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MINDAX LIMITED — Interim / Quarterly Report 2009
Mar 11, 2009
65308_rns_2009-03-11_82a4eb7d-859c-43b7-8608-11a6e2e1bb39.pdf
Interim / Quarterly Report
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MINDAX LIMITED
ABN 28 106 866 442
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HALF-YEAR FINANCIAL REPORT
31 DECEMBER 2008
MINDAX LIMITED ABN 28 106 866 442
CORPORATE DIRECTORY
DIRECTORS
COMPANY SECRETARY
Gilbert Charles George (Non-executive, Chairman) Gregory John Bromley (Managing Director) Nicholas James Smith (Non-executive Director) Andrew Tsang (Non-executive Director)
Angelo Francesca
BANKERS
PRINCIPAL OFFICE
Level 2 25 Richardson Street West Perth WA 6005
Commonwealth Bank 1254 Hay Street West Perth WA 6005
SHARE REGISTRY
PO Box 92 West Perth WA 6892
Telephone (08) 9485 2600 Facsimile (08) 9485 2500
Advanced Share Registry Services 110 Stirling Highway Nedlands WA 6009
STOCK EXCHANGE LISTING
Website www.mindax.com.au
REGISTERED OFFICE 21 Teddington Road BURSWOOD WA 6100
Shares in Mindax Limited are quoted on the Australian Securities Exchange:
ASX codes: MDX (shares)
Telephone: (08) 9486 2333 Facsimile: (08) 9355 4580
AUDITORS
BDO Kendalls Audit & Assurance (WA) Pty Ltd 128 Hay Street Subiaco WA 6008
| CONTENTS | PAGE |
|---|---|
| Directors’ Report | 1 – 2 |
| Auditors’ Independence Declaration | 3 |
| Consolidated Income Statement | 4 |
| Consolidated Balance Sheet | 5 |
| Consolidated Statement of Changes in Equity | 6 |
| Consolidated Cash Flow Statement | 7 |
| Notes to the Consolidated Financial Statements | 8 - 9 |
| Directors’ Declaration | 10 |
| Independent Review Report to the members of Mindax Limited | 11 - 12 |
MINDAX LIMITED ABN 28 106 866 442
DIRECTORS’ REPORT
Your directors present their report on the consolidated entity consisting of Mindax Limited and the entities it controlled at the end of, or during, the half-year ended 31 December 2008.
1 DIRECTORS
The directors of the Company at any time during the whole of the half-year and up to the date of this report are:
GEORGE, Gilbert Charles (Chairman) BROMLEY, Gregory John SMITH, Nicholas James TSANG, Andrew
2 OPERATING RESULTS
The consolidated net loss from ordinary activities after providing for income tax amounted to $676,215 (2007: loss of $228,002).
3 REVIEW OF OPERATIONS
EXPLORATION
Exploration highlights for the half-year on project areas include the following.
-
Detailed mapping and sampling of the extensive Mt Forrest iron formations continued with identification of further zones of hematite-goethite mineralisation. The field observations are well supported by surface rock chip sampling and further drill targets have been defined. The mapping is substantially confirmed by the rock chip sampling results in excess of 57.5% Fe and indicates an average grade of 61.8% Fe for this outcropping mineralisation.
-
The mapping at Mt Forrest has extended mineralisation beyond the embargoed heritage site covering the western limb of the Mt Forrest syncline. Drilling proposals will be prepared for the accessible areas.
-
Regional sampling for iron indicates further prospectivity at Tiger and Ocelot prospects to the west and north of Mr Forrest. Ocelot extends over 1100m at a grade of +50% Fe while Tiger is a composite anomaly aggregating 1250m at +50% Fe.
-
Re-evaluation of historical drilling at Toucan prospect indicates the persistence of mineralisation and grade at depth, providing further confidence when drilling is cleared to proceed.
