136, 778) |
| Total plant and equipment | 1,795,172 | 119,143 | 1,789,937 | 113,908 |
| Consolidated | Company | |||
|---|---|---|---|---|
| 2003 | 2002 | 2003 | 2002 | |
| S | \$ | S | \$ | |
| PROPERTY, PLANT AND 11. |
||||
| EQUIPMENT (CONT) | ||||
| Leased plant and equipment | 38,636 | 38,636 | 38,636 | 38,636 |
| Less accumulated depreciation | (18, 144) | (12,646) | (18, 144) | (12, 646) |
| Total leased plant and equipment | 20,492 | 25,990 | 20,492 | 25,990 |
| Capital works in progress - cost | 234,521 | 234,521 | ||
| Total property plant $\&$ equipment $-$ at cost Less accumulated depreciation |
2,280,247 (56, 320) |
294,557 (149, 424) |
2,275,012 (56,320) |
289,322 (149, 424) |
| Total net book value | 2,223,927 | 145,133 | 2,218,692 | 139,898 |
(a) Movement in carrying amounts
Movement in the carrying amounts for each class of property, plant and equipment between the beginning and the end of the current financial year.
| Buildings | Plant and equipment |
Leased plant and equipment |
Capital works in progress |
Total | |
|---|---|---|---|---|---|
| Consolidated | |||||
| Balance at beginning of year | 119,143 | 25,990 | 145,133 | ||
| Additions from acquisition of Gidgee Gold | 174,837 | 1,790,811 | 234,521 | 2,200,169 | |
| Disposals | (214, 479) | ٠ | (214, 479) | ||
| Depreciation expense | (1,095) | (36,208) | (5,498) | (42, 801) | |
| Depreciation eliminated on disposal | 135,905 | 135,905 | |||
| 173,742 | 1,795,172 | 20,492 | 234,521 | 2,223,927 | |
| Company | |||||
| Balance at beginning of year | 113,908 | 25,990 | 139,898 | ||
| Additions from acquisition of Gidgee Gold | 174,837 | 1,790,811 | 234,521 | 2,200,169 | |
| Disposals | (214, 479) | $\overline{\phantom{a}}$ | (214, 479) | ||
| Depreciation expense | (1,095) | (36,208) | (5,498) | $\overline{\phantom{a}}$ | (42, 801) |
| Depreciation eliminated on disposal | 135,905 | 135,905 | |||
| 173,742 | 1,789,937 | 20,492 | 234,521 | 2,218,692 |
| Consolidated | Company | |||
|---|---|---|---|---|
| 2003 | 2002 | 2003 | 2002 | |
| \$ | S | S. | \$ |
12. DEFERRED EXPLORATION, EVALUATION AND DEVELOPMENT COSTS
| Mine properties, development, infrastructure and exploration and evaluation costs carried forward in respect of mining areas of interest |
||||
|---|---|---|---|---|
| Production phase | 2,223,174 | $\blacksquare$ | 2,223,174 | |
| Exploration expenditure carried forward in respect of areas of interest Exploration and evaluation phases |
||||
| carried forward | 1,387,501 | 1,601,192 | 1,387,501 | 1,601,192 |
| Expenditure incurred during the year | 648,646 | 736,310 | 648,646 | 736,310 |
| Acquisition of Gidgee Gold tenements | 1,799,831 | 1,799,831 | ||
| Expenditure written off during the year | (950,000) | (950,000) | ||
| 3,835,978 | 1,387,502 | 3,835,978 | 1,387,502 | |
| Total | 6,059,152 | 1,387,502 | 6,059,152 | 1,387,502 |
| 13. PAYABLES | ||||
| $Current$ – unsecured | ||||
| Trade creditors (i) | 3,959,685 | 162,088 | 3,959,685 | 162,088 |
| Other creditors & accruals | 31,333 | 471,911 | 31,333 | 471,911 |
| 3,991,018 | 633,999 | 3,991,018 | 633,999 |
$(i)$ Included in this amount is \$82,142 owing to Iana Pty Ltd, a company controlled by Mr Cowden and \$48,537 owing to Windamurah Corporate, a company controlled by Mr Atkins. Refer to Note 21(c) of these financial statements.
14. INTEREST BEARING LIABILITIES Current - commod
| Curem - secureu | |||||
|---|---|---|---|---|---|
| Borrowings | - | 250,000 | $\overline{\phantom{a}}$ | 250,000 | |
| Lease liability (i) | 6.593 | 5,860 | 6.593 | 5,860 | |
| 6.593 | 255.860 | 6.593 | 255,860 | ||
| Non-current - secured | |||||
| Lease liability (i) | 24,092 | 30,290 | 24.092 | 30,290 |
$(i)$ Effectively secured over the leased assets.
