Beacon Minerals Limited (BCN) 2009年年度報告「ASX」.pdf

1、 Beacon Minerals Limited(ABN 64 119 611 559)Annual Financial Report For the year ended 30 June 2009 -2-Beacon Minerals Limited TABLE OF CONTENTS CORPORATE INFORMATION.3 DIRECTORS REPORT.4 CORPORATE GOVERNANCE STATEMENT.14 AUDITORS INDEPENDENCE DECLARATION.20 INCOME STATEMENT.21 BALANCE SHEET.22 CASH

2、 FLOW STATEMENT.23 STATEMENT OF CHANGES IN EQUITY.24 NOTES TO THE FINANCIAL STATEMENTS.25 DIRECTORS DECLARATION.58 INDEPENDENT AUDITORS REPORT.59 SHAREHOLDER INFORMATION.61 -3-Beacon Minerals Limited CORPORATE INFORMATION ABN 64 119 611 559 Directors Paul Lloyd(Chairman)Darryl Harris(Managing Direct

3、or)Matthew Egan Company Secretary Paul Lloyd Principal place of business Level 2,46 Ord Street West Perth,Western Australia 6005 Telephone:+61 8 9476 9200 Facsimile:+61 8 9476 9099 Email: Website: Share Register Advanced Share Registry Services 150 Stirling Highway Nedlands,Western Australia,6009 So

4、licitors Murcia Pestell Hillard Pty Ltd Level 3,23 Barrack Street Perth,Western Australia 6000 Auditors HLB Mann Judd Level 2,15 Rheola Street West Perth WA 6005 ASX Codes BCN(shares)BCNOA(options)BCNO(options)Registered office 30 Ledgar Road Balcatta,Western Australia 6021 -4-Beacon Minerals Limite

5、d DIRECTORS REPORT Your directors submit the annual financial report of the consolidated entity for the financial year ended 30 June 2009.In order to comply with the provisions of the Corporations Act,the directors report as follows:Directors The names of directors who held office during or since th

6、e end of the year and until the date of this report are as follows.Directors were in office for this entire period unless otherwise stated.Names,qualifications,experience Paul Lloyd,B.Bus CA(Chairman/Company Secretary)Paul Lloyd is a Chartered Accountant with over 25 years commercial experience.Mr L

7、loyd operates his own corporate consulting business,specialising in the area of corporate,financial and management advisory services.After commencing his career with an international accounting firm,he was employed for approximately 10 years as the General Manager of Finance for a Western Australian

8、 based international drilling contractor working extensively in Asia and Africa.Mr Lloyd is a non executive Director of ASX-listed Target Energy Limited and Riviera Resources Limited.Mr Lloyd was appointed to the Board on 9 May 2006.During the last three years,Mr Lloyd has also served as a director

9、of the following listed companies:-Target Energy Limited*-Riviera Resources Limited*Darryl Harris B.Sc.MAusIMM(Managing Director)Darryl Harris is an engineering metallurgist with over 30 years experience in the development,design and commissioning of various metallurgical plants,including iron and s

10、teel,sulphuric acid,alumina and base metal projects.Mr Harris has had a long association with consultant engineering companies including Nedpac,Signet Engineering,Lurgi,Outokumpu and Outotec.This includes coordination of various studies and concept development of various metallurgical plants includi

11、ng steel projects such as Kingstream and specific metallurgical experience includes detailed feasibility studies,laboratory testwork,and project development for a variety of gold,ferrous,diamond and base metal projects.Mr Harris is currently the Non Executive Chairman of Indo Mines Limited and has b

12、een a director of the company since 16 June 1987.The ASX listed Indo Mines Limited are developing the Jogjakarta Ironsands Project in Indonesia.Mr Harris was appointed to the Board on 31 July 2008.During the last three years,Mr Harris has also served as a director of Indo Mines Limited*,an ASX liste

13、d company.Matthew Egan(Non-Executive Director)Matthew Egan has been associated with the exploration and mining industry for over 25 years.Matthew commenced his career with his family owned mineral drilling contracting company,working up to the position of Managing Director,where he negotiated and wo

14、n long term contracts with key mining companies which resulted in the growth of the company to employing 135 staff.The company was later purchased by DrillCorp Ltd.He is currently the Managing Director and owner of Egan Drilling Services,a mineral drilling contractor operating in Western Australia.M

15、r Egan was appointed to the Board on 9 May 2006.Mr Egan has no other public company directorships and has not held any public company directorships in the last 3 years.*denotes current directorships -5-Beacon Minerals Limited DIRECTORS REPORT(continued)Lyle Thorne B.App Sc(Hons)(Director)Lyle Thorne

16、 is a geologist with over 15 years experience in the Mineral Resources industry.He holds a Bachelor of Applied Science(Hons)majoring in Geology from the University of Ballarat and is a member of the Australian Institute of Mining and Metallurgy.He commenced his career as a geologist with various min

17、ing and exploration companies including DeBeers Ltd and Perseverence Mining Ltd,and has held senior management positions including Senior Exploration Geologist with Eagle Mining Corporation Limited and as Principal Geologist with Helix Resources Ltd.In 2003,Mr Thorne joined and subsequently became a

18、 partner of Ravensgate Pty Ltd,a geological consulting and resource estimation company involved in preparing independent reports for companies listing on the ASX,AIM and TSX.He was part of the team that organised the IPO and successful listing of Prosperity Resources Limited on the ASX in November 2

19、003 and held the role of Exploration Manager post the IPO.He left Ravensgate Pty Ltd in late 2005 to establish Shackleton Capital Pty Ltd,a privately owned investment and consultancy company.Mr Thorne was appointed to the Board on 9 May 2006 and resigned 2 October 2008.Mr Thorne has no other public

20、company directorships and has not held any public company directorships in the last 3 years.John Hebenton Assoc.Mech Eng,FIEAust,CPEng,NPER(Chem),MAusIMM(Non Executive Director)John Hebenton is a mechanical/chemical engineer with over 30 years international experience in the design,project managemen

21、t,construction and commissioning of a diverse range of large scale process plant technologies.He has established many large multi-disciplinary Project task forces incorporating overseas engineering specialists,resulting in successful turn key completion of many significant projects including unique,

22、first of their kind plants such as Hismelt Kwinana,WA.He was Consortium Project Manager for the successful implementation of Turkeys first privately owned resource project-a Copper/Zinc Mine and Concentrate Processing Plant-in partnership with one of Turkeys largest construction companies,heading up

23、 an international design team in Ankara.Mr Hebenton has consulted to the WA Government on Swiss waste to energy technologies and has prepared business plans and marketing for integrated waste to energy projects in Australia,China,India,Indonesia,Malaysia and Thailand as well as developing proposals

24、for solar projects in Germany and Australia.Mr Hebenton is a former President of the West Australian-German Business Association and former Vice-President of the International Business Council WA.Mr Hebenton was appointed to the Board on 31 July 2008 and resigned 31 March 2009.During the last three

25、years,Mr Hebenton has also served as a director of Nimrodel Resources Limited*,an ASX listed company.-6-Beacon Minerals Limited DIRECTORS REPORT(continued)Directors interests in the shares and options of the company and related bodies corporate As at the date of this report,the interests of the dire

26、ctors in the shares and options of Beacon Minerals Limited were:Number of remuneration options Number of other options Number of fully paid ordinary shares Paul Lloyd 2,000,000(i)2,100,000(iv)4,330,000 Darryl Harris 1,500,000(ii)962,000(v)1,016,000 Matthew Egan 2,000,000(i)635,974(iii)1,521,947 (i)E

27、xercisable at 20 cents on or before 31 May 2011.(ii)Exercisable at 30 cents on or before 31 August 2010.(iii)These options were issued to all shareholders on the basis of 1 option for every 2 shares held as per the prospectus dated 16 February 2007.These options are exercisable at 20 cents on or bef

28、ore 31 August 2010.(iv)Exercisable at 1 cent on or before 31 August 2010.(v)800,000 Exercisable at 30 cents on or before 31 August 2010 and 162,000 exercisable at 1 cent on or before 31 August 2010.Share Options Details of unissued ordinary shares under options are as follows:Number of options Exerc

29、ise price Expiry date Beacon Minerals Limited 239,290,684 1 cent 31 August 2010Beacon Minerals Limited 6,000,000 20 cents 31 May 2011Beacon Minerals Limited 16,587,934 20 cents 31 August 2010Beacon Minerals Limited 45,283,580 30 cents 31 August 2010Beacon Minerals Limited 150,000 27 cents 1 August 2

30、0121,120,418 ordinary shares were issued during the financial year as a result of the exercise of options.Dividends No dividends have been paid or declared since the start of the financial year and the directors do not recommend the payment of a dividend in respect of the financial year.Principal Ac

31、tivities The principal activities of the entities within the consolidated entity during the year were the exploration for minerals in Australia and Kyrgyzstan.The entity commenced exploration activities in Kyrgyzstan during the year and concluded those activities before the end of the year.The entit

32、ies within the consolidated entity now remained focused on Australian exploration.-7-Beacon Minerals Limited DIRECTORS REPORT(continued)Review of operations This reporting year was again a very active and exciting one for the company,with a continued aggressive exploration approach at priority proje

33、ct areas.Exploration continued at both the companys Queensland and Western Australian Projects with particular focus and success achieved from the Barlee Gold Project in Western Australia.The company also reviewed several international mineral opportunities which resulted in the acquisition of four

34、mineral projects in the Central Asian country of Kyrgyzstan.Following the global financial downturn the company could not maintain the financial commitments in Kyrgyzstan and had to divest itself of these assets as well as the majority of its Joint Venture interests in Queensland.Barlee Gold Project

35、 Two drilling programs were completed at Barlee(located 200 kilometres north of Southern Cross in Western Australia)which included further Rotary Air Blast(RAB)and Reverse Circulation(RC)drilling.These programs,completed in August 2008(3,750 m of RC)and May 2009(1,853 m of RC and 2,275 m of RAB),ret

36、urned further highly encouraging results from several of the prospects including Halleys East and Phil,whilst regional RAB drilling and geochemical sampling outlined additional gold anomalies.Reprocessed aeromagnetic data also identified twenty three highly prospective targets.Significant shallow dr

