1、 Beacon Minerals Limited(ABN 64 119 611 559)Annual Financial Report For the year ended 30 June 2010 -2-Beacon Minerals Limited Contents CORPORATE INFORMATION 3 DIRECTORS REPORT 4 CORPORATE GOVERNANCE STATEMENT 16 AUDITORS INDEPENDENCE DECLARATION 22 STATEMENT OF COMPREHENSIVE INCOME 23 STATEMENT OF
2、FINANCIAL POSITION 24 STATEMENT OF CASH FLOWS 25 STATEMENT OF CHANGES IN EQUITY 26 NOTES TO THE FINANCIAL STATEMENTS 27 DIRECTORS DECLARATION 60 INDEPENDENT AUDITORS REPORT 61 SHAREHOLDER INFORMATION 63 TENEMENT SCHEDULE 65 -3-Beacon Minerals Limited CORPORATE INFORMATION ABN 64 119 611 559 Director
3、s Paul Lloyd(Chairman)Darryl Harris(Managing Director)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
4、Stirling Highway Nedlands,Western Australia,6009 Solicitors Murcia Pestell Hillard Pty Ltd Level 3,23 Barrack Street Perth,Western Australia 6000 Auditors HLB Mann Judd Level 4,130 Stirling Street Perth WA 6000 ASX Code BCN Registered office 30 Ledgar Road Balcatta,Western Australia 6021 -4-Beacon M
5、inerals Limited DIRECTORS REPORT Your directors submit the annual financial report of the entity for the financial year ended 30 June 2010.In order to comply with the provisions of the Corporations Act 2001,the directors report as follows:DIRECTORS AND INTERESTS The names of directors who held offic
6、e during or since the 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 commer
7、cial experience.Mr Lloyd 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
8、a Western Australian based international drilling contractor working extensively in Asia and Africa.Mr Lloyd is a non executive Director of ASX-listed Riviera Resources Limited and Target Energy Limited.Mr Lloyd was appointed to the Board on 9 May 2006.During the last three years,Mr Lloyd has also s
9、erved as a director 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,in
10、cluding iron and steel,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 metallurgi
11、cal plants including 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 a Non Executive Director of Indo Mines L
12、imited and has been 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 Limit
13、ed*,an ASX listed 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 n
14、egotiated and won 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 Wes
15、tern Australia.Mr 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)Directors interests in the shar
16、es and options of the company and related bodies corporate As at the date of this report,the interests of the directors 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)-6,180,
17、000 Darryl Harris-1,178,000 Matthew Egan 2,000,000(i)-1,521,947 (i)Exercisable at 20 cents on or before 31 May 2011.Share Options Details of unissued ordinary shares under options are as follows:Number of options Exercise price Expiry date Beacon Minerals Limited 6,000,000 20 cents 31 May 2011Beacon
18、 Minerals Limited 150,000 27 cents 1 August 201218,070,074 ordinary shares were issued during the financial year as a result of the exercise of options(option exercise price was 1 cent).240,220,610 ordinary shares were issued between the end of the financial year and the date of this report,as a res
19、ult of the exercise of options(option exercise price was 1 cent).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 Activities The principal activities of the
20、entity during the year were the exploration and development of mineral projects.There has been no significant changes in the nature of those activities during the year.-6-Beacon Minerals Limited DIRECTORS REPORT(continued)REVIEW OF OPERATIONS The Company was extremely active during the year explorin
21、g the Barlee Gold Project in Western Australia,as well as rationalising its Queensland tenement portfolio.Confidence in the broad structural controls of gold mineralisation at Barlee led to several major drilling campaigns as well as the initiation of a large regional geochemical programme.This achi
22、eved several milestones including;Calculation of the companys first JORC compliant Inferred Resource at Barlee,which led to the application for a Mining lease over the Halleys East and Phil deposits,The identification of several prospective shear zones proximal to the Halleys East and Phil Shears fo
23、llowing RAB-AC drilling,which contain anomalous gold mineralisation,The identification of numerous gold anomalies following the regional geochemical sampling program.A total of 44,774 metres(m)of drilling was completed for the year,including:29,623m of RAB-AC(1,122 holes)14,523m of RC(121 holes)and
24、628m of DC drilling(6 holes).This was complimented by the collection of over 5,700 regional soil samples across the three exploration licences that comprise the Barlee area.Resource Drilling Halleys East and Phil Continued RC and DC drilling at Halleys East and Phil during the year returned numerous
25、 encouraging gold intersections,with the new Halleys West Zone being intersected in RC drilling during this time.Additional drilling at Phil also returned encouraging gold intersections as the distinctive laminated cherty zone was extended down plunge and down dip.Significant intersections from both
26、 the Halleys East and Phil drilling included(down hole widths quoted);Selected Significant Intersections Halleys East&Phil(RC&DC)Hole Area East North Az/Dip Tot Depth From To Intercept g/t gold+0.5 BD002 Halleys East 703180 6737490 320/-60 78.83 37 46 9m 11.08 BD002 Halleys East 703180 6737490 320/-
27、60 78.83 38 39 inc 1m 26.03 BD002 Halleys East 703180 6737490 320/-60 78.83 41 42 inc 1m 15.03 BD002 Halleys East 703180 6737490 320/-60 78.83 44 45 inc 1m 44.77 BD002 Halleys East 703180 6737490 320/-60 78.83 50 53 3m 10.47 BRC111D Halleys East 703240 6737550 320/-55 183 131 132 1m 9.69 BRC112D Hal
28、leys East 703270 6737520 330/-55 246.42 242 243 1m 11.35 BRC116 Halleys East 703154 6737643 140/-60 138 52 64 12m 11.23 BRC116 Halleys East 703154 6737643 140/-60 138 54 56 inc 2m 15.75 BRC116 Halleys East 703154 6737643 140/-60 138 58 61 inc 3m 25.02 BRC131 Halleys East 703290 6737699 320/60 120 16
29、 18 2m 5.39 BRC134 Halleys West 703169 6737657 140/-60 110 39 45 6m 6.16 -7-Beacon Minerals Limited DIRECTORS REPORT(continued)Review of Operations(continued)Hole Area East North Az/Dip Tot Depth From To Intercept g/t gold+0.5 BRC134 Halleys West 703169 6737657 140/-60 110 42 44 inc 2m 16.77 BRC135
30、Halleys West 703143 6737634 140/-60 110 86 100 14m 45.32 BRC135 Halleys West 703143 6737634 140/-60 110 87 93 inc 6m 102.66 BRC152 Halleys West 703225 6737567 270/-60 140 64 71 7m 3.10 BRC152 Halleys West 703225 6737567 270/-60 140 124 129 5m 14.12 BRC152 Halleys West 703225 6737567 270/-60 140 124
31、126 inc 2m 33.80 BRC158 Halleys West 703198 6737568 320/-65 100 22 30 8m 2.2 BRC158 Halleys West 703198 6737568 320/-65 100 97 100 3m 18.4(EOH)BRC159 Halleys West 703198 6737547 320/-65 130 35 38 3m 3.9 BRC159 Halleys West 703198 6737547 320/-65 130 65 69 4m 15.4 BRC159 Halleys West 703198 6737547 3