| Consolidated | Company | |||
|---|---|---|---|---|
| 2003 $\mathbb{S}$ |
2002 \$ |
2003 \$ |
2002 \$ |
|
| 15. PROVISIONS | ||||
| Current | ||||
| Employee entitlements | 77,028 | 57,500 | 77,028 | 57,500 |
| Number of employees at year end | 41 | 1 | 41 | 1 |
| Non Current | ||||
| Provision for restoration | 2,057,000 | $\blacksquare$ | 2,057,000 | |
| 16. CONTRIBUTED EQUITY 129,618,328 fully paid ordinary shares (2002: 42, 234, 665) |
||||
| Balance at the beginning of the reporting period: Shares Issued |
7,674,016 | 6,736,415 | 7,674,016 | 6,736,415 |
| Expiry of 30,643,750 options on 31 $\overline{\phantom{0}}$ March 2002 |
902,601 | 902,601 | ||
| 500,000 shares issued for cash on 4 $\overline{\phantom{0}}$ November 2002 5,000,000 shares issued for cash on $\overline{\phantom{0}}$ |
35,000 | 35,000 | ||
| 24 June, 2003 7,500,000 shares issued for debt $\qquad \qquad \blacksquare$ |
75,000 | 75,000 | ||
| satisfaction on 30 September, 2003 2,000,000 shares issued for cash on - |
250,000 | 250,000 | ||
| 6 October, 2003 6,216,663 shares issued for eash on $\overline{\phantom{a}}$ |
50,000 | 50,000 | ||
| 20 November, 2003 50,000,000 shares issued for cash |
373,000 | 373,000 | ||
| on 15 December, 2003 | 4,000,000 | 4,000,000 | ||
| 16,667,000 shares issued for Gidgee Gold Project acquisition on 15 |
||||
| December, 2003 | 1,000,000 | 1,000,000 | ||
| Share raising costs | (191, 569) | (191, 569) | ||
| 13,230,447 | 7,674,016 | 13,230,447 | 7,674,016 |
Terms and Conditions
The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at shareholders' meetings.
In the event of winding up the Company, ordinary shareholders rank after all other shareholders and creditors and are fully entitled to any proceeds of liquidation.
17. RESERVES
| Consolidated | Company | |||
|---|---|---|---|---|
| 2003 | 2002 | 2003 | 2002 | |
| \$ | \$ | \$ | \$ | |
| Option premium reserve | ||||
| Balance at beginning of year | 361,890 | 902,601 | 361,890 | 902,601 |
| - Expiry of $30,643,750$ options on 31 March 2002 |
(902, 601) | (902, 601) | ||
| - Entitlement issue to existing shareholders of 20,867,332 options expiring 30 April 2005 - Pro-rata placement to past option-holders |
208,672 | 208,672 | ||
| 15,321,875 options expiring 30 April 2005 |
153,215 | 153,215 | ||
| Balance at end of year | 361,890 | 361,890 | 361,890 | 361,890 |
The option premium reserve records funds held on issue of options.
ACCUMULATED LOSSES 10
| то, ассоловатер возна | ||||
|---|---|---|---|---|
| Accumulated losses at the beginning of the | ||||
| financial year | $(7,039,106)$ $(5,168,086)$ $(7,043,559)$ $(5,173,420)$ | |||
| Net loss attributable to members of the parent | ||||
| entity | $(250, 413)$ $(1, 871, 020)$ | (250, 413) | (1,870,139) | |
| Accumulated losses at the end of the financial | ||||
| year | (7,289,519) | (7,039,106) | (7, 293, 972) | (7,043,559) |
19. OPTIONS
The Company had on issue at 31 December 2003 options over fully paid shares as follows:
| Number of options | Expiry date | Exercise date | Exercise price |
|---|---|---|---|
| 2,350,000 (unlisted) | 01/06/06 | Any time prior to expiry | 22 cents |
| 36,189,207 (listed) | 30/04/05 | Any time prior to expiry | 15 cents |
These options do not entitle the holder to participate in any share issue of any other corporation.
20(a) REMUNERATION OF DIRECTORS
Income paid or payable or otherwise made available to all directors of each entity in the economic entity by the Company or any related party.
| 287,784 | 183,000 | 287,784 | 183,000 |
|---|---|---|---|
The number of directors whose income from the Company or related parties was within the following bands:
| Number | Number | |||
|---|---|---|---|---|
| 2003 | 2002 | 2003 | 2002 | |
| $$20,000 - $29,999$ | ||||
| \$30,000 - \$39,999 | - | $\overline{\phantom{a}}$ | ||
| $$140,000 - $149,999$ | - | $\overline{\phantom{0}}$ | ||
| \$230,000 - \$239,999 | - | $\overline{\phantom{a}}$ |
| Consolidated | Company | |||
|---|---|---|---|---|
| 2003 \$ |
2002 \$ |
2003 \$ |
2002 \$ |
|
| 20(b) REMUNERATION OF EXECUTIVES | ||||
| The number of executive officers whose remuneration falls within the following bands: |
||||
| Number | Number | |||
| 2003 | 2002 | 2003 | 2002 | |
| $$140,000 - $149,999$ | ||||
| \$230,000 - \$239,999 | ||||
| Total remuneration received, or due and receivable by executive officers of the Company and economic entity from any entity and related party for the management of the affairs of the Company and its subsidiaries whose income is |
||||
| \$100,000 or more | \$233,762 | \$148,080 | \$233,762 | \$148,080 |
21. RELATED PARTIES
Transactions between related parties are on normal commercial terms and conditions no more favourable than those available to other parties unless otherwise stated.
(a) The names of persons who were directors of the Company at any time during the financial year are as follows:
Albert K R Watson (resigned 17 February, 2003) Michael Atkins (appointed 14 February, 2003) Murray V McDonald Ian D Cowden
- (b) Information on the remuneration of directors is set out in note 20.
- (c) Related party transactions
Mr I D Cowden and Iana Pty Ltd (a company controlled by Mr Cowden) received fees for the provision of geological services to the Company during the year. The aggregate amount charged for such services and expenses was \$62,143 (2002: \$117,983) which has not been included in remuneration of directors at note 20(a). The balance owing to Iana Pty Ltd at the end of year was \$82,142.
Mr M Atkins and Windamurah Corporate (a company controlled by Mr Atkins) received fees for the provision of consulting to the Company during the year. The aggregate amount charged for such services and expenses was \$22,628 (2002: \$nil) which has not been included in remuneration of directors at note $20(a)$ . The balance owing to Windamurah Corporate at the end of year was \$48,537.