37、ill intercepts were returned from the drilling campaigns and included:Selected RC Drilling Results August 2009 Program Barlee Project Prospect Hole(BRC)East North Depth(m)From(m)Results(g/t Au)Halleys East 48 703182 6737571 75 27 2m 3.6 49 703219 6737535 80 75 5m 7.0(EOH)inc 82 2m 15.7 50 703237 673

38、7516 90 50 4m 8.4 82 1m 23.3 51 703211 6737583 70 26 6m 3.0 59 5m 26.6 60 2m 59.9 54 703224 6737615 85 70 1m 8.1 73 4m 2.3 56 703260 6737572 100 27 4m 4.0 Inc.28 1m 10.4 59 703203 6737501 70 17 7m 1.1 37 3m 6.4 inc 38 1m 17.4 51 1m 5.6 57 2m 3.0 68 2m 10.4(EOH)60 703180 6737502 70 25 2m 4.2 37 27m 3

39、6.4 inc 46 3m 114.8 inc 56 2m 121.8 inc 59 2m 85.2 -8-Beacon Minerals Limited DIRECTORS REPORT(continued)Review of operations(continued)61 703146 6737529 70 15 9m 3.7 inc 18 3m 9.5 53 2m 2.9 84 1m 13.0 82 703170 6737446 152 47 6m 4.2 Inc.48 1m 8.9 83 703203 6737461 151 99 2m 9.4 Buddy 72 702800 6737

40、110 90 67 3m 2.4 75 702846 6737148 86 34 1m 5.7 72 1m 11.8 80 702810 6737240 70 19 2m 4.5 Phil 88 702960 6739265 100 55 15m 11.5 Inc.59 2m 29.5 Inc.64 4m 20.6 Selected RC Drilling Results May 2009 Program Barlee Project Hole East North Depth(m)From(m)Results(g/t Au)Halleys East 092 703253 6737650 12

41、0 92 2m 21.3 095 703248 6737583 120 43 10m 11.9 46 4m 23.3 097 703217 6737570 110 53 8m 8.0 53 2m 19 57 1m 22.3 107 2m 9.2 098 703206 6737543 80 26 6m 1.8 37 5m 3.3 54 6m 4.5 64 8m 24.7 66 3m 46.8 099 703250 6737501 130 100 3m 6.9 Halleys SW 102 703035 6737405 120 70 1m 4.3 103 702975 6737400 109 19

42、 4m 1.8 Phil 109 702970 6739248 120 84 5m 7.2 87 1m 20.6 110 702947 6739238 120 68 1m 4.5 -9-Beacon Minerals Limited DIRECTORS REPORT(continued)Review of operations(continued)The shallow mineralisation defined to date at Barlee is interpreted to have a spatial association with north east trending sh

43、ear zones and quartz-feldspar porphyries.Gold occurs in sheared,bleached,silicified sulphide-quartz zones which are interpreted to dip to the southeast.At present,a number of zones have been identified along these north east trending shear zones,in particular the Halleys East and Phil Shear Zones.Mi

44、neralisation to date is open at depth and along strike and the company plans to complete further drilling as a priority along these shears to further define the mineralised zones and determine their potential to host shallow resources.Regional exploration targeting other,untested structural targets

45、is also considered a priority.Further aggressive exploration and drilling is planned for the Barlee Gold Project and an initial JORC resource will be developed for the Halleys East prospect.Highlighted Aircore and Reverse Circulation Results to Date Barlee Gold Project -10-Beacon Minerals Limited DI

46、RECTORS REPORT(continued)Review of operations(continued)Greenvale Minimal exploration activities were undertaken at Steam Engine and Galah Dam within the Lucky Creek Joint Venture during the financial year.Following review by Board and refocussing on the Barlee project the company withdrew from the

47、Lucky Creek JV in February 2009.The company still has two licences at Greenvale,EPM 15069&ML6750.Kyrgyzstan In June 2008,the company signed a Heads of Agreement to acquire Silcom Resources Ltd,an unlisted company with mineral interests in the Central Asian country of Kyrgyzstan.The acquisition was s

48、ubsequently approved by shareholders on 24 July 2008.Acquired projects included the Baladjan and Djelidysu Silicon Projects and the Keptash and Kumushtak Au-Ag-Cu projects.Silcom Resources Limited had an established geological team and base in Kyrgyzstan.The company completed exploration activities

49、in the second half of 2008 but due to the global financial crisis the company divested itself of these interests in May 2009.In accordance with Listing Rules 5.6 of the Australian Securities Exchange,the technical information contained in this report has been compiled by Mr.Lyle Thorne,a consultant

50、to the company.Mr.Thorne is a member of the Australasian Institute of Mining and Metallurgy(AusIMM)and has the relevant experience with the mineralisation reported on to qualify as a Competent Person as defined by the Australasian Code for Reporting of Mineral Resources and Reserves.Mr.Thorne consen

51、ts to the inclusion in the report of the matters based on the information in the form and context in which it appears.Operating results for the year Net loss attributable to equity holders of the parent for the year ended 30 June 2009$(4,696,904)Basic loss per share(cents)(3.44)Significant changes i

52、n the state of affairs There have been no significant changes in the state of affairs of the Company to the date of this report,not otherwise disclosed in this report.Significant events after balance date The Company announced on 21 September 2009 the intention to complete a pro-rata non-renounceabl

53、e rights issue of 1 New Share in the capital of Beacon Minerals Limited for every 1 existing Share held as at 5.00pm WST on 30 September 2009 at an issue price of$0.022 per New Share to raise up to approximately$7.85 million.There were no other matter or circumstance that have arisen after balance d

54、ate that has significantly affected,or may significantly affect,the operations of the Company,the results of those operations,or the state of affairs of the Company in future financial years.Likely developments and expected results Disclosure of information regarding likely developments in the opera

55、tions of the Company in future financial years and the expected results of those operations is likely to result in unreasonable prejudice to the Company.Therefore,this information has not been presented in this report.Environmental legislation The Company is not subject to any significant environmen

56、tal legislation.Indemnification and insurance of Directors and Officers The Company has agreed to indemnify the following current directors of the Company,Mr P Lloyd,Mr D Harris,Mr M Egan against all liabilities to another person(other than the Company or related body corporate)that may arise from t

57、heir position as directors of the Company,except where the liability arises out of conduct involving a lack of good faith.The agreement stipulates that the Company will meet the full amount of any such liabilities,including costs and expenses.The total amount of premiums paid was$8,869.-11-Beacon Mi

58、nerals Limited DIRECTORS REPORT(continued)Remuneration report This report outlines the remuneration arrangements in place for directors and executives of Beacon Minerals Limited(the“company”),for the financial year ended 30 June 2009.The following persons acted as directors during or since the end o

59、f the financial year:Paul Lloyd(Chairman)Darryl Harris(Managing Director)Matthew Egan Lyle Thorne(resigned 2 October 2008)John Hebenton(resigned 31 March 2009)Remuneration philosophy The performance of the company depends upon the quality of the directors and executives.The philosophy of the company

60、 in determining remuneration levels is to:?set competitive remuneration packages to attract and retain high calibre employees;?link executive rewards to shareholder value creation;and?establish appropriate,demanding performance hurdles for variable executive remuneration.Remuneration structure In ac

61、cordance with best practice Corporate Governance,the structure of non-executive director and executive remuneration is separate and distinct.Non-executive director remuneration The Board seeks to set aggregate remuneration at a level that provides the company with the ability to attract and retain d

62、irectors of the highest calibre,whilst incurring a cost that is acceptable to shareholders.The ASX Listing Rules specify that the aggregate remuneration of non executive directors shall be determined from time to time by a general meeting.The amount of aggregate remuneration sought to be approved by

63、 shareholders and the manner in which it is apportioned amongst directors is reviewed annually.The Board considers advice from external shareholders as well as the fees paid to non executive directors of comparable companies when undertaking the annual review process.Each director receives a fee for

64、 being a director of the company.The remuneration of non executive directors for the year ended 30 June 2009 is detailed below and in Note 22 of this financial report.Senior manager and executive director remuneration Remuneration consists of fixed remuneration and variable remuneration(comprising s

65、hort-term and long-term incentive schemes).Fixed Remuneration Fixed remuneration is reviewed annually by the Board of Directors.The process consists of a review of relevant comparative remuneration in the market and internally and,where appropriate,external advice on policies and practices.Variable

66、Remuneration The current directors hold significant numbers of options and or shares.Therefore there exists a direct link between the creation of shareholder wealth performance,and the financial rewards for the directors.Employment Contract No current Directors are employed under employment agreemen

67、ts.-12-Beacon Minerals Limited DIRECTORS REPORT(continued)Remuneration report(continued)Primary benefits Post employment Equity Total%Salary&Fees Non Monetary Benefits Super-annuation Prescribed benefits Options/Shares Performance related 30 June 2008 M Egan 24,000 1,602 2,160-27,762-D Harris-P Lloy

68、d 120,000 1,602 6,480-128,082-L Thorne 180,000 1,602 16,200-197,802-J Hebenton-Total 324,000 4,806 24,840-353,646-30 June 2009 M Egan 24,000 2,245 2,160-28,405-D Harris 211,200 2,058-56,341 269,599 21 P Lloyd 221,641 2,245 17,158-125,000 366,044 34 L Thorne 42,604 561 3,834-46,999-J Hebenton 16,000

69、1,497 1,440-18,780 37,717 50 Total 515,445 8,606 24,592-200,121 748,764 27 Table 2:Options and shares granted as part of remuneration Value of options/shares granted at grant date Value of options exercised at exercise date Value of options lapsed at time of lapse Total value of options/shares grant

70、ed,exercised and lapsed Value of options lapsed during period Value of Options/shares included in remuneration for the year%remuneration consisting of options for the year 30 June 2009 P Lloyd 125,000-125,000-125,000 34 D Harris 56,341-56,341-56,341 21 J Hebenton 18,780-18,780-18,780 50 200,121-200,

71、121-200,121 27 No options were granted as part of remuneration during the year ended 30 June 2008.For details on the valuation of the options,including models and assumptions used,please refer to Note 11.There were no alterations to the terms and conditions of options granted as remuneration since t

