BLACK MOUNTAIN RESOURCES LTD
1 October 2014
Black Mountain Resources Limited
("Black Mountain" or "the Company")
Annual Report
Set out below is a summary of Black Mountain Resources Limited's (ASX | AIM:
BMZ) full year annual accounts for the year ended 30 June 2014 as extracted
from the annual report, being:
* Consolidated Statement of Profit or Loss and Other Comprehensive Income
* Consolidated Statement of Financial Position
* Consolidated Statement of Cashflow
* Consolidated Statement of Changes in Equity
A copy of the full Annual Report is available on the Company's website at
www.blackmountainresources.com.au and also at the Australian Securities
Exchange website, ww.asx.com.au.
Consolidated Statement of Comprehensive Income
For the year ended 30 June 2014
Note 2014 2013
A$ A$
Revenue 2 2,888 26,188
Interest received
Other income 44,456 -
47,344 26,188
Finance costs (394,836) (26,873)
Employee and director benefits expense 3 (555,426) (599,228)
Financial and company secretarial management (346,403) (351,225)
expenses
Corporate advisory - (30,000)
ASX and share registry fees (240,322) (511,506)
Consultants and travel (175,826) (408,214)
Depreciation (364,206) (242,827)
Share-based payments (853,129) -
Exploration cost written off (480,099) -
Other expenses (588,980) (756,581)
Loss before income tax expense (3,951,883) (2,900,266)
Income tax expense 4 - -
Net loss for the year (3,951,883) (2,900,266)
Other comprehensive income, net of income tax
Items that may be reclassified subsequently to
profit or loss
Foreign currency translation differences (127,781) 714,395
Other comprehensive income for the year, net of (127,781) 714,395
income tax
Total comprehensive loss for the year (4,079,664) (2,185,871)
Loss attributable to:
Owners of the Company (3,577,481) (2,675,383)
Non-controlling Interests (374,402) (224,883)
(3,951,883) (2,900,266)
Total comprehensive (loss) attributable to:
Owners of the Company (3,753,195) (1,936,621)
Non-controlling Interests (326,469) (249,250)
(4,079,664) (2,185,871)
Basic and diluted loss per share (cents) 5 (4.05) (3.44)
The above consolidated statement of comprehensive income is to be read in
conjunction with the accompanying notes.
Consolidated Statement of Financial Position
As at 30 June 2014
Note 2014 2013
A$ A$
ASSETS
Current Assets
Cash and cash equivalents 7 61,785 329,346
Trade and other receivables 8 320,634 271,552
Other assets 9 12,340 29,104
Total Current Assets 394,759 630,002
Non-Current Assets
Plant and equipment 10 158,644 967,138
Exploration and evaluation expenditure 11 18,349,689 18,400,482
Total Non-Current Assets 18,508,333 19,367,620
TOTAL ASSETS 18,903,092 19,997,622
LIABILITIES
Current Liabilities
Trade and other payables 12 1,679,697 1,095,442
Interest bearing liabilities 13 3,627,710 335,000
Total Current Liabilities 5,307,407 1,430,442
Non-Current Liabilities
Interest bearing liabilities 13 - 1,744,980
Total Non-Current Liabilities - 1,744,980
TOTAL LIABILITIES 5,307,407 3,175,422
NET ASSETS 13,595,685 16,822,200
EQUITY
Issued capital 14 20,785,216 20,328,656
Reserves 15 2,120,861 1,900,006
Accumulated losses (7,774,739) (4,197,258)
Parent interest 15,131,338 18,031,404
Non-controlling interest (1,535,653) (1,209,184)
TOTAL EQUITY 13,595,685 16,822,220
The above consolidated statement of financial position is to be read in
conjunction with the accompanying notes.
Consolidated Statement of Cash Flows
For the year ended 30 June 2014
Note 2014 2013
A$ A$
Cash flows from operating activities
Payments to suppliers and employees (1,416,595) (1,992,762)
Interest received 2,888 26,188
Net cash flows used in operating activities 23 (1,413,707) (1,966,574)
Cash flows from investing activities
Payments for exploration and evaluation (513,917) (5,060,713)
expenditure
Acquisition of subsidiary - cash acquired 26 - 358,689
Purchase of plant and equipment 112,333 (466,861)
Net cash flows used in investing activities (401,584) (5,168,885)
Cash flows from financing activities
Proceeds from issue of shares and options - 2,308,664
Payment of share issue costs - (126,019)
Repayment of borrowings (300,000) -
Proceeds from borrowings 1,847,730 2,079,980
Net cash flows from financing activities 1,547,730 4,262,625
Net decrease in cash and cash equivalents (267,561) (2,872,834)
Cash and cash equivalents at beginning of 329,346 3,254,072
year
Effects of exchange rate changes on the - (51,892)
balance of cash held in foreign currencies
Cash and cash equivalents at end of year 7 61,785 329,346
The above consolidated statement of cash flows is to be read in conjunction
with the accompanying notes.