- (d) All amounts referred to in note (c) were charged at normal commercial rates.
- (e) Director's holdings of shares and share options.
21. RELATED PARTIES (CONT)
The interests of directors and their director related entities in shares and share options of Legend Mining Limited at year end are set out below:
| 2003 | 2002 | |
|---|---|---|
| Number Held | Number Held | |
| Ordinary Shares | 7.525.001 | 7.525.001 |
| Options over ordinary shares (listed) | 4.100.000 | 682.435 |
| Options over ordinary shares (unlisted) | 1,000.000 | 1.250.000 |
(f) Transactions of directors and director-related entities concerning shares or share options.
During the year directors and director related entities disposed of no ordinary shares of Legend Mining Limited.
22. CASH FLOW INFORMATION
(i) Reconciliation of Cash
For the purposes of the Statements of Cash Flows, cash includes cash on hand and at bank and short term deposits at call, net of outstanding bank overdrafts and gold bullion. Cash as at the end of the financial year as shown in the Statement of Cash Flows is reconciled to the related items in the Statement of Financial Position as follows:
| Consolidated | Company | |||||
|---|---|---|---|---|---|---|
| 2003 | 2002 | 2003 | 2002 | |||
| Note | \$ | S | S | \$ | ||
| Cash on hand | 287 | 200 | 187 | 100 | ||
| Cash at bank | 2,027,121 | 296,148 | 2,027,121 | 296,148 | ||
| Deposits $-$ at call | 31,660 | 79,419 | 31,660 | 79,419 | ||
| Gold Bullion | 1,244,554 | $\blacksquare$ | 1,244,554 | $\overline{\phantom{0}}$ | ||
| 3.303.622 | 375.767 | 3.303.522 | 375.667 |
(ii) Reconciliation of loss from ordinary activities after income tax to net cash used in operating activities
| Operating loss from ordinary activities after income | ||||
|---|---|---|---|---|
| tax | (250, 413) | (1,871,020) | (250, 413) | (1,870,139) |
| Non-cash flows in loss from ordinary activities: | ||||
| Finance charges on capitalised finance leases | 3,334 | 3,334 | ||
| Loss $/$ (profit) on disposal of investments | 4,012 | (32, 187) | 4,012 | (32,187) |
| Loss on disposal of assets | 78,574 | 78,574 | ||
| Add /(less) non cash items: | ||||
| Depreciation | 42,801 | 38,428 | 42,801 | 38,428 |
| Exploration expenditure written off | 950,000 | 950,000 | ||
| Movement in provision for annual leave | 19,528 | 52,193 | 19,528 | 52,193 |
| Forgiveness of debt | (100, 778) | (100, 778) | ||
| Unrealised (gains)/losses in the market value of | (20,617) | (5,268) | (20,617) | (5,268) |
| investments | ||||
| (226, 893) | (864, 520) | (226,893) | (863, 639) |
22. CASH FLOW INFORMATION
| Consolidated | Company | ||||
|---|---|---|---|---|---|
| 2003 | 2002 | 2003 | 2002 | ||
| Note | S | S | S | \$ | |
| Change in assets and liabilities: | |||||
| (Increase)/ decrease in receivables | (235,770) | 615,028 | (235,770) | 615,028 | |
| Decrease / (Increase) in inventory | (581, 444) | $\blacksquare$ | (581, 444) | ||
| (Decrease)/ Increase in payables $\&$ | |||||
| borrowings | 1,297,457 | 55,525 | 1,297,457 | 55,524 | |
| Net Cash provided/ (Used) in Operating | |||||
| Activities | 253,350 | (193, 967) | 253,350 | (193,087) | |
(iii) Non cash financing and investment activities
During the financial year, the consolidated entity acquired mine properties with a value of \$2,057,000 with a corresponding rehabilitation bond liability. Legend also issued 16,667,000 ordinary shares for value of \$1,000,000 to Abelle Ltd in part settlement of the Gidgee Gold Project.
23. FINANCE LEASE COMMITMENTS
Finance lease commitments are payable:
| - Within one year | 7,673 | 7,673 | 7,673 | 7,673 |
|---|---|---|---|---|
| - One year but not later than five years | 24,209 | 31,882 | 24,209 | 31,882 |
| - Less future finance charges | (1,197) | (3,405) | (1,197) | (3,405) |
| 30,685 | 36,150 | 30,685 | 36,150 | |
| Consists of: | ||||
| - Current | 6,593 | 5,860 | 6.593 | 5,860 |
| - Non Current | 24,092 | 30,290 | 24,092 | 30,290 |
| Total lease liability | 30,685 | 36,150 | 30,685 | 36,150 |
24. FINANCING ARRANGEMENTS
The consolidated entity has access to the following lines of credit: Total facilities Performance Rond
| Performance Bond | - | 63.000 | $\overline{\phantom{0}}$ | 63,000 |
|---|---|---|---|---|
| 63,000 | 63,000 | |||
| Facilities used: | ||||
| Performance Bond/Bank Guarantee | $\overline{\phantom{0}}$ | 63,000 | $\,$ | 63,000 |
| 63.000 | - | 63,000 |
25. COMMITMENTS FOR EXPENDITURE
(a) Exploration expenditure commitments.
In order to maintain current rights of tenure to exploration tenements, the Company will be required to outlay in 2004 amounts of approximately \$3,717,480 (2003: \$119,958) in respect of tenement lease rentals and to meet minimum expenditure requirements of the Department of Industry & Resources. These obligations are expected to be fulfilled in the normal course of operations and have not been provided for in the financial report.