72、heir grant date.Directors Meetings The number of meetings of directors held during the year and the number of meetings attended by each director was as follows:Full meetings Of Directors Directors during the year ended A B 30 June 2009 P Lloyd 11 11 D Harris 9 9 M Egan 11 11 L Thorne 3 2 J Hebenton

73、7 7 A=Number of meetings held during the time that the director held office B=Number of meetings attended in person -13-Beacon Minerals Limited DIRECTORS REPORT(continued)Auditor Independence Section 307C of the Corporations Act 2001 requires our auditors,HLB Mann Judd,to provide the directors of th

74、e Company with an Independence Declaration in relation to the audit of the financial report.This Independence Declaration is set out on page 20 and forms part of this directors report for the year ended 30 June 2009.Non-Audit Services There were no non-audit services provided by our auditors,HLB Man

75、n Judd,during the year.Signed in accordance with a resolution of the directors.Paul Lloyd Chairman Perth,30 September 2009 -14-Beacon Minerals Limited CORPORATE GOVERNANCE STATEMENT The board of Directors is responsible for the corporate governance of the Company.The Board guides and monitors busine

76、ss activities and affairs of the Company on behalf of the shareholders by whom they are elected and to whom they are accountable.The Company has adopted systems of control and accountability as the basis for the administration of corporate governance.The Board is committed to administering the polic

77、ies and procedures with openness and integrity,pursuing the true spirit of corporate governance commensurate with companys needs.The Corporate Governance Statement has been structured with reference to ASX Corporate Governance Councils(“council”)“Principles of Good Corporate Governance and Best Prac

78、tise Recommendations”to the extent that they are applicable to the Company.Information about the Companys corporate governance practises are set out below.Board of Directors Structure of the Board The skills,experience and expertise relevant to the position of director held by each director in offic

79、e at the date of the annual report is included in the Directors Report.Directors of Beacon Minerals Limited are considered to be independent when they are independent of management and free from any business or other relationship that could materially interfere with or could reasonably be perceived

80、to materially interfere with the exercise of their unfettered and independent judgment.In the context of director independence,materiality is considered from both the company and individual director perspective.The determination of materiality requires consideration of both quantitative and qualitat

81、ive elements.An item is presumed to be quantitatively immaterial if it is equal to or less than 5%of the appropriate base amount.It is presumed to be material(unless there is qualitative evidence to the contrary)if it is equal to or greater than 10%of the appropriate base amount.Qualitative factors

82、considered include whether a relationship is strategically important,the competitive landscape,the nature of the relationship and the contractual or other arrangements governing it and other factors that point to the actual ability of the director in question to shape the direction of the companys l

83、oyalty.In accordance with the definition of independence above,and the materiality thresholds set,the following directors of Beacon Minerals Limited are considered to be independent:Name Position Matthew Egan Non Executive Director There are procedures in place,agreed by the Board,to enable director

84、s in the furtherance of their duties to seek independent professional advice at the companys expense.The term in office held by each director in office at the date of this report is as follows:Name Office Date of Appointment Period of Tenure(months)Date of most recent re-election by members Paul Llo

85、yd Chairman 9 May 2006 37 November 2007 Darryl Harris Managing Director 31 July 2008 11 November 2008 Matthew Egan Non Executive Director 9 May 2006 37 November 2008 Role of the Board The Boards primary role is the protection and enhancement of long-term shareholder value.To fulfil this role,the Boa

86、rd is responsible for the overall corporate governance of the entity including formulating its strategic direction,approving and monitoring capital expenditure,setting remuneration,appointing,removing and creating succession policies for directors and senior executives,establishing and monitoring th

87、e achievement of managements goals and ensuring the integrity of internal control and management information systems.It is also responsible for approving and monitoring financial and other reporting.-15-Beacon Minerals Limited CORPORATE GOVERNANCE STATEMENT(continued)Board Processes The Board has es

88、tablished a framework for the management of the entity including a system of internal control,a business risk management process and appropriate ethical standards.The full Board schedules meetings,including strategy meetings and any extraordinary meetings,as necessary to address any specific signifi

89、cant matters that may arise.The agenda for meetings is prepared in conjunction with the Chairman and Managing Director.Standing items include the management report,financial reports,strategic matters,governance and compliance.Submissions are circulated in advance.The entity is not currently consider

90、ed to be of a size,nor is its affairs of such complexity to justify the establishment of separate board committees,including a Nomination Committee,Remuneration Committee or an Audit Committee.Accordingly,all matters that may be considered by such committees are dealt with by the full Board.Details

91、of the Boards procedures in respect to each of these areas are further outlined within the Corporate Governance Statement below-see Nomination Committee,Remuneration Committee and Audit committee respectively.Director Education The company has a formal process to educate new directors about the natu

92、re of the business,current issues,the corporate strategy and the expectations of the entity concerning performance of directors.Directors also have the opportunity to visit entity facilities and meet with management to gain a better understanding of business operations.Directors are given access to

93、continuing education opportunities to update and enhance their skills and knowledge.Independent Professional Advice and Access to Company Information Each Director has the right of access to all relevant company information and to the Companys executives and,subject to prior consultation with the ch

94、airman,may seek independent professional advice from a suitably qualified adviser at the entitys expense.The director must consult with an advisor suitably qualified in the relevant field,and obtain the chairmans approval of the fee payable for the advice before proceeding with the consultation.A co

95、py of the advice received by the director is made available to all other members of the board.Composition of the Board The names of the Directors of the Company in office at the date of this report are set out in the Directors Report.The composition of the Board is determined using the following pri

96、nciples:?A minimum of three directors,with a broad range of expertise both nationally and internationally?Directors having extensive knowledge of the Companys industries,and those which do not,have extensive expertise in significant aspects of auditing and financial reporting,or risk management and

97、financing of public companies?The roles of Chairman and Managing Director are not to be exercised by the same individual.Board members have experience in the management of public companies.The board currently does not have a majority of independent directors as recommended by the ASX Corporate Gover

98、nance Council.The directors consider that,given the current size and stage of development of the Company,the current number of independent directors in the Company is appropriate for the effective execution of the boards responsibilities.The directors periodically monitor the need to appoint additio

99、nal independent directors.Mr Matthew Egan is considered an“Independent Director”in terms of ASX Recommendations as he does not hold a substantial amount of shares in the Company.Chairman The Company is not currently considered to be of a size,nor is its affairs of such complexity to justify the need

100、 for an independent Chairman.The Chairman has been selected to bring specific skills and industry experience relevant to the company.-16-Beacon Minerals Limited CORPORATE GOVERNANCE STATEMENT(continued)Nomination Committee The board considers that a formally constituted Nomination Committee is not a

101、ppropriate as the board,as part of its usual role,oversees the appointment and induction process for directors,and the selection,appointment and succession planning process of the Companys executive officers.The board considers the appropriate skill mix,personal qualities,expertise and diversity of

102、each position.When a vacancy exists or there is a need for particular skills,the board determines the selection criteria based on the skills deemed necessary.The board identifies potential candidates and may take advice from an external consultant.The board then appoints the most suitable candidate.

103、Board candidates must stand for election at the next general meeting of shareholders.The chairman of the board continually reviews the effectiveness of the board,individual directors,and senior executives.The other directors have an opportunity to contribute to the review process.The reviews generat

104、e recommendations to the board,which votes on them.Directors displaying unsatisfactory performance are required to retire.Remuneration Committee The board considered that a formally constituted Remuneration Committee is not appropriate as the board,as part of its usual role,oversees the appointment

105、and remuneration of directors and the Companys executive officers.Remuneration levels are competitively set to attract and retain appropriately qualified and experienced directors and senior executives.The board may seek independent advice on the appropriateness of remuneration packages,given trends

106、 in comparative companies both locally and internationally.Remuneration packages include a mix of fixed remuneration,performance-based remuneration,and equity-based remuneration.The remuneration structures explained below are designed to attract suitably qualified candidates,and to affect the broade

107、r outcome of maximising the Companys profitability.The remuneration structures take into account:?Overall level of remuneration for each director and executive;?The executives ability to control the performance of the relevant area;and?The amount of incentives within each executives remuneration.Sha

108、res and options can only be issued to Company Directors under a resolution at a general meeting of shareholders.Non executive Directors may receive a base fee and can be remunerated by way of share and option issues approved under a resolution at a general meeting of shareholders.The board has no es

109、tablished retirement or redundancy schemes.Audit committee The company is not currently considered to be of a size,nor is its affairs of such complexity to justify the establishment of a separate Audit Committee.Whilst the Company does not have a formally constituted Audit Committee,the board,as par

110、t of its usual role,undertakes audit related responsibilities including:?Reviewing the annual and interim financial reports and other financial information distributed externally.This includes approving new accounting policies to ensure compliance with Australian Accounting Standards and generally a

111、ccepted accounting principles,and assessing whether the financial information is adequate for shareholders needs;?Assessing corporate risk assessment processes;?Assessing whether non-audit services provided by the external auditor are consistent with maintaining the external auditors independence.Th

112、e external auditor provides an annual declaration of independence which is consistent with Code of Conduct APES 110 Code of Ethics for Professional Accountants issued by the Accounting Professional and Ethical Standards Board;?Addressing any matters outstanding with auditors,Australian Taxation Offi

113、ce,Australian Securities and Investments Commission,Australian Securities Exchange and financial institutions;?Reviewing the nomination and performance of the external auditor.The external audit engagement partner will be rotated every five years;?Assessing the adequacy of the internal control frame

114、work and the Companys code of ethical standards;?Monitoring the procedures to ensure compliance with the Corporations Act 2001 and the ASX Listing Rules and all other regulatory requirements.-17-Beacon Minerals Limited CORPORATE GOVERNANCE STATEMENT(continued)Audit committee(continued)The directors

115、review the performance of the external auditors on an annual basis and normally meet with them during the year to:?Discuss the external audit plans,identify any significant changes in structure,operations,internal controls or accounting policies likely to impact the financial statements and to revie

116、w the fees proposed for the audit work to be performed;?Review the annual and half-year reports prior to lodgement with the ASX,and any significant adjustments required as a result of the auditors findings,prior to announcement of the result.The board monitors the need to form an Audit Committee on

