MANTLE MINERALS LIMITED Caeneus Minerals Ltd
ABN 42 082 593 235and its controlled entities
Half year report for the half-year ended 31 December 2015
Board of Directors
Mr Steven Elliott Managing Director
Mr Keith Bowker Non-Executive Director
Mr Michael Nottas Non-Executive Director
Company Secretary
Mr Keith Bowker
Registered Office and Principal Place of Business
Suite 1, 56 Kings Park Road
West Perth, Western Australia 6005 Tel: +61 8 9481 0544
Fax: +61 8 9481 0655
Postal Address
PO Box 964
West Perth, Western Australia 6872
Website
www.caeneus.com.au
Auditors
Stantons International Level 2, 1 Walker Avenue
West Perth, Western Australia 6005
Share Registry
Advanced Share Registry Ltd 110 Stirling Highway
Nedlands, Western Australia 6009 Tel: +61 8 9389 8033
Fax: +61 8 9262 3723
Stock Exchange
Australian Securities Exchange Level 40, Central Park
152- 158 St Georges Terrace Perth, Western Australia 6000
ASX Code
CAD
Half year report for the half-year ended 31 December 2015
Directorsí reportÖÖÖÖÖÖÖÖÖÖÖÖÖÖÖÖÖÖ..ÖÖÖÖÖÖÖÖÖÖÖÖÖÖÖÖÖÖÖÖÖÖÖÖ 1
Auditorís independence declarationÖÖÖÖÖÖÖÖÖÖÖÖÖÖÖÖÖÖÖÖÖÖÖÖÖ..ÖÖÖÖÖ.. 3 Independent auditorís review reportÖÖÖÖÖÖÖÖÖÖÖÖÖÖÖ.ÖÖÖÖÖÖÖÖÖÖÖÖÖÖÖ. 4 Directorsí declarationÖÖÖÖÖÖÖÖÖÖÖÖÖÖÖÖÖÖÖÖÖÖÖÖÖÖÖÖÖÖÖÖÖÖÖÖÖÖÖ.. 6 Consolidated statement of profit or loss and other comprehensive incomeÖÖÖÖÖÖÖÖÖ 7 Consolidated statement of financial positionÖÖÖÖÖÖÖÖÖÖÖÖÖÖÖÖÖÖÖÖÖÖÖÖÖ 8
Consolidated statement of changes in equityÖÖÖÖÖÖÖÖÖÖ.ÖÖÖÖÖÖÖÖÖÖÖÖÖÖÖ.. 9 Consolidated statement of cash flowsÖÖÖÖÖÖÖÖÖÖÖÖÖÖÖÖÖÖÖÖÖÖÖÖÖÖÖÖÖÖ. 10 Condensed notes to the consolidated financial statementsÖ.ÖÖÖÖÖÖÖÖÖÖÖÖÖÖÖÖÖ 11
The directors of Caeneus Minerals Ltd (ìCaeneusî or ìthe Companyî) submit herewith the financial report of Caeneus Minerals Ltd and its subsidiaries (ìthe Groupî) for the half-year ended 31 December 2015. In order to comply with the provisions of the Corporations Act 2001, the directors report as follows:
Names of Directors
The names of the directors of the Company during or since the end of the half-year are:
Mr Steven Elliott Mr Keith Bowker Mr Michael Nottas Mr Antony Sage
The above named directors held office during and since the end of the half-year except for: Mr Steven Elliott ñ appointed 18 January 2016
Mr Antony Sage ñ resigned 18 January 2016
Review of operations
The consolidated loss of the Group for the half-year ended 31 December 2015 amounted to $676,903 (31 December 2014: $221,468).
On 11 September 2015, the Company terminated the binding agreement with Poseidon Nickel Limited (ASX: POS) in relation to the Companyís acquisition of contractual rights to mine the Silver Swan underground nickel mine. The Company issued 100,000,000 fully paid ordinary shares at a deemed issue price of $0.003 under a Deed of Release for Settlement Consideration to the value of $300,000.