26. INVESTMENTS IN CONTROLLED ENTITY
| Name | Class of Share | Interest Held 2003 |
Interest Held 2002 |
|---|---|---|---|
| Arbotech Pty Ltd | Ordinary | 100% | '00% |
| Armada Mining Ltd | . Ordinary |
100% | .00% |
Grant Thornton has not acted as auditor for Arbotech Pty Ltd. The Company has been dormant during the year. The Company was incorporated in Australia.
27. FINANCIAL INSTRUMENTS DISCLOSURE
(a) Interest Rate Risk
The economic entity's exposure to interest rate risk, which is the risk that a financial instrument's value will fluctuate as a result of changes in market interest rates and the effective weighted average interest rates on classes of financial assets and financial liabilities, is as follows:
| Consolidated 2002 |
Weighted Average Interest Rate |
Floating Interest Rate |
Fixed Interest Rate |
Non- Interest Bearing |
Total |
|---|---|---|---|---|---|
| Financial assets: | |||||
| Cash | $3.7\%$ | 296,149 | 79,418 | 200 | 375,767 |
| Other Financial Assets | 45,118 | 45,118 | |||
| Receivables | 20,929 | 20,929 | |||
| 296,149 | 79,418 | 66,247 | 441,814 | ||
| Financial liabilities | |||||
| Payables | 633,999 | 633,999 | |||
| Interest bearing liabilities | 11.4% | 286,150 | 286,150 | ||
| 286,150 | 633,999 | 920,149 | |||
| Consolidated 2003 |
Weighted Average Interest Rate |
Floating Interest Rate |
Fixed Interest Rate |
Non- Interest Bearing |
Total |
| Financial assets: | |||||
| Cash. | 2.7% | 2,027,121 | 31,660 | 1,244,841 | 3,303,622 |
| Other Financial Assets | 33,705 | 33,705 | |||
| Receivables | 256,699 | 256,699 | |||
| 2,027,121 | 31,660 | 1,535,245 | 3,594,026 | ||
| Financial liabilities | |||||
| Payables | 3,991,018 | 3,991,018 | |||
| Interest bearing liabilities | $7.2\%$ | 30,685 | 30,685 | ||
| 30,685 | 3,991,018 | 4,021,703 |
27. FINANCIAL INSTRUMENTS DISCLOSURE (CONT)
(b) Credit Risk
Credit risk represents the loss that would be recognised if counterparties failed to perform as contracted.
The credit risk on financial assets, excluding investments, of the consolidated entity which have been recognised on the statement of financial position, is the carrying amount, net of any provision for doubtful debts.
(c) Net Fair Value of Financial Assets and Liabilities
The Company's financial assets and liabilities as disclosed in the statement of financial position are carried at amounts that approximate their net fair value.
Following are the carrying amounts and estimated net fair values of the consolidated entity's non-current financial instruments as at the reporting date. The fair value of a financial instrument is defined as the amount at which the instrument could be exchanged in a current transaction between willing partners.
| 2003 | 2003 | 2002 | 2002 | |
|---|---|---|---|---|
| Carrying | Net Fair | Carrying | Net Fair | |
| Amount | Value | Amount | Value | |
| Investments in listed corporations | 33,705 | 33,705 | 45,118 | 45,118 |
No financial assets and financial liabilities are traded on organised markets in standardised form other than listed investments.
28. INTEREST IN JOINT VENTURE OPERATIONS
Legend Mining Limited has an interest in the following joint venture operations:
| Joint Venture | Project | Activity | 2003 Interest |
2002 Interest |
|---|---|---|---|---|
| Munni Munni Joint Venture: |
Elizabeth Hill | Silver Exploration | 33.33% | 33.33% |
| Emerald Joint Venture | Mt Ida Greenstone Belt | Nickel/Gold Exploration |
91% | 40% |
Included in the assets of the Company and the consolidated entity are the following items which represent the Company's and the consolidated entity's interests in the assets employed in the joint ventures.
28. INTEREST IN JOINT VENTURE OPERATIONS
| Consolidated | Company | |||
|---|---|---|---|---|
| 2003 \$ |
2002 \$ |
2003 \$ |
2002 \$ |
|
| Non-Current Assets | ||||
| Plant and equipment – net book value | 402 | 402 | ||
| Current Liabilities | ||||
| Overdraft | - | 14,335 | $\blacksquare$ | 14,335 |
| Provisions | 14,494 | ۰ | 14,494 | |
| Total Liabilities | 28,829 | $\blacksquare$ | 28,829 | |
| Net Liabilities | (28, 427) | ۰ | (28, 427) |
29. SIGNIFICANT EVENTS AFTER BALANCE DATE
On the 24th February, 2004, the Company changed it's bankers to Westpac Institutional Bank. Westpac will provide the following facilities:
- Bond Facility Replacement of the \$2,057,000 Gidgee Gold Project performance bond. $\bullet$
- Provide a 25,000 ounce per annum gold hedging facility for production from the Gidgee Mine. $\bullet$
- Provide a revolving working capital facility of \$500,000. $\bullet$
The financial effect of the above has not been brought to account at balance date.
| Consolidated | Company | |||
|---|---|---|---|---|
| 2003 S |
2002 \$ |
2003 S |
2002 S |
|
| 30. AUDITORS REMUNERATION | ||||
| Remuneration of the auditor of the parent entity for: - auditing or reviewing the financial report |
16,150 | 10,000 | 16,150 | 10,000 |
31. CONTINGENT LIABILITIES
The Company's activities in Australia are subject to the Native Title Act. Uncertainty associated with Native Title issues may impact on the Company's future plans.