32、20/-65 130 67 69 inc 2m 30.1 BRC159 Halleys West 703198 6737547 320/-65 130 81 84 3m 27.3 BRC159 Halleys West 703198 6737547 320/-65 130 82 84 inc 2m 41.2 BRC160 Halleys West 703201 6737502 320/-60 155 46 56 10m 3.5 BD001 Phil 702965 6739255 320/-60 113 69 78 10m 18.47 BD001 Phil 702965 6739255 320/
33、-60 113 71 75 inc 4m 41.38 BD001 Phil 702965 6739255 320/-60 113 81 86 5m 14.34 BD001 Phil 702965 6739255 320/-60 113 82 85 inc 3m 23.11 BRC128 Phil 702960 6739222 320/-60 132 86 100 14m 3.3 BRC128 Phil 702960 6739222 320/-60 132 96 97 inc 1m 23.60 BRC148 Phil 702960 6739198 320/-60 160 85 88 3m 3.6
34、9 BRC149 Phil 702971 6739207 320/-60 180 108 112 4m 9.56 BRC149 Phil 702971 6739207 320/-60 180 110 111 inc 1m 33.47 BRC154 Phil 702974 6739274 320/-60 150 80 85 5m 6.05 BRC154 Phil 702974 6739274 320/-60 150 80 82 inc 2m 14.25 BRC154 Phil 702974 6739274 320/-60 150 95 98 3m 6.70 BRC154 Phil 702974
35、6739274 320/-60 150 96 97 inc 1m 15.47 BRC156 Phil 702975 6739367 320/-60 160 87 94 7m 3.21 BRC156 Phil 702975 6739367 320/-60 160 87 89 inc 2m 8.83 BRC161 Phil 702984 6739192 320/-60 180 119 126 7m 9.2 BRC161 Phil 702984 6739192 320/-60 180 119 122 inc 3m 18.9 BRC162 Phil 702973 6739182 320/-60 140
36、 117 126 9m 3.9 BRC165 Phil 702988 6739351 320/-60 140 113 117 4m 3.3 BRC168 Phil 702987 6739259 320/-60 140 117 123 6m 1.8 -8-Beacon Minerals Limited DIRECTORS REPORT(continued)Review of Operations(continued)Resource Calculation Halleys East and Phil Deposits The company engaged BKD Resources Pty L
37、td in Late 2009 to estimate an initial resource for the Halleys East and Phil deposits.This resulted in an Inferred Resource of 0.384Mt 6 g/t Au for 74,000oz being calculated,as detailed below;Resource Classification-JORC Inferred Cut Off (Gold g/t)Prospect Tonnes (t)Gold (g/t)Gold (toz)0.50 Halleys
38、 East 299,000 6.7 64,000 0.50 Phil 85,000 3.7 10,000 0.50 Total 384,000 6.0 74,000 A 12 square kilometre Mining Lease was applied for to cover these deposit areas in Early 2010(MLA77/1254).Proximal RAB AC Drilling Several other prospect areas interpreted to be spatially associated with the Halleys E
39、ast and/or Phil Shear Zones were also located during the year with both RC and RAB-AC drilling and include Crabman South,Prince Trend,Halleys NE,and the Eastside anomalies.Better intersections are presented below(down hole widths quoted);-9-Beacon Minerals Limited DIRECTORS REPORT(continued)Review o
40、f Operations(continued)Selected Significant Intersections RAB AC Hole ID Area East North Az/Dip Total Depth From To Intercept g/t gold BRC121 Crabman Sth 702515 6736870 150/-60 144 130 131 1m 18.10 BRC140 Crabman Sth 702524 6736854 140/-60 129 41 52 11m 1.41 BRC140 Crabman Sth 702524 6736854 140/-60
41、 129 54 63 9m 1.28 BRC142 Crabman Sth 702481 6736844 140/-60 138 92 95 3m 9.36 BRC142 Crabman Sth 702481 6736844 140/-60 138 92 93 inc 1m 21.40 BRC182 Crabman Sth 702511 6736833 140/-60 120 37 40 3m 5.2 BRC182 Crabman Sth 702511 6736833 140/-60 120 38 39 inc 1m 13.1 BRC184 Crabman Sth 702561 6736872
42、 140/-60 120 36 55 19m 1.1 BRC208 Crabman Sth 702551 6736792 320/-60 108 49 53 4m 3.8 BRB1305 Eastside 704250 6737500 0/-90 48 4 28 24m 0.3 BRB1308 Eastside 704400 6737500 0/-90 51 20 48 28m 1.1 BRB1308 Eastside 32 40 inc 8m 3.4 BRB1309 Eastside 704450 6737500 0/-90 61 40 48 8m 0.7 BRB1311 Eastside
43、704400 6737450 0/-90 68 56 68 12m 0.5(EOH)BRB0866 Halleys 703550 6737750 0/-90 43 16 43 27m 0.65 BRB0866 Halleys 24 32 inc 8m 1.5 BRB0868 Halleys 703650 6737750 0/-90 37 24 37 13m 0.35(EOH)BRB1202 Halleys NE 702275 6736900 0/-90 35 12 20 8m 0.6 BRB1205 Halleys NE 702350 6737100 0/-90 25 8 20 12m 0.4
44、 BRB1256 Halleys NE 704975 6738240 0/-90 53 24 36 12m 0.9 BRB1285 Eastside 704050 6737750 0/-90 49 20 40 20m 1.0 BRB1285 Eastside 28 36 inc 8m 2.1 BRB0913 Halleys NE 703600 6737250 0/-90 43 16 32 16m 0.3 BRB0928 Halleys NE 704050 6737450 0/-90 57 40 52 12m 0.4 BRB0933 Halleys NE 704050 6737500 0/-90
45、 56 16 56 40m 0.3(EOH)BRB0991 Halleys NE 703625 6737750 0/-90 49 20 32 12m 0.6 BRB1020 Halleys NE 704400 6738250 0/-90 43 32 43 11m 0.7(EOH)BRB0603 King 701775 6736150 0/-90 43 20 40 20m 0.3 BRB0606 King 701825 6736200 0/-90 37 16 32 16m 0.3 BRB0900 Phil SW 702750 6738950 0/-90 44 20 44 24m 0.63(EOH
46、)BRB0900 Phil SW 24 28 inc 4m 1.63 BRB0615 Prince 702525 6737150 0/-90 80 12 28 16m 0.4 BRB0621 Prince 702300 6736950 0/-90 37 8 32 24m 0.2 BRB0846 Prince 702250 6736900 0/-90 31 8 28 20m 0.58 BRB0846 Prince 20 24 inc 4m 1.62 BRC214 Prince Trend 702301 6736902 320/-60 120 72 79 7m 8.3 BRC214 Prince
47、Trend 702301 6736902 320/-60 120 72 74 inc 2m 23.9 -10-Beacon Minerals Limited DIRECTORS REPORT(continued)Review of Operations(continued)GDA Coordinates Zone 50(RC)Results calculated at+0.5 g/t Au,with a maximum of 2 metres internal dilution.Repeat assays averaged.Duplicate blanks and certified stan
48、dard samples inserted routinely.Samples collected as single metre samples from cone splitter via cyclone mounted on drill rig.Assays sent to KalAssay Laboratories in Kalgoorlie.Gold determination via Fire Assay-ICP/OES(ppm)(RAB-AC)Results calculated at+0.1 g/t,with maximum of 1 sample internal dilut
49、ion.Repeat assays averaged.Duplicate samples inserted routinely.Samples collected as composite samples to a maximum of 4 metres Assays sent to Ultratrace Laboratories in Perth.Gold&PGE determination via Fire Assay-ICP/OES Au=gold,EOH=End of Hole All holes vertical to blade refusal.Regional Explorati
50、on Other potentially mineralised regional areas were also tested for the first time during the year.The Company completed regional geochemical sampling over most of E77/1297 combined with selected areas within E77/1364 and E77/1392.Soil samples were analysed for a suite of elements including Au,As,P
51、b,Zn,Ni and Cu,with areas within E77/1392 also being sampled for U.A number of geochemical anomalies were identified including Lost Bolt South,Kink,Fenceline,120 Prospect,Straddle and the Eastern Anomaly.Several of these will be tested in future drilling programmes.At Lost Bolt South,a large combine
52、d Au-As anomaly south of the historical Lost Bolt Prospect was outlined over some 500m with peak Au and As results to 71 ppb Au and 298 ppm As respectively.The Lost Bolt South anomaly is hosted in sediments belonging to the Diemals Formation and differs in its geological context when compared to the
53、 Halleys East deposit located 5km north.At Kink,a broad coherent+5 ppb anomaly associated with a kink in magnetic character in the greenstone belt was also identified from geochemical sampling.Peak Au to 11 ppb was returned together with elevated Zn and Pb.-11-Beacon Minerals Limited DIRECTORS REPOR
54、T(continued)Review of Operations(continued)Sampling within E77/1364 located five areas of geochemical gold anomalism,Fenceline 1-5,whilst the Straddle Au-As anomaly is located on the boundary of E77/1364 and E77/1297 to the south.Peak values of 32ppb Au and over 309 ppm As were obtained at Straddle.
