1、RECTORY/CONTENTSONTENTSPAGEDIRECTORY/CONTENTSPAGE 2015ANNUALREPORT 2012ANNUALREPORT CORPORATEDIRECTORY/CONTENTSPAGE BEACONMINERALSLIMITED2015ANNUALREPORT2CORPORATEDIRECTORYBOARDOFDIRECTORSGeoffreyGreenhillExecutiveChairmanGrahamMcGarryManagingDirectorSarahShipwayNonExecutiveDirectorCOMPANYSECRETARYS
2、arahShipwayKALGOORLIEOFFICE144VivianStreetBOULDERWA6432REGISTEREDOFFICELevel1,115CambridgeStreetWESTLEEDERVILLEWA6007T:0893226600F:0893226610E:.auW:.auSTOCKEXCHANGECODESBCNOrdinarySharesBCNOListedOptionsSHAREREGISTRYSecurityTransferRegistrars770CanningHighwayAPPLECROSSWA6153P:0893152333F:0893152233S
3、OLICITORSJeremyShervingtonAUDITORSWilliamBuckAudit(WA)PtyLtdCONTENTSPAGEReviewofOperations3DirectorsReport10StatementofProfitorLossandOtherComprehensiveIncome18StatementofFinancialPosition19StatementofChangesinEquity20StatementofCashflows21NotestotheFinancialStatements22DirectorsDeclaration52Auditor
4、sIndependenceDeclaration53IndependentAuditorsReport54MineralResourcesandOreReservesStatement56ShareholderInformation57MineralTenementInformation59REVIEWOFOPERATIONS BEACONMINERALSLIMITED2015ANNUALREPORT3BeaconMineralsLimited(ASX:BCN)(BeaconorCompany)ispleasedtopresentitsreviewofoperationsfortheyeare
5、nded30June2015.HIGHLIGHTS HalleysEastMiningCompleted,Cartage,MillingtoContinue Rehabilitationiswelladvancedwiththewastedumpcompleted RepaymentofDebentureNotes SandstoneWestandBarleeProjectDrillingResultsHALLEYSEASTOPENPITOPERATIONTheBoardandCompanysentirefocusthroughouttheyearhasbeenontheminingopera
6、tionsatHalleysEastandexplorationintheimmediateHalleysEastareaandatSandstone.Rehabilitationworkhascommencedandsurplushireequipmenthasbeendemobilisedasthewindingdownofoperationsoccurs.Figure1HalleysEastPitJune2015REVIEWOFOPERATIONS BEACONMINERALSLIMITED2015ANNUALREPORT4Figure2GreenfieldsMill,Coolgardi
7、eWesternAustraliaMillingCampaignsForthetwelvemonthsended30June2015Beaconcompleted3millingcampaigns.TheCompanysold9,229ozatanaveragepriceofAU$1,459ozatanaverageC2ProductionCostof$647perounce.FullyAllocatedC3costsperounceforthesameperiodwas$761.Todate12,995ozhavebeensoldforanaveragepriceperounceofAU$1
8、,454.CartageoforecontinuesfromHalleysEastinanticipationofmillrun6.BARLEEPROJECTOnthe15July2015Beaconadvisedthatithadcompleteda43holeaircoredrillprogramattheAlbertandGRLprospects.BothprospectsarelocatedwithinthenorthernpartsofE77/2156(Figure3).AlbertProspectAt the Albert prospect,the Beacon auger soi
9、l geochemistry has shown a larger soil anomaly than thatidentifiedbythehistoricalsurfacesoilsampling,muchofwhichwasuntested.Twolinesofangledaircoredrillingwerecompletedtotestthepreviouslyunknownandhighertenorpartsofthesoilanomaly.Table1summarisesallsignificantgoldinterceptsabove0.1g/t,asannouncedtot
10、heASXon15July2015.Table1:AlbertProspectGoldIntercepts(0.1g/tAu)(CompositeSampleResults)HoleNoMGAEastMGANorthTotalDepthGoldInterceptRegolith/GeologyBTAC020701450673662412m812m(BOH),4m0.30g/tAuMaficsaprolite&gabbrosaprock,silicaalteredCTB169701442673655148m2428m,4m0.11g/tAuMaficlowersaproliteCTB170701
11、492673655134m2028m,8m0.23g/tAuMaficlowersaproliteNB:HolesCTB169&170arehistoricalangledRABholes,notdrilledaspartoftherecentprogramme.REVIEWOFOPERATIONS BEACONMINERALSLIMITED2015ANNUALREPORT5Figure3BarleeProjectTenure.MainProspectsandSoilAnomaliesGRLProspectAttheGLRprospecttheaugersoilsamplinghasindic