The Company also raised $150,000 via the issue of 150,000 convertible notes at $1.00 each. The convertible notes were subsequently converted into 75,000,000 fully paid ordinary shares at $0.002 each.
During the half-year ended 31 December 2015, Caeneus completed the acquisition of 100% of the issued shares of private company Port Exploration Pty Ltd (ìPort Explorationî) following shareholder approval at the Companyís Annual General Meeting. The Company issued 750,000,000 fully paid ordinary shares at a deemed issue price of $0.001 each with a 1 for 2 unlisted options exercisable at $0.003 on or before 31 December 2020 as consideration payable to the Port Exploration vendors. Port Exploration has a joint venture agreement with ASX listed Segue Resources Limited to acquire the prospective Pardoo Nickel Project in Western Australia.
During the half-year ended 31 December 2015, the Company raised a total of $701,829 via two (2) placements to sophisticated investors. The first placement raised $101,829 via the issue of 50,914,618 fully paid ordinary shares at $0.002 each together with a 1 for 2 free attaching unlisted options exercisable at $0.003 on or before 31 December 2020. The second placement (as approved by shareholders at the 2015 Annual General Meeting) raised $600,000 via the issue of 300,000,000 fully paid ordinary shares at $0.002 each with a 1 for 2 free attaching unlisted options exercisable at $0.003 on or before 31 December 2020.
Caeneus also relinquished all of its eight (8) tenements which formed the Mt Davis Project located near Leonora in Western Australia. The relinquishment of these tenements was part of the Companyís ongoing strategy of rationalising less prospective non-core assets to help reduce costs and accelerate further exploration of the Companyís core assets such as the Supernova Project and the newly acquired Pardoo Nickel Project.
Active exploration programs are planned at the Pardoo Nickel Project and the Supernova Project, located within the Albany-Fraser Mobile Belt in Western Australia.
Auditorís independence declaration
The auditorís independence declaration is included on page 3 of the half-year report.
Signed in accordance with a resolution of directors made pursuant to s.306(3) of the Corporations Act 2001.
On behalf of the directors
Mr Keith Bowker
Non-Executive Director
15 March 2016
Perth, Western Australia
Stantons International Audit and Consulting Pty Ltd trading as
Stantons InternationalPO Box 1908
West Perth WA 6872
Australia
Chartered Accountant s and Consultants Level 2, l Walker Avenue West Perth WA 6005
Australia
Tel:+61 8 9481 3188
Fax: +61 8 9321 1204
ABN : 84 144 581 5 19
www .stantons .com.au
15 March 2016 Board of Directors
Caeneus Minerals Limited Suite 1 Ground Floor,
56 Kings Park Road,
WEST PERTH WA 6005
Dear Directors
RE: CAENEUS MINERALS LIMITED
In accordance with section 307C of the Corporations Act 2001, I am pleased to provide the following declaration of independence to the directors of Caeneus Minerals Limited.
As Audit Director for the review of the financial statements of Caeneus Minerals Limited for the six months ended 31 December 2015, I declare that to the best of my knowledge and belief, there have been no contraventions of:
the auditor independence requirements of the Corporations Act 2001 in relation to the review; and
any applicable code of professional conduct in relation to the review.
Yours faithfully
STANTONS INTERNATIONAL AUDIT AND CONSULTING PTY LTD
(Trading as Stantons International) (An Authorised Audit Company)
Samir R Tirodkar Director
Liability limited by a scheme approved under Professional Standards Legislation
Member of Russell Bedford International
Stantons International Audit and Consulting Pty Ltd trading as
Stantons International
PO Box 1908
West Perth WA 6872
Australia
Chartered Accountants and Consultants Level 2, l Walker Avenue West Perth WA 6005
Australia
Tel:+61 8 9481 3188
Fax: +61 8 9321 1204
ABN: 84 144 581 519
www .stantons.com.au
INDEPENDENT AUDITOR'S REVIEW REPORT TO THE MEMBERS OF
CAENEUS MINERALS LIMITED
Report on the Half-Year Financial Report
We have reviewed the accompanying half-year financial report of Caeneus Minerals Limited, which comprises the consolidated statement of financial position as at 31 December 2015, the consolidated statement of profit or loss and other comprehensive income, consolidated statement of changes in equity, and consolidated statement of cash flows for the half-year ended on that date, condensed notes comprising a summary of significant accounting policies and other explanatory information, and the directors' declaration for Caeneus Minerals Limited (the consolidated entity) . The consolidated entity comprises both Caeneus Minerals Limited (the Company) and the entity it controlled during the half year.
