Beacon Minerals Limited (BCN) 2018年年度報告「ASX」.pdf

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1、RECTORY/CONTENTSONTENTSPAGEDIRECTORY/CONTENTSPAGE 2018ANNUALREPORT 2012ANNUALREPORT CORPORATEDIRECTORY/CONTENTSPAGE BEACONMINERALSLIMITED2018ANNUALREPORT2CORPORATEDIRECTORYBOARDOFDIRECTORSGeoffreyGreenhillExecutiveChairmanGrahamMcGarryManagingDirectorSarahShipwayNonExecutiveDirectorCOMPANYSECRETARYS

2、arahShipwayKALGOORLIEOFFICE144VivianStreetBOULDERWA6432T:0890932477REGISTEREDOFFICELevel1,115CambridgeStreetWESTLEEDERVILLEWA6007T:0893226600F:0893226610E:.auW:.auSECURITIESEXCHANGECODESBCNOrdinarySharesBCNOBListedOptionsSHAREREGISTRYSecurityTransferRegistrars770CanningHighwayAPPLECROSSWA6153P:08621

3、73224F:0893152233AUDITORSWilliamBuckAudit(WA)PtyLtdCONTENTSPAGEChairmansLetter3ReviewofOperations4DirectorsReport15StatementofProfitorLossandOtherComprehensiveIncome22StatementofFinancialPosition23StatementofChangesinEquity24StatementofCashflows25NotestotheFinancialStatements26DirectorsDeclaration47

4、AuditorsIndependenceDeclaration48IndependentAuditorsReport49MineralResourcesandOreReservesStatement54ShareholderInformation55MineralTenementInformation57CHAIRMANSLETTER BEACONMINERALSLIMITED2018ANNUALREPORT3DearFellowShareholdersOnbehalfoftheBoardofDirectors,IampleasedtopresentBeaconMineralsLimiteds

5、AnnualReportforthefinancialyearended30June2018ayearwheretheCompanyhasmadeenormousprogress.TheJaurdiGoldProjecthasachievedseveralsignificantmilestonesinaveryshortperiodoftime,includingtheprefeasibilitystudyandvariousminingapprovals.TheCompanyisworkingtowardsgoldproductioninQ12019.The PreFeasibility S

6、tudy confirmed the Jaurdi Gold Project to be a technically and economically viableprojectwithconsiderableupside.We are well positioned to bring the Jaurdi Gold Project into production with the Company seekingshareholderapprovalfortheissueof$18mindebenturesatashareholdergeneralmeetinginOctober2018.We

7、continuetoworkdiligentlyinthisnewandexcitinggoldenvironmentandwewillcontinuetoexplorethe“highpriority”explorationtargetsthathavebeenidentifiedfromprevioushighlevelexplorationactivities.BeaconssuccessisaresultoftheoutstandingteamofindividualsworkingwiththeCompany,Iwouldliketosincerelythankallouremplo

8、yeesfortheircontributionandtothissuccessandofcourse,ourinvestorsandshareholdersfortheircontinuedsupport.OurcommitmenttocreatingvaluetoshareholdersisfirmandIlookforwardtosharingfurthersuccesswithyouallinthecomingyear.GeoffreyGreenhillExecutiveChairmanREVIEWOFOPERATIONS BEACONMINERALSLIMITED2018ANNUAL

9、REPORT4BeaconMineralsLimited(ASX:BCN)(BeaconorCompany)ispleasedtopresentitsreviewofoperationsfortheyearended30June2018.HIGHLIGHTS PreFeasibilityStudyResultsfortheJaurdiGoldProject(Subsequenttotheyearend)o PreFeasibilitystudyresultsconfirmJaurdiGoldProjecttobeatechnicallyandeconomicallyviableprojecta

10、ta500,000tpaprocessingcapacity;o Processinganestimated2.5Mt1.9g/t(148koz)2willdeliver126kozofrecoveredgold.o Preproductioncapitalcostof$21.4M;o Preproductionpaybackperiod11months;o OreReservesprovideaminelifeof5yearswhichislikelytoincreasewiththeinclusionoftheBlackCatResourcesandexplorationupside;o

11、ForecastLifeofMine(LOM)revenue$208.5Mandsurplusoperatingcashflowof$98.4Mat$1,650/oz.goldprice1;o Developmentofoneshallow,lowstripratioopenpitprovidesalowminingcostwithanextremelylowprestrippingcost;o LOMoperatingcashcost(C1)ofA$830/oz3;o LOMAllInSustainingCost(AISC)ofA$870/oz4;o NPVA$70.49M(beforeta

12、x);o IRRof75%(beforetax);o CarriedforwardAustraliantaxlossesofapproximately$17Muptoandincluding30June2017.TenementUpdateo DuringtheyeartheCompanycontinuedtoconsolidateitstenementholdinginrelationtotheJaurdiGoldProject.ApprovalsUpdateo ApprovalsReceivedforBeaconsJaurdiGoldProjectpavethewayforplannedm

13、oblisationandminingacitivitiescommencingQ32018 Corporateo NonRenounceableEntitlementIssuecompletedo$18mDebenturestobeIssuedtobringJaurdiGoldProjectintoProduction(subsequenttoyearend)1Basedonproductionof148,000ozat$US1,200goldprice,A$/US$exchangerateof$0.73.AllamountsinA$unlessotherwisestated.2100%of

14、thematerialinthemineplanisclassifiedasanOreReserve.3C1operatingcostsincludeallmining,processingcostsandroyalties.4AISCincludesC1costsplusrefiningandsustainingcapital.*Differencesmayoccurduetorounding.REVIEWOFOPERATIONS BEACONMINERALSLIMITED2018ANNUALREPORT5PREFEASIBILITYSTUDYRESULTSFORTHEJAURDIGOLDP

15、ROJECT*SubsequenttotheyearendtheCompanywaspleasedtoannouncethecompletionofitsPFSfortheJaurdiGoldProject.ThePFSdemonstratedaneconomicallyandtechnicallyviableprojectwithconsiderableupside.Thekeyfinancialparametersaretabledbelow:KeyFinancialParameter*A$1,650ozNPV(A$M)$70.49mRevenue(A$M)1$208.5mOperatin

16、gCosts(A$M)$89.5mRoyalties$15.5mCashflow(A$M)$98.4mInitialCapitalCosts(A$M)$21.4mSustainingCapitalCosts(A$M)$5.0mEBITD(A$M)$103.5mC1CashCost(A$oz)$830AISC(A$oz)$870IRR(%)75.04%Payback(months)11months1.Includesyear5LostDogmillfeedwillbesupplementedwithapprox.30,000tonnesfromtheBlackCatNorthopenpittof

17、illthemilltoits500,0000tpacapacity.TheCompanyengagedMinecompPtyLtd(“Minecomp”),aKalgoorliebasedcompany,tocarryoutthePFSattheJaurdiGoldProject(“JaurdiProject”),producingahighlevelminingandprocessingschedule.The PFS investigates the potential economic viability of the Jaurdi Project on the mining and

18、onsitetreatmentoftheLostDogResource.IndependentJORC2012estimatesoftheMineralResourceattheJaurdiProjectbyBMGeologicalServices(BMGS)total2.88Mt1.8g/tfor163.1kozofcontainedgold(referASXAnnouncement12July2017).ThePFSenvisagesanopenpitminethatwilldelivermaterialtoanew,500,000tpacapacitycarboninpulp(CIP)g

19、oldtreatmentfacilityattheJaurdiProject.Figure1:SitePlanJaurdiGoldProject REVIEWOFOPERATIONS BEACONMINERALSLIMITED2018ANNUALREPORT6Theopenpitwillbeminedutilizingconventionalopenpitmethodswith90thydraulicexcavator,afleetofarticulateddumptrucksandancillaryminingequipment.The mining strategy is focused

20、on delivering an appropriate blend of ore to the process plant so as tooptimiseplantrecoveriesandthroughput.TheTSFstrategyisbasedupondepositingtailingsintothevoidsleftbyopenpitmining.Firstgoldproduction,baseduponthePFSproductionforecast,isexpectedinthefirsthalfof2019.Thefollowingresultsrelatestothew

21、orkcarriedoutbyMrGaryMcCraefromMinecomp.AlloutputsrelatingtotheseworksaredatedMay2018.MineralResourceTheJaurdiProjectoverliesaportionoftheBaliMonzograniteimmediatelyadjacenttotheJaurdiHillsDunnsvillegreenstonesequence.Thegoldmineralisationishostedineitherableached,siliceoussiltstoneoraninterbeddedcl

22、ayandsiltstoneunit.TheMineralResourcewasestimatedbyBMGSandannouncedbytheCompanyinJune2017,seeTable1.Table1LostDogMineralResourceClassificationTonnesAug/tAu(Kt)(g/t)(k0z)Measured301.61.5Indicated2,7521.8158.4Inferred1011.03.2Total2,8831.8163.1Calculationshavebeenroundedtothenearest1,000t,0.1g/tgradea

23、nd100ouncesForfurtherdetailsseeJORCCode2012EditionTableReportTemplateSections1,2,3startingonpage194ofthereportattachedtotheAppendixofASXannouncementdated29August2018.MiningandMetallurgicalFactorsandAssumptionsMining at the Jaurdi Project is to be performed using conventional open pit mining techniqu

24、es.Miningequipmentwillcomprisearticulateddumptrucks,matching90thydraulicexcavatorwithadditionalancillaryequipmentroundingoutthefleet.Beaconenvisagesthatloadandhaulactivitieswillbeundertakenbyownermineroperatorsusingamixtureof owned and dry hired equipment.All drill and blast and grade control drilli

25、ng will be undertaken bycontractors.AlltechnicalandmanagerialdirectionwillbeprovidedbyBeacon.TheLostDog,June2017ResourcewasimportedintoWhittlepitoptimisationsoftware.TheoptimisationanalysisincludedinputsfromBeaconsExecutiveDirectorsandexternalconsultants.Theseinputparameterscomprisedcontractorestima

26、tesbaseduponexperienceandwereinclusiveofallonsiteoperatingcosts.Whereapplicablethesecosts,werereflectiveoftheuseofarticulatedtrucksandmatchingequipment.Millingcostswerereflectiveoftreatmentatanonsitemillingfacility.ThemetallurgicalrecoveryusedinthisstudyisbasedupontestworkconductedbyALSMetallurgyPer

27、th,BureauVeritasKalgoorlieandtheresultsofa4,625ttrialparcelofLostDogoreprocessedatanearbycustommillingfacility.The85%recoveryusedisatthelowerendoftherangeofrecoveriesestablishedfromthetestwork.Geotechnical parameters utilised were based upon the recommendations of Tim Green of GreenGeotechnical.REVI

28、EWOFOPERATIONS BEACONMINERALSLIMITED2018ANNUALREPORT7Theorebodygeometries(shallow,flatlyingandnominally1,200mlong,180mwideand12mthick)resultedintheapplicationofaminingdilutionfactorof2%at0.00g/tandaminingrecoveryof98%.Giventheseorebodydimensionsnoallowancesweremadeforminimumminingwidths.Optimisation

29、 analysis was conducted for a gold price range of A$1,000/oz to A$2,000/oz in A$50/ozincrements,with$1,650/ozconsideredtobethe“BaseCase”goldprice.InferredResourceswereassignedagradeof0.00g/tandhencecategorizedaswastematerialthroughoutthecourseofthisstudy.Astateroyaltyof2.5%ispayableontheaveragemonth

30、lypriceasadvisedbytheDMIRSRoyaltiesBranch.Noallowancehasbeenmadefortheexemptionofthisroyaltyonthefirst2,500ouncesproducedineachfinancialyear.Athirdpartyroyaltyof$80/ozrecoveredisalsopayable.MineDesignandOreReserveOpenpitminingmethodsarewellknownandwidelyusedinthelocalminingindustry.Thedesignwasfocus

31、edonmaximizingprofitabilityfromtheoptimisedWhittleshells.Theoptimumandmostprofitableoutcomewastodesignthepitramptosinglelaneata1in6gradientwhichsuitedthe40tarticulateddumptruck fleet.This ramp configuration being one which Beacon management has had significant historicalexposureto.Thedetailedopenpit

32、minedesignproducesaMaidenOreReserveof:Table2JaurdiProjectOreReserveOreReserveCategoryTonnesAu(g/t)Au(oz)Proved27,0001.61,400Probable2,443,0001.9147,100Total2,470,0001.9148,500Notes:Calculationshavebeenroundedtothenearest1,000t,0.1g/tgradeand100ounces ForfurtherdetailsseeJORCCode2012EditionTableRepor

33、tTemplateSections1,2,3and4startingonpage194ofthereportattachedtotheAppendixofASXannouncementdated29August2018.ForthepurposeoftheOreReserveEstimate,amarginalcutoffgradeof0.6g/twascalculatedbaseduponanassumedgoldpriceofAu$1,650/ozandtheapplicableWesternAustralianStateGovernmentand3rdPartyRoyalties,ore

34、/wastecostdifferentials,processingandhaulagecostsandmetallurgicalrecovery.OreProcessingBeacon have acquired many of the key processing components for the construction of a 500,000tpaprocessingplant.Majorequipmentacquiredtodateisasfollows:SAGmill1500kW,4mx6m;Ballmill450kW,3mx4m;Adsorptiontanks6x200m3

35、;Leachtankagitatorsandsuperstructuretosuit3x630m3tanks;Radialstacker35m;Coarseorebinandfeeder;MCCswitchrooms;and Processslurrypumps.REVIEWOFOPERATIONS BEACONMINERALSLIMITED2018ANNUALREPORT8TheprocessplantgeneralarrangementisshowninFigure2andtheprocessflowdiagramforthe0.5Mtpaprocessingplantisillustra

36、tedinFigure3.AllmainelementsthatcomprisetheprocessingplantaretypicalofconventionalCIPplantsoperatingthroughouttheWAGoldfields.ThetreatmentcircuithasbeendesignedtoproduceagrindofP100106mandaleachretentiontimeof15hours.TheCompanyhasmadeafinancialprovisionforanadditionalLeachTankifrequired.Figure2:Proc

37、essPlantArrangementFigure3:ProcessDesignFlowsheetREVIEWOFOPERATIONS BEACONMINERALSLIMITED2018ANNUALREPORT9TailingsStorageFacility(TSF)TheTSFstrategyisbasedonbackfillingthevoidleftbyopenpitmining.Theopenpitwillbeminedinpanelsandengineeredretainingwallswillbeconstructedtoprovidetailingsdisposalcells.I

38、nitiallytheBlackCatPitwillbeutilisedasatailingsfacilityuntilPanel1oftheLostDogopenpithasbeenprepared.TheestimatedtailingscapacityoftheBlackCatandLostDogopenpitsis5,000,000tonnes.ProductionTargetThedetailedopenpitminedesignhasbeenusedtoscheduleapotentialproductionprofilefortheJaurdiProject.Table3Jaur