12、atedaneworientationtothesoilanomaliesandagain,partsofthesehadnotbeenpreviouslydrilltested.Therecentlycompletedangledaircoreprogrammehasnowtestedtheextentoftheknownsoilanomaliesatthisprospect.TwolinesofangledaircorewerecompletedtofurthertesttheGLRgoldinsoilanomalies.Amuchdeeperweatheringprofilewasint
13、ersectedherewithholesregularlyexceedingatotaldepthof45m(downhole).REVIEWOFOPERATIONS BEACONMINERALSLIMITED2015ANNUALREPORT6Table2summariseallsignificantgoldinterceptsabove0.1g/t,asannouncedtotheASXon15July2015.Table2:GRLProspectGoldIntercepts(0.1g/tAu)(CompositeSampleResults)HoleNoMGAEastMGANorthTot
14、alDepthGoldInterceptRegolith/GeologyBTAC028702424673544750m3244m,12m0.15g/tAuMaficlowersaproliteBTAC030702472673544854m1216m,4m1.26g/tAu2832m,4m0.85g/tAuMottledclays,somequartzveiningMottledclays&maficlowersaproliteBTAC031702498673544548m812m,4m0.64g/tAu3640m,4m0.15g/tAuMottledclaysMaficlowersaproli
15、teCTB176702492673540155m3334m,1m2.29g/tAuMaficlowersaproliteBTAC039702449673535143m2428m,4m0.33g/tAu3640m,4m0.39g/tAuMaficlowersaproliteMaficlowersaproliteNB:HoleCTB176isahistoricalangledRABhole,notdrilledaspartoftherecentprogramme.FurtherWorkResultsfromtheAlbertandGLRprospectsindicategoldanomalouss
16、hearsliebelowtheidentifiedgoldinsoilanomalies.BoththeAlbertandGLRprospectshavenowbeenadequatelytestedbythedrillingcompletedbyBeaconanditisconsideredhighlyunlikelythatasignificantgoldoccurrenceislocatedateitherprospect.SANDSTONEWESTGOLDENRAVENPROSPECTOn16February2015Beaconannouncedthatithadsecuredane
17、xclusiveoption(“Option”)andFarmin(“Farmin”)arrangementtoexploreanareaofapproximately74km2(“Project”),located4kmwestoftheSandstonetownshipinWesternAustralia(Figure3).BeaconhadenteredintoanexclusiveoptiontopurchaseExplorationLicenceE57/921andenteredintoafarminandjointventurewithBlackOakMineralsLimited
18、(“BlackOakMinerals”)onE57/961,P57/1108andP57/1109locatedapproximately4kmwestofSandstone,WesternAustralia(“Project”).ForfurtherdetailsofthetransactionoptionandfarmintermsseetheASXannouncementof16February2015.DuringthelastquarterofthefinancialyearBeaconcommenceda2,300maircoredrillingprogramattheSandst
19、oneWestProject(Figure4).Theaircoreprogramtestedtheentireregolithprofileandthehypogene(freshrock)belowtheidentifiedGoldRavenProspectareaatSandstoneWest.REVIEWOFOPERATIONS BEACONMINERALSLIMITED2015ANNUALREPORT7Figure3SandstoneregionallocationmapHistoricalExplorationE57/921haspreviouslybeenthefocusofin
20、tenseprospectingactivitiesbymoderndayprospectorswithmetaldetectorsandhasalsoincludedsomesmallscalelowimpactminingactivities.ThemainprospectwithinE57/921istheGoldenRavenprospect.Whilsttheexactamountofrecoveredgoldisnotknown,alargeamountofeluvialgoldandspecimengoldhasbeenidentifiedandrecoveredfromthen
21、earsurfaceattheGoldenRavenProspect.March2015BlastHoleDrillingResultsInMarch2015Beaconcompletedashallowdrillingprogramtotestthetop6moftheregolithprofileforeconomicaccumulationsofgoldattheGoldenRavenprospectwithintheSandstoneWestProject.64shallowverticalholeswerecompletedforatotalof385metres.Theresult