-1-
MINDAX LIMITED ABN 28 106 866 442
DIRECTORS’ REPORT, CONTINUED
CORPORATE
During the half-year, 30,538,713 ordinary fully paid shares were issued as a result of the exercise of listed options expiring 30 June 2008. The final take up in respect of the listed options that expired on 30 June 2008 was approximately 97% . In addition 1,335,788 ordinary fully paid shares and 6,435,969 ordinary fully paid shares were issued at 20 cents per share representing respectively the “Underwritten Shares” and “Top Up Shares” pursuant to the underwriting agreement with Mr Andrew Tsang (the terms of which were approved at a general meeting of shareholders held on 18 June 2008).
In addition 250,000 unlisted employee options with a vesting date of 1 August 2009, exercise price of 53 cents and expiry date of 3 years from date of vesting were issued on 4 August 2008. Further 660,000 unlisted employee options with an exercise price of 60 cents, vesting date of 1 April 2009 and expiry date of 30 June 2011 were issued on 23 December 2008 pursuant to resolution 6 approved at the Company’s Annual General Meeting held on 27 November 2008. All employee options were issued for nil consideration.
On 21 December 2008, 600,000 unlisted employee options with an exercise price of 25 cents expired.
During the half-year the Company established a wholly owned subsidiary named Yilgiron Pty Ltd (“Yilgiron”). Yilgiron was established to facilitate the transfer of the Mt Forrest Iron Project tenements (which occurred during the half-year). The Board resolved that it would be commercially prudent to establish a wholly owned subsidiary dedicated to the Mt Forrest Iron Project, with such a project considered highly prospective.
4 SUBSEQUENT EVENTS
There has not been any other matter or circumstance that has arisen since the end of the half-year that has significantly affected or may significantly affect the operations of the consolidated entity, the results of those operations or the state of affairs of the consolidated entity in future financial periods.
5 AUDITOR’S DECLARATION
A copy of the independence declaration by the lead auditor under section 307C is included on page 3 to this half-year financial report.
This report is made in accordance with a resolution of the Board of Directors and is signed for and on behalf of the directors by:
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GREGORY JOHN BROMLEY Director
Dated at PERTH this 12[th] day of March 2009
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MINDAX LIMITED ABN 28 106 866 442
CONSOLIDATED INCOME STATEMENT FOR THE HALF-YEAR ENDED 31 DECEMBER 2008
| Revenue from operating operations Depreciation and amortisation expense Directors fees Employee benefits expense Share based payments – employee options Write-off of exploration expenditure Corporate management fees Finance costs Occupancy expense Other expenses Loss before income tax Income tax benefit Net loss attributable to members of the Company Loss per share: Basic and diluted (cents per share) |
31.12.2008 31.12.2007 $ $ 359,560 114,727 (20,489) (16,627) (77,500) (27,500) (77,256) (32,783) (65,400) - (147,522) (81,653) (116,199) (74,886) (1,169) (8,538) (56,664) (19,608) (473,576) (81,134) |
|---|---|
| (676,215) (228,002) - - |
|
| (676,215) (228,002) |
|
| (0.528) (0.374) |
The above Income Statement should be read in conjunction with the accompanying notes.
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MINDAX LIMITED ABN 28 106 866 442
CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2008
| ASSETS CURRENT ASSETS Cash and cash equivalents Trade and other receivables Other TOTAL CURRENT ASSETS NON-CURRENT ASSETS Property, plant & equipment Exploration & evaluation expenditure Other TOTAL NON-CURRENT ASSETS TOTAL ASSETS LIABILITIES CURRENT LIABILITIES Trade and other payables Borrowings Provisions Other TOTAL CURRENT LIABILITIES NON CURRENT LIABILITIES TOTAL NON CURRENT LIABILITIES TOTAL LIABILITIES NET ASSETS EQUITY Contributed equity Reserves Accumulated losses TOTAL EQUITY |
31.12.2008 $ 30.06.2008 $ 9,392,545 9,241,057 161,791 56,840 25,822 12,331 |
|---|---|
| 9,580,158 9,310,228 |
|
| 219,315 133,014 5,291,107 4,689,593 2,205 4,345 |
|
| 5,512,627 4,826,952 |
|
| 15,092,785 14,137,180 |
|
| 145,369 308,283 10,310 69,065 55,454 31,754 - 5,816,284 |
|
| 211,133 6,225,386 |
|
| - - |
|
| - - |
|
| 211,133 6,225,386 |
|
| 14,881,652 7,911,794 |
|
17,905,692 10,270,579 13,860 28,700 (3,037,900) (2,387,485) |
|
| 14,881,652 7,911,794 |
The above Balance Sheet should be read in conjunction with the accompanying notes.