117、a periodic basis.Risk Management Overview of the Risk Management System The Board adopts practices designed to identify significant areas of business risk and to effectively manage those risks in accordance with the Companys risk profile.This includes assessing,monitoring and managing operational,fi

118、nancial reporting,and compliance risks for the company.The company is not of a size nor is its affairs of such complexity to justify the establishment of a formal system for reporting risk management and associated compliance and controls.Instead,a director,in accordance with company policy,approves

119、 all expenditure,is intimately acquainted with all operations and reports all relevant issues to the other directors at the directors meetings.The company secretary has declared to the board,that the aforementioned system is working efficiently and effectively.The operational and other compliance ri

120、sk management have also been assessed and found to be operating efficiently and effectively.All risk assessments covered the entire part of the financial year that the Company operated and the period up to the signing of the annual financial report for all material operations in the company.Risk Pro

121、file The company is not currently considered to be of a size,nor is its affairs of such complexity to justify the establishment of a separate Risk Management Committee.Instead,the board,as part of its usual role and through direct involvement in the management of the Companys operations ensures risk

122、s are identified,assessed and appropriately managed.Where necessary,the board draws on the expertise of appropriate external consultants to assist in dealing with or mitigating risk.Major risks arise from such matters as actions by competitors,government policy changes,difficulties in sourcing raw m

123、aterials,the robustness of the technologies being used or proposed to be used,environment,occupational health and safety,financial reporting and the purchase,development and use of information systems.Risk Management,Compliance and Control The board acknowledges that it is responsible for the overal

124、l internal control framework,but recognises that no cost effective internal control system will preclude all errors and irregularities.Practices have been established to ensure:?Capital expenditure and revenue commitments above a certain size obtain prior board approval;?Financial exposures are cont

125、rolled,including the potential use of derivatives;?Occupational health&safety standards and management systems are monitored and reviewed to achieve high standards of performance and compliance with regulations;?Business transactions are properly authorised and executed;?The quality and integrity of

126、 personnel(see below);?Financial reporting accuracy and compliance with the financial reporting regulatory framework(see below);and?Environmental regulation compliance(see below).-18-Beacon Minerals Limited CORPORATE GOVERNANCE STATEMENT(continued)Quality and Integrity of Personnel The Company condu

127、cts a comprehensive review of the ability and experience of potential employees prior to appointment.Informal appraisals will be conducted regularly with continuous feedback and on the job monitoring and training for all employees.Formal appraisals will be conducted at least annually for all employe

128、es.Training and development and appropriate remuneration and incentives with regular performance reviews will create an environment of co-operation and constructive dialogue with employees and senior management.Financial Reporting The company secretary has declared,to the board that the Companys fin

129、ancial reports are founded on a sound system of risk management and internal compliance and control which implements the policies adopted by the board.Following the reporting year,monthly actual results are reported against budgets approved by the directors and revised forecasts for the year are pre

130、pared regularly.Environmental Regulation The Companys operations are subject to significant environmental regulation in relation to its operational activities.The Company is committed to achieving a high standard of environmental performance.The board is responsible for the regular monitoring of env

131、ironmental exposures and compliance with environmental regulations.Internal Audit The Company does not have a formally established internal audit function.The board ensures compliance with the internal controls and risk management procedures previously mentioned.Ethical Standards All directors,manag

132、ers and employees are expected to act with the utmost integrity and objectivity,striving at all times to enhance the reputation and performance of the Company.Conflict of Interest Directors must keep the board advised,on an ongoing basis,of any interest that could potentially conflict with those of

133、the Company.The board has developed procedures to assist directors to disclose potential conflicts of interest.Where the board believes that a significant conflict exists for a director on a board matter,the director concerned is not present at the meeting whilst the item is considered.Code of condu

134、ct The Company has established a Code of Conduct(Code)which aims to develop a consistent understanding of,and approach to,the desired standards of conduct and behaviour of the directors,officers,employees and contractors(collectively,the employees)in carrying out their roles for the Company.Through

135、this Code,the Company seeks to encourage and develop a culture of professionalism,honesty and responsibility in order to maintain and enhance our reputation as a valued employer,business operator and corporate citizen.The Code is designed to broadly outline the ways in which the Company wishes to co

136、nduct its business.The Code does not cover every possible situation that employees may face,but is intended to provide employees with a guide to taking a commonsense approach to any given situation,within an overall framework.Trading in the Companys securities by directors and employees The Company

137、has established a Security Trading Policy that is provided to all Directors and employees on commencement.The constitution permits directors to acquire shares in the Company.Company policy prohibits directors from dealing in shares whilst in possession of price sensitive information.Directors must n

138、otify the company secretary once they have bought or sold shares in the Company or exercised options over ordinary shares.In accordance with the provisions of the Corporations Act 2001 and the Listing Rules of the Australian Securities Exchange(“ASX”),the Company on behalf of the directors must advi

139、se the ASX of any transactions conducted by them in shares and/or options in the Company.Communication with Shareholders The board has formally documented the Companys continuous disclosure procedures and established a Compliance policy.The board,as part of its usual role,provides shareholders with

140、information using comprehensive continuous disclosure processes which includes identifying matters that may have a material effect on the price of the Companys securities,notifying them to the ASX and issuing media releases.-19-Beacon Minerals Limited CORPORATE GOVERNANCE STATEMENT(continued)Communi

141、cation with Shareholders(continued)In summary,the continuous disclosure processes operate as follows:?The chairman and the Managing Director are responsible for all communications with the ASX.Matters that may have an effect on the price of the Companys securities are advised to the ASX on the day t

142、hey are discovered.Senior executives monitor all areas of the Companys internal and external environment;?The full annual financial report is made available to all shareholders,and includes relevant information about the operations of the Company during the year,changes in the state of affairs and d

143、etails of future developments;?The half-yearly report contains summarised financial information and a review of the operations of the Company during the period.The half-year reviewed financial report is lodged with the Australian Securities and Investments Commission and the ASX,and sent to any shar

144、eholder who requests it;?Proposed major changes in the Company which may impact on share ownership rights are submitted to a vote of shareholders;?All announcements made to the market,and related information(including information provided to analysts and the media),are released to the ASX;and?The ex

145、ternal auditor attends the Annual General Meeting to answer any questions concerning the audit and the content of the Auditors Report.The board encourages full participation of shareholders at the Annual General Meeting,to ensure a high level of accountability and identification with the Companys st

146、rategy and goals.Important issues are presented to the shareholders as single resolutions.The shareholders are requested to vote on the appointment and aggregate remuneration of directors,the granting of options and shares to directors and changes to the constitution.Copies of the constitution are a

147、vailable to any shareholder on request Other Information Further information relating to the companys corporate governance practices and policies has been made publicly available on the companys web site at .-20-Auditors Independence Declaration As lead auditor for the audit of the financial report

148、of Beacon Minerals Limited for the year ended 30 June 2009,I declare that to the best of my knowledge and belief,there have been no contraventions of:a)the auditor independence requirements of the Corporations Act 2001 in relation to the audit;and b)any applicable code of professional conduct in rel

149、ation to the audit.This declaration is in respect of Beacon Minerals Limited.Perth,Western Australia L DI GIALLONARDO 30 September 2009 Partner,HLB Mann Judd HLB Mann Judd(WA Partnership)ABN 22 193 232 714 Level 2 15 Rheola Street West Perth 6005 PO Box 263 West Perth 6872 Western Australia.Telephon

150、e+61(08)9481 0977.Fax+61(08)9481 3686.Email:.au.Website:http:/.au Liability limited by a scheme approved under Professional Standards Legislation HLB Mann Judd(WA Partnership)is a member of International,a world-wide organisation of accounting firms and business advisers -21-Beacon Minerals Limited

151、INCOME STATEMENT FOR THE YEAR ENDED 30 JUNE 2009 Consolidated Group Parent Entity Notes 2009$2008$2009$2008$Revenue 2 16,379-16,379 148,493 Other income 2 12,376-12,376 133,111 Accounting expense (42,112)-(42,112)(58,185)Audit fees (24,290)-(24,290)(16,360)Consultants (341,846)-(341,846)(309)Depreci

152、ation expense 9(10,594)-(10,594)(10,122)Directors fees (24,000)-(24,000)(24,000)Employee benefits expense (259,653)-(259,653)(206,492)Exploration expense 10(2,024,282)-(2,024,282)(1,316,762)Insurance (18,729)-(18,729)(21,456)Interest (113,652)-(113,652)(436)Legal expense (9,262)-(9,262)(12,028)Listi

153、ng fees (32,296)-(32,296)(22,482)Office expense (96,494)-(96,494)(81,133)Option and share issue expense (200,121)-(200,121)(27,908)Other expenses (21,062)-(21,062)(37,412)Impairment of non-current financial asset (135,000)-(135,000)-Impairment of investment in controlled entity 2-(5,907,733)-Impairm

154、ent of loan to controlled entity 2-(1,009,110)-Promotions and advertising (37,563)-(37,563)(17,300)Share registry expense (13,473)-(13,473)(20,526)Travel and accommodation (80,886)-(80,886)(117,559)Loss before income tax expense from continuing operations 2(3,456,560)-(10,373,403)(1,708,866)Loss bef

155、ore income tax expense from discontinued operations 23(1,240,344)(376,156)-Income tax expense 3-Net Loss for the year (4,696,904)(376,156)(10,373,403)(1,708,866)Basic loss per share(cents per share)5(3.44)(1.1)Basic loss per share from continuing operations(cents per share)5(2.53)The accompanying no

156、tes form part of these financial statements -22-Beacon Minerals Limited BALANCE SHEET AS AT 30 JUNE 2009 Consolidated Group Parent Entity Notes 2009$2008$2009$2008$Assets Current Assets Cash and cash equivalents 6 990,577 128,388 990,577 1,243,617 Trade and other receivables 7 50,345 167,306 45,150

157、95,154 Total Current Assets 1,040,922 295,694 1,035,727 1,338,771 Non-Current Assets Other financial assets 8 125,000-125,000 240,000 Property,plant and equipment 9 12,608 91,361 12,608 23,202 Deferred exploration expenditure 10 248,826 362,238 248,826 1,371,317 Total Non-Current Assets 386,434 453,