39、diProjectDesignPhysicalsMiningReserveTotalVolumeStrippingRatioOuncesRecoveredC1CashCostperOunce2.47Mt1.9g/t4.44Mbcm1.9:1126,300$830A simplified,high level global scoping level production schedule based upon the open pit mine designphysicalshasbeencompletedfortheJaurdiProject.Themainconstraintapplied

40、totheproductionscheduleisthe500,000tpacapacityoftheprocessingplant.Themaximumpitdepth(32.5metres)andthelowstripratio(average1.9:1)enablestheminingandprocessingschedulestoberuninparallelwhichminimisestheworkingcapitalexpense.Table4ProductionTargetScheduleKeyParametrersYear1Year2Year3Year4Year5TotalWa

41、steTonnes620,000620,000700,0001,290,0001,800,0005,030,000MinedOreTonnes500,000500,000500,000500,000500,0002,500,000MinedGoldGrade2.02.01.61.91.71.9ProcessingInputTonnes500,000500,000500,000500,000500,0002,500,000RecoveredGoldOunces27,79027,79021,58025,50023,830126,490Note:Year5LostDogmillfeedwillbes

42、upplementedwithapprox.30,000tonnesfromtheBlackCatNorthopenpittofillthemilltoits500,000tpacapacity.Figure4:GoldProduction(Annual)REVIEWOFOPERATIONS BEACONMINERALSLIMITED2018ANNUALREPORT10CapitalCostsCapitalcostshavebeenestimatedasfollows:Table5EstimatedCapitalCostsEstimatedCapitalCosts(A$M)Expenditur

43、etoDate5.6ProcessingPlantConstruction14.0WastePreStrip1.8SustainingCapital5.0Total26.4FinancialAnalysisAhighlevelfinancialanalysiswasundertakedontheJaurdiProjectusingcostinputsprovidedbyBeaconandworkundertakenforthisminingstudy.UpfrontcapitalofAU$21.4M($5.6mactualexpendituretodateand$15.8mestimatedp

44、reproductionconstruction)wasincludedinthefinancialanalysistoaccountfortheacquisition,relocation and refurbishment of a second hand processing plant with a nominal 0.5MtpathroughputandotherProjectstartupcosts.SustainingcapitalofAU$1.0m/yearwasalsoincluded.Table6:ProductionTargetCashflowAnnualProducti

45、onFinancials($M)Year0Year1Year2Year3Year4Year5TotalMiningCost3.33.33.55.36.722.1GradeControlCost0.30.30.30.30.31.5VariableProcessingCost12.512.512.512.512.562.5GeneralandAdminsitrationCost0.70.70.71.01.34.4Royalties0.92.63.42.63.12.915.5CapitalCost21.41.01.01.01.01.026.4Revenue45.845.835.642.139.220

46、8.5Cashflow25.424.615.018.914.598.4DiscountedCashflow(22.30)24.8523.5514.0517.3213.0170.48Figure5:ProductionTargetCashflowREVIEWOFOPERATIONS BEACONMINERALSLIMITED2018ANNUALREPORT11PreproductionActivitiesPreproductionactivitiesatJaurdiwouldincludethefollowing;Identificationanddevelopmentofaprocesswat

47、erborefield(completed);Miningfleetmobilisation(completed);Constructionofoffices,workshops/storeandcamp(completed);Clearing,grubbingandstockpilingoftopsoilandwoodmulch(partiallycompleted);RelocationofLawlersplantitemspurchasedinFebruary2018(completed);Theconstructionofprocessingplant(ongoing);Prepara

48、tionoftheROMpad(partiallycompleted);and ConstructionoftheTSFtailingslineanddecantwaterlinetotheBlackCatopenpit(ongoing).ProjectFinanceThefinancingrequiredtoacquire,explore,constructandcommissiontheJaurdiGoldProjectisasfollows:Actualtotalexpendituretodate$5.6M;Estimatedpreproductionconstruction$15.8M

49、.RisksandOpportunitiesKeyrisksidentifiedduringthePFSworkinclude,butarenotlimitedto:Accesstoprojectfunding;AdversemovementsintheUnitedStatesgoldprice;AdversemovementsintheUSD:AUDexchangerates;and Notachievingtheprocessingproductionratesandmetallurgicalrecoveryrates.Keyopportunitiesidentifiedduringthe

50、PFSworkinclude,butarenotlimitedto:Achieving higher mill throughput rates.The installed SAG Mill power is in excess of the powerrequirementsfora500ktpaplantinstallation;Improvedmetallurgicalrecovery;and Expansionoftheresourcebaseviaexplorationsuccessand/oracquisitions.TENEMENTUPDATEDuringtheyeartheCo

51、mpanycontinuedtoconsolidateitstenementholdinginrelationtotheJaurdiGoldProjectwiththecompletionofthebelow:TheCompanycompletedtheacquisitionoftwominingleases,M16/34andM16/115,fromFlindersExplorationLimitedandJHMiningLimited.Thetwominingleasesarewithin4kmsoftheJaurdiGoldProject.BeaconsignedanOptiontoPu

52、rchaseAgreementwithAustralianLiveStockSuppliersPtyLtdtoacquireP16/2925andP16/2926.TheCompanyexerciseditsoptiontopurchaseExplorationLicence16/469.ThetenementiscontiguouswithMiningLease16/529andcontainsover9,000ouncesoftheLostDogmineralresource.APPROVALSUPDATEDuring the year the Company was pleased to

53、 announce that approval had been received from theDepartmentofMines,IndustryRegulationandSafety(“DMIRS”)fortheMiningProposalandMineClosurePlanforBeaconswhollyownedJaurdiGoldProject.TheCompanyhasnowreceivedthenecessaryapprovalsrequiredfortheJaurdiGoldProjecttobeginminingactivitiesinQ32018.REVIEWOFOPE

54、RATIONS BEACONMINERALSLIMITED2018ANNUALREPORT12Table1:StatusofKeyApproval/LicenceDocumentsApprovalDocumentApprovalDepartmentStatusWorksApprovalandLicenceApplicationDWER(1)ApprovedTheMiningProposalDMIRS(2)ApprovedTheMineClosurePlanDMIRSApprovedTheProjectManagementPlanDMIRSApprovedTheDangerousGoodsLic

55、enceDMIRSApprovedTheExplosivesStorageLicenceDMIRSApproved1.WesternAustralianDepartmentofWaterandEnvironmentalRegulation(DWER)2.DepartmentofMines,IndustryRegulationandSafety(DMIRS)CORPORATEUPDATENonRenounceableEntitlementIssueOn10July2017theCompanyannounceda1for3nonrenounceableentitlementissueat$0.01

56、5toraiseapproximately$7.5 million before costs.Shareholders who subscribe for the offer also received 1 freeattachingoptionforeverynewsharesubscribedfor,exercisableat$0.025withanexpirydate18August2022.The Offer was fully underwritten by Patersons Securities Limited who acted as Lead Manager andUnder

57、writertotheIssue.TheEntitlementIssuewasmadepursuanttotheProspectusdated10July2017.Directors Graham McGarry and Geoff Greenhill agreed to take up their full entitlements totallingapproximately$772,000andalsoweresubunderwriterstotheissueforatotalof$1.948m.The funds raised under the Entitlement Issue w

58、ere applied to the progress of the Jaurdi Gold Project,includingbutnotlimitedtoexplorationandsterilisationdrilling,waterboretesting,heritageandsitesurveys,metallurgicaltestwork,geotechnicalevaluation,pitdesign,resourceevaluationandcontingentexpenses.Additionalfundswerealsousedtoacquirecertaincapital

59、items.DebentureIssueOnthe3September2018theCompanyannouncedthatithadreceivedfirmcommitmentstoraise$18millionviaadebentureissuetoprofessionalandsophisticatedinvestors.Thedebentureissuewasheavilyoversubscribed.The Company will seek shareholder approval in accordance with section 195(4)of theCorporation

60、sAct2001Cthatageneralmeetingtobeheldon4October2018.DirectorsGrahamMcGarryandGeoffGreenhillandpersonsassociatedwiththem(“RelatedParties”)havecommittedtosubscribefor$4.6moftheDebentureIssue.DetailsinrelationtotheproposeddebentureissuearecontainedintheCompanysnoticeofmeetingdated29August2018.TheDirecto

61、rsoftheCompanycautionthatalthoughtheproposeddebentureissueisinitsfinaltransactionaldocumentationstageandaportionoftheIssueissubjecttoshareholderapproval,thereisnoguaranteethattheraisingoffundsundertheproposedDebentureIssuewillbesuccessful.REVIEWOFOPERATIONS BEACONMINERALSLIMITED2018ANNUALREPORT13*Pr

62、eFeasiblityParametersCautionaryStatementThe PFS is based on Proved and Probable Ore Reserves derived from Measured and Indicated MineralResourcesrespectively.NoInferredMineralResourcewasincludedintheestimationofOreReserves.ThePFSwaspreparedtoanoveralllevelofaccuracyof+10%/5%.Itisbasedonmaterialassum

63、ptionsoutlinedelsewhereinthisannouncementandinAppendix1MaterialAssumptionsPFS.TheCompanyhasconcludedithasareasonablebasisforprovidingtheforwardlookingstatementsincludedinthisannouncement.CompetentPersonsStatementTheinformationinthisreportthatrelatestotheOreReservesisbasedoninformationcompiledbyMrGar

64、yMcCrae,aCompetentPersonwhoisaMemberoftheAustralasianInstituteofMiningandMetallurgy.Theestimatedorereservesand/ormineralresourcesunderpinningtheproductiontargethavebeenpreparedbyMrMcCraeinaccordancewiththerequirementsinAppendix5A(JORCCode).MrMcCraeisafulltimeemployee of Minecomp Pty Ltd.Mr McCrae ha

65、s sufficient experience that is relevant to the style ofmineralisationandtypeofdepositunderconsiderationandtotheactivitybeingundertakentoqualifyasaCompetentPersonasdefinedinthe2012Editionofthe“AustralasianCodeforReportingofExplorationResults,MineralResourcesandOreReserves”.MrMcCraeconsentstotheinclu

66、sioninthereportofthemattersbasedonhisinformationintheformandcontextinwhichisappears.Thereportcontainsinformationextractedfromthefollowingreports,whichareavailableontheC.au.o 29August2018PreFeasibilityStudyResultsfortheJaurdiGoldProjectTheCompanyconfirmsthatitisnotawareofanynewinformationordatathatma

67、teriallyaffectstheresultsincludedinanyoriginalmarketannouncementsreferredtointhisreportandthatnomaterialchangeintheresultshasoccurred.TheCompanyconfirmsthattheformandcontextinwhichtheCompetentPersonsfindingsarepresentedhavenotbeenmateriallymodifiedfromtheoriginalmarketannouncement.DisclaimerThis ASX

68、 announcement(Announcement)has been prepared by Beacon Minerals Limited(“Beacon”or“theCompany”).Itshouldnotbeconsideredasanofferorinvitationtosubscribeforor purchaseanysecuritiesintheCompanyorasaninducementtomakeanofferorinvitationwithrespecttothose securities.Noagreementtosubscribeforsecuritiesinth

69、eCompanywillbeenteredintoonthebasisofthis Announcement.This Announcement contains summary information aboutBeacon,its subsidiaries and their activities which iscurrentasatthedateofthisAnnouncement.TheinformationinthisAnnouncementisofageneralnatureanddoesnotpurporttobecompletenordoesitcontainallthein

70、formationwhichaprospectiveinvestormayrequire inevaluatingapossibleinvestmentinBeacon.By its very nature exploration for minerals is a high risk business and is not suitable for certain investors.Beacons securities are speculative.Potential investors should consult their stockbroker or financial advi

71、sor.There are a number of risks,both specific toBeacon and of a general nature which may affect the futureoperating and financial performance of Beacon and the value of an investment inBeacon including but notlimited to economic conditions,stock market fluctuations,gold price movements,regional infr

72、astructureconstraints,timingofapprovalsfromrelevantauthorities,regulatoryrisks,operationalrisksandrelianceonkeypersonnel.Certain statements contained in this announcement,including information as to the future financial oroperatingperformanceofBeaconanditsprojects,areforwardlookingstatementsthat:may

73、 include,among other things,statements regarding targets,estimates and assumptions in respectof mineral reserves and mineral resources and anticipated grades and recovery rates,production andREVIEWOFOPERATIONS BEACONMINERALSLIMITED2018ANNUALREPORT14prices,recovery costs and results,capital expenditu

74、res,and are or may be based on assumptions andestimatesrelatedtofuturetechnical,economic,market,political,socialandotherconditions;are necessarily based upon a number of estimates and assumptions that,while considered reasonablebyBeacon,are inherently subject to significant technical,business,econom

75、ic,competitive,politicalandsocialuncertaintiesandcontingencies;and,involve known and unknown risks and uncertainties thatcould causeactualevents or results to differmateriallyfromestimatedoranticipatedeventsorresultsreflectedinsuchforwardlooking statements.Beacondisclaimsanyintentorobligationtoupdat

76、epubliclyanyforwardlookingstatements,whetherasaresultof new information,future events or results orotherwise.The words believe,expect,anticipate,indicate,contemplate,target,plan,intends,continue,budget,estimate,may,will,schedule and similarexpressionsidentifyforwardlookingstatements.All forward look

77、ing statements made in this announcement are qualified by the foregoing cautionarystatements.Investors are cautionedthat forwardlooking statements are not guaranteesof future performanceand accordingly investors are cautioned not to put undue reliance on forwardlooking statements due to theinherentu

78、ncertaintytherein.Noverification:Althoughallreasonablecarehasbeenundertakentoensurethatthefactsandopinionsgiveninthis Announcement are accurate,the information provided in this Announcement has not been independentlyverified.DIRECTORSREPORT BEACONMINERALSLIMITED2018ANNUALREPORT15TheDirectorsofBeacon

79、MineralsLimited(“Beacon”or“theCompany”)submitherewiththeannualfinancialreportofBeaconMineralsLimitedanditssubsidiaries(“theGroup”)fortheperiod1July2017to30June2018.InordertocomplywiththeprovisionsoftheCorporationsAct2001,theDirectorsreportisasfollows:DIRECTORSThenamesandparticularsofthedirectorsofth

80、eGroupduringthefinancialyearandasatthedateofthisreportareasfollows.Directorswereinofficefortheentireperiodunlessotherwisestated.GeoffreyGreenhillAWASM,MAusIMMExecutiveChairmanAppointed19March2012GeoffreyGreenhillgraduatedfromtheWesternAustralianSchoolofMinesobtaininganAssociateshipinMetallurgy in 19

81、73.Mr Greenhill has held various senior metallurgical roles and has designed andcommissionedoreprocessingfacilitiesacrossAustralia.Heishighlyrespectedwithintheminingindustryandhasastrongtrackrecordincreatingshareholdervalue.MrGreenhillandMrMcGarryhavebeenbusinesspartnersfor35yearsandhavehadsubstanti

