Breaker Resources NL (BRB) 2013年年度報告「ASX」.pdf

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1、ANNUAL REPORT2 0 1 3ABN:87 145 011 178CORPORATE DIRECTORYBOARD OF DIRECTORSMr Thomas Sanders Executive ChairmanMr Mark Edwards Non-Executive DirectorMr Michael Kitney Non-Executive DirectorSENIOR MANAGEMENTMr Alastair Barker Exploration ManagerMiss Michelle Simson Manager Corporate Affairs/Company S

2、ecretaryPRINCIPAL PLACE OF BUSINESS®ISTERED OFFICE 12 Walker AvenueWest Perth,Western Australia 6005Tel:+61 8 9226 3666Fax:+61 8 9226 3668Email:.auWebsite:.auAUDITORSRothsay Chartered AccountantsLevel 1,4 Ventnor AvenueWest Perth,Western Australia 6005SOLICITORSSteinepreis PaganinLevel 4,16 Milli

3、gan StreetPerth,Western Australia 6000SHARE REGISTRYAdvanced Share Registry Services150 Stirling HighwayNedlands,Western Australia 6009Tel:+61 8 9389 8033Fax:+61 8 9389 7871Website:.auSECURITIES EXCHANGE LISTING Shares and Listed Options in Breaker Resources NL are quoted on ASX Limited(codes:BRB an

4、d BRBO respectively).The Home Exchange is Perth,Western Australia.ABN 87 145 011 1782BREAKER RESOURCES NL 2013 ANNUAL REPORTCONTENTSChairmans Letter Review of Activities Tenement Schedule Corporate Governance StatementDirectors Report Auditors Independence Declaration Statement of Profit or Loss and

5、 Other Comprehensive Income Statement of Financial Position Statement of Changes in Equity Statement of Cash Flows Notes to the Financial Statements Directors Declaration Independent Audit Report ASX Additional Information 341415223233343536375758603BREAKER RESOURCES NL 2013 ANNUAL REPORTCHAIRMANS L

6、ETTERDear Shareholder,Over the last year Breaker Resources NL(Breaker or Company)has been actively targeting large new gold discoveries in Western Australias Eastern Goldfields Superterrane(EGST),one of the worlds richest gold provinces.The year has been a successful one and the Company is positione

7、d for near-term discovery as a direct result.Surprisingly,the eastern half of the EGST is largely unexplored but this is changing in the wake of new discoveries,new research and new technology that is able to cost-effectively see through transported cover.Breaker is at the forefront of these develop

8、ments by positioning itself early and pegging key structural targets and retaining a strategic tenement holding on the largest geological faults in the region.After completing aeromagnetic surveys to enable detailed structural evaluation in mid-2012,Breaker undertook modern multi-element auger soil

9、surveys over all of its Projects to screen for large gold deposit signatures.These soil surveys were effective in seeing through the sand cover and led to the identification of seven new large+10-20km gold-in-soil anomalies on seven of the eight projects that formed the basis of the Companys IPO.Enc

10、ouragingly,the larger gold-in-soil anomalies are coherent and associated with identifiable structures and gold pathfinder metals.The size and magnitude of the gold-in-soil anomaly at the Dexter Project has not previously been documented in an area of similar transported cover in Western Australia;it

11、 follows that the bedrock gold source may also be large.To have this many large undrilled gold-in-soil anomalies in a major gold province is uncommon and has resulted in an enviable portfolio of high-priority gold targets for Breaker to explore in its own right,or joint venture where beneficial,as i

12、t builds an innovative gold business.To evaluate the main gold-in-soil anomaly at the Dexter Project,Breaker undertook 23,073m of aircore drilling and identified two discrete areas of secondary gold enrichment in the weathered zone(peak grades of 3m at 7.5g/t gold).Initial reverse circulation(RC)dri

13、lling(8,426m)to test below the secondary mineralisation indicates that gold in the weathered zone has moved geochemically downslope from the bedrock source(s).Scout RC drilling at the Three Bears Prospect has confirmed that pyrite,gold and alteration all increase to the south along the Dexter Shear

14、Zone,suggesting the bedrock source responsible for shedding the large amounts of secondary gold is to the south.The Company has planned drilling to follow the gold southwards and discovery may be one drill program away.Our main focus in the upcoming year is on discovery at the Dexter Project.We will

15、 also evaluate high priority gold-in-soil targets at the Attila West and Mt Gill Projects where the transported cover is thin.From a risk management perspective,Breaker uses modern exploration tools that can identify gold alteration systems quickly and cheaply using wide drill hole spacing.In recent

16、 years,these tools have revolutionised exploration under transported cover and Breaker is well poised to benefit.In closing,the Breaker team has laid the foundations for an innovative gold business and on behalf of the Board I would like to thank Breakers staff and management for their professionali

17、sm and dedication in making this happen.I encourage you to share in our excitement as we unlock the gold potential of the forgotten eastern half of Australias premier gold province.Yours sincerely Tom SandersChairman4BREAKER RESOURCES NL 2013 ANNUAL REPORTProject OverviewBreaker Resources NL is an A

18、ustralian explorer focused on the discovery of new gold deposits in the largely unexplored eastern half of Western Australias Eastern Goldfields Superterrane,which accounts for 75%of Australias gold endowment.Breaker is one of the largest tenement holders in the EGST and currently has a 100%interest

19、 in seven exploration projects with a total area of 4,055km2.In the course of the year,Breaker applied for six new tenements to cover newly-identified gold-in-soil anomalies.The Companys projects target key structural positions on major crustal faults known to be instrumental in the formation of wor

20、ld class gold deposits in the well-explored western part of the EGST.Breakers primary focus is on the Dexter,Attila West and Mt Gill Projects on the Yamarna Shear Zone.The Companys main exploration tool is the drill rig guided by modern,multi-element geochemistry and infrared reflectance technology

21、that enables cost-effective identification of large gold alteration systems on a wide drill hole spacing.During 2012/13 Breaker completed multi-element auger soil sampling over all of its Projects to screen for large gold deposit signatures.These programs successfully identified seven new+10-20km go

22、ld-in-soil anomalies on seven projects,validating the Companys structural targeting approach and confirming the ability of Breakers geochemical techniques to see through sand cover.The gold-in-soil anomaly at the Dexter Project is particularly robust and large(up to 0.3g/t gold,17g/t silver).Aircore

23、 drilling completed to scope the anomaly identified two discrete zones of sub-surface,secondary(redox)gold mineralisation at the Three Bears and Tallows Prospects with a peak grade of 3m at 7.5g/t gold.RC drilling(8,426m)to test the prospects established that gold in the weathered zone has moved dow

24、nslope from the bedrock source(s).Follow-up RC drilling at the Three Bears Prospect,aimed at locating the bedrock source upslope of the initial area tested,encountered enhanced pyrite,gold and alteration on the Dexter Shear Zone which increases in intensity to the south.Breaker now plans follow-up d

25、rilling to trace the gold south to where the main bedrock source is believed to be located.Other works completed at the Companys projects during 2012/13 include an aeromagnetic/radiometric survey,a trial ground electromagnetic survey and considerable data interpretation and analysis.Heritage surveys

26、 were completed at the Attila West,Mt Gill and Kurrajong Projects.Dexter Gold ProjectThe 1,360km2 Dexter Gold Project is located 140km south-southeast of Laverton in the southern part of the Burtville and Yamarna Terranes,80km northwest of the Tropicana gold deposit.The Project straddles the interse

27、ction of the Yamarna and Dexter Shear Zones and includes 27km of the Yamarna Shear Zone and 60km of the Dexter Shear Zone.Thin aeolian sand and transported weathered Permian sediment overly the prospective Archean basement rocks and prior to Breakers activities,the Project was essentially unexplored

28、.The Dexter Gold Project is Breakers main focus due to the size and magnitude of the gold-in-soil anomaly which to the Companys knowledge has not been documented in similar areas of transported cover in Western Australia.Activities at Dexter during the reporting period included reconnaissance and in

29、fill multi-element auger soil sampling,aircore drilling and RC drilling,together with interpretation of aeromagnetic data.Subsequent to year end,two new exploration licence applications were submitted to secure prospective ground along the western boundary of the Project,and to cover a discrete magn

30、etic feature identified 15km to the west(ELA 39/1744 and ELA 39/1745).REVIEW OF ACTIVITIESBreaker Resources Project Locations5BREAKER RESOURCES NL 2013 ANNUAL REPORTAuger Soil SamplingThe reconnaissance(1,600m x 400m)auger soil sampling identified a previously unknown gold trend with peak soil value

31、s up to 50ppb gold in several coherent anomalies over a 25km-long strike length with associated pathfinder gold elements including mercury,copper,zinc and silver.The strike length of the anomaly was subsequently increased to 32km following extension of the auger sampling to the north into the newly

32、granted E38/2695,whilst remaining open to the south.An infill(400m x 100m)auger soil program,targeting the northern half of the 32km-long soil anomaly,defined two priority prospects,each with different and distinct auriferous element signatures consistent with an Archean bedrock source.The Three Bea

33、rs Prospect,situated adjacent to the Dexter Shear Zone,comprises three anomalies up to 6km long in total with peak values of 298ppb gold and 17,415ppb silver.The Tallows Prospect,situated adjacent to the Yamarna Shear Zone,comprises a 14km-long anomaly with peak values of 130ppb gold.In June/July 20

34、13,reconnaissance auger soil sampling(1,600m x 400m)was extended to the south on the Dexter Shear Zone for a distance of 35km,and to as yet unsampled parts of E38/2695 to the north.Three Bears Prospect Tallows Prospect Dexter Project:Gold-in-soil ImageBedrock Sulphur in RC Drill Holes on Gold-in-Soi

35、l ImageAu Sb vector south Dexter Shear Three Bears Prospect Tallows Prospect Te vector south THESE ARE THE SECOND OF THE FIGURES FOR PAGE 5 THESE ARE THE CAPTIONS:Gold-in-soil(outer)Yamarna Dexter Tallows Prospect Shear Three Bears Prospect Legend(ppb x m)Image of Redox Gold in Drill Holes(subsurfac

36、e,fossil water table-related gold)3D Perspective of Drilling at Three Bears Prospect showing Antimony(Sb),Tellurium(Te)and Gold(Au)increasing to the south along Dexter Shear ZoneAu Sb vector south Dexter Shear Three Bears Prospect Tallows Prospect Te vector south THESE ARE THE SECOND OF THE FIGURES

37、FOR PAGE 5 THESE ARE THE CAPTIONS:6BREAKER RESOURCES NL 2013 ANNUAL REPORTReverse Circulation DrillingAn 8,426m RC drill program was completed in early July 2013 to test the bedrock below sub-surface redox gold enrichment identified in the weathered zone in the aircore program.The drill program cons