55、The 120 Prospect is located 2-3 km south of Halleys East and is associated with sheared BIF/sediments.The anomaly is over 500m long with peak gold to 120ppb Au and As to 977ppm.The Eastern Anomaly contains elevated Au,Cu and Ni and is spatially associated with an ultramafic intrusive.Further samplin
56、g of this anomaly will focus on both the Ni and Au potential.The Company is highly encouraged by both the initial JORC compliant Inferred Resource calculated at Barlee as well as the numerous exploration targets that require follow-up.Work planned for next year will focus on identifying priority are
57、as for drilling which have the best chance of potentially increasing the current resource base.The company is also considering acquiring more detailed geophysical data which may identify the more subtle controls to the higher grade gold zones and allow more focused drilling.At the Companys Greenvale
58、 project,EPM 15069 was relinquished during the year leaving only ML6750 in the portfolio.This lease is currently being reviewed.In accordance with Listing Rules 5.6 of the Australian Securities Exchange,the Exploration Results contained in this report have been compiled by Mr.Lyle Thorne,a consultan
59、t 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 in the 2004 Edition of the“Australasian Code for Reporting of Exploration Results,Miner
60、al Resources and Ore Reserves”.Mr.Thorne consents to the inclusion in the report of the matters based on the information in the form and context in which it appears.The information in this report,as it relates to Resource Estimates,is based on information compiled and/or reviewed by Byron Dumpleton,
61、a consultant to the company,who is a Member of the AusIMM.He has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the“Australas
62、ian Code for Reporting of Exploration Results,Mineral Resources and Ore Reserves”.Byron Dumpleton consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.Down hole widths quoted.Due to the preliminary nature of the exploration drill
63、ing,the company is unable to state if mineralised widths approximate true width.The Company also advises that it is uncertain as to whether further drilling in these areas will lead to the discovery of potentially economic mineralisation.-12-Beacon Minerals Limited DIRECTORS REPORT(continued)OPERATI
64、NG RESULTS FOR THE YEAR Net loss attributable to equity holders for the year ended 30 June 2010$944,442 Basic loss per share(cents)(0.16)Significant changes in 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
65、disclosed in this report.Significant events after balance date The Company announced on 6 September 2010 the conclusion of a capital raising from the exercise of 1 cent options that expired 31 August 2010.A total of$2,300,000 was raised before costs from the conversion of the options.Existing option
66、 holders converted 220,862,109 options(96%)of the total 229,949,110 on issue with the balance being placed with the underwriter.There were no other matter or circumstance that have arisen after balance date that has significantly affected,or may significantly affect,the operations of the Company,the
67、 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 operations of the Company in future financial years and the expected results of those operations is li
68、kely 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 environmental legislation.Indemnification and insurance of Directors and Officers The Company has agreed to
69、 indemnify the following current directors of the Company,Mr P Lloyd,Mr D Harris and Mr M Egan against all liabilities to another person(other than the Company or related body corporate)that may arise from their position as directors of the Company,except where the liability arises out of conduct in
70、volving 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$8,877.-13-Beacon Minerals Limited DIRECTORS REPORT(continued)RENUMERATION REPORT This report outlines the remune
71、ration arrangements in place for directors and executives of Beacon Minerals Limited(the“company”),for the financial year ended 30 June 2010.The following persons acted as directors during or since the end of the financial year:Paul Lloyd(Chairman)Darryl Harris(Managing Director)Matthew Egan Remuner
72、ation philosophy The performance of the company depends upon the quality of the directors and executives.The philosophy of the company in determining remuneration levels is to:set competitive remuneration packages to attract and retain high calibre employees;link executive rewards to shareholder val
73、ue creation;and establish appropriate,demanding performance hurdles for variable executive remuneration.Remuneration structure In accordance with best practice Corporate Governance,the structure of non-executive director and executive remuneration is separate and distinct.Non-executive director remu
74、neration The Board seeks to set aggregate remuneration at a level that provides the company with the ability to attract and retain directors of the highest calibre,whilst incurring a cost that is acceptable to shareholders.The ASX Listing Rules specify that the aggregate remuneration of non executiv
75、e directors shall be determined from time to time by a general meeting.The amount of aggregate remuneration sought to be approved by 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
76、 paid to non executive directors of comparable companies when undertaking the annual review process.Each director receives a fee for being a director of the company.The remuneration of non executive directors for the year ended 30 June 2010 is detailed below and in Note 21 of this financial report.S
77、enior manager and executive director remuneration Remuneration consists of fixed remuneration and variable remuneration(comprising short-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 rele
78、vant comparative remuneration in the market and internally and,where appropriate,external advice on policies and practices.Variable Remuneration The current directors hold significant numbers of options and or shares.Therefore there exists a direct link between the creation of shareholder wealth per
79、formance,and the financial rewards for the directors.Employment Contracts On 2 March 2010 the company entered into service contracts with the two executive directors,Darryl Harris and Paul Lloyd.A summary of the service contracts are as follows;The agreements were entered into on 2 March 2010 and ha
80、ve a term of 2 years The remuneration is based on the days worked at$1,300 per day for Darryl Harris and$1,500 per day for Paul Lloyd On termination of the engagement by the company or the executive,a period of 3 months notice is required On termination of the engagement by the company,the company w
81、ill pay fees being the average of the fees paid during the first year of consulting and the estimated annual fee payable during the second year of consulting.If the executive terminates the engagement within 12 months of a change in control occurring over the operation and shareholder base of the co
82、mpany,the company will pay fees being the average of the fees paid during the first year of consulting and the estimated annual fee payable during the second year of consulting.For both executives this payment is expected to be in the range of$250,000 to$300,000.-14-Beacon Minerals Limited DIRECTORS
83、 REPORT(continued)Remuneration report(continued)Short term employee benefits Post employment benefits Equity Total%Salary&Fees Non Monetary Benefits Super-annuation Options/Shares Performance Related 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 221,6
84、41 2,245 17,158 125,000 366,044 34 L Thorne*42,604 561 3,834-46,999-J Hebenton*16,000 1,497 1,440 18,780 37,717 50 Total 515,445 8,606 24,592 200,121 748,764 27*resigned during the year ended 30 June 2009 30 June 2010 M Egan 24,000 2,959 2,160-29,119-D Harris 242,100 2,959-245,059-P Lloyd 249,000 2,
85、959-251,959-Total 515,100 8,877 2,160-526,137-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 granted,exercised and lapsed Value
86、 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 Total 200,121-200,121-200,121 27 No optio
87、ns were granted as part of remuneration during the year ended 30 June 2010.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 their grant date.Directo
88、rs Meetings The number of meetings of directors held during the year and the number of meetings attended by each director were as follows:Full meetings of Directors Directors during the year ended A B 30 June 2010 P Lloyd 6 6 D Harris 6 6 M Egan 6 6 A=Number of meetings held during the time that the