82、alsuccessindevelopingminingprojectsinWA,SA,QLDandtheNT.Duringthepastthreeyearshehasnotservedasadirectorofanyotherpubliccompany.GrahamMcGarryCPA,CDManagingDirectorAppointed19March2012Graham McGarry is an experienced and seasoned hands on miner,with an impressive track record inturningearlystageprojec

83、tsintoviableandattractiveinvestmentpropositions.MrMcGarryspenteightyearswithAmalgResourcesNLasaManagingDirectorandwasresponsibleforthedevelopmentoftheEloiseCopper Mine in Queensland from bare paddock to an underground mine producing 500,000 tpa ofcopper/goldore.MrMcGarryhasdevelopednumeroussuccessfu

84、lminingprojectsacrossAustralia.Duringthepastthreeyearshehasnotservedasadirectorofanyotherpubliccompany.MrGreenhillandMrMcGarryaretheexecutivesinchargeofthedaytodaymanagementoftheGroupsactivities.SarahShipwayCA,B.ComNonExecutiveDirectorAppointed11June2015Sarah Shipway was appointed NonExecutive Direc

85、tor on 11 June 2015 and was appointed CompanySecretaryon19March2012.MsShipwayhasaBachelorofCommercefromMurdochUniversityandisamemberofCharteredAccountantsAustraliaandNewZealand.MsShipwayisthedirectorinchargeofcorporategovernanceandstatutoryreportingactivities.Duringthepastthreeyearsshehasservedasadi

86、rectorofthefollowingpubliccompanies;CompanyDateofAppointmentDateofResignationStGeorgeMiningLimited11June2015NotApplicableDIRECTORSREPORTBEACONMINERALSLIMITED2018ANNUALREPORT16COMPANYSECRETARYSarahShipwaywasappointedCompanySecretaryon19March2012.FordetailsrelatingtoSarahShipway,pleaserefertothedetail

87、sondirectorsabove.DIRECTORSINTERESTSAtthedateofthisreport,theDirectorsheldthefollowinginterestsinBeaconMinerals.NameOrdinaryFullyPaidSharesListedOptionsGeoffreyGreenhill113,311,23953,447,905GrahamMcGarry147,039,18652,559,061SarahShipway3,389,333847,333SHAREOPTIONSAtthedateofthisreporttheGrouphad503,

88、490,321optionsonissue.Duringtheyear5,000,000UnlistedOptions,exercisableat$0.025onorbefore5May2019wereissued.NoOptionswereexercisedduringthefinancialyearended30June2018.PRINCIPALACTIVITIESTheprincipalactivityoftheGroupismineralexplorationanddevelopmentinWesternAustralia.RESULTSANDREVIEWOFOPERATIONSTh

89、eresultoftheconsolidatedentityforthefinancialyearended30June2018isanafterincometaxlossof$4,161,027(2017:afterincometaxprofit$1,601,707).AreviewofoperationsoftheGroupduringtheyearended30June2018isprovidedinthe“ReviewoftheOperations”immediatelyprecedingthisDirectorsReport.LIKELYDEVELOPMENTSTheconsolid

90、atedentitysfocusoverthenextfinancialyearwillbeonitskeyproject,theJaurdiGoldProject.Further commentary on the Companys planned activities over the forthcoming year is provided in the ReviewofOperations.SIGNIFICANTCHANGESINSTATEOFAFFAIRSThere have not been any significant changes in the state of affai

91、rs of the Group during the financial year,otherthanthosenotedinthe“ReviewofOperations”immediatelyprecedingthisDirectorsReport.ENVIRONMENTALISSUESThe Companys operations are subject to various environmental laws and regulations under the relevant governmentslegislation.Fullcompliancewiththeselawsandr

92、egulationsisregardedasaminimumstandardforalloperationstoachieve.Instancesofenvironmentalnoncomplianceareidentifiedeitherbyexternalcomplianceauditsor inspections by relevant government authorities.There have been no known breaches of environmentallawsandregulationsbytheCompanyduringthefinancialyear.D

93、IRECTORSREPORTBEACONMINERALSLIMITED2018ANNUALREPORT17DIVIDENDSPAIDORRECOMMENDEDThedirectorsdonotrecommendthepaymentofadividendandnoamounthasbeenpaidordeclaredbywayofadividendtothedateofthisreport.DIRECTORSMEETINGSDuringthefinancialyear,5meetingsofDirectorswereheld.Attendancesbyeachdirectorduringthey

94、earwereasfollows:NameEligibletoattendAttendedGGreenhill55GMcGarry55SShipway55REMUNERATIONREPORTAUDITEDRemunerationpolicyTheremunerationpolicyofBeaconMineralsLimitedhasbeendesignedtoaligndirectorsobjectiveswithshareholderandbusinessobjectivesbyprovidingfixedremunerationwhichisassessedonanannualbasis.

95、Theremunerationpolicydoesnotprovideaperformancelinkedcomponent.The Board of Beacon Minerals Limited believes the remuneration policy to be appropriate.All keymanagementpersonnelaredirectorsoftheGroup.TheBoardspolicyfordeterminingthenatureandamountofremunerationforBoardmembersisasfollows:Executivesre

96、ceiveabasesalaryandsuperannuation.Optionsandperformanceincentivesmaybeissuedand key performance indicators such as profit and production and reserves growth can be used asmeasurementsforassessingexecutiveperformance.TheBoardpolicyistoremuneratenonexecutivedirectorsfortime,commitmentandresponsibiliti

97、es.The Executive Directors,determine payments to the nonexecutives and review their remunerationannually,basedonmarketpractice,dutiesandaccountability.ThemaximumaggregateamountoffeesthatcanbepaidtononexecutivedirectorsissubjecttoapprovalbyshareholdersattheAnnualGeneralMeetingandiscurrently$250,000pe

98、rannum.Feesfornonexecutivedirectorsarenotlinkedtotheperformance of the Group.However,to align Directors interests with shareholder interests,thedirectorsareencouragedtoholdsharesintheCompany.DetailsofdirectorsandexecutivesThefollowingtableprovidesemploymentdetailsofpersonswhowere,duringthefinancialy

99、ear,membersofkeymanagementpersonneloftheentity.DirectorsTitleDateofAppointmentDateofRetirementGGreenhillExecutiveChairman19March2012NotApplicableGMcGarryManagingDirector19March2012NotApplicableSShipwayNonExecutiveDirector11June2015NotApplicableTheGroupdoesnothaveanykeymanagementpersonnelthatarenotDi

100、rectors.DIRECTORSREPORT BEACONMINERALSLIMITED2018ANNUALREPORT18ExecutiveDirectorsremunerationandothertermsofemploymentarereviewedannuallybythedirectorshaving regard to performance against goals set at the start of the year and relative to comparableinformation.ExceptasdetailedintheRemunerationReport

101、,nodirectorhasreceivedorbecomeentitledtoreceive,duringorsincethefinancialyearend,abenefitbecauseofacontractmadebytheGrouporarelatedbodycorporatewithadirector,afirmofwhichadirectorisamemberoranentityinwhichadirectorhasasubstantial financial interest.This statement excludes a benefit included in the a

102、ggregate amount ofemolumentsreceivedordueandreceivablebydirectorsandshownintheRemunerationReport,preparedinaccordancewiththeCorporationsRegulations,orthefixedsalaryofafulltimeemployeeoftheGroup.RemunerationofdirectorsRemunerationforthefinancialyearended30June2018.ShortTermBenefitsPostEmploymentBenef

103、itsLongTermBenefitsEquitysettledsharebasedpaymentsDirectorsSalaryandFeesSuperannuationLongServiceLeaveShares/Options(i)Total$GGreenhill2018120,83310,622131,455201758,3335,54263,875GMcGarry2018120,83310,622131,455201758,3335,54263,875SShipway201848,20448,204201722,91422,914Total2018289,87021,244311,1

104、142017139,58011,084150,664(i)Nooptionsorsharesweregrantedaspartofremuneration.(ii)Noperformancebasedremunerationwaspaidduringthecurrentorpreviousyear.EmploymentcontractsofdirectorsTheGrouphasenteredintoanexecutiveservicesagreementwithMrGeoffreyGreenhillandMrGrahamMcGarry(collectivelytheDirectors)whe

105、rebyeachDirectorreceivesremunerationof$150,000perannumplusstatutorysuperannuationfromJanuary2018,priortoJanuary2018remunerationforeachDirectorwas$50,000perannumplusstatutorysuperannuation.TheDirectorsterminationprovisionsareasfollows:NOTICEPERIODPAYMENTINLIEUOFNOTICEEmployerinitiatedtermination:with

106、outreason3months6months seriousmisconduct0months0monthsEmployeeinitiatedtermination:3monthsNotspecifiedDIRECTORSREPORT BEACONMINERALSLIMITED2018ANNUALREPORT19TheGrouphasenteredintoanexecutiveserviceagreementwithMsSarahShipway,wherebyMsShipwayispaidafeeof$125perhourforservicesrenderedtotheCompany.MsS

107、hipwaysterminationprovisionsareasfollows:NOTICEPERIODPAYMENTINLIEUOFNOTICEEmployerinitiatedtermination:withoutreason3months3months seriousmisconduct0months0monthsEmployeeinitiatedtermination:3months3monthsEquitybasedremunerationpaymentsDuring the financial year ended 30 June 2018 no equity was grant

108、ed to directors as part of theirremuneration.OrdinaryshareholdingsofkeymanagementpersonnelDirectorsBalanceat1July2017OptionsexercisedduringtheyearNetotherchange(ii)Balanceat30June2018GeoffreyGreenhill59,863,33453,447,905113,311,239GrahamMcGarry94,480,12552,559,061147,039,186SarahShipway2,542,000847,

109、3333,389,333Total156,885,459106,854,299263,739,758DirectorsBalanceat1July2016OptionsexercisedduringtheyearNetotherchange(i)Balanceat30June2017GeoffreyGreenhill59,863,33459,863,334GrahamMcGarry85,937,3768,542,74994,480,125SarahShipway2,542,0002,542,000Total148,342,7108,542,749156,885,459(i)Onmarkettr

110、ansactionforcashconsideration.(ii)IssuedundertheEntitlementIssueProspectusdated10July2017.OptionholdingsofkeymanagementpersonnelDirectorsBalanceat1July2017OptionsexercisedduringtheyearNetotherchange(i)Balanceat30June2018GeoffreyGreenhill53,447,90553,447,905GrahamMcGarry52,559,06152,559,061SarahShipw

111、ay847,333847,333Total106,854,299106,854,299(i)IssuedunderNonRenounceableEntitlementIssueProspectusdated10July2017.McVerde Minerals Pty Ltd,of which Graham McGarry and Geoffrey Greenhill are directors,providedequipmenthiretotheCompanyonordinarycommercialterms.Amountsthathavebeenpaidorpayabletotal$52,

112、827(2017:$11,660).At30June2018$31,377(2017:$0)waspayabletoMcVerdeMinerals.MangelsdorfEngineeringPtyLtd,ofwhichGrahamMcGarryandGeoffreyGreenhillaredirectors,providedmanufacturingandrepairstoequipmentandgeneralengineeringmaintenancetotheCompanyonordinarycommercialterms.Amountsthathavebeenpaidorpayable

113、total$6,034(2017:$0).At30June2018$0(2017:$0)waspayabletoMangelsdorfEngineering.DIRECTORSREPORT BEACONMINERALSLIMITED2018ANNUALREPORT20On10July2017GrahamMcGarryandGeoffreyGreenhilleachenteredintoagreementswiththeCompany,whereby the Directors would each underwrite a total of 99,698,064 of the shares i

114、ssued under theEntitlementIssueProspectusdated10July2017.UndertheagreementstheDirectorswereentitledtoanunderwritingfeeof4%,oftheunderwrittenamount.GrahamMcGarryandGeoffreyGreenhilleachreceivedafeeof$59,818undertheiragreement.CompanyPerformanceThetablebelowshowstheperformanceoftheGroupasmeasuredbythe

115、Groupsrevenue,profits/(loss),sharepriceandEPSoverthelastfiveyears.RemunerationofKeyManagementPersonnelisnotdependentontheperformanceoftheCompany.20142015201620172018$Revenue2,558,18613,508,8842,958,2857,533,76284,213Netprofit/(loss)(7,535,996)5,257,100(1,897,256)1,601,707(4,161,660)Shareprice30June0

116、.0030.0030.0040.0200.017EPS(centspershare)(0.0051)0.3414(0.1234)0.1071(0.2138)ENDOFREMUNERATIONREPORTINDEMNIFICATIONANDINSURANCEOFDIRECTORS,OFFICERSANDAUDITORSInaccordancewiththeconstitution,exceptasmaybeprohibitedbytheCorporationsAct2001everyOfficeroragentoftheGroupshallbeindemnifiedoutofthepropert

117、yoftheentityagainstanyliabilityincurredbyhiminhiscapacityasOfficeroragentoftheGrouporanyrelatedcorporationinrespectofanyactoromissionwhatsoeverandhowsoeveroccurringorindefendinganyproceedings,whethercivilorcriminal.DuringtheyeartheGroupagreedtopayanannualinsurancepremiumof$25,113(2017:$11,284)inresp

118、ectof directors and officers liability and legal expenses insurance contracts,for directors,officers andemployeesoftheGroup.Theinsurancepremiumrelatesto:Costsandexpensesincurredbytherelevantofficersindefendingproceedings,whethercivilorcriminalandwhatevertheoutcome.Otherliabilitiesthatmayarisefromthe

119、irposition,withtheexceptionofconductinvolvingawillfulbreachofduty.NoindemnityhasbeenobtainedfortheauditoroftheGroup.SHAREOPTIONSUnissuedsharesTheGroupat30June2018had583,490,321optionsonissue.CORPORATEGOVERNANCESTATEMENTBeaconMineralsLimitediscommittedtoensuringthatitspoliciesandpracticesreflectahigh

120、standardofcorporate governance.The Board has adopted a comprehensive framework of Corporate GovernanceGuidelines.TheGroupsCorporateGovernanceStatementcanbeviewedathttp:/.au/corporategovernance.DIRECTORSREPORT BEACONMINERALSLIMITED2018ANNUALREPORT21EVENTSSUBSEQUENTTOREPORTINGDATEOn26August2018theComp

121、anyannounceditsPreFeasibilityStudy(PFS)ResultsfortheJaurdiGoldProject.ThePFSdemonstratedaneconomicallyandtechnicallyviableprojectwithconsiderableupside.On3September2018theCompanyannouncedthatithadreceivedfirmcommitmentstoraise$18millionviaadebentureissuetoprofessionalandsophisticatedinvestors.Detail

122、softhedebentureissuearelocatedintheNoticeofMeetingdated29August2018.On26September201880,000,000UnlistedOptionswereexercisedintheCompany.On26September201820,000,000UnlistedOptionsexercisableat$0.025onorbefore1August2021wereissuedintheCompany.Otherthantheabovenomattersorcircumstanceshavearisensincethe