38、isted of 39 completed drill holes at the Three Bears Prospect(5,513m)and a further 13 drill holes(2,659m)at the Tallows Prospect.The RC drilling was partly funded by a grant from the WA Governments Exploration Incentive Scheme.At the Three Bears Prospect,initial drilling below areas of sub-surface r

39、edox gold intersected sericite-and hematite-altered syenite and granodiorite rocks.However,anomalous gold was restricted to the zone of weathering,indicating that the redox gold enrichment has moved geochemically downhill from the inferred bedrock source.To assist in locating the bedrock source of t

40、he gold,25 vertical“stratigraphic”drill holes(2,307m)were also completed upslope to the west of the initial area drilled in order to obtain a broader footprint of the redox gold enrichment,and to clarify the extent and nature of bedrock alteration.This drilling identified a 400m-wide zone of sheared

41、 and altered amphibolite on the Dexter Shear Zone with pyrite increasing noticeably to the south.A further seven angled RC drill holes(1,486m)were then drilled tracing the 400m-wide zone of sulphide-altered amphibolite along the Dexter Shear Zone to the south.The final RC drill hole at Three Bears s

42、ituated on the southern-most RC/aircore drill traverse intersected narrow 1m zones of anomalous gold assaying up to 0.3g/t in fresh pyrite-rich bedrock,suggesting that the inferred bedrock gold source is further south.This is consistent with elevated redox gold enrichments along the Dexter Shear,and

43、 converging tungsten and sulphur trends from bottom-of-hole aircore geochemistry.Gold and silver soil anomalies also converge in the area.At the Tallows Prospect,13 broadly spaced RC drill holes(2,659m)were completed over a 4km strike length to test the bedrock below areas of redox gold enrichment,d

44、eveloped at a depth of 30m to 60m over a 7km distance.These holes intersected hematite-altered granodiorite and syenite with localised areas of pyrite and sericite alteration.Anomalous gold was found to be restricted to the weathered zone suggesting that the redox gold enrichment is displaced from t

45、he inferred bedrock source,which is interpreted to be close to the area drilled,potentially in the Yamarna Shear Zone.Aircore DrillingA 23,073m aircore drill program,comprising 8,626m at the Three Bears Prospect and 14,447m at the Tallows Prospect,was completed in March 2013 with the objective of sc

46、oping the prospects anomalies in preparation for RC drilling.The drilling was conducted on a line spacing of 400m to 1,200m and a vertical drill hole spacing of 80m,closing to 40m in selected areas.Permian cover varied from 25m to 75m in thickness with approximately 65%of the drill holes reaching de

47、finitive bedrock.Penetration of fresh Archean bedrock was limited(generally 1m)and bottom-of-hole samples assaying up to 0.9g/t gold typically included some weathered material.The aircore program identified two discrete zones of secondary(redox)gold enrichment in the weathered zone at the Three Bear

48、s and Tallows Prospects with a peak grade of 3m at 7.5g/t gold developed at a depth of 30m to 70m.These areas of redox gold enrichment occur in discrete areas within a larger coherent“channel”of gold-in-soil enrichment adjacent to the Dexter and Yamarna Shear Zones,suggesting restricted(Archean)bedr

49、ock sources consistent with recent research models.Bottom-of-hole bedrock geochemistry indicates anomalous levels of gold pathfinder elements including arsenic,tungsten,selenium and tellurium.Hematite-and sericite-altered syenite rocks were encountered at both prospects confirming a deep mantle link

50、,considered a prerequisite in the formation of many large gold deposits.REVIEW OF ACTIVITIES CONTINUEDAircore Drilling at Dexter7BREAKER RESOURCES NL 2013 ANNUAL REPORTRC Drilling at DexterDue to the large dimensions of the target areas involved,a decision was made to focus most of the RC drilling o

51、n the Three Bears Prospect where a tighter drill density enabled more detailed analysis.Further RC drilling is planned at the Three Bears Prospect to trace the bedrock gold to the south,and at the Tallows Prospect to test the Yamarna Shear Zone.Attila West Gold ProjectThe Attila West Project is loca

52、ted 130km east-northeast of Laverton and approximately 2km west of the 1Moz Attila Trend gold resource.The Project comprises three tenements with an overall area of 792km2.Attila West has a favourable setting for gold mineralisation based on the interaction between a large domal granite intrusion in

53、 the central part of the Project,the Yamarna Shear Zone and the Mt Venn and Isolated Hills greenstone belts in the footwall of the Yamarna Shear Zone.Several large east-west structures,known to have a spatial association with gold in the area,are also apparent.The Attila West Project is dominated by

54、 thin wind-blown sand cover over residual Archean basement in the northern half of the Project,and thin Permian cover in the southern half(generally 10m).Historical exploration is limited and the vast majority of the Project is unexplored.Breaker flew a detailed aeromagnetic/radiometric survey in mi

55、d-2012 and,to scan for large gold deposits,subsequently completed a multi-element reconnaissance auger soil program,comprising 1,375 samples on a 1,600m x 400m pattern.The soil program successfully identified a series of large,coherent gold-in-soil anomalies which cluster around the margin of the la

56、rge granite in the central Project area.The anomalies are associated with elevated gold pathfinder elements,including molybdenum,arsenic,bismuth and silver,which enhance their prospectivity.8BREAKER RESOURCES NL 2013 ANNUAL REPORTThe largest(northern)soil anomaly extends over a distance of 20km and

57、is up to 2.5km in width with peak values of 12ppb gold and 2,068ppb silver(2g/t).This anomaly is partially coincident with the northern margin of the magnetic granite and the Mt Venn greenstone belt,and trends to the north along the greenstone belt in the vicinity of several east-west faults.The sou

58、thern soil anomalies are smaller in size but locally higher in magnitude(maximum dimension of 12km x 2km;up to 73ppb gold).These anomalies are typically associated with magnetic discontinuities,including east-west trending faults and low magnetic zones marginal to the magnetic granite,interpreted as

59、 partially consumed remnants of the Isolated Hills greenstone belt.The Attila West soil anomalies identified are potentially significant as they are large and cohesive,despite the sand dune country,and are associated with elevated gold pathfinder metals in good structural setups.The soil anomalies a

60、re comparable in magnitude to those encountered in similar settings at other early stage exploration projects in the region that led to subsequent gold discovery.Subsequent to year end,areas of low prospectivity were surrendered based on the results of the auger soil program.Ground follow-up is in p

61、rogress in preparation for heritage clearance and drilling.Selective infill(400m x 100m)auger soil sampling will be completed as required to assist drill targeting.In June 2013 Breaker was awarded a grant of$150,000 for co-funding of drilling at the Attila West Project under the WA Governments Explo

62、ration Incentive Scheme.Breaker will be required to match the funding grant on a dollar-for-dollar basis on direct drilling costs.REVIEW OF ACTIVITIES CONTINUED1Moz Attila West:Interpreted Geology Imaged Gold-in-Soil20km-long Anomaly on Granite Contact THESE ARE THE FIGURES FOR PAGE 8 THESE ARE THE

63、CAPTIONS:1Moz Attila West:Interpreted Geology Imaged Gold-in-Soil20km-long Anomaly on Granite Contact Attila West:Interpreted GeologyImaged Gold-in-Soil20km-long Anomaly on Granite Contact 9BREAKER RESOURCES NL 2013 ANNUAL REPORTMt Gill Gold ProjectThe Mt Gill Project,located 135km northeast of Lave

64、rton,comprises two exploration licences situated 12km along strike from the Khan North gold deposit and 30km along strike from the Attila-Alaric-Central Bore gold deposits.The Project includes 35km of the Yamarna Shear Zone and 17km of the Yamarna greenstone belt.The regolith is dominated by extensi

65、ve thin aeolian sand overlying Archean bedrock;mixed outcrop,colluvium and sand cover are present to the east of the Yamarna Shear.During 2012/13 Breaker completed a multi-element reconnaissance auger soil program,comprising 770 samples on a 1,600m x 400m pattern,to scan for large gold deposits.The

66、soil program successfully identified multiple gold-in-soil anomalies in four distinct areas associated with variably anomalous arsenic,copper,silver and antimony.The results are potentially significant and display reasonable continuity on known structures on a wide sample spacing in a regolith domin

67、ated by wind-blown sand.The results highlight the unexplored gold potential in the footwall area of the Yamarna Shear as well as in more obvious areas to the east of the Yamarna Shear.The southern area gold-in-soil anomalies are associated with an arcuate magnetic low in sand dune country in the foo

68、twall of the Yamarna Shear.At+3ppb gold,the soil anomaly extends over 25km with smaller areas of+6 ppb gold,and a peak value of 25ppb gold.The arcuate magnetic low separates a mafic complex to the west,from granite gneiss to the east.The inferred mafic complex was identified from strongly anomalous

69、chrome and nickel values obtained in the soil survey.The northern area soil anomalies are also in sand dune country in the footwall of the Yamarna Shear.Although lower in magnitude(peak value of 8ppb gold),the soil anomalies have a spatial association with a domal granite intrusion.The eastern area

70、soil anomalies are located on the Yamarna Shear and Yamarna greenstone belt along strike from the Khan North and Attila gold deposits.The Yamarna Shear anomalies have an overall strike length of 14km with a peak value of 57ppb gold.The Yamarna greenstone belt anomalies have an overall strike length

71、of 7km with a peak value of 63ppb gold.Residual soils to the east of the Yamarna Shear are more widespread and as a result,the background gold values are higher.Aircore and RC drilling of higher priority gold-in-soil anomalies is planned to evaluate the soil results.Selective infill(400m x 100m)auge

72、r soil sampling will be completed as required to assist drill targeting.Based on the results of the auger soil program,and subsequent to year end,parts of the Project considered unprospective(or inaccessible due to native title sensitivities)were surrendered,reducing the overall area of the Project

73、from 518km2 to 445km2.Mt Gill:Interpreted Geology with Historical Drilling,Soil Sampling&Gold Geochemistry10BREAKER RESOURCES NL 2013 ANNUAL REPORTDuketon North Gold ProjectThe Duketon North Project,located 160km north-northwest of Laverton,is situated 50km north of the 10Moz Moolart Well/Garden Wel

74、l/Rosemont gold camp.The Project comprises three granted tenements and three tenement applications with an overall area of 627km2.The Project targets gold associated with a 42km strike length of the Hootanui Shear,a major fault zone that separates the Kurnalpi and Burtville Terranes.Outcrop is limit