89、 director held office B=Number of meetings attended in person -15-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 the Company with an Independence Declaration in relation
90、 to the audit of the financial report.This Independence Declaration is set out on page 22 and forms part of this directors report for the year ended 30 June 2010.Non-Audit Services There were no non-audit services provided by our auditors,HLB Mann Judd,during the year.Signed in accordance with a res
91、olution of the directors.Paul Lloyd Chairman Perth,30 September 2010 -16-Beacon Minerals Limited CORPORATE GOVERNANCE STATEMENT The Board of Directors is responsible for the corporate governance of the Company.The Board guides and monitors business activities and affairs of the Company on behalf of
92、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 policies and procedures with openness and integrity,pursuin
93、g 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 Practise Recommendations”to the extent that they are appli
94、cable to the Company.Information about the Companys corporate governance practises is 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 office at the date of the annual report is included in the D
95、irectors 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 to materially interfere with the exercise of their unfe
96、ttered 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 qualitative elements.An item is presumed to be quantitatively i
97、mmaterial 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 considered include whether a relationship is strategica
98、lly 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 loyalty.In accordance with the definition of independenc
99、e 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 directors in the furtherance of their duties to seek independen
100、t 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 Lloyd Chairman 9 May 2006 49 November 2009 Darryl Harris M
101、anaging Director 31 July 2008 23 November 2008 Matthew Egan Non Executive Director 9 May 2006 49 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 Board is responsible for the overall corporate governance
102、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 the achievement of managements goals and ensuring the int
103、egrity of internal control and management information systems.It is also responsible for approving and monitoring financial and other reporting.-17-Beacon Minerals Limited CORPORATE GOVERNANCE STATEMENT(continued)Board Processes The Board has established a framework for the management of the entity
104、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 significant matters that may arise.The agenda for meetings is
105、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 considered to be of a size,nor is its affairs of such complexit
106、y 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 of the Boards procedures in respect to each of these ar
107、eas 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 nature of the business,current issues,the corporate strateg
108、y 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 continuing education opportunities to update and enhanc
109、e 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 chairman,may seek independent professional advice from a
110、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 copy of the advice received by the director is made avail
111、able 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 principles:A minimum of three directors,with a broad range
112、 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 financing of public companies The roles of Chairman and
113、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 Governance Council.The directors consider that,given the curr
114、ent 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 additional independent directors.Mr Matthew Egan is considered
115、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 for an independent Chairman.The Chairman has been selec
116、ted to bring specific skills and industry experience relevant to the Company.-18-Beacon Minerals Limited CORPORATE GOVERNANCE STATEMENT(continued)Nomination Committee The board considers that a formally constituted Nomination Committee is not appropriate as the board,as part of its usual role,overse
117、es 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 each position.When a vacancy exists or there is a need f
118、or 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.Board candidates must stand for election at the next gen
119、eral 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 generate recommendations to the board,which votes on them.Direc
120、tors 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 and remuneration of directors and the Companys executive
121、 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 in comparative companies both locally and international
122、ly.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 broader outcome of maximising the Companys profitability.The r
123、emuneration 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.Shares and options can only be issued to Company Directors un
124、der 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 established retirement or redundancy schemes.Audit committee
125、 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 part of its usual role,undertakes audit related responsibilit
126、ies 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 accepted accounting principles,and assessing whether the fin
127、ancial 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.The external auditor provides an annual declaration of independ
128、ence 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 Office,Australian Securities and Investments Commission,Australian
129、 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 framework and the Companys code of ethical standards;Monitoring the p
130、rocedures to ensure compliance with the Corporations Act 2001 and the ASX Listing Rules and all other regulatory requirements.-19-Beacon Minerals Limited CORPORATE GOVERNANCE STATEMENT(continued)Audit committee(continued)The directors review the performance of the external auditors on an annual basi
131、s 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 review the fees proposed for the audit work to be performed;Review the
132、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 a periodic basis.Risk Management Overview of the Risk Management Sy
133、stem 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,financial reporting,and compliance risks for the company.The company
134、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 all expenditure,is intimately acquainted with all operations and r
135、eports 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 risk management have also been assessed and found to be operating eff
136、iciently 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 Profile The company is not currently considered to be of a size,nor is
137、 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 risks are identified,assessed and appropriately managed.Where necessary
138、,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 materials,the robustness of the technologies being used or proposed
139、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 overall internal control framework,but recognises that no cost effective
140、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 controlled,including the potential use of derivatives;Occupational health
141、&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 personnel(see below);Financial reporting accuracy and compliance with t
142、he financial reporting regulatory framework(see below);and Environmental regulation compliance(see below).-20-Beacon Minerals Limited CORPORATE GOVERNANCE STATEMENT(continued)Quality and Integrity of Personnel The Company conducts a comprehensive review of the ability and experience of potential emp
143、loyees 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 employees.Training and development and appropriate remuneration and incentives w
144、ith 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 financial reports are founded on a sound system of risk management and inter
145、nal 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 prepared regularly.Environmental Regulation The Companys operations are subj