123、endofthefinancialyearwhichsignificantlyaffectedorcouldsignificantlyaffecttheoperationsoftheGroup,theresultsofthoseoperations,orthestateoftheaffairsoftheconsolidatedentityinfuturefinancialyears.AUDITORSINDEPENDENCEDECLARATIONTheauditorsindependencedeclarationfortheyearended30June2018hasbeenreceived,f

124、ormspartofthedirectorsreportandcanbefoundonpage48oftheannualreport.NONAUDITSERVICESTheCompanysauditor,WilliamBuckAudit(WA)PtyLtd,didnotprovideanynonauditservicestotheGroupduringthefinancialyearended30June2018.Signedinaccordancewitharesolutionofthedirectorsmadepursuanttos298(2)oftheCorporationsAct200

125、1.Onbehalfofthedirectors.GEOFFREYGREENHILLExecutiveChairmanDatedthis28September2018FINANCIALREPORTFORTHEYEARENDED30JUNE2018 BEACONMINERALSLIMITED2018ANNUALREPORT22CONSOLIDATEDSTATEMENTOFPROFITORLOSSANDOTHERCOMPREHENSIVEINCOMEFORTHEYEARENDED30JUNE2018AustralianDollar($)Note30JUNE2018$30JUNE2017$Golds

126、ales7,464,202Interestrevenue84,21369,560REVENUE84,2137,533,762Costofgoodssold4(a)(4,045,678)GROSSPROFIT/(LOSS)3,488,084Otherincome33,892Administrationexpenses(433,105)(756,638)Explorationanddevelopmentexpenditurewrittenoff(3,815,027)(1,129,739)PROFIT/(LOSS)BEFOREINCOMETAX(4,161,027)1,601,707Incometa

127、xrefund/(expense)5PROFIT/(LOSS)AFTERINCOMETAXATTRIBUTABLETOMEMBERSOFTHECOMPANY(4,161,027)1,601,707OTHERCOMPREHENSIVEINCOMEOthercomprehensiveincomeTOTALCOMPREHENSIVEPROFIT/(LOSS)1,601,707TOTALCOMPREHENSIVEPROFIT/(LOSS)ATTRIBUTABLETOMEMBERSOFTHEGROUP(4,161,027)1,601,707EARNINGS/(LOSS)PERSHAREBasicearn

128、ings/(loss)pershare16(a)(0.2138)0.1071Dilutedearnings/(loss)pershare16(b)(0.2054)0.1056TheaboveconsolidatedstatementofprofitorlossandothercomprehensiveincomeshouldbereadinconjunctionwiththeaccompanyingnotesFINANCIALREPORTFORTHEYEARENDED30JUNE2018 BEACONMINERALSLIMITED2018ANNUALREPORT23CONSOLIDATEDST

129、ATEMENTOFFINANCIALPOSITIONASAT30JUNE2018AustralianDollar($)Note30JUNE2018$30JUNE2017$CURRENTASSETSCashandcashequivalents17(a)2,950,369934,920Tradeandotherreceivables776,24929,974Otherassets81,361,8271,358,327TOTALCURRENTASSETS4,388,4452,323,221NONCURRENTASSETSPlantandequipment91,579,72779,360TOTALNO

130、NCURRENTASSETS1,579,72779,360TOTALASSETS5,968,1722,402,581CURRENTLIABILITIESTradeandotherpayables11582,234286,447Provisions3,926TOTALCURRENTLIABILITIES586,160286,447TOTALLIABILITIES586,160286,447NETASSETS5,382,0122,116,134EQUITYIssuedCapital1231,128,99923,776,759Reserves13348,325273,660Accumulatedlo

131、sses15(26,095,312)(21,934,285)TOTALEQUITY5,382,0122,116,134TheaboveconsolidatedstatementoffinancialpositionshouldbereadinconjunctionwiththeaccompanyingnotesFINANCIALREPORTFORTHEYEARENDED30JUNE2018 BEACONMINERALSLIMITED2018ANNUALREPORT24 CONSOLIDATEDSTATEMENTOFCHANGESINEQUITYFORTHEYEARENDED30JUNE2018

132、TheaboveconsolidatedstatementofchangesinequityshouldbereadinconjunctionwiththeaccompanyingnotesAustralianDollar($)ISSUEDSHAREOPTIONACCUMULATEDTOTALCAPITAL$RESERVE$LOSSES$EQUITY$BALANCEAT1JULY201723,776,759273,660(21,934,285)2,116,134Totalcomprehensiveincome(4,161,027)(4,161,027)Sharesissuedduringthe

133、year7,857,3317,857,331Optionsissuedduringtheyear74,66574,665Shareissueexpense(505,091)(505,091)BALANCEAT30JUNE201831,128,999348,325(26,095,312)5,382,012BALANCEAT1JULY201623,776,759(19,797,315)3,979,444Totalcomprehensive(loss)1,601,7071,601,707SharesissuedduringtheyearOptionsissuedduringtheyear273,66

134、0273,660DividendPaid(3,738,667)(3,738,667)BALANCEAT30JUNE201723,776,759273,660(21,934,285)2,116,134FINANCIALREPORTFORTHEYEARENDED30JUNE2018 BEACONMINERALSLIMITED2018ANNUALREPORT25 CONSOLIDATEDSTATEMENTOFCASHFLOWSFORTHEYEARENDED30JUNE2018AustralianDollar($)Note30JUNE2018$30JUNE2017$CASHFLOWSFROMOPERA

135、TINGACTIVITIESReceiptfromthesaleofgold7,464,202Expenditureonmininginterests(3,038,395)(2,559,697)Paymentstosuppliersandemployees(352,454)(470,449)Interestreceived80,89669,823GSTandfueltaxrebatesreceived(35,578)(24,084)Netcashinflows/(outflows)fromoperatingactivities17(b)(3,345,531)4,479,795CASHFLOWS

136、FROMINVESTINGACTIVITIESPurchaseofplantandequipment(1,591,260)(261)Netcashoutflowsfrominvestingactivities(1,591,260)(261)CASHFLOWFROMFINANCINGACTIVITIESProceedsfromissueofshares7,477,331Paymentsforissueofshares(505,091)Paymentsfortermdeposits(20,000)Paymentofdividend(3,738,677)Netcashinflows/(outflow

137、s)fromfinancingactivities6,952,240(3,738,677)Netincrease/(decrease)incashandcashequivalents2,015,449740,857Cashandcashequivalentsatthebeginningofthefinancialyear934,920194,063CASHANDCASHEQUIVALENTSATTHEENDOFTHEFINANCIALYEAR17(a)2,950,369934,920Theaboveconsolidatedstatementofcashflowsshouldbereadinco

138、njunctionwiththeaccompanyingnotesNOTESTOTHEFINANCIALREPORTFORTHEYEARENDED30JUNE2018 BEACONMINERALSLIMITED2018ANNUALREPORT26 1CORPORATEINFORMATIONThe consolidated financial report of Beacon Minerals Limited(“Beacon”or“the Company”)and itsconsolidated entities(“consolidated entity”or“group”)for the ye

139、ar 1 July 2017 to 30 June 2018 wasauthorizedforissueinaccordancewithacircularresolutionofthedirectorson28September2018.TheCompanyisaforprofitentityforfinancialreportingpurposesunderAustralianAccountingStandardsBeaconisaCompanylimitedbyshares,incorporatedinAustralia.TheCompanyssharesarepubliclytraded

140、ontheAustralianSecuritiesExchange.ThenatureoftheoperationsandprincipalactivityoftheconsolidatedentityaredescribedintheDirectorsReport.2SUMMARYOFSIGNIFICANTACCOUNTINGPOLICIES(a)BasisofPreparationoftheFinancialReportThefinancialreportisageneralpurposefinancialreport,whichhasbeenpreparedinaccordancewit

141、htherequirementsoftheCorporationsAct2001,AccountingStandardsandInterpretationsandcomplieswithotherrequirementsofthelaw.ThefinancialreportalsocomplieswiththeInternationalFinancialReportStandards.Thefinancialreporthasalsobeenpreparedonahistoricalcostbasis.ThefinancialreportispresentedinAustraliandolla

142、rs.(b)StatementofcomplianceCompliance with AASB ensures that the financial report,comprising the financial statements and notesthereto,complieswithInternationalFinancialReportingStandards(“IFRS”).(c)GoingConcernThe Directors have prepared the financial statements on a going concern basis,which conte

143、mplatescontinuityofnormalbusinessactivitiesandtherealisationofassetsandextinguishmentofliabilitiesintheordinarycourseofbusiness.TheGrouphasrecordedalossof$4,161,027andanetoperatingcashoutflowsof$3,345,531fortheyearended30June2018.Theconditionsindicateamaterialuncertaintythatmaycastsignificantdoubtth

144、attheCompanysabilitytocontinueasagoingconcern.TheDirectorsbelieveitisappropriatetopreparethefinancialreportonagoingconcernbasisduetothefollowing:TheCompanyhasreceivedfirmcommitmentstoraise$18millionviaadebentureissuetoprofessionalandsophisticatedinvestors.TheCompanyisseekingshareholderapprovalforthe

145、debentureissueon4October2018;TheCompanyhasincurredsignificant“startup”expenditureduringtheyearinordertobringtheJaurdiGoldProjectintoproductioninQ12019.Thesecostscontributedtohighcashoperatingoutflowduringtheyearended30June2018;and TheCompanyisexpectedtobeinproductioninQ12019.NOTESTOTHEFINANCIALREPOR

146、TFORTHEYEARENDED30JUNE2018 BEACONMINERALSLIMITED2018ANNUALREPORT27 ThefundsgeneratedfromtheissuingofdebenturewillbeusedtomeetingongoingexpensesincurredbytheCompany.(d)PrinciplesofConsolidationTheconsolidatedfinancialstatementsincorporatealloftheassets,liabilitiesandresultsoftheparentBeaconMineralsLi

147、mitedandallofthesubsidiaries.Subsidiariesareentitiestheparentcontrols.Theparentcontrolsanentitywhenitisexposedto,orhasrightsto,variablereturnsfromitsinvolvementwiththeentityandhastheabilitytoaffectthosereturnsthroughitspowerovertheentity.Alistofthesubsidiariesisprovidedinnote25.Theassets,liabilities

148、andresultsofallsubsidiariesarefullyconsolidatedintothefinancialstatementsoftheGroup from the date on which control is obtained by the Group.The consolidation of a subsidiary isdiscontinuedfromthedatethatcontrolceases.Intercompanytransactions,balancesandunrealisedgainsorlossesontransactionsbetweenGro

149、upentitiesarefullyeliminatedonconsolidation.Accountingpoliciesofsubsidiaries have been changed and adjustments made where necessary to ensure uniformity of theaccountingpoliciesadoptedbytheGroup.(e)SignificantaccountingestimatesandjudgementsTheapplicationofaccountingpoliciesrequirestheuseofjudgement

150、s,estimatesandassumptionsaboutcarryingvaluesofassetsandliabilitiesthatarenotreadilyapparentfromothersources.Theestimatesandassociated assumptions are based on historical experience and other factors that are considered to berelevant.Actualresultsmaydifferfromtheseestimates.Theestimatesandunderlyinga

151、ssumptionsarereviewedonanongoingbasis.Revisionsarerecognisedintheperiodinwhichtheestimateisrevisedifitaffectsonlythatperiod,orintheperiodoftherevisionandfutureperiods if the revision affects both current and future periods.Significant accounting estimates andjudgementsincludesiterehabilitationinnote

152、2(o).(f)RevenueRevenueisrecognisedandmeasuredatfairvalueoftheconsiderationreceivedorreceivabletotheextentthatitisprobablethattheeconomicbenefitwillflowtotheentityandtherevenuecanbemeasuredreliably.Thefollowingspecificrecognitioncriteriamustalsobemetbeforerevenueisrecognised.GoldSalesRevenueisrecogni

153、sedwhentherehasbeenatransferofrisksandrewardsfromtheGrouptoanexternalparty,nofurtherprocessingisrequiredbytheGroup,qualityandquantityofthegoodshasbeendeterminedwithreasonableaccuracy,thesellingpriceisfixedordeterminable,andcollectabilityisprobable.InterestRevenueisrecognisedastheinterestaccrues(usin

154、gtheeffectiveinterestmethod,whichistheratethatexactlydiscountsestimatedfuturecashreceiptsthroughtheexpectedlifeofthefinancialinstrument)tothenetcarryingamountofthefinancialasset.(g)IncomeTaxCurrentincometaxrefunded/(expensed)chargedtoprofitorlossistaxrefundable/(payable).Thoseamountsrecognisedareexp

155、ectedtoberecoveredfrom/(paidto)therelevanttaxationauthority.Deferredincometaxisprovidedonalltemporarydifferencesatthebalancedatebetweenthetaxbasesofassetsandliabilitiesandtheircarryingamountsforfinancialreportingpurposes.NOTESTOTHEFINANCIALREPORTFORTHEYEARENDED30JUNE2018 BEACONMINERALSLIMITED2018ANN

156、UALREPORT28 Deferredincometaxliabilitiesarerecognisedforalltaxabletemporarydifferences:except where the deferred income tax liability arises from the initial recognition of an asset orliabilityinatransactionthatisnotabusinesscombinationand,atthetimeofthetransaction,affectsneitherthataccountingprofit

157、nortaxableprofitorloss.Deferredincometaxassetsarerecognisedforallthedeductibletemporarydifferences,carryforwardofunusedtaxassetsandunusedtaxlosses,totheextentthatitisprobablethattaxableprofitwillbeavailableagainstwhichthedeductibletemporarydifferences,andthecarryforwardofunusedtaxassetsandunusedtaxl

158、ossescanbeutilised.Thecarryingamountofdeferredincometaxisreviewedateachbalancedateandreducedtotheextentthatitisnolongerprobablethatsufficienttaxableprofitwillbeavailabletoallowallorpartofthedeferredincometaxassettobeutilised.Deferredincometaxassetsandliabilitiesaremeasuredatthetaxratesthatareexpecte

159、dtoapplytotheyearwhentheassetisrealisedortheliabilityissettled,basedontaxrates(andtaxlaws)thathavebeenenactedorsubstantivelyenactedatthereportingdate.Incometaxesrelatingtoitemsrecogniseddirectlyinequityarenotrecognisedinequityandnotinprofitorloss.(h)TradeandotherreceivablesTrade receivables are meas

160、ured on initial recognition at fair value and are subsequently measured atamortisedcostusingtheeffectiveinterestratemethod,lessanyallowanceforimpairment.Tradereceivablesaregenerallydueforsettlementwithinperiodsrangingfrom15daysto30days.Impairmentoftradereceivablesiscontinuallyreviewedandthosethatare

