Beacon Minerals Limited (BCN) 2021年年度報告「ASX」.pdf

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1、BEACONMINERALSLIMITEDRECTORY/CONTENTSONTENTSPAGEDIRECTORY/CONTENTSPAGE ACN119611559 ANNUALREPORT2021 CORPORATEDIRECTORY/CONTENTSPAGE BEACONMINERALSLIMITED2021ANNUALREPORT2CORPORATEDIRECTORYBOARDOFDIRECTORSGrahamMcGarryExecutiveChairman/MDGeoffreyGreenhillNonExecutiveDirectorSarahShipwayNonExecutiveD

2、irectorJasonBontempoNonExecutiveDirectorCOMPANYSECRETARYSarahShipwayKALGOORLIEOFFICE144VivianStreetBOULDERWA6432T:0890932477REGISTEREDOFFICE144VivianStreetBOULDERWA6432E:.auW:.auSECURITIESEXCHANGECODESBCNOrdinarySharesBCNOBListedOptionsSHAREREGISTRYAutomicGroupLevel2/267StGeorgesTerracePERTHWA6000P:

3、1300288664AUDITORSWilliamBuckAudit(WA)PtyLtdCONTENTSPAGEChairmansLetter3ReviewofOperations4DirectorsReport15StatementofProfitorLossandOtherComprehensiveIncome26StatementofFinancialPosition27StatementofChangesinEquity28StatementofCashflows29NotestotheFinancialReport30DirectorsDeclaration57AuditorsInd

4、ependenceDeclaration58IndependentAuditorsReport59MineralResourcesandOreReservesStatement64ShareholderInformation65MineralTenementInformation67Appendix1JORCTable68CHAIRMANSLETTERBEACONMINERALSLIMITED2021ANNUALREPORT3DearFellowShareholderOn behalf of the Board of Directors,I am pleased to present the

5、Beacon Minerals Limited(“Beacon”or“theCompany”)AnnualReportforthefinancialyearended30June2021.ThisyearsAnnualReportdemonstratesthesuccessBeaconhashadoverthelast12monthsandisfurtherhighlightedwiththepaymentofa$0.007persharedividend:Interimdividendof$0.002pershareSpecialdividendof$0.005pershareThespec

6、ialdividendwasmadepossiblebyachieving:Goldpriceinexcessofouroriginalbasecase;OutperformanceoftheJaurdimillinboththroughputandgoldrecoveries;andOperatingcostsclosetothePFSestimatesConstructioncommencedinSeptember2018andtodateBeaconhasrecordedanolosttimeincident safety performance,a credit to the team

7、 at the Jaurdi site.The site team havecontributedsignificantlytotheoutperformanceofthemine.TheCompanywillcontinuetopursueexplorationeffortsinthecomingyeartoincreasetheminelifeatJaurdi,theCompanyhaspostyearendacquiredtheMacPhersonsRewardProjectwiththeobjectiveofincreasingminelife.Beaconsproventrackre

8、cordofturningexplorationprojectsintoviableandprofitablegoldproducingassetssetstheCompanyapartandalsopositionsitwellforfuturegrowth.BeaconisinaverystrongpositionwithongoingdedicationfromitsBoard,managementandemployeestocontinuetogrowandprovidebenefitsforallshareholders.Iwouldliketotakethisopportunity

9、tothankallemployees,contractorsandconsultantswhohavecontributedtotheJaurdiGoldProjectandproductionperformance.OnbehalfofmyfellowDirectors,wethankyou,theshareholders,foryoursupportandlookforwardtoanotherexcitingyearahead.GrahamMcGarryExecutiveChairman/ManagingDirectorREVIEWOFOPERATIONSBEACONMINERALSL

10、IMITED2021ANNUALREPORT4BeaconMineralsLimited(ASX:BCN)(BeaconorCompany)ispleasedtopresentitsreviewofoperationsfortheyearended30June2021.HIGHLIGHTSPRODUCTIONGoldproductionatJaurdifortheyearwas30,095ouncesBeaconhadcashof$22.04millionand641ozsofgoldonhandat30June2021Orestockpilesat30June2021were445,000L

11、CM,containing22,600ouncesofgoldEXPLORATION38,600metresofexplorationdrillingcompletedduringtheyearSuccessfultargetgenerationatBigCatandLynxgreenfieldtargetsResourcereplacementofminedmaterial,oTotalmineralresourceestimateof156,000ouncesAirborneMagneticsurveycompletedoverJaurdiHillsareaCORPORATERepayme

12、ntof$18.0mindebenturesoneyearaheadoftheduedate.OnrepaymenttheCompanywasdebtfree$18.0millionraisedviatheexerciseofoptionsDividendpaymenttotalling$0.007pershare:oInterimdividendof$0.002pershareoSpecialdividendof$0.005pershare9,000ounceforwardgoldcontractsenteredintoduringtheyearAppointmentofJasonBonte

13、mpoasNonExecutiveDirectorREVIEWOFOPERATIONSBEACONMINERALSLIMITED2021ANNUALREPORT5JAURDIGOLDPROJECTDuringtheyeartheJaurdiGoldProjectproduced30,095ozsofgold.PRODUCTIONSUMMARYMinedOreStocksAt30June2021orestockpilesweresurveyedat445,000LCMcontainingapproximately22,600ouncesofgold.Miningactivitiesoccurre

14、dinLostDogPanel2(LDP2)andacutbackofthePantherpitduringtheyear.MininginLDP2wasfromJulytoNovemberandsecondperiodbetweenMarchtoJune.ThePanthercutbackwasminedfromNovemberthroughtoearlyMarch.Figure1:PantherPiton2March2021REVIEWOFOPERATIONSBEACONMINERALSLIMITED2021ANNUALREPORT6Figure2LostDogPanel1and2on31

15、July2021BelowarethehighlightsforthefourquartersofproductionatJaurdi.OperationUnitSep20QtrDec20QtrMar21QtrJun21QtrOreMinedBCM219,000109,00078,000127,000WasteMinedBCM146,000259,000301,000136,000TotalMinedBCN365,000368,000379,000263,000OremilledDMT129,784139,530145,278158,861Headgradegpt2.001.951.941.5

16、7Tailsgradegpt0.220.200.240.23Recoveredgradegpt1.781.751.701.34GoldProducedoz7,4537,8707,9266,846Beacon is continually reviewing operations and investing capital to maximise production and optimiseoperationalcosts.MajorexpenditurethroughouttheyearwereMobileCrushingandScreeningplant,GravityCircuitcom

17、ponents,MotorVehiclesandcostsassociatedwithTailingsDamconstruction.TailingsDamUpdateBeaconhascompletedthedesignphaseandawaitingDMIRSapprovalfor:anewcircularabovegroundTSFfacility700metresnorthoftheJaurdiTreatmentPlantutilisationofthePantherPit,BlackCatPitandLostDogPanel1asTSFsisongoingFinalfutureTSF

18、willcomprise:Newabovegroundcirculartailingsdam700metresnorthwestofthetreatmentplantLostDogInPitTSFPanels2and4whenminingiscompleteForwardContractsBeaconadvisesthatgoldwillcontinuetobedeliveredintothehedgebookasperthehedgescheduleinTable1:REVIEWOFOPERATIONSBEACONMINERALSLIMITED2021ANNUALREPORT7Table1:

19、Hedgingasat30June2021MonthQuantityPriceozA$/ozJuly20211,5002,423August20211,5002,419September20211,5002,416October20211,5002,414November20211,5002,407Total7,5002,416TheforwardcontractsprovideasecurecashmarginonaportionofBeacons2021goldproduction.EXPLORATIONExplorationactivitiesandexpenditureduringFY

20、21increasedfromthepreviousfinancialyearprimarilyduetothepositivecashflowgeneratedfromminingoperations.ExplorationactivitieswerefocusedonextendingcurrentresourcesaswellasgeneratingnewgreenfieldtargetsattheJaurdiGoldProject.Figure3JaurdiGoldProjectlocationmap.REVIEWOFOPERATIONSBEACONMINERALSLIMITED202

21、1ANNUALREPORT8TheimmediateLostDogPitareahasnowbeensufficientlydefinedforminedesignandexplorationwithinthepalaeochannel,mineralisationnowextendsfurtherupanddownstream.EarlyexplorationatBlackCathasbeensuccessfulfortargetgeneration,definingseveralregolithanomaliesincludingBigCat,LynxandLynxSouth.Thesei

22、dentifiedtargetspresentasignificantopportunitytorealisefurthereconomicmineralisationinthearea.FollowupaircoredrillingandRCdrillingcommencedattheendofthefinancialyearandtheseprojectswillbefurtheradvancedinFY22.DrillingatBlackCatSouthhasaidedtheApril2021resourceupdateforBlackCat.Otherworkhasbeencomple

23、tedoutsideofthetwomainprojectareas.AtPanther,mininghasassistedwiththegeologicalunderstandingoftheultramafichostedoreloads.ThisunderstandingwillnowbeappliedtoexplorationattheadjacentHeinesprospectandPantherNorthprospects.DrillingwascompletedatMinMinLightandTranslineexternalprospects,howeverdrillingre

24、sultsdidnotsupportfurtherwork.Figure4SummaryofexplorationprogressattheendofFY21.REVIEWOFOPERATIONSBEACONMINERALSLIMITED2021ANNUALREPORT9ExplorationdrillingcompletedwasmainlyearlystageaircoretogenerategreenfieldtargetsatLostDogandBlackCat.Earlyexplorationaircoredrillingmadeup73%ofthetotaldrillingfort

25、heyear.Thismethodologywassuccessfulingeneratingseveralexplorationtargets.ResourcedefinitionworkcontinuedatBlackCatandLostDogtomeetresourceandminingrequirements.PurposeTypeHolesMetreEXPAC61428,163EXPRC402,893RDAC1174,063RDRC583,485Total82938,604Table2ExplorationDrillingforFY21Atotalof$2.68mwasspenton

26、explorationduringthefinancialyearofwhich$1.15mwasexpendedonacquisitioncosts.Theremaining$1.53mwasexpendeddirectlyonexplorationofwhich80%wasexpendeddirectlyondrilling.Takingintoconsiderationthemetresdrilled,exceptionalvaluewasachievedfortheareacoveredandtargetsgenerated.Thereweremanyassaysoutstanding

27、attheendoftheyear,ofwhichcostshavenotyetbeenaccountedfor.Figure5ExplorationexpenditureFY21 AtBigCat,anomalousgoldvaluesinregolithhavebeenidentifiedoverseveralhundredmetres.Insitugradesinclude6m9.96g/tfrom58minholeJD21B004.AtLynxSouth,12m1.66g/twasinterceptedfrom76minholeLS21RC001.ThiswasthefirstRCho

28、ledrilledintotheLynxSouthTarget.FurtherdetailsofrecentexplorationresultscanbelocatedinBeaconsASXreleasetitled“JulyExplorationUpdate”fromthe8July2021.REVIEWOFOPERATIONS BEACONMINERALSLIMITED2021ANNUALREPORT10Figure6BigCatandLynxexplorationplansection RESOURCESBeaconupdateditsglobalresourceestimations

29、attheendofApril2021.TheLostDogresourceestimatewascompletedinApril2021.Overall,therewasareductionof6kouncesfromthepreviousyearafteranestimated28kounceswasminedfromtheOpenPit.TheBlackCatresourceestimatewasupdatedfollowingresourcedefinitiondrillingduringtheyear.Thetotalresourceincreasedby9kouncesto31ko

30、unces.ThePantherresourcewasremovedfromcalculationsduetotheremainderoftheknownresourcebeingsterilisedbythetailsstoragefacility.Thisisareductionof7.5kouncesaftertheminingofanestimated2.5kounces.Table3JGPMineralResourceEstimateApril2021BEACONMINERALSLIMITEDMineralResourceEstimateRoundedforReporting30/0

31、4/2021MeasuredIndicatedInferredTotalProjectTonnes(000s)Grade(g/t)Ounces(000s)Tonnes(000s)Grade(g/t)Ounces(000s)Tonnes(000s)Grade(g/t)Ounces(000s)Tonnes(000s)Grade(g/t)Ounces(000s)LostDog2491.69141,7231.40782750.8682,2471.3799BlackCat4181.52202921.12107111.3531Stockpiles7011.18277011.1827Total9501.31

32、402,1411.42985670.99183,6581.33156REVIEWOFOPERATIONSBEACONMINERALSLIMITED2021ANNUALREPORT11ForfurtherinformationinrelationtotheresourceestimatesatLostDog,Panther,BlackCatandStockpilespleaseseeASXrelease“June2021QuarterlyActivitiesReport”dated30July2021.Totalresourceounceshavebeenmaintainedyearonyear

33、despitethefirstfullyearofmilling.ReplacingandextendingcurrentresourceinventorywillbeapriorityforFY22.Table4JGPYearlyresourcechangeACQUISTIONOFTENEMENTSOn31March2020theCompanyexecutedanexclusiveoptiontopurchaseProspectingLicencesP25/2555,P25/2556,P25/2557andP25/2558heldbyRM&MALindsay.Anaircoredrillin

34、gprogramconductedinJanuary2021failedtodelineateanysignificantmineralisationbelowthesurfacegeochemicalexpression.Itwasdecidedthatfurtherworkwasnotwarranted,andtheoptionagreementwassubsequentlyforfeited.On 15 March 2021,the Company executed an exclusive option to purchase Mining Leases M16/9 andM16/27

35、4heldbyRobertBrownandDylanWildy.AnRCdrillingprograminMay2021failedtodelineateanymineralisationthatwarrantedfurtherwork,theoptionagreementwassubsequentlyforfeited.SubsequenttotheyearendtheCompanyacquiredallofthesharesinMacPhersonsRewardPtyLtd,whichholdstheMacPhersonsRewardProject.TheProjectislocated4

36、5kmsoutheastoftheCompanysJaurdiGoldProjectand5kmsoutheastoftheCoolgardietownship.TheacquisitionofMacPhersonsRewardrepresentsanimportantstrategicopportunityforBeacontooptimisethevalueofitsexistinginfrastructureandcapturesignificantoperationalsynergies.TheMacPhersonsRewardProjectconsistsof:Sixgrantedm

37、iningleases.Twopendingminingleases.Nineprospectinglicences(Onependingextension)Threemiscellaneouslicences.The consideration for the acquisition is A$14.0 million in cash.This was paid on 23 August 2021 oncompletionofthetransaction.ExecutionofthesharesaleagreementandcompletionoftheAcquisitionoccurred

38、simultaneouslywiththeconsiderationfortheAcquisitionbeingfundedfromtheCompanyscurrentcashreserves.ForfurtherdetailspleaseseeASXrelease24August2021“BeaconAcquiresMacPhersonsRewardProject”.REVIEWOFOPERATIONS BEACONMINERALSLIMITED2021ANNUALREPORT12CORPORATEUPDATERepaymentofDebenturesInOctober2018theComp

39、anyissued$18.0millionindebentures.UnderthetermsofthedebenturestheCompanycouldatanytimeafter24monthsfromthedateofissuerepaysomeoralloftheprincipalsumoutstanding.TheCompanywaspleasedtoadviseon12October2020thatithadrepaidthe$18.0mindebentures,oneyearaheadoftherepaymentduedate.AftertherepaymenttheCompan

40、yhadnodebenturesonissueandwasdebtfree.BeaconDividendPaymentTheBoardofBeaconMineralsannouncedon12February2021thattheCompanywouldpayadividendtotalling$0.007pershare:Interimdividendof$0.002pershare Specialdividendof$0.005pershareThespecialdividendwasmadepossiblebyachieving:goldpriceperozreceivedinexces

41、sofouroriginalbasecase;outperformanceoftheJaurdimillthroughputandgoldrecoveries;and operatingcostsclosetotheoriginalPFSestimates.Capitalmanagementandfinaldividendforthe2021yearwillbeaddressedinthesecondhalfofthe2021calendaryear.Atotalof$26.71millionwaspaidinrelationtothedividendpayment.ExerciseofOpt

42、ionsDuringtheyearatotalof$18.0millionwasraisedviatheexerciseofthebelowoptions:700,946,802ListedOptionsexercisableat$0.025onorbefore17August2022;and 20,000,000UnlistedOptionsexercisableat$0.025onorbefore1August2021.Thoseoptionholderswhoexercisedtheiroptionsbefore15March2021wereentitledtoreceivetheBea

43、con$0.007persharedividend.BoardUpdateOn10November2020theCompanyannouncedtheappointmentofJasonBontempoasaNonExecutiveDirectoroftheCompany.MrBontempohas22yearsexperienceinpubliccompanymanagement,corporateadvisory,investmentbankingandpubliccompanyaccounting,sincequalifyingasacharteredaccountantwithErns

44、t&Young.MrBontempo has worked primarily serving on the board and the executive management of minerals andresourcespubliccompaniesfocusingonadvancing,financinganddevelopingmineralresourceassetsandREVIEWOFOPERATIONSBEACONMINERALSLIMITED2021ANNUALREPORT13businessdevelopment.MrBontempoalsoprovidescorpor

45、ateadviceservicesforthefinancingofresourcecompaniesacrossmultiplecapitalmarketsandresourceassetacquisitionsanddivestments.BeaconfurtheradvisedthatMrGeoffreyGreenhillwouldremainontheBoardoftheCompanyasaNonExecutiveDirector.TheCompanyfurtheradvisedthatbothMrAlexanderMcCullochandMrRodneyJohnshadresigne

46、dfromtheBoardofDirectorstofocusonothercommitments.CompetentPersonStatementJaurdiGoldProjectTheinformationinthisreportthatrelatestotheOreReservesisbasedoninformationcompiledbyMrGaryMcCrae,aCompetentPersonwhoisaMemberoftheAustralasianInstituteofMiningandMetallurgy.Theestimatedorereservesand/ormineralr

47、esourcesunderpinningtheproductiontargethavebeenpreparedbyMrMcCraeinaccordancewiththerequirementsinAppendix5A(JORCCode).MrMcCraeisafulltimeemployee of Minecomp Pty Ltd.Mr McCrae has sufficient experience that is relevant to the style ofmineralisationandtypeofdepositunderconsiderationandtotheactivityb

48、eingundertakentoqualifyasaCompetentPersonasdefinedinthe2012Editionofthe“AustralasianCodeforReportingofExplorationResults,MineralResourcesandOreReserves”.MrMcCraeconsentstotheinclusioninthereportofthemattersbasedonhisinformationintheformandcontextinwhichitappears.CompetentPersonStatementExplorationRe

49、sultsandTargetsTheinformationinthisreportthatrelatestotheJaurdiGoldProjecthasbeencompiledbyMrZanePadman,afulltimeemployeeofBeaconMinerals.MrPadmanisaMemberoftheAustralianInstituteofMiningandMetallurgy.MrPadmanhassufficientexperiencethatisrelevanttothestyleofmineralisationandtypeofdeposit under consi

50、deration and to the activity being undertaken to qualify as a Competent Person asdefinedinthe2012EditionoftheAustralasianCodeforReportingofExplorationResults,MineralResourcesand Ore Reserves.Mr Padman consents to the inclusion in the report of the matters based on hisinformationintheformandcontextin

51、whichitappears.ThisreportcontainsinformationextractedfromthefollowingreportswhichareavailableontheC.au:13July2020“PantherMineralResourceUpdate”30July2021“June2021QuarterlyActivitiesReport”The Company confirms that it is not aware of any new information or data that materially affects theproductionta

52、rgetsincludedinanyoriginalmarketannouncementsreferredtointhisreportandthatnomaterialchangeintheresultshasoccurred.TheCompanyconfirmsthattheformandcontextinwhichtheCompetentPersonsfindingsarepresentedhavenotbeenmateriallymodifiedfromtheoriginalmarketannouncements.Allmaterialassumptionsandtechnicalpar

53、ametersunderpinningthisestimatecontinuetoapplyandhavenotmateriallychanged.DisclaimerThisReporthasbeenpreparedbyBeaconMineralsLimited(“Beacon”or“theCompany”).ItshouldnotbeconsideredasanofferorinvitationtosubscribefororpurchaseanysecuritiesintheCompanyorasaninducementtomakeanofferorinvitationwithrespe

54、cttothosesecurities.NoagreementtosubscribeforsecuritiesintheCompanywillbeenteredintoonthebasisofthisReport.ThisReportcontainssummaryinformationaboutBeacon,itssubsidiariesandtheiractivitieswhichiscurrentasatthedateofthisReport.TheinformationinthisReportisofageneralnatureanddoesnotpurporttobecompleten

55、ordoesitcontainalltheinformationwhichaprospectiveinvestormayrequireinevaluatingapossibleinvestmentinBeacon.Byitsverynatureexplorationformineralsisahighriskbusinessandisnotsuitableforcertaininvestors.Beaconssecuritiesarespeculative.Potentialinvestorsshouldconsulttheirstockbrokerorfinancialadvisor.The

56、reareanumberofrisks,bothspecificREVIEWOFOPERATIONS BEACONMINERALSLIMITED2021ANNUALREPORT14toBeaconandofageneralnaturewhichmayaffectthefutureoperatingandfinancialperformanceofBeaconandthevalueofaninvestmentinBeaconincludingbutnotlimitedtoeconomicconditions,stockmarketfluctuations,goldpricemovements,r

57、egionalinfrastructureconstraints,timingofapprovalsfromrelevantauthorities,regulatoryrisks,operationalrisksandrelianceonkeypersonnel.CertainstatementscontainedinthisReportincludinginformationastothefuturefinancialoroperatingperformanceofBeaconanditsprojects,areforwardlookingstatementsthat:mayinclude,

58、amongotherthings,statementsregardingtargets,estimatesandassumptionsinrespectofmineralreservesandmineralresourcesandanticipatedgradesandrecoveryrates,productionandprices,recoverycostsandresults,capital expenditures,and are or may be based on assumptions and estimates related to future technical,econo

59、mic,market,political,socialandotherconditions;arenecessarilybaseduponanumberofestimatesandassumptionsthat,whileconsideredreasonablebyBeacon,areinherently subject to significant technical,business,economic,competitive,political and social uncertainties andcontingencies;and,involveknownandunknownrisks

60、anduncertaintiesthatcouldcauseactualeventsorresultstodiffermateriallyfromestimatedoranticipatedeventsorresultsreflectedinsuchforwardlookingstatements.Beacondisclaimsanyintentorobligationtoupdatepubliclyanyforwardlookingstatements,whetherasaresultofnewinformation,futureeventsorresultsorotherwise.Thew

61、ordsbelieve,expect,anticipate,indicate,contemplate,target,plan,intends,continue,budget,estimate,may,will,schedule and similar expressions identify forwardlookingstatements.All forward looking statements made in this Report are qualified by the foregoing cautionary statements.Investors arecautionedth

62、atforwardlookingstatementsarenotguaranteesoffutureperformanceandaccordinglyinvestorsarecautionednottoputunduerelianceonforwardlookingstatementsduetotheinherentuncertaintytherein.Noverification:AlthoughallreasonablecarehasbeenundertakentoensurethatthefactsandopinionsgiveninthisReportareaccurate,thein

63、formationprovidedinthisReporthasnotbeenindependentlyverified.DIRECTORSREPORTBEACONMINERALSLIMITED2021ANNUALREPORT15TheDirectorsofBeaconMineralsLimited(“Beacon”or“theCompany”)submitherewiththeannualfinancialreportofBeaconMineralsLimitedanditssubsidiaries(“theGroup”)fortheperiod1July2020to30June2021.I

64、nordertocomplywiththeprovisionsoftheCorporationsAct2001,theDirectorsreportisasfollows:DIRECTORSThenamesandparticularsofthedirectorsoftheGroupduringthefinancialyearandasatthedateofthisreportareasfollows.Directorswereinofficefortheentireperiodunlessotherwisestated.GrahamMcGarryCPA,CDExecutiveChairman/

65、ManagingDirectorAppointed19March2012GrahamMcGarryisanexperiencedandseasonedhandsonminer,withatrackrecordinturningearlystageprojects into viable and attractive investment propositions.Mr McGarry spent eight years with AmalgResourcesNLasManagingDirectorandwasresponsibleforthedevelopmentoftheEloiseCopp

66、erMineinQueenslandfrombarepaddocktoanundergroundmineproducing500,000tpaofcopper/goldore.MrMcGarryhasdevelopednumeroussuccessfulminingprojectsacrossAustralia.Duringthepastthreeyearshehasnotservedasadirectorofanyotherpubliccompany.GeoffreyGreenhillAWASM,MAusIMMNonExecutiveDirectorAppointed19March2012G

67、eoffreyGreenhillgraduatedfromtheWesternAustralianSchoolofMinesobtaininganAssociateshipinMetallurgy in 1973.Mr Greenhill has held various senior metallurgical roles and has designed andcommissionedoreprocessingfacilitiesacrossAustralia.Heishighlyrespectedwithintheminingindustryandhasastrongtrackrecor

68、dincreatingshareholdervalue.MrGreenhillandMrMcGarryhavebeenbusinesspartnersforover35yearsandhavehadsubstantialsuccessindevelopingminingprojectsinWA,SA,QLDandtheNT.MrGreenhillsteppeddownasExecutiveChairmanon10November2020,heremainsontheBoardasaNonExecutiveDirector.Duringthepastthreeyearshehasnotserve

69、dasadirectorofanyotherpubliccompany.SarahShipwayCA,B.ComNonExecutiveDirectorAppointed11June2015Sarah Shipway was appointed NonExecutive Director on 11 June 2015 and was appointed CompanySecretaryon19March2012.MsShipwayhasaBachelorofCommercefromMurdochUniversityandisamemberoftheCharteredAccountantsAu

70、straliaandNewZealand.MsShipwayisthedirectorinchargeofcorporategovernanceandstatutoryreportingactivitiesandisalsoCompanySecretaryforCardinalResourcesLimited(previouslyASX/TSX:CDV)andStGeorgeMiningLimited(ASX:SGQ).Duringthepastthreeyearsshehasservedasadirectorofthefollowingpubliccompanies;CompanyDateo

71、fAppointmentDateofResignationStGeorgeMiningLimited11June2015NotApplicableDIRECTORSREPORT BEACONMINERALSLIMITED2021ANNUALREPORT16JasonBontempoCA,B.ComNonExecutiveDirectorAppointed10November2020MrBontempohas22yearsexperienceinpubliccompanymanagement,corporateadvisory,investmentbankingandpubliccompanya

72、ccounting,sincequalifyingasacharteredaccountantwithErnst&Young.MrBontempo has worked primarily serving on the board and the executive management of minerals andresourcespubliccompaniesfocusingonadvancing,financinganddevelopingmineralresourceassetsandbusinessdevelopment.Mr Bontempo also provides corp

73、orate advice services for the financing of resource companies acrossmultiplecapitalmarketsandresourceassetacquisitionsanddivestments.Duringthepastthreeyearshehasservedasadirectorofthefollowingpubliccompanies;CompanyDateofAppointmentDateofResignationRedEmperorResourcesNLFinResourcesLimitedOdinMetalsL

74、imitedFirstCobaltCorporationJanuary2011July2011February2018November2015NotApplicableNotApplicableNotApplicableDecember2017AlexanderMcCullochExecutiveDirectorAppointed19August2019Retired10November2020AlexisaminingengineerwhograduatedfromtheWASchoolofMinesin1997.Hehasover37yearsexperienceintheminingin

75、dustry.AlexhaspreviouslyworkedatanumberofopenpitoperationsinAustraliaandoverseas,includingthestartupandongoingproductionofanopenpitcopper/goldmineinNSWandmorerecentlyintheevaluation,planningandoperationofmineralprojectsintheWAGoldfields.AlexwasappointedProjectManageroftheJaurdiGoldProjectinJanuary20

76、17.HisappointmentwastomanagetheJaurdiProjectsduediligenceoptionperiodandassistwithbringingtheprojectintoproduction.ThroughAlexscontactsintheminingindustrytheJaurdiGoldProjectwasbroughttotheattentionoftheBeaconBoard.RodneyJohnsNonExecutiveDirectorAppointed21July2020Retired10November2020Mr Johns is a

77、Senior Mining Industry Professional with a background in technical and operationsmanagementandcompanydevelopment.MrJohnsgraduatedfromtheWesternAustralianSchoolofMinesspecialisinginmetallurgyin1988.HeiscurrentlycontractedasanoperationalandmanagementconsultantwithRandMiningandTribuneResources,overseei

78、ngtheirAustralianoperations,projectsinGhanaandthePhilippines.PriortothisMrJohnswasCOOforEchoResourcesfromNovember2016toJuly2018andpreviouslyGeneralManager/DirectorofLaManchaResourcesAustraliafrom2009to2015.DIRECTORSREPORTBEACONMINERALSLIMITED2021ANNUALREPORT17Duringthepastthreeyearshehasservedasadir

79、ectorofthefollowingpubliccompanies;CompanyDateofAppointmentDateofResignationFocusMineralsLtd4September2020NotApplicableCOMPANYSECRETARYSarahShipwaywasappointedCompanySecretaryon19March2012.FordetailsrelatingtoSarahShipway,pleaserefertothedetailsondirectorsabove.DIRECTORSINTERESTSAtthedateofthisrepor

80、t,theDirectorsheldthefollowinginterestsinBeaconMinerals.NameOrdinaryFullyPaidSharesUnlistedOptionsGrahamMcGarry355,391,02640,000,000GeoffreyGreenhill238,365,34640,000,000SarahShipway5,253,46720,000,000JasonBontempo20,000,000SHAREOPTIONSAtthedateofthisreporttheGrouphad207,590,118listedoptionsand180,0

81、00,000unlistedoptionsonissue.Duringtheyearended30June2021:700,946,802ListedOptionswereexercised;and20,000,000UnlistedOptionswereexercised.PRINCIPALACTIVITIESTheprincipalactivityoftheGroupismineralexploration,developmentandproductioninWesternAustralia.RESULTSANDREVIEWOFOPERATIONSTheresultoftheconsoli

82、datedentityforthefinancialyearended30June2021isaprofitafterincometaxof$20,281,725(2020:restatedprofitafterincometaxof$19,021,954).AreviewofoperationsoftheGroupduringtheyearended30June2021isprovidedinthe“ReviewofOperations”immediatelyprecedingthisDirectorsReport.LIKELYDEVELOPMENTSTheGroupsfocusoverth

83、enextfinancialyearwillbeonitskeyproject,theJaurdiGoldProject.FurthercommentaryontheCompanysplannedactivitiesovertheforthcomingyearisprovidedintheReviewofOperations.SIGNIFICANTCHANGESINSTATEOFAFFAIRSTherehavenotbeenanysignificantchangesinthestateofaffairsoftheGroupduringthefinancialyear,otherthanthos

84、enotedinthe“ReviewofOperations”immediatelyprecedingthisDirectorsReport.DIRECTORSREPORT BEACONMINERALSLIMITED2021ANNUALREPORT18ENVIRONMENTALISSUESTheCompanysoperationsaresubjecttovariousenvironmentallawsandregulationsundertherelevantgovernmentslegislation.Fullcompliancewiththeselawsandregulationsisre

85、gardedasaminimumstandardforalloperationstoachieve.Instancesofenvironmentalnoncomplianceareidentifiedeitherbyexternalcomplianceauditsorinspectionsby relevant government authorities.There have been no known breaches of environmental laws andregulationsbytheCompanyduringthefinancialyear.DIVIDENDSPAIDOR

86、RECOMMENDEDDuringtheyearended30June2021theDirectorspaidadividendtotaling$0.007pershare:Interimdividendof$0.002pershare Specialdividendof$0.005pershareDIRECTORSMEETINGSDuringthefinancialyear,8meetingsofDirectorswereheld.Attendancesbyeachdirectorduringtheyearwereasfollows:NameEligibletoattendAttendedG

87、McGarry88GGreenhill88SShipway88JBontempo33AMcCulloch44RJohns33REMUNERATIONREPORTAUDITEDRemunerationpolicyTheremunerationpolicyofBeaconMineralsLimitedhasbeendesignedtoaligndirectorsobjectiveswithshareholderandbusinessobjectivesbyprovidingfixedremunerationwhichisassessedonanannualbasis.TheBoardofBeaco

88、nMineralsLimitedbelievestheremunerationpolicytobeappropriateandeffectiveinitsabilitytoattractandretainthebestdirectorstorunandmanagetheCompany.TheBoardspolicyfordeterminingthenatureandamountofremunerationforBoardmembersisasfollows:Allexecutivesreceiveabasesalary(whichisbasedonfactorssuchaslengthofse

89、rviceandexperience)andsuperannuation.OptionsandperformanceincentivesmaybeissuedparticularlyastheCompanyisnowaproducingentityandkeyperformanceindicatorssuchasprofitandproductionandreservesgrowthcanbeusedasmeasurementsforassessingexecutiveperformance.TheBoardpolicyistoremuneratenonexecutivedirectorsfo

90、rtime,commitmentandresponsibilities.The Executive Directors,determine payments to the nonexecutives and review their remunerationannually,basedonmarketpractice,dutiesandaccountability.ThemaximumaggregateamountoffeesthatcanbepaidtononexecutivedirectorsissubjecttoapprovalbyshareholdersattheAnnualGener

91、alDIRECTORSREPORTBEACONMINERALSLIMITED2021ANNUALREPORT19Meetingandiscurrently$250,000perannum.ToalignDirectorsinterestswithshareholderinterests,thedirectorsareencouragedtoholdsharesintheCompany.DuringtheyeartheCompanyissuedperformancebasedremunerationtodirectorsandexecutivesoftheCompany.Themeasuresa

92、respecificallytailoredtoalignpersonalandshareholderinterest.CompanyPerformanceThetablebelowshowstheperformanceoftheGroupasmeasuredbytheGroupsrevenue,profits/(loss),sharepriceandEPSoverthelastfiveyears.RemunerationofKeyManagementPersonnelisnotdependentontheperformanceoftheCompany.2017201820192020REST

93、ATED2021$Revenue7,533,76284,213424,30342,833,93173,749,271Otherincome3,892308,00861,038756,650Netprofit/(loss)1,601,707(4,161,027)(8,860,121)19,021,85420,281,725Shareprice30June0.0200.0170.0290.0400.035EPS(centspershare)0.107(0.214)(0.411)0.00440.0065RemunerationConsultantsNoremunerationconsultantwa

94、sengagedinthecurrentfinancialyear.DetailsofdirectorsandexecutivesThefollowingtableprovidesemploymentdetailsofpersonswhowere,duringthefinancialyear,membersofkeymanagementpersonneloftheentity.DirectorsTitleDateofAppointmentDateofRetirementGMcGarryExecutiveChairman/ManagingDirector19March2012*NotApplic

95、ableGGreenhillNonExecutiveDirector19March2012*NotApplicableSShipwayNonExecutiveDirector11June2015NotApplicableJBontempoNonExecutiveDirector10November2020NotApplicableAMcCullochExecutiveDirector19August201910November2020RJohnsNonExecutiveDirector21July202010November2020*On10November2020MrMcGarrywasap

96、pointedExecutiveChairmanandremainedastheManagingDirector.*On10November2020MrGreenhillretiredasExecutiveChairman,MrGreenhillremainedontheBoardasaNonExecutiveDirectorTheGroupdoesnothaveanykeymanagementpersonnelthatarenotDirectors.ExecutiveDirectorsremunerationandothertermsofemploymentarereviewedannual

97、lybythedirectorshaving regard to performance against goals set at the start of the year and relative to comparableinformation.ExceptasdetailedintheRemunerationReport,nodirectorhasreceivedorbecomeentitledtoreceive,duringorsincethefinancialyearend,abenefitbecauseofacontractmadebytheGrouporarelatedbody

98、corporatewithadirector,afirmofwhichadirectorisamemberoranentityinwhichadirectorhasasubstantial financial interest.This statement excludes a benefit included in the aggregate amount ofemolumentsreceivedordueandreceivablebydirectorsandshownintheRemunerationReport,preparedinaccordancewiththeCorporation

99、sRegulations2001,orthefixedsalaryofafulltimeemployeeoftheGroup.DIRECTORSREPORT BEACONMINERALSLIMITED2021ANNUALREPORT20ExecutiveRemunerationTablesTheactualremunerationearnedbyExecutivesinFY2021issetoutbelow.Theinformationisconsideredrelevant as it provides shareholders with a view of the remuneration

100、 actually paid to Executives forperformanceinFY2021.ThevalueofremunerationincludesequitygrantswheretheExecutivereceivedcontrolofthesharesinFY2021anddifferentfromtheremunerationdisclosuresinthebelowtable,whichdisclosuresthevalueofgrantswhichmayormaynotbeexercisedinfutureyears.ExecutiveActualRemunerat

101、ionEarnedinFY2021SalaryandFees1LongServiceLeave/AnnualLeaveShortTermIncentiveLTIPlanRightsTotalDirectors$GMcGarry191,625191,625GGreenhill91,97846,757138,735SShipway82,78282,782JBontempo(2)25,56025,560AMcCulloch(4)83,97351,471135,444RJohns(3)(4)13,12713,1271.Salaryandfeescomprisebasesalary,superannua

102、tionandleaveentitlements.Itreflectsthetotalof“salaryandfees”and“superannuation”inthestatutoryremunerationtable.2.Appointedon10November2020.3.Appointedon21July2020.4.Retiredon10November2020.Remunerationforthefinancialyearended30June.ShortTermBenefitsPostEmploymentBenefitsLongTermBenefitsEquitysettled

103、sharebasedpaymentsDirectorsSalaryandFeesSuperannuationLongServiceLeave/AnnualLeaveShares/Options(i)Total$GMcGarry2021175,00016,625322,998514,6232020150,00014,250164,250GGreehill202179,94212,03646,757322,998461,7332020150,00014,250164,250SShipway202182,782161,499244,281202065,96365,963JBontempo(iv)20

104、2125,560161,499187,0592020AMcCulloch(v)202172,22211,75151,471135,4442020183,33317,417200,750RJohns(iii),(v)202111,9881,13913,1272020Total2021447,49441,55198,228968,9941,556,2672020549,29645,917595,213(i)DuringtheyeartheunlistedoptionswereissuedtoDirectors.(ii)Noperformancebasedremunerationwaspaiddur

105、ingthecurrentorpreviousyear.DIRECTORSREPORTBEACONMINERALSLIMITED2021ANNUALREPORT21(iii)Appointedon21July2020.(iv)Appointedon10November2020.(v)Resignedon10November2020.EmploymentcontractsofdirectorsThe Group has entered into an executive services agreement with Mr Graham McGarry,whereby MrMcGarryrece

106、ivesremunerationof$200,000perannumplusstatutorysuperannuation.Priorto1January2021MrMcGarrywasremunerated$150,000perannumplusstatutorysuperannuation.MrMcGarrysterminationprovisionsareasfollows:NOTICEPERIODPAYMENTINLIEUOFNOTICEEmployerinitiatedtermination:withoutreason3months6months seriousmisconduct0

107、months0monthsEmployeeinitiatedtermination:3monthsNotspecifiedThe Group has entered into an agreement with Mr Geoffrey Greenhill,whereby Mr Greenhill receivesremunerationof$40,000perannumplusstatutorysuperannuation.TheCompanywillalsopayafeeof$1,500perday(basedonan8hourworkday)foranyservicesprovidedto

108、theCompanyoutsidetheroleofNonExecutiveDirector.Prior to 11 November 2020 the Company had entered into an executive services agreement with MrGreenhill,whereby Mr Greenhill received remuneration of$150,000 per annum plus statutorysuperannuation.MrGreenhillsterminationprovisionsareasfollows:NOTICEPERI

109、ODPAYMENTINLIEUOFNOTICEEmployerinitiatedtermination:withoutreason0months0months seriousmisconduct0months0monthsEmployeeinitiatedtermination:0monthsNotspecifiedTheGrouphasenteredintoanexecutiveserviceagreementwithMsSarahShipway,wherebyMsShipwayispaidafeeof$150perhourforservicesrenderedtotheCompany,pr

110、iorto1January2021MsShipwaywaspaidafeeof$125perhourforservicesrenderedtotheCompany.MsShipwaysterminationprovisionsareasfollows:NOTICEPERIODPAYMENTINLIEUOFNOTICEEmployerinitiatedtermination:withoutreason3months3months seriousmisconduct0months0monthsEmployeeinitiatedtermination:3months3monthsThe Group

111、has entered into an agreement with Mr Jason Bontempo,whereby Mr Bontempo receivesremunerationof$40,000perannumplusstatutorysuperannuation.TheCompanywillalsopayafeeof$1,500perday(basedonan8hourworkday)foranyservicesprovidedtotheCompanyoutsidetheroleofNonExecutiveDirector.DIRECTORSREPORTBEACONMINERALS

112、LIMITED2021ANNUALREPORT22MrBontempoterminationprovisionsareasfollows:NOTICEPERIODPAYMENTINLIEUOFNOTICEEmployerinitiatedtermination:withoutreason0months0months seriousmisconduct0months0monthsEmployeeinitiatedtermination:0monthsNotspecifiedTheGrouphadenteredintoanagreementwithMrAlexanderMcCulloch,wher

113、ebyMrMcCullochreceivedremunerationof$200,000perannumplusstatutorysuperannuation.TheGrouphadenteredintoanagreementwithMrRodneyJohns,wherebyMrJohnsreceivedremunerationof$40,000perannumplusstatutorysuperannuation.TheCompanywouldalsopayafeeof$1,500perday(basedonan8hourworkday)foranyservicesprovidedtothe

114、CompanyoutsidetheroleofNonExecutiveDirector.INDEMNIFICATIONANDINSURANCEOFDIRECTORS,OFFICERSANDAUDITORSInaccordancewiththeconstitution,exceptasmaybeprohibitedbytheCorporationsAct2001everyOfficeroragentoftheGroupshallbeindemnifiedoutofthepropertyoftheentityagainstanyliabilityincurredbyhim/herinhis/her

115、capacityasOfficeroragentoftheGrouporanyrelatedcorporationinrespectofanyactoromissionwhatsoeverandhowsoeveroccurringorindefendinganyproceedings,whethercivilorcriminal.NoindemnityhasbeenobtainedfortheauditoroftheGroup.OrdinaryshareholdingsofkeymanagementpersonnelDirectorsBalanceat1July2020(i)Optionsex

116、ercisedduringtheyearNetotherchange(iii)Balanceat30June2021(ii)GrahamMcGarry244,366,268109,024,7582,000,000355,391,026GeoffreyGreenhill188,382,04049,983,306238,365,346SarahShipway4,067,2001,186,2675,253,467JasonBontempoAlexanderMcCulloch105,102,138105,102,138RodneyJohns681,480681,480Total542,599,1261

117、60,194,3312,000,000704,793,457DirectorsBalanceat1July2019OptionsexercisedduringtheyearNetotherchangeBalanceat30June2020GeoffreyGreenhill148,382,04040,000,000188,382,040GrahamMcGarry204,366,26840,000,000244,366,268AlexanderMcCulloch105,102,138105,102,138SarahShipway4,067,2004,067,200Total461,917,6468

118、0,000,000541,917,646(i)OratdateofappointmentMrRodneyJohnswasappointedon21July2020andMrJasonBontempowasappointedon10November2020.(ii)OratdateofresignationMrAlexanderMcCullochandMrRodneyJohnsresignedon10November2020.(iii)Thesecuritieswerepurchasedonmarketatthecurrentmarketprice.DIRECTORSREPORTBEACONMI

119、NERALSLIMITED2021ANNUALREPORT23ListedOptionholdingsofkeymanagementpersonnelDirectorsBalanceat1July2020(i)OptionsexercisedduringtheyearNetotherchange(iii)Balanceat30June2021(ii)GrahamMcGarry90,222,603(109,024,758)18,802,155GeoffreyGreenhill49,983,306(49,983,306)SarahShipway1,186,267(1,186,267)JasonBo

120、ntempoAlexanderMcCulloch10,051,06910,051,069RodneyJohns370,370370,370Total151,813,615(160,194,331)18,802,15510,421,439DirectorsBalanceat1July2019OptionsexercisedduringtheyearNetotherchangeBalanceat30June2020GeoffreyGreenhill89,983,306(40,000,000)49,983,306GrahamMcGarry130,222,603(40,000,000)90,222,6

121、03AlexanderMcCulloch10,051,06910,051,069SarahShipway1,186,2671,186,267Total231,443,245(80,000,000)151,443,245(i)OratdateofappointmentMrRodneyJohnswasappointedon21July2020andMrJasonBontempowasappointedon10November2020.(ii)OratdateofresignationMrAlexanderMcCullochandMrRodneyJohnsresignedon10November20

122、20.(iii)PurchaseofListedOptions.UnlistedoptionholdingsofkeymanagementpersonnelThe terms and conditions of each grant of options over ordinary shares affecting the remuneration ofdirectorsandExecutiveKMPinthisfinancialyearorfuturereportingyearsisasfollows:DirectorsBalanceat1July2020Grantedasremunerat

123、ion(i)(ii)NetotherchangeBalanceat30June2021UnvestedValueofunvestedrights($)GrahamMcGarry40,000,00040,000,000GeoffreyGreenhill40,000,00040,000,000SarahShipway20,000,00020,000,000JasonBontempo20,000,00020,000,000Total120,000,000120,000,000(i)Approvedatshareholdermeetingheldon15February2021.(ii)Unliste

124、dOptionsareexercisableat$0.053onorbefore3August2023andvesteduponissue.RelatedPartyTransactionsMcVerde Minerals Pty Ltd,of which Graham McGarry and Geoffrey Greenhill are directors,providedequipmenthiretotheCompanyonordinarycommercialterms.Amountsthathavebeenpaidorpayabletotal$2,865,252(2020:$2,221,5

125、15).At30June2021$234,411(2020:$246,508)waspayabletoMcVerdeMinerals.McVerdeMineralssold$352,110ofequipmenttoBeaconMinerals,theequipmentwassoldatarmslengthandmarketvalue.MangelsdorfEngineeringPtyLtd,ofwhichGrahamMcGarryandGeoffreyGreenhillaredirectors,providedmanufacturingandrepairstoequipmentandgener

126、alengineeringmaintenancetotheCompanyonordinaryDIRECTORSREPORTBEACONMINERALSLIMITED2021ANNUALREPORT24commercialterms.Amountsthathavebeenpaidorpayabletotal$100,188(2020:$24,477).At30June2021$0(2020:$720)waspayabletoMangelsdorfEngineering.KinetiqSolutionsPtyLtd,aCompanywhichGeoffreyGreenhillssonhasanin

127、terestin,providedelectricalservicestotheCompanyonordinarycommercialterms.Amountsthathavebeenpaidorpayabletotal$437,232(2020:$2,091,107).At30June2021$49,603(2020:$0)waspayabletoKinetiqSolutions.InOctober2018DirectorsGrahamMcGarryandGeoffreyGreenhillparticipatedintheCompanys$18.0mdebentureissue.Inaddi

128、tion,relatedpartiestoGrahamMcGarryalsoparticipatedinthedebentureissue.Shareholderapprovalwassoughtandreceivedon4October2018.UnderthedebentureissueGrahamMcGarryandGeoffreyGreenhill,throughtheirnominatedentities,wereissued$2,450,000and$950,000debentures,respectively.RelatedpartiestoGrahamMcGarrywereis

129、sued$1,100,000indebentures.Thedebentureholderswerepaida3%feeonthedebenturesissued.On12October2020thedebentureswererepaidinfull.Duringtheyear$213,739(2020:$653,113)ofinterestwaspaidonthedebenturestoGrahamMcGarry,hisrelatedpartiesandGeoffreyGreenhill.ENDOFREMUNERATIONREPORTCORPORATEGOVERNANCESTATEMENT

130、BeaconMineralsLimitediscommittedtoensuringthatitspoliciesandpracticesreflectahighstandardofcorporate governance.The Board has adopted a comprehensive framework of Corporate GovernanceGuidelines.TheGroupsCorporateGovernanceStatementcanbeviewedathttp:/.au/corporategovernance.EVENTSSUBSEQUENTTOREPORTIN

131、GDATEOn24August2021theCompanyannouncedthatithadacquiredtheMacPhersonsRewardProject.TheMacPhersons RewardProject islocated 45km southeast of theCompanysJaurdi Gold Projectand5kmsoutheastoftheCoolgardietownship.BeaconMineralsandBeaconMininghaveenteredintoasharesaleagreementwithPrimaryGoldPtyLtdpursuan

132、ttowhichBeaconMiningagreedtopurchase,andPrimaryGoldhadagreedtosell,allthesharesinthecapitalofMacPhersonsReward.The consideration for the acquisition is A$14.0 million in cash,this was paid on 23 August 2021 oncompletionoftheTransaction.InaccordancewithAASB3BusinessCombinationstheacquisitionislikelyt

133、obe accounted for as an asset acquisition.A detailed assessment of this transaction from an accountingperspectiveisongoing.TheimpactoftheCoronavirus(COVID19)pandemicisongoingandwhileithasnotsignificantlyimpactedtheentityupto30June2021,itisnotpracticabletoestimatethepotentialimpact,positiveornegative

134、,afterthereporting date.The situation is evolving and is dependent on measures imposed by the AustralianGovernment and other countries,such as maintaining social distancing requirements,quarantine,travelrestrictionsandanyeconomicstimulusthatmaybeprovided.DIRECTORSREPORTBEACONMINERALSLIMITED2021ANNUA

135、LREPORT25OtherthantheabovenomattersorcircumstanceshavearisensincetheendofthefinancialyearwhichsignificantlyaffectedorcouldsignificantlyaffecttheoperationsoftheGroup,theresultsofthoseoperations,orthestateoftheaffairsoftheconsolidatedentityinfuturefinancialyears.AUDITORSINDEPENDENCEDECLARATIONTheaudit

136、orsindependencedeclarationfortheyearended30June2021hasbeenreceived,formspartofthedirectorsreportandcanbefoundonpage58oftheannualreport.NONAUDITSERVICESTheCompanysauditor,WilliamBuckAudit(WA)PtyLtd,didnotprovideanynonauditservicestotheGroupduringthefinancialyearended30June2021.Signedinaccordancewitha

137、resolutionofthedirectorsmadepursuanttos298(2)oftheCorporationsAct2001.Onbehalfofthedirectors.GRAHAMMCGARRYExecutiveChairman/ManagingDirectorDatedthis23September2021FINANCIALREPORTFORTHEYEARENDED30JUNE2021BEACONMINERALSLIMITED2021ANNUALREPORT26CONSOLIDATEDSTATEMENTOFPROFITORLOSSANDOTHERCOMPREHENSIVEI

138、NCOMEFORTHEYEARENDED30JUNE2021AustralianDollar($)Note30JUNE2021$30JUNE2020RESTATED$Goldsales73,729,04442,793,668InterestRevenue20,22740,263REVENUE73,749,27142,833,931Costofgoodssold(37,862,495)(23,600,147)GROSSPROFIT/(LOSS)35,886,77619,233,784Otherincome3756,65061,038EXPENDITUREAdministrationexpense

139、s(3,116,411)(2,045,128)Explorationanddevelopmentexpenditurewrittenoff(2,686,865)(376,731)Financeexpenses(1,816,660)(3,050,307)PROFIT/(LOSS)BEFOREINCOMETAX29,023,49013,822,656Incometax(expense)/benefit4(8,741,765)5,199,298PROFIT/(LOSS)AFTERINCOMETAXATTRIBUTABLETOMEMBERSOFTHECOMPANY20,281,72519,021,95

140、4OTHERCOMPREHENSIVEINCOMEOthercomprehensiveincomeTOTALCOMPREHENSIVEPROFIT/(LOSS)ATTRIBUTABLETOMEMBERSOFTHEGROUP20,281,72519,021,954PROFIT/(LOSS)PERSHAREBasicprofit/(loss)pershare19(a)0.00650.0044Dilutedprofit/(loss)pershare19(b)0.00510.0033Theaboveconsolidatedstatementofprofitorlossandothercomprehen

141、siveincomeshouldbereadinconjunctionwiththeaccompanyingnotesFINANCIALREPORTFORTHEYEARENDED30JUNE2021BEACONMINERALSLIMITED2021ANNUALREPORT27CONSOLIDATEDSTATEMENTOFFINANCIALPOSITIONASAT30JUNE2021AustralianDollar($)Note30JUNE2021$30JUNE2020RESTATED$CURRENTASSETSCashandcashequivalents20(a)22,041,84915,36

142、7,426Tradeandotherreceivables6481,8992,251,578Otherassets71,871,0392,155,192Inventories812,887,1927,576,693Otherfinancialassets9671,998TOTALCURRENTASSETS37,953,97727,350,889NONCURRENTASSETSPlantandequipment106,714,8254,900,100Developmentexpenditure1119,552,68921,029,781Deferredtaxasset4531,4105,199,

143、298TOTALNONCURRENTASSETS26,798,92431,129,179TOTALASSETS64,752,90158,480,068CURRENTLIABILITIESTradeandotherpayables123,857,9473,543,801Incometaxliability4,073,876Provisions13532,957430,400TOTALCURRENTLIABILITIES8,464,7803,974,201NONCURRENTLIABILITIESDebentures1518,000,000Provisions134,816,656TOTALNON

144、CURRENTLIABILITIES4,816,65618,000,000TOTALLIABILITIES13,281,43621,974,201NETASSETS51,471,46536,505,867EQUITYIssuedCapital1667,597,46449,573,794Reserves171,729,0381,902,716Accumulatedlosses18(17,855,037)(14,970,643)TOTALEQUITY51,471,46536,505,867Theaboveconsolidatedstatementoffinancialpositionshouldb

145、ereadinconjunctionwiththeaccompanyingnotesFINANCIALREPORTFORTHEYEARENDED30JUNE2021BEACONMINERALSLIMITED2021ANNUALREPORT28CONSOLIDATEDSTATEMENTOFCHANGESINEQUITYFORTHEYEARENDED30JUNE2021TheaboveconsolidatedstatementofchangesinequityshouldbereadinconjunctionwiththeaccompanyingnotesAustralianDollar($)IS

146、SUEDSHAREOPTIONACCUMULATEDTOTALCAPITAL$RESERVE$LOSSES$EQUITY$BALANCEAT1JULY202049,573,7941,902,716(14,970,643)36,505,867Totalcomprehensiveprofit20,281,72520,281,725SharesissuedduringtheyearTransactionswithownersrecordeddirectlyinequityOptionsissuedduringtheyear1,699,0381,699,038Optionsexerciseddurin

147、gtheyear18,023,670(1,872,716)1,872,71618,023,670Dividendspaid(25,038,835)(25,038,835)ShareissueexpenseBALANCEAT30JUNE202167,597,4641,729,038(17,855,037)51,471,465BALANCEAT1JULY201938,070,8782,337,227(34,427,108)5,980,997Totalcomprehensiveloss10,908,84310,908,843Transactionswithownersrecordeddirectly

148、inequitySharesissuedduringtheyear8,000,0008,000,000OptionsissuedduringtheyearOptionsexercisedduringtheyear3,982,916(434,511)434,5113,982,916Shareissueexpense(480,000)(480,000)Previousperiodadjustment(note23)8,113,1118,113,111BALANCEAT30JUNE202049,573,7941,902,716(14,970,643)36,505,867FINANCIALREPORT

149、FORTHEYEARENDED30JUNE2021BEACONMINERALSLIMITED2021ANNUALREPORT29CONSOLIDATEDSTATEMENTOFCASHFLOWSFORTHEYEARENDED30JUNE2021AustralianDollar($)Note30JUNE2021$30JUNE2020$CASHFLOWSFROMOPERATINGACTIVITIESReceiptfromsaleofgold75,509,55641,013,157Receiptfromgovernmentgrants/rebates46,7452,179,843Expenditure

150、onminingproduction(31,888,808)(35,241,197)Paymentstosuppliersandemployees(1,360,481)(977,594)Interestreceived22,46243,528Netcashinflows/(outflows)fromoperatingactivities20(b)42,329,4747,017,737CASHFLOWSFROMINVESTINGACTIVITIESProceedsfromthesaleofplantandequipment4,00011,038Purchaseofplantandequipmen

151、t(1,831,581)(2,996,439)Paymentsfordevelopmentandexplorationexpenditure(7,713,075)(1,074,216)Paymentsfortermdeposits(20,000)Netcashoutflowsfrominvestingactivities(9,540,656)(4,079,617)CASHFLOWFROMFINANCINGACTIVITIESProceedsfromissueofshares8,000,000Proceedsonexerciseofoptions18,023,6703,983,188Repaym

152、entofdebentures(18,000,000)Paymentofdividends(25,038,835)Paymentsforissueofshares(480,000)Paymentsinrelationtodebentures(1,099,230)(3,330,067)Netcashinflows/(outflows)fromfinancingactivities(26,114,395)8,173,121Netincrease/(decrease)incashandcashequivalents6,674,42311,111,241Cashandcashequivalentsat

153、thebeginningofthefinancialyear15,367,4264,256,185CASHANDCASHEQUIVALENTSATTHEENDOFTHEFINANCIALYEAR20(a)22,041,84915,367,426TheaboveconsolidatedstatementofcashflowsshouldbereadinconjunctionwiththeaccompanyingnotesNOTESTOTHEFINANCIALREPORTFORTHEYEARENDED30JUNE2021BEACONMINERALSLIMITED2021ANNUALREPORT30

154、1CORPORATEINFORMATIONThe consolidated financial report of Beacon Minerals Limited(“Beacon”or“the Company”)and itsconsolidated entities(“consolidated entity”or“Group”)for the year 1 July 2020 to 30 June 2021 wasauthorisedforissueinaccordancewithacircularresolutionofthedirectorson23September2021.TheCo

155、mpanyisaforprofitentityforfinancialreportingpurposesunderAustralianAccountingStandardsBeaconisaCompanylimitedbyshares,incorporatedinAustralia.TheCompanyssharesarepubliclytradedontheAustralianSecuritiesExchange.ThenatureoftheoperationsandprincipalactivityoftheconsolidatedentityaredescribedintheDirect

156、orsReport.2SUMMARYOFSIGNIFICANTACCOUNTINGPOLICIES(a)BasisofPreparationoftheFinancialReportThefinancialreportisageneralpurposefinancialreport,whichhasbeenpreparedinaccordancewiththerequirements of the Corporations Act 2001,Australian Accounting Standards issued by the AustralianAccountingStandardsBoa

157、rdandcomplieswithotherrequirementsofthelaw.Thefinancialreporthasalsobeenpreparedonahistoricalcostbasis.Exceptfortheadjustmenttotheallocationofstrippingcostsasdescribedinnote23,theaccountingpoliciesareconsistentwiththepriorfinancialyear.ThefinancialreportispresentedinAustraliandollars.(b)Statementofc

158、omplianceCompliance 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 contemplatescontinuityo

159、fnormalbusinessactivitiesandtherealisationofassetsandextinguishmentofliabilitiesintheordinarycourseofbusiness.The Group has recorded a profit after income tax of$20,281,725 and a net operating cash inflow of$42,329,464fortheyearended30June2021.Asat30June2021theCompanyhadacashbalanceof$22,041,849.The

160、BoardisconfidentthattheGroupwillhavesufficientfundstofinanceitsoperationsfortheforeseeablefuture.(d)PrinciplesofConsolidationTheconsolidatedfinancialstatementsincorporatealloftheassets,liabilitiesandresultsoftheparentBeaconMineralsLimitedandallofthesubsidiaries.Subsidiariesareentitiestheparentcontro

161、ls.Theparentcontrolsanentitywhenitisexposedto,orhasrightsto,variablereturnsfromitsinvolvementwiththeentityandhastheabilitytoaffectthosereturnsthroughitspowerovertheentity.Alistofthesubsidiariesisprovidedinnote29.NOTESTOTHEFINANCIALREPORTFORTHEYEARENDED30JUNE2021BEACONMINERALSLIMITED2021ANNUALREPORT3

162、1Theassets,liabilitiesandresultsofallsubsidiariesarefullyconsolidatedintothefinancialstatementsoftheGroup from the date on which control is obtained by the Group.The consolidation of a subsidiary isdiscontinuedfromthedatethatcontrolceases.Intercompanytransactions,balancesandunrealisedgainsorlosseson

163、transactionsbetweenGroupentitiesarefullyeliminatedonconsolidation.Accountingpoliciesofsubsidiaries have been changed and adjustments made where necessary to ensure uniformity of theaccountingpoliciesadoptedbytheGroup.(e)SignificantaccountingestimatesandjudgementsTheapplicationofaccountingpoliciesreq

164、uirestheuseofjudgements,estimatesandassumptionsaboutcarryingvaluesofassetsandliabilitiesthatarenotreadilyapparentfromothersources.Theestimatesandassociated assumptions are based on historical experience and other factors that are considered to berelevant.Actualresultsmaydifferfromtheseestimates.Thee

165、stimatesandunderlyingassumptionsarereviewedonanongoingbasis.Revisionsarerecognisedintheperiodinwhichtheestimateisrevisedifitaffectsonlythatperiod,orintheperiodoftherevisionandfutureperiods if the revision affects both current and future periods.Significant accounting estimates andjudgementsincludeDe

166、velopmentExpenditureinnote2(t),sharebasedpayments2(aa)andusefullifeofplantandequipment2(p).(f)RevenueRevenuefromsaleofgoldisrecognisedwhenthegoldisdeliveredandcontrolhaspassedtothecustomer.InterestRevenueisrecognisedastheinterestaccrues(usingtheeffectiveinterestmethod,whichistheratethatexactlydiscou

167、ntsestimatedfuturecashreceiptsthroughtheexpectedlifeofthefinancialinstrument)tothenetcarryingamountofthefinancialasset.(g)IncomeTaxCurrentincometaxrefunded/(expensed)chargedtoprofitorlossistaxrefundable/(payable).Thoseamountsrecognisedareexpectedtoberecoveredfrom/(paidto)therelevanttaxationauthority

168、.(h)DeferredIncomeTaxDeferred tax balances are determined using the balance sheet method,which provides for temporarydifferencesatthebalancesheetdatebetweenaccountingcarryingamountsandthetaxbasisofassetsandliabilities.Deferred income tax liabilities are recognised for all taxable temporary differenc

169、es,other than for theexemptionspermittedunderaccountingstandards.At30June2021therearenounrecognisedtemporarydifferencesassociatedwiththeGroupsinvestmentinsubsidiaries.Deferredincometaxassetsarerecognisedforalldeductabletemporarydifferences,carryforwardofunusedtaxassetsandunusedtaxlosses,totheextentt

170、hatfutureprofitswillbeavailabletoutilisethesedeductibletemporarydifferences.Deferredtaxassetsarereviewedateachreportingdateandarereducedtotheextentthatitisnolongerprobablethattherelatedtaxbenefitwillberealised.Deferredincometaxassetsandliabilitiesaremeasuredatthetaxratesthatareexpectedtoapplytothete

171、mporary differences when they reverse,based on the laws that have been enacted or substantivelyenactedbythereportingdate.DeferredtaxassetsandliabilitiesareonlyoffsetifalegallyenforceablerightsNOTESTOTHEFINANCIALREPORTFORTHEYEARENDED30JUNE2021BEACONMINERALSLIMITED2021ANNUALREPORT32existstosetoffcurre

172、nttaxassetsagainstcurrenttaxliabilitiesandthedeferredtaxassetsandliabilitiesrelatetothesametaxableentityandthesametaxationauthority.RecoveryofdeferredtaxassetsJudgementisrequiredindeterminingwhetherdeferredtaxassetsarerecognisedonthebalancesheet.Deferredtaxassets,includingthosearisingfromunutilisedt

173、axlosses,requiremanagementtoassessthelikelihoodthattheGroupwillgeneratetaxableearningsinfutureperiods,inordertoutiliserecogniseddeferredtaxassets.EstimatesoffuturetaxableincomearebasedonforecastcashflowsfromoperationsofexistingtaxlawsinAustralia.Totheextentthatfuturecashflowsandtaxableincomediffersi

174、gnificantlyfromestimates,theabilityoftheGrouptorealisethenetdeferredtaxassetsrecordedatthereportingdatecouldbeimpacted.Additionally,futurechangesintaxlawsinAustraliacouldlimittheabilityoftheGrouptoobtaintaxdeductionsinfutureperiods.(i)SiteRehabilitationInaccordancewiththeGroupsenvironmentalpolicyand

175、applicablelegalrequirements,aprovisionforsiterehabilitationisrecognisedforthefirsttimeinrespectoftheestimatedcostofrehabilitationandrestorationoftheareasdisturbedbyminingactivitiesuptothereportingdate,butnotyetrehabilitated.TheGroupsaccountingpolicyisasfollows.Whentheliabilityisinitiallyrecorded,the

176、estimatedcostiscapitalisedbyincreasingthecarryingamountofrelatedminingassets.Ateachreportingdatethesiterehabilitationprovisionifremeasuredtoreflectanychanges in discount rates and timing or amounts to be incurred.Additional disturbances or changes inrehabilitationcostsarerecognisedasadditionsorchang

177、estothecorrespondingassetandrehabilitationprovisionprospectivelyfromthedateofchange.Forclosedsites,orwherethecarryingvalueoftherelatedasset has been reduced to nil either through depreciation and amortisation or impairment,changes toestimatedcostsarerecognisedimmediatelyinthestatementofcomprehensive

178、income.UnwindingofDiscountonProvisionsThe unwinding of discount on provisions represents the cost associated with the passage of time.Rehabilitation provisions are recognised at the discounted value of the present obligation to restore,dismantleandrehabilitateeachminesitewiththeincreaseintheprovisio

179、nduetothepassageoftimebeingrecognisedasafinancecost.(j)CashandcashequivalentsCashandcashequivalentscomprisesofcashatbankandinhandandshorttermdepositswithanoriginalmaturityofthreemonthsorless.ForthepurposesoftheGroupsstatementofcashflows,cashandcashequivalentsconsistofcashandcashequivalentsasdefineda

180、bove,netofoutstandingbankoverdrafts.(k)TradeandotherreceivablesTradereceivablesarerecognisedandcarriedatoriginalinvoiceamountlessanexpectedcreditlossprovision.Anestimatefortheexpectedcreditlossismadebasedonthehistoricalriskofdefaultandexpectedlossrates at the inception of the transaction.Inputs are

181、selected for the impairment expected credit lossimpairmentcalculationbasedontheCompanyspasthistory,existingmarketconditionsaswellasforwardlookingestimates.NOTESTOTHEFINANCIALREPORTFORTHEYEARENDED30JUNE2021 BEACONMINERALSLIMITED2021ANNUALREPORT33(l)InventoryGoldbullion,goldincircuitandorestockpilesar

182、ephysicallymeasuredorestimatedandvaluedatthelowerofcostandnetrealisablevalue.Costisdeterminedbytheweightedaveragemethodandcomprisesdirectpurchasecostsandanappropriateportionoffixedandvariableoverheadcosts,includingdepreciationandamortisation,incurredinconvertingoreintogoldbullion.Netrealisablevaluei

183、stheestimatedsellingpriceintheordinarycourseofbusiness,lessestimatedcostsofcompletionandcostsofsellingthefinalproduct,includingroyalties.(m)GovernmentgrantsGovernmentgrantsarerecognisedwhenthereisreasonableassurancethattheCompanywillcomplywiththeconditionsattachingtothegrantandthatthegrantwillberece

184、ived.Governmentgrantsarerecognisedinprofitorlossonasystematicbasisovertheperiodsinwhichtheentityrecognisesasexpensestherelatedcostsforwhichgrantsareintendedtocompensate.Ifthegrantrelatestoexpensesorlossesalreadyincurredbytheentity,ortoprovideimmediatefinancialsupporttotheentitywithnofuturerelatedcos

185、ts,theincomeisrecognisedintheperiodinwhichitbecomesreceivable.(n)Goodsandservicestax(GST)Revenues,expensesandassetsarerecognisednetoftheamountofGST,exceptwheretheamountofGSTincurredisnotrecoverablefromtheAustralianTaxationOffice(“ATO”).InthesecircumstancestheGSTisrecognisedaspartofthecostofacquisiti

186、onoftheassetoraspartofanitemoftheexpense.ReceivablesandpayablesinthestatementoffinancialpositionareshowninclusiveofGST.ThenetamountofGSTrecoverablefrom,orpayableto,theATOisincludedasacurrentassetorliabilityinthestatementoffinancialposition.Cashflowsareincludedinthestatementofcashflowsonanetbasis.The

187、GSTcomponentsofcashflowsarising from investing and financial activities which are recoverable from,or payable to,the ATO areclassifiedasoperatingcashflows.(o)BorrowingCostsBorrowingcostsdirectlyattributabletotheacquisition,constructionorproductionofaqualifyingasset(i.e.anassetthatnecessarilytakesasu

188、bstantialperiodoftimetogetreadyforitsintendeduseorsale)arecapitalised.Borrowingcostsareexpensedaspartofthefinancecostsintheperiodincurred.Borrowingcostsconsistsofoptionsissuedinrelationtothedebentures.(p)PlantandequipmentPlantandequipmentisstatedatcostlessaccumulateddepreciationandanyaccumulatedimpa

189、irmentlosses.Suchcostsincludethecostofreplacingpartsthatareeligibleforcapitalisationwhenthecostofreplacingthepartsisincurred.Similarly,wheneachmajorinspectionisperformed,itscostisrecognisedinthecarryingamountofplantandequipmentasareplacementonlyifitiseligibleforcapitalisation.Allotherrepairsandmaint

190、enancearerecognisedinprofitorlossasincurred.Thecostofacquiredassetsalsoincludestheinitialestimateatthetimeofinstallationandduringtheperiodofuse,whenrelevant,ofthecostsofdismantlingandremovingtheitemsandrestoringthesiteonwhichtheyarelocated,andchangesinthemeasurementofexistingliabilitiesrecognisedfor

191、thesecostsresultingfromchangesinthetimingoroutfloworresourcesrequiredtosettletheobligationorfromchangesinthediscountrate.NOTESTOTHEFINANCIALREPORTFORTHEYEARENDED30JUNE2021BEACONMINERALSLIMITED2021ANNUALREPORT34Wherepartsofanitemofplantandequipmenthavedifferentlives,theyareaccountedforasseparateitems

192、(majorcomponents)ofplantandequipment.DepreciationDepreciationofanassetbeginswhentheassetisavailableforuse.Depreciationiscalculatedonadiminishingvaluebasisovertheestimatedusefullifeoftheassetsasfollows:Plantandequipment27yearsMotorvehicles25yearsTheassetsresidualvalues,usefullivesandamortisationmetho

193、dsarereviewed,andadjustedifappropriate,ateachfinancialyearend.ImpairmentThe carrying values of plant and equipment are reviewed for impairment at each reporting date,withrecoverableamountbeingestimatedwheneventsorchangesincircumstancesindicatethatthecarryingvaluemaybeimpaired.Therecoverableamountofp

194、lantandequipmentisthehigheroffairvaluelesscoststosellandvalueinuse.Inassessingvalueinuse,theestimatedfuturecashflowsarediscountedtotheirpresentvalueusingapretaxdiscountratethatreflectscurrentmarketassessmentsofthetimevalueofmoneyandtherisksspecifictotheasset.Foranassetthatdoesnotgeneratelargelyindep

195、endentcashinflows,recoverableamountisdeterminedforthecashgeneratingunittowhichtheassetbelongs,unlesstheassetsvalueinusecanbeestimatedtoapproximatefairvalue.Animpairmentexistswhenthecarryingvalueofanassetorcashgeneratingunitsexceedsitsestimatedrecoverableamount.Theassetorcashgeneratingunitisthenwritt

196、endowntoitsrecoverableamount.Forplantandequipment,impairmentlossesarerecognisedinthestatementofprofitorlossandothercomprehensiveincomeinthecostofsaleslineitem.DerecognitionanddisposalAnitemofplantandequipmentisderecognisedupondisposalorwhennofurtherfutureeconomicbenefitsareexpectedfromitsuseordispos

197、al.Anygainorlossarisingonderecognitionoftheasset(calculatedasthedifferencebetweenthenetdisposalproceeds and the carrying amount of the asset)is included in statement of profit or loss and othercomprehensiveincomeintheyeartheassetisderecognised.(q)ImpairmentofthedevelopmentexpenditureassetTheGroupass

198、essesateachreportingdatewhetherthereisanindicationthatanassetmaybeimpaired.Ifanysuchindicationexists,orwhenannualimpairmenttestingforanassetisrequired,theGroupmakesanestimateoftheassetsrecoverableamount.Anassetsrecoverableamountisthehigherofitsfairvalue;lesscoststosellanditsvalueinuseandisdetermined

199、foranindividualasset,unlesstheassetdoesnotgeneratecashinflowsthatarelargelyindependentofthosefromotherassets,andtheassetsvalueinusecannotbeestimatedtobeclosetoitsfairvalue.Insuchcasestheassetistestedforimpairmentaspartofthecashgeneratingunittowhichitbelongs.Whenthecarryingamountofanassetorcashgenera

200、tingunitexceedsitsrecoverableamount,theassetorcashgeneratingunitisconsideredimpairedandiswrittendowntoitsrecoverableamount.NOTESTOTHEFINANCIALREPORTFORTHEYEARENDED30JUNE2021BEACONMINERALSLIMITED2021ANNUALREPORT35Inassessingthevalueinuse,theestimatedfuturecashflowsarediscountedtotheirpresentvalueusin

201、gapretaxdiscountratethatreflectscurrentmarketassessmentsofthetimevalueofmoneyandtherisksspecifictotheasset.Impairmentlossesrelatingtocontinuingoperationsarerecognisedinthoseexpensecategoriesconsistentwiththefunctionoftheimpairedassetunlesstheassetiscarriedatrevaluedamount(inwhichcasetheimpairmentlos

202、sistreatedasarevaluationdecrease).Anassessmentisalsomadeateachreportingdateastowhetherthereisanyindicationthatpreviouslyrecognised impairmentlossesmaynolongerexistormayhavedecreased.Ifsuchindicationexists,therecoverableamountisestimated.Apreviouslyrecognisedimpairmentlossisreversedonlyiftherehasbeen

203、achangeintheestimatesusedtodeterminetheassetsrecoverableamountsincethelastimpairmentlosswasrecognised.Ifthatisthecasethecarryingamountoftheassetisincreasedtoitsrecoverableamount.That increased amount cannot exceed the carrying amount that would have been determined,net ofdepreciation,hadnoimpairment

204、lossbeenrecognisedfortheassetinprioryears.Suchreversalisrecognisedinprofitorlossunlesstheassetiscarriedatrevaluedamount,inwhichcasethereversalistreatedasarevaluationincrease.Aftersuchareversalthedepreciationchargeisadjustedinfutureperiodstoallocatetheassetsrevisedcarryingamount,lessanyresidualvalue,

205、onasystemicbasisoveritsremainingusefullife.(r)OtherfinancialassetsFinancialinstrumentsaremeasuredatfairvaluethroughprofitandlossareclassifiedatfairvaluethroughprofitorlosswhentheyareeitherheldfortradingpurposes,shorttermprofittakingorwhentheyaredesignatedassuchtoavoidanaccountingmismatchortoenablepe

206、rformanceevaluationwhereagroupoffinancialassetsismanagedbyKMPonafairvaluebasisinaccordancewithadocumentedriskmanagementorinvestmentstrategy.Suchassetsaresubsequentlymeasuredatfairvaluewithchangesincarryingvaluebeingincludedinprofitorlossifelectingtochoosefairvaluethroughprofitorloss.Thefairvalueises

207、timatedusinginputsotherthanquotedprices,thatareobservablefortheassetorliability,eitherdirectly(asprices)orindirectly(derivedfromprices).TheGroupsfinancialinstrumentsarevaluedusingvaluationtechniquesthatemploytheuseofmarketobservableinputs.Themostfrequentlyappliedvaluationtechniquesincludeforwardpric

208、ingandswapmodelsusingpresentvaluecalculations.Themodelsincorporatevariousinputsincludingthecreditqualityofcounterparties,foreignexchangespotandforwardrates,andspotandforwardratecurvesoftheunderlyingcommodity.Thechangesincounterpartycreditriskhadnomaterialeffectonthehedgeeffectivenessassessmentforthe

209、commodityswapsdesignatedinhedgerelationshipsandthegoldforwardcontractsrecognisedatfairvalue.(s)ExplorationandevaluationexpenditureExplorationandevaluationexpenditureonareasofinterestareexpensedasincurred.Costsofacquisitionwillnormallybeexpensedbutwillbeassessedonacasebycasebasisandmaybecapitalisedto

210、areasofinterestandcarriedforwardwhererightoftenureoftheareaofinterestiscurrentandtheyareexpectedtoberecoupedthroughsaleorsuccessfuldevelopmentandexploitationoftheareaofinterestor,whereexploration and evaluation activities in the area of interest have not yet reached a stage that permitsreasonableass

211、essmentoftheexistenceofeconomicallyrecoverablereserves.(t)DevelopmentexpenditureDevelopmentexpenditureisrecognisedatcostlessaccumulatedamortisationandanyimpairmentlosses.Exploration and evaluation expenditure is reclassified to development expenditure once the technicalfeasibility and commercial via

212、bility of extracting the related mineral resource is demonstratable.Wherecommercialproductioninanareaofinteresthascommenced,theassociatedcoststogetherwithanyforecastfuturecapitalexpenditurenecessarytodevelopprovedandprobablereservesareamortisedonastraightlinebasis.NOTESTOTHEFINANCIALREPORTFORTHEYEAR

213、ENDED30JUNE2021BEACONMINERALSLIMITED2021ANNUALREPORT36Changesinfactors,suchasestimatesofprovedandprobablereserves,thataffecttheunitofproductioncalculationsaredealtwithonaprospectivebasis.Development expenditure is reviewed at each reporting date to establish whether an indication ofimpairmentexists.

214、Ifanysuchindicationexists,therecoverableamountofthedevelopmentexpenditureisestimatedtodeterminetheextentoftheimpairmentloss(ifany).Whereanimpairmentlosssubsequentlyreverses,thecarryingamountoftheassetisincreasedtotherevisedestimateofitsrecoverableamount,butonlytotheextentthattheincreasedcarryingamou

215、ntdoesnotexceedthecarryingamountthatwouldhavebeendeterminedhadnoimpairmentlossbeenrecognisedfortheassetinpreviousyears.(u)TradeandotherpayablesTradepayablesandotherpayablesarecarriedatamortisedcostandrepresentliabilitiesforgoodsandservicesprovidedtotheGrouppriortotheendofthefinancialyearthatareunpai

216、dandarisewhentheGroupbecomesobligedtomakefuturepaymentsinrespectofthepurchaseofthesegoodsandservices.Tradeandotherpayablesarepresentedascurrentliabilitiesunlesspaymentisnotduewithin12months.(v)ProvisionsProvisionsarerecognisedwhentheGrouphasapresentobligation(legalorconstructive)asaresultofapasteven

217、t,itisprobablethatanoutflowofresourcesembodyingeconomicbenefitswillberequiredtosettletheobligationandareliableestimatecanbemadeoftheamountoftheobligation.Provisionsarenotrecognisedforfutureoperatinglosses.When the Group expects some or all of a provision to be reimbursed,for example under an insuran

218、cecontract,thereimbursementisrecognisedasaseparateassetbutonlywhenthereimbursementisvirtuallycertain.The expense relating to any provision is presented in the statement of profit or loss and othercomprehensiveincomenetofanyreimbursement.Provisionsaremeasuredatthepresentvalueormanagementsbestestimate

219、oftheexpenditurerequiredtosettlethepresentobligationattheendofthereportingperiod.Iftheeffectofthetimevalueofmoneyismaterial,provisionsarediscountedusingacurrentpretaxratethatreflectstherisksspecifictotheliability.Whendiscountingisused,theincreaseintheprovisionduetothepassageoftimeisrecognisedasanint

220、erestexpense.(w)DebenturenotesDebenture notes are initially recognised at fair value.Debentures notes are subsequently measured atamortisedcosts.Anydifferencebetweentheproceedsandtheredemptionamountisrecognisedinprofitsorlossovertheperiodofthedebenturenotesusingtheeffectiveinterestmethod.Feespaidfor

221、thedebenturenotesarecapitalisedasaborrowingcostandamortisedovertheperiodofthefacilitytowhichitrelates.Debenturenotesareremovedfromthestatementoffinancialpositionwhentheobligationspecifiedinthecontract is discharged,cancelled or expired.The difference between the carrying amount of a financialliabili

222、tythathasbeenextinguishedortransferredtoanotherpartyandtheconsiderationpaid,includinganynoncashassetstransferredorliabilitiesassumed,isrecognisedinprofitorlossasotherincomeorfinancecost.Thekeytermsofthedebenturenotesareincludedinnote15(c).NOTESTOTHEFINANCIALREPORTFORTHEYEARENDED30JUNE2021BEACONMINER

223、ALSLIMITED2021ANNUALREPORT37(x)ContributedequityOrdinarysharesareclassifiedascontributedequity.Incrementalcostsdirectlyattributabletotheissueofnewsharesareshowninequityasadeduction,netoftax,fromtheproceeds.(y)DividendsProvisionismadefortheamountofanydividenddeclared,beingappropriatelyauthorisedandno

224、longeratthediscretionoftheGroup,onorbeforetheendoftheperiodbutnotdistributedatreportingdate.(z)BasicanddilutedearningspershareBasicearnings pershare(“EPS”)iscalculated bydividingthe net profitattributable tomembers of theCompanyforthereportingperiod,afterexcludinganycostsofservicingequity,bytheweigh

225、tedaveragenumberofordinarysharesoftheCompany.Dilutedearningspershareadjuststhefiguresusedinthedeterminationofbasicearningspersharetotakeinto account the after income tax effect of interest and other financing costs associated with dilutivepotentialofordinaryfullypaidordinarysharesandtheweightedavera

226、genumberofsharesassumedtohavebeenissuedfornoconsiderationinrelationtodilutivepotentialofordinaryfullypaidshares.(aa)SharebasedpaymentsEquitysettledsharebasedpaymentscanbeprovidedtoofficers,employees,consultantsandotheradvisors.Thesesharebasedpaymentsaremeasuredatthefairvalueoftheequityinstrumentatth

227、egrantdate.FairvalueisdeterminedusingtheBlackScholesoptionpricingmodel.Thefairvaluedeterminedatthegrantdateisexpensedonastraightlinebasisoverthevestingperiod,basedon the Companys estimate of equity instruments that will eventually vest.At each reporting date,theCompanyrevisesitsestimateofthenumberof

228、equityinstrumentsexpectedtovest.Theimpactoftherevisionoftheoriginalestimates,ifany,isrecognisedinprofitorlossovertheremainingvestingperiod,withacorrespondingadjustmenttothesharebasedpaymentsreserve.Equitysettledsharebasedpaymentsmayalsobeprovidedasconsiderationfortheacquisitionofassets.Whereordinary

229、sharesareissued,thetransactionisrecordedatfairvaluebasedonthequotedpriceoftheordinarysharesatthedateofissue.Theacquisitionisthenrecordedasanassetorexpensedinaccordancewithaccountingstandards.(bb)EmployeebenefitsShorttermemployeebenefitsProvision is made for the Groups obligations for shortterm emplo

230、yee benefits.Shortterm employeebenefitsarebenefits(otherthanterminationbenefits)thatareexpectedtobesettledwhollybefore12monthsaftertheendoftheannualreportingperiodinwhichtheemployeesrendertherelatedservice,includingwages,salariesandsickleave.Shorttermemployeebenefitsaremeasuredatthe(undiscounted)amo

231、untsexpectedtobepaidwhentheobligationissettled.The Groups obligations for shortterm employee benefits such as wages,salaries and sick leave arerecognisedaspartofcurrenttradeandotherpayablesinthestatementoffinancialposition.TheGroupsobligationsforemployeesannualleaveandlongserviceleaveentitlementsare

232、recognisedasprovisionsinthestatementoffinancialposition.NOTESTOTHEFINANCIALREPORTFORTHEYEARENDED30JUNE2021BEACONMINERALSLIMITED2021ANNUALREPORT38DefinedcontributionsuperannuationbenefitsAllemployeesoftheGroupreceiveddefinedcontributionsuperannuationentitlements,forwhichtheGrouppaysthefixedsuperannua

233、tionguaranteecontribution(infinancialyearended30June2021,9.5%oftheemployeesaverageordinarysalary)totheemployeessuperannuationfundofchoice.Allcontributionsinrespectoftheemployeesdefinedsuperannuationcontributionentitlementsarerecognisedasanexpensewhentheybecomepayable.TheGroupsobligationwithrespectto

234、theemployeesdefinedsuperannuationcontributionentitlementsislimitedtoitsobligationforanunpaidsuperannuationguaranteecontributionatthe end of the reporting period.All obligations for unpaid superannuation guarantee contributions aremeasured at the(undiscounted)amounts expected to be paid when the obli

235、gation is settled and arepresentedascurrentliabilitiesintheGroupsstatementoffinancialposition.(cc)AdoptionofnewandrevisedstandardsThefinancialreportcomplieswithAustralianAccountingStandardsandInternationalFinancialReportingStandards(“IFRS”)asissuedbytheInternationalAccountingStandardsBoard.Inthecurr

236、entfinancialyear,theGrouphasadoptedallofthenewandrevisedStandardsandInterpretationsissuedbytheAASBthatarerelevanttoitsoperationsandeffectiveforthecurrentannualreportingperiod.Therewasnochangetothefinancialstatement.(dd)ComparativeinformationComparative information has been amended where necessary to

237、 ensure compliance with current yeardisclosures.3 OTHERINCOME30JUNE2021$30JUNE2020$Gainonfinancialasset(i)671,998Otherincome84,65261,038756,65061,038(i)Thenetgainonfinancialinstrumentsatfairvaluethroughprofitorlossrelatestothesegoldforwardcontractsthatdonotqualifyfortheownuseexemption.Duringthefinan

238、cialyeartheGroupsoldgoldwithaweightedaveragecontractedpriceof$2,448.74.Offsettingthegainduringthecurrentfinancialyearisthefairvalueofopencontractsatbalancedate4 INCOMETAX(a)IncomeTax30JUNE2021$30JUNE2020RESTATED$Currenttaxexpense4,073,876Deferredtaxexpense4,667,889(5,199,298)Incometaxattributabletoo

239、peratingloss8,741,765(5,199,298)NOTESTOTHEFINANCIALREPORTFORTHEYEARENDED30JUNE2021BEACONMINERALSLIMITED2021ANNUALREPORT39(b)CurrentTaxCurrent tax is the expected tax payable onthe taxable income for the year using tax rates enacted orsubstantiallyenactedatthereportingdate,andanyadjustmentstotaxpayab

240、leinrespectofpreviousyears.30JUNE2021$30JUNE2020RESTATED$Profit/(loss)beforeincometax29,023,49013,822,656Incometaxcalculatedat30%(2020:30%)8,707,0474,146,797Taxeffectof;Nondeductableexpenses54,968Nonassessableincome(20,250)(15,000)Timingdifferencepreviouslynotrecognisednowrecognised(9,331,095)Income

241、taxattributabletooperatingprofit8,741,765(5,199,298)(b)DeferredIncomeTaxDeferredincometaxasat30Junerelatestothefollowing:30JUNE2021$30JUNE2020RESTATED$Australianaccumulatedtaxlosses5,423,564Provisions1,641,080170,720Accruedexpenses13,500518,679Accruedincome(286)(535,108)Prepayments(170,399)Capitalis

242、eddevelopmentexpenditure(1,198,658)(473,684)Section40880deduction176,515265,526Other(100,741)UnrecogniseddeferredtaxassetsrelatingtotheabovetemporarydifferencesRecogniseddeferredtaxasset531,4105,199,298Thebenefitswillonlybeobtainedif;(i)TheGroupderivesfutureassessableincomeofanatureandofanamountsuff

243、icienttoenablethebenefitfromthedeductionforthelossestoberealised.(ii)TheGroupcontinuestocomplywiththeconditionsindeductibilityimposedbytheLaw;and(iii)No change in tax legislation adversely affect the Company in realising the benefits from thedeductionsorthelosses.(iv)Forfurtherdetailsinrelationtothe

244、adjustmentofthepriorperiodrefertonote23.NOTESTOTHEFINANCIALREPORTFORTHEYEARENDED30JUNE2021BEACONMINERALSLIMITED2021ANNUALREPORT405 AUDITORSREMUNERATIONAmountsreceivedordueandreceivablebytheCompanysAuditors;30JUNE2021$30JUNE2020$AuditingandreviewoftheCompanysfinancialstatements37,00029,66037,00029,66

245、06 RECEIVABLESANDOTHERASSETSTradeandOtherReceivablesCurrentTradereceivable30JUNE2021$30JUNE2020$1,780,512Fueltaxrebate216,096217,227Accruedinterest9523,182GSTrefund264,851244,827Other5,830481,8992,251,578GSTamountsarenoninterestbearingandhaverepaymenttermsapplicableundertherelevantgovernmentauthorit

246、ies.TheGroupdoesnothaveanyexpectedcreditloss.7 OTHERASSETSShorttermdeposits30JUNE2021$60,38430JUNE2020$60,382Prepayments(i)982,104567,996Othercurrentassets828,551325,232Borrowingcosts1,201,5821,871,0392,155,192(i)Includes$400,000prepaidroyaltytoMrStevenArgusandZephyrMiningPtyLtd,theholdersofexplorat

247、ionlicenceE16/469and$205,000prepaidroyaltytoCorinthianMiningPtyLtdinrelationtomininglicenceM16/365.8 INVENTORY30JUNE202130JUNE2020$RESTATED$AtcostCrushorestock,carbonandotherstock392,8803,663,701Goldincircuit1,041,4341,049,344Orestockpiles11,452,8782,854,64812,887,1927,567,693NOTESTOTHEFINANCIALREPO

248、RTFORTHEYEARENDED30JUNE2021BEACONMINERALSLIMITED2021ANNUALREPORT419 OTHERFINANCIALASSETSAspartoftheriskmanagementpolicyoftheGroup,theGrouphasenteredintoagoldforwardcontracttomanagethegoldpriceofaproportionofanticipatedsalesofgold,theseassetsareaccountedforasfinancialassetsatfairvaluethroughprofitorl

249、oss.TheseassetsareclassifiedasLevel2,astheyarevaluedusingvaluationtechniquesthatemploytheuseofmarketobservableinputs.The amounts disclosed are the amounts that would need to be paid to the counter party when thetransactiontakeseffect.Duetotheirshorttermnature,theamountshavebeenestimatedusingthegolds

250、potpriceapplicableatreportingdate.The net gain on financial instruments at fair value through profit or loss relates to these gold forwardcontracts do not qualify for the own use exemption.Fair value of open contracts at balance date arerecognisedonthebalancessheetas“financialassets”.Goldforphysical

251、deliveryContractsgoldsalepriceGoldsalepriceatreportingdateFinancialinstrumentsatfairvaluethroughprofitorloss$1,5002,423.002,334.83132,2641,5002,419.852,334.83127,5331,5002,416.842,334.83123,0161,5002,414.062,334.83118,8451,5002,407.772,334.83170,3407,500671,99810 PLANTANDEQUIPMENT30JUNE202130JUNE202

252、0$PlantandEquipmentAtcost8,684,9055,923,184Less:accumulateddepreciation(2,410,661)(1,264,547)Totalmotorvehicleandplantandequipment6,274,2444,658,63730JUNE202130JUNE2020$MotorVehiclesAtcost632,957357,996Less:accumulateddepreciation(192,376)(116,533)Totalmotorvehicles440,581241,46330JUNE2021$30JUNE202

253、0$PlantandequipmentCarryingamountatthebeginningoftheyear4,658,6372,555,231Additions2,840,8242,802,974Disposals(74,641)Depreciationexpense(1,150,576)(699,568)Totalcarryingamountatendoftheyear6,274,2444,658,637NOTESTOTHEFINANCIALREPORTFORTHEYEARENDED30JUNE2021BEACONMINERALSLIMITED2021ANNUALREPORT4230J

254、UNE2021$30JUNE2021$MotorVehiclesCarryingamountatthebeginningoftheyear241,46276,731Additions264,171193,465Disposals(16,133)Depreciationexpense(48,919)(28,733)Totalcarryingamountatendoftheyear440,581241,463Totalmotorvehiclesandplantandequipment6,714,8254,900,10011 DEVELOPMENTEXPENDITURE30JUNE202130JUN

255、E2020$JaurdiGoldProjectBalanceatthebeginningoftheyear21,029,78116,424,945Developmentexpenses7,713,0748,004,984Amortisationexpense(9,190,166)(3,400,148)Balanceatreportingdate19,552,68921,029,78112 TRADEANDOTHERPAYABLES30JUNE202130JUNE2020$Tradeandotherpayables3,857,9473,543,8013,857,9473,543,801Trade

256、andotherpayablesamountsrepresentliabilitiesforgoodsandservicesprovidedtotheGrouppriortotheendofthefinancialyearwhichareyettobepaid.Theamountsareunsecuredandareusuallypaidwithin30daysofrecognition.13 PROVISIONS30JUNE202130JUNE2020$CurrentEmployeeentitlements532,957430,400532,957430,400NonCurrentRehab

257、ilitation4,816,6564,816,656ProvisionforrehabilitationBalanceat1JulyProvisionmadeduringtheperiod4,863,401ProvisionusedduringtheperiodProvisionsremeasuredduringtheyearUnwindofdiscount(46,745)Balanceat30June4,816,656NOTESTOTHEFINANCIALREPORTFORTHEYEARENDED30JUNE2021 BEACONMINERALSLIMITED2021ANNUALREPOR

258、T43 SiteRehabilitationInaccordancewiththeGroupsenvironmentalpolicyandapplicablelegalrequirements,aprovisionforsiterehabilitationisrecognisedforthefirsttimeinrespectoftheestimatedcostofrehabilitationandrestorationoftheareasdisturbedbyminingactivitiesuptothereportingdate,butnotyetrehabilitated.TheGrou

259、psaccountingpolicyisasfollows.Whentheliabilityisinitiallyrecorded,theestimatedcostiscapitalisedbyincreasingthecarryingamountofrelatedminingassets.Ateachreportingdatethesiterehabilitationprovisionifremeasuredtoreflectanychanges in discount rates and timing or amounts to be incurred.Additional disturb

260、ances or changes inrehabilitationcostsarerecognisedasadditionsorchangestothecorrespondingassetandrehabilitationprovisionprospectivelyfromthedateofchange.Forclosedsites,orwherethecarryingvalueoftherelatedasset has been reduced to nil either through depreciation and amortisation or impairment,changes

261、toestimatedcostsarerecognisedimmediatelyinthestatementofcomprehensiveincome.UnwindingofDiscountonProvisionsThe unwinding of discount on provisions represents the cost associated with the passage of time.Rehabilitation provisions are recognised at the discounted value of the present obligation to res

262、tore,dismantleandrehabilitateeachminesitewiththeincreaseintheprovisionduetothepassageoftimebeingrecognisedasafinancecost.14 DIVIDENDS30JUNE202130JUNE2020$Declaredandpaidduringtheyear:DividendsonordinarysharesInterimdividendfor2021:$0.002pershare(2020:Nil)7,153,953Specialdividendfor2021:$0.005pershar

263、e(2020:Nil)17,884,88225,038,835DividendfrankingaccountAmountoffrankingcreditsavailabletoshareholdersofBeaconMineralsforsubsequentfinancialyears15 DEBENTURESISSUE(a)Totalnoncurrentsecuredliabilities30JUNE202130JUNE2020$DebenturesOpeningbalance18,000,00018,000,000Repaymentofdebentures(18,000,000)18,00

264、0,000(b)MaturityDatesInterestRate30JUNE202130JUNE2020%$9October202112%9,650,00011October202112%8,350,00018,000,000On12October2020thedebentureswererepaidinfull.NOTESTOTHEFINANCIALREPORTFORTHEYEARENDED30JUNE2021BEACONMINERALSLIMITED2021ANNUALREPORT44(c)TermsandconditionsofdebenturesThekeytermsoftheDeb

265、entureswereasfollows:(a)theDebentureIssuewassubjecttotheCompanyreceivingoutstandingworksandlicenceapplicationapprovalsfromtheDWER,theCompanyreceivedapprovalson11September2018;(b)thefacevalueofeachDebentureis$1.00andeachDebentureHolderwasrequiredtosubscribeforaminimum of 100,000 Debentures which woul

266、d have a total face value of$100,000(MinimumSubscription);(c)for every one Debenture that was issued to a Debenture Holder,the Company issued 20 ListedOptions;(d)theDebenturesarenotlistedontheASX;(e)thetermoftheDebenturesis36monthsfromthedateofissue(Term),andtheCompanyholdstherighttoexerciseanearlyr

267、epaymentoptionwhichmaybeexercisednolessthan24monthsfromthedateofissue(EarlyRepayment);(f)theinterestratepayableontheDebenturesis12%perannum.InterestwillbepayableonthepaidupfacevalueoftheDebenturesandcalculatedonadailybasis.InterestwillbepayabletotheDebentureHolders9monthsafterthedatetheyareissuedwit

268、hDebenturesandthereafterevery3monthsuntiltheendoftheTerm,oruponEarlyRepayment(togethertheRecordDates);(g)Interestwillbepaidnolaterthan30daysaftertherelevantRecordDate;(h)theDebenturesaresecuredbytheCompanygranting:(i)aMortgageoverMiningLeases16/0529,16/0034,16/0115andL16/120;and(ii)theSecurityintere

269、stpursuanttotheCombinedSecurityDeed,infavourofasecuritytrusteeactingonbehalfofalltheDebentureHolders(SecurityTrustee);(i)theDebenturesdonotentitleaDebentureHoldertoanyvotingrightsintheCompany;(j)theCompanymustrepaythesubscriptionpriceinfullinrelationtoanyDebentureIssue,includingaccruedbutunpaidinter

270、est,ontheearlierofthefollowing;(i)theendoftheTerm;(ii)EarlyRepayment;or(iii)within30daysontheoccurrenceofaneventofdefaultthathasnotbeenremedied;(k)eventsofdefault(EventofDefault)include(butarenotlimitedto)thefollowing:(i)anexternaladministratorbeingappointedoveranyoftheassetsoftheCompanyandnotbeingr

271、emoved;(ii)theCompanybeinginliquidationorunderadministration;(iii)amaterialchangebeingmadetotheConstitutionoftheCompany;(iv)afailuretopayinterestowedtoaDebentureHolderoccurringwithin20daysofitsduedate;and(v)othereventsofdefaulttypicalofthistypeoftransactionoccurring;(l)theCompanyhas30daystoremedyany

272、EventofDefaultwhichoccurspursuanttotheDebentureissue.16 ISSUEDCAPITALIssuedandpaidupcapital30JUNE202130JUNE2020$Atthebeginningofreportingyear49,573,79438,070,878Sharesissuedduringtheyear(b)(i)8,000,000Sharesissuedpursuanttoexerciseofoptions(a),(b)(ii)18,023,6703,982,916Transactioncosts(480,000)Atrep

273、ortingdate3,583,526,145(30June2020:2,862,579,343)fullypaidordinaryshares67,597,46449,573,794NOTESTOTHEFINANCIALREPORTFORTHEYEARENDED30JUNE2021 BEACONMINERALSLIMITED2021ANNUALREPORT45 MovementinOrdinaryShares30JUNE2021Number30JUNE2020NumberAtthebeginningofreportingyear2,862,579,3432,512,786,543Shares

274、issuedduringtheyear720,946,802349,792,800Atreportingdate3,583,526,1452,862,579,343TheGroupdoesnothaveauthorisedcapitalorparvalueinrespectofitsissuedcapital.OrdinarysharesentitletheholdertoparticipateindividendsandtheproceedsonwindingupoftheGroupinproportiontothenumberofandamountspaidonthesharesheld.

275、Onashowofhandseveryholderofordinarysharespresentatameetinginpersonorbyproxy,isentitledtoonevoteanduponapolleachshareisentitledtoonevote.(a)Thefollowingshareswereissuedduringtheyearended30June2021:(i)Uponexercise700,946,802listedoptionsbeingexercised,refertonote17;and(ii)Uponexerciseof20,000,000unlis

276、tedoptionsbeingexercised,refertonote17.(b)Thefollowingshareswereissuedduringtheyearended30June2020:(i)On23August2020,theCompanycompletedaPlacementtoSophisticatedinvestors.UnderthePlacement190,476,191Shareswereissuedat$0.042pershare,toraise$8,000,000beforecosts.(ii)Uponexerciseof159,316,609listedopti

277、ons.CapitalManagementTheBoardspolicyinrelationtocapitalmanagementistoregularlyandconsistentlymonitorfuturecashflows against expected expenditures for a rolling period of up to 12 months in advance.The BoarddeterminestheGroupsneedsforadditionalfundingbywayofeithershareissuesorloanfundsdependingonmark

278、etconditionsatthetime.TheBoarddefinesworkingcapitalinsuchcircumstancesasitsexcessliquidfundsoverliabilities,anddefinescapitalasbeingtheordinarysharecapitaloftheGroupandretainedprofits.TherewerenochangesintheGroupsapproachtocapitalmanagementduringtheyear.17 RESERVES(a)OptionReservesNatureandPurposeof

279、ReservesTheshareoptionreserveisusedtorecordthefairvalueofoptions.30JUNE202130JUNE2020$Atthebeginningofreportingyear1,902,7162,337,227ExpiryofoptionsExerciseofoptions(1,872,716)(434,511)TransactioncostsIssuedduringtheyear1,699,038Atreportingdate1,729,0381,902,716 NOTESTOTHEFINANCIALREPORTFORTHEYEAREN

280、DED30JUNE2021BEACONMINERALSLIMITED2021ANNUALREPORT46Movementin$0.02517August2022ListedOptions(i)2021Number2020NumberAtthebeginningofthereportingperiod908,536,9201,067,853,529Exercisedduringtheyear(700,946,802)(159,316,609)IssuedduringtheyearAtreportingdate207,590,118908,536,920(i)Eachoptionentitlest

281、heholdertosubscribetooneshareatanissuepriceof$0.025onorbefore17August2022.Movementin$0.0251August2021UnlistedOptions(i)NumberNumberAtthebeginningofthereportingperiod20,000,00020,000,000Exercisedduringtheyear(20,000,000)IssuedduringtheyearAtreportingdate20,000,000(i)Eachoptionentitlestheholdertosubsc

282、ribetooneshareatanissuepriceof$0.025onorbefore1August2021.20212020Movementin$0.0533August2023UnlistedOptionsNumberNumberAtthebeginningofthereportingperiodExercisedduringtheyearIssuedduringtheyear180,000,000Atreportingdate180,000,000(i)Eachoptionentitlestheholdertosubscribetooneshareatanissuepriceof$

283、0.053onorbefore3August2023.Theoptionsvestedonissue.18 ACCUMULATEDLOSSES30JUNE2021$30JUNE2020RESTATED$Accumulatedlossesatthebeginningoftheyear(14,970,643)(34,427,108)Previousperiodadjustment(note23)8,113,111Profit/(Loss)fortheyear20,281,72510,908,843Optionsexercisedduringtheyear1,872,716434,511Option

284、sexpiredduringtheyearDividendpaid(25,038,835)(17,855,037)(14,970,643)NOTESTOTHEFINANCIALREPORTFORTHEYEARENDED30JUNE2021BEACONMINERALSLIMITED2021ANNUALREPORT4719 EARNINGS/(LOSS)PERSHARE(a)BasicEarningsPerShareTheearningsandweightedaveragenumberofordinarysharesusedinthecalculationofthebasicearningsper

285、sharesareasfollows:30JUNE2021$30JUNE2020RESTATED$Profit/(Loss)usedincalculationoftotalbasicearningspershare20,281,72519,021,954Profit/(Loss)usedinthecalculationofearningspershare20,281,72519,021,954NumberNumberWeighted average number of shares on issue during thefinancialyearusedinthecalculationofba

286、sicearningspershare3,102,132,7832,819,462,80630JUNE2021$30JUNE2020RESTATED$Basicearnings/(loss)pershareafterincometaxattributabletomembersoftheCompany0.00650.0044Basicearnings/(loss)pershare0.00650.0044(b)BasicandDilutedLossPerShareAsat30June2021theCompanyhad207,591,118(2020:908,536,920)theeffectoft

287、heseoptionsaredilutiveontheearningspersharecalculation.Theearningsusedinthecalculationofdilutedearningspershareisasfollows:30JUNE2021$30JUNE2020RESTATED$Profit/(Loss)usedincalculationoftotalbasicearningspershare20,281,72519,021,954Profit/(Loss)usedinthecalculationofearningspershare20,281,72519,021,9

288、54Theweightedaveragenumberofordinarysharesforthepurposesofdilutedearningspersharereconcilestotheweightedaveragenumberofordinarysharesusedinthecalculationofbasicearnings pershareasfollows:NumberNumberWeighted average number of shares on issue during thefinancialyearusedinthecalculationofbasicearnings

289、pershare3,102,132,7832,819,462,806 ListedOptions207,590,118908,536,920Weighted average number of ordinary shares for dilutedearningspershare3,309,722,9013,727,999,726NOTESTOTHEFINANCIALREPORTFORTHEYEARENDED30JUNE2021BEACONMINERALSLIMITED2021ANNUALREPORT4830JUNE2021$30JUNE2020RESTATED$Dilutedearnings

290、/(loss)pershareafterincometaxattributabletomembersoftheCompany0.00510.0033Dilutedearnings/(loss)pershare0.00510.003320 NOTESTOTHESTATEMENTOFCASHFLOWS(a)Reconciliationofcashandcashequivalents30JUNE2021$30JUNE2020$CurrentCashatbank22,041,84915,367,42622,041,84915,367,426(b)Reconciliationofcashflowsfro

291、moperationswithprofit/(loss)afterincometax30JUNE2021$30JUNE2020RESTATED$Profit/(Loss)afterincometax20,281,72419,021,954Noncashflowsfromprofit/(loss)Depreciationofplantandequipment1,199,495728,301Optionsexpense1,699,038Capitaliseddevelopmentcosts7,713,074(Increase)/decreaseinassetsTradeandotherreceiv

292、ablesOtherassets1,769,680284,153(2,235,998)1,537,826Inventory(5,310,499)(7,576,693)Deferredtaxasset8,741,765(5,199,298)Increase/(decrease)inliabilitiesTradeandotherpayables1,031,831362,343Provisions4,919,213379,302Netcashinflows/(outflows)fromoperatingactivities42,329,4747,017,73721 OPTIONSISSUED(i)

293、On26September2018theCompanyissued20,000,000UnlistedOptionsexercisableat$0.025onorbefore1August2021toanemployeeoftheCompany.Theoptionsvesteduponissue.Duringtheyear20,000,000unlistedoptionswereexercised.UsingtheBlack&Scholesoptionmodelandbasedontheassumptionsbelow,theUnlistedOptionswereascribedthefoll

294、owingvalue:ClassofOptionsNumberofOptionsValuationDateMarketPriceofSharesExercisePriceExpiryDateRiskFreeInterestRateVolatility(discount)IndicativeValueperOptionUnlistedOptions20,000,00001.08.18$0.02$0.02501.08.212.21%74.94%$0.0089NOTESTOTHEFINANCIALREPORTFORTHEYEARENDED30JUNE2021BEACONMINERALSLIMITED

295、2021ANNUALREPORT49(ii)On3August2020theCompanyagreedtoissue30,000,000UnlistedOptionsexercisableat$0.053onorbefore3August2023toemployeesoftheCompany.Theoptionsvesteduponissue.ClassofOptionsNumberofOptionsValuationDateMarketPriceofSharesExercisePriceExpiryDateRiskFreeInterestRateVolatility(discount)Ind

296、icativeValueperOptionUnlistedOptions30,000,00003.08.2020$0.041$0.05303.08.230.27%70.23%$0.0163(iii)On4January2021theCompanyagreedtoissue150,000,000UnlistedOptionsexercisableat$0.053onorbefore3August2023todirectorsandemployeesoftheCompany.Theoptionsvesteduponissue.ClassofOptionsNumberofOptionsValuati

297、onDateMarketPriceofSharesExercisePriceExpiryDateRiskFreeInterestRateVolatility(discount)IndicativeValueperOptionUnlistedOptions150,000,00004.01.21$0.033$0.05303.08.230.10%62.39%$0.0081Oftheaboveunlistedgranted,thefollowingwereissuedtokeymanagementpersonnel:KeyManagementPersonnelGrantDateNumberofPerf

298、ormanceRightsGMcGarry04.01.2140,000,000GGreenhill04.01.2140,000,000SShipway04.01.2120,000,000JBontempo04.01.2120,000,00022 KEYMANAGEMENTPERSONNEL(a)DetailsofkeymanagementpersonnelDirectorsandExecutivesGrahamMcGarryExecutiveChairman/ManagingDirectorGeoffreyGreenhillNonExecutiveDirectorSarahShipwayNon

299、ExecutiveDirectorJasonBontempoNonExecutiveDirectorAppointed10November2020AlexanderMcCullochExecutiveDirectorRetiredon10November2020RodneyJohnsNonExecutiveDirectorAppointedon21July2020andretiredon10November2020(b)Compensationofkeymanagementpersonnel30JUNE202130JUNE2020$Salary,feesandleave545,722549,2

300、96Superannuation41,55145,917EquitybasedpaymentsNote21968,994Totalkeymanagementpersonnelcompensation1,556,267595,213NOTESTOTHEFINANCIALREPORTFORTHEYEARENDED30JUNE2021BEACONMINERALSLIMITED2021ANNUALREPORT50(c)OthertransactionsandbalanceswithKeyManagementPersonnelMcVerde Minerals Pty Ltd,of which Graha

301、m McGarry and Geoffrey Greenhill are directors,providedequipmenthiretotheCompanyonordinarycommercialterms.Amountsthathavebeenpaidorpayabletotal$2,865,252(2020:$2,221,515).At30June2021$234,411(2020:$246,508)waspayabletoMcVerdeMinerals.McVerdeMineralssold$352,110ofequipmenttoBeaconMinerals,theequipmen

302、twassoldatarmslengthandmarketvalue.MangelsdorfEngineeringPtyLtd,ofwhichGrahamMcGarryandGeoffreyGreenhillaredirectors,providedmanufacturingandrepairstoequipmentandgeneralengineeringmaintenancetotheCompanyonordinarycommercialterms.Amountsthathavebeenpaidorpayabletotal$100,188(2020:$24,477).At30June202

303、1$0(2020:$720)waspayabletoMangelsdorfEngineering.KinetiqSolutionsPtyLtd,aCompanywhichGeoffreyGreenhillssonhasaninterestin,providedelectricalservicestotheCompanyonordinarycommercialterms.Amountsthathavebeenpaidorpayabletotal$437,232(2020:$2,091,107).At30June2021$49,603(2020:$0)waspayabletoKinetiqSolu

304、tions.InOctober2018DirectorsGrahamMcGarryandGeoffreyGreenhillparticipatedintheCompanys$18.0mdebentureissue.Inaddition,relatedpartiestoGrahamMcGarryalsoparticipatedinthedebentureissue.Shareholderapprovalwassoughtandreceivedon4October2018.UnderthedebentureissueGrahamMcGarryandGeoffreyGreenhill,through

305、theirnominatedentities,wereissued$2,450,000and$950,000debentures,respectively.RelatedpartiestoGrahamMcGarrywereissued$1,100,000indebentures.Thedebentureholderswerepaida3%feeonthedebenturesissued.On12October2020thedebentureswererepaidinfull.Duringtheyear$213,739(2020:$653,113)ofinterestwaspaidonthede

306、benturestoGrahamMcGarry,hisrelatedpartiesandGeoffreyGreenhill.23 ADJUSTMENTOFPRIORPERIODINFORMATIONTheDirectorshaverevisitedtheirapplicationofInterpretation20StrippingCostsintheProductionPhaseofaSurfaceMine.Previously,miningwastestrippingcostsincurredduringproductionwereexpensedtotheincomestatementi

307、ntheperiodinwhichtheywereincurred.ToaligntheCompanyspolicyforstrippingcoststowiderindustrypractice,theDirectorshaverevisedthispolicytoincludetheminingwastestrippingcostsininventorytotheextentthatthestrippingcostsdonotimproveaccesstoacomponentoftheorebodyyettobemined.Asaresult,anadjustmentof$3,246,54

308、6hasbeenmade.The Group has appointed an independent tax advisor to review its 30 June 2019 and 30 June 2020consolidatedincometaxreturns.Asaresultofthisreview,thesereturnswillbeamendedduetoincorrecttaxtreatmentofminedevelopmentexpenditureintheoriginalconsolidatedincometaxreturns.Asaresultof these pro

309、posed amendments,it was noted that the deferred tax liabilities arising from capitalisedexplorationandminedevelopmentexpenditureweremateriallyoverstatedinthe30June2020financialyear.Accordingly,theGroupconsidersittobeappropriatetorestatetheincometaxexpenseanddeferredtaxbalancesforthe30June2020year.As

310、aresult,anadjustmentof$4,866,565hasbeenmade.NOTESTOTHEFINANCIALREPORTFORTHEYEARENDED30JUNE2021BEACONMINERALSLIMITED2021ANNUALREPORT51Thecomparativeinformationhasbeenadjustedtoreflecttheimpactoftheabovechanges.Thechangesdonothaveanyimpactontheconsolidatedstatementofcashflows.AsPreviouslyReportedAdjus

311、tmentAdjusted$30June2020Costofsales(26,846,693)3,246,546(23,600,147)Profit/(Loss)beforetax10,576,1103,246,54613,822,656Tax332,7334,866,5655,199,298Profit/(Loss)aftertax10,908,8438,113,11119,021,954Earningspershare0.00390.00050.0044Inventory4,330,1473,246,5467,576,693Deferredtaxasset332,7334,866,5655

312、,199,298Totalequity28,392,7568,113,11136,505,86724 COMMITMENTSANDCONTINGENCIES(a)CommitmentsMineralexplorationcommitmentsIn order to maintain the current rights of tenure to exploration tenements,the Consolidated Entity iscommittedtothefollowingrentandminimumexpenditure:30JUNE2021$30JUNE2020$Notlate

313、rthanoneyear34,13843,818Laterthanoneyearbutnotlaterthanfiveyears Expenditurecommitment(i)33,720Laterthanfiveyears34,13877,538(i)Fortheyearended30June2021theCompanyhadmetitsexpenditurecommitments.BeaconMiningPtyLtdenteredanagreementtopurchaseMiningLeaseM16/529fromFentonandMartinMiningDevelopmentsPtyL

314、td(“FentonandMartin”).UndertheagreementBeaconwillpayaninitialroyaltyof$90perrefinedounceofgoldforthefirst10,000ouncesproducedfromthetenementand$80perrefinedounceofgoldproducedthereafter.Aprepaidroyaltyof$1,100,000hasbeenpaidtoFentonandMartinandwill satisfy the royalty payments up to this amount.At 3

315、0 June 2020 the prepaid royalty had beenexhausted.BeaconMiningPtyLtdenteredintoanagreementtopurchasetwominingleases,ML16/34andML16/115fromFlindersExplorationLimitedandJHMiningLimited(“Flinders&JHMining”).UndertheagreementBeaconwillpayaroyaltyof6%forthefirst25,000ounces,2%for25,001to50,000ouncesand1.

316、5%forouncesover50,001forML16/34.ForML16/115Beaconwillpay$1.00foreverydrytonneoreminedto$1,000,000.BeaconMiningPtyLtdhasenteredintoanagreementtopurchaseexplorationlicenceE16/469fromMrStevenArgusandZephyrMiningPtyLtd(“Argus&Zephyr”).UndertheagreementBeaconwillpayaroyaltyof4%ofrecoveredgold.Aprepaidroy

317、altyof$400,000hasbeenpaidtoArgus&Zephyrandwillsatisfytheroyaltypaymentsuptothisamount.NOTESTOTHEFINANCIALREPORTFORTHEYEARENDED30JUNE2021BEACONMINERALSLIMITED2021ANNUALREPORT52Beacon Mining Pty Ltd entered into an agreement to purchase mining lease M16/560 from BoulderInvestmentsGroupPtyLtd.Underthea

318、greementBeaconwillpayaroyaltyof$250perounceforallouncesrecoveredinthebandof3,001ouncesto5,000ounces(inclusive).Forallouncesrecoveredabove5,000ouncesaroyaltyof5%shallbepaid.BeaconMiningPtyLtdenteredintoaroyaltyagreementwithCorinthianMiningPtyLtdinrelationtominingleaseM16/365.UndertheagreementBeaconwi

319、llpayaroyaltyof4%oftherecoveredgold.DuringtheyearCompanyprepaid$205,000inroyaltiestoCorinthian.BeaconMininghasenteredintoanagreementwithAustralianLiveStockSuppliersPtyLtd(“AustralianLiveStock”)topurchaseprospectinglicencesP16/2925andP16/2926.UndertheagreementBeaconwillpayaroyaltyof$80perounceproduce

320、dfromthesetenements.25 EVENTSSUBSEQUENTTOBALANCEDATEOn24August2021theCompanyannouncedthatithadacquiredtheMacPhersonsRewardProject.TheMacPhersons RewardProject islocated 45km southeast of theCompanysJaurdi Gold Projectand5kmsoutheastoftheCoolgardietownship.BeaconMineralsandBeaconMininghaveenteredinto

321、asharesaleagreementwithPrimaryGoldPtyLtdpursuanttowhichBeaconMiningagreedtopurchase,andPrimaryGoldhadagreedtosell,allthesharesinthecapitalofMacPhersonsReward.The consideration for the acquisition is A$14.0 million in cash,this was paid on 23 August 2021 oncompletionoftheTransaction.InaccordancewithA

322、ASB3BusinessCombinationstheacquisitionislikelytobe accounted for as an asset acquisition.A detailed assessment of this transaction from an accountingperspectiveisongoing.TheimpactoftheCoronavirus(COVID19)pandemicisongoingandwhileithasnotsignificantlyimpactedtheentityupto30June2021,itisnotpracticable

323、toestimatethepotentialimpact,positiveornegative,afterthereporting date.The situation is developing and is dependent on measures imposed by the AustralianGovernment and other countries,such as maintaining social distancing requirements,quarantine,travelrestrictionsandanyeconomicstimulusthatmaybeprovi

324、ded.OtherthantheabovenomattersorcircumstanceshavearisensincetheendofthefinancialyearwhichsignificantlyaffectedorcouldsignificantlyaffecttheoperationsoftheGroup,theresultsofthoseoperations,orthestateoftheaffairsoftheconsolidatedentityinfuturefinancialyears.26 FINANCIALRISKMANAGEMENT(a)InterestRateRis

325、kTheGroupsexposuretointerestraterisk,whichistheriskthatthefinancialinstrumentsvaluewillfluctuateasaresultofchangesinmarketinterestratesandtheeffectiveweightedaverageinterestratesonthosefinancialassetsandfinancialliabilities,isasfollows:Basedonthecashandcashequivalentsbalancesat30June2021a1%movementi

326、ninterestrateswouldincrease/decreasetheprofit/(loss)fortheyearbeforetaxationby$22,691(2020:$11,342).Theconsolidatedentityregularlyanalysesitsinterestrateexposureandconsidersthecostofequityasanalternativetodebt.NOTESTOTHEFINANCIALREPORTFORTHEYEARENDED30JUNE2021 BEACONMINERALSLIMITED2021ANNUALREPORT53

327、(b)LiquidityriskmanagementUltimateresponsibilityforliquidityriskmanagementrestswiththeboardofdirectors,whohavebuiltanappropriateliquidityriskmanagementframeworkforthemanagementoftheGroupsshort,mediumandlongtermfundingandliquiditymanagementrequirements.TheGroupmanagesliquidityriskbymaintainingadequat

328、ereserves,bankingfacilitiesandreserveborrowingfacilitiesbycontinuouslymonitoringforecastandactualcashflowsandmatchingthematurityprofilesoffinancialassetsandliabilities.Liquidity risk is the risk that the Group may encounter difficulties raising funds to meet commitmentsassociated with financial inst

329、ruments(e.g.borrowing repayments).The Group manages liquidity risk bymonitoringforecastcashflowsandensuringthatadequateunutilisedborrowingfacilitiesaremaintained.MaturityanalysisCarryingAmountContractualCashFlows5years$Yearended30June2021Tradeandotherpayables3,857,9473,857,9473,857,947Debentures3,85

330、7,9473,857,9473,857,947Yearended30June2020Tradeandotherpayables3,543,8013,543,8013,543,801Debentures18,000,00020,294,873921,105921,10518,552,66321,543,80123,838,6744,464,906921,10518,552,663(c)CreditRiskThemaximumexposuretocreditrisk,excludingthevalueofanycollateralorothersecurity,atreportingdatetor

331、ecognisedfinancialassetsisthecarryingamountofthoseassets,asdisclosedinthestatementoffinancialpositionandnotestothefinancialreport.WhentherearegoldsalestheGrouphasamaterialcreditexposuretoasingledebtorandhasadoptedthepolicyofdealingwithcreditworthycounterpartiesasameansofmitigatingtheriskoffinanciall

332、ossfromdefaults.(e)FinancialriskmanagementpoliciesTheGroupsfinancialinstrumentsconsistmainlyofdepositswithrecognisedbanks,debentures,accountsreceivable and accounts payable.Liquidity is managed,when sufficient funds are available,by holdingsufficientfundsinacurrentaccounttoservicecurrentobligationsa

333、ndsurplusfundsinvestedasdepositswithrecognisedbanks.TheDirectorsanalyseinterestrateexposureandevaluatetreasurymanagementstrategiesinthecontextofthemostrecenteconomicconditionsandforecasts.ThemainriskstheGroupisexposedtothroughitsfinancialinstrumentsisthedepositorybankinginstitutionitself,holdingthefunds,andinterestrates.TheGroupscreditriskisminimalastheGrouphasnosignificantfinancialassetsotherthan