Mining exploration entity quarterly report
Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001, 01/06/10.
Rule 5.3
Name of entity
GINDALBIE METALS LTD
ABN Quarter ended ("current quarter")
24 060 857 614 31 March 2012
Consolidated statement of cash flows (see note 5)Cash flows related to operating activities | Current quarter $A'000 | Year to date (9 months) $A'000 | |||
1.1 | Receipts from product sales and related debtors | - | - | ||
1.2 | Payments for (a) exploration & evaluation (b) development (c) production (d) administration | -2,300 - - -1,312 | -13,444 - - -5,733 | ||
1.3 | Dividends received | - | - | ||
1.4 | Interest and other items of a similar nature received | 3,323 | 9,007 | ||
1.5 | Interest and other costs of finance paid | - | - | ||
1.6 | Income taxes paid | - | - | ||
1.7 1.8 | Management fee & labour recovery income Other income | - - | - - | ||
Net Operating Cash Flows | -289 | -10,170 | |||
Cash flows related to investing activities | |||||
1.9 | Payment for purchases of: (a) prospects (b) equity investments (c) other fixed assets | - -220,000 -37 | - -300,000 -58 | ||
1.10 | Proceeds from sale of: (a) prospects (b) equity investments (c) other fixed assets | - - - | - - - | ||
1.11 | Loans to other entities | - | - | ||
1.12 | Loans repaid by other entities | - | - | ||
1.13 | Payment of joint venture subscription | - | - | ||
Net investing cash flows | -220,037 | -300,058 | |||
1.14 | Total operating and investing cash flows (carried forward) | -220,326 | -310,228 |
+ See chapter 19 for defined terms.
30/9/2001 Appendix 5B Page 1
Appendix 5B Mining exploration entity quarterly report1.15 | Total operating and investing cash flows (brought forward) | -220,326 | -310,228 |
Cash flows related to financing activities | |||
1.16 | Proceeds from issues of shares, options, etc. | - | 208,954 |
1.17 | Proceeds from sale of forfeited shares | - | - |
1.18 | Proceeds from borrowings | - | - |
1.19 | Repayment of borrowings | - | - |
1.20 | Dividends paid | - | - |
1.21 1.22 | Capital raising costs Payments for cash backing of performance bonds | -55 - | -4,081 - |
Net financing cash flows | -55 | 204,873 | |
Net increase (decrease) in cash held | -220,381 | -105,355 | |
1.23 | Cash at beginning of quarter/year to date | 264,361 | 149,335 |
1.24 | Exchange rate adjustments to item 1.23 | - | - |
1.25 | Cash at end of quarter | 43,980 | 43,980 |
Current quarter
$A'000
1.26 Aggregate amount of payments to the parties included in item 1.2 387
1.27 Aggregate amount of loans to the parties included in item 1.11 -
1.28 Explanation necessary for an understanding of the transactions
Directors remuneration 387
Non-cash financing and investing activities2.1 Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows
2.2 Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest
+ See chapter 19 for defined terms.
Appendix 5B Page 2 30/9/2001
Appendix 5B Mining exploration entity quarterly report Financing facilities available (see note 5)Add notes as necessary for an understanding of the position.
3.1 Loan facilities
3.2 Credit standby arrangements
Gindalbie Metals Limited has no existing credit facilities. Prior to the change in accounting policy noted below, the company previously reported it's proportional share of credit facilities held by jointly controlled entities (i.e. Karara Mining Ltd).
Estimated cash outflows for next quarter (see note 5)$A'000 | ||
4.1 | Exploration and evaluation | 2,648 |
4.2 | Development | - |
4.3 | Production | - |
4.4 | Administration | 1,883 |
Total | 4,531 |
Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows. | Current quarter $A'000 | Previous quarter $A'000 | |||
5.1 | Cash on hand and at bank | 4,017 | 4,391 | ||
5.2 | Deposits at call | 39,963 | 259,970 | ||
5.3 | Bank overdraft | - | - | ||
5.4 | Other (provide details) | - | - | ||
Total: cash at end of quarter (item 1.25) | 43,980 | 264,361 |
+ See chapter 19 for defined terms.
30/9/2001 Appendix 5B Page 3
Appendix 5B Mining exploration entity quarterly report Changes in interests in mining tenements6.1 Interests in mining tenements relinquished, reduced or lapsed
6.2 Interests in mining tenements acquired or increased
Issued and quoted securities at end of current quarterDescription includes rate of interest and any redemption or conversion rights together with prices and dates.
7.5 +Convertible debt securities (description)
+ See chapter 19 for defined terms.
Appendix 5B Page 4 30/9/2001
Appendix 5B Mining exploration entity quarterly report7.6 Changes during quarter
(a) Increases through issues (b) Decreases through securities matured, converted
7.12 Unsecured notes (totals only)
+ See chapter 19 for defined terms.
30/9/2001 Appendix 5B Page 5
Appendix 5B Mining exploration entity quarterly report Compliance statement
1 This statement has been prepared under accounting policies
which comply with accounting standards as defined in the
Corporations Act or other standards acceptable to ASX
(see note 4).
2 This statement does give a true and fair view of the
matters disclosed.
Sign here: ......
...................................................... Date:
13 April, 2012 (Director)
Print name: Tim Netscher
1 The quarterly report provides a basis for informing the
market how the entity's activities have been financed for the
past quarter and the effect on its cash position. An entity
wanting to disclose additional information is encouraged to
do so, in a note or notes attached to this report.
2 The "Nature of interest" (items 6.1 and 6.2) includes
options in respect of interests in mining tenements acquired,
exercised or lapsed during the reporting period. If the
entity is involved in a joint venture agreement and there are
conditions precedent which will change its percentage
interest in a mining tenement, it should disclose the change
of percentage interest and conditions precedent in the list
required for items
6.1 and 6.2.
3 Issued and quoted securities The issue price and amount
paid up is not required in items 7.1 and 7.3 for fully paid
securities.
4 The definitions in, and provisions of, AASB 1022:
Accounting for Extractive
Industries and AASB 1026: Statement of Cash Flows apply to this report.
+ See chapter 19 for defined terms.
Appendix 5B Page 6 30/9/2001
Appendix 5B Mining exploration entity quarterly report5 Change in accounting policies
Accounting for investments in jointly controlled entities
Gindalbie Metals Limited has early adopted AASB 11 Joint
Arrangements in accounting for investments in jointly
controlled entities. AASB 11 introduces a new joint control
model and removes the option to proportionally consolidate,
which was the accounting policy previously adopted by the
company. The change in the accounting policy was made to
provide more relevant information to users and was done in
accordance with AASB 11 transitional provisions.
A joint venture is a joint arrangement whereby the parties
that have joint control of the arrangement have rights to the
net assets of the arrangements. A joint venturer recognises
its interest in a joint venture as an investment and accounts
for that investment using the equity method.
This change in accounting policy was applied retrospectively
from 1 July 2011, and has had an impact on the statement of
cash flow as follows :-