161、consideredtobeuncollectiblearewrittenoffbyreducingthecarryingamountdirectly.AnallowanceaccountisusedwhenthereisobjectiveevidencethattheGroupwillnotbeabletocollectallamountsdueaccordingtotheoriginalcontractualterms.FactorsconsideredbytheGroupinmakingthisdeterminationincludeknownsignificantfinancialdi

162、fficultiesofthedebtor,reviewoffinancialinformationandsignificantdelinquencyinmakingcontractualpayments to the Group.The impairment allowance is set equal to the difference between the carryingamountofthereceivableandthepresentvalueofestimatedfuturecashflows,discountedattheoriginaleffective interest

163、rate.Where receivables are shortterm discounting is not applied in determining theallowance.Theamountoftheimpairmentlossisrecognisedinthestatementofprofitorlossandothercomprehensiveincome within other expenses.When a trade receivable for which an impairment allowance had beenrecognisedbecomesuncolle

164、ctibleinasubsequentperiod,itiswrittenoffagainsttheallowanceaccount.Subsequent recoveries of amounts previously written off are credited against other expenses in thestatementofprofitorlossandothercomprehensiveincome.(i)Goodsandservicestax(GST)Revenues,expensesandassetsarerecognisednetoftheamountofGS

165、T,exceptwheretheamountofGSTincurredisnotrecoverablefromtheAustralianTaxationOffice(“ATO”).InthesecircumstancestheGSTisrecognisedaspartofthecostofacquisitionoftheassetoraspartofanitemoftheexpense.ReceivablesandpayablesinthestatementoffinancialpositionareshowninclusiveofGST.ThenetamountofGSTrecoverabl

166、efrom,orpayableto,theATOisincludedasacurrentassetorliabilityinthestatementoffinancialposition.NOTESTOTHEFINANCIALREPORTFORTHEYEARENDED30JUNE2018 BEACONMINERALSLIMITED2018ANNUALREPORT29 CashFlowsareincludedinthestatementofcashflowsonanetbasis.TheGSTcomponentsofcashflowsarising from investing and fina

167、ncial activities which are recoverable from,or payable to,the ATO areclassifiedasoperatingcashflows.(j)PlantandequipmentPlantandequipmentisstatedatcostlessaccumulateddepreciationandanyaccumulatedimpairmentlosses.Suchcostsincludethecostofreplacingpartsthatareeligibleforcapitalisationwhenthecostofrepl

168、acingthepartsisincurred.Similarly,wheneachmajorinspectionisperformed,itscostisrecognisedinthecarryingamountofplantandequipmentasareplacementonlyifitiseligibleforcapitalisation.Allotherrepairsandmaintenancearerecognisedinprofitorlossasincurred.Thecostofacquiredassetsalsoincludestheinitialestimateatth

169、etimeofinstallationandduringtheperiodofuse,whenrelevant,ofthecostsofdismantlingandremovingtheitemsandrestoringthesiteonwhichtheyarelocated,andchangesinthemeasurementofexistingliabilitiesrecognisedforthesecostsresultingfromchangesinthetimingoroutfloworresourcesrequiredtosettletheobligationorfromchang

170、esinthediscountrate.Wherepartsofanitemofplantandequipmenthavedifferentlives,theyareaccountedforasseparateitems(majorcomponents)ofplantandequipment.DepreciationDepreciationofanassetbeginswhentheassetisavailableforuse.Depreciationiscalculatedonadiminishingvaluebasisovertheestimatedusefullifeoftheasset

171、sasfollows:Plantandequipment27yearsMotorvehicles25yearsTheassetsresidualvalues,usefullivesandamortisationmethodsarereviewed,andadjustedifappropriate,ateachfinancialyearend.ImpairmentThe carrying values of plant and equipment are reviewed for impairment at each reporting date,withrecoverableamountbei

172、ngestimatedwheneventsorchangesincircumstancesindicatethatthecarryingvaluemaybeimpaired.Therecoverableamountofplantandequipmentisthehigheroffairvaluelesscoststosellandvalueinuse.Inassessingvalueinuse,theestimatedfuturecashflowsarediscountedtotheirpresentvalueusingapretaxdiscountratethatreflectscurren

173、tmarketassessmentsofthetimevalueofmoneyandtherisksspecifictotheasset.Foranassetthatdoesnotgeneratelargelyindependentcashinflows,recoverableamountisdeterminedforthecashgeneratingunittowhichtheassetbelongs,unlesstheassetsvalueinusecanbeestimatedtoapproximatefairvalue.Animpairmentexistswhenthecarryingv

174、alueofanassetorcashgeneratingunitsexceedsitsestimatedrecoverableamount.Theassetorcashgeneratingunitisthenwrittendowntoitsrecoverableamount.Forplantandequipment,impairmentlossesarerecognisedinthestatementofprofitorlossandothercomprehensiveincomeinthecostofsaleslineitem.NOTESTOTHEFINANCIALREPORTFORTHE

175、YEARENDED30JUNE2018 BEACONMINERALSLIMITED2018ANNUALREPORT30 DerecognitionanddisposalAnitemofplantandequipmentisderecognisedupondisposalorwhennofurtherfutureeconomicbenefitsareexpectedfromitsuseordisposal.Anygainorlossarisingonderecognitionoftheasset(calculatedasthedifferencebetweenthenetdisposalproc

176、eeds and the carrying amount of the asset)is included in statement of profit or loss and othercomprehensiveincomeintheyeartheassetisderecognised.(k)ImpairmentofassetsTheGroupassessesateachreportingdatewhetherthereisanindicationthatanassetmaybeimpaired.Ifanysuchindicationexists,orwhenannualimpairment

177、testingforanassetisrequired,theGroupmakesanestimateoftheassetsrecoverableamount.Anassetsrecoverableamountisthehigherofitsfairvalue;lesscoststosellanditsvalueinuseandisdeterminedforanindividualasset,unlesstheassetdoesnotgeneratecashinflowsthatarelargelyindependentofthosefromotherassets,andtheassetsva

178、lueinusecannotbeestimatedtobeclosetoitsfairvalue.Insuchcasestheassetistestedforimpairmentaspartofthecashgeneratingunittowhichitbelongs.Whenthecarryingamountofanassetorcashgeneratingunitexceedsitsrecoverableamount,theassetorcashgeneratingunitisconsideredimpairedandiswrittendowntoitsrecoverableamount.

179、Inassessingthevalueinuse,theestimatedfuturecashflowsarediscountedtotheirpresentvalueusingapretaxdiscountratethatreflectscurrentmarketassessmentsofthetimevalueofmoneyandtherisksspecifictotheasset.Impairmentlossesrelatingtocontinuingoperationsarerecognisedinthoseexpensecategoriesconsistentwiththefunct

180、ionoftheimpairedassetunlesstheassetiscarriedatrevaluedamount(inwhichcasetheimpairmentlossistreatedasarevaluationdecrease).Anassessmentisalsomadeateachreportingdateastowhetherthereisanyindicationthatpreviouslyrecognisedimpairmentlossesmayno longerexistormayhavedecreased.Ifsuchindicationexists,thereco

181、verableamountisestimated.Apreviouslyrecognisedimpairmentlossisreversedonlyiftherehasbeenachangeintheestimatesusedtodeterminetheassetsrecoverableamountsincethelastimpairmentlosswasrecognised.Ifthatisthecasethecarryingamountoftheassetisincreasedtoitsrecoverableamount.That increased amount cannot excee

182、d the carrying amount that would have been determined,net ofdepreciation,hadnoimpairmentlossbeenrecognisedfortheassetinprioryears.Suchreversalisrecognisedinprofitorlossunlesstheassetiscarriedatrevaluedamount,inwhichcasethereversalistreatedasarevaluationincrease.Aftersuchareversalthedepreciationcharg

183、eisadjustedinfutureperiodstoallocatetheassetsrevisedcarryingamount,lessanyresidualvalue,onasystemicbasisoveritsremainingusefullife.(l)ExplorationandevaluationexpenditureExplorationandevaluationexpenditureonareasofinterestareexpensedasincurred.Costsofacquisitionwillnormallybeexpensedbutwillbeassessed

184、onacasebycasebasisandmaybecapitalisedtoareasofinterestandcarriedforwardwhererightoftenureoftheareaofinterestiscurrentandtheyareexpectedtoberecoupedthroughsaleorsuccessfuldevelopmentandexploitationoftheareaofinterestor,whereexploration and evaluation activities in the area of interest have not yet re

185、ached a stage that permitsreasonableassessmentoftheexistenceofeconomicallyrecoverablereserves.Whenanareaofinterestisabandonedorthedirectorsdecidethatitisnotcommercial,anyaccumulatedacquisitioncostsinrespectofthatareaarewrittenoffinthefinancialperiodthedecisionismade.Eachareaofinterestisalsorevieweda

186、ttheendofeachaccountingperiodandaccumulatedcostswrittenofftotheextentthattheywillnotberecoverableinthefuture.NOTESTOTHEFINANCIALREPORTFORTHEYEARENDED30JUNE2018 BEACONMINERALSLIMITED2018ANNUALREPORT31(m)DevelopmentexpenditureDevelopmentexpenditureisrecognisedatcostlessaccumulatedamortisationandanyimp

187、airmentlosses.Exploration and evaluation expenditure is reclassified to development expenditure once the technicalfeasibility and commercial viability of extracting the related mineral resource is demonstrable.Wherecommercialproductioninanareaofinteresthascommenced,theassociatedcoststogetherwithanyf

188、orecastfuture capital expenditure necessary to develop proved and probable reserves are amortised over theestimatedeconomiclifeofthemineonaunitsofproductionbasis.Changes in factors such as estimates of proved and probable reserves that affect unitofproductioncalculationsaredealtwithonaprospectivebas

189、is.(n)TradeandotherpayablesTradepayablesandotherpayablesarecarriedatamortisedcostandrepresentliabilitiesforgoodsandservicesprovidedtotheGrouppriortotheendofthefinancialyearthatareunpaidandarisewhentheGroupbecomesobligedtomakefuturepaymentsinrespectofthepurchaseofthesegoodsandservices.Tradeandotherpa

190、yablesarepresentedascurrentliabilitiesunlesspaymentisnotduewithin12months.(o)ProvisionsProvisionsarerecognisedwhentheGrouphasapresentobligation(legalorconstructive)asaresultofapastevent,itisprobablethatanoutflowofresourcesembodyingeconomicbenefitswillberequiredtosettletheobligationandareliableestima

191、tecanbemadeoftheamountoftheobligation.Provisionsarenotrecognisedforfutureoperatinglosses.When the Group expects some or all of a provision to be reimbursed,for example under an insurancecontract,thereimbursementisrecognisedasaseparateassetbutonlywhenthereimbursementisvirtuallycertain.The expense rel

192、ating to any provision is presented in the statement of profit or loss and othercomprehensiveincomenetofanyreimbursement.Provisionsaremeasuredatthepresentvalueormanagementsbestestimateoftheexpenditurerequiredtosettlethepresentobligationattheendofthereportingperiod.Iftheeffectofthetimevalueofmoneyism

193、aterial,provisionsarediscountedusingacurrentpretaxratethatreflectstherisksspecifictotheliability.Whendiscountingisused,theincreaseintheprovisionduetothepassageoftimeisrecognisedasaninterestexpense.SiterehabilitationTheGroupisnotatastagetorecordthepresentvalueoftheestimatedcostsoflegalandconstructive

194、obligationstorestoreoperatinglocationsintheperiodinwhichtheobligationisincurred.Thenatureofrehabilitation activities includes dismantling and removing structures,rehabilitating mines,dismantlingoperatingfacilities,andreclamationandrevegetationofaffectedareas.Whenrecordedtheprovisionisabestestimate o

195、f the present value of the expenditure required to settle the rehabilitation obligation at thereportingdate,basedoncurrentlegalrequirementsandtechnology.(p)ContributedequityOrdinarysharesareclassifiedascontributedequity.Incrementalcostsdirectlyattributabletotheissueofnewsharesareshowninequityasadedu

196、ction,netoftax,fromtheproceeds.NOTESTOTHEFINANCIALREPORTFORTHEYEARENDED30JUNE2018 BEACONMINERALSLIMITED2018ANNUALREPORT32(q)EarningspershareBasicearningspershareiscalculatedasnetprofit/(loss)attributabletomembersoftheGroup,adjustedtoexcludeanycostsofservicingequity(otherthandividends)andpreferencesh

197、aredividends,dividedbytheweightedaveragenumberofordinaryshares,adjustedforanybonuselement.Asat30June201880,000,000optionsonissue(2017:80,000,000options)hadadilutiveeffectontheEPS.Theeffectoftheseoptionsisdilutiveontheearningspersharecalculationastheexercisepriceoftheoptionsisbelowtheaveragemarketval

198、uefortheyear.(r)CashandcashequivalentsCashandcashequivalentscomprisesofcashatbankandinhandandshorttermdepositswithanoriginalmaturityofthreemonthsorless.ForthepurposesoftheGroupsstatementofcashflows,cashandcashequivalentsconsistofcashandcashequivalentsasdefinedabove,netofoutstandingbankoverdrafts.(s)

199、SharebasedpaymentsTheCompanymayprovidebenefitstointheformofsharebasedpaymenttransactions,wherebyservicesarerenderedorassetspurchasedinexchangeforsharesorrightsovershares(equitysettledtransactions).Thecostoftheseequitysettledtransactionsismeasuredbyreferencetothefairvalueatthedateatwhichtheyaregrante

200、d.ThefairvalueofthesepaymentsisdeterminedusingaBlackScholesoptionpricingmodel.(t)EmployeebenefitsShorttermemployeebenefitsProvision is made for the Groups obligations for shortterm employee benefits.Shortterm employeebenefitsarebenefits(otherthanterminationbenefits)thatareexpectedtobesettledwhollybe

201、fore12monthsaftertheendoftheannualreportingperiodinwhichtheemployeesrendertherelatedservice,includingwages,salariesandsickleave.Shorttermemployeebenefitsaremeasuredatthe(undiscounted)amountsexpectedtobepaidwhentheobligationissettled.The Groups obligations for shortterm employee benefits such as wage

202、s,salaries and sick leave arerecognisedaspartofcurrenttradeandotherpayablesinthestatementoffinancialposition.TheGroupsobligationsforemployeesannualleaveandlongserviceleaveentitlementsarerecognisedasprovisionsinthestatementoffinancialposition.DefinedcontributionsuperannuationbenefitsAllemployeesofthe

203、Groupotherthanthosethatreceivedefinedbenefitentitlementsreceiveddefinedcontributionsuperannuationentitlements,forwhichtheGrouppaysthefixedsuperannuationguaranteecontribution(currently9.50%oftheemployeesaverageordinarysalary)totheemployeessuperannuationfundofchoice.Allcontributionsinrespectoftheemplo