158、599 386,434 1,634,519 Total Assets 1,427,356 749,293 1,422,161 2,973,290 Liabilities Current Liabilities Trade and other payables 12 29,640 34,899 29,640 89,174 Total Current Liabilities 29,640 34,899 29,640 89,174 Non-Current Liabilities Borrowings 13 1,612,937 477,966 1,612,937-Total Non Current L

159、iabilities 1,612,937 477,966 1,612,937-Total Liabilities 1,642,577 512,865 1,642,577 89,174 Net Assets/(Liabilities)(215,221)236,428(220,416)2,884,116 Equity Issued capital 14 4,715,158 612,584 11,661,762 4,535,573 Reserves 14 142,681-472,634 329,952 Accumulated losses 14(5,073,060)(376,156)(12,354,

160、812)(1,981,409)Total Equity/(Deficiencies)(215,221)236,428(220,416)2,884,116 The accompanying notes form part of these financial statements -23-Beacon Minerals Limited CASH FLOW STATEMENT FOR THE YEAR ENDED 30 JUNE 2009 Consolidated Group Parent Entity Notes 2009$2008$2009$2008$Inflows/(Outflows)Inf

161、lows/(Outflows)Inflows/(Outflows)Inflows/(Outflows)Cash flows from operating activities Payments to suppliers and employees (1,489,029)(506,663)(953,496)(544,166)Interest received 16,379 10,544 18,618 146,254 Net cash provided by/(used in)operating activities 6(1,472,650)(496,119)(934,878)(397,912)C

162、ash flows from investing activities Loan to controlled entity -(1,506,397)-Cash introduced on acquisition of Silcom Resources Pty Ltd 21 1,243,617-Proceeds from sale of non-current assets -77,412 Purchase of property,plant and equipment -(103,805)-(2,320)Payments for deferred exploration expenditure

163、 (1,520,838)(362,238)(901,791)(1,446,574)Net cash provided by/(used in)investing activities (277,221)(466,043)(2,408,188)(1,371,482)Cash flows from financing activities Proceeds from borrowings 1,021,319 477,966 1,499,285-Proceeds from issue of shares 1,692,337 612,584 1,692,337-Share issue expenses

164、 (101,596)-(101,596)(5,950)Net cash provided by/(used in)financing activities 2,612,060 1,090,550 3,090,026(5,950)Net increase/(decrease)in cash and cash equivalents 862,189 128,388(253,040)(1,775,344)Cash and cash equivalents at beginning of year 128,388-1,243,617 3,018,961 Cash and cash equivalent

165、s at 30 June 2009 6 990,577 128,388 990,577 1,243,617 The accompanying notes form part of these financial statements -24-Beacon Minerals Limited STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2009 Ordinary Shares Accumulated losses Option Premium Reserve Employee Equity Benefits Reserve F

166、air Value Reserve Total Parent Entity$Opening Balance 1 July 2007 4,541,523(272,543)169,250 92,794-4,531,024 Transaction costs (5,950)-(5,950)Loss attributable to members of the parent entity -(1,708,866)-(1,708,866)Issue of options to employee -27,908-27,908 Revaluation of listed investments -40,00

167、0 40,000 Balance at 30 June 2008 4,535,573(1,981,409)169,250 120,702 40,000 2,884,116 Opening Balance 1 July 2008 4,535,573(1,981,409)169,250 120,702 40,000 2,884,116 Shares issued during the year 7,227,785-7,227,785 Transaction costs (101,596)-(101,596)Loss attributable to members of the parent ent

168、ity -(10,373,403)-(10,373,403)Issue of options to employees and consultants -122,682-122,682 Revaluation of listed investments -20,000 20,000 Balance at 30 June 2009 11,661,762(12,354,812)169,250 243,384 60,000(220,416)Consolidated Group Opening Balance 1 July 2007 -Shares issued during the year 612

169、,584-612,584 Transaction costs -Loss attributable to members of the parent entity -(376,156)-(376,156)Balance at 30 June 2008 612,584(376,156)-236,428 Opening Balance 1 July 2008 612,584(376,156)-236,428 Shares issued during the year 1,817,257-1,817,257 Transaction costs (101,596)-(101,596)Loss attr

170、ibutable to members of the parent entity -(4,696,904)-(4,696,904)Acquisition of Beacon Minerals Limited 2,386,913-2,386,913 Issue of options to employees and consultants -122,681-122,681 Revaluation of listed investments -20,000 20,000 Balance at 30 June 2009 4,715,158(5,073,060)-122,681 20,000(215,

171、221)The accompanying notes form part of these financial statements -25-Beacon Minerals Limited NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2009 NOTE 1:STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (a)Basis of Preparation The consolidated financial report is a general-purpose financia

172、l report,which has been prepared in accordance with the requirements of the Corporations Act 2001,Accounting Standards and Interpretations,and complies with other requirements of the law.The financial report has also been prepared on a historical cost basis,except for available for sale investments

173、which have been measured at fair value.The financial report is presented in Australian dollars.The company is an Australian Securities Exchange Limited listed public company,incorporated in Australia and operating in Australia.During the financial year,the company commenced exploration activities in

174、 Kyrgyzstan and concluded these activities before the end of the year.The companys principal activity is the exploration and development of minerals projects.Going Concern In the past 12 months,the Group has continued with exploration at the Barlee Gold project.At 30 June 2009,there was a net asset

175、deficiency of$215,221(parent$220,416).The Annual Report has been prepared on a going concern basis as outlined below:The Directors have prepared projections to September 2010 which disclosed a requirement to generate funds via future capital raisings.The Directors announced on 21 September 2009 the

176、intention to raise approximately$7.85 million via a rights issue.Refer Note 19 for further information.If the Group is unable to obtain these additional funds,there is significant uncertainty as to whether the Group can continue as a going concern and therefore whether it will realise its assets and

177、 settle its liabilities and commitments in the normal course of business and at the amounts stated in the financial report.The Directors are satisfied that additional funding can be obtained and therefore the report can be prepared on a going concern basis.At this time,the Directors are of the opini

178、on that no asset is likely to be realised for an amount less than the amount at which it is recorded in the financial report at 30 June 2009.Accordingly,no adjustments have been made to the financial report in relation to the recoverability and classification of the asset carrying amounts or the amo

179、unts and classification of liabilities that might be necessary should the consolidated entity not continue as a going concern.Basis of consolidation Reverse acquisition accounting Under AIFRS,the acquisition of Silcom Resources Pty Ltd(Silcom)by the Company in the current year has been accounted for

180、 as a business combination.In applying the requirements of AASB 3 Business Combinations,a number of factors,in particular the vendor of Silcom acquiring a majority shareholding in Beacon Minerals Limited(Beacon Minerals),results in this being treated as a reverse acquisition.As a result:Beacon Miner

181、als is the legal parent entity of the Group and presents consolidated financial information.Silcom,which is neither the legal parent nor legal acquirer,is deemed to be the accounting parent for the Group.The consolidated financial information incorporates the assets and liabilities of Beacon Mineral

182、s and the results of that entity from the date acquired by Silcom.The assets and liabilities of Beacon Minerals were recorded at fair value while the assets and liabilities of Silcom were maintained at their book value.The impact of all transactions between the entities is eliminated in full.Subsidi

183、aries The consolidated financial report comprises the financial statements of the Company and its controlled entity(together referred to as the Group or Consolidated Entity).A controlled entity is any entity controlled by the Company whereby the parent entity has the power to control the financial a

184、nd operating policies of an entity so as to obtain benefits from its activities.All inter-company balances and transactions between entities in the consolidated entity,including any unrealised profits or losses,have been eliminated on consolidation.Accounting policies of subsidiaries have been chang

185、ed where necessary to ensure consistency with those applied by the parent entity.-26-Beacon Minerals Limited NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2009 NOTE 1:STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES(continued)Subsidiaries(continued)Where a subsidiary enters or leaves the

186、consolidated entity during the year,its operating results are included or excluded from the date control was obtained or until the date control ceased.Investments in subsidiaries are carried at cost in the Companys financial statements.Business combinations All business combinations are accounted fo

187、r by applying the purchase method which includes the reverse acquisition method.Cost is measured as the fair value of the assets given,shares issued or liabilities incurred or assumed at the date of exchange plus costs directly attributable to the acquisition.Identifiable assets acquired and liabili

188、ties and contingent liabilities assumed in a business combination are measured initially at their fair values at acquisition date.The excess of the cost of acquisition over the fair value of the Groups share of the identifiable net assets acquired is recorded as goodwill.If the cost of acquisition i

189、s less than the Groups share of the fair value of the identification net assets of the subsidiary acquired,the difference is recognised directly in the income statement,but only after a reassessment of the identification and measurement of the net assets acquired.Where settlement of any part of cash

190、 consideration is deferred,the amounts payable in the future are discounted to their present value as at the date of exchange using the entitys incremental borrowing rate.(b)Adoption of new and revised standards In the year ended 30 June 2009,the Company has reviewed all of the new and revised Stand

191、ards and Interpretations issued by the AASB that are relevant to its operations and effective for annual reporting periods beginning on or after 1 July 2008.It has been determined by the Company that there is no impact,material or otherwise,of the new and revised Standards and Interpretations on its

192、 business and,therefore,no change is necessary to Company accounting policies.(c)Statement of Compliance The financial report was authorised for issue on 30 September 2009.The financial report complies with Australian Accounting Standards,which include Australian equivalents to International Financi

193、al Reporting Standards(AIFRS).Compliance with AIFRS ensures that the financial report,comprising the financial statements and notes thereto,complies with International Financial Reporting Standards(IFRS).(d)Critical accounting judgments and key resources of estimation uncertainty The carrying amount

194、s of certain assets and liabilities are often determined based on estimates and assumptions of future events.The key estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of certain assets and liabilities within the next annual reporting peri

195、od are:Share-based payment transactions:The Group measures the cost of equity-settled transactions with employees by reference to the fair value of the equity instruments at the date at which they are granted.The fair value is determined by applying the Black and Scholes model,using the assumptions

196、detailed in Note 11.The Company measures the cost of cash-settled share-based payments at fair value at the grant date using the Black and Scholes model taking into account the terms and conditions upon which the instruments were granted,and discussed in Note 11.-27-Beacon Minerals Limited NOTES TO

