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SUNSTONE METALS LTD — Annual Report 2007
Oct 18, 2007
65870_rns_2007-10-18_44e518d3-02b8-4cfe-a21e-5d16aed3b8e6.pdf
Annual Report
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Annual Report 2007
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Contents
| Corporate Directory | 1 |
|---|---|
| Chairman's Review | 2 |
| Overview | 4 |
| Project Summaries | 6 |
| Western Australia | 6 |
| Queensland | 11 |
| Directors' Report | 12 |
| Auditor’s Independence Declaration | 20 |
| Financial Report | 22 |
| Directors’ Declaration | 51 |
| Independent Auditor's Report | 52 |
| ASX Additional Information | 54 |
| Tenement Schedule | 56 |
"Targeting A New Generation Of Base Metal, Gold And Uranium Deposits"
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Corporate Directory
Directors
David McSweeney Chairman and Managing Director
Gary Steinepreis Non-executive Director
Steven Stone Non-executive Director
Secretary
Desmond Kelly
Solicitors
Steinepreis Paganin Level 4 Next Building 16 Milligan Street Perth WA 6000
Bankers
National Australia Bank 1238 Hay Street West Perth WA 6000
Share register
Computershare Investor Services Pty Ltd Level 2 Reserve Bank Building 45 St Georges Terrace Perth WA 6000 Telephone: +61 8 9323 2000 Facsimile: +61 8 9323 2033
Auditor
Ernst & Young The Ernst & Young Building 11 Mounts Bay Road Perth WA 6000
Stock exchange listings
Avalon Minerals Ltd shares are Listed on the Australian Securities Exchange The home branch is Perth Ordinary fully paid shares (ASX code AVI)
Principal place of business and registered office in Australia
Avalon Minerals Ltd ABN: 68 123 184 412 Unit 2 2 Richardson Street, West Perth WA 6005 PO Box 165, West Perth WA 6872
Telephone: +61 8 9322 2752 Facsimile: +61 8 9322 2827 Email: [email protected] Website: www.avalonminerals.com.au
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1
Annual Report 2007
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Chairman's Review
Dear Shareholders
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I am pleased to present our first Annual Report and to welcome you as a shareholder of Avalon Minerals Ltd as we embark on the first stages of our vision to build a significant new Australian mining company.
Avalon successfully listed on the Australian Stock Exchange on 22 March 2007 and, at the time of listing, had a total of 40 million ordinary fully paid shares on issue. The IPO raised $3,500,000 through the issue of 17,500,000 shares at 20 cents each.
Avalon’s corporate objective is to build a mid-tier Australian mining group by discovering and developing new mineral deposits and through the acquisition and development of advanced mineral deposits.
The majority of our exploration properties are held through two wholly-owned subsidiaries – Xmin Ltd and Resource Properties Pty Ltd – and we continually review options to add shareholder value through corporate transactions involving these entities.
Since listing, Avalon’s exploration team has been busy evaluating our project areas and has undertaken site visits and reconnaissance sampling at the Company’s Lennard Shelf and Paterson Projects in Western Australia. This work confirmed the suitability of the Niton sampling process in the Lennard Shelf and led to the establishment of a Joint Venture with ASX-listed exploration company Rox Resources Ltd, under which Rox can earn up to a 60% interest in the project by funding ongoing exploration.
The Company has moved quickly to expand its project portfolio and, during the year, acquired a 100% interest in Resource Properties Pty Ltd – a privately owned company holding 13 uranium prospects in Western Australia. Subsequent to the end of the year, the Company entered into a Joint Venture with Independence Group Ltd to farm into the highly prospective 800km² Empress Springs Project in North Queensland, further diversifying and strengthening our project portfolio.
2 Avalon Minerals Limited
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Avalon’s corporate objective is to build a mid-tier Australian mining group by discovering and developing new mineral deposits
To date, the company has been successful in establishing a strong portfolio of exploration properties in Australia and, looking ahead, our immediate objectives are:
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the commencement of field-based exploration activities at the Lennard Shelf Zinc Project under the Joint Venture with Rox Resources Ltd;
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commencing the exploration and development of the portfolio of 13 Uranium Exploration Licences we hold in Western Australia;
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commencing the exploration and development of the Empress Springs Project in North Queensland and;
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the acquisition and exploration of further mineral resource opportunities – in Australia and overseas.
The Avalon board and management have extensive experience in exploration for gold, iron ore and base metals, as well as in the administration and development of gold mining and publicly listed resource companies. We believe that the quality of the exploration interests Avalon has acquired and the focused exploration program we plan to undertake over the next two years has the potential to deliver significant value to shareholders.
Thank you for joining us in building Avalon into a significant new Australian mining company.
Yours Sincerely
David McSweeney EXECUTIVE CHAIRMAN
Annual Report 2007 3
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Overview
Avalon’s vision is to build an independent diversified Australian mining company through acquisition and exploration of proven mineral provinces
Avalon Minerals Ltd was established in late 2006 to search for, acquire and develop mineral deposits. Following an oversubscribed A$3.5 million IPO, the Company completed a successful listing on the Australian Stock Exchange on 22 March 2007.
All of Avalon’s initial projects were 100% owned and were obtained by Xmin Ltd, and through the purchase of three Exploration Licences in the Oscar Range areas of the Lennard Shelf from Baracus Pty Ltd. Xmin Ltd is now a wholly-owned subsidiary of Avalon Minerals Ltd.
Avalon’s corporate objective is to build a resource mining group based on cash flows from producing operations. The strategies for achieving this objective is by the discovery of new mineral resources on the Company’s regional exploration landholdings and by the acquisition of advanced resource projects with the potential for early cash flow.
The Company has continued to build on its business model by expanding its uranium portfolio during the year to include thirteen new projects in Western Australia’s Yilgarn and Kimberley regions, one new uranium/base metals/gold project in North Queensland and by establishing a joint venture with Rox Resources to progress its Lennard Shelf Zinc Project in Western Australia‘s East Kimberley region.
4 Avalon Minerals Limited
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Experienced management & skilled geological consultants
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High-quality project portfolio
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Western Australian uranium projects in three regions
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JV with Independence Group NL for a 70% share in Empress Springs Project (Nth QLD)
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JV with Rox Resources Ltd to explore and develop Lennard Shelf zinc/ lead prospects (WA)
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Figure 1 – Australian Project Map
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Annual Report 2007
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Project Summaries
Western Australia
Zinc
Lennard Shelf Joint Venture
Avalon’s Lennard Shelf Project comprises a 2,594km[2] land holding in the acclaimed Lennard Shelf zinc-lead province in the East Kimberley region of Western Australia and includes several defined zinc targets at the Oscar Range, Barramundi and Lawford Projects. The tenements are located adjacent to and along strike from Teck-Cominco / Xstrata’s Lennard Shelf deposits, including the 23 million tonne Pillara Deposit.