75、ed and the regolith is dominated by thin(2m)wind-blown sand cover overlying Archean basement.Geochemistry has not previously been undertaken and historical drilling is limited to a single line of drill holes on a 3km spacing undertaken by BHP Minerals Pty Ltd in the mid-1990s.The Company completed a

76、 detailed+6,000 line km aeromagnetic/radiometric survey in July 2012 to provide baseline data for structural interpretation.To scan for large gold deposit signatures,Breaker then undertook a reconnaissance multi-element auger soil sampling program,comprising 932 samples on a 1,600m x 400m pattern ov

77、er the entire Project.The reconnaissance soil program successfully identified 17 gold-in-soil anomalies many of which have a spatial association with a number of prominent structural positions.The gold-in-soil anomalies have a peak value of 10ppb gold which is comparable to soil anomalies associated

78、 with the Moolart Well(3 to 7ppb gold)and Garden Well(3 to 25ppb gold)deposits.The anomalies have a spatial association with a number of prominent structural features,including the Hootanui Shear Zone,and are locally associated with gold pathfinder elements including tungsten,antimony,arsenic and te

79、llurium.A program of infill auger soil sampling commenced in late-May 2013,targeting higher priority soil anomalies identified by the reconnaissance soil sampling.The program comprised 2,130 samples on a 400m x 100m pattern and was completed in late-July 2013.Aircore and RC drilling is scheduled to

80、be undertaken during 2013/14 subject to assay results.REVIEW OF ACTIVITIES CONTINUEDDuketon North&De La Poer Projects:Interpreted Geology with Historical Drilling11BREAKER RESOURCES NL 2013 ANNUAL REPORTDe La Poer Gold ProjectThe 455km2 De La Poer Project is located in the Burtville Terrane,130km no

81、rtheast of Laverton and 50km east of the 10Moz Moolart Well/Garden Well/Rosemont gold camp.The Project targets gold adjacent to the De La Poer Fault and includes the Deleta greenstone belt,initially identified in 1999.The De La Poer Project is largely unexplored and is dominated by thin sand cover o

82、ver Archean basement.Reconnaissance auger soil sampling completed in February 2013 identified seven gold-in-soil anomalies of potential interest.The anomalies are up to 10km in length with gold values up to 8ppb which is comparable to early stage soil results in the area which have led to discovery.

83、The anomalies are potentially significant based on tenor,coherence and location with respect to structural features and the presence of locally elevated gold pathfinder elements,including arsenic,molybdenum and bismuth.Planned activities for 2013/14 include scout aircore drilling of selected gold-in

84、-soil anomalies to assess bedrock alteration followed by selective infill auger soil sampling as required to facilitate drill targeting.In May 2013,one new exploration licence application was made to cover potential extensions of a gold-in-soil anomaly outlined by the reconnaissance soil sampling an

85、d in July 2013,selected parts of the Project deemed unprospective,or inaccessible due to environmental concerns,were surrendered.Kurrajong Gold ProjectThe Kurrajong Project is located in the Yamarna Terrane,175km east-northeast of Laverton and consists of one granted tenement with an overall area of

86、 217km2.The Project targets the intersection of a domal granite intrusion and a major fault in the southern part of the Dorothy Hills greenstone belt.The geomorphology is dominated by wind-blown sand dunes in an area of Permian cover.Historical gold-in-soil values of up to 45ppb gold were identified

87、 in sand by WMC Ltd in 1997 but no drilling was undertaken.Breaker completed a reconnaissance(1,600m x 400m)multi-element auger soil sampling program in the north-western part of the Project in December 2012.The soil program successfully identified a coherent 12km gold-in-soil anomaly associated wit

88、h elevated mercury,silver,molybdenum and copper(peak value of 24ppb gold,1,574 ppb silver).The soil anomaly is coincident with the apex of a domal granite intrusion and extends to the northwest adjacent to a major fault.Planned activities for 2013/14 include an initial wide-spaced aircore or RC dril

89、ling program to test for alteration of Archean bedrock below areas of anomalism followed by selective infill auger soil sampling as required to facilitate detailed RC drill targeting.Subsequent to year end,the eastern part of the Kurrajong Project was surrendered based on an assessment of the thickn

90、ess of transported cover by an independent geophysicist.The Kurrajong North Prospect was surrendered in April 2013 as native title heritage sensitivities precluded field access.Mt Sefton Gold ProjectThe 211km2 Mt Sefton Project is located 80km east-northeast of Laverton and 50km along strike from hi

91、storic gold mineralisation at Cosmo Newberry.The Mt Sefton Project targets gold mineralisation in a small,previously undrilled greenstone belt situated within a large zone of deformation termed the Sefton Lineament.In May 2013,a reconnaissance multi-element auger program was conducted on a 1,600m x

92、400m pattern to scan for large gold deposit signatures.Several gold-in-soil anomalies were identified,the largest of which extends for 20km at+4ppb gold and 3,075ppb silver.Pathfinder elements including arsenic and molybdenum are locally anomalous.Analysis of the results is continuing however likely

93、 activities in 2013/14 include a heritage survey and aircore drilling.12BREAKER RESOURCES NL 2013 ANNUAL REPORTKingston Gold ProjectThe Kingston Project in located in the Yamarna Terrane,200km north-northeast of Laverton and targets gold and nickel mineralisation in a previously undrilled 35km-long

94、Archean greenstone belt near the northern margin of the Yilgarn Craton.Historical exploration indicated Paleoproterozoic and Permian cover rocks up to 200m in thickness.A trial ground electromagnetic survey undertaken in July 2012 determined that ground or airborne time-domain electromagnetic method

95、s would not be viable due to the thickness of cover rocks.Results from a selective program of multi-element auger soil sampling in May 2013 did not identify any significant geochemical signatures.Given the auger results,and the considerable depth of cover,no future work could be justified and the Ki

96、ngston Project was surrendered in July 2013.Competent Person StatementThe information contained in this report that relates to exploration results and geological information is based on information compiled by Mr Tom Sanders,an officer of Breaker Resources NL whose services have been engaged by Brea

97、ker on an 80%of full time basis.Mr Sanders is a Member of the Australasian Institute of Mining and Metallurgy and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activities which he is undertaking to qualify as a Competent

98、 Person as defined in the December 2004 Edition of the Australasian Code for Reporting of Exploration Results,Mineral Resources and Ore Reserves(JORC Code).Mr Sanders consents to the inclusion in this report of the information based on his work in the form and context in which it appears.Mt Sefton L

99、andscapeBreaker Field ActivitiesREVIEW OF ACTIVITIES CONTINUED14BREAKER RESOURCES NL 2013 ANNUAL REPORTTENEMENT SCHEDULEThe following is a summary of tenements held by Breaker Resources NL as at 30 June 2013.(i)(ii)(iii)Application withdrawn 19 July 2013Tenement surrendered 19 July 2013Application w

100、ithdrawn 23 July 2013ProjectTenementNumberStatusPercentageHeld/Earning%Attila WestE38/2530Granted100E38/2532Granted100E38/2598Granted100E38/2604Application(i)100De La PoerE38/2516Granted100E38/2517Granted100E38/2518Granted100E38/2519Granted100E38/2520Granted100E38/2853Application100DexterE38/2695Gra

101、nted100E39/1611Granted100E39/1614Granted100E39/1744Application100E39/1745Application100Duketon NorthE38/2511Granted100E38/2512Granted100E38/2852Application100E38/2854Application100E38/2855Application100E53/1592Granted100KingstonE38/2521Granted(ii)100KurrajongE38/2531Granted100E38/2537Application(iii

102、)100Mt GillE38/2513Granted100E38/2529Granted100Mt SeftonE38/2514Granted10015BREAKER RESOURCES NL 2013 ANNUAL REPORTCORPORATE GOVERNANCE STATEMENTBreaker Resources NL has made it a priority to adopt systems of control and accountability as the basis for the administration of corporate governance.The

103、goals of the corporate governance process are to:maintain and increase shareholder value;ensure a prudential and ethical basis for the Companys conduct and activities;andensure compliance with the Companys legal and regulatory objectives.Further information about the Companys corporate governance pr

104、actices including the relevant information on the Companys charters,Code of Conduct and other policies and procedures is set out on the Companys website at .au.The Board of DirectorsRole of the BoardThe Boards primary role is to represent shareholders and to promote and protect the interests of the

105、Company.To fulfilthis role,the Board is responsible for:developing initiatives for profit and asset growth,setting strategic operational and financial objectives and monitoringprogress against these objectives;acting on behalf of,and being accountable to,the shareholders;identifying business risks a

106、nd implementing actions to manage those risks and corporate systems to assure quality;reviewing the corporate,commercial and financial performance of the Company on a regular basis;andensuring that there are effective corporate governance policies and practices in place.The Company is committed to t

107、he circulation of relevant materials to directors in a timely manner to facilitate directors participation in the Board discussions on a fully informed basis.Composition of the BoardElection of directors is substantially the province of shareholders in general meeting however subject thereto,the Com

108、panyis committed to the following principles:the Board is to comprise persons with a blend of skills,experience and attributes appropriate to the Company and its business;andthe principal criterion for the appointment of new directors is their ability to add value to the Company and its business.It

109、is a priority of the Board to achieve an appropriate balance between independent and non-independent representation.The Board will endeavour to ensure that there is a majority of independent directors at any time.In determining whether or not directors are independent,the Board applies the criteria

110、as set out in the ASX Corporate Governance Councils Corporate Governance Principles and Recommendations with 2010 Amendments(Recommendations).In light of the Companys size and nature,the Board considers that the current composition is a cost effective and practical method of directing and managing t

111、he Company.As the Companys activities develop in size,nature and scope,the size of the Board and the implementation of additional corporate governance policies and structures will be reviewed.The Constitution of the Company allows for a Board of between three(3)and 10 directors.A director(other than

112、 the managing director)may not retain office for more than three(3)years without submitting for re-election.At each annual general meeting a minimum of one(1)director must retire by rotation and be re-elected by shareholders if they are to continue as a director of the Company.Directors appointed du

113、ring a year must seek re-election at the next annual general meeting.The Board meets on an“as required”basis,but generally four(4)times a year in person with additional meetings being held by telephone conference.16BREAKER RESOURCES NL 2013 ANNUAL REPORTAppointments to Other BoardsDirectors are requ

114、ired to take into consideration any potential conflicts of interest when accepting appointments to other boards.Independent Professional AdviceThe Board has determined that individual directors have the right,in connection with their duties and responsibilities as directors,to seek independent profe

115、ssional advice at the Companys expense.With the exception of expenses for legal advice in relation to the directors rights and duties,the engagement of an outside adviser is subject to prior approval of the chairman and this will not be withheld unreasonably.Corporate GovernanceContinuous Review of