Consolidated Statement of Changes in Equity
For the year ended 30 June 2014
Issued Accumulated Option Foreign Non- Total
Capital Losses Reserve currency controlling
translation interest
reserve
$ $ $ $ $ $
Balance at 1 15,596,011 (1,521,875) 1,108,688 - - 15,182,824
July 2012
Loss for the - (2,675,383) - - (224,883) (2,900,266)
year
Other - - - 738,762 (24,367) 714,395
comprehensive
income
Total - (2,675,383) - 738,762 (249,250) (2,185,871)
Comprehensive
Income
Transaction with
owner, directly
recorded in
equity:
Issue of shares 4,858,664 - - - - 4,858,664
Issue of options - - 52,556 - - 52,556
Share issue (126,019) - - - - (126,019)
costs
Recognition of - - - - (959,934) (959,934)
non-controlling
interests at
acquisition
Balance at 30 20,328,656 (4,197,258) 1,161,244 738,762 (1,209,184) 16,822,220
June 2013
Balance at 1 20,328,656 (4,197,258) 1,161,244 738,762 (1,209,184) 16,822,220
July 2013
Loss for the - (3,577,481) - - (374,402) (3,951,883)
year
Other - - - (175,714) 47,933 (127,781)
comprehensive
income
Total - (3,577,481) - (175,714) (326,469) (4,079,664)
Comprehensive
Income
Transaction with
owner, directly
recorded in
equity:
Issue of shares 456,560 - - - - 456,560
Issue of options - - 396,569 - - 396,569
Balance at 30 20,785,216 (7,774,739) 1,557,813 563,048 (1,535,653) 13,595,685
June 2014
The consolidated statement of changes in equity is to be read in conjunction
with the accompanying notes.
Yours faithfully
Peter Landau
Executive Director
For further information please visit www.blackmountainresources.com.au or
contact:
Black Mountain Resources Limited Nominated Advisor
Peter Landau RFC Ambrian Limited
Executive Director Oliver Morse and Trinity McIntyre
T: +61 (8) 9488 5220 T: +61 (8) 9480 2500
Media (Australia) Media (UK)
PPR St Brides Media & Finance Limited
David Tasker Elisabeth Cowell
T: +61 (8) 9388 0944 T: +44 (0) 207 236 1177
Joint Broker (UK) Joint Broker (UK)
Westhouse Securities Limited Hume Capital Securities plc
Martin Davison Jon Belliss
T: +44 (0) 207 601 6100 T: +44 (0) 203 693 1493
About Black Mountain Resources Limited
Black Mountain Resources Limited is a dual listed (ASX | AIM: BMZ) silver and
gold focused development company focussed on the advancement of three highly
prospective previously operating assets located in two of the world's most
developed and proven silver and gold mining regions of Idaho and Montana, USA.
The Company holds a 70% interest in the New Departure Silver Project, the
Conjecture Silver Project and the Tabor Gold and Silver Project pursuant to 45
year leases from Chester Mining Company, Lucky Friday Extension Mining Company
and Brush Prairie Minerals respectively. Black Mountain plans to implement low
cost production and development programmes across all three assets. It is also
implementing exploration programmes to capitalise on the exploration upside
potential apparent across its portfolio.
Black Mountain Resources Limited was incorporated on 29 October 2010 and is
listed on the Australian Securities Exchange (ASX) and London's AIM Market -
trading codes BMZ and BMZO.
Forward Looking Statement
Certain statements made during or in connection with this communication,
including, without limitation, those concerning the economic outlook for the
silver market, expectations regarding silver ore prices, production, cash costs
and other operating results growth prospects and the outlook of the Company's
operations including the likely commencement of commercial operations of the
New Departure and Conjecture Silver Projects, its liquidity and the capital
resources and expenditure, contain or comprise certain forward-looking
statements regarding the Company's development and exploration operations
economic performance and financial condition. Although the Company believes
that the expectations reflected in such forward-looking statements are
reasonable, no assurance can be given that such expectations will prove to have
been correct. Accordingly, results could differ materially from those set out
in the forward-looking statements as a result of, among other factors, changes
in economic and market conditions, success of business and operating
initiatives, changes in the regulatory environment and other government
actions, fluctuations in silver ore prices and exchange rates and business and
operational risk management. For a discussion of such factors refer to the
Company's most recent annual report and half year report. The Company
undertakes no obligation to update publicly or release any revisions to these
forward-looking statements to reflect events or circumstances after today's
date or to reflect the occurrence of unanticipated events.BLACK MOUNTAIN RESOURCES : Annual Financial Report for the Year Ended 30 June 2014
October 01, 2014 at 02:01 am EDT
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