The project area has been the subject of several exploration efforts by earlier explorers, however much of this previous exploration and drilling was widespread and incomplete.
In September 2007, Avalon entered into a Joint Venture agreement with Perth-based exploration company, Rox Resources Limited (ASX: RXL), for Rox to earn up to a 60% interest in the Project.
Under the terms of the agreement, Rox will manage the Joint Venture and will initially have a 12-month option during which it will be required to spend $500,000 on exploration. Rox can then earn a 60% interest in the project by issuing $300,000 worth of Rox shares to Avalon and spending a further $1.5 million on exploration over three years.
Other standard Joint Venture terms such as dilution, tenement maintenance, pre-emptive rights and environmental responsibility apply to the option agreement.
Following the granting of six new key exploration licences within the Lennard Shelf portfolio under the Native Title Act, the Avalon/Rox Joint Venture is aiming to expedite exploration activities in the region in the second half of 2007 and into 2008.
The Lennard Shelf is regarded as world-class zinc province with historical and current reserves totalling 40 million tonnes of zinc. Avalon’s Lennard Shelf Project is located adjacent to the
6 Avalon Minerals Limited
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Avalon’s consultant geologists and management have identified up to 12 target areas amenable to soil sampling with the use of Avalon’s hand-held XRF Niton exploration tool
7 million tonne Pillara zinc mine operated by Teck-Cominco and Xstrata in an area which has access to good infrastructure and loading facilities at the Port of Derby.
A full review of historic exploration data carried out by Avalon, together with two site visits by Avalon’s consultant geologists and management, has identified up to 12 target areas amenable to soil sampling with the use of Avalon’s hand-held XRF Niton exploration tool. The Niton program - consisting of approximately 9,000 individual assays - will commence upon granting of heritage clearances. The results from the 9,000 Niton generated assays will assist in the identification of drill targets for testing in the 2008 Kimberley field season.
During the year, a further six Exploration Licences were granted and heritage agreements signed with the Kimberley Land Council (KLC) on behalf of the traditional owners.
Oscar Range
The Oscar Range tenements cover an area of 940km[2] along the southwest margin of the Lennard Shelf, where a number of zinc gossans have been discovered. Several low-grade zinc intersections have been reported from follow-up drilling.
The project encompasses approximately 60km strike length of the Lennard Shelf reef complex, including 20km of the reef front and Oscar Fault. Three target areas have been identified based on past exploration, regional geology and structures that may have acted as conduits for migrating ore fluids. Gossan sampling has returned values of 1.7% Zn and 1.6% Pb from the Buromin prospect, and 0.6% Zn and 0.4% Pb from the Boab prospect.
Lawford
The Lawford Project covers an area of 940km[2] and incorporates large areas of the Lennard Shelf reef complex. Gossan sampling on a small 2.3km[2] excised mining lease at Ross Hill has returned results of up to 27% Zn and 10% Pb. Previous drilling by earlier explorers at the Window prospect has returned 14m at 0.24% Zn and 4m at 0.5% Pb. Three significant Zn-Pb deposits, Cadjebut, Pinnacles and Kapok are located within a few kilometres of the southwest corner of the project.
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Figure 2 & 3 – Lennard Shelf Projects
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Annual Report 2007
Barramundi
Exploration on the 710km[2] Barramundi project area has been very limited. Gossan sampling by previous explorers just outside the tenements at Findlay Hill and Horse Spring Range have returned results of up to 34% Zn and 8.7% Pb. Three target areas have been identified based on host rocks, structural elements and past exploration.
Avalon has now positioned itself to actively participate in the growing uranium sector through exploration and discovery within its high-quality tenement portfolio – which now comprises some 2,800km[2] of overall landholdings. The Company intends to utilise its wholly-owned subsidiary, RPPL, as the vehicle for developing its uranium projects both in Australia and overseas.
Marloo - Uranium and Base Metals
Uranium
Since listing on the ASX, Avalon has significantly expanded its uranium portfolio – which already included the Marloo Uranium Project, located 40 km East of the Kintyre uranium deposit in the Pilbara region of Western Australia – through the 100% acquisition of privately owned company, Resource Properties Pty Ltd (RPPL), which holds 13 Exploration Licence Applications (ELA’s) in Western Australia (total area 1,900km[2] ).
In addition to the new Western Australian uranium properties, Avalon has also entered into the Empress Springs Joint Venture in North Queensland, where the Company intends to commence uranium and base metals exploration in 2008.
Avalon has commenced planning to secure the grant of the priority uranium Exploration Licences and a detailed two-year work program across its Australian portfolio, commencing at Marloo this year. Exploration work will continue across the Western Australian and Queensland projects throughout 2007 and 2008.
The Marloo Project forms part of Avalon’s 1,400km[2] Paterson Project in Western Australia’s mineral-rich Pilbara region. This Project is located in the Paterson Province, which also hosts the Telfer Gold Mine, the Nifty Copper Mine and the unconformity-styled Kintyre uranium deposit.
The Company has identified an unconformity-styled uranium target at Epicurous within the Marloo Project. The Epicurous unconformity is the flagship of the Company’s uranium portfolio and Avalon will conduct a drill program in 2008 to test targets generated by the review of both historic data and new geophysical surveys. Signing of the Heritage Agreement with the Martu Group has paved the way for the grant of the four (4) Exploration licences which make up the 900km[2] Marloo project.
The Marloo project is also prospective for SEDEX-styled zinc and lead mineralisation and strata bound copper mineralisation.
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Figure 4 – Western Australian Uranium Projects
Figure 5 – Marloo Project
8 Avalon Minerals Limited
Resource Properties ELA’s – Uranium
Avalon has strengthened its position in Australian uranium exploration through the acquisition of 100% of the issued capital in private company, Resource Properties Pty Ltd (RPPL). The acquisition of RPPL provided Avalon with a substantial exploration portfolio – covering some 1,900km[2] in Western Australia’s Kimberley and Yilgarn regions.
The RPPL acquisition, comprising 13 Exploration Licence Applications (ELA’s) and including some highly prospective uranium acreage, significantly enhances Avalon’s existing uranium exploration portfolio.
The RPPL uranium portfolio comprises two (2) Exploration Licences in the Kimberley region – both with potential for rollfront uranium targets – and eleven (11) Exploration Licences in the Yilgarn which are considered prospective for near-surface, calcrete-hosted uranium mineralisation in paleochannels.
The targets were selected from a review of airborne radiometric data, geological mapping and historical exploration reports.
Kimberley Projects (2 ELA’s)
Exploration work carried out by Afmeco is also credited with the discovery of the 10,000 tonne Oobagooma uranium deposit (owned by Paladin Resources Limited), located 75km north of Derby.