197、THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2009 NOTE 1:STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES(continued)(e)Revenue Recognition Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured.Interest

198、income Interest revenue is recognised on a time proportionate basis that takes into account the effective yield on the financial asset.(f)Cash and cash equivalents Cash comprises cash at bank and short term deposits.Cash equivalents are short term,highly liquid investments that are readily convertib

199、le to known amounts of cash and which are subject to an insignificant risk of changes in value.For the purposes of the Cash Flow Statement,cash and cash equivalents consist of cash and cash equivalents as defined above.(g)Trade and other receivables Trade receivables,which generally have 30 day term

200、s,are recognised and carried at original invoice amount less an allowance for any uncollectible amounts.Impairment of trade receivables is continually reviewed and those that are considered to be uncollectible are written off by reducing the carrying amount directly.An allowance for doubtful debts i

201、s made when there is objective evidence that the Company will not be able to collect the debts.Bad debts are written off when identified.The amount of the impairment loss is recognised in the income statement within other expenses.When a trade receivable for which an impairment allowance had been re

202、cognised 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 income statement.(h)Derecognition of financial assets and financial liabilities (i)Financial assets

203、 A financial asset(or,where applicable,a part of a financial asset or part of a group of similar financial assets)is derecognised when:the rights to receive cash flows from the asset have expired;the Company retains the right to receive cash flows from the asset,but has assumed an obligation to pay

204、them in full without material delay to a third party under a pass-through arrangement;or the Company has transferred its rights to receive cash flows from the asset and either(a)has transferred substantially all the risks and rewards of the asset,or(b)has neither transferred nor retained substantial

205、ly all the risks and rewards of the asset,but has transferred control of the asset.When the Company has transferred its rights to receive cash flows from an asset and has neither transferred nor retained substantially all the risks and rewards of the asset nor transferred control of the asset,the as

206、set is recognised to the extent of the Companys continuing involvement in the asset.Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration received that the Com

207、pany could be required to repay.When continuing involvement takes the form of a written and/or purchased option(including a cash-settled option or similar provision)on the transferred asset,the extent of the Companys continuing involvement is the amount of the transferred asset that the Company may

208、repurchase,except that in the case of a written put option(including a cash-settled option or similar provision)on an asset measured at fair value,the extent of the Companys continuing involvement is limited to the lower of the fair value of the transferred asset and the option exercise price.-28-Be

209、acon Minerals Limited NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2009 NOTE 1:STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES(continued)(h)Derecognition of financial assets and financial liabilities(continued)(ii)Financial liabilities A financial liability is derecognised when the obli

210、gation under the liability is discharged or cancelled or expired.When an existing financial liability is replaced by another from the same lender on substantially different terms,or the terms of an existing liability are substantially modified,such an exchange or modification is treated as a derecog

211、nition of the original liability and the recognition of a new liability,and the difference in the respective carrying amounts is recognised in profit or loss.(i)Impairment of financial assets The Company assesses at each balance sheet date whether a financial asset or group of financial assets is im

212、paired.(i)Financial assets carried at amortised cost If there is objective evidence that an impairment loss on loans and receivables carried at amortised cost has been incurred,the amount of the loss is measured as the difference between the assets carrying amount and the present value of estimated

213、future cash flows(excluding future credit losses that have not been incurred)discounted at the financial assets original effective interest rate(i.e.the effective interest rate computed at initial recognition).The carrying amount of the asset is reduced either directly or through use of an allowance

214、 account.The amount of the loss is recognised in profit or loss.The Company first assesses whether objective evidence of impairment exists individually for financial assets that are individually significant,and individually or collectively for financial assets that are not individually significant.I

215、f it is determined that no objective evidence of impairment exists for an individually assessed financial asset,whether significant or not,the asset is included in a group of financial assets with similar credit risk characteristics and that group of financial assets is collectively assessed for imp

216、airment.Assets that are individually assessed for impairment and for which an impairment loss is or continues to be recognised are not included in a collective assessment of impairment.If,in a subsequent period,the amount of the impairment loss decreases and the decrease can be related objectively t

217、o an event occurring after the impairment was recognised,the previously recognised impairment loss is reversed.Any subsequent reversal of an impairment loss is recognised in profit or loss,to the extent that the carrying value of the asset does not exceed its amortised cost at the reversal date.(ii)

218、Financial assets carried at cost If there is objective evidence that an impairment loss has been incurred on an unquoted equity instrument that is not carried at fair value(because its fair value cannot be reliably measured),or on a derivative asset that is linked to and must be settled by delivery

219、of such an unquoted equity instrument,the amount of the loss is measured as the difference between the assets carrying amount and the present value of estimated future cash flows,discounted at the current market rate of return for a similar financial asset.(iii)Available-for-sale investments If ther

220、e is objective evidence that an available-for-sale investment is impaired,an amount comprising the difference between its cost(net of any principal repayment and amortisation)and its current fair value,less any impairment loss previously recognised in profit or loss,is transferred from equity to the

221、 income statement.Reversals of impairment losses for equity instruments classified as available-for-sale are not recognised in profit.Reversals of impairment losses for debt instruments are reversed through profit or loss if the increase in an instruments fair value can be objectively related to an

222、event occurring after the impairment loss was recognised in profit or loss.-29-Beacon Minerals Limited NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2009 NOTE 1:STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES(continued)(j)Income tax Current tax assets and liabilities are measured at the

223、amount expected to be recovered from or paid to the taxation authorities.The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted by the balance sheet date.Deferred income tax is provided on all temporary differences at the balance sheet date between

224、the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes.Deferred income tax liabilities are recognised for all taxable temporary differences except:when the deferred income tax liability arises from the initial recognition of goodwill or of an asset or lia

225、bility in a transaction that is not a business combination and that,at the time of the transaction,affects neither the accounting profit nor taxable profit or loss;or when the taxable temporary difference is associated with investments in subsidiaries,associates or interests in joint ventures,and th

226、e timing of the reversal of the temporary difference can be controlled and it is probable that the temporary difference will not reverse in the foreseeable future.Deferred income tax assets are recognised for all deductible temporary differences,carry-forward of unused tax assets and unused tax loss

227、es,to the extent that it is probable that taxable profit will be available against which the deductible temporary differences and the carry-forward of unused tax credits and unused tax losses can be utilised,except:when the deferred income tax asset relating to the deductible temporary difference ar

228、ises from the initial recognition of an asset or liability in a transaction that is not a business combination and,at the time of the transaction,affects neither the accounting profit nor taxable profit or loss;or when the deductible temporary difference is associated with investments in subsidiarie

229、s,associates or interests in joint ventures,in which case a deferred tax asset is only recognised to the extent that it is probable that the temporary difference will reverse in the foreseeable future and taxable profit will be available against which the temporary difference can be utilised.The car

230、rying amount of deferred income tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilised.Unrecognised deferred income tax assets are

231、reassessed at each balance sheet date and are recognised to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered.Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the ass

232、et is realised or the liability is settled,based on tax rates(and tax laws)that have been enacted or substantively enacted at the balance sheet date.Income taxes relating to items recognised directly in equity are recognised in equity and not in profit or loss.Deferred tax assets and deferred tax li

233、abilities are offset only if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred tax assets and liabilities relate to the same taxable entity and the same taxation authority.(k)Other taxes Revenues,expenses and assets are recognised net o

234、f the amount of GST except:when the GST incurred on a purchase of goods and services is not recoverable from the taxation authority,in which case the GST is recognised as part of the cost of acquisition of the asset or as part of the expense item as applicable;and receivables and payables,which are

235、stated with the amount of GST included.The net amount of GST recoverable from,or payable to,the taxation authority is included as part of receivables or payables in the balance sheet.-30-Beacon Minerals Limited NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2009 NOTE 1:STATEMENT OF SIG

236、NIFICANT ACCOUNTING POLICIES(continued)(k)Other taxes(continued)Cash flows are included in the Cash Flow Statement on a gross basis and the GST component of cash flows arising from investing and financing activities,which is recoverable from,or payable to,the taxation authority are classified as ope

237、rating cash flows.Commitments and contingencies are disclosed net of the amount of GST recoverable from,or payable to,the taxation authority.(l)Property,plant and equipment Plant and equipment is stated at cost less accumulated depreciation and any accumulated impairment losses.Such cost includes th

238、e cost of replacing parts that are eligible for capitalisation when the cost of replacing the parts is incurred.Similarly,when each major inspection is performed,its cost is recognised in the carrying amount of the plant and equipment as a replacement only if it is eligible for capitalisation.Land a

239、nd buildings are measured at fair value less accumulated depreciation on buildings and less any impairment losses recognised after the date of the revaluation.Depreciation is calculated on a straight-line basis over the estimated useful life of the assets as follows:Office Equipment over 5 to 8 year

240、s Computer Equipment over 2.5 years The assets residual values,useful lives and amortisation methods are reviewed,and adjusted if appropriate,at each financial year end.(i)Impairment The carrying values of plant and equipment are reviewed for impairment at each reporting date,with recoverable amount

241、 being estimated when events or changes in circumstances indicate that the carrying value may be impaired.The recoverable amount of plant and equipment is the higher of fair value less costs to sell and value in use.In assessing value in use,the estimated future cash flows are discounted to their pr

242、esent value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.For an asset that does not generate largely independent cash inflows,recoverable amount is determined for the cash-generating unit to which the asset belo

243、ngs,unless the assets value in use can be estimated to be close to its fair value.An impairment exists when the carrying value of an asset or cash-generating units exceeds its estimated recoverable amount.The asset or cash-generating unit is then written down to its recoverable amount.For plant and

244、equipment,impairment losses are recognised in the income statement in the other expenses line item.(ii)Derecognition and disposal An item of property,plant and equipment is derecognised upon disposal or when no further future economic benefits are expected from its use or disposal.Any gain or loss a

245、rising on derecognition of the asset(calculated as the difference between the net disposal proceeds and the carrying amount of the asset)is included in profit or loss in the year the asset is derecognised.-31-Beacon Minerals Limited NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2009 N

246、OTE 1:STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES(continued)(m)Financial assets Financial assets in the scope of AASB 139 Financial Instruments:Recognition and Measurement are classified as either financial assets at fair value through profit or loss,loans and receivables,held-to-maturity investmen