146、ect 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 environmental exposures and compliance with environmental regulations.Intern
147、al 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,managers and employees are expected to act with the utmost integrity and objec
148、tivity,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 the Company.The board has developed procedures to assist directors to dis
149、close 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 conduct The Company has established a Code of Conduct(Code)which aims to devel
150、op 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 this Code,the Company seeks to encourage and develop a culture of profess
151、ionalism,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 conduct its business.The Code does not cover every possible situation that
152、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 has established a Security Trading Policy that is provided to all Directo
153、rs 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 notify the company secretary once they have bought or sold shares in the C
154、ompany 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 advise the ASX of any transactions conducted by them in shares and/or options
155、 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 information using comprehensive continuous disclosure processes which inc
156、ludes identifying matters that may have a material effect on the price of the Companys securities,notifying them to the ASX and issuing media releases.-21-Beacon Minerals Limited CORPORATE GOVERNANCE STATEMENT(continued)Communication with Shareholders(continued)In summary,the continuous disclosure p
157、rocesses 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 they are discovered.Senior executives monitor all areas of the Companys int
158、ernal 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 details of future developments;The half-yearly report contains summarised fi
159、nancial 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 shareholder who requests it;Proposed major changes in the Company which may impa
160、ct 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 external auditor attends the Annual General Meeting to answer any questions conc
161、erning 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 strategy and goals.Important issues are presented to the shareholders as single
162、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 available to any shareholder on request Other Information Further information r
163、elating to the companys corporate governance practices and policies has been made publicly available on the companys web site at .Beacon Minerals Limited -22-AUDITORS INDEPENDENCE DECLARATION As lead auditor for the audit of the financial report of Beacon Minerals Limited for the year ended 30 June
164、2010,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 relation to the audit.This declaration is in respect of B
165、eacon Minerals Limited.Perth,Western Australia 30 September 2010 L DI GIALLONARDO Partner,HLB Mann Judd HLB Mann Judd(WA Partnership)ABN 22 193 232 714 Level 4,130 Stirling Street Perth WA 6000.PO Box 8124 Perth BC 6849 Telephone+61(08)9227 7500.Fax+61(08)9227 7533.Email:.au.Website:http:/.au Liabil
166、ity limited by a scheme approved under Professional Standards Legislation HLB Mann Judd(WA Partnership)is a member of International,a worldwide organisation of accounting firms and business advisers.-23-Beacon Minerals Limited STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2010 Notes 2
167、010$2009$Revenue 2 148,075 16,379 Other income 2 245,797 12,376 Accounting expense (262,046)(42,112)Audit and review fees (33,600)(24,290)Consultants (267,549)(341,846)Depreciation expense 9(4,742)(10,594)Directors fees (24,000)(24,000)Employee benefits expense (37,079)(259,653)Exploration expense 1
168、0(12,661)(2,024,282)Insurance (15,133)(18,729)Interest (71,919)(113,652)Legal expense (5,651)(9,262)Listing fees (57,268)(32,296)Office expense (95,414)(96,494)Option and share issue expense -(200,121)Other expenses (56,642)(21,062)Impairment of non-current financial asset -(135,000)Impairment of in
169、vestment in Silcom 2-(5,907,733)Impairment of loan to Silcom 2-(1,009,110)Promotions and advertising (296,087)(37,563)Share registry expense (54,606)(13,473)Travel and accommodation (43,917)(80,886)Loss before income tax expense from continuing operations 2(944,442)(10,373,403)Income tax expense 3-N
170、et Loss for the year (944,442)(10,373,403)Other comprehensive income Net change in fair value reserve 60,000-Other comprehensive income for the year 60,000-Total comprehensive loss for the year (884,442)(10,373,403)Basic loss per share(cents per share)5(0.16)(7.58)The accompanying notes form part of
171、 these financial statements -24-Beacon Minerals Limited STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2010 Notes 2010$2009$Assets Current Assets Cash and cash equivalents 6 4,186,938 990,577 Trade and other receivables 7 210,474 45,150 Total Current Assets 4,397,412 1,035,727 Non-Current Assets Othe
172、r financial assets 8-125,000 Property,plant and equipment 9 18,726 12,608 Deferred exploration expenditure 10 3,064,810 248,826 Total Non-Current Assets 3,083,536 386,434 Total Assets 7,480,948 1,422,161 Liabilities Current Liabilities Trade and other payables 12 594,730 29,640 Total Current Liabili
173、ties 594,730 29,640 Non-Current Liabilities Borrowings 13-1,612,937 Total Non Current Liabilities -1,612,937 Total Liabilities 594,730 1,642,577 Net Assets/(Liabilities)6,886,218(220,416)Equity Issued capital 14 19,468,839 11,661,762 Reserves 14 716,633 472,634 Accumulated losses 14(13,299,254)(12,3
174、54,812)Total Equity/(Deficiency)6,886,218(220,416)The accompanying notes form part of these financial statements -25-Beacon Minerals Limited STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2010 Notes 2010$2009$Inflows/(Outflows)Cash flows from operating activities Payments to suppliers and employ
175、ees (953,221)(953,496)Interest received 139,982 18,618 Net cash provided by/(used in)operating activities 6(813,239)(934,878)Cash flows from investing activities Loan to controlled entity -(1,506,397)Purchase of property,plant and equipment (10,860)-Proceeds from the sale of listed investments 296,4
176、68-Payments for deferred exploration expenditure (2,454,230)(901,791)Net cash provided by/(used in)investing activities (2,168,622)(2,408,188)Cash flows from financing activities Interest paid on borrowings (185,570)-Proceeds from borrowings -1,499,285 Repayment of borrowings (1,499,285)-Proceeds fr
177、om issue of shares 8,210,255 1,692,337 Share issue expenses (347,178)(101,596)Net cash provided by/(used in)financing activities 6,178,222 3,090,026 Net increase/(decrease)in cash and cash equivalents 3,196,361(253,040)Cash and cash equivalents at beginning of year 990,577 1,243,617 Cash and cash eq
178、uivalents at 30 June 2010 6 4,186,938 990,577 The accompanying notes form part of these financial statements -26-Beacon Minerals Limited STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2010 Issued Capital Accumulated losses Option Premium Reserve Equity Benefits Reserve Fair Value Reserve
179、Total$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 for the year-(10,373,403)-(10,373,403)Issue of options to employees and consultants -122,682-122,682 Revaluation of listed
180、 investments-20,000 20,000 Balance at 30 June 2009 11,661,762(12,354,812)169,250 243,384 60,000(220,416)Opening Balance 1 July 2009 11,661,762(12,354,812)169,250 243,384 60,000(220,416)Shares issued during the year 8,205,892-8,205,892 Transaction costs(398,815)-(398,815)Loss for the year-(944,442)-(
181、944,442)Issue of options to consultants -303,999-303,999 Transfer of reserve on sale of listed investments-(60,000)(60,000)Balance at 30 June 2010 19,468,839(13,299,254)169,250 547,383-6,886,218 The accompanying notes form part of these financial statements -27-Beacon Minerals Limited NOTES TO THE F
182、INANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2010 NOTE 1:STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (a)Basis of Preparation The financial report is a general-purpose financial report,which has been prepared in accordance with the requirements of the Corporations Act 2001,Accounting Standards and
183、 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 which have been measured at fair value.Cost is based on the fair values of the consideration given in exchange for assets.