-5-
MINDAX LIMITED ABN 28 106 866 442
STATEMENT OF CHANGES IN EQUITY FOR THE HALF-YEAR ENDED 31 DECEMBER 2008
| STATEMENT OF CHANGES IN EQUITY FOR THE HALF-YEAR ENDED 31 DECEMBER 2008 |
STATEMENT OF CHANGES IN EQUITY FOR THE HALF-YEAR ENDED 31 DECEMBER 2008 |
|---|---|
| Issued capital Accumulated Losses Option Reserve Total |
|
| $ $ $ $ |
|
| At 1 July 2007 6,344,771 (1,832,498) 30,100 4,542,373 |
|
| Foreign currency translation differences - - - |
|
| Total income and expense for the half- year recognised directly in equity - - - |
|
| Loss for the period (228,002) - (228,002) |
|
| Total income and expense for the half-year (228,002) - (228,002) |
|
| Issue of share capital (net of share issue expenses) 2,663,845 - - 2,663,845 |
|
| Dividends paid - - - - |
|
| Share-based payment expense - - - - |
|
| At 31 December 2007 9,008,616 (2,060,500) 30,100 6,978,216 |
|
| Decrease in fair value of land and buildings - - - |
|
| Total income and expense for the half- year recognised directly in equity - - - |
|
| Loss for the period (326,985) - (326,985) |
|
| Total income and expenseforthehalf-year (326,985) - (326,985) |
|
| Issue of share capital - options converted 1,270,336 - - 1,270,336 |
|
| Share issue expenses (8,373) - - (8,373) |
|
| Dividends paid - - - - |
|
| Share-based payment expense - - (1,400) (1,400) |
|
| At 30 June 2008 10,270,579 (2,387,485) 28,700 7,911,794 |
|
| Expiry of unexercised employee options 25,800 - 25,800 |
|
| Foreign currency translation differences - - - |
|
| Total income and expense for the half- year recognised directly in equity 25,800 - 25,800 |
|
| Loss for the period (676,215) - (676,215) |
|
| Total income and expense for the half-year (650,415) - (650,415) |
|
| Issue of share capital - options converted |
6,107,743 - - 6,107,743 |
| Issue of share capital - 'Underwritten shares' pursuant to underwriting agreement |
267,158 - - 267,158 |
| Issue of share capital - 'Top Up' shares pursuant to underwriting agreement |
1,287,193 - - 1,287,193 |
| Share issue expenses | (26,981) - - (26,981) |
| Dividends paid | - - - - |
| Share-based payment expense | - - (14,840) (14,840) |
| At 31 December 2008 | 17,905,692 (3,037,900) 13,860 **14,881,652 ** |
The above Statement of Changes in Equity should be read in conjunction with the accompanying notes.