116、Corporate GovernanceDirectors consider,on an ongoing basis,how management information is presented to them and whether such informationis sufficient to enable them to discharge their duties as directors of the Company.Such information must be sufficient to enable the directors to determine operating

117、 and financial strategies from time to time in light of changing circumstances and economic conditions.The directors recognise that gold exploration is an inherently risky business and that operational strategies adopted should,notwithstanding,be directed towards improving or maintaining the net wor

118、th of the Company.ASX Corporate Governance PrinciplesCommensurate with the spirit of the Recommendations,the Company has followed each Recommendation where the Board has considered the Recommendation to be an appropriate benchmark for its corporate governance practices.The table below lists each of

119、the Recommendations and whether the Company was in compliance with the Recommendations as at 30 June 2013.Where the Company considers that it is divergent from the Recommendations,or that it is not practical to comply,there is an explanation of the Companys reasons provided.PrincipleComplied Comment

120、1.Lay solid foundations for management and oversight1.1 Companies should establish the functions reserved to the Board and those delegated to senior executives and disclose those functionsThe Companys Corporate Governance Manual(CGM)includes a Board charter which discloses the specific responsibilit

121、ies of the directors(available on the Companys website).The Board delegates responsibility for the day-to-day operations and administration of the Company to the Managing Director(or equivalent ie.Executive Chairman(EC).1.2 Companies should disclose the process for evaluating the performance of seni

122、or executivesThe Companys CGM includes a section on performance evaluation practices adopted by the Company.The remuneration committee is charged with the periodic review of the job description and performance of the EC according to agreed performance parameters.The committee also reviews the perfor

123、mance and remuneration of senior staff following recommendations from the EC.1.3 Companies should provide the information indicated in the Guide to Reporting on Principle 1No formal performance evaluation of senior executives has taken place to date,due to their relatively short tenure with the Comp

124、any.The Company is not aware of any departure from Recommendations 1.1,1.2 and 1.3.CORPORATE GOVERNANCE STATEMENT CONTINUED17BREAKER RESOURCES NL 2013 ANNUAL REPORTPrincipleComplied Comment2.Structure the Board to add value2.1 A majority of the Board should be independent directorsThe Board comprise

125、s three(3)directors,of whom two(2)are independent(Mark Edwards and Mike Kitney).2.2 The chair should be an independent directorThe chair is currently a non-independent director(Tom Sanders).Given the Companys background,nature and size in the current stage of development,the Board believes that the

126、existing structure is acceptable.It is the Companys intention to comply with this Recommendation at a time when warranted by the size of the Company and its activities.2.3 The roles of the chair and chief executive officer(or equivalent)should not be exercised by the same individualThe role of chair

127、 and chief executive officer is currently exercised by the same individual.The Company will appoint an independent director to assume the role of chair when the chair is unable to act in that capacity as a result of a lack of independence.2.4 The Board should establish a nomination committeeA nomina

128、tion committee is in place and comprises Tom Sanders,Mark Edwards and Mike Kitney.A copy of the committee charter is available on the Companys website,together with the Companyspolicy for the selection of directors.2.5 Companies should disclose the process for evaluating the performance of the Board

129、,its committees and individual directorsThe Companys CGM includes a section on performance evaluation practices adopted by the Company.The chair reviews the performance of the Board,its committees and individual directors to ensure that the Company continues to have a mix of skills and experience ne

130、cessary for the conduct of its activities.2.6 Companies should provide the information indicated in the Guide to Reporting on Principle 2The skills,experience and expertise of each director,and their respective periods of office,are set out in the Directors Report contained within this Annual Report

131、,as are details of directors attendance at Board and committee meetings.A statement as to the Companys materiality threshold is disclosed in the Board charter(available on the Companys website).No formal performance evaluation of the Board,its committees and individual directors has taken place to d

132、ate.The Company is not aware of any departure from Recommendations 2.1,2.4,2.5 and 2.6.Explanations relating to Recommendations 2.2 and 2.3 are provided.18BREAKER RESOURCES NL 2013 ANNUAL REPORTPrincipleComplied Comment3.Promote ethical and responsible decision making3.1 Companies should establish a

133、 code of conduct and disclose the codeA code of conduct is incorporated within the Companys CGM and is available on the website.The code provides a framework for decisions and actions promoting ethical conduct in employment.3.2 Companies should establish a policy concerning diversity and disclose th

134、e policyThe Companys CGM includes a diversity policy(available on the Companys website)which has the objective of providing a fair and equitable workplace,free from discrimination related to age,gender,ethnic,cultural or other personal factors,in which diversity enhances the Companys performance and

135、 shareholder value.3.3 Companies should disclose in each annual report the measurable objectives for achieving gender diversity set by the Board in accordance with the diversity policy and progress towards achieving themGiven the Companys size and stage of development as an exploration company,the B

136、oard does not think it is yet appropriate to include measurable objectives in relation to gender.As the Company grows and requires more employees,the Company will review this policyand amend as appropriate.3.4 Companies should disclose in each annual report the proportion of women employees in the w

137、hole organisation,women in senior executive positions and women on the BoardAs at 30 June 2013,17%of employees and 33%ofsenior executives were female.There are nofemale directors on the Companys Board.3.5 Companies should provide the information indicated in the Guide to Reporting on Principle 3The

138、Company is not aware of any departure from Recommendations 3.1,3.2,3.4 and 3.5.An explanation relating to Recommendation 3.3 is provided.CORPORATE GOVERNANCE STATEMENT CONTINUED19BREAKER RESOURCES NL 2013 ANNUAL REPORTPrincipleComplied Comment4.Safeguard integrity in financial reporting4.1 The Board

139、 should establish an audit committeeAn audit committee is in place and comprises Mark Edwards,Mike Kitney and Tom Sanders.4.2 The audit committee should be structured so that it:consists only of non-executive directors;consists of a majority of independent directors;is chaired by an independent chai

140、r,who is not chair of the Board;has at least three(3)membersThere are only three(3)directors in total on the Companys Board,two(2)of whom are non-executive directors.The cost of sourcing alternative directors to strictly comply with this Recommendation is considered to outweigh the potential benefit

141、s.The Board believes the current composition of the audit committee is both appropriate and acceptable at this stage of the Companys development.The audit committee comprises three(3)members,a majority of whom are independent directors and it is chaired by an independent director who is not the chai

142、r of the Board.4.3 The audit committee should have a formal charter4.4 Companies should provide the information indicated in the Guide to Reporting on Principle 4A copy of the audit committee charter is available on the Companys website,together with the policy for the selection of external auditor.

143、The names and qualifications of each audit committee member and details of their attendance at committee meetings are included in the Directors Report of this Annual Report.The Company is not aware of any departure from Recommendations 4.1,4.3 and 4.4.An explanation relating to Recommendation 4.2 is

144、 provided.5.Make timely and balanced disclosure5.1 Companies should establish written policies designed to ensure compliance with ASX Listing Rule disclosure requirements and to ensure accountability at a senior executive level for that compliance and disclose those policiesA continuous disclosure p

145、olicy is incorporated within the Companys CGM and is available on the website.5.2 Companies should provide the information indicated in the Guide to Reporting on Principle 5The Company is not aware of any departure from Recommendations 5.1 and 5.2.20BREAKER RESOURCES NL 2013 ANNUAL REPORTCORPORATE G

146、OVERNANCE STATEMENT CONTINUEDPrincipleComplied Comment6.Respect the rights of shareholders6.1 Companies should design a communications policy for promoting effective communication with shareholders and encouraging their participation at general meetings and disclose their policyA shareholder communi

147、cation policy is incorporated within the Companys CGM and is available on the website.The Board encourages the attendance of shareholders at shareholders meetings and sets the time and place of each shareholders meeting to allow maximum attendance by shareholders.6.2 Companies should provide the inf

148、ormation indicated in the Guide to Reporting on Principle 6The Company is not aware of any departure from Recommendations 6.1 and 6.2.7.Recognise and manage risk7.1 Companies should establish policies for the oversight and management of material business risks and disclose a summary of those policie

149、sThe Company has established a risk committee which is responsible for overseeing and approving risk management strategy and policies,internal compliance and non-financial internal control.A copy of the risk committee charter is available on the Companys website,together with the Companys risk manag

150、ement policy.7.2 The Board should require management to design and implement the risk management and internal control system to manage the companys material business risks and should disclose that management has reported to it as to the effectiveness of the companys management of its material busine

151、ss risksThe Companys risk management policy provides a framework for the risk management and internal control system.Senior executives are responsible for the establishment and maintenance of a risk register which is reviewed regularly by the risk committee and of reporting to the committee as to th

152、e effectiveness of the Companys management of its material business risks.7.3 The Board should disclose whether it has received assurance from the chief executive officer(or equivalent)and the chief financial officer(or equivalent)that the declaration provided in accordance with section 295A of the

153、Corporations Act is founded on a sound system of risk management and internal control and that the system is operating effectively in all material respects in relation to financial reporting risksThe Companys chief executive officer(or equivalent)and chief financial officer(or equivalent)have provid

154、ed the Board with assurances in compliance with this Recommendation.7.4 Companies should provide the information indicated in the Guide to Reporting on Principle 7The Company is not aware of any departure from Recommendations 7.1,7.2,7.3 and 7.4.21BREAKER RESOURCES NL 2013 ANNUAL REPORTPrincipleComp

155、liedComment8.Remunerate fairly and responsibly8.1 The Board should establish a remuneration committeeA remuneration committee is in place and comprises Mike Kitney,Mark Edwards and Tom Sanders.A copy of the remuneration committee charter is available on the Companys website,together with the Company

156、s remuneration policy.8.2 The remuneration committee should be structured so that it:consists of a majority of independent directorsis chaired by an independent directorhas at least three(3)membersThe remuneration committee comprises three(3)members,a majority of whom are independent directors and i

157、s chaired by an independent director who is not the chair of the Board.8.3 Companies should clearly distinguish the structure of non-executive directors remuneration from that of executive directors and senior executivesThe structure of non-executive director remuneration is clearly distinguishable

158、from that of executive directors and other senior executives.The level of remuneration packages and policies applicable to directors are detailed in the Remuneration Report which forms part of the Directors Report in this Annual Report.8.4 Companies should provide the information indicated in the Gu

159、ide to Reporting on Principle 8The names of each remuneration committee member and details of their attendance at committee meetings are included in the Directors Report of this Annual Report.Non-executive directors are entitled to statutory superannuation.There are no other schemes for retirement b

160、enefits for non-executive directors.Directors are prohibited from entering into transactions which limit the risk of participating in unvested entitlements under any equity based remuneration scheme.The Company is not aware of any departure from Recommendations 8.1,8.2,8.3 and 8.4.22BREAKER RESOURCE

