MINOTAUR ABN 35 108 483 601
Interim Financial Report
for the Half Year Ended 31 December 2015
Corporate Directory 3
Directors' Report 4
Auditor's Independence Declaration 7
Interim consolidated statement of profit or loss and other comprehensive income 8
Interim consolidated statement of financial position 9
Interim consolidated statement of changes in equity 10
Interim consolidated statement of cash flows 12
Notes to the Financial Statements:
Nature of operations 13
General information and basis of preparation 13
Significant accounting policies 13
Estimates 13
Significant events and transactions 14
Operating segments 14
Held-for-sale assets 14
Available-for-sale investments 15
Exploration and evaluation assets 15
Trade and other payables 16
Issued capital 16
Other components of equity 16
Non-controlling interest 17
Disposal of foreign subsidiary 18
Fair value measurement of financial instruments 18
Contingent assets and liabilities 19
Controlled entities 20
Post-reporting date events 20
Directors' Declaration 21
Independent Auditor's Report 22
Corporate DirectoryMr Derek Carter Chairman Mr Donald Stephens Mr Andrew Woskett Managing Director
Dr Antonio Belperio Executive Director
Mr Richard Bonython Non-Executive Director (Resigned 25 November 2015)
C/- HLB Mann Judd (SA) Pty Ltd Level 1, 8 Beulah Road
169 Fullarton Road Norwood SA 5067
Dulwich SA 5065
Computershare Investor Services Pty Ltd O'Loughlins Lawyers
Level 5, 115 Grenfell Street Level 2, 99 Frome Street
Adelaide SA 5000 Adelaide SA 5000
National Australia Bank Grant Thornton Audit Pty Ltd
22-28 King William Street Level 1, 67 Greenhill Road
Adelaide SA 5000 Wayville SA 5034
ACN: 108 483 601 ASX Code: MEP
www.minotaurexploration.com.au
Directors' ReportThe directors of Minotaur Exploration Ltd ('Minotaur') present their Report together with the financial statements of the consolidated entity, being Minotaur Exploration Ltd ('the Company') and its controlled entities ('the Group') for the half year ended 31 December 2015 and the Independent Review Report thereon.
The following persons were directors of Minotaur during or since the end of the half year. Dr Antonio Belperio, Executive Director
Mr Richard Bonython, Non-Executive Director (Resigned 25 November 2015)
Mr Derek Carter, Chairman
Mr Andrew Woskett, Managing Director
Corporate
The Company was able to smoothly manage a restructure of the Top 5 shareholders with the exit of Norilsk Nickel (#1) and Golden Fields Resources (GFR, #4) simultaneously with the introduction of Sprott Group Inc of North America as the new #1 shareholder. Those changes positioned Sprott and others as participants in a private placement and entitlement issue which raised $2.3 million through the final quarter of 2015.
As a result Minotaur held $4.9 million in cash and term deposits at the end of December 2015 and is well placed to maintain a reasonable activity level, with joint venture contributions through the remainder of the 2016 financial year expected to total at least $1 million. The Company's objective is to end calendar 2016 with at least $2.5 million cash on hand, having regard to the undeniably difficult conditions prevailing in the resources sector as we move in to 2016. Tenement reductions, to reduce holding expenses, are being implemented as renewal dates arise, where ground is not considered core and where the recovery of past exploration investment is considered unlikely.
Project Development
Industrial Minerals Project
Characterisation test work on Poochera kaolin samples continued, focused on high halloysite kaolin for ceramic proppants and other strengthening filler applications. Historic data for the Lake Purdilla gypsum project was recompiled and selectively validated in the field. A maiden JORC estimate will be published in early 2016 giving support to the concept of an adjacent multi commodity port solution, lending impetus to its simultaneous development.
Exploration
Activity focused mainly on copper-gold prospects in Queensland and South Australia, with significant reductions made in expenditure on West Australian nickel prospects in recognition of the 50% collapse in the nickel metal price.
Copper-gold projects in the Cloncurry region, north-west Queensland, continued to be assessed for discovery potential. At the JOGMEC joint venture (MEP 42% and diluting) four geophysical targets generated from earlier surveys were drill tested. While low grade values were reported those targets do not present as sufficiently interesting and new geophysical surveys may be conducted in 2016.
Minotaur Exploration Ltd. issued this content on 09 March 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 09 March 2016 01:47:08 UTC
Original Document: http://www.minotaurexploration.com.au/sites/default/files/documents/Half Year Financial Report[1].pdf