22、sasannouncedtotheASXon3March2015include;1m7.42g/tAu 6m20.00g/tAu 4m8.29g/tAu 4m3.41g/tAuTheseresultsaresignificantandclearlyindicatethepresenceofagoldmineralisedsystemwithintheupperpartsoftheinsituportionoftheregolithprofile.REVIEWOFOPERATIONS BEACONMINERALSLIMITED2015ANNUALREPORT8July2015AircoreHol
23、eDrillingResultsOn15July2015BeaconannouncedthatithadcompletedadrillingprogrammetotesttheregolithprofileforeconomicaccumulationsofgoldattheGoldenRavenProspectwithintheSandstoneWestProject.34angleddrillholeswerecompletedforatotalof2,249metres.Theresults,asannouncedtotheASXon15July2015,includedupto4m1.
24、51g/tAuwerereturnedindicatingagoldmineralisedsystemwithinthelowersaprolitepartoftheregolithprofile.Theresultsindicatedthatalthoughtherewerealargenumberofgoldanomalousinterceptsreturned,fewwereofhighenoughtenortoindicateasignificantgoldoccurrence.AlargepartoftheGoldenRavensoilanomalyremainsuntested.B
25、eaconwillcompletefurtherassessmentsoftheremainingpartsoftheGoldenRavenprospectandofothertargetswithintheprojectarea.OTHEROPPORTUNITIESTheCompanyconfirmsitscommitmenttocontinuetopursueotheropportunitiesinthemineralssectorinAustralia.JORC2012ProbableOreReservesTheestimateofProbableOreReservesrelatingt
26、otheHalleysEastdepositwerefirstannouncedtothemarketon30October2013.TheCompanyconfirmsitisnotawareofanynewinformationordatathatmaterially affects the information included in those market announcements and that all materialassumptionsandtechnicalparametersunderpinningtheestimatesinthosemarketannouncem
27、entscontinuetoapplyandhavenotchanged.ExplorationThisannouncementcontainsinformationextractedfromthefollowingannouncementswhichareavailableforviewingontheC:16February2015Beacontoacquireandfarmintohighlyprospectivegoldground3March2015SandstoneWestGoldenRavenhighgradedrillingresults15July2015SandstoneW
28、estandBarleeProjectDrillingResultsThe Company confirmed it is not aware of any new information or data that materially affects theinformationincludedinthisannouncementrelatingtoexplorationactivitiescarriedoutattheSandstoneWestProjectGoldenRavenProspectandallmaterialassumptionsandtechnicalparametersu
29、nderpinningtheexplorationactivitiesinthosemarketannouncementscontinuetoapplyandhavenotbeenchanged.TheCompanyconfirmsthattheformandcontextinwhichtheCompetentPersonsfindingsarepresentedhavenotbeenmateriallymodifiedfromtheoriginalmarketannouncements.REVIEWOFOPERATIONS BEACONMINERALSLIMITED2015ANNUALREP
30、ORT9CORPORATEUPDATEDebentureNoteRepaymentsThe Company announced on 19 May 2015 and 2 July 2015 that an early repayment in relation to theCompanys$4.0milliondebenturenoteshadbeenmade.InNovember2013theCompanyissued$3.90millionofdebenturenotesand$0.10millionofdebenturenoteswereissuedinDecember2013.Onth
31、e18Mayand30June2015$1.95millionand$0.05millionhasbeenrepaidrespectively,6monthsearlierthantheduedate.Subsequenttotheyearendon5August2015theCompanyrepaid$2.0millionofdebenturenotes,beingtheremainingdebenturenotesonissue,5monthsearlierthantheduedate.TheearlyrepaymentofthedebenturenotesdemonstratesBeac