247、ts,or available-for-sale investments,as appropriate.When financial assets are recognised initially,they are measured at fair value,plus,in the case of investments not at fair value through profit or loss,directly attributable transactions costs.The Company determines the classification of its financ

248、ial assets after initial recognition and,when allowed and appropriate,re-evaluates this designation at each financial year-end.All regular way purchases and sales of financial assets are recognised on the trade date i.e.the date that the Company commits to purchase the asset.Regular way purchases or

249、 sales are purchases or sales of financial assets under contracts that require delivery of the assets within the period established generally by regulation or convention in the marketplace.(i)Financial assets at fair value through profit or loss Financial assets classified as held for trading are in

250、cluded in the category financial assets at fair value through profit or loss.Financial assets are classified as held for trading if they are acquired for the purpose of selling in the near term.Derivatives are also classified as held for trading unless they are designated as effective hedging instru

251、ments.Gains or losses on investments held for trading are recognised in profit or loss.(ii)Held-to-maturity investments Non-derivative financial assets with fixed or determinable payments and fixed maturity are classified as held-to-maturity when the Company has the positive intention and ability to

252、 hold to maturity.Investments intended to be held for an undefined period are not included in this classification.Investments that are intended to be held-to-maturity,such as bonds,are subsequently measured at amortised cost.This cost is computed as the amount initially recognised minus principal re

253、payments,plus or minus the cumulative amortisation using the effective interest method of any difference between the initially recognised amount and the maturity amount.This calculation includes all fees and points paid or received between parties to the contract that are an integral part of the eff

254、ective interest rate,transaction costs and all other premiums and discounts.For investments carried at amortised cost,gains and losses are recognised in profit or loss when the investments are derecognised or impaired,as well as through the amortisation process.(iii)Loans and receivables Loans and r

255、eceivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market.Such assets are carried at amortised cost using the effective interest method.Gains and losses are recognised in profit or loss when the loans and receivables are derecognised o

256、r impaired,as well as through the amortisation process.(iv)Available-for-sale investments Available-for-sale investments are those non-derivative financial assets that are designated as available-for-sale or are not classified as any of the three preceding categories.After initial recognition availa

257、ble-for sale investments are measured at fair value with gains or losses being recognised as a separate component of equity until the investment is derecognised or until the investment is determined to be impaired,at which time the cumulative gain or loss previously reported in equity is recognised

258、in profit or loss.The fair value of investments that are actively traded in organised financial markets is determined by reference to quoted market bid prices at the close of business on the balance sheet date.For investments with no active market,fair value is determined using valuation techniques.

259、Such techniques include using recent arms length market transactions;reference to the current market value of another instrument that is substantially the same;discounted cash flow analysis and option pricing models.(n)Intangible assets Intangible assets acquired separately or in a business combinat

260、ion are initially measured at cost.The cost of an intangible asset acquired in a business combination is its fair value as at the date of acquisition.Following initial recognition,intangible assets are carried at cost less any accumulated amortisation and any accumulated impairment losses.Internally

261、 generated intangible assets,excluding capitalised development costs,are not capitalised and expenditure is charged against profits in the year in which the expenditure is incurred.-32-Beacon Minerals Limited NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2009 NOTE 1:STATEMENT OF SIGNI

262、FICANT ACCOUNTING POLICIES(continued)(n)Intangible assets(continued)The useful lives of intangible assets are assessed to be either finite or indefinite.Intangible assets with finite lives are amortised over the useful life and assessed for impairment whenever there is an indication that the intangi

263、ble asset may be impaired.The amortisation period and the amortisation method for an intangible asset with a finite useful life is reviewed at least at each financial year-end.Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset

264、 are accounted for by changing the amortisation period or method,as appropriate,which is a change in accounting estimate.The amortisation expense on intangible assets with finite lives is recognised in profit or loss in the expense category consistent with the function of the intangible asset.Intang

265、ible assets with indefinite useful lives are tested for impairment annually either individually or at the cash-generating unit level.Such intangibles are not amortised.The useful life of an intangible asset with an indefinite life is reviewed each reporting period to determine whether indefinite lif

266、e assessment continues to be supportable.If not,the change in the useful life assessment from indefinite to finite is accounted for as a change in an accounting estimate and is thus accounted for on a prospective basis.Gains or losses arising from derecognition of an intangible asset are measured as

267、 the difference between the net disposal proceeds and the carrying amount of the asset and are recognised in profit or loss when the asset is derecognised.(o)Impairment of assets The Company assesses at each reporting date whether there is an indication that an asset may be impaired.If any such indi

268、cation exists,or when annual impairment testing for an asset is required,the Company makes an estimate of the assets recoverable amount.An assets recoverable amount is the higher of its fair value less costs to sell and its value in use and is determined for an individual asset,unless the asset does

269、 not generate cash inflows that are largely independent of those from other assets or groups of assets and the assets value in use cannot be estimated to be close to its fair value.In such cases the asset is tested for impairment as part of the cash-generating unit to which it belongs.When the carry

270、ing amount of an asset or cash-generating unit exceeds its recoverable amount,the asset or cash-generating unit is considered impaired and is written down to its recoverable amount.In assessing value in use,the estimated future cash flows are discounted to their present value using a pre-tax discoun

271、t rate that reflects current market assessments of the time value of money and the risks specific to the asset.Impairment losses relating to continuing operations are recognised in those expense categories consistent with the function of the impaired asset unless the asset is carried at revalued amo

272、unt(in which case the impairment loss is treated as a revaluation decrease).An assessment is also made at each reporting date as to whether there is any indication that previously recognised impairment losses may no longer exist or may have decreased.If such indication exists,the recoverable amount

273、is estimated.A previously recognised impairment loss is reversed only if there has been a change in the estimates used to determine the assets recoverable amount since the last impairment loss was recognised.If that is the case the carrying amount of the asset is increased to its recoverable amount.

274、That increased amount cannot exceed the carrying amount that would have been determined,net of depreciation,had no impairment loss been recognised for the asset in prior years.Such reversal is recognised in profit or loss unless the asset is carried at revalued amount,in which case the reversal is t

275、reated as a revaluation increase.After such a reversal the depreciation charge is adjusted in future periods to allocate the assets revised carrying amount,less any residual value,on a systematic basis over its remaining useful life.(p)Trade and other payables Trade payables and other payables are c

276、arried at amortised costs and represent liabilities for goods and services provided to the Company prior to the end of the financial year that are unpaid and arise when the Company becomes obliged to make future payments in respect of the purchase of these goods and services.(q)Provisions Provisions

277、 are recognised when the Company has a present obligation(legal or constructive)as a result of a past event,it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.When the C

278、ompany expects some or all of a provision to be reimbursed,for example under an insurance contract,the reimbursement is recognised as a separate asset but only when the reimbursement is virtually certain.The expense relating to any provision is presented in the income statement net of any reimbursem

279、ent.-33-Beacon Minerals Limited NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2009 NOTE 1:STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES(continued)(q)Provisions(continued)If the effect of the time value of money is material,provisions are discounted using a current pre-tax rate that ref

280、lects the risks specific to the liability.When discounting is used,the increase in the provision due to the passage of time is recognised as a borrowing cost.(r)Employee leave benefits (i)Wages,salaries,annual leave and sick leave Liabilities for wages and salaries,including non-monetary benefits,an

281、nual leave and accumulating sick leave expected to be settled within 12 months of the reporting date are recognised in other payables in respect of employees services up to the reporting date.They are measured at the amounts expected to be paid when the liabilities are settled.Liabilities for non-ac

282、cumulating sick leave are recognised when the leave is taken and are measured at the rates paid or payable.(ii)Long service leave The liability for long service leave is recognised in the provision for employee benefits and measured as the present value of expected future payments to be made in resp

283、ect of services provided by employees up to the reporting date.Consideration is given to expected future wage and salary levels,experience of employee departures,and period of service.Expected future payments are discounted using market yields at the reporting date on national government bonds with

284、terms to maturity and currencies that match,as closely as possible,the estimated future cash outflows.(s)Share-based payment transactions Equity settled transactions:The Company provides benefits to employees(including senior executives)of the Company in the form of share-based payments,whereby empl

285、oyees render services in exchange for shares or rights over shares(equity-settled transactions).The cost of these equity-settled transactions with employees is measured by reference to the fair value of the equity instruments at the date at which they are granted.The fair value is determined by an i

286、nternal valuation using a Black and Scholes option pricing model,further details of which are given in Note 11.In valuing equity-settled transactions,no account is taken of any performance conditions,other than conditions linked to the price of the shares of Beacon Minerals Limited(market conditions

287、)if applicable.The cost of equity-settled transactions is recognised,together with a corresponding increase in equity,over the period in which the performance and/or service conditions are fulfilled,ending on the date on which the relevant employees become fully entitled to the award(the vesting per

288、iod).The cumulative expense recognised for equity-settled transactions at each reporting date until vesting date reflects(i)the extent to which the vesting period has expired and(ii)the Companys best estimate of the number of equity instruments that will ultimately vest.No adjustment is made for the

289、 likelihood of market performance conditions being met as the effect of these conditions is included in the determination of fair value at grant date.The income statement charge or credit for a period represents the movement in cumulative expense recognised as at the beginning and end of that period

290、.No expense is recognised for awards that do not ultimately vest,except for awards where vesting is only conditional upon a market condition.If the terms of an equity-settled award are modified,as a minimum an expense is recognised as if the terms had not been modified.In addition,an expense is reco

291、gnised for any modification that increases the total fair value of the share-based payment arrangement,or is otherwise beneficial to the employee,as measured at the date of modification.-34-Beacon Minerals Limited NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2009 NOTE 1:STATEMENT OF

292、SIGNIFICANT ACCOUNTING POLICIES(continued)(s)Share-based payment transactions(continued)If an equity-settled award is cancelled,it is treated as if it had vested on the date of cancellation,and any expense not yet recognised for the award is recognised immediately.However,if a new award is substitut

293、ed for the cancelled award and designated as a replacement award on the date that it is granted,the cancelled and new award are treated as if they were a modification of the original award,as described in the previous paragraph.The dilutive effect,if any,of outstanding options is reflected as additi