There are no unresolved Native Title issues and the Company is not aware of any other matters that may impact upon its timely access to the land that comprises its project areas.
DIRECTORS DECLARATION
- $1.$ The directors of the Company declare that:
- the financial statements and notes, set out on pages 19 to 39, are in accordance with the $(a)$ Corporations Act 2001:
- give a true and fair view of the financial position of the Company and $(i)$ consolidated entity as at 31 December 2003 and of their performance, for the year ended on that date; and
- $(ii)$ complies with Accounting Standards and the Corporations Regulations 2001;
- $(b)$ 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
This declaration is made in accordance with a resolution of the Board of Directors
$M$ $V$ $McDonald$ DIRECTOR
Dated this 18th day of March 2004.
Grant Thornton ●
Business Advisers and Consultants
INDEPENDENT AUDIT REPORT TO MEMBERS OF LEGEND MINING LIMITED
Scope
The financial report and directors' responsibility
The financial report comprises the statement of financial position, statement of financial performance, statement of cash flows, accompanying notes to the financial statements, and the directors' declaration for both Legend Mining Limited (the company) and its controlled entity (the consolidated entity), for the year ended 31 December 2003. The consolidated entity comprises both the company and the entity it controlled during that year.
The directors of the company are responsible for the preparation and true and fair presentation of the financial report in accordance with the Corporations Act 2001. This includes responsibility for the maintenance of adequate accounting records and internal controls that are designed to prevent and detect fraud and error, and for the accounting policies and accounting estimates inherent in the financial report.
Audit approach
We conducted an independent audit in order to express an opinion to the members of the company. Our audit was conducted in accordance with Australian Auditing Standards, in order to provide reasonable assurance as to whether the financial report is free of material misstatement. The nature of an audit is influenced by factors such as the use of professional judgment, selective testing, the inherent limitations of internal control, and the availability of persuasive rather than conclusive evidence. Therefore, an audit cannot guarantee that all material misstatements have been detected.
We performed procedures to assess whether in all material respects the financial report presents fairly, in accordance with the Corporations Act 2001, including compliance with Accounting Standards and other mandatory financial reporting requirements in Australia, a view which is consistent with our understanding of the company's and the consolidated entity's financial position, and of their performance as represented by the results of their operations and cash flows.
We formed our audit opinion on the basis of these procedures, which included:
- examining, on a test basis, information to provide evidence supporting the amounts and $\bullet$
- disclosures in the financial report: and
- assessing the appropriateness of the accounting policies and disclosures used and the reasonableness of significant accounting estimates made by the directors.
While we considered the effectiveness of management's internal controls over financial reporting when determining the nature and extent of our procedures, our audit was not designed to provide assurance on internal controls
Our audit did not involve an analysis of the prudence of business decisions made by the directors or management.
We have read the other information in the annual report to determine whether it contained any material inconsistencies with the financial report.
Grant Thornton
INDEPENDENT AUDIT REPORT TO MEMBERS OF LEGEND MINING LIMITED (cont)
Independence
In conducting our audit, we followed the applicable independence requirements of Australian professional ethical pronouncements and the Corporations Act 2001.
Audit opinion
In our opinion, the financial report of Legend Mining Limited is in accordance with:
(a) the Corporations Act 2001, including:
(i) giving a true and fair view of the company's and consolidated entity's financial position as at 31 December 2003 and of their performance for the year ended on that date; and
(ii) complying with Accounting Standards in Australia and the Corporations Regulations 2001; and
(b) other mandatory financial reporting requirements in Australia.
Franchij (Hipmeritiert)
GRANT THORNTON Chartered Accountants
Hope and so
GREG LEGUIER Partner
Perth WA
Dated this $18^{th}$ day of March 2004.
SHAREHOLDER INFORMATION
The issued capital of the company as at 31 December 2003 is 129,618,328 ordinary fully paid shares.
Distribution of Share holders as at 31 December 2003
| Fully Paid Shares | Number | ||
|---|---|---|---|
| 1,000 | 22 | ||
| 1,001 | 5,000 | 122 | |
| 5,001 | 10,000 | 246 | |
| 10,001 | 100,000 | 736 | |
| 100,001 | and over | 189 | |
| 1,315 |
Number holding less that a marketable parcel (1,000 shares) 5
Substantial Shareholder as at 18 March, 2004
Abelle Ltd 16,667,000
Top 20 Shareholders as at 18 March, 2004
| Name | Total Holdings | % Issued Capital |
|---|---|---|
| Abelle Ltd | 16,667,000 | 12.858 |
| Murray McDonald | 7,525,001 | 5.805 |
| Yandal Investments Pty Ltd | 7,500,000 | 5.786 |
| Europa Investment Services Ltd | 2,780,000 | 2.144 |
| Comsec Nominees Pty Ltd | 2,235,928 | 1.725 |
| John Young & Corinne Young | 1,750,000 | 1.350 |
| Arthur Carbo | 1,685,028 | 1.299 |
| Stanley Nominees Pty Ltd | 1,369,276 | 1.056 |
| Equifast Nominees Pty Ltd | 1,327,152 | 1.023 |
| SDC Pty Ltd | 1,250,000 | 0.964 |
| John Kirou | 1,200,000 | 0.925 |
| Savwa Pty Ltd | 1,190,000 | 0.918 |
| May 96 Pty Ltd | 1,186,250 | 0.915 |
| Yarandi Investments Pty Ltd | 1,125,000 | 0.867 |
| Aphrodite Holdings Pty Ltd | 1,000,000 | 0.771 |
| TM Consulting Pty Ltd | 1,000,000 | 0.771 |
| Ravina Ltd | 983,333 | 0.758 |
| Bannaby Investments Pty Ltd | 960,000 | 0.740 |
| ANZ Nominees Limited | 932,500 | 0.719 |
| Equifast Nominees Pty Ltd | 767,810 | 0.592 |
| 54,434,278 | 41.983 |
SHAREHOLDER INFORMATION cont'd...