32、onsefficientbalancesheetandsuccessfulcashflowmanagement.SaleofConsolidatedTinMinesSharesOn5August2015theCompanyannouncedthatithadsold13,219,917sharesinConsolidatedTinMines(ASX:CSD)at$0.055pershare.Proceedsfromthesalewas$714,324,netofbrokeragefees.PassingofDirectorTheCompanyannouncedwithgreatsadnessa
33、ndregretthatExecutiveDirectorMrMarcusMichaelhadpassedaway.AsalongtermDirectorofBeacon,MarcuscontributiontothefundinganddevelopmentoftheHalleysEastminewasinstrumentalinthesuccesstheCompanyhasexperiencedatHalleysEast.MarcuswasahighlyrespectedBoardmember,hisexperience,energyandinspirationwillbegreatlym
34、issed.SarahShipway,whohasbeentheCompanySecretaryofBeaconsince2013wasappointedasNonExecutiveDirectoron11June2015tofillthevacancycreatedbytheuntimelypassingofMarcusMichael.Ms Shipway is a member of the Institute of Chartered Accountants and graduated with a Bachelor ofCommercefromMurdochUniversity.DIR
35、ECTORSREPORT BEACONMINERALSLIMITED2015ANNUALREPORT10TheDirectorsofBeaconMineralsLimited(“Beacon”or“theCompany”)submitherewiththeannualfinancialreportofBeaconMineralsLimitedanditssubsidiaries(“theGroup”)fortheperiod1July2014to30June2015.InordertocomplywiththeprovisionsoftheCorporationsAct2001,theDire
36、ctorsreportisasfollows:DIRECTORSThenamesandparticularsofthedirectorsoftheGroupduringthefinancialyearandasatthedateofthisreportareasfollows.Directorswereinofficefortheentireperiodunlessotherwisestated.GeoffreyGreenhillAWASM,MAusIMMExecutiveChairmanAppointed19March2012GeoffreyGreenhillgraduatedfromthe
37、WesternAustralianSchoolofMinesobtaininganAssociateshipinMetallurgy in 1973.Mr Greenhill has held various senior metallurgical roles and has designed andcommissionedoreprocessingfacilitiesacrossAustralia.Heishighlyrespectedwithintheminingindustryandhasastrongtrackrecordincreatingshareholdervalue.MrGr
38、eenhillandMrMcGarryhavebeenbusinesspartnersfor29yearsandhavehadsubstantialsuccessindevelopingminingprojectsinWA,SA,QLDandtheNT.MrGreenhillandMrMcGarryaretheexecutivesinchargeofthedaytodaymanagementoftheGroupsactivities.Duringthepastthreeyearshehasnotservedasadirectorofanyotherpubliccompany.GrahamMcG
39、arryCPA,CDManagingDirectorAppointed19March2012Graham McGarry is an experienced and seasoned hands on miner,with an impressive track record inturningearlystageprojectsintoviableandattractiveinvestmentpropositions.MrMcGarryspenteightyearswithAmalgResourcesNLasaManagingDirectorandwasresponsibleforthede
40、velopmentoftheEloiseCopper Mine in Queensland from bare paddock to an underground mine producing 500,000 tpa ofcopper/goldore.MrMcGarryhasdevelopednumeroussuccessfulminingprojectsacrossAustralia.MrGreenhillandMrMcGarryaretheexecutivesinchargeofthedaytodaymanagementoftheGroupsactivities.Duringthepast
41、threeyearshehasnotservedasadirectorofanyotherpubliccompany.SarahShipwayCA,B.ComNonExecutiveDirectorAppointed11June2015Sarah Shipway was appointed NonExecutive Director on 11 June 2015 and was appointed CompanySecretaryon19March2012.MsShipwayhasaBachelorofCommercefromMurdochUniversityandisamemberofth
42、eInstituteofCharteredAccountantsinAustralia.MsShipwayisthedirectorinchargeofcorporategovernanceandstatutoryreportingactivities.DIRECTORSREPORT BEACONMINERALSLIMITED2015ANNUALREPORT11Duringthepastthreeyearsshehasservedasadirectorofthefollowingpubliccompanies;CompanyDateofAppointmentDateofResignationA