161、S NL 2013 ANNUAL REPORTDIRECTORS REPORTThe directors of Breaker Resources NL(Breaker)herewith submit the financial report for the year ended 30 June 2013.In order to comply with the provisions of the Corporations Act 2001,the directors report as follows:Information about OfficeholdersDirectorsThe na

162、mes of the directors of the Company during or since the end of the financial year and up to the date of this report are provided below.All of the directors held their positions for the entire financial year period unless otherwise stated.Mr Thomas Sanders BSc(Geology);MSc(Mineral Economics);MAusIMM;

163、FAICDExecutive Chairman(appointed 2 July 2010)Tom Sanders is a geologist with 35 years experience in the Australian mining industry including project generation,exploration,mining and corporate management with a strong emphasis on gold and nickel in Western Australia.Mr Sanders has published works o

164、n nickel and gold in WA,in addition to regional mineralisation studies on the East Kimberley region in WA under contract to the Geological Survey of Western Australia.Following experience in nickel mining and exploration with Metals Exploration Limited,in 1983 Mr Sanders established a geological con

165、sultancy firm in WAs Eastern Goldfields.During his time in the Kalgoorlie region(until 2001)he worked with many ASX-listed companies and obtained mining experience on several underground and open pit gold and nickel operations.He has managed a large number of exploration projects,several of which he

166、 progressed into production.In 1996,Mr Sanders founded Navigator Resources Limited and guided that company from initial project acquisition to ASX listing.He then oversaw the building of a two million ounce gold resource inventory through discovery and acquisition and established the Cummins Range r

167、are earth resource.Subsequently,Mr Sanders was responsible for identifying and acquiring Breakers projects.During the past three(3)years Mr Sanders served as a non-executive director of Navigator Resources Limited (resigned 10 November 2009).Mr Mark Edwards BJuris;LLBNon-Executive Director(appointed

168、 2 July 2010)Mark Edwards is a solicitor with over 25 years of experience in resources and corporate law.He has advised a number of ASX-listed companies active in the resources sector and on a range of resources projects in Australia and overseas,including significant nickel,gold and iron ore projec

169、ts.His professional work has involved him in many facets of the resources industry ranging from ASX listings,exploration and mining joint ventures to project development agreements and project financing.During the past three(3)years,Mr Edwards has not served as a director on any other listed company

170、.Mr Michael Kitney Assoc.Met;Post Grad Dip(Extractive Metallurgy);MSc(Mineral Economics);MAusIMMNon-Executive Director(appointed 2 July 2010)Mike Kitney is an experienced process engineer with over 40 years experience in the mining industry.He has participated in the development and construction of

171、projects throughout Australia,Africa,SE Asia and the former Soviet Union.Mr Kitneys particular strengths are in production and mineral processing management,all aspects of environmental management,project evaluation and assessment and management of interdisciplinary project teams.He brings to the Co

172、mpany vast project development expertise and practical experience in commissioning new projects.Mr Kitney has previously held senior technical and project management positions with Alcoa Australia,Minproc Engineers Limited,Property Company of London plc,British Phosphate Commissioners,Nelson Gold Co

173、rporation Limited and Avocet Mining plc.He is currently the Chief Operating Officer of ASX-listed Kasbah Resources Limited.During the past three(3)years,Mr Kitney has not served as a director on any other listed company.23BREAKER RESOURCES NL 2013 ANNUAL REPORTCompany SecretaryThe names of the compa

174、ny secretary of the Company during or since the end of the financial year and up to the date of this report,and the term of their appointment,are provided below.Mr Graeme Smith BEc;MBA;MComLaw;FCPA;FCSA;MAusIMMCompany Secretary(appointed 2 July 2010;resigned 1 December 2012)Graeme Smith is a finance

175、 professional with over 20 years experience in accounting and company administration.He graduated from Macquarie University with a Bachelor of Economics degree and has since received a Master of Business Administration and a Master of Commercial Law.He is a Fellow of both the Australian Society of C

176、ertified Practicing Accountants and the Chartered Institute of Secretaries and Administrators.Mr Smith has held chief financial officer and company secretary positions with various Australian mining and service companies.During the past three(3)years,Mr Smith has served as a non-executive director o

177、f ASX-listed Buxton Resources Limited(resigned 29 November 2010)and Genesis Minerals Limited(resigned 21 March 2012).Miss Michelle Simson EMBA(Dist.)Company Secretary(appointed 22 October 2012)Michelle Simson has 18 years administration experience,including the last 10 years in the mining industry w

178、orking in both exploration and mining companies in the commodities of gold and uranium.She has previously held positions with Agincourt Resources Limited,Nova Energy Limited and Navigator Resources Limited and has completed an Executive Master of Business Administration with Distinction at the Unive

179、rsity of Western Australia.She is currently undertaking a Graduate Diploma in Applied Corporate Governance.During the past three(3)years,Miss Simson has not served as a director on any other listed company.Board Committee MembershipAs at the date of this report,the Board has an Audit Committee,Nomin

180、ation Committee,Remuneration Committee and a Risk Committee.All directors currently comprise membership of each of the committees and the chairmen of the respective committees are:Audit Committee:Mark EdwardsNomination Committee:Tom SandersRemuneration Committee:Mike KitneyRisk Committee:Tom Sanders

181、Directors MeetingsThe number of meetings of directors(including meetings of committees of directors)held during the year and the number of meetings attended by each director is as follows:Board of DirectorsCommittee MeetingsAuditNominationRemunerationRiskDirectorHeldPresentHeldPresentHeldPresentHeld

182、PresentHeldPresentTom Sanders4422112211Mark Edwards4422112211Mike Kitney442211221124BREAKER RESOURCES NL 2013 ANNUAL REPORTDirectors InterestsThe follow table sets out each directors relevant interest in shares and options in shares of the Company or a related body corporate as at the date of this r

183、eport.Fully paid ordinary sharesListed share optionsUnlisted share optionsDirectorNumberNumberNumberTom Sanders11,770,004635,0005,000,000Mark Edwards1,050,000-500,000Mike Kitney1,075,00012,500500,000During and since the end of the financial year no share options have been granted to directors of the

184、 Company as part of their remuneration(2012:6,000,000).Directors and Officers InsuranceDuring the financial year,Breaker Resources NL paid a premium of$10,713 to insure the directors and secretary of the Company.The liabilities insured are legal costs that may be incurred in defending civil or crimi

185、nal proceedings that may be brought against the officers in their capacity as officers of the Company,and any other payments arising from liabilities incurred by the officers in connection with such proceedings.This does not include such liabilities that arise from conduct involving a wilful breach

186、of duty by the officers or the improper use by the officers of their position or of information to gain advantage for themselves or someone else or to cause detriment to the Company.It is not possible to apportion the premium between amounts relating to the insurance against legal costs and those re

187、lating to other liabilities.Corporate StructureBreaker Resources NL is a no liability public company limited by shares,domiciled and incorporated in Australia.Principal ActivitiesDuring the year the Company carried out exploration activities on its tenements with the objective of identifying gold an

188、d other economic mineral deposits.Operational ReviewActivities ReviewA review of the exploration activities undertaken during the year is provided earlier in this report.Financial ReviewDuring the year total exploration expenditure incurred by the Company amounted to$3,951,995(2012:$1,719,990).In li

189、ne with the Companys accounting policies,all exploration expenditure is written off as it is incurred.Net administration expenditure incurred amounted to$645,805(2012:$344,474).The Companys operating loss after income tax for the year ended 30 June 2013 is$4,597,800(2012:$2,064,464).At year end the

190、Company held cash or similar reserves of$2,250,187(2012:$6,981,610).DIRECTORS REPORT CONTINUED25BREAKER RESOURCES NL 2013 ANNUAL REPORTOperating Results for the YearSummarised operating results are as follows:RevenuesResults$Revenues and loss from ordinary activities before income tax expenses314,41

191、8(4,597,800)Shareholder ReturnSummarised shareholder return is as follows:20132012centscentsBasic loss per share(8.3)(9.8)DividendsNo dividends were paid or declared during the year.No recommendation for payment of dividends has been made.Share OptionsAs at the date of this report,there are 29,650,0

192、00 unissued ordinary shares of Breaker Resources NL in respect of which options are outstanding.This number comprises:Type of OptionNumberExercise PriceExpiry DateListed(ASX:BRB)21,250,000$0.2531 December 2014Unlisted3,000,000$0.2530 June 2016Unlisted3,000,000$0.3030 June 2016Unlisted2,400,000$0.503

193、1 December 2016No person entitled to exercise any option referred to above has or had,by virtue of the option,a right to participate in any share issue of any other body corporate.Share Options IssuedThe following options were issued by Breaker Resources NL during the financial year:Type of OptionNu

194、mberExercise PriceExpiry DateCommentUnlisted2,500,000$0.5031 December 2016Employee optionsShares Issued on Exercise of OptionsThere were Nil shares issued due to the exercise of options during the financial year.26BREAKER RESOURCES NL 2013 ANNUAL REPORTDIRECTORS REPORT CONTINUEDShare Options that Ex

195、pired/LapsedThe following options expired or lapsed during the financial year:Type of OptionNumberExercise PriceExpiry DateCommentUnlisted100,000$0.5031 December 2016Lapse cessation of employmentSignificant Changes in State of AffairsDuring the financial year there were no significant changes in the

196、 state of affairs of the Company other than those referred to in the Financial Statements and notes thereto.Subsequent EventsSubsequent to the balance sheet date,the Company surrendered approximately 1,166km2 of the tenement area of its exploration projects.The exploration commitment has therefore r

197、educed from$1.71 million(refer to Note 16)to$1.23 million.Other than as stated above,there were no matters or circumstances arising since the end of the reporting period that have significantly affected,or may significantly affect the operations of the Company and the results of those operations or

198、the state of the affairs of the Company in the financial period subsequent to 30 June 2013.Likely Developments and Expected ResultsThe Company expects to maintain the present status and level of activities and hence there are no likely developments in the entitys operations.Environmental Regulations

199、 and PerformanceBreaker is subject to significant environmental regulation in respect to its exploration activities.The Company aims to ensure the appropriate standard of environmental care is achieved,and in doing so,that it is aware of and is in compliance with all environmental legislation.The di

200、rectors of the Company are not aware of any breach of environmental legislation for the year under review.Proceedings on Behalf of the CompanyNo persons have applied for leave pursuant to section 237 of the Corporations Act 2001 to bring,or intervene in,proceedings on behalf of Breaker Resources NL.