184、The financial report is presented in Australian dollars.The Company is an Australian Securities Exchange listed public company,incorporated in Australia and operating in Australia.The companys principal activity is the exploration and development of minerals projects.The Company has applied the revi
185、sed AASB 101 Presentation of Financial Statements which became effective on 1 January 2009.The revised standard requires the separate presentation of a statement of comprehensive income and a statement of changes in equity.All non-owner changes in equity must now be presented in the statement of com
186、prehensive income.As a consequence,the group had to change the presentation of its financial statements.Comparative information has been re-presented so that it is also in conformity with the revised standard.During the year ended 30 June 2009,the acquisition of Silcom Resources Pty Ltd(Silcom)by th
187、e Company was accounted for as a business combination.In applying the requirements of AASB 3 Business Combinations,a number of factors,in particular the vendors of Silcom acquiring a majority shareholding in Beacon Minerals Limited,resulted in this being treated as a reverse acquisition.As a result,
188、in the 30 June 2009 financial report:Beacon Minerals was the legal parent entity of the Group and presented consolidated financial information.Silcom,which was neither the legal parent nor legal acquirer,was deemed to be the accounting parent for the Group.The consolidated financial information for
189、the year ended 30 June 2009 incorporated the assets and liabilities of Beacon Minerals and the results of that entity from the date acquired by Silcom.The assets and liabilities of Beacon Minerals were recorded at fair values while the assets and liabilities of Silcom were maintained at their book v
190、alues.During the current year,Silcom was liquidated,and therefore can no longer be deemed to be the accounting parent of Beacon.As a result,Beacon has reverted to the presentation of the financial report based on Beacon as a single entity.Comparative balances have been restated in order to present a
191、 meaningful comparison.(b)Adoption of new and revised standards In the year ended 30 June 2010,the Company has reviewed all of the new and revised Standards and Interpretations issued by the AASB that are relevant to its operations and effective for the current annual reporting period.During the yea
192、r,certain accounting policies have changed as a result of new or revised accounting standards which became operative for the annual reporting period commencing on 1 July 2009.The affected policies and standards are:Segment reporting new AASB 8 Operating Segments Financial Instruments revised AASB 7
193、Financial Instruments:Disclosures The Company has also reviewed all new Standards and Interpretations that have been issued but are not yet effective for the year ended 30 June 2010.As a result of this review the Directors have determined that there is no impact,material or otherwise,of the new and
194、revised Standards and Interpretations on its business and,therefore,no change necessary to accounting policies.(c)Statement of Compliance The financial report was authorised for issue on 30 September 2010.The financial report complies with Australian Accounting Standards,which include Australian equ
195、ivalents to International Financial 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).-28-Beacon Minerals Limited NOTES TO THE FINANCIAL STATEMENTS F
196、OR THE YEAR ENDED 30 JUNE 2010 NOTE 1:STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES(continued)(d)Critical accounting judgments and key resources of estimation uncertainty The carrying amounts of certain assets and liabilities are often determined based on estimates and assumptions of future events.Th
197、e 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 period are:Share-based payment transactions:The Company measures the cost of equity-settled transactions with emplo
198、yees 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 detailed in Note 11.The Company measures the cost of cash-settled share-based payments at fair value at the g
199、rant 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.Exploration and evaluation costs carried forward The recoverability of the carrying amount of exploration and evaluation costs carried forward has
200、 been reviewed by the directors.In conducting the review,the recoverable amount has been assessed by reference to the higher of“fair value less costs to sell”and“value in use”.In determining value in use,future cash flows are based on:Estimates of ore reserves and mineral resources for which there i
201、s a high degree of confidence of economic extraction;Estimated production and sales levels;Estimate future commodity prices;Future costs of production;Future capital expenditure;and/or Future exchange rates Variations to expected future cash flows,and timing thereof,could result in significant chang
202、es to the impairment test results,which in turn could impact future financial results.(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 income Interest revenue is recogn
203、ised 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 convertible to known amounts of cash and w
204、hich are subject to an insignificant risk of changes in value.For the purposes of the statement of cash flows,cash and cash equivalents consist of cash and cash equivalents as defined above.-29-Beacon Minerals Limited NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2010 NOTE 1:STATEMENT
205、 OF SIGNIFICANT ACCOUNTING POLICIES(continued)(g)Trade and other receivables Trade receivables,which generally have 30 day terms,are recognised and carried at original invoice amount less an allowance for any uncollectible amounts.Impairment of trade receivables is continually reviewed and those tha
206、t are considered to be uncollectible are written off by reducing the carrying amount directly.An allowance for doubtful debts is 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
207、 recognised in the statement of comprehensive income within other expenses.When a trade receivable for which an impairment allowance had been recognised becomes uncollectible in a subsequent period,it is written off against the allowance account.Subsequent recoveries of amounts previously written of
208、f are credited against other expenses in the statement of comprehensive income.(h)Derecognition of financial assets and financial liabilities (i)Financial assets 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
209、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 them in full without material delay to a third party under a pass-through arrangement;or the Company has transferred its rights to receive
210、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 substantially all the risks and rewards of the asset,but has transferred control of the asset.When the Company has transferred its rights to receive c
211、ash 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 asset is recognised to the extent of the Companys continuing involvement in the asset.Continuing involvement that takes the form of a guarant
212、ee 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 Company could be required to repay.When continuing involvement takes the form of a written and/or purchased option(including a cash-settled op
213、tion 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 repurchase,except that in the case of a written put option(including a cash-settled option or similar provision)on an asset measured at fai
214、r 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.(ii)Financial liabilities A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expired.Whe
215、n 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 derecognition of the original liability and the recognition of a new liabil
216、ity,and the difference in the respective carrying amounts is recognised in profit or loss.-30-Beacon Minerals Limited NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2010 NOTE 1:STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES(continued)(i)Impairment of financial assets The Company assesses
217、 at each balance date whether a financial asset or group of financial assets is impaired.(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
218、 difference between the assets carrying amount and the present value of estimated 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 carr
219、ying amount of the asset is reduced either directly or through use of an allowance 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 individ
220、ually or collectively for financial assets that are not individually significant.If 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 c
221、haracteristics and that group of financial assets is collectively assessed for impairment.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 amo
222、unt of the impairment loss decreases and the decrease can be related objectively to 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 carryi
223、ng value of the asset does not exceed its amortised cost at the reversal date.(ii)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 mea
224、sured),or on a derivative asset that is linked to and must be settled by delivery 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 o
225、f return for a similar financial asset.(iii)Available-for-sale investments If there 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 impairm
226、ent loss previously recognised in profit or loss,is transferred from equity to the statement of comprehensive income.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 th
227、rough profit or loss if the increase in an instruments fair value can be objectively related to an event occurring after the impairment loss was recognised in profit or loss.-31-Beacon Minerals Limited NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2010 NOTE 1:STATEMENT OF SIGNIFICANT
228、ACCOUNTING POLICIES(continued)(j)Income tax Current tax assets and liabilities are measured at the 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 date.De
229、ferred income tax is provided on all temporary differences at the balance date between 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 inc
230、ome tax liability arises from the initial recognition of goodwill or of an asset or liability 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 assoc