Meda - 550km² (E04/1714)
Afmeco identified three anomalous zones associated with outcropping sandstone channel sands, with a peak uranium assay reading of 200ppm. Future exploration at Meda will include airborne radiometric and remote sensing data, combined with reconnaissance drilling within the 50km of strike in the Eskine Sandstone/ Blina Shale contact in the tenement area. Access to the Meda project is via the Gibb River road, east of Derby.
Frome Rocks - 156km² (E 04/1652)
At the Frome Rocks area and adjacent to the Fenton fault, Afmeco identified the existence of mineralised redox fronts within the Wallall Sandstone. Reconnaissance drilling of a 16km[2] grid, located 3km to the south-east of the tenement, was successful in identifying one major and two minor channelling zones, with uranium values of up to 270ppm returned in association with redox fronts.
The two Kimberley projects were first identified by Afmeco Pty Ltd (a 100%-owned subsidiary of French uranium giant Cogema) in 1978. Afmeco’s regional exploration identified rollfront styled mineralisation at Meda, 45km east of Derby and Frome Rocks, 90km south of Derby.
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Figure 6 – Resource Properties Kimberley Projects
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Annual Report 2007
Yilgarn Projects (11 ELA’s)
The remaining prospects within the acquired portfolio are all located within main paleochannels, or tributaries of paleochannels, in the Yilgarn region of Western Australia (Fig. 7).
Wondinong – 339km² (E58/347-8)
The Wondinong Project covers approximately 25km of the Austin Paleodrainage and lies immediately adjacent to Aura Energy Ltd’s Wondinong uranium deposit, where drilling results including 2m @ 541ppmU, 1.5m @ 687ppmU and 0.5m @ 926ppmU have been reported.
Altona - 78km² (E36/636)
The Altona Project is located downstream from the Bolitho Bore Deposit, owned by Prime Minerals Ltd, where around 1 million tonnes of mineralisation grading 170ppmU has been identified. The project adjoins the Puncture Well prospect at Altona to the south (owned by Aura Energy). The world-class Yeelirrie uranium deposit lies approximately 50km north. A 5km long tributary of the Raeside channel is interpreted to pass through the prospect.
Lake Barlee - 228km² (E57/691 & E29/665)
The Lake Barlee Project includes 16km of prospective Raeside paleodrainage where a detailed radiometric survey is planned to test for blind uranium mineralisation below surficial cover.
Austin and Moore Paleochannel (E59/1320)
Five projects (8 Exploration Licences) lie within the Austin and Moore paleochannels. The Austin paleochannel hosts a number of advanced uranium projects including the Lakeside/ Austin Downs, Wondinong, Anketell and Windi uranium deposits.
The uranium channel airborne radiometric image of the area is shown below, highlighting the line of the main channel as well as the calcrete-hosted deposit owned by Aura Energy immediately upstream and east of Avalon’s eastern project boundary.
Austin Downs - 228km² (E2000665, E2000652-3)
The Austin Downs project contains three Exploration Licence Applications and lies within two significant tributaries that drain into the main Austin paleodrainage from the north. Avalon’s licences are considered prospective for both calcretehosted and playa-hosted uranium mineralisation with radiometric anomalies identified on all three tenements, some of which are associated with potentially attractive uranium trap sites at channel junctions.
Yardiacco - 84km² (E59/1318)
The Yardiacco tenement application lies at the southern end of the Austin paleochannel, 100km north of Paynes Find, and has a number of uranium channel airborne radiometric anomalies.
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Figure 7 – Resource Properties Yilgarn Uranium Projects
Figure 8 – Radiometric Image of Wondinong Deposit
10 Avalon Minerals Limited
Cowantha - 195km² (E59/1321)
The Cowantha Project is situated 50km west of Mt Magnet and covers a 40km long section of the upper reaches of the Moore paleochannel. Significantly, a strong 8km long radiometric anomaly coincides with 5km of exposed valley calcrete.
Queensland
Gold / Polymetallic
Empress Springs JV
Interpretive work completed in identifying the target zones at Empress Springs has laid the foundation for a drilling program in 2008.
The Empress Springs Project also has the potential for roll-front or drainage channel hosted redox-style uranium mineralization. The regional granites are fluorine-tin enriched and also have potential to generate uranium mineralizing fluids.
Under the terms of the Joint Venture with Independence Group, Avalon must spend $125,000 in the first 12 months and a total of $750,000 over 4 years to earn its 70% interest in the project.
Subsequent to the end of the year, Avalon entered into a Joint Venture agreement with ASX-listed nickel producer, Independence Group NL, to earn a 70% interest in the Empress Springs gold, base metals and uranium project in North Queensland.
The project, located 40km south of Croydon, comprises two granted exploration licences covering a total area of 833km[2] . The region is a well-known gold producing region with historical production of 750,000oz at Croydon and the more recent discovery by Gold Aura Ltd of polymetallic mineralisation at Wallabadah, located 30 km north of Croydon.
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Figure 9 & 10 – Empress Springs
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Annual Report 2007
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Directors' Report
12 Avalon Minerals Limited
Your directors present their report on Avalon Minerals Ltd (“Avalon” or “Company”) and the entities it controlled (“Consolidated Entity” or “Group”) for the period from incorporation until 30 June 2007.
Directors
The following persons were directors of Avalon Minerals Ltd from incorporation on 20 December 2006 and up to the date of this report, unless otherwise stated:
D L McSweeney
G C Steinepreis
Mr D C Steinepreis was a director from incorporation until his resignation on 15 January 2007.
Mr S Stone was appointed a director on 15 January 2007 and continues as at the date of this report.
Principal activities
During the period the principal activities of the group consisted of mineral exploration and evaluation.
Dividends
No dividends were paid to members during the financial period and the directors do not recommend the payment of a dividend.
Review of operations
A summary of consolidated revenues and results is set out below:
| out below: | ||
|---|---|---|
| Revenues 2007 $ |
Results 2007 $ |
|
| Revenue Loss before income tax expense Income tax expense Loss attributable to members of Avalon Minerals Ltd |
33,535 | - |
| (367,207) - |
||
| (367,207) |
Financial Position
During the period the Company had a net increase in contributed equity of $5,273,763 (from $Nil to $5,273,763) as a result of:
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a placement of 9,500,000 ordinary fully paid shares at 1 cent each to raise $95,000;
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a placement of 6,000,000 ordinary fully paid shares at 7.5 cents each to raise $450,000;
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a placement of 7,000,000 ordinary fully paid shares at a deemed value of 20 cents each, being $1,400,000, as consideration for the purchase of mineral tenements;
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the issue of 17,500,000 fully paid ordinary shares at 20 cents each as an initial public offering, being $3,500,000;
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payment of capital raising and share issue costs of $171,237.