294、onal share dilution in the computation of earnings per share(see Note 5).(t)Issued capital Ordinary shares are classified as equity.Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction,net of tax,from the proceeds.(u)Earnings per share Basi

295、c earnings per share is calculated as net profit attributable to members of the Company,adjusted to exclude any costs of servicing equity(other than dividends)and preference share dividends divided by the weighted average number of ordinary shares,adjusted for any bonus element.Diluted earnings per

296、share is calculated as net profit attributable to members of the Company,adjusted for:costs of servicing equity(other than dividends)and preference share dividends;the after tax effect of dividends and interest associated with dilutive potential ordinary shares that have been recognised as expenses;

297、and other non-discretionary changes in revenues or expenses during the period that would result from the dilution of potential ordinary shares;divided by the weighted average number of ordinary shares and dilutive potential ordinary shares,adjusted for any bonus element.(v)Exploration,evaluation and

298、 development expenditure Exploration,evaluation and development expenditure in relation to separate areas of interest for which rights of tenure are current,are capitalised in the period in which they are incurred and are carried at cost less accumulated impairment losses.The cost of acquisition of

299、an area of interest and exploration expenditure relating to that area of interest are carried forward as an asset in the Balance Sheet in the year in which they are incurred where the following conditions are satisfied:(i)the rights to tenure of the area of interest are current;and (ii)at least one

300、of the following conditions is also met:the exploration and evaluation expenditures are expected to be recouped through successful development and exploitation of the area of interest,or alternatively,by its sale;or exploration and evaluation activities in the area of interest have not at the report

301、ing date reached a stage which permits a reasonable assessment of the existence or otherwise of economically recoverable reserves.Exploration and evaluation assets are assessed for impairment when facts and circumstances suggest that their carrying amount exceeds their recoverable amount and where t

302、his is the case an impairment loss is recognised.Where an impairment loss subsequently reverses,the carrying amount of the asset is increased to the revised estimate of its recoverable amount,but only to the extent that the increased carrying amount does not exceed the carrying amount that would hav

303、e been determined had no impairment loss been recognised for the asset in previous years.Should a project or an area of interest be abandoned,the expenditure will be written off in the period in which the decision is made.Once an area of interest enters a production phase all capitalised expenditure

304、 in relation to that area of interest is transferred to Development Expenditure within Property,Plant and Equipment in the Balance Sheet.Capitalised Development Expenditure is amortised from the commencement of production on a unit of production basis over recoverable reserves.Recoverable reserves a

305、re subject to review annually.-35-Beacon Minerals Limited NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2009 NOTE 1:STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES(continued)(w)Interest-bearing loans and borrowings All loans and borrowings are initially recognised at the fair value of th

306、e consideration received less directly attributable transaction costs.After initial recognition,interest-bearing loans and borrowings are subsequently measured at amortised cost using the effective interest method.Gains and losses are recognised in profit or loss when the liabilities are derecognise

307、d.(x)Foreign currency translation Both the functional and presentation currency of Beacon Minerals Limited is Australian dollars.Each entity in the Group determines its own functional currency and items included in the financial statements of each entity are measured using that functional currency.T

308、ransactions in foreign currencies are initially recorded in the functional currency by applying the exchange rates ruling at the date of the transaction.Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the balance sheet date.All exc

309、hange differences in the consolidated financial report are taken to profit or loss with the exception of differences on foreign currency borrowings that provide a hedge against a net investment in a foreign entity.These are taken directly to equity until the disposal of the net investment,at which t

310、ime they are recognised in profit or loss.Tax charges and credits attributable to exchange differences on those borrowings are also recognised in equity.Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rate as at the date of the

311、 initial transaction.Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined.The functional currency of the foreign operation,Closed Joint Stock Company Silcom(CJSC Silcom),is United States dollars(US$).As

312、 at the reporting date the assets and liabilities of these subsidiaries are translated into the presentation currency of Beacon Minerals Limited at the rate of exchange ruling at the balance sheet date and their income statements are translated at the weighted average exchange rate for the year.The

313、exchange differences arising on the translation are taken directly to a separate component of equity.On disposal of a foreign entity,the deferred cumulative amount recognised in equity relating to that particular foreign operation is recognised in profit or loss.-36-Beacon Minerals Limited NOTES TO

314、THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2009 NOTE 2:REVENUES AND EXPENSES Consolidated Group Parent Entity 2009$2008$2009$2008$(a)Revenue and other income from continuing operations Interest 16,379-16,379 148,493 Profit on sale of tenement-92,300 Other 12,376-12,376 40,811 (b)Expenses fr

315、om continuing operations Depreciation of non-current assets 10,594-10,594 10,122 Option and share issue expense 200,121-200,121 27,908 Contribution to employee superannuation plans 27,326-27,326 32,715 Impairment of investment in controlled entity*-5,907,733-Impairment of loan to controlled entity*-

316、1,009,110-*The controlled entity was acquired and disposed of during the current financial year.The impairment losses arose from the company ceasing operations in Kyrgyzstan.-37-Beacon Minerals Limited NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2009 NOTE 3:INCOME TAX Consolidated G

317、roup Parent Entity Income tax recognised in profit or loss 2009$2008$2009$2008$The major components of tax expense are:Current tax expense/(income)-Adjustments recognised in the current period in relation to the current tax of prior years-Deferred tax expense/(income)relating to the origination and

318、reversal of temporary differences-Total tax expense/(income)-The prima facie income tax expense on pre-tax accounting profit from operations reconciles to the income tax expense in the financial statements as follows:Accounting loss from continuing operations before tax (3,456,560)(376,156)(10,373,4

319、03)(1,708,866)Accounting loss from discontinued operations before tax(1,240,344)-Accounting loss before tax(4,696,904)(376,156)(10,373,403)(1,708,866)Income tax benefit calculated at 30%1,409,071 112,847 3,112,021 512,659 Non-deductible expenses:Option issue expense(60,036)-(60,036)(8,372)Exploratio

320、n expenditure written off(607,285)-(607,285)(395,029)Impairment of Non current financial asset(40,500)-(40,500)-Impairment of Investment in controlled entity-(1,772,320)-Impairment of loan to controlled entity-(302,734)-Non deductible foreign expenditure(372,103)(69,961)-Unrecognised tax losses(329,

321、147)(42,886)(329,146)(109,258)Income tax expense reported in the income statement-Unrecognised deferred tax assets:Deferred tax assets have not been recognised in respect of the following items:Tax losses 372,033 42,886 492,330 163,184 Capital raising costs 128,880-128,880 98,402 Potential unrecogni

322、sed tax benefit at 30%500,913 42,886 621,210 261,586 -38-Beacon Minerals Limited NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2008 NOTE 4:SEGMENT REPORTING The Company operates in one geographical segment,for primary reporting,being Australia,and in one business segment for secondary

323、 reporting,being mineral exploration.The consolidated entity did acquire exploration projects during the year in Kyrgyzstan,Central Asia,but those projects was disposed of before the end of the financial year.Segment information in relation to the Kyrgyzstan geographical segment is represented in No

324、te 23 Discontinued Operations.NOTE 5:EARNINGS PER SHARE Consolidated Group 2009 Cents per share 2008 Cents per share Basic loss per share:Continuing operations 2.53-Discontinued operations 0.91 1.10 Total basic earnings per share 3.44 1.10 The loss and weighted average number of ordinary shares used

325、 in the calculation of basic earnings per share is as follow:Loss from continuing operations (3,456,560)-Loss from discontinued operations(1,240,344)(376,156)Total loss for the year(4,696,904)(376,156)Weighted average number of ordinary shares for the purposes of basic loss per share 136,859,157 34,

326、186,648 NOTE 6:CASH AND CASH EQUIVALENTS Consolidated Group Parent Entity 2009$2008$2009$2008$Cash at bank 990,577128,388990,577243,617Short term deposits-1,000,000 990,577128,388990,5771,243,617Cash at bank earns interest at floating rates based on daily bank deposit rates.Short term deposits are m

327、ade for varying periods of between 30 days and three months,depending on the immediate cash requirements of the Company,and earn interest at the respective short term deposit rates.(i)Reconciliation to Cash Flow Statement:For the purposes of the cash flow statement,cash and cash equivalents comprise

328、 cash on hand and at bank.Cash and cash equivalents as shown in the cash flow statement are reconciled to the related items in the balance sheet as follows:Cash and cash equivalents 990,577128,388 990,571,243,617 990,577128,388 990,5771,243,617-39-Beacon Minerals Limited NOTES TO THE FINANCIAL STATE

329、MENTS FOR THE YEAR ENDED 30 JUNE 2009 NOTE 6:CASH AND CASH EQUIVALENTS(continued)(ii)Reconciliation of loss for the year to net cash flows from operating activities:Consolidated Group Parent Entity 2009$2008$2009$2008$Loss for the year(4,696,904)(376,156)(10,373,403)(1,708,866)Option issue expense 2

330、00,121-200,121 27,908 Depreciation expense 10,594 12,444 10,594 10,122 Deferred exploration expenditure written off 2,024,282-2,024,282 1,316,762 Impairment of Non current financial assets 135,000-135,000-Impairment of Investment in controlled entity-5,907,733-Impairment of loan to controlled entity

331、-1,009,112-Profit on sale of tenement-(92,300)Loss from discontinued operations 1,240,344-(Increase)/decrease in operating assets:Trade and other receivables 116,961(167,306)50,004 77,964 Increase/(decrease)in operating liabilities:Trade and other payables(5,259)34,899(59,534)(29,502)Other(497,789)-

332、161,213-Net cash from operating activities(1,472,650)(496,119)(934,878)(397,912)(iii)Non-cash investing activities:Consideration on sale of tenements in the form of listed company shares-200,000 NOTE 7:CURRENT TRADE AND OTHER RECEIVABLES Trade receivables-12,931-67,607 6,105 137,866 6,105 9,833 Prep

333、ayments GST recoverable 39,045 4,098 39,045 14,250 Other 5,195 12,411-3,464 50,345 167,306 45,150 95,154 Trade receivables are non-interest bearing and are generally on 30 day terms.An allowance for doubtful debts is made when there is objective evidence that a trade receivable is impaired.The amount of the allowance/impairment loss has been measured as the difference between the carrying amount o