Top 20 Optionholders as at 18 March, 2004
30 April 2005 Series (exercisable at 15 cents per share)
| Name | Total Holdings | % Issued Capital |
|---|---|---|
| Murray McDonald | 4,000,000 | 11.053 |
| John Anthony Vetter | 1,500,000 | 4.144 |
| Karalon Pty Ltd | 1,300,000 | 3.592 |
| Ravina Ltd | 1,200,000 | 3.315 |
| Detail Nominees Pty Ltd | 1,000,000 | 2.763 |
| May 96 Pty Ltd | 905,000 | 2.500 |
| Edward Stach | 800,000 | 2.210 |
| Michael Robert Sterland | 800,000 | 2.210 |
| Savwa Pty Ltd | 775,000 | 2.141 |
| John Kirou & Tania Kirou | 700,000 | 1.934 |
| Dimitrios Graikos | 648,664 | 1.792 |
| Allinvest Pty Ltd | 600,000 | 1.657 |
| Quevy Holdings Pty Ltd | 500,000 | 1.381 |
| Jeffrey Bruce Phillips | 500,000 | 1.381 |
| David Christopher Kemp | 487,918 | 1.348 |
| CMC Electrical Pty Ltd | 450,000 | 1.243 |
| Shane Mathew Collins | 445,000 | 1.229 |
| Comsec Nominees Pty Ltd | 400,000 | 1.105 |
| Aftron Pty Ltd | 385,000 | 1.063 |
| Shearman Superannuation Nominees Pty Ltd | 383,000 | 1.058 |
| 17,779,582 | 49.115 |
| Tenement No. Application* |
Registered Holder/Applicant | Shares Held | |
|---|---|---|---|
| Munni Munni | M47/340 | Legend Mining Limited | 33.33/100 |
| M47/341 | Legend Mining Limited | 33.33/100 | |
| M47/342 | Legend Mining Limited | 33.33/100 | |
| M47/343 | Legend Mining Limited | 33.33/100 | |
| E47/587 | Legend Mining Limited | 33.33/100 | |
| $M47/414*$ | Legend Mining Limited | 33.33/100 | |
| M47/415* | Legend Mining Limited | 33.33/100 | |
| Carlow Castle | E47/562 | Legend Mining Limited | 100/100 |
| M47/409* | Legend Mining Limited | 100/100 | |
| E47/932 | Legend Mining Limited | 100/100 | |
| E47/957 E47/967 |
Legend Mining Limited | 100/100 100/100 |
|
| P47/944 | Legend Mining Limited | 100/100 | |
| P47/945 | Legend Mining Limited Legend Mining Limited |
100/100 | |
| M47/417* | Legend Mining Limited | 100/100 | |
| M47/490* | Legend Mining Limited | 100/100 | |
| M47/491* | Legend Mining Limited | 100/100 | |
| E47/1180* | Armada Mining Limited | 100/100 | |
| E47/1181* | Armada Mining Limited | 100/100 | |
| P47/1128* | Armada Mining Limited | 100/100 | |
| P47/1129* | Armada Mining Limited | 100/100 | |
| P47/1130* | Armada Mining Limited | 100/100 | |
| P47/1133* | Armada Mining Limited | 100/100 | |
| P47/1134* | Armada Mining Limited | 100/100 | |
| Bradley Well | E47/1049 | Legend Mining Limited | 100/100 |
| Mount Marie | E47/1150* | Legend Mining Limited | 100/100 |
| P47/1112* | Legend Mining Limited | 100/100 | |
| P47/1113* | Legend Mining Limited | 100/100 | |
| E47/1179* | Armada Mining Limited | 100/100 | |
| P47/1126 P47/1132 |
Legend Mining Limited Armada Mining Limited |
100/100 100/100 |
|
| P47/1135* | Armada Mining Limited | 100/100 | |
| P47/1136* | Armada Mining Limited | 100/100 | |
| P47/1137* | Armada Mining Limited | 100/100 | |
| P47/1159* | Legend Mining Limited | 100/100 | |
| Mount Sholl | E47/966 | Legend Mining Limited | 100/100 |
| Twin Table Hills | M47/462* | Legend Mining Limited | 100/100 |
| M47/463* | Legend Mining Limited | 100/100 | |
| M47/493* | Legend Mining Limited | 100/100 | |
| M47/494* | Legend Mining Limited | 100/100 | |
| Radio Hill | E47/1048 | Legend Mining Limited | 100/100 |
| M47/457* | Legend Mining Limited | 100/100 | |
| M47/466* | Legend Mining Limited | 100/100 | |
| E47/1178* | Armada Mining Limited Legend Mining Limited |
100/100 100/100 |
|
| M47/518 P47/1131 |
Armada Mining Limited | 100/100 | |
| P47/1158* | Legend Mining Limited | 100/100 | |
| Emerald | E30/118 | Legend Mining Limited | 91/100 |
| Maitland | E47/1152* | Legend Mining Limited | 100/100 |
| P47/1124* | Legend Mining Limited | 100/100 | |
| Donnington Hill | E70/2507* | Legend Mining Limited | 100/100 |
| Ruth Well | P47/1127* | Armada Mining Limited | 100/100 |
| Gidgee | E53/0345 | Abelle Limited | Transfers pending |
| Gidgee | E53/0422 | Abelle Limited | Transfers pending |
| Gidgee | E53/0774 | Abelle Limited | Transfers pending |
| Gidgee | E53/0891 | Abelle Limited | Transfers pending |
| Gidgee | E53/0957 | Abelle Limited | Transfers pending |
| Gidgee | E57/0167 | Abelle Limited | Transfers pending |