At the end of the financial period the group had net cash balances of $3,144,308 and net assets of $4,956,396.
Total liabilities amounted to $242,935 and were limited to trade and other creditors.
Exploration
Avalon’s corporate objective is to build a resource mining group based on cash flows from producing operations. The strategies for achieving this objective is by the discovery of new mineral resources on the Company’s regional exploration landholdings and by the acquisition of advanced resource projects with the potential for early cash flow.
During the financial period the Company acquired the Lennard Shelf Projects via the purchase of 100% of the existing capital of Xmin Ltd, a holding of 2,594 square kilometres in the acclaimed zinc province in the East Kimberley region of Western Australia. The tenements which are located adjacent to and along strike from Teck Cominco/Xstrata’s Lennard Shelf deposits are a key focus of Avalon’s exploration and growth strategy. The granting of the tenements has enabled the Company to expedite its exploration activities in the Lennard Shelf region in the second half of 2007 and into 2008.
The Paterson Projects, also acquired via Xmin Ltd and located in the Paterson Range area of Western Australia’s East Pilbara region, represent Avalon’s second exploration focus. The Company has 1,409 square kilometres of tenements under application in the Paterson Range region, all prospective for a range of mineral types and exploration models.
Avalon has positioned itself to actively participate in the growing uranium sector through the acquisition of the Marloo Uranium Project and by the acquisition of 100% of the private company Resource Properties Pty Ltd which holds 13 Exploration Licence Applications in Western Australia.
Corporate
Avalon Minerals Ltd was incorporated on 20 December 2006.
On 20 December 2006 the Company issued 9,500,000 ordinary shares as founders stock to raise a total of $95,000.
On 8 February 2007 the Company issued 2,000,000 ordinary shares to vendors as consideration for the purchase of mineral tenements.
On 8 February 2007 the Company issued 6,000,000 ordinary shares as seed capital to raise a total of $450,000.
On 16 March 2007 the Company issued 5,000,000 ordinary shares to vendors as consideration for the purchase of 100% of the issued capital of Xmin Ltd.
On 9 February 2007 the Company issued a Prospectus for an Initial Public Offering to raise up to $3,500,000. The offering closed over-subscribed. On 16 March 2007 17,500,000 ordinary shares were issued pursuant to the Prospectus.
Annual Report 2007 13
On 22 March 2007 the Company listed on the Australian Securities Exchange.
| Earnings per share | 2007 |
|---|---|
| Cents | |
| Basic and diluted earnings per share | (1.32) |
Significant changes in the state of affairs
Other than those matters shown above, no significant changes in the state of affairs of the group occurred during the financial period.
The group is currently engaged in exploration activities which are governed by conditions or recommendations imposed through the granting of a licence or permit to explore. Compliance with these laws and regulations is regarded as a minimum standard for the Consolidated Entity to achieve. There were no known breaches of any environmental laws or regulations during the year.
Information on directors
DAVID MCSWEENEY
Chairman – Executive
Experience and expertise
Matters subsequent to the end of the financial period
On 26 July 2007 the Company reached agreement to acquire 100% of the issued capital of Resource Properties Pty Ltd, consideration being 4,000,000 ordinary fully paid shares in the Company and $100,000 cash. Resource Properties Pty Ltd is the holder of 13 exploration licences comprising 1,900 square kilometres.
On 27 July 2007, the Company entered into a Joint Venture agreement with Independence Group NL to earn a 70% interest in the Empress Springs gold, base metals and uranium project in North Queensland.
On 7 September 2007, the Company entered into a joint venture agreement with Rox Resources Ltd to explore for zinc and lead deposits in the Lennard Shelf province in Western Australia.
Mr McSweeney holds a Bachelor of Law degree and is a member of the Institute of Company Directors. He has over 20 years experience in the resource sector ranging from exploration to project management, project finance, commercial and legal structuring and corporate development. A founder of Gindalbie Metals, Mr McSweeney was the Managing Director from 1998 to December 2006 and oversaw the discovery and commissioning of two successful gold production centres and the re-positioning of Gindalbie as an emerging iron ore company.
Other directorships of ASX listed companies in the past three years
Former
Gindalbie Metals – 1998 to December 2006
Dynasty Metals – since 8 January 2007
GARY STEINEPREIS
No other matter or circumstance has arisen since 30 June 2007 that has significantly affected, or may significantly affect:
-
(a) the Consolidated Entity’s operations in future financial years, or
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(b) the results of those operations in future financial years, or
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(c) the Consolidated Entity’s state of affairs in future financial years.
Likely developments and expected results of operations
Other than likely developments contained in the “Review of operations”, further information on likely developments in the operations of the Consolidated Entity and the expected results of operations have not been included in this report because the directors believe it would be likely to result in unreasonable prejudice to the Consolidated Entity.
Non-executive Director
Experience and expertise
Mr Steinepreis holds a Bachelor of Commerce degree from the University of Western Australia and is a Chartered Accountant. He provides corporate management and accounting advice to a number of companies involved in the resource, technology and leisure industries. He is also a director of ASX listed companies Toodyay Resources Ltd, Gawler Resources Ltd, RMG Limited, WAG Limited and Signature Brands Ltd.
Other directorships of ASX listed companies in the past three years
Current
Toodyay Resources Ltd – since 22 December 2005
RMG Limited – since 31 January 2006
Gawler Resources Ltd – since 17 May 2006 Signature Brands Ltd – since 1 June 2006
WAG Limited – since 2 November 2006
Black Fire Energy Limited – since 29 November 2006
Environmental regulation
The Consolidated Entity is subject to the environmental laws and regulations imposed under the Mining Act 1978 (Western Australia) and the Mineral Resources Act 1989 (Queensland) depending on the activities being undertaken.
Croesus Mining NL (subject to deed of company arrangement) – since 10 July 2007
14 Avalon Minerals Limited
Former
Energy Ventures Limited – 1 October 2003 to 30 September 2004
OBJ Limited – 13 February 2004 to 17 November 2004 Peninsular Minerals Limited – 29 September 2003 to 8 December 2004
Mobi Limited – 24 December 2003 to 15 December 2004 Green Rock Energy Limited – 22 October 2003 to 10 May 2005 Black Range Minerals Limited – 8 January 2004 to 27 June 2005 Deep Yellow Limited – 20 August 2004 to 10 October 2005 Western Metals Limited – 3 October 2005 to 26 June 2006 Monitor Holdings Ltd – 16 April 2004 to 18 January 2007 KarmelSonix Limited – 18 August 2003 to 21 November 2006
STEPHEN STONE Non-executive Director
Experience and expertise
Mr Stone graduated with honours in Mining Geology from the University of Cardiff and has over 25 years operating, management and corporate experience in the international mining and exploration industry including 18 years as chief executive of publicly listed exploration companies. He is a member of the Australasian Institute of Mining and Metallurgy and a Fellow of the Australian Institute of Company Directors. Mr Stone is also non-executive chairman of Azumah Resources Limited.