204、yeesdefinecontributionentitlementsarerecognisedasanexpensewhentheybecomepayable.TheGroupsobligationwithrespecttheemployeesdefinedcontributionentitlementsislimitedtoitsobligationforanunpaidsuperannuationguaranteecontributionsatthe end of the reporting period.All obligations for unpaid superannuation

205、guarantee contributions aremeasured at the(undiscounted)amounts expected to be paid when the obligation is settled and arepresentedascurrentliabilitiesintheGroupsstatementoffinancialposition.(u)Adoptionofnewandrevisedstandards TheGrouphasconsistentlyappliedthefollowingaccountingpoliciestoallperiodsp

206、resentedinthefinancialNOTESTOTHEFINANCIALREPORTFORTHEYEARENDED30JUNE2018 BEACONMINERALSLIMITED2018ANNUALREPORT33 statements.Any new,revised or amending Accounting Standards or Interpretations that are not yetmandatoryhavenotbeenearlyadopted.(v)ComparativeinformationComparative information has been a

207、mended where necessary to ensure compliance with current yeardisclosures.3 OTHERINCOME30JUNE2018$30JUNE2017$Fueltaxrebates3,8923,8924 EXPENSES(a)CostofGoodsSold30JUNE2018$30JUNE2017$Openinginventory3,698,446Costsofproduction41,504Royalties305,728Closinginventory4,045,6785 INCOMETAX(a)Primafacieincom

208、etaxbenefitat27.5%onprofit/(loss)fromordinaryactivitiesisreconciledtotheincometaxprovidedinthefinancialstatements30JUNE2018$30JUNE2017$Profit/(loss)beforeincometax(4,161,027)1,601,707Incometaxcalculatedat27.50%(2017:30%)(1,144,282)480,512Taxeffectof;Expensesnotallowed(158)246Temporarydifferences315,

209、9961,106,923Section40880deduction34,585(5,122)Recoupmentoftaxlosses793,859(1,582,559)DeferredtaxassetnotbroughttoaccountIncometaxattributabletooperatinglossesNOTESTOTHEFINANCIALREPORTFORTHEYEARENDED30JUNE2018 BEACONMINERALSLIMITED2018ANNUALREPORT34(b)DeferredtaxassetsThe potential deferred tax asset

210、 arising from the tax losses and temporary differences have not beenrecognisedasanassetbecauserecoveryoftaxlossesisnotyetprobable.30JUNE2018$30JUNE2017$Australianaccumulatedtaxlosses4,180,9796,117,453Provisionsnetofprepayments(348,896)(394,172)DeferredexplorationexpenditureSection40880deduction161,1

211、625,122Unrecogniseddeferredtaxassetsrelatingtotheabovetemporarydifferences3,993,2455,728,403Thebenefitswillonlybeobtainedif;(i)TheCompanyderivesfutureassessableincomeofanatureandofanamountsufficienttoenablethebenefitfromthedeductionforthelossestoberealised.(ii)TheCompanycontinuestocomplywiththecondi

212、tionsindeductibilityimposedbytheLaw;and(iii)No change in tax legislation adversely affected the Company in realising the benefits from thedeductionsorthelosses.6 AUDITORSREMUNERATIONAmountsreceivedordueandreceivablebytheCompanysAuditors;30JUNE2018$30JUNE2017$AuditingandreviewoftheCompanysfinancialst

213、atements19,94019,02019,94019,0207 RECEIVABLESANDOTHERASSETSTradeandOtherReceivablesCurrentAccruedinterest30JUNE2018$5,00430JUNE2017$1,385GSTrefund71,24528,58976,24929,974GSTamountsarenoninterestbearingandhaverepaymenttermsapplicableundertherelevantgovernmentauthorities.8 OTHERASSETSShorttermdeposits

214、30JUNE2018$40,00030JUNE2017$20,302Prepayments(i)1,321,0791,337,625Othercurrentassets7484001,361,8271,358,327NOTESTOTHEFINANCIALREPORTFORTHEYEARENDED30JUNE2018 BEACONMINERALSLIMITED2018ANNUALREPORT35(i)Includes$900,000prepaidroyaltytoFentonandMartinMiningDevelopmentsPtyLtdforMiningLeaseM16/529and$400

215、,000prepaidroyaltytoMrStevenArgusandZephyrMiningPtyLtd,theholdersofexplorationlicenceE16/469.9 PLANTANDEQUIPMENT30JUNE201830JUNE2017$PlantandEquipmentAtcost1,665,187112,426Less:accumulateddepreciation(107,713)(63,608)Totalplantandequipment1,557,47448,81830JUNE201830JUNE2017$MotorVehiclesAtcost100,71

216、3100,713Less:accumulateddepreciation(78,460)(70,171)Totalmotorvehicles22,25330,542 PlantandequipmentCarryingamountatthebeginningoftheyear30JUNE2018$48,81830JUNE2017$22,226Additions1,552,76138,500Disposals(7,818)Depreciationexpense(44,105)(4,090)Totalcarryingamountatendoftheyear1,557,47448,818MotorVe

217、hiclesCarryingamountatthebeginningoftheyear30JUNE2018$30,54230JUNE2017$42,080AdditionsDisposalsDepreciationexpense(8,289)(11,538)Totalcarryingamountatendoftheyear22,25330,542Totalplantandequipment1,579,72779,36010 EXPLORATIONANDEVALUATIONEXPENDITURE30JUNE201830JUNE2017$Explorationandevaluationatcost

218、Balanceatthebeginningoftheyear6,270ExpenditureincurredExpenditurewrittenoff(i)(6,270)(i)DuringtheprioryeartheGrouprelinquishedL77/243andexplorationexpenditurewaswrittenoffasincurred.Therecoupmentofcostscarriedforwardinrelationtoareasofinterestintheexplorationandevaluationphasesisdependentonthesucces

219、sfuldevelopmentandcommercialexploitationonsaleoftherespectivearea.NOTESTOTHEFINANCIALREPORTFORTHEYEARENDED30JUNE2018 BEACONMINERALSLIMITED2018ANNUALREPORT36 11 TRADEANDOTHERPAYABLES30JUNE201830JUNE2017$Tradeandotherpayables582,234286,447582,234286,447Tradeandotherpayablesamountsrepresentliabilitiesf

220、orgoodsandservicesprovidedtotheGrouppriortotheendofthefinancialyearwhichareyettobepaid.Theamountsareunsecuredandareusuallypaidwithin30daysofrecognition.12 ISSUEDCAPITALIssuedandpaidupcapital30JUNE201830JUNE2017$Atthebeginningofreportingyear23,776,75923,776,759Sharesissuedduringtheyear7,857,331Shares

221、issuedpursuanttoexerciseofoptionsTransactioncosts(505,091)Atreportingdate2,013,961,284(30June2017:1,495,470,963)fullypaidordinaryshares31,128,99923,776,759 MovementinOrdinarySharesNumberNumberAtthebeginningofreportingyear1,495,470,9631,495,470,963Sharesissuedduringtheyear518,490,321Atreportingdate2,

222、013,961,2841,495,470,963TheGroupdoesnothaveauthorisedcapitalorparvalueinrespectofitsissuedcapital.OrdinarysharesentitletheholdertoparticipateindividendsandtheproceedsonwindingupoftheGroupinproportiontothenumberofandamountspaidonthesharesheld.Onashowofhandseveryholderofordinarysharespresentatameeting

223、inpersonorbyproxy,isentitledtoonevoteanduponapolleachshareisentitledtoonevote.On18August2017,theCompanycompletedaNonRenounceableEntitlementIssuemadepursuanttotheProspectusdated10July2017.TheEntitlementIssueoffered498,490,321NewSharesand498,490,321FreeAttachingOption,toraise$7,477,354beforecosts,onth

224、ebasisof:One(1)NewShareforeverythree(3)SharesheldbyShareholdersontheRecordDateatanissuepriceof$0.015perNewShare;and One(1)FreeAttachingOptionforeveryone(1)NewShareissued.On4September201720,000,000fullypaidordinaryshareswereissuedtoFlindersExplorationLimitedandJHMiningLimitedtoacquiretwominingleases,

225、M16/34andM16/115.NOTESTOTHEFINANCIALREPORTFORTHEYEARENDED30JUNE2018 BEACONMINERALSLIMITED2018ANNUALREPORT37 CapitalManagementTheBoardspolicyinrelationtocapitalmanagementistoregularlyandconsistentlymonitorfuturecashflows against expected expenditures for a rolling period of up to 12 months in advance

226、.The BoarddeterminestheGroupsneedsforadditionalfundingbywayofeithershareissuesorloanfundsdependingonmarketconditionsatthetime.TheBoarddefinesworkingcapitalinsuchcircumstancesasitsexcessliquidfundsoverliabilities,anddefinescapitalasbeingtheordinarysharecapitaloftheGroup.TherewerenochangesintheGroupsa

227、pproachtocapitalmanagementduringtheyear.13 RESERVES(a)OptionReservesNatureandPurposeofReservesTheshareoptionreserveisusedtorecordthevalueofoptionbasedpayments.30JUNE201830JUNE2017$Atthebeginningofreportingyear273,660ExpiryofoptionsTransactioncostsIssuedduringtheyear18(i)74,665273,660Atreportingdate3

228、48,325273,660Movementin$0.02517August2022ListedOptions(i)2018Number2017NumberAtthebeginningofthereportingperiodExpiredduringtheyearIssuedduringtheyear(ii)498,490,321Atreportingdate498,490,321(i)Eachoptionentitlestheholdertosubscribetooneshareatanissuepriceof$0.025onorbefore17August2022.(ii)Issuedund

229、ertheNonRenounceableEntitlementIssuemadepursuanttotheProspectusdated10July201720182017Movementin$0.00431January2022UnlistedOptions(i)NumberNumberAtthebeginningofthereportingperiod80,000,000ExpiredduringtheyearIssuedduringtheyear80,000,000Atreportingdate80,000,00080,000,000(i)Eachoptionentitlesthehol

230、dertosubscribetooneshareatanissuepriceof$0.004onorbefore31January2022.20182017Movementin$0.0255May2019UnlistedOptions(i)NumberNumberAtthebeginningofthereportingperiodExpiredduringtheyearIssuedduringtheyear5,000,000Atreportingdate5,000,000NOTESTOTHEFINANCIALREPORTFORTHEYEARENDED30JUNE2018 BEACONMINER

231、ALSLIMITED2018ANNUALREPORT38(i)Eachoptionentitlestheholdertosubscribetooneshareatanissuepriceof$0.025onorbefore5May2019.14 DIVIDEND30JUNE201830JUNE2017$Dividendpaid:Unfrankedordinarydividendof$0(2017:$0.0025)pershare3,738,6773,738,677On29September2016,thedirectorsdeclaredanunfrankeddividendof$0.0025

232、persharetoholdersoffullypaidordinarysharesandwaspaidtoshareholderson3November2016.15 ACCUMULATEDLOSSES30JUNE2018$30JUNE2017$Accumulatedlossesatthebeginningoftheyear(21,934,285)(19,797,315)Gain/(Loss)fortheyear(4,161,027)1,601,707Dividendpaid(3,738,677)(26,095,312)(21,934,285)16 EARNINGS/(LOSS)PERSHA

233、RE(a)BasicEarningsPerShareTheearningsandweightedaveragenumberofordinarysharesusedinthecalculationofbasicearningspershareareasfollows:30JUNE2018$30JUNE2017$Earnings/(Loss)used in calculation of total basic earnings pershare(4,161,027)1,601,707Earnings/(Loss)usedinthecalculationofdilutedearningspersha

234、re(4,161,027)1,601,707NumberNumberWeightedaveragenumberofsharesonissueduringthefinancialyearusedinthecalculationofbasicearningspershare1,945,831,0041,495,470,963Basicearnings/(loss)pershareafterincometaxattributabletomembersoftheCompany(0.2138)0.1071Basicearnings/(loss)pershare(0.2138)0.1071On18Augu

235、st2017,theCompanycompletedaNonRenounceableEntitlementIssuemadepursuanttotheProspectusdated10July2017.TheEntitlementIssueoffered498,490,321NewSharesand498,490,321FreeAttachingOptions.NOTESTOTHEFINANCIALREPORTFORTHEYEARENDED30JUNE2018 BEACONMINERALSLIMITED2018ANNUALREPORT39(b)DilutedEarningsPerShareAs

236、at30June2018theCompanyhad80,000,000optionsonissue(30June2017:80,00,000)theeffectoftheseoptionsaredilutiveontheearningspersharecalculation.Theearningsusedinthecalculationofdilutedearningspershareisasfollows:30JUNE2018$30JUNE2017$Earningsusedincalculationoftotalbasicearningspershare(4,161,027)1,601,70

237、7Earningsusedinthecalculationofdilutedearningspershare(4,161,027)1,601,707Theweightedaveragenumberofordinarysharesforthepurposesofdilutedearningspersharereconcilestotheweightedaveragenumberofordinarysharesusedinthecalculationofbasicearnings pershareasfollows:NumberNumberWeightedaveragenumberofshares

238、onissueduringthefinancialyearusedinthecalculationofbasicearningspershare1,945,831,0041,495,470,963Sharesdeemedtobeissuedfornoconsiderationinrespectof:Employeeoptions(theoptionswereweightedintheprioryear)80,000,00021,424,657Weightedaveragenumberofordinarysharesfordilutedearningspershare2,025,831,0041

239、,516,895,620Dilutedearnings/(loss)pershareafterincometaxattributabletomembersoftheCompany(0.2054)0.1056Dilutedearnings/(loss)pershare(0.2054)0.105617 NOTESTOTHESTATEMENTOFCASHFLOWS(a)Reconciliationofcashandcashequivalents30JUNE2018$30JUNE2017$CurrentCashatbank2,590,369934,9202,590,369934,920NOTESTOT

240、HEFINANCIALREPORTFORTHEYEARENDED30JUNE2018 BEACONMINERALSLIMITED2018ANNUALREPORT40(b)Reconciliationofcashflowsfromoperationswithprofit/(loss)afterincometax30JUNE2018$30JUNE2017$Profit/(Loss)afterincometax(4,161,660)1,601,707Noncashflowsfromprofit/(loss)Depreciationofplantandequipment52,39415,628Expl

241、orationanddevelopmentexpenditurewrittenoff(6,270)Equitybasedpayments454,665273,660(Increase)/decreaseinassetsTradeandotherreceivablesOtherassets(46,275)(3,500)(29,168)(1,287,105)Inventory3,698,446Increase/(decrease)inliabilitiesTradeandotherpayables354,919212,897Provisions3,926Netcashinflowsfromoper

242、atingactivities(3,345,531)4,479,79518 EQUITYBASEDPAYMENTS(i)On 4 September 2017 the Company issued 20,000,000 fullypaidordinary shares and5,000,000UnlistedOptionsexercisableat$0.025onorbefore5May2019toacquiretenementsM16/0034andM16/115.UsingtheBlack&Scholesoptionmodelandbasedontheassumptionsbelow,th