-6-
MINDAX LIMITED ABN 28 106 866 442
CONSOLIDATED CASH FLOW STATEMENT FOR THE HALF-YEAR ENDED 31 DECEMBER 2008
| Cash flows from operating activities Interest received Interest and other costs of finance paid Other revenue – R & D offsets received Payments to suppliers and employees Net cash (outflow) from operating activities Cash flows from investing activities Payments for: Security deposit – business premises rental Property, plant & equipment Exploration expenditure Recovery of exploration expenditure – JV Partner Net cash (outflow) investing activities Cash flows from financing activities Application for shares allotted Proceeds from issues of shares Transaction costs from issue of shares Proceeds from borrowings Repayment of borrowings Net cash inflow by financing activities Net increase in cash held Net cash at beginning of the period Net cash at the end of the period |
31.12.2008 31.12.2007 $ $ 338,748 26,542 (1,169) (8,488) - 35,449 (881,342) (211,983) |
|---|---|
| (543,763) (158,480) |
|
| (124,042) (106,790) - (171) (1,167,429) (641,918) 333,438 - |
|
| (1,064,823) (642,089) |
|
| (5,816,284) - 7,662,094 2,934,889 (26,981) (267,215) - 12,892 (58,755) (20,347) |
|
| 1,760,074 2,660,219 |
|
| 151,488 1,859,650 9,241,057 990,832 |
|
| 9,392,545 2,850,482 |
The above Statement of Cash Flows should be read in conjunction with the accompanying notes.
-7-
MINDAX LIMITED ABN 28 106 866 442
NOTES TO THE FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2008
NOTE 1 – BASIS OF PREPARATION OF HALF-YEAR FINANCIAL STATEMENTS
This general purpose financial report for the interim half-year reporting period ended 31 December 2008 has been prepared in accordance with Australian Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Act 2001 .
This interim report does not include all the notes of the type normally included in an annual financial report. Accordingly, this report is to be read in conjunction with the annual report for the year ended 30 June 2008 and any public announcements made by Mindax Limited during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001 .
The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period.
NOTE 2 – SEGMENT INFORMATION
Geographical Segments:
Mindax Limited operates exclusively in mineral exploration operations in Australia.
NOTE 3 – CONTINGENT ASSETS AND LIABILITIES
Term deposits of $33,000 have been temporarily secured by the Company’s bankers to provide a bank guarantee of $13,000 and $20,000 in favour of the Minister for State Development as unconditional performance bonds on EL 57/619 and 57/555 respectively.
During the half-year a term deposit of $124,042 was secured by the Company’s bankers to provide a bank guarantee in support of the lease agreement for the Company’s new business premises.
NOTE 4– DIVIDENDS
No dividends have been paid or declared since the start of the financial period, and none are recommended.
NOTE 5– EQUITY SECURITIES ISSUED
| Issue of ordinary shares during the half-year: - for working capital at $0.13 per share pursuant to a share placement program - pursuant to exercise of listed options at $0.20 per share - for working capital at $0.10 per share pursuant to a Rights Issue - pursuant to exercise of listed options at $0.20 per share - pursuant to underwriting agreement |
31.12.2008 No. $ - - - - - - 30,538,713 6,107,743 7,771,757 1,554,351 38,310,470 7,662,094 |
31.12.2007 No. $ 3,800,000 494,000 158,750 31,750 24,091,387 2,409,139 - - - - |
|---|---|---|
| 28,050,137 2,934,889 |
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MINDAX LIMITED ABN 28 106 866 442
NOTES TO THE FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2008
NOTE 6– EVENTS SUBSEQUENT TO BALANCE DATE
There has not been any matter or circumstance, other than that referred to in the financial statements or notes thereto, that has arisen since the end of the half-year, that has significantly affected, or may significantly affect, the operations of the consolidated entity, the results of those operations, or the state of affairs of the consolidated entity in future financial periods.
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MINDAX LIMITED ABN 28 106 866 442
DECLARATION BY DIRECTORS
The directors of Mindax Limited declare that:
-
The financial statements, comprising the Income Statement, Balance Sheet, Cash Flow Statement, Statement of Changes in Equity and accompanying notes, are in accordance with the Corporations Act 2001 and:
-
a) comply with Accounting Standards and the Corporations Regulations 2001 and other mandatory professional reporting requirements; and
-
b) Give a true and fair view of the consolidated entity’s financial position, as represented by the results of its operations, changes in equity and its cash flows, as at 31 December 2008 and of its performance for the half-year ended on that date.
-
- In the directors’ opinion, there are reasonable grounds to believe that the consolidated entity 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 and is signed for and on behalf of the directors by:
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GREGORY JOHN BROMLEY Director
Dated at PERTH this 12[th] day of March 2009
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