Directors’ interests in shares and options
As at the date of this report the interests of the Directors in the shares and options of the Company were:
| Ordinary | Shares | Options over | Options over | |
|---|---|---|---|---|
| Ordinary Shares | ||||
| Direct | Indirect | Direct | Indirect | |
| D McSweeney | 5,000,000 1,287,206 | 10,000,000 | - |
|
| G Steinepreis | 750,000 | 800,000 | 500,000 | - |
| S Stone | 720,000 | 30,000 | 500,000 | - |
Meetings of directors
The number of meetings of the Company’s board of directors held during the period ended 30 June 2007 and the number of meetings attended by each director were:
| Full meetings | of Directors | |
|---|---|---|
| Held | Attended | |
| D McSweeney | 7 | 7 |
| G Steinepreis | 7 | 7 |
| S Stone | 6 | 5 |
| D Steinepreis | 1 | 1 |
Held – denoted the number of meetings held during the time the director held office.
Other directorships of ASX listed companies in the past
three years
Current
Retirement, election and continuation in office of directors
Azumah Resources Limited – since 8 November 2006
Former
Apex Minerals NL – 31 October 2001 to 3 July 2006
Company secretary
DESMOND KELLY BComm, CPA, MAICD Company Secretary
Des Kelly has over 30 years financial and corporate management experience focused mainly in the resources sector. He was Dominion Mining’s Group Chief Accountant in that company’s key growth phase in the mid-eighties and, between 1994 and 1998 held the roles of Finance Director and Managing Director of Horizon Mining NL before establishing his own corporate management consulting business. Mr Kelly now contributes corporate and administration management expertise to several listed groups including Universal Resources, Midwest Corporation, Nylex Limited, Terrain Minerals Ltd and CI Resources Ltd.
Mr D McSweeney was appointed as a director on 20 December 2006. In accordance with the Constitution Mr McSweeney will retire as a director at the first Annual General Meeting and, being eligible, will offer himself for re-election.
Mr D C Steinepreis was a director from incorporation until his resignation on 15 January 2007.
Mr G Steinepreis was appointed as a director on 20 December 2006. In accordance with the Constitution Mr Steinepreis will retire as a director at the first Annual General Meeting and, being eligible, will offer himself for re-election.
Mr S Stone was appointed as a director on 15 January 2007. In accordance with the Constitution Mr Stone will retire as a director at the first Annual General Meeting and, being eligible, will offer himself for re-election.
Remuneration report
The remuneration report is set out under the following main headings:
-
A Principles used to determine the nature and amount of remuneration
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B Details of remuneration
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C Service agreements
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D Share-based compensation
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E Additional information
15
Annual Report 2007
The information provided under headings A to D includes remuneration disclosures that are required under Accounting Standard AASB 124 Related Party Disclosures . These disclosures have been transferred from the financial report and have been audited. The disclosures in section E are additional disclosures required by the Corporations Act 2001 which have not been audited.
A Principles used to determine the nature and amount of remuneration (audited)
The objective of the Consolidated Entity’s executive reward framework is to ensure reward for performance is competitive and appropriate for the results delivered. The framework aligns executive reward with achievement of strategic objectives and the creation of value for shareholders, and conforms with market best practice for delivery of reward. The Board ensures that executive reward satisfies the following key criteria for good reward governance practices:
- competitiveness and reasonableness
to the advice of independent remuneration consultants to ensure non-executive directors’ fees and payments are appropriate and in line with the market. The Chairman’s fees are determined independently to the fees of non-executive directors based on comparative roles in the external market. The Chairman is not present at any discussions relating to determination of his own remuneration.
Directors’ fees
The current base remuneration was last reviewed with effect from 16 January 2007. Directors’ remuneration is inclusive of committee fees.
Non-executive directors’ fees are determined within an aggregate directors’ fee pool limit, which is periodically recommended for approval by shareholders. The total maximum currently stands at $300,000.
Retirement allowances for directors
There is no provision for retirement allowances for non-executive directors.
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acceptability to shareholders
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performance linkage / alignment of executive compensation
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transparency
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capital management.
The Consolidated Entity has structured an executive remuneration framework that is market competitive and complimentary to the reward strategy of the organisation.
Alignment to shareholders’ interests:
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focuses on exploration success as the creation of shareholder value and returns
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attracts and retains high calibre executives.
Alignment to program participants’ interests:
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rewards capability and experience
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reflects competitive reward for contribution to growth in shareholder wealth
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provides a clear structure for earning rewards
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provides recognition for contribution.
The framework currently consists of fixed salaries.
The overall level of executive reward takes into account the performance of the Consolidated Entity. The Consolidated Entity is involved in mineral exploration and did not derive a profit and therefore growth in earnings is not considered relevant. Shareholder wealth is dependent upon exploration success and has fluctuated accordingly. During the same period, average executive remuneration has been maintained in accordance with industry standards.
Executive pay
The executive pay and reward framework has three components:
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base pay and benefits
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long-term incentives through participation in the Employee Share Option Scheme and
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other remuneration such as superannuation.
The combination of these comprises the executive’s total remuneration.
- Base pay
Structured as a total employment cost package which may be delivered as a combination of cash and prescribed non-financial benefits at the executives’ discretion.
Executives are offered a competitive base pay that comprises the fixed component of pay and rewards. Base pay for senior executives is reviewed annually to ensure the executive’s pay is competitive with the market.
There are no guaranteed base pay increases included in any senior executives’ contracts.
- Benefits
Executives may receive benefits including memberships, car allowances and reasonable entertainment.
- Retirement benefits
Directors and employees are permitted to nominate a superannuation fund of their choice to receive superannuation contributions.
Non-executive directors
Fees and payments to non-executive directors reflect the demands which are made on, and the responsibilities of, the directors. Non-executive directors’ fees and payments are reviewed annually by the Board. The Board also has agreed
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Employee Share Option Scheme
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Information on the Employee Share Option Scheme is set out on page 40.