243、eUnlistedOptionswereascribedthefollowingvalue:ClassofOptionsNumberofOptionsValuationDateMarketPriceofSharesExercisePriceExpiryDateRiskFreeInterestRateVolatility(discount)IndicativeValueperOptionUnlistedOptions5,000,00005.05.2017$0.020$0.02505.05.20192.21%169%$0.015(ii)On3January2017theCompanyagreedt

244、oissue80,000,000UnlistedOptionsexercisableat$0.004onorbefore31January2022toMrAlexMcCulloch.UsingtheBlack&Scholesoptionmodelandbasedontheassumptionsbelow,theUnlistedOptionswereascribedthefollowingvalue:ClassofOptionsNumberofOptionsValuationDateMarketPriceofSharesExercisePriceExpiryDateRiskFreeInteres

245、tRateVolatility(discount)IndicativeValueperOptionUnlistedOptions80,000,00003.01.2017$0.004$0.00431.01.20222.17%155.70%$0.0034NOTESTOTHEFINANCIALREPORTFORTHEYEARENDED30JUNE2018 BEACONMINERALSLIMITED2018ANNUALREPORT41 19 KEYMANAGEMENTPERSONNEL(a)DetailsofkeymanagementpersonnelDirectorsandExecutivesGeo

246、ffreyGreenhillExecutiveChairmanGrahamMcGarryManagingDirectorSarahShipwayNonExecutiveDirector(b)Compensationofkeymanagementpersonnel30JUNE201830JUNE2017$ShorttermemploymentbenefitsSalary,feesandleave289,870139,580PostemploymentbenefitsSuperannuation21,24411,084Totalkeymanagementpersonnelcompensation3

247、11,114150,664(c)OthertransactionsandbalanceswithKeyManagementPersonnelMcVerde Minerals Pty Ltd,of which Graham McGarry and Geoffrey Greenhill are directors,providedequipmenthiretotheCompanyonordinarycommercialterms.Amountsthathavebeenpaidorpayabletotal$52,827(2017:$11,660).At30June2018$31,377(2017:$

248、0)waspayabletoMcVerdeMinerals.MangelsdorfEngineeringPtyLtd,ofwhichGrahamMcGarryandGeoffreyGreenhillaredirectors,providedmanufacturingandrepairstoequipmentandgeneralengineeringmaintenancetotheCompanyonordinarycommercialterms.Amountsthathavebeenpaidorpayabletotal$6,034(2017:$0).On10July2017GrahamMcGar

249、ryandGeoffreyGreenhilleachenteredintoagreementswiththeCompany,whereby the Directors would each underwrite a total of 99,698,064 of the shares issued under theEntitlementIssueProspectusdated10July2017.UndertheagreementstheDirectorswereentitledtoanunderwritingfeeof4%,oftheunderwrittenamount.GrahamMcGa

250、rryandGeoffreyGreenhilleachreceivedafeeof$59,818undertheiragreement.20 COMMITMENTSANDCONTINGENCIES(a)CommitmentMineralexplorationcommitmentInordertomaintainthecurrentrightsoftenuretoexplorationtenements,theGrouphasthefollowingdiscretionaryexplorationexpenditurerequirements.30JUNE2018$30JUNE2017$Notl

251、aterthanoneyear29,647158,625Laterthanoneyearbutnotlaterthanfiveyears4,030Laterthanfiveyears29,647162,655NOTESTOTHEFINANCIALREPORTFORTHEYEARENDED30JUNE2018 BEACONMINERALSLIMITED2018ANNUALREPORT42 21 EVENTSSUBSEQUENTTOREPORTINGDATEOn26August2018theCompanyannounceditsPreFeasibilityStudy(PFS)Resultsfort

252、heJaurdiGoldProject.ThePFSdemonstratedaneconomicallyandtechnicallyviableprojectwithconsiderableupside.On3September2018theCompanyannouncedthatithadreceivedfirmcommitmentstoraise$18millionviaadebentureissuetoprofessionalandsophisticatedinvestors.DetailsofthedebentureissuearelocatedintheNoticeofMeeting

253、dated29August2018.On26September201880,000,000UnlistedOptionswereexercisedintheCompany.On26September201820,000,000UnlistedOptionsexercisableat$0.025onorbefore1August2021wereissuedintheCompany.Otherthantheabovenomattersorcircumstanceshavearisensincetheendofthefinancialyearwhichsignificantlyaffectedorc

254、ouldsignificantlyaffecttheoperationsoftheconsolidatedentity,theresultsofthoseoperations,orthestateoftheaffairsoftheconsolidatedentityinfuturefinancialyears.22 FINANCIALRISKMANAGEMENT(a)InterestRateRiskTheGroupsexposuretointerestraterisk,whichistheriskthatthefinancialinstrumentsvaluewillfluctuateasar

255、esultofchangesinmarketinterestratesandtheeffectiveweightedaverageinterestratesonthosefinancialassetsandfinancialliabilities,isasfollows:Basedonthecashandcashequivalentsbalancesat30June2018a1%movementininterestrateswouldincrease/decreasetheprofit/(loss)fortheyearbeforetaxationby$5,470(2017:$9,349).Th

256、econsolidatedentityregularlyanalysesitsinterestrateexposureandconsidersthecostofequityasanalternativetodebt.(b)LiquidityriskmanagementUltimateresponsibilityforliquidityriskmanagementrestswiththeboardofdirectors,whohavebuiltanappropriateliquidityriskmanagementframeworkforthemanagementoftheGroupsshort

257、,mediumandlongtermfundingandliquiditymanagementrequirements.TheGroupmanagesliquidityriskbymaintainingadequatereserves,bankingfacilitiesandreserveborrowingfacilitiesbycontinuouslymonitoringforecastandactualcashflowsandmatchingthematurityprofilesoffinancialassetsandliabilities.(c)CreditRiskThemaximume

258、xposuretocreditrisk,excludingthevalueofanycollateralorothersecurity,atreportingdatetorecognisedfinancialassetsisthecarryingamountofthoseassets,netofanyallowancefordoubtfuldebts,asdisclosedinthestatementoffinancialpositionandnotestothefinancialreport.TheGrouphasamaterialcreditexposuretoasingledebtora

259、ndhasadoptedthepolicyofdealingwithcreditworthycounterpartiesasameansofmitigatingtheriskoffinanciallossfromdefaults.(e)FinancialriskmanagementpoliciesTheGroupsfinancialinstrumentsconsistmainlyofdepositswithrecognisedbanks,investmentinbankbillsupto90days,accountsreceivableandaccountspayable.Liquidityi

260、smanaged,whensufficientfundsareavailable,byholdingsufficientfundsinacurrentaccounttoservicecurrentobligationsandsurplusfundsNOTESTOTHEFINANCIALREPORTFORTHEYEARENDED30JUNE2018 BEACONMINERALSLIMITED2018ANNUALREPORT43 invested in bank bills.The Directors analyse interest rate exposure and evaluate trea

261、sury managementstrategiesinthecontextofthemostrecenteconomicconditionsandforecasts.ThemainriskstheGroupisexposedtothroughitsfinancialinstrumentsisthedepositorybankinginstitutionitself,holdingthefunds,andinterestrates.TheGroupscreditriskisminimalastheGrouphasnosignificantfinancialassetsotherthancasha

262、ndtermdeposits.(f)CommoditypriceriskCommoditypriceriskarisesfromfluctuationsinmarketpricesofgold.TheGrouphasnotenteredintoanyforwardcommoditypricecontractsasat30June2018andiscurrentlyexposedtocommoditypriceriskonfuturesales.TheGroupmonitorsmarketexpectationsonfuturecommoditypricesandconsidersenterin

263、gintolongertermcontractsorcommodityswapsorputoptionspositionsifnecessarytomanagetheriskinamannerconsistedwithitsriskmanagementobjectives.(g)SensitivityThetablebelowsummarisestheimpactofincreases/decreasesofthegoldpriceontheGroupsposttaxprofitfortheyear.Theanalysisisbasedontheassumptionthatthegoldpri

264、cehadincreased/decreasedbyAUD$100 per ounce(2017:increased/decreased by AUD$100 per ounce with all other variables heldconstant).IndexImpactonposttaxprofit20182017GoldpriceincreaseA$100532,935GoldpricedecreaseA$100(532,935)(h)ForeignCurrencyRiskTheGroupisnotexposedtoanyforeigncurrencyriskasat30June2

265、018.23 RELATEDPARTIESTheCompanyhastwo100%ownedsubsidiariesdisclosedinnote25.At30June2018thebalanceduefromthesubsidiarieswere:AustralianDollar($)30JUNE2018$30JUNE2017$BeaconMiningPtyLtd7,647,4362,596,045BeaconMiningServicesPtyLtd36,9397,684,3752,596,045Theseamountscompriseoffundsprovidedbytheparentco

266、mpanyforexplorationactivities.RelatedpartytransactionsbetweentheGroupandotherrelatedpartiesaredisclosedinnote19(c).24 SEGMENTREPORTINGFormanagementpurposes,theGroupisorganisedintoonemainoperatingsegment,whichinvolvestheexploration and development of minerals in Australia.All of the Groups activities

267、 are interrelated,anddiscrete financial information is reported to the Board as a single segment.Accordingly,all significantoperatingdecisionsarebaseduponanalysisoftheGroupasonesegment.ThefinancialresultsfromthissegmentareequivalenttothefinancialstatementsoftheGroupasawhole.NOTESTOTHEFINANCIALREPORT

268、FORTHEYEARENDED30JUNE2018 BEACONMINERALSLIMITED2018ANNUALREPORT44 Theaccountingpoliciesappliedforinternalreportingpurposedareconsistentwiththoseappliedinthepreparationofthesefinancialstatements.MajorCustomersTheGroupsuppliestoasingleexternalcustomerforgoldsaleswhoaccountsfor100%oftheexternalrevenue.

269、25 SUBSIDIARIESTheparententity,BeaconMineralsLimited,hasa100%interestinBeaconMiningPtyLtdandBeaconMiningServicesPtyLtd.BeaconMineralsisrequiredtomakeallthefinancialandoperatingpolicydecisionsforthesesubsidiaries.SubsidiariesofBeaconMineralsLimitedCountryofIncorporationPercentageowned%20182017BeaconM

270、iningPtyLtdAustralia100%100%BeaconMiningServicesPtyLtdAustralia100%26 PARENTCOMPANYDISCLOSURE(a)FinancialPositionasat30JuneAustralianDollar($)30JUNE201830JUNE2017$AssetsCurrentassets3,082,991989,405Noncurrentassets63,78279,360Totalassets3,146,7731,068,765LiabilitiesCurrentliabilities571,587257,862No

271、ncurrentliabilitiesTotalliabilities571,587257,862NetAssets2,575,186810,903EquityIssuedCapital31,128,99923,776,759Reserves348,352273,660Accumulatedlosses(28,902,165)(23,239,516)Totalequity2,575,186810,903(b)FinancialPerformancefortheyearended30June2018AustralianDollar($)30JUNE201830JUNE2017$Profit(lo

272、ss)fortheyear(5,662,649)4,873,274OthercomprehensiveincomeTotalcomprehensiveincome(loss)(5,662,649)4,873,274NOTESTOTHEFINANCIALREPORTFORTHEYEARENDED30JUNE2018 BEACONMINERALSLIMITED2018ANNUALREPORT45(c)GuaranteesenteredintobytheParentEntityTheparententityhasnotprovidedguaranteestothirdpartiesasat30Jun

273、e2018.27 NEWACCOUNTINGSTANDARDSFORAPPLICATIONINFUTUREPERIODSAccountingStandardsissuedbytheAASBthatarenotyetmandatorilyapplicabletotheGroup,togetherwithan assessment of the potential impact of such pronouncements on the Group when adopted in futureperiods,arediscussedbelow:AASB 15:Revenue from Contra

274、cts with Customers(applicable to annual reporting periodscommencingonorafter1January2018).This Standard replaces the current accounting requirements applicable to revenue with a single,principlesbasedmodel.Apartfromalimitednumberofexceptions,includingleases,thenewrevenuemodelinAASB15appliestoallcont

275、ractswithcustomersaswellasnonmonetaryexchangesbetweenentitiesinthesamelineofbusinesstofacilitatesalestocustomersandpotentialcustomers.ThecoreprincipleoftheStandardisthatanentitywillrecogniserevenuetodepictthetransferofpromisedgoodsorservicestocustomersinanamountthatreflectstheconsiderationtowhichthe

276、entityexpectstobeentitledinexchangeforthegoodsorservices.Toachievethisobjective,AASB15providesthefollowingfivestepprocess:identifythecontract(s)withacustomer;identifytheperformanceobligationsinthecontract(s);determinethetransactionprice;allocatethetransactionpricetotheperformanceobligationsinthecont

277、ract(s);and recogniserevenuewhen(oras)theperformanceobligationsaresatisfied.ThisStandardrequiresretrospectiverestatement,aswellasenhanceddisclosuresregardingrevenue.ThedirectorsanticipatethattheadoptionofAASB15mayhaveanimpactontheGroupsfinancialstatementswhenitgeneratesrevenueinthefuture.Thegroupisn

278、owinexplorationphaseanduntilitgeneratesrevenueitisimpracticabletoprovideareasonableestimateofsuchimpact.AASB16:Leases(applicabletoannualreportingperiodscommencingonorafter1January2019).Wheneffective,thisStandardwillreplacethecurrentaccountingrequirementsapplicabletoleasesinAASB117:Leasesandrelatedin

279、terpretations.AASB16introducesasinglelesseeaccountingmodelthateliminatestherequirementforleasestobeclassifiedaseitheroperatingleasesorfinanceleases.Lessoraccountingremainssimilartocurrentpractice.ThemainchangesintroducedbythenewStandardareasfollows:recognitionoftherighttouseassetandliabilityforallle

280、ases(excludingshorttermleaseswithlessthan12monthsoftenureandleasesrelatingtolowvalueassets);depreciatingtherighttouseassetsinlinewithAASB116:Property,PlantandEquipmentinprofitorlossandunwindingoftheliabilityinprincipalandinterestcomponents;inclusionofvariableleasepaymentsthatdependonanindexoraratein

281、theinitialmeasurementoftheleaseliabilityusingtheindexorrateatthecommencementdate;NOTESTOTHEFINANCIALREPORTFORTHEYEARENDED30JUNE2018 BEACONMINERALSLIMITED2018ANNUALREPORT46 application of a practical expedient to permit a lessee to elect not to separate nonleasecomponentsandinsteadaccountforallcompon

282、entsasalease;and additionaldisclosurerequirements.ThetransitionalprovisionsofAASB16allowaleasetoeitherretrospectivelyapplytheStandardtocomparativesinlinewithAASB108orrecognisethecumulativeeffectofretrospectiveapplicationasanadjustmenttoopeningequityatthedateofinitialapplication.BasedontheGroupsasses