231、iated with investments in subsidiaries,associates or interests in joint ventures,and the 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
232、deductible temporary differences,carry-forward of unused tax assets and unused tax losses,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,excep
233、t:when the deferred income tax asset relating to the deductible temporary difference arises 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
234、 when the deductible temporary difference is associated with investments in subsidiaries,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
235、profit will be available against which the temporary difference can be utilised.The carrying amount of deferred income tax assets is reviewed at each balance 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 defe
236、rred income tax asset to be utilised.Unrecognised deferred income tax assets are reassessed at each balance 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 me
237、asured at the tax rates that are expected to apply to the year when the asset is realised or the liability is settled,based on tax rates(and tax laws)that have been enacted or substantively enacted at the balance date.Income taxes relating to items recognised directly in equity are recognised in equ
238、ity and not in profit or loss.Deferred tax assets and deferred tax liabilities 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 autho
239、rity.-32-Beacon Minerals Limited NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2010 NOTE 1:STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES(continued)(k)Other taxes Revenues,expenses and assets are recognised net of the amount of GST except:when the GST incurred on a purchase of goods and
240、 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 stated with the amount of GST included.The net amount of GST recoverable fr
241、om,or payable to,the taxation authority is included as part of receivables or payables in the statement of financial position.Cash flows are included in the statement of cash flows on a gross basis and the GST component of cash flows arising from investing and financing activities,which is recoverab
242、le from,or payable to,the taxation authority are classified as operating 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 deprec
243、iation and any accumulated impairment losses.Such cost includes the 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
244、 as a replacement only if it is eligible for capitalisation.Land and 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 usef
245、ul life of the assets as follows:Office Equipment over 5 to 8 years 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 revi
246、ewed for impairment at each reporting date,with recoverable amount 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
247、 in use,the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.For an asset that does not generate largely independent cash inflows,recoverable amount
248、is determined for the cash-generating unit to which the asset belongs,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
249、unit is then written down to its recoverable amount.For plant and equipment,impairment losses are recognised in the statement of comprehensive income in the other expenses line item.-33-Beacon Minerals Limited NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2010 NOTE 1:STATEMENT OF SIGN
250、IFICANT ACCOUNTING POLICIES(continued)(m)Property,plant and equipment(continued)(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 arising on derecogni
251、tion 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.(n)Financial assets Financial assets in the scope of AASB 139 Financial Instruments:Recognition and Measurement ar
252、e classified as either financial assets at fair value through profit or loss,loans and receivables,held-to-maturity investments,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
253、value through profit or loss,directly attributable transactions costs.The Company determines the classification of its financial 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
254、 assets are recognised on the trade date i.e.the date that the Company commits to purchase the asset.Regular way purchases or 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 th
255、e marketplace.(i)Financial assets at fair value through profit or loss Financial assets classified as held for trading are included 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 sellin
256、g in the near term.Derivatives are also classified as held for trading unless they are designated as effective hedging instruments.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 determina
257、ble payments and fixed maturity are classified as held-to-maturity when the Company has the positive intention and ability to 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
258、bonds,are subsequently measured at amortised cost.This cost is computed as the amount initially recognised minus principal repayments,plus or minus the cumulative amortisation using the effective interest method of any difference between the initially recognised amount and the maturity amount.This c
259、alculation includes all fees and points paid or received between parties to the contract that are an integral part of the effective 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 th
260、e investments are derecognised or impaired,as well as through the amortisation process.(iii)Loans and receivables Loans and receivables 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
261、effective interest method.Gains and losses are recognised in profit or loss when the loans and receivables are derecognised or 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 des
262、ignated as available-for-sale or are not classified as any of the three preceding categories.After initial recognition available-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 i
263、nvestment is determined to be impaired,at which time the cumulative gain or loss previously reported in equity is recognised 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
264、business on the balance date.For investments with no active market,fair value is determined using valuation techniques.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
265、analysis and option pricing models.-34-Beacon Minerals Limited NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2010 NOTE 1:STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES(continued)(o)Impairment of assets The Company assesses at each reporting date whether there is an indication that an as
266、set may be impaired.If any such indication 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 in
267、dividual asset,unless the asset does 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 uni
268、t to which it belongs.When the carrying 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 p
269、resent 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.Impairment losses relating to continuing operations are recognised in those expense categories consistent with the function of the impaired asset unless
270、the asset is carried at revalued amount(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 indic
271、ation exists,the recoverable amount 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
272、increased to its recoverable amount.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 am
273、ount,in which case the reversal is treated 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 Tra
274、de payables and other payables are carried 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 a
275、nd services.(q)Provisions Provisions 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
276、 amount of the obligation.When the Company 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 in
277、come statement net of any reimbursement.If the effect of the time value of money is material,provisions are discounted using a current pre-tax rate that reflects 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 b
278、orrowing cost.-35-Beacon Minerals Limited NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2010 NOTE 1:STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES(continued)(r)Employee leave benefits (i)Wages,salaries,annual leave and sick leave Liabilities for wages and salaries,including non-monetary
279、 benefits,annual 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.Liabilitie
280、s for non-accumulating 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
281、made in respect 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
282、 bonds with 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,
283、whereby employees 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 determ
284、ined by an internal 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(marke
285、t conditions)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
286、 vesting period).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
287、made for the 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 statement of comprehensive income charge or credit for a period represents the movement in cumulative expense recognised as at the beg
288、inning and end of that period.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.I
289、n addition,an expense is recognised 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.If an equity-settled award is cancelled,it is treated as if it had vested on the date
290、 of cancellation,and any expense not yet recognised for the award is recognised immediately.However,if a new award is substituted 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
291、 original award,as described in the previous paragraph.The dilutive effect,if any,of outstanding options is reflected as additional share dilution in the computation of earnings per share(see Note 5).-36-Beacon Minerals Limited NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2010 NOTE 1
292、:STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES(continued)(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 Basic earnings per sh
293、are is calculated as net profit/loss 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 share is cal
294、culated as net profit/loss 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;and oth
295、er 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 develo
296、pment 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 an area
297、 of interest and exploration expenditure relating to that area of interest are carried forward as an asset in the statement of financial position 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