Directors ' Responsibility for the Half-Year Financial Report
The directors of Caeneus Minerals Limited are responsible for the preparation of the half-year financial report that gives a true and fair view in accordance with Australian Accounting Standards (including the Australian Accounting Interpretations) and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of the half-year financial report that is free from material misstatement, whether due to fraud or error.
Auditor 's Responsibility
Our responsibility is to express a conclusion on the half-year financial report based on our review. We conducted our review in accordance with Auditing Standard on Review Engagements ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity, in order to state whether, on the basis of the procedures described , we have become aware of any matter that makes us believe that the half year financial report is not in accordance with the Corporations Act 2001 including: giving a true and fair view of the consolidated entity's financial position as at 31 December 2015 and its performance for the half-year ended on that date; and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001. As the auditor of Caeneus Minerals Limited, ASRE 2410 requires that we comply with the ethical requirements relevant to the audit of the annual financial report.
A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than ari audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly , we do not express an audit opinion.
Whilst we considered the effectiveness of management's internal controls over financial reporting when determining the nature and extent of our procedures, our review was not designed to provide assurance on internal controls.
Our review did not involve an analysis of the prudence of business decisions made by the directors or management.
Liability limited by a scheme approved under Professional Standards Legislation
Member of Russell Bedford International
Stantons International
Independence
In conducting our review, we have complied with the independence requirements of the Corporations Act 2001. We confirm that the independence declaration required by the Corporations Act 2001, has been provided to the directors of Caeneus Minerals Limited on 15 March 2016 .
Conclusion
Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the half-year financial report of Caeneus Minerals Limited is not in accordance with the Corporations Act 2001 including:
giving a true and fair view of the consolidated entity's financial position as at 31 December 2015 and of its performance for the half-year ended on that date; and
complying with Accounting Standards AASB 134 Interim Financial Reporting and Corporations Regulations 2001.
Inherent Uncertainty Regarding Going Concern and Carrying Value of Capitalised Exploration Costs
Without qualification to the review conclusion expressed, attention is drawn to the following matters.
As referred to in note 1 to the interim financial report, the half year report has been prepared on a going concern basis. At 31 December 2015 the group had net assets of $1,347 ,281, cash and cash equivalents of $177,173 and net working capital of $152,828. The group had incurred a loss of
$676,903 for the period ended 31 December 2015 .
The ability of the group to continue as a going concern and meet its planned exploration, administration, and other commitments is dependent upon the group raising further working capital, and/or commencing profitable operations . In the event that the group cannot raise further equity, the group may not be able to meet its liabilities as they fall due.
The recoverability of the group's carrying value of capitalised exploration assets of $1, 194,453 as at 31 December 2015 is dependent on the successful commercial exploitation of the assets and/or sale of the assets at amounts equal to or in excess of the book values. In the event that the group is not successful in the commercial exploitation and/or sale of the exploration assets, the realisable value of the consolidated entity's exploration assets may be significantly less than its current carrying values.
STANTONS INTERNATIONAL AUDIT AND CONSULTING PTY LTD
(Trading as Stantons International) (An Authorised Audit Company)
-5"
Samir Tirodkar Director
West Perth, Western Australia 15 March 2016
Directorsí declarationThe directors declare that:
in the directorsí 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; and
in the directorsí opinion, the attached financial statements and notes thereto are in accordance with the Corporations Act 2001, including compliance with accounting standard AASB 134 ëInterim Financial Reportingí and giving a true and fair view of the financial position and performance of the Group for the period ended 31 December 2015.