201、Non-Audit ServicesThere were no non-audit services performed during the year by the auditors for the Company(or by another person or firm on the auditors behalf).Auditors Independence DeclarationThe Auditors Independence Declaration is included on page 32 and forms part of the Directors Report for t

202、he financial year ending 30 June 2013.27BREAKER RESOURCES NL 2013 ANNUAL REPORTRemuneration ReportThis Remuneration Report,which forms part of the Directors Report,sets out information about the remuneration of Breaker Resources NLs key management personnel for the financial year ended 30 June 2013.

203、The information provided in this report has been audited as per the requirements of section 308(3C)of the Corporations Act 2001.The report is set out under the following main headings:Key management personnel;Principles used to determine the components and amount of compensation;Details of remunerat

204、ion;Details of share-based compensation;andDetails of service agreements and employment contracts.Key Management PersonnelFor the purposes of this report,key management personnel of the Company are defined as those persons having authority and responsibility for planning,directing and controlling th

205、e major activities of the Company,directly or indirectly.The key management personnel during the year included:Tom Sanders-Executive ChairmanMark Edwards-Non-Executive DirectorMike Kitney-Non-Executive Director Alastair Barker-Exploration ManagerMichelle Simson-Manager Corporate Affairs/Company Secr

206、etary(appointed 22 October 2012)Principles Used to Determine the Components and Amount of CompensationRemuneration CommitteeThe role of the Remuneration Committee is to assist the Company in fulfilling its corporate governance responsibilities relating to remuneration by reviewing and making appropr

207、iate recommendations on:remuneration packages of executive directors,non-executive directors and officers;employee incentive and equity-based plans including the appropriateness of performance hurdles and total payments proposed;recruitment,retention and termination policies and procedures for senio

208、r executives;andsuperannuation arrangements.Remuneration PolicyThe remuneration policy of Breaker Resources NL has been designed to align key management personnel objectives with shareholder and business objectives by providing a fixed remuneration component and offering specific long-term incentive

209、s based on key performance areas affecting the Companys financial results.The Board of Breaker Resources NL believes the remuneration policy to be appropriate and effective in its ability to attract and retain the best key management personnel to run and manage the Company.The policy for determining

210、 the nature and amount of remuneration for senior executives of the Company is summarised below:The remuneration policy,setting the terms and conditions for the executive directors and other senior executives,was developed by the Board.The Board reviews executive packages annually by reference to th

211、e Companys performance,executive performance and comparable information from industry sectors and other listed companies in similar industries.The Board may exercise discretion in relation to approving incentives,bonuses and options.The policy is designed to attract and retain the highest calibre of

212、 executives and reward them for performance that results in long-term growth in shareholder wealth.28BREAKER RESOURCES NL 2013 ANNUAL REPORTDIRECTORS REPORT CONTINUEDExecutives are also entitled to participate in the employee share and option arrangements.Where applicable,executives receive a supera

213、nnuation guarantee contribution required by the government,which during the reporting period was 9%and since year end has increased to 9.25%.Some individuals may choose to sacrifice part of their salary to increase payments towards superannuation.All remuneration paid to key management personnel is

214、valued at the cost to the Company and expensed.Shares given to key management personnel are valued as the difference between the market price of those shares and the amount paid by the key management personnel.Options are valued using the Black-Scholes methodology.The Board policy is to remunerate n

215、on-executive directors at market rates for comparable companies for time,commitment and responsibilities.The Board determines payments to the non-executive directors and reviews their remuneration annually,based on market practice,duties and accountability.Independent external advice is sought when

216、required.The maximum aggregate amount of fees that can be paid to non-executive directors is subject to approval by shareholders at the annual general meeting.The remuneration pool limit is$300,000 and is currently utilised to a level of$80,000 per annum.The base fee paid to non-executive directors

217、is$40,000 per annum.Fees for non-executive directors are not linked to the performance of the Company however to align directors interests with shareholder interests,the directors are encouraged to hold shares in the Company and are able to participate in the employee option plan,although any alloca

218、tion must be approved by shareholders in general meeting.There is no retirement benefit plan for directors.Performance Based RemunerationThe Company currently has no individual performance based remuneration component built into key management personnel remuneration packages.Company Performance,Shar

219、eholder Wealth and Key Management Personnel RemunerationThe remuneration policy has been tailored to increase the direct positive relationship between shareholders investment objectives and key management personnel performance.Currently,this is facilitated through the issue of options to key managem

220、ent personnel to encourage the alignment of personal and shareholder interests.The Company believes this policy will be effective in increasing shareholder wealth.Use of Remuneration ConsultantsThe Company did not employ the services of any remuneration consultants during the financial year ended 30

221、 June 2013.Details of RemunerationThe key management personnel of the Company are disclosed above.Remuneration packages contain the following elements:Short-term employee benefits-cash salary and fees,cash bonuses,non-monetary benefits and other;Post-employment benefits-including superannuation and

222、termination;andShare-based payments-shares and options granted.29BREAKER RESOURCES NL 2013 ANNUAL REPORTThe remuneration for each director and each of the other key management personnel of the Company during the year was as follows:KeyManagementPersonnelShort-termPost-employmentShare-basedpaymentsSa

223、lary&Fees$Non-Monetary$Superannuation$RetirementBenefits$Options$Total$Tom Sanders2013280,199-280,199201257,375-103,200160,575Mark Edwards201340,111-40,11120127,778-11,55019,328Mike Kitney201340,111-40,11120127,778-11,55019,328Alastair Barker2013234,487-85,000319,487201245,833-45,833Michelle Simson2

224、013(i)139,732-17,926-201,340358,9982012-Notes(i)Appointed 22 October 2012 No director or executive appointed during the year received a payment as part of his or her consideration for agreeing to hold the position.Details of Share-Based CompensationThis section only refers to those shares and option

225、s issued as part of remuneration.As a result they may not indicate all shares and options held by directors or other key management personnel.SharesNo shares in the Company were issued to key management personnel as part of their remuneration during the year(2012:Nil).OptionsOptions were issued at n

226、o cost to key management personnel as part of their remuneration to align the interests of executives,directors and shareholders(2012:6,000,000).The following options over ordinary shares of the Company were granted by Breaker Resources NL to key management personnel:KeyManagementPersonnelGrant Date

227、OptionsGrantedNumberExpiry DateExercise Price$OptionsValue atGrant$Proportion ofRemunerationas Options%Alastair Barker10 July 20121,000,00031 December 20160.5085,00026.6Michelle Simson20 November 20121,000,00031 December 20160.50201,34056.130BREAKER RESOURCES NL 2013 ANNUAL REPORTDIRECTORS REPORT CO

228、NTINUEDFair values at grant date are determined using a Black-Scholes option pricing model that takes into account the exercise price,the term of the option,the impact of dilution,the share price at the grant date,the expected price volatility of the underlying shares,the expected dividend yield and

229、 the risk free interest rate for the term of the option.The model inputs for options granted during the period have been included in Note 19 of the Financial Statements.There were no options exercised,sold or lapsed by key management personnel during the year(2012:Nil).During the year,the following

230、share-based payment arrangements for key management personnel were in existence:Option SeriesGrant DateExpiry DateFair Value perOption at GrantcentsVesting Date605021 August 201130 June 20162.315 August 2011605031 August 201130 June 20161.909 August 20116051010 July 201231 December 20168.5211 July 2

231、0126051120 November 201231 December 201620.1327 November 2012Details of Service Agreements and Employment ContractsService agreements are in place between the Company and Executive Chairman Tom Sanders and Exploration Manager Alastair Barker.Manager Corporate Affairs/Company Secretary Michelle Simso

232、n is employed via contract.Details of these arrangements are provided below:Service Agreement:Tom Sanders Executive ChairmanTerm of agreement Minimum two(2)years subject to termination provisions;commenced 18 April 2012(subject to ASX listing).Annual consultancy fees of$270,000(inclusive of superann

233、uation,plus GST,indexed to CPI as a minimum every calendar year)are paid to Goldfields Geological Associates,an entity controlled by Mr Sanders,for the provision of services by Mr Sanders on a minimum of 80%of fulltime basis.The agreement continues until terminated by either Goldfields Geological As

234、sociates or the Company.Subject to the Corporations Act 2001 and the ASX Listing Rules,Mr Sanders is entitled to a minimum notice period of 12 months and the Company is entitled to a minimum notice period of three(3)months.Goldfields Geological Associates will be reimbursed for Breaker-related expen

235、ses,including office leasing and maintenance costs at cost,and other out-of-pocket expenses incurred on the Companys behalf.Service Agreement:Alastair Barker Exploration ManagerTerm of agreement Minimum two(2)years subject to termination provisions;commenced 18 April 2012(subject to ASX listing).Ann

236、ual consultancy fees of$220,000(inclusive of superannuation,plus GST,indexed to CPI as a minimum every calendar year)are paid to Horizon Resources Pty Ltd,an entity controlled by Mr Barker,for the provision of services by Mr Barker on a minimum of 80%of fulltime basis.The agreement continues until t

237、erminated by either Horizon Resources Pty Ltd or the Company.Subject to the Corporations Act 2001 and ASX Listing Rules,Mr Barker is entitled to a minimum notice period of 12 months(or six(6)months after the initial term).The Company is entitled to a minimum notice period of three(3)months.31BREAKER

238、 RESOURCES NL 2013 ANNUAL REPORTEmployment Contract:Michelle Simson Manager Corporate Affairs/Company SecretaryBase salary of$220,000 per annum(inclusive of superannuation entitlements).Payment of termination benefit on early termination by the employer,other than for gross misconduct,equals three(3

239、)months salary.Notice period of three(3)months.Signed in accordance with a resolution of directors made pursuant to section 298(2)of the Corporations Act 2001.On behalf of the directorsTom SandersExecutive ChairmanPerth,2 September 201332BREAKER RESOURCES NL 2013 ANNUAL REPORT33BREAKER RESOURCES NL

240、2013 ANNUAL REPORTSTATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOMEYEAR ENDED 30 JUNE 2013Note2013$2012$RevenueGovernment grant4120,000-Interest income4194,41845,572Total Revenue314,41845,572ExpensesAdministration expenses(357,840)(228,611)Depreciation expenses4(79,189)(10,666)Employee bene

241、fits expenses4(178,803)(24,469)Exploration and evaluation expenses4(3,951,995)(1,719,990)Share-based payment expenses4(343,233)(126,300)Interest expenses(1,158)-Total Expenses(4,912,218)(2,110,036)Loss before income tax(4,597,800)(2,064,464)Income tax expense6-Loss for the year(4,597,800)(2,064,464)