| Gidgee | E57/0190 | Abelle Limited | Transfers pending |
| Gidgee | E57/0191 | Abelle Limited | Transfers pending |
| Gidgee | E57/0483 | Abelle Limited | Transfers pending |
|---|---|---|---|
| Gidgee | E57/0522 | Abelle Limited | Transfers pending |
| Gidgee | E57/0523 | Abelle Limited | Transfers pending |
| Gidgee | L53/0046 | Abelle Limited | Transfers pending |
| Gidgee | L53/0047 | Abelle Limited | Transfers pending |
| Gidgee | L53/0095 | Abelle Limited | Transfers pending |
| Gidgee | L53/0096 | Abelle Limited | Transfers pending |
| Gidgee | L53/0116 | Abelle Limited | Transfers pending |
| Gidgee | L57/0011 | Abelle Limited | Transfers pending |
| Gidgee | L57/0012 | Abelle Limited | Transfers pending |
| Gidgee | L57/0020 | Abelle Limited | Transfers pending |
| Gidgee | M51/0104 | Abelle Limited | Transfers pending |
| Gidgee | M51/0105 | Abelle Limited | Transfers pending |
| Gidgee | M51/0157 | Abelle Limited | Transfers pending |
| Gidgee | M51/0185 | Abelle Limited | Transfers pending |
| Gidgee | M51/0186 | Abelle Limited | Transfers pending |
| Gidgee | M51/0201 | Abelle Limited | Transfers pending |
| Gidgee | M51/0290 | Abelle Limited | Transfers pending |
| Gidgee | M51/0410 | Abelle Limited | Transfers pending |
| Gidgee | M51/0458 | Abelle Limited | Transfers pending |
| Gidgee | M51/0474 | Abelle Limited | Transfers pending |
| Gidgee | M53/0010 | Abelle Limited | Transfers pending |
| Gidgee | M53/0011 | Abelle Limited | Transfers pending |
| Gidgee | M53/0058 | Abelle Limited | Transfers pending |
| Gidgee | M53/0101 | Abelle Limited | Transfers pending |
| Gidgee | M53/0102 | Abelle Limited | Transfers pending |
| Gidgee | M53/0103 | Abelle Limited | Transfers pending |
| Gidgee | M53/0105 | Abelle Limited | Transfers pending |
| Gidgee | M53/0153 | Abelle Limited | Transfers pending |
| Gidgee | M53/0251 | Abelle Limited | Transfers pending |
| Gidgee | M53/0252 | Abelle Limited | Transfers pending |
| Gidgee | M53/0313 | Abelle Limited | Transfers pending |
| Gidgee | M53/0314 | Abelle Limited | Transfers pending |
| Gidgee | M53/0315 | Abelle Limited | Transfers pending |
| Gidgee | M53/0500 | Abelle Limited | Transfers pending |
| Gidgee | M53/0716 | Abelle Limited | Transfers pending |
| Gidgee | M53/0894 | Abelle Limited | Transfers pending |
| Gidgee | M53/0904 | Abelle Limited | Transfers pending |
| Gidgee Gidgee |
M53/0988 M57/0019 |
Abelle Limited Abelle Limited |
Transfers pending Transfers pending |
| Gidgee | M57/0026 | Abelle Limited | Transfers pending |
| Gidgee | M57/0033 | Abelle Limited | Transfers pending |
| Gidgee | M57/0044 | Abelle Limited | Transfers pending |
| Gidgee | M57/0045 | Abelle Limited | Transfers pending |
| Gidgee | M57/0069 | Abelle Limited | Transfers pending |
| Gidgee | M57/0070 | Abelle Limited | Transfers pending |
| Gidgee | M57/0071 | Abelle Limited | Transfers pending |
| Gidgee | M57/0072 | Abelle Limited | Transfers pending |
| Gidgee | M57/0073 | Abelle Limited | Transfers pending |
| Gidgee | M57/0074 | Abelle Limited | Transfers pending |
| Gidgee | M57/0143 | Abelle Limited | Transfers pending |
| Gidgee | M57/0144 | Abelle Limited | Transfers pending |
| Gidgee | M57/0145 | Abelle Limited | Transfers pending |
| Gidgee | M57/0146 | Abelle Limited | Transfers pending |
| Gidgee | M57/0210 | Abelle Limited | Transfers pending |
| Gidgee | M57/0211 | Abelle Limited | Transfers pending |
| Gidgee | M57/0212 | Abelle Limited | Transfers pending |
| Gidgee | M57/0230 | Abelle Limited | Transfers pending |
| Gidgee | M57/0231 | Abelle Limited | Transfers pending |
| Gidgee | M57/0232 | Abelle Limited | Transfers pending |
| Gidgee | M57/0236 | Abelle Limited | Transfers pending |
| Gidgee | M57/0241 | Abelle Limited | Transfers pending |
| Gidgee | M57/0242 | Abelle Limited | Transfers pending |
| Gidgee | M57/0250 | Abelle Limited | Transfers pending |
|---|---|---|---|
| Gidgee | M57/0251 | Abelle Limited | Transfers pending |
| Gidgee | M57/0252 | Abelle Limited | Transfers pending |
| Gidgee | M57/0292 | Abelle Limited | Transfers pending |
| Gidgee | M57/0349 | Abelle Limited | Transfers pending |