16 Avalon Minerals Limited
B Details of remuneration (audited)
Details of the remuneration of the directors and the key management personnel of Avalon Minerals Ltd are set out in the following tables.
| 2007 | Short-term | benefts | Post-employment | Share-based | |
|---|---|---|---|---|---|
| benefts | payment | ||||
| Name | Cash salary | Non-monetary | Superannuation | Options | Total |
| and fees | benefts | ||||
| $ | $ | $ | $ | $ | |
| Directors of Avalon Minerals Ltd | |||||
| D McSweeney* | 135,031 | 265 | 11,250 | 46,050 | 192,596 |
| G Steinepreis** | 8,750 | 265 | - | 1,895 | 10,910 |
| S Stone*** | 8,750 | 265 | - | 1,895 | 10,910 |
| D Steinepreis**** | - | - | - | - | - |
| Other key management personnel | |||||
| D J Kelly* | 9,000 | 265 | - | - | 9,265 |
| Total | 161,531 | 1,060 | 11,250 | 49,840 | 223,681 |
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Mr D McSweeney was appointed a director on 20 December 2006. Executive Chairman’s salary was paid from 1 February 2007.
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** Mr G Steinepreis was appointed a director on 20 December 2006. Non-executive directors’ fee was paid from 1 April 2007.
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*** Mr S Stone was appointed a director on 15 January 2007. Non-executive directors’ fee was paid from 1 April 2007.
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**** Mr D Steinepreis was appointed a director on 20 December 2006 and resigned on 15 January 2007. No directors fees were paid to Mr Steinepreis.
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* Mr D Kelly was appointed Company Secretary on 2 April 2007.
Other transactions with directors
During the financial period the Company paid fees of $55,000 (inclusive of GST) to Ascent Capital Holdings Pty Ltd for services provided in relation to the Initial Public Offering. Both Mr D Steinepreis and Mr G Steinepreis are directors of Ascent Capital Holdings Pty Ltd.
C Service Agreements (audited)
Remuneration and other terms of employment for the Executive Chairman and the Company Secretary are formalised in service agreements.
The agreement for the Executive Chairman provides for the provision of other benefits including car allowances and participation, when eligible, in the Employee Share Option Scheme.
The agreement for the Company Secretary provides for the provision of consulting fees and participation, when eligible, in the Employee Share Option Scheme.
Other major provisions of the agreements relating to remuneration are set out below.
D McSweeney, Executive Chairman
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Term of agreement – For a period of 3 years with a notice period 3 months and the payment of 9 months salary.
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Base salary, exclusive of superannuation and other benefits, for the year ended 30 June 2007 of $300,000, to be reviewed annually. Provision of four weeks annual leave.
D Kelly, Company Secretary
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Term of agreement – twelve months, notice period of two months.
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Annual consulting fees of $36,000 for the 12 months from 2 April 2007, renegotiable at the end of the contract period.
Annual Report 2007 17
D Share-based compensation (audited)
Options were granted pursuant to shareholder approval received at a general meeting held on 7 February 2007.
Options were granted for no consideration.
The terms and conditions of each grant of options affecting remuneration in this or future reporting periods are as follows:
| Grant date | Expiry date | Exercise price | Value per option | Date exercisable |
|---|---|---|---|---|
| at grant date | ||||
| 7 February 2007 | 31 January 2010 | 20 cents | $0.0087 | At any time during the option period |
| 7 February 2007 | 31 January 2009 | 40 cents | $0.00053 | At any time during the option period |
Options carry no dividend or voting rights.
When exercisable, each option is convertible into one ordinary share.
The amounts disclosed for emoluments relating to options above are the assessed fair values at grant date of options granted to directors and other key management personnel, allocated equally over the period from grant date to vesting date. Fair values at grant date are independently determined using a Black-Scholes option pricing model that takes into account the exercise price, the term of the option, the vesting and performance criteria, the impact of dilution, the non-tradeable nature of the option, the share price at grant date and expected price volatility of the underlying share, the expected dividend yield and the risk-free interest rate for the term of the option.
Further details relating to options are set out below.
| Name | A | B | C | D | E |
|---|---|---|---|---|---|
| Remuneration | Value at | Value at | Value at | Total of | |
| consisting of options | grant date | exercise date | lapse date | columns B-D | |
| $ | $ | $ | $ | ||
| D McSweeney | 25.22% | 46,050 | - | - | 46,050 |
| G Steinepreis | 17.37% | 1,895 | - | - | 1,895 |
| S Stone | 17.37% | 1,895 | - | - | 1,895 |
| Total | 49,840 | - | - | 49,840 |
A = The percentage of the value of remuneration consisting of options, based on the value at grant date set out in column B.
B = The value at grant date calculated in accordance with AASB 2 Share-based Payments of options granted during the year as part of remuneration.
C = The value at exercise date of options that were granted as part of remuneration and were exercised during the year.
D = The value at lapse date of options that were granted as part of remuneration and that lapsed during the year.
| Number of Options Granted | Number of Options Vested | |
|---|---|---|
| During the period | During the period | |
| 2007 | 2007 | |
| Directors of Avalon Minerals Ltd | ||
| D McSweeney | 10,000,000 | 10,000,000 |
| G Steinepreis | 500,000 | 500,000 |
| S Stone | 500,000 | 500,000 |
| Other key management personnel | ||
| D J Kelly | - | - |
There were no ordinary shares issued as a result of the exercise of options.
18 Avalon Minerals Limited
E Additional information (unaudited)
Given Avalon Minerals Ltd is involved in mineral exploration and performance is measured by exploration success, the remuneration of the persons referred to above is not dependent on the satisfaction of a performance condition.
Loans to directors and executives
There are no loans to directors or executives.
Share options granted to directors and the most highly remunerated officers
Options over unissued ordinary shares of Avalon Minerals Ltd granted during or since the end of the financial period to any of the directors and the most highly remunerated officers of the Consolidated Entity as part of their remuneration were as follows:
| Date of grant | Options granted | |
|---|---|---|
| Directors | ||
| D McSweeney, | 7 February 2007 | 10,000,000 |
| Executive chairman | ||
| G Steinepreis, | 7 February 2007 | 500,000 |
| Non-executive director | ||
| S Stone, | 7 February 2007 | 500,000 |
| Non-executive director | ||
| Other key management | personnel of Avalon | Minerals Ltd |
| D Kelly, | - | - |
| Company Secretary |
Shares under option
Unissued ordinary shares of Avalon Minerals Ltd under option at the date of this report are as follows:
| Date options Expiry date Issue price granted of shares |
Number under option |
|---|---|
| 7 February 31 January 20 Cents 2007 2010 7 February 31 January 40 cents 2007 2009 |
5,400,000 5,600,000 |
| 11,000,000 |
No option holder has any right under the options to participate in any other share issue of the Company or of any other entity.
Share options
Un-issued Shares
As at the date of this report, there were 11,000,000 un-issued ordinary shares under option. (11,000,000 at reporting date). Refer to the remuneration report for further details of the options outstanding.
Option holders do not have any right, by virtue of the options, to participate in any share issue of the Company or any related body corporate.
Shares Issued as a result of the Exercise of Options
There were no shares issued as a result of the exercise of options in the financial period.