242、Other comprehensive income-Total comprehensive expenses for the year(4,597,800)(2,064,464)Loss attributable to owners of the Company(4,597,800)(2,064,464)Total comprehensive expenses attributable to owners of the Company(4,597,800)(2,064,464)Basic and diluted loss per share attributable to the ordin

243、ary equity holders of the Company(cents per share)15(8.3)(9.8)The above Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction with the accompanying notes.34BREAKER RESOURCES NL 2013 ANNUAL REPORTSTATEMENT OF FINANCIAL POSITIONAT 30 JUNE 2013Note2013$2012$Current As

244、setsCash and cash equivalents72,250,1876,981,610Trade and other receivables8104,356164,611Total Current Assets2,354,5437,146,221Non-Current AssetsPlant and equipment9285,877200,471Other financial assets1049,410-Total Non-Current Assets335,287200,471Total Assets2,689,8307,346,692Current LiabilitiesTr

245、ade and other payables11857,9751,280,817Borrowings1215,211-Total Current Liabilities873,1861,280,817Non-Current LiabilitiesBorrowings125,336-Total Non-Current Liabilities5,336-Total Liabilities878,5221,280,817Net Assets1,811,3086,065,875EquityContributed equity138,323,6758,323,675Reserves469,533126,

246、300Accumulated losses(6,981,900)(2,384,100)Capital and reserves attributable to owners of the Company1,811,3086,065,875Total Equity1,811,3086,065,875The above Statement of Financial Position should be read in conjunction with the accompanying notes.35BREAKER RESOURCES NL 2013 ANNUAL REPORTSTATEMENT

247、OF CHANGES IN EQUITYYEAR ENDED 30 JUNE 2013Attributable to owners of the CompanyNoteContributedEquity$Share-basedPaymentsReserve$AccumulatedLosses$Total$Balance at 30 June 20113,500-(319,636)(316,136)Loss for the year-(2,064,464)(2,064,464)Total comprehensive expenses for the year-(2,064,464)(2,064,

248、464)Shares issued during the year9,060,000-9,060,000Share issue transaction costs(739,825)-(739,825)Recognition of share-based payments-126,300-126,300Balance at 30 June 20128,323,675126,300(2,384,100)6,065,875Loss for the year-(4,597,800)(4,597,800)Total comprehensive expenses for the year-(4,597,8

249、00)(4,597,800)Recognition of share-based payments19-343,233-343,233Balance at 30 June 20138,323,675469,533(6,981,900)1,811,308The above Statement of Changes in Equity should be read in conjunction with the accompanying notes.36BREAKER RESOURCES NL 2013 ANNUAL REPORTSTATEMENT OF CASH FLOWSYEAR ENDED

250、30 JUNE 2013Note2013$2012$Cash flows from operating activitiesPayments to suppliers and employees(856,603)(194,730)Payments for exploration and evaluation expenditure(3,994,621)(680,704)Government grant received120,000-Interest received194,41845,572Interest paid(1,158)-Net cash outflow from operatin

251、g activities18(4,537,964)(829,862)Cash flows from investing activitiesPayments for plant and equipment(164,595)(188,286)Payments for other financial assets(49,410)-Net cash outflow from investing activities(214,005)(188,286)Cash flows from financing activitiesProceeds from issue of ordinary shares-8

252、,556,446Payments of share issue costs-(739,825)Proceeds from borrowings30,250311,726Repayment of borrowings(9,704)(132,039)Net cash inflow from financing activities20,5467,996,308Net(decrease)/increase in cash and cash equivalents(4,731,423)6,978,160Cash and cash equivalents at the beginning of the

253、period6,981,6103,450Cash and cash equivalents at the end of the period72,250,1876,981,610The above Statement of Cash Flows should be read in conjunction with the accompanying notes.37BREAKER RESOURCES NL 2013 ANNUAL REPORTYEAR ENDED 30 JUNE 20131.General informationBreaker Resources NL is a public c

254、ompany listed on the Australian Securities Exchange,incorporated in Australia and operating in Australia.The Companys registered office and its principal place of business is 12 Walker Avenue,West Perth WA 6005.Breaker Resources NLs principal activity is mineral exploration and it is a for-profit en

255、tity for the purposes of preparing the Financial Statements.These Financial Statements are for Breaker Resources NL as an individual entity and are presented in the Australian currency.The Financial Statements were authorised for issue by the directors on 2 September 2013.The directors have the powe

256、r to amend and reissue the Financial Statements.2.Significant accounting policiesThe principal accounting policies adopted in the preparation of the Financial Statements are set out below.(a)Basis of preparationThese general purpose financial statements have been prepared in accordance with the Corp

257、orations Act 2001(Corporations Act)and Australian Accounting Standards and Interpretations(Standards)issued by the Australian Accounting Standards Board(AASB).The Financial Statements and notes of the Company also comply with International Financial Reporting Standards(IFRS)issued by the Internation

258、al Accounting Standards Board(IASB).These Financial Statements have been prepared under the historical cost convention,except for certain non-current assets,which are measured at revalued amounts or fair values.Historical cost is generally based on the fair values of the consideration given in excha

259、nge for assets.All amounts are presented in Australian dollars,unless otherwise noted.Going ConcernThe Financial Statements have been prepared on the basis of going concern which assumes continuity of normal business activities and the realisation of assets and settlement of liabilities in the ordin

260、ary course of business.The Company has incurred a net loss of$4,597,800 and experienced net cash outflows from operating and investing activities of$4,751,969 for the year ended 30 June 2013.These conditions indicate a material uncertainty that may cast doubt about the Companys ability to continue a

261、s a going concern.The ability of the Company to continue as a going concern is dependent upon additional funding to provide adequate working capital for a further 12 months from the date of signature of the Financial Statements.The directors intend to undertake equity fundraising and are satisfied t

262、hat the going concern basis of preparation is appropriate.Should the Company be unable to seek funding,there is a material uncertainty whether it will be able to continue as a going concern and,therefore,whether it will realise its assets and extinguish its liabilities in the normal course of busine

263、ss and at the amounts stated in the Financial Statements.The Financial Statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or to the amounts and classification of liabilities that may be necessary should the Company be unable to conti

264、nue as a going concern.(b)Adoption of new and revised accounting standards(i)Standards affecting amounts reported in the current year and prior yearThe following new and revised Standards have been adopted in the current year and have affected the amounts reported in these Financial Statements.Stand

265、ards affecting presentation and disclosureAmendments to AASB 101:Presentation of Financial StatementsThe amendments(part of AASB 2011-9:Amendments to Australian Accounting Standards Presentation of Items of Other Comprehensive Income),introduce new terminology for the Statement of Comprehensive Inco

266、me and Income Statement.Under the amendments to AASB 101,the Statement of Comprehensive Income is renamed as a Statement of Profit or Loss and Other Comprehensive Income and the Income Statement is renamed as a Statement of Profit or Loss.NOTES TO THE FINANCIAL STATEMENTS38BREAKER RESOURCES NL 2013

267、ANNUAL REPORTThe amendments to AASB 101 retain the option to present profit or loss and other comprehensive income in either a single statement or in two(2)separate but consecutive statements.The amendments to AASB 101 require items of other comprehensive income to be grouped into two(2)categories i

268、n the other comprehensive income section:(a)items that will not be reclassified subsequently to profit or loss and(b)items that may be reclassified subsequently to profit or loss when specific conditions are met.As the Company did not have any other comprehensive income in its previous and current y

269、ears,other than the above mentioned change of the terminology,the application of the amendments to AASB 101 does not result in any impact on profit or loss,other comprehensive income and total comprehensive income.The amendments(part of AASB 2012-5:Further Amendments to Australian Accounting Standar

270、ds arising from Annual Improvements 2009-2011 Cycle)require an entity that changes accounting policies retrospectively,or makes a retrospective restatement or reclassification to present a Statement of Financial Position as at the beginning of the preceding period (third Statement of Financial Posit

271、ion),when the retrospective application,restatement or reclassification has a material effect on the information in the third Statement of Financial Position.The related notes to the third Statement of Financial Position are not required to be disclosed.Standards affecting the reported results or fi

272、nancial positionThere are no new and revised Standards adopted in these Financial Statements affecting the reporting results or financial position.(ii)Standards in issue not yet adoptedCertain new accounting Standards have been published that are not mandatory for 30 June 2013 reporting periods.The

273、Companys assessment of the impact of these new Standards is set out below.New Standards not mentioned are considered unlikely to impact on the financial reporting of the Company.AASB 9:Financial Instruments and AASB 2009-11/AASB 2010-7(applicable for annual reporting periods commencing on or after 1

274、 January 2015)AASB 9:Financial Instruments amends the requirements for classification and measurement of financial assets.The available-for-sale and held-to-maturity categories of financial assets in AASB 139 have been eliminated.It requires that gains or losses on financial liabilities measured at

275、fair value are recognised in profit or loss,except that the effects of changes in the liabilitys credit risk are recognised in other comprehensive income.The Company has not yet determined any potential impact on the Financial Statements.AASB 10:Consolidated Financial Statements(applies to periods b

276、eginning on or after 1 January 2013)This Standard establishes a new control model that applies to all entities.It replaces parts of AASB 127:Consolidated and Separate Financial Statements dealing with the accounting for consolidated financial statements and Interpretation 112:Consolidation Special P

277、urpose Entities.The new control model broadens the situations when an entity is considered to be controlled by another entity and includes new guidance for applying the model to specific situations,including when acting as a manager may give control,the impact of potential voting rights and when hol

278、ding less than majority voting rights may give control.This Standard is not expected to impact on transactions and balances recognised in the Financial Statements as the Company does not have any subsidiaries or special purpose entities.AASB 11:Joint Arrangements(applies to periods beginning on or a

279、fter 1 January 2013)This Standard replaces AASB 131:Interests in Joint Ventures and Interpretation 113:Jointly-Controlled Entities Non-monetary Contributions by Ventures.AASB 11 uses the principle of control in AASB 10 to define joint control,and therefore the determination of whether joint control

280、exists may change.In addition,AASB 11 removes the option to account for jointly controlled entities using proportionate consolidation.Instead,accounting for a joint arrangement is dependent on the nature of the rights and obligations arising from the arrangement.Joint operations that give the ventur

281、ers a right to the underlying assets and obligations themselves is accounted for by recognising the share of those assets and obligations.Joint ventures that give the venturers a right to the net assets is accounted for using the equity method.This Standard is not expected to impact on transactions

282、and balances recognised in the Financial Statements as the Company does not have any joint arrangements.NOTES TO THE FINANCIAL STATEMENTS CONTINUEDYEAR ENDED 30 JUNE 201339BREAKER RESOURCES NL 2013 ANNUAL REPORTAASB 12:Disclosures of Interests in Other Entities(applies to periods beginning on or aft