43、rgentMineralsLimited11June201516September2015StGeorgeMiningLimited11June2015NotApplicableMarcusMichaelCA,B.BusExecutiveDirectorAppointed19March2012Retired11June2015MarcusMichaelwasaCharteredAccountantwithextensiveexperienceintheAustralianfinancialmarketsincludingASXcompanylistings,equityanddebtfundi
44、ng,mergersandacquisitionsandcorporaterestructuresandrecapitalisations.MarcuswasafoundingDirectorofMarshallMichaelPtyLtd,CharteredAccountants.Establishedin1994asaboutiquecorporateandbusinessadvisory,wealthmanagement,taxadvisoryandfinancialandmanagementreportingpractice,servicingminingandexploration,h
45、ealthcareandinformationtechnologysectors.MarcusgraduatedfromCurtinUniversitywithaBachelorofBusinessandwasaMemberoftheInstituteofCharteredAccountants.Duringthepastthreeyearshehadservedasadirectorofthefollowingpubliccompanies;CompanyDateofAppointmentDateofResignationArgentMineralsLimitedApril200711Jun
46、e2015StGeorgeMiningLimitedOctober200911June2015CardinalResourcesLimitedDecember201211June2015COMPANYSECRETARYSarahShipwaywasappointedCompanySecretaryon19March2012.FordetailsrelatingtoSarahShipway,pleaserefertothedetailsondirectorsabove.DIRECTORSINTERESTSAtthedateofthisreport,theDirectorsheldthefollo
47、winginterestsinBeaconMinerals.NameOrdinarySharesListedOptionsGeoffreyGreenhill59,863,33492,371,667GrahamMcGarry85,937,376138,691,667SarahShipway2,542,0002,512,000SHAREOPTIONSAtthedateofthisreporttheGrouphadonissue797,702,924ListedOptions,exercisableat$0.005onorbefore30September2015.Duringthefinancia
48、lyearended30June2015nooptionswereconvertedtofullypaidordinaryshares.PRINCIPALACTIVITIESTheprincipalactivityoftheGroupisthedevelopmentandproductionofgoldfromtheHalleysEastopenpitgoldmine,WesternAustralia.DIRECTORSREPORT BEACONMINERALSLIMITED2015ANNUALREPORT12RESULTSANDREVIEWOFOPERATIONSTheresultofthe
49、consolidatedentityforthefinancialyearended30June2015isanafterincometaxprofitof$5,098,921(2014:lossof$7,531,796).Areviewofoperationsoftheconsolidatedentityduringtheyearended30June2015isprovidedinthe“ReviewoftheOperations”immediatelyprecedingthisDirectorsReport.LIKELYDEVELOPMENTSTheconsolidatedentitys
50、focusoverthenextfinancialyearwillbetocontinuetocompletetheHalleysEastProjectandcontinuingtopursueotheropportunitiesinthemineralssectorinAustralia.Furthercommentaryon the consolidated entitys planned activities over the forthcoming year is provided in the Review ofOperations.SIGNIFICANTCHANGESINSTATE
51、OFAFFAIRSTherehavenotbeenanysignificantchangesinthestateofaffairsoftheGroupduringthefinancialyear,otherthanthosenotedinthisfinancialreport.ENVIRONMENTALISSUESTheGroupisawareofitsenvironmentalobligationswithregardstoitsexplorationactivitiesandensuresthatitcomplieswithallregulationswhencarryingoutexpl
52、orationwork.DIVIDENDSPAIDORRECOMMENDEDThedirectorsdonotrecommendthepaymentofadividendandnoamounthasbeenpaidordeclaredbywayofadividendtothedateofthisreport.DIRECTORSMEETINGSDuringthefinancialyear,8meetingsofDirectorswereheld.Attendancesbyeachdirectorduringtheyearwereasfollows:NameNoteEligibletoattend