Signed in accordance with a resolution of the directors made pursuant to s.303(5) of the Corporations Act 2001.
On behalf of the directors
Mr Keith Bowker
Non-Executive Director
15 March 2016
Perth, Western Australia
Consolidated statement of profit or loss and other comprehensive income for the half-year ended 31 December 2015Consolidated
Half-year ended
Continuing operations
Note
31 Dec 2015
$
31 Dec 2014
$
351 | 53,163 |
(367,272) | (37,662) |
(242,714) | (174,073) |
(49,466) | (62,896) |
(17,802) | - |
(676,903) | (221,468) |
- | - |
(676,903) | (221,468) |
- | - |
- | - |
- | - |
(676,903) | (221,468) |
(676,903) | (221,468) |
(676,903) | (221,468) |
(0.08) | (0.04) |
Other income 3
Administration costs Consultants costs Compliance costs
Impairment expenses 5
Loss before income tax
Income tax expense
Loss for the period
Other comprehensive income, net of income tax
Items that will not be reclassified subsequently to profit or loss Items that may be reclassified subsequently to profit or loss Other comprehensive income for the period, net of income tax Total comprehensive loss for the period
Loss attributable to:
Owners of Caeneus Minerals Ltd
Total comprehensive loss attributable to:
Owners of Caeneus Minerals Ltd
Loss per share:
Basic and diluted (cents per share)
Condensed notes to the consolidated financial statements are included on pages 11 to 18.
Consolidated statement of financial position as at 31 December 2015Consolidated
31 Dec 2015
30 Jun 2015
Current assets
Cash and cash equivalents
Note
$ $
177,173 | 4,576 |
172,992 | 44,565 |
350,165 | 49,141 |
1,194,453 | - |
1,194,453 | - |
1,544,618 | 49,141 |
197,337 | 234,230 |
197,337 | 234,230 |
197,337 | 234,230 |
1,347,281 | (185,089) |
75,219,254 | 73,348,924 |
339,943 | 1,000 |
(74,211,916) | (73,535,013) |
1,347,281 | (185,089) |
Trade and other receivables 4
Total current assets
Non-current assets
Exploration and evaluation expenditure 5
Total non-current assets Total assets
Current liabilities
Trade and other payables Total current liabilities Total liabilities
Net assets/(liabilities)
Equity
Issued capital 6
Reserves 8
Accumulated losses
Total equity/(deficiency)
Condensed notes to the consolidated financial statements are included on pages 11 to 18.
Caeneus Minerals Ltd
Consolidated
Issued
Capital Reserves
Accumulated
losses Total
$ $ $ $
Balance at 1 July 2014 73,096,424 1,000 (72,112,296) 985,128
Loss for the period - - (221,468) (221,468) Other comprehensive income, net of income tax - - - - Total comprehensive loss for the period - - (221,468) (221,468) Issue of ordinary shares 50,000 - - 50,000
Balance at 31 December 2014 73,146,424 1,000 (72,333,764) 813,660
73,348,924 | 1,000 | (73,535,013) | (185,089) |
- | - | (676,903) | (676,903) |
- | - | - | - |
- | - | (676,903) | (676,903) |
868,130 | - | - | 868,130 |
750,000 | 338,943 | - | 1,088,943 |
300,000 | - | - | 300,000 |
(47,800) | - | - | (47,800) |
75,219,254 | 339,943 | (74,211,916) | 1,347,281 |
Balance at 1 July 2015
Loss for the period
Other comprehensive income, net of income tax
Total comprehensive loss for the period
Issue of ordinary shares
Issue of ordinary shares and options related to subsidiary acquired (note 7)
Issue of shares in settlement of claims by Poseidon Nickel Ltd Share issue costs
Balance at 31 December 2015
Condensed notes to the consolidated financial statements are included on pages 11 to 18.
- 9 -
Caeneus Minerals Ltd. issued this content on 15 March 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 13 April 2016 10:29:18 UTC
Original Document: http://www.gtp.com.au/matrixmetals/inewsfiles/2015-CAD_Half_Year-FINAL.pdf