298、 least one 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
299、 the reporting 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
300、and where this 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 tha
301、t would have 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
302、expenditure in relation to that area of interest is transferred to Development Expenditure within Property,Plant and Equipment in the statement of financial position.Capitalised Development Expenditure is amortised from the commencement of production on a unit of production basis over recoverable re
303、serves.Recoverable reserves are subject to review annually.-37-Beacon Minerals Limited NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2010 NOTE 1:STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES(continued)(w)Interest-bearing loans and borrowings All loans and borrowings are initially recog
304、nised at the fair value of the 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 th
305、e liabilities are derecognised.(x)Segment Reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker.The chief operating decision maker,who is responsible for allocating resources and assessing performance of the operat
306、ing segments,has been identified as the Board of Directors of Beacon Minerals Limited.Change in accounting policy The Company has adopted AASB 8 Operating Segments from 1 July 2009.AASB 8 replaces AASB 114 Segment Reporting.The new standard requires a management approach,under which segment informat
307、ion is presented on the same basis as that used for internal reporting purposes.This has not resulted in a change in the number of reportable segments presented by the Group as operating segments are reported in a manner that is consistent with internal reporting provided to the chief operating deci
308、sion maker.-38-Beacon Minerals Limited NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2010 NOTE 2:REVENUES AND EXPENSES 2010$2009$(a)Revenue and other income from continuing operations Interest 148,075 16,379 Other Income Gains on sale of listed investments 171,471-Fair value reserve g
309、ain on revaluation of investments 60,000-Other 14,326 12,376 Total other income 245,797 12,376 (b)Expenses from continuing operations Depreciation of non-current assets 4,742 10,594 Option and share issue expense-200,121 Contribution to employee superannuation plans 2,160 27,326 Impairment of invest
310、ment in Silcom*-5,907,733 Impairment of loan to Silcom*-1,009,110 *On 1 August 2008,Beacon completed the acquisition of Silcom Resources Pty Ltd and its 100%owned subsidiary,the owner of four mineral exploration projects in Kyrgyzstan,Central Asia.The investment in,and loans to,Silcom were fully imp
311、aired in the 2009 year due to the ceasing of operations in Kyrgyzstan prior to 30 June 2009.-39-Beacon Minerals Limited NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2010 NOTE 3:INCOME TAX Income tax recognised in profit or loss 2010$2009$The major components of tax expense are:Curren
312、t 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 reversal oftemporary differences-Total tax expense/(income)-The prima facie income tax expense on pre-tax accounting profit f
313、rom operations reconciles to the income tax expense in the financial statements as follows:Accounting loss before tax(944,442)(10,373,403)Income tax benefit calculated at 30%283,333 3,112,021 Non-deductible expenses:Option issue expense-(60,036)Exploration expenditure written off(3,798)(607,285)Impa
314、irment of Non current financial asset-(40,500)Impairment of Investment in Silcom-(1,772,320)Impairment of loan to Silcom-(302,734)Unrecognised tax losses(279,535)(329,146)Income tax expense reported in the statement of comprehensive income-Unrecognised deferred tax assets:Deferred tax assets have no
315、t been recognised in respect of the following items:Tax losses 771,865 492,330 Capital raising costs 248,525 128,880 Potential unrecognised tax benefit at 30%1,020,390 621,210 -40-Beacon Minerals Limited NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2010 NOTE 4:SEGMENT REPORTING Segme
316、nt Information The Company has identified its operating segments based on the internal reports that are reviewed and used by the board of directors(chief operating decision maker)in assessing performance and determining the allocation of resources.The Company is managed primarily on the basis of min
317、ing exploration and treasury activities.Operating segments are therefore determined on the same basis.Reportable segments disclosed are based on aggregating operating segments where the segments are considered to have similar economic characteristics.Types of reportable segments:(i)Tenement explorat
318、ion and evaluation:The exploration of current projects and the evaluation of new ones are reported in this segment,Segment assets,including acquisition costs of exploration licenses and all expenses related to the tenements are reported in this segment.(ii)Treasury The reporting relating to income f
319、rom cash holdings is reported in this segment.Basis of accounting for purposes of reporting by operating segments Accounting policies adopted Unless stated otherwise,all amounts reported to the Board of Directors as the chief operating decision maker with respect to operating segments are determined
320、 in accordance with accounting policies that are consistent to those adopted in the annual financial statements of the Company.Segment assets Where an asset is used across multiple segments,the asset is allocated to the segment that receives the majority of economic value from the asset.In the major
321、ity of instances,segment assets are clearly identifiable on the basis of their nature and physical location.Unless indicated otherwise in the segment assets note,investments in financial assets,deferred tax assets and intangible assets have not been allocated to operating segments.Segment liabilitie
322、s Liabilities are allocated to segments where there is direct nexus between the incurrence of the liability and the operations of the segment.Borrowings and tax liabilities are generally considered to relate to the Company as a whole and are not allocated.Unallocated items The following items of rev
323、enue,expense,assets and liabilities are not allocated to operating segments,as they are not considered part of the core operations of any segment:net gains on disposal of available-for-sale investments;impairment of assets excluding exploration assets and other non-recurring items of revenue or expe
324、nse;income tax expense;deferred tax assets and liabilities;trade payable and other trade payables Comparative information This is the first reporting period in which AASB 8:Operating Segments has been adopted.Comparative information has been stated to conform to the requirements of the Standard.-41-
325、Beacon Minerals Limited NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2010 NOTE 4:SEGMENT REPORTING(continued)(i)Segment performance-30 June 2010:Exploration and Evaluation$Treasury$Total$Interest Revenue-148,075 148,075 Gains on sale of listed investments-171,471 171,471 Fair value r
326、eserve gain on revaluation of investments-60,000 60,000 Other-14,326 14,326 Total segment revenue -393,872 393,872 Reconciliation of segment revenue to the statement of comprehensive income Inter-segment elimination-Total segment revenue -393,872 393,872 Segment net profit(loss)before tax(12,661)393
327、,872 381,211 Reconciliation of segment result to company net profit/(loss)before tax:Accounts reviewed by the Board but not included in segment result:Administration Expense (925,838)Employees Benefits Expenses (37,079)Financial Administration and Compliance Expense (256,526)Legal Expense (5,651)Tra
328、vel and Accommodation Expense (43,917)Other Expense (56,642)Company net loss before tax (944,442)Exploration and Evaluation$Treasury$Unallocated Items Total$Cash flow information Net cash flow from operating activities-139,982(953,221)(813,239)Net cash flow from investing activities(2,454,230)296,46
329、8(10,860)(2,168,622)Net cash flow from financing activities-6,178,222-6,178,222 Net increase/(decrease)in cash and cash equivalents 3,196,361 -42-Beacon Minerals Limited NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2010 NOTE 4:SEGMENT REPORTING(continued)(ii)Segment performance-30 Ju
330、ne 2009:Exploration and Evaluation$Treasury$Total$Interest Revenue-16,379 16,379 Other-12,376 12,376 Total segment revenue -28,755 28,755 Reconciliation of segment revenue to statement of comprehensive income Inter-segment elimination-Total segment revenue -Segment net profit(loss)before tax(2,024,2
331、82)28,755(1,995,527)Reconciliation of segment result to company net profit/(loss)before tax:Accounts reviewed by the Board but not included in segment result:Administration Expense (528,609)Employees Benefits Expenses (259,653)Financial Administration and Compliance Expense (226,440)Legal Expense (9
332、,262)Travel and Accommodation (80,886)Impairment of non-current financial asset (135,000)Impairment of investment in Silcom (5,907,733)Impairment of loan to Silcom (1,009,110)Option and share issue expense (200,121)Other Expense (21,062)Company net loss before tax (10,373,403)The Company does not ha
333、ve any external revenue from external customers that are attributable to any foreign country.-43-Beacon Minerals Limited NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2010 NOTE 4:SEGMENT REPORTING(continued)(ii)Segment performance-30 June 2009(continued)Exploration and Evaluation$Treasury$Unallocated Items Total$Cash flow information Net cash flow from operating activities-18,618(95
0731-84720580
sgpjbg002
工作日 9:30 - 18:00
研報
新質生產力
DeepSeek?
低空經濟
大模型
AI Agent
AI Infra
具身智能
自動駕駛
寵物
銀發經濟
人形機器人
企業出海
算力
微短劇
薪酬
白皮書
創新藥
人工智能
AI產業
信息科技
互聯網
消費經濟
汽車交通
電商零售
傳媒娛樂
醫藥健康
投資金融
能源環境
地產建筑
傳統產業
英文報告
其它
最新報告
中英對照
全文搜索
報告精選
PDF上傳翻譯
多格式文檔互轉
入駐&報告售賣
會員權益
機構報告
券商研報
財報庫
專題合集
英文報告
數據圖表
會議報告
其他資源
行業聚焦
芯片產業
熱點概念
全球咨詢智庫
人工智能
500強
新質生產力
會議峰會
新能源汽車
企業年報
互聯網
公司研究
行業綜觀
消費教育
科技通信
醫藥健康
人力資源
投資金融
汽車產業
物流地產
電子商務
傳統產業
傳媒營銷
其它
2025低空經濟/低空產業報告合集（共49套打包）
2025年智算中心/AIDC/AI數據中心研究報告合集（共37套打包）
AI、科技與通信
廣告、傳媒與營銷
消費、零售與支付
HR、文化與旅游
金融、保險與投資
能源、環境與工業
醫療制藥與大健康
物流、地產與建筑
其他行業
AI ? 科技 ? 通信
數字化
金融財經
智能制造
電商傳媒
地產建筑
醫療醫學
能源化工
其他行業
收藏
下載
2025-05-20
AI查數
行業數據
政策法規
商業模式
產業鏈
競爭格局
市場規模
產業概述
其它
2025年
AI讀財報
年報
一季報
半年報
三季報
IPO招股書
社會責任報告
A股
IPO申報
港股
美股&全球
新三板
掃碼登錄
手機快捷登錄
賬號登錄