53、AttendedGGreenhill88GMcGarry88SShipway122MMichael287Note1:SShipwaywasappointedasNonExecutiveDirectoron11June2015Note2:MMichaelretiredasExecutiveDirectoron11June2015REMUNERATIONREPORTAUDITEDRemunerationpolicyTheremunerationpolicyofBeaconMineralsLimitedhasbeendesignedtoaligndirectorsobjectiveswithshar
54、eholderandbusinessobjectivesbyprovidingafixedremunerationcomponentwhichisassessedonanannualbasisinlinewithmarketratesandequityrelatedpayments.TheBoardofBeaconMineralsLimitedbelievestheremunerationpolicytobeappropriateandeffectiveinitsabilitytoattractandretainthebestdirectorstorunandmanagetheGroup.Al
55、lkeymanagementpersonnelaredirectorsoftheGroup.TheBoardspolicyfordeterminingthenatureandamountofremunerationforBoardmembersisasfollows:DIRECTORSREPORT BEACONMINERALSLIMITED2015ANNUALREPORT13 TheremunerationpolicyandsettingthetermsandconditionsfortheExecutivedirectorsandotherseniorstaffmembersisdevelo
56、pedandapprovedbytheBoardbasedonlocalandinternationaltrendsamongcomparativecompaniesandindustrygenerally.Itexaminestermsandconditionsforemployeeincentive schemes,benefit plans and share plans.Independent advice is obtained when considerednecessarytoconfirmthatexecutiveremunerationisinlinewithmarketpr
57、acticeandisreasonablewithinAustralianexecutiverewardpractices.Executivesreceiveabasesalary(whichisbasedonfactorssuchaslengthofserviceandexperience)andsuperannuation.Consistentwithattractingandretainingtalentedexecutives,directorsandseniorexecutivesarepaidmarket rates associated with individuals in s
58、imilar positions within the same industry.Options andperformanceincentivesmaybeissuedandkeyperformanceindicatorssuchasprofitandproductionandreservesgrowthcanbeusedasmeasurementsforassessingexecutiveperformance.TheBoardpolicyistoremuneratenonexecutivedirectorsatmarketratesforcomparablecompaniesfortim
59、e,commitment and responsibilities.The Executive Directors,in consultation with independentadvisors,determinepaymentstothenonexecutivesandreviewtheirremunerationannually,basedonmarketpractice,dutiesandaccountability.Themaximumaggregateamountoffeesthatcanbepaidtononexecutivedirectorsissubjecttoapprova
60、lbyshareholdersattheannualGeneralMeetingandiscurrently$250,000perannum.FeesfornonexecutivedirectorsarenotlinkedtotheperformanceoftheGroup.However,toalignDirectorsinterestswithshareholderinterests,thedirectorsareencouragedtoholdsharesintheCompany.DetailsofdirectorsandexecutivesThefollowingtableprovid
61、esemploymentdetailsofpersonswhowere,duringthefinancialyear,membersofkeymanagementpersonneloftheentity.DirectorsTitleDateofAppointmentDateofRetirementGGreenhillExecutiveChairman19March2012NotApplicableGMcGarryManagingDirector19March2012NotApplicableSShipwayNonExecutiveDirector11June2015NotApplicableM
62、MichaelNonExecutiveDirector19March201211June2015TheGroupdoesnothaveanykeymanagementpersonnelthatarenotDirectors.ExecutiveDirectorsremunerationandothertermsofemploymentarereviewedannuallybytheexecutivedirectorshavingregardtoperformanceagainstgoalssetatthestartoftheyear,relativetocomparableinformation
63、andindependentexpertadvice.ExceptasdetailedintheRemunerationReport,nodirectorhasreceivedorbecomeentitledtoreceive,duringorsincethefinancialyearend,abenefitbecauseofacontractmadebytheGrouporarelatedbodycorporatewithadirector,afirmofwhichadirectorisamemberoranentityinwhichadirectorhasasubstantial fina