283、smenttheadoptionofAASB16unlikelytohaveanyimpact.DIRECTORSDECLARATIONBEACONMINERALSLIMITED2018ANNUALREPORT47IntheopinionoftheDirectorsofBeaconMineralsLimited(“theCompany”)(a)TheconsolidatedfinancialstatementsandthenotesoftheCompanyareinaccordancewiththeCorporationsAct2001,including:(i)Givingatrueandf

284、airviewoftheConsolidatedEntitysfinancialpositionasat30June2018andofitsperformancefortheyearendedthatdate;and(ii)ComplyingwithAustralianAccountingStandardsandtheCorporationsRegulations2001,and:(b)TherearereasonablegroundstobelievethattheCompanywillbeabletopayitsdebtsasandwhentheybecomedueandpayable.(

285、b)The financial statements and notes comply with International Financial Reporting Standards asdisclosedinNote2(b).Thisdeclarationhasbeenmadeafterreceivingthedeclarationsfromtheboardofdirectorsrequiredtobemadeinaccordancewithsection295AoftheCorporationsAct2001forthefinancialyearended30June2018.Signe

286、dinaccordancewitharesolutionoftheDirectorsmadepursuanttos295(5)oftheCorporationsAct2001.OnbehalfoftheBoardGeoffreyGreenhillExecutiveChairmanDatedthis28September2018Perth,WesternAustraliaAUDITORS INDEPENDENCE DECLARATION UNDER SECTION 307C OF THE CORPORATIONS ACT 2001 TO THE DIRECTORS OF BEACON MINER

287、ALS LIMITED AND ITS CONTROLLED ENTITIES I declare that,to the best of my knowledge and belief during the year ended 30 June 2018 there have been:no contraventions of the auditor independence requirements as set out in the Corporations Act 2001 in relation to the audit;and no contraventions of any ap

288、plicable code of professional conduct in relation to the audit.William Buck Audit(WA)Pty Ltd ABN 67 125 012 124 Conley Manifis Director Dated this 28th day of September,2018 P 48Report on the Audit of the Financial Report Opinion We have audited the financial report of Beacon Minerals Limited(the Co

289、mpany and its subsidiaries(the Group),which comprises the consolidated statement of financial position as at 30 June 2018,the consolidated statement of profit or loss and other comprehensive income,the consolidated statement of changes in equity and the consolidated statement of cash flows for the y

290、ear then ended,and notes to the financial statements,including a summary of significant accounting policies and other explanatory information,and the directors declaration.In our opinion,the accompanying financial report of the Group,is in accordance with the Corporations Act 2001,including:(i)givin

291、g a true and fair view of the Groups financial position as at 30 June 2018 and ofits financial performance for the year then ended;and(ii)complying with Australian Accounting Standards and the Corporations Regulations2001.Basis for Opinion We conducted our audit in accordance with Australian Auditin

292、g Standards.Our responsibilities under those standards are further described in the Auditors Responsibilities for the Audit of the Financial Report section of our report.We are independent of the Group in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethi

293、cal requirements of the Accounting Professional and Ethical Standards Boards APES 110 Code of Ethics for Professional Accountants(the Code)that are relevant to our audit of the financial report in Australia.We have also fulfilled our other ethical responsibilities in accordance with the Code.We conf

294、irm that the independence declaration required by the Corporations Act 2001,which has been given to the directors of the Company,would be in the same terms if given to the directors as at the time of this auditors report.Beacon Minerals Limited Independent auditors report to members P 49We believe t

295、hat the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.Material Uncertainty Related to Going Concern We draw attention to Note 2(c)of the financial statements which indicates that the Company incurred a net loss before income tax of$4,161,027 and a n

296、et cash outflow from operations of$3,345,531 for the year ended 30 June 2018.As stated in Note 2(c),these events or conditions,along with other matters set forth in Note 2(c),indicate a material uncertainty exists that may cast significant doubt on the Companys ability to continue as a going concern

297、.Our opinion is not modified in respect of this matter.Key Audit Matter Key audit matters are those matters that,in our professional judgement,were of most significance in our audit of the financial report of the current period.The matter was addressed in the context of our audit of the financial re

298、port as a whole,and in forming our opinion thereon,and we do not provide a separate opinion on the matter.SHARE BASED PAYMENTS Area of focus Refer also to notes 2(s)and 18 How our audit addressed it The Group entered into a Tenement Sale Agreement on 5 May 2018 to acquire tenements M16/0034 and M16/

299、115.Under the terms of the Tenement Sale Agreement the Group issued 5,000,000 unlisted options exercisable at$0.025 on or before 5 May 2019 as part of the consideration for mining leases.The tenement acquisition was completed during the financial year.Participation in the plan was at the boards disc

300、retion.Our audit procedures included:Evaluating the fair value of the share-based payment arrangement by agreeing assumptions to third party evidence.In determining the grant date,we evaluated what was the most appropriate date based on the terms and conditions of the share-based payment arrangement

301、.For the specific application of the Black Scholes model,we assessed the experience of the company Beacon Minerals Limited Independent auditors report to members P 50The above arrangement required significant judgments and estimations by management,including the following:The evaluation of the grant

302、 date for the arrangement,and the evaluation of the fair value of the underlying share price of the company as at the grant date;The evaluation of key inputs into the Black Scholes option pricing model,including the significant judgment of the forecast volatility of the share option over its exercis

303、e period.The results of these share-based payment arrangements materially affect the disclosures.secretary who advised the value of the arrangement.We retested some of the assumptions used in the model and recalculated those fair values.We considered that the forecast volatility applied in the model

304、 to be appropriately reasonable and within industry norms.We also reconciled the vesting of the share-based payment arrangement to disclosures made in note 18.Other Information The directors are responsible for the other information.The other information comprises the information included in the Gro

305、ups annual report for the year ended 30 June 2018 but does not include the financial report and the auditors report thereon.Our opinion on the financial report does not cover the other information and accordingly we do not express any form of assurance conclusion thereon.In connection with our audit

306、 of the financial report,our responsibility is to read the other information and,in doing so,consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit or otherwise appears to be materially misstated.Beacon Minerals Limited Inde

307、pendent auditors report to members P 51If,based on the work we have performed,we conclude that there is a material misstatement of this other information,we are required to report that fact.We have nothing to report in this regard.Responsibilities of the Directors for the Financial Report The direct

308、ors of the Company are responsible for the preparation of the financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of the finan

309、cial report that gives a true and fair view and is free from material misstatement,whether due to fraud or error.In preparing the financial report,the directors are responsible for assessing the ability of the Group to continue as a going concern,disclosing,as applicable,matters related to going con

310、cern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or to cease operations,or has no realistic alternative but to do so.Auditors Responsibilities for the Audit of the Financial Report Our objectives are to obtain reasonable assurance about w

311、hether the financial report as a whole is free from material misstatement,whether due to fraud or error,and to issue an auditors report that includes our opinion.Reasonable assurance is a high level of assurance,but is not a guarantee that an audit conducted in accordance with the Australian Auditin

312、g Standards will always detect a material misstatement when it exists.Misstatements can arise from fraud or error and are considered material if,individually or in the aggregate,they could reasonably be expected to influence the economic decisions of users taken on the basis of this financial report

313、.A further description of our responsibilities for the audit of these financial statements is located at the Auditing and Assurance Standards Board website at:http:/www.auasb.gov.au/auditors_responsibilities/ar1.pdf This description forms part of our independent auditors report.Beacon Minerals Limit

314、ed Independent auditors report to members P 52Report on the Remuneration Report Opinion on the Remuneration Report We have audited the Remuneration Report included on pages 17 to 20 of the directors report for the year ended 30 June 2018.In our opinion,the Remuneration Report of Beacon Minerals Limi

315、ted,for the year ended 30 June 2018,complies with section 300A of the Corporations Act 2001.Responsibilities The directors of the Company are responsible for the preparation and presentation of the Remuneration Report in accordance with section 300A of the Corporations Act 2001.Our responsibility is

316、 to express an opinion on the Remuneration Report,based on our audit conducted in accordance with Australian Auditing Standards.William Buck Audit(WA)Pty Ltd ABN:67 125 012 124 Conley Manifis Director Dated this 28th day of September 2018 Beacon Minerals Limited Independent auditors report to member

317、s P 53MINERALRESOURCESANDORERESERVESSTATEMENTBEACONMINERALSLIMITED2018ANNUALREPORT54ThefollowingtablesetsoutBeaconMineralsLimitedorereservesasat30June2018.ProjectCommodityTypeCategoryofOreReserve30June201830June2017GeographicalLocationJaurdiGoldProjectGoldProved870,000t1.9g/tgoldAustraliaJaurdiGoldP

318、rojectGoldProbable2,440,000t1.8g/tgoldand143,100ozofcontainedgoldAustraliaMinecompPtyLtd(Minecomp)hasbeencommissionedbytheCompanytoproduceanendoffinancialyear2018ReserveStatementforLostDogwhichformspartoftheJaurdiGoldProjectinWesternAustralia.Minecompisanindependentminingengineeringconsultingpractic

319、elocatedinKalgoorlieWesternAustralia.Minecompmaintainsbestinclassindustrystandardgovernancearrangementsandinternalcontrolswithrespecttothecalculationoforereserves.JORC2012MineralResourcesandOreReserveStatementCompetentPersonStatementTheinformationintheMineralResourcesandOreReservesStatementisbasedon

320、informationcompiledbyGaryMcCrae,MiningEngineerandfulltimeemployeeofMinecompPtyLtd.TheinformationintheMineralResources and Ore Reserve Statement is based on,and fairly represents,information and supportingdocumentationpreparedbyMrMcCrae.MrMcCraeisacorporatemembertheAustralasianInstituteofMiningandMet

321、allurgy.MrMcCraehassufficientexperiencewhichisrelevanttothestyleofmineralisationandtypeofdepositunderconsiderationandtotheactivitywhichheisundertakingtoqualifyasaCompetentPersonasdefinedinthe2012Editionofthe“AustralasianCodeforReportingofExplorationResults,MineralResourcesandOreReservespreparedbythe

322、JointOreResourcesCommittee,theAustralianInstituteofMining and Metallurgy,Australian Institute of Geoscientists and the Mineral Council of Australia.”TheMineralResourcesandOreReservesStatementasawholeisapprovedbyMrMcCraeintheforminwhichitappears.Thismineralresourceandorereservestatementcontainsinform

323、ationextractedfromthefollowingreport,whichareavailableontheC.au.27September2018JaurdiGoldProjectUpdateandAppendix3BTheCompanyconfirmsthatitisnotawareofanynewinformationordatathatmateriallyaffectsthismineralresourceandorereservestatementresultsincludedintheoriginalmarketannouncementreferredtointhisst

324、atementandthatnomaterialchangeintheresulthasoccurred.TheCompanyconfirmsthattheformandcontextinwhichtheCompetentPersonsfindingsarepresentedhavenotbeenmateriallymodifiedfromtheoriginalmarketannouncement.SHAREHOLDERINFORMATION BEACONMINERALSLIMITED2018ANNUALREPORT55 1.Distributionofholdersat28September

325、2018Asat28September2018thedistributionofshareholderswasasfollows:OrdinarysharesSizeofholdingNumberofholders11,001571,0015,000285,00110,0002410,001100,000612100,001andover1,249Total1,9702.VotingRightsTherearenorestrictionstovotingrightsattachedtotheordinaryshares.Onashowofhandseverymemberpresentinper

326、sonwillhaveonevoteanduponapoll,everymemberpresentorbyproxywillhaveonevoteeachshareheld.3.SubstantialshareholdersThenamesofthesubstantialshareholderswhohavenotifiedtheCompanyinaccordancewithSection671BoftheCorporationsAct2001are;ShareholderSharesheldPercentageofInterest%OceanicCapitalPtyLtd106,200,33

327、37.62%GrahamMcGarry147,039,186 7.37%GeoffreyGreenhill113,311,2395.68%4.Top20ShareholdersThe names of the 20 largest shareholders as at 28September 2018 who hold 42.70%ofthe fully paidordinarysharesoftheCompanywereasfollows;NumberOceanicCapitalPL162,333,333GreenhillGW+GJ100,866,794McCullochAlexanderJ

328、ohn80,000,000McGarryHelenGayle75,827,585LamertonPL73,145,390DavisRobertF+YE63,113,587LamertonPL50,059,020AigleRoyalSuperfundPL50,000,000AmalgamatedDairiesLtd46,480,000YarandiInvPL40,597,961BarstowMiningPL39,000,000StewartBondPL20,000,100OceanViewWAPL20,000,000PayzonePtyLtd19,618,082StewartBondPL18,2

329、77,216BTPortfolioSVCSLtd15,733,333FlesserChristopherR15,000,000BondGregoryFrancisJ14,000,000StewartBarryDavid14,000,000SiebuhrDavidVictor14,000,000SHAREHOLDERINFORMATION BEACONMINERALSLIMITED2018ANNUALREPORT56 5.Top20OptionholdersThenamesofthe20largestoptionholdersasat28September2018whohold51.23%oft

330、helistedoptionsoftheCompanywereasfollows;NumberOceanicCapitalPL60,333,333GreenhillGW+GJ50,336,794LamertonPL28,314,020LamertonPL18,286,347StewartBondPL18,277,216DavisRobertF+YE14,583,353StBarnabasInvPL13,916,666AmalgamatedDairiesLtd11,620,000AigleRoyalSuperfundPL10,919,138LoktorHldgsPL10,196,620Yaran

331、diInvPL10,000,000BarstowMiningPL9,912,309McGarryHelenGayle9,819,396StewartBondPL5,000,000MBMCorpPL5,000,000OceanViewWAPL5,000,000ChengSiuLap+SauYin4,068,333RyanJohnAlbertJames4,000,000BowlerDanielGerard3,966,897BTPortfolioSVCSLtd3,933,333MINERALTENEMENTINFORMATION BEACONMINERALSLIMITED2018ANNUALREPO

332、RT57 BeaconMineralsLimitedmineralinterestsat28September2018:TENEMENTPROJECT/LOCATIONINTERESTJaurdiGoldProjectM16/529Jaurdi,Coolgardie100%E16/0469Jaurdi,Coolgardie0%(1)M16/0034Jaurdi,Coolgardie100%M16/0115Jaurdi,Coolgardie100%P16/2925Jaurdi,Coolgardie0%(2)P16/2926Jaurdi,Coolgardie0%(2)L16/0120Jaurdi,

333、Coolgardie100%E15/1582Jaurdi,Coolgardie100%(1)BeaconhasexecutedanOptiontoPurchaseAgreementwithMrStevenArgusandZephyrMiningPtyLtd,theholderoflicenceE16/469,duringthequarterended30June2018theCompanyexercisedtheOptionandispendingfinaltransferdocumentation/approvals.(2)BeaconhasexecutedanOptiontoPurchaseAgreementwithAustralianLiveStockSuppliersPtyLtd,theholdersofprospectinglicencesP16/2925andP16/2926.