Insurance of officers
During the period the Company paid a premium to insure the directors and officers of the Company. Under the terms of the policy the Company cannot publish amounts paid for premiums or the extent of the liabilities insured.
Proceedings on behalf of the Company
No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings on behalf of the Company, or to intervene in any proceedings to which the Company is a party, for the purpose of taking responsibility on behalf of the Company for all or part of those proceedings.
No proceedings have been brought or intervened in on behalf of the Company with leave of the Court under section 237 of the Corporations Act 2001 .
Non-audit services
The following non-audit services were provided by the Company’s auditor, Ernst & Young. The directors are satisfied that the provision of non-audit services is compatible with the general standard of independence of auditors imposed by the Corporations Act. The nature and scope of each type of nonaudit service provided means that auditor independence was not compromised.
Ernst & Young received or are due to received the following amounts for the provision of non-audit services.
$15,450
Independent Accountants Report
Auditors’ Independence Declaration
A copy of the auditors’ independence declaration as required under section 307C of the Corporations Act 2001 is set out on page 20.
This report is made in accordance with a resolution of the directors.
==> picture [70 x 76] intentionally omitted <==
D McSweeney EXECUTIVE CHAIRMAN Perth, Western Australia
25 September 2007
Annual Report 2007 19
==> picture [504 x 88] intentionally omitted <==
Auditor’s Independence Declaration to the Directors of Avalon Minerals Ltd
In relation to our audit of the financial report of Avalon Minerals Ltd for the period from incorporation to 30 June 2007, to the best of my knowledge and belief, there have been no contraventions of the auditor independence requirements of the Corporations Act 2001 or any applicable code of professional conduct.
==> picture [119 x 54] intentionally omitted <==
Ernst & Young
==> picture [60 x 56] intentionally omitted <==
V W Tidy Partner Perth 25 September 2007
20 Avalon Minerals Limited
Corporate Governance Disclosures
From listing on the Australian Stock Exchange on 23 March 2007 the Company has complied with the ASX Principles and Recommendations other than in relation to the matters specified below.
| Principle Ref. | Recommendation Ref. | Notifcation of Departure | Explanation for Departure |
|---|---|---|---|
| 2 | 2.2; 2.3 | The Chairman is the | The board considers that the executive role carried |
| Managing Director of | out by the Chairman (David McSweeney) is in the | ||
| the Company | best interests of the Company for the following | ||
| reasons: | |||
| (a) as the founder of the Company, Mr |
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| McSweeney’s leadership, both from a long-term | |||
| strategic and short-term day-to-day operational | |||
| perspective is critical to the successful | |||
| development of the Company; | |||
| (b) given that the Group is in an exploration and | |||
| evaluation phase, the board considers that the | |||
| need for a separate Managing Director is not | |||
| yet critical; and | |||
| (c) as a result of (a), the carrying out of both roles |
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| by Mr McSweeney is in line with expectations of | |||
| current investors and key to the attraction of | |||
| future investors. | |||
| The board intends to reconsider the duality of Mr | |||
| McSweeney’s role and the merits of appointing a | |||
| new Managing Director as the Company moves | |||
| closer to production. | |||
| 2 | 2.4 | There was no Nomination | In the board’s view there are no effciencies to be |
| Committee | gained by establishing a separate Nomination | ||
| Committee. The full board carries out the functions | |||
| of the Nomination Committee. | |||
| 4 | 4.3 | There was no audit committee | The full board carries out the functions of the audit |
| committee. Of the three directors, two are | |||
| considered independent. The Board considers that it | |||
| is not necessary to form an audit committee at this | |||
| stage given the size of the Company. | |||
| 9 | 9.2 | There was no separate | The full board carried out the functions of the |
| Remuneration Committee | Remuneration Committee. All matters of | ||
| remuneration were determined by the board in | |||
| accordance with the Corporations Act 2001 | |||
| requirements, especially in respect of related party | |||
| transactions. That is, no director participated in any | |||
| deliberation regarding his own remuneration or | |||
| related issues. |
Annual Report 2007 21
==> picture [596 x 125] intentionally omitted <==
==> picture [596 x 325] intentionally omitted <==
Financial Report 30 June 2007
| Contents | Page |
|---|---|
| Financial report | |
| Income Statement | 23 |
| Balance Sheet | 24 |
| Statement of Changes in Equity | 25 |
| Cash Flow Statement | 26 |
| Notes to the Financial Statements | 27 |
| Directors' Declaration | 51 |
| Independent audit report to the members | 52 |
Avalon Minerals Ltd is a company limited by shares, incorporated and domiciled in Australia. Its registered office and principal place of business is:
Avalon Minerals Ltd Unit 2, 2 Richardson Street West Perth WA 6005
A description of the nature of the Consolidated Entity’s operations and its principal activities is included in the directors’ report, which is not part of this financial report.
The financial report was authorised for issue by the directors on XX September 2007. The Consolidated Entity has the power to amend and reissue the financial report.
Through the use of the internet, we have ensured that our corporate reporting is timely, complete and available globally at minimum cost to the Consolidated Entity. All press releases, financial reports and other information are available on our website: www.avalonminerals.com.au
For queries in relation to our reporting please call +61 8 9322 2752 or e-mail [email protected]
22 Avalon Minerals Limited
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50 Avalon Minerals Limited
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==> picture [63 x 68] intentionally omitted <==
Annual Report 2007 51
==> picture [536 x 733] intentionally omitted <==
52 Avalon Minerals Limited
==> picture [505 x 742] intentionally omitted <==
Annual Report 2007 53
ASX Additional Information
Additional information required by the Australian Stock Exchange Limited Listing Rules and not disclosed elsewhere in this report.
Shareholdings
Substantial shareholders
The following substantial shareholders have lodged notices with the company as at 26 September 2007.
| Holders | Ordinary shares |
|---|---|
| David McSweeney | 6,030,000 |
| Gregory Wayne Down | 5,050,000 |
| David Donald Bower | 4,000,000 |
Class of shares and voting rights
At 26 September 2007, there were 428 holders of the ordinary shares of the company. The voting rights attaching to the ordinary shares, set out in clause 12.7 of the Company’s Constitution, are:
Subject to any rights or restrictions for the time being attached to any class or classes of Shares, at meetings of Shareholders or classes of Shareholders:
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(a) each Shareholder entitled to vote may vote in person or by proxy, attorney or Representative;
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(b) on a show of hands, every person present who is a Shareholder or a proxy, attorney or Representative of a Shareholder has one vote; and
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(c) on a poll, every person present who is a Shareholder or a proxy, attorney or Representative of a Shareholder shall, in respect of each fully paid Share held by him, or in respect of which he is appointed a proxy, attorney or Representative, have one vote for the Share, but in
respect of partly paid Shares, shall have such number of votes being equivalent to the proportion which the amount paid (not credited) is of the total amounts paid and payable in respect of those Shares (excluding amounts credited).