64、ncial interest.This statement excludes a benefit included in the aggregate amount ofemolumentsreceivedordueandreceivablebydirectorsandshownintheRemunerationReport,preparedinaccordancewiththeCorporationsRegulations,orthefixedsalaryofafulltimeemployeeoftheGroup.DIRECTORSREPORT BEACONMINERALSLIMITED201
65、5ANNUALREPORT14RemunerationofdirectorsRemunerationforthefinancialyearended30June2015.ShortTermBenefitsPostEmploymentBenefitsLongTermBenefitsEquitysettledsharebasedpaymentsDirectorsSalaryandFeesSuperannuationLongServiceLeaveShares/Options(i)Total$GGreenhill2015100,0009,500109,500201490,0008,32598,325
66、GMcGarry2015100,0009,500109,500201490,0008,32598,325MMichael2015100,0009,500109,500201490,0008,32598,325SShipway(ii)20152014Total2015300,00028,500328,5002014270,00024,975294,975(i)Nooptionsorsharesweregrantedaspartofremuneration.(ii)SShipwaywasappointedasadirectoron11June2015Employmentcontractsofdir
67、ectorsThe Group has entered into an executive services agreement with Mr Geoffrey Greenhill,Mr GrahamMcGarryandMrMarcusMichael(collectivelytheDirectors)wherebytheDirectorreceivesremunerationof$100,000perannumplusstatutorysuperannuation.TheDirectorsterminationprovisionsareasfollows:NOTICEPERIODPAYMEN
68、TINLIEUOFNOTICEEmployerinitiatedtermination:withoutreason03months6months seriousmisconduct0months0monthsEmployeeinitiatedtermination:3monthsNotspecifiedEquitybasedremunerationpaymentsDuring the financial year ended 30 June 2015 no equity was granted to directors as part of theirremuneration.DIRECTOR
69、SREPORT BEACONMINERALSLIMITED2015ANNUALREPORT15OrdinaryshareholdingsofkeymanagementpersonnelDirectorsBalanceat1July2014(i)OptionsexercisedduringtheyearNetotherchange(ii)Balanceat30June2015(iii)GeoffreyGreenhill59,863,33459,863,334GrahamMcGarry85,233,333704,04385,937,376MarcusMichael58,228,33358,228,
70、333SarahShipway2,542,0002,542,000Total205,867,000704,043206,571,043DirectorsBalanceat1July2013OptionsexercisedduringtheyearNetotherchange(i)Balanceat30June2014GeoffreyGreenhill59,863,33459,863,334GrahamMcGarry84,233,3331,000,00085,233,333MarcusMichael58,228,33358,228,333Total202,325,0001,000,000203,
71、325,000(i)Balanceasat1July2014oratthedateofappointment.(ii)Onmarkettransactionforcashconsideration.(iii)Balanceasat30June2015oratthedateofretirement.OptionholdingsofkeymanagementpersonnelDirectorsBalanceat1July2014(ii)OptionsexercisedduringtheyearNetotherchangeBalanceat30June2015(iii)GeoffreyGreenhi
72、ll92,371,66792,371,667GrahamMcGarry138,691,667138,691,667MarcusMichael40,761,66640,761,666SarahShipway2,512,0002,512,000Total274,337,000274,337,000DirectorsBalanceat1July2013OptionsexercisedduringtheyearNetotherchange(i)Balanceat30June2014GeoffreyGreenhill42,371,66750,000,00092,371,667GrahamMcGarry4
73、6,191,66792,500,000138,691,667MarcusMichael40,761,66640,761,666Total129,325,000142,500,000271,825,000(i)On11November2013theCompanyissuedthefirsttrancheofDebentureNotes.Thefacevalueofeachdebentureis$1.00andforevery1debenturenoteissued,theCompanygranted100ListedOptions.Forthefulltermsandconditionsofth
74、eDebentureNotespleaserefertoNote16(c).(ii)Balanceasat1July2014oratthedateofappointment.(iii)Balanceasat30June2