| Gidgee | M57/0375 | Abelle Limited | Transfers pending |
| Gidgee | P53/0635 | Abelle Limited | Transfers pending |
| Gidgee | P53/0636 | Abelle Limited | Transfers pending |
| Gidgee | P53/0637 | Abelle Limited | Transfers pending |
| Gidgee | P53/0693 | Abelle Limited | Transfers pending |
| Gidgee | P53/0698 | Abelle Limited | Transfers pending |
| Gidgee | P53/0699 | Abelle Limited | Transfers pending |
| Gidgee | P53/0700 | Abelle Limited | Transfers pending |
| Gidgee | P53/0707 | Abelle Limited | Transfers pending |
| Gidgee | P53/1074 | Abelle Limited | Transfers pending |
| Gidgee | P53/1112 | Abelle Limited | Transfers pending |
| Gidgee | P53/1114 | Abelle Limited | Transfers pending |
| Gidgee | P53/1152 | Abelle Limited | Transfers pending |
| Gidgee | P53/1153 | Abelle Limited | Transfers pending |
| Gidgee | P53/1155 | Abelle Limited | Transfers pending |
| Gidgee | P53/1162 | Abelle Limited | Transfers pending |
| Gidgee | P53/1163 | Abelle Limited | Transfers pending |
| Gidgee | P57/0662 | Abelle Limited | Transfers pending |
| Gidgee | P57/0665 | Abelle Limited | Transfers pending |
| Gidgee | P57/0666 | Abelle Limited | Transfers pending |
| Gidgee | P57/0697 | Abelle Limited | Transfers pending |
| Gidgee | P57/0760 | Abelle Limited | Transfers pending |
| Gidgee | P57/0761 P57/0762 |
Abelle Limited | Transfers pending |
| Gidgee | P57/0871 | Arimco Mining Pty Ltd Abelle Limited |
Transfers pending Transfers pending |
| Gidgee Gidgee |
P57/1015 | Abelle Limited | Transfers pending |
| Gidgee | P57/1019 | Abelle Limited | Transfers pending |
| Gidgee | E53/1020* | Abelle Limited | Transfers pending |
| Gidgee | E53/1021* | Abelle Limited | Transfers pending |
| Gidgee | E57/0484* | Dalrymple Resources NL | Transfers pending |
| Gidgee | E57/0495* | Abelle Limited | Transfers pending |
| Gidgee | E57/0517* | Abelle Limited | Transfers pending |
| Gidgee | E57/0520* | Abelle Limited | Transfers pending |
| Gidgee | M53/0450* | Abelle Limited | Transfers pending |
| Gidgee | M53/0496* | Abelle Limited | Transfers pending |
| Gidgee | M53/0497* | Abelle Limited | Transfers pending |
| Gidgee | M53/0597* | Abelle Limited | Transfers pending |
| Gidgee | M53/0941* | Abelle Limited | Transfers pending |
| Gidgee | M53/0942* | Abelle Limited | Transfers pending |
| Gidgee | M53/0945* | Abelle Limited | Transfers pending |
| Gidgee | M53/0992* | Abelle Limited | Transfers pending |
| Gidgee | M53/0993* | Abelle Limited | Transfers pending |
| Gidgee | M53/0994* | Abelle Limited | Transfers pending |
| Gidgee | M53/1000* | Abelle Limited | Transfers pending |
| Gidgee | M57/0278* | Arimco Mining Pty Ltd | Transfers pending |
| Gidgee | M57/0286* | Abelle Limited | Transfers pending |
| Gidgee | M57/0287* | Abelle Limited | Transfers pending |
| Gidgee | M57/0288* | Abelle Limited | Transfers pending |
| Gidgee | M57/0291* | Abelle Limited | Transfers pending |
| Gidgee | M57/0293* | Dalrymple Resources NL | Transfers pending |
| Gidgee | M57/0294* | Dalrymple Resources NL | Transfers pending |
| Gidgee | M57/0308* | Abelle Limited | Transfers pending |
| Gidgee | M57/0314* | Abelle Limited | Transfers pending |
| Gidgee | M57/0361* | Abelle Limited | Transfers pending |
| Gidgee | M57/0362* | Abelle Limited | Transfers pending |
| Gidgee | M57/0372* | Arimco Mining Pty Ltd | Transfers pending |
| Gidgee | M57/0377* | Abelle Limited | Transfers pending |
| Gidgee | M57/0378* | Abelle Limited | Transfers pending |
| Gidgee | M57/0410* | Abelle Limited | Transfers pending |
|---|---|---|---|
| Gidgee | M57/0435* | Abelle Limited | Transfers pending |
| Gidgee | M57/0465* | Abelle Limited | Transfers pending |
| Gidgee | P53/1161* | Abelle Limited | Transfers pending |
| Gidgee | P57/0897* | Arimco Mining Pty Ltd | Transfers pending |
| Gidgee | P57/0971* | Abelle Limited | Transfers pending |
| Gidgee | P57/1024* | Abelle Limited | Transfers pending |
| Gidgee | P57/1025* | Abelle Limited | Transfers pending |
| Gidgee | P57/1026* | Abelle Limited | Transfers pending |
| Gidgee | P57/1027* | Abelle Limited | Transfers pending |
| Gidgee | P57/1028* | Abelle Limited | Transfers pending |