At 26 September 2007, there were options over 11,000,000 un-issued ordinary shares. There are no voting rights attached to the un-issued ordinary shares. Voting rights will be attached to the un-issued ordinary shares when the options have been exercised.
On-market buy-back
There is no current on-market buy-back.
Distribution of Share/Option Holders (as at 26 September 2007)
| Category | Number of holders Ordinary shares Unlisted Options |
|---|---|
| 1 – 1,000 1,001 – 5,000 5,001 – 10,000 10,001 – 100,000 100,001 and over |
1 - 36 - 102 - 237 - 52 3 |
| 428 3 |
There were 8 holders holding less than a marketable parcel of ordinary shares.
Unquoted Securities
The Options on issue were issued as part of an Employee Incentive Scheme for Directors and are unquoted.
Restricted Securities
There were the following restricted securities as at 26 September 2007.
| Ordinary Shares | Options | Exercise Price | Expiry Date | Restricted Until |
|---|---|---|---|---|
| 8,561,250 | 20 March 2009 | |||
| 5,400,000 | 20 cents | 10 February 2010 | 20 March 2009 | |
| 5,600,000 | 40 cents | 10 February 2010 | 20 March 2009 | |
| 807,500 | 20 December 2007 | |||
| 3,406,250 | 8 February 2008 | |||
| 2,000,000 | 8 February 2008 | |||
| 5,000,000 | 16 March 2008 | |||
| 4,000,000 | 1 August 2008 |
54 Avalon Minerals Limited
Twenty Largest Security holders (as at 26September 2007)
| Ordinary Shares | |||
|---|---|---|---|
| Holder name | Number | % | |
| Gregory Wayne Down | 5,000,000 | 11.36 | |
| David McSweeney | 5,000,000 | 11.36 | |
| David Donald Boyer | 4,000,000 | 9.09 | |
| Baracus Pty Ltd | 2,000,000 | 4.55 | |
| Sinom (Hong Kong) Limited | 1,500,000 | 3.41 | |
| Derek Steinepreis | 1,330,000 | 3.02 | |
| Craig Ian Burton | 1,250,000 | 2.84 | |
| Brookman Resources Pty Ltd | 1,170,996 | 2.66 | |
| David Christian Steinepreis | 1,056,250 | 2.40 | |
| Gary Steinepreis | 750,000 | 1.70 | |
| Colorado Conversions Pty Ltd | 730,000 | 1.66 | |
| Citicorp Nominees Pty Limited | 675,000 | 1.53 | |
| Leisurewest Consulting Pty Ltd | 550,000 | 1.25 | |
| Pegmont Mines Limited | 500,000 | 1.14 | |
| Stephen Stone | 500,000 | 1.14 | |
| Thunder Luck International Ltd | 500,000 | 1.14 | |
| Sidan Enterprises Pty Ltd | 441,667 | 1.00 | |
| Dgali Investments Pty Ltd | 400,000 | 0.91 | |
| Clodene Pty Ltd | 300,000 | 0.68 | |
| Wersman Nominees Pty Ltd | 300,000 | 0.68 | |
| Total | 27,953,913 | 63.52 |
Other information
Avalon Minerals Ltd, incorporated and domiciled in Australia, is a publicly listed company limited by shares.
Annual Report 2007 55
Tenement Schedule
QUEENSLAND
| QUEENSLAND | |||
|---|---|---|---|
| Tenement Holder | Number | Name | Interest |
| Independence Group NL | EPM 15416 | Yappar River North | Granted 70% |
| Independence Group NL | EPM 15416 | Yappar River South | Application 70% |
| WESTERN AUSTRALIA | |||
| Baracus Pty Ltd | E04/1423 | Oscar Range | Granted 100% |
| Baracus Pty Ltd | E04/1506 | Oscar Range | Granted 100% |
| Baracus Pty Ltd | E04/1508 | Oscar Range | Granted 100% |
| XMin Ltd | E80/3627 | Lennard Shelf | Granted 100% |
| XMin Ltd | E80/3628 | Lennard Shelf | Granted 100% |
| XMin Ltd | E80/3629 | Lennard Shelf | Granted 100% |
| XMin Ltd | E80/3630 | Lennard Shelf | Granted 100% |
| XMin Ltd | E80/3631 | Lennard Shelf | Granted 100% |
| XMin Ltd | E80/3632 | Lennard Shelf | Granted 100% |
| XMin Ltd | E80/3633 | Lennard Shelf | Granted 100% |
| XMin Ltd | E80/3634 | Lennard Shelf | Granted 100% |
| XMin Ltd | E80/3635 | Lennard Shelf | Granted 100% |
| XMin Ltd | E45/2827 | Paterson | Application 100% |
| XMin Ltd | E45/2828 | Paterson | Application 100% |
| XMin Ltd | E45/2829 | Paterson | Application 100% |
| XMin Ltd | E45/2830 | Marloo | Application 100% |
| XMin Ltd | E45/2831 | Marloo | Application 100% |
| XMin Ltd | E45/2832 | Marloo | Application 100% |
| XMin Ltd | E45/2872 | Marloo | Application 100% |
| Resource Properties Pty Ltd | E36/636 | Altona | Application 100% |
| Resource Properties Pty Ltd | E20/652 | Austin Downs | Application 100% |
| Resource Properties Pty Ltd | E59/1320 | Bimbijy | Application 100% |
| Resource Properties Pty Ltd | E20/653 | Bocadeera | Application 100% |
| Resource Properties Pty Ltd | E20/665 | Choallie Creek | Application 100% |
| Resource Properties Pty Ltd | E59/1321 | Cowantha | Application 100% |
| Resource Properties Pty Ltd | E04/1714 | Meda | Application 100% |
| Resource Properties Pty Ltd | E57/691 | McLeod | Application 100% |
| Resource Properties Pty Ltd | E04/1652 | Frome Rock | Application 100% |
| Resource Properties Pty Ltd | E29/665 | Lake Barlee | Application 100% |
| Resource Properties Pty Ltd | E58/347 | Wondinong | Application 100% |
| Resource Properties Pty Ltd | E58/348 | Wyganoo | Application 100% |
| Resource Properties Pty Ltd | E59/1318 | Yardiacco | Application 100% |
| Baracus Pty Ltd | E04/1421 | Oscar Range | Application 100% |
| Baracus Pty Ltd | E04/1422 | Oscar Range | Application 100% |
| Avalon Minerals Ltd | E63/1183 | Esperance | Application 100% |
| Avalon Minerals Ltd | E63/1184 | Esperance | Application 100% |
| Avalon Minerals Ltd | E63/1185 | Esperance | Application 100% |
56
Avalon Minerals Limited
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