283、er 1 January 2013)This Standard includes all disclosures relating to an entitys interests in subsidiaries,joint arrangements,associates and structured entities.New disclosures have been introduced about the judgements made by management to determine whether control exists,and to require summarised i

284、nformation about joint arrangements,associates and structured entities and subsidiaries with non-controlling interests.This Standard is not expected to impact on the disclosure in the Financial Statements because the Company does not have any subsidiaries,joint arrangements and structured entities.A

285、ASB 13:Fair Value Measurement(applies to periods beginning on or after 1 January 2013)This Standard establishes a single source of guidance under AASB for determining the fair value of assets and liabilities.AASB 13 does not change when an entity is required to use fair value,but rather,provides gui

286、dance on how to determine fair value under AASB when fair value is required or permitted by AASB.AASB 13 also expands the disclosure requirements for all assets or liabilities carried at fair value.This includes information about the assumptions made and the qualitative impact of those assumptions o

287、n the fair value determined.When the Standard is firstly adopted in the year ending at 30 June 2014,the application of the new Standard may affect the amounts reported in the Financial Statements and result in more extensive disclosures in the Financial Statements.AASB 119:Employee Benefits(applicab

288、le for annual reporting periods commencing on or after 1 January 2013)The main change introduced by this Standard is to revise the accounting for defined benefit plans.The amendment removes the options for accounting for the liability,and requires that the liabilities arising from such plans is reco

289、gnised in full with actuarial gains and losses being recognised in other comprehensive income.It also revises the method of calculating the return on plan assets.The definition of short-term benefits has been revised,meaning some annual leave entitlements may become long-term in nature with a revise

290、d measurement.Similarly the timing for recognising a provision for termination benefits has been revised,such that provisions can only be recognised when the offer cannot be withdrawn.Consequential amendments were also made to other Standards via AASB 2011-10.When the Standard is firstly adopted in

291、the year ending at 30 June 2014,annual leave liabilities will be recalculated,as long-term benefits that are not expected to be settled wholly within 12 months after the end of the reporting period will be discounted.This Standard is not expected to impact on transactions and balances recognised in

292、the Financial Statements because the Company had no annual leave liability on 1 July 2013.AASB 2011-4:Amendments to Australian Accounting Standards to Remove Individual Key Management Personnel Disclosure Requirements(applies to periods beginning on or after 1 July 2013)The amendments remove individ

293、ual key management personnel disclosure requirements from AASB 124 to eliminate duplicated information required under the Corporations Act.When the Standard is firstly adopted in the year ending at 30 June 2014,the disclosure under the key management personnel note to the Financial Statements will b

294、e reduced.AASB 2012-2:Amendments to Australian Accounting Standards Disclosures Offsetting Financial Assets and Financial Liabilities(applies to periods beginning on or after 1 January 2013)The amendments to AASB 7 require entities to disclose information about rights of offset and related arrangeme

295、nts(such as collateral posting requirements)for financial instruments under an enforceable master netting agreement or similar arrangement.The application of the amendments is not expected to have an impact on the disclosure in the Financial Statements as the Company does not have any such arrangeme

296、nts.40BREAKER RESOURCES NL 2013 ANNUAL REPORTAASB 2012-3:Amendments to Australian Accounting Standards Offsetting Financial Assets and Financial Liabilities(applies to periods beginning on or after 1 January 2014)The amendments to AASB 132 clarify existing application issues relating to the offset o

297、f financial assets and financial liabilities requirements.Specifically,the amendments clarify the meaning of currently has a legally enforceable right of set-off and simultaneous realisation and settlement.The application of the amendments is not expected to have impact on the disclosure in the Fina

298、ncial Statements as the Company does not have any such arrangements.AASB 2012-5:Amendments to Australian Accounting Standards arising from Annual Improvements 20092011 Cycle(applies to periods beginning on or after 1 January 2013)The annual improvements to AASBs 2009-2011 cycle includes a number of

299、amendments to various AASBs including:amendments to AASB 116:Property,Plant and Equipment;andamendments to AASB 132:Financial Instruments:Presentation.The amendments to AASB 116 clarify that spare parts,stand-by equipment and servicing equipment should be classified as property,plant and equipment w

300、hen they meet the definition of property,plant and equipment in AASB 116 and as inventory otherwise.The amendments to AASB 116 are not expected to have impact on the transactions and balances in the Financial Statements as the Company does not have the abovementioned equipment.The amendments to AASB

301、 132 clarify that income tax relating to distributions to holders of an equity instrument and to transaction costs of an equity transaction should be accounted for in accordance with AASB 112:Income Taxes.The amendments to AASB 132 are not expected to have impact on the transactions and balances in

302、the Financial Statements as the Company does not have any distributions to holders.(c)Segment reportingAn operating segment is defined as a component of an entity that engages in business activities from which it may earn revenues and incur expenses,whose operating results are regularly reviewed by

303、the entitys chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance,and for which discrete financial information is available.Operating segments are reported in a manner consistent with the internal reporting provided to the chief op

304、erating decision maker.The Companys chief operating decision maker,who is responsible for allocating resources and assessing performance of the operating segments,has been identified as the Board of Directors.(d)Government grantsGovernment grants are not recognised until there is reasonable assuranc

305、e that the Company will comply with the conditions attaching to them and that the grants will be received.Government grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the Company with no future related costs

306、 are recognised in profit or loss in the period in which they become receivable.(e)Interest incomeInterest income is accrued on a time basis,by reference to the principal outstanding and at the effective interest rate applicable.(f)Income taxThe income tax expense or revenue for the year is the tax

307、payable on the current years taxable income based on the applicable income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses.The current income tax charge is calculated on the basis of the tax laws

308、 enacted or substantively enacted at the end of the reporting period in the countries where the Company operates and generates taxable income.Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation.It

309、 creates provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.NOTES TO THE FINANCIAL STATEMENTS CONTINUEDYEAR ENDED 30 JUNE 201341BREAKER RESOURCES NL 2013 ANNUAL REPORTDeferred income tax is provided in full,using the liability method,on temporary differen

310、ces arising between the tax bases of assets and liabilities and their carrying amounts in the Financial Statements.However,the deferred tax income is not accounted for if it arises from initial recognition of an asset or liability in a transaction that at the time of the transaction affects neither

311、accounting nor taxable profit or loss.Deferred income tax is determined using tax rates(and laws)that have been enacted or substantively enacted by the reporting date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled.Defe

312、rred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable that future taxable amounts will be available to utilise these temporary differences and losses.The carrying amount of deferred tax assets is reviewed at the end of each reporting period

313、and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and when t

314、he deferred tax balances relate to the same taxation authority.Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis,or to realise the asset and settle the liability simultaneously.Current and deferred

315、 tax is recognised in profit or loss,except to the extent that it relates to items recognised in other comprehensive income or directly in equity.In this case,the tax is also recognised in other comprehensive income or directly in equity,respectively.(g)Impairment of assetsAt the end of each reporti

316、ng period,the Company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss.An impairment loss is recognised for the amount by which the assets carrying amount exceeds its recoverable amount.The recoverable

317、 amount is the higher of an assets fair value less costs to sell and value in use.In assessing value in use,the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific t

318、o the asset for which the estimates of future cash flows have not been adjusted.If the recoverable amount of an asset is estimated to be less than its carrying amount,the carrying amount of the asset is reduced to its recoverable amount.An impairment loss is recognised immediately in profit or loss,

319、unless the relevant asset is carried at a revalued amount,in which case the impairment loss is treated as a revaluation decrease.When an impairment loss subsequently reverses,the carrying amount of the asset is increased to the revised estimate of its recoverable amount,but so that the increased car

320、rying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years.A reversal of an impairment loss is recognised immediately in profit or loss,unless the relevant asset is carried at a revalued amount,in which case th

321、e reversal of the impairment loss is treated as a revaluation increase.(h)Cash and cash equivalentsFor Statement of Cash Flows presentation purposes,cash and cash equivalents include cash on hand,deposits held at call with financial institutions,other short term highly liquid investments with origin

322、al maturities of three(3)months or less that are readily convertible to known amounts of cash and which are subject to significant risk of changes in value,and bank overdrafts.(i)Trade and other receivablesReceivables are recognised and carried at original invoice amount less a provision for any unc

323、ollectible debts.An estimate for doubtful debts is made when collection of the full amount is no longer probable.Bad debts are written off as incurred.(j)Financial assetsClassificationThe Company classifies all of its financial assets as loans and receivables.Management determines the classification

324、 of its financial assets at initial recognition.Loans and receivablesLoans and receivables are non-derivative financial assets with fixed or determinate payments that are not quoted in an active market.They are included in current assets,except for those with maturities greater than 12 months after

325、the reporting date which are classified as non-current assets.42BREAKER RESOURCES NL 2013 ANNUAL REPORTCollectability of loans and receivables is reviewed on an ongoing basis.Debts which are known to be uncollectible are written off by reducing the carrying amount directly.An allowance account(provi

326、sion for impairment)is used where there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables or in an otherwise timely manner.The amount of the impairment allowance is the difference between the assets carrying amount a

327、nd the estimated future cash flows.None of the Companys loans and receivables has an applicable interest rate hence the cash flows are not discounted.The amount of the impairment loss is recognised in the Statement of Profit or Loss and Other Comprehensive Income within impairment expenses.When a lo

328、an or receivable for which an impairment allowance has been recognised becomes uncollectible in a subsequent period,it is written off against the allowance account.Subsequent recoveries of amounts previously written off are credited against other expenses in the Statement of Profit or Loss and Other

329、 Comprehensive Income.Recognition and derecognitionRegular purchases and sales of financial assets are recognised on trade-date the date on which the Company commits to purchase or sell the asset.Investments are initially recognised at fair value plus transaction costs for all financial assets not c

330、arried at fair value through profit or loss.Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Company has transferred substantially all of the risks and rewards of ownership.ImpairmentThe Company assesses a

331、t each reporting date whether there is objective evidence that a financial asset or group of financial assets is impaired.If there is any evidence of impairment for any of the Companys financial assets carried at amortised cost,the loss is measured as the difference between the assets carrying amoun

332、t and the present value of estimated future cash flows,excluding future credit losses that have not been incurred.The cash flows are discounted at the financial assets original effective interest rate.The loss is recognised in the Statement of Profit or Loss and Other Comprehensive Income.(k)Plant a

333、nd equipmentAll plant and equipment is stated at historical cost less depreciation.Historical cost includes expenditure that is directly attributable to the acquisition of the items.Subsequent costs are included in the assets carrying amount or recognised as a separate asset,as appropriate,only when it is probable that future economic benefits associated with the item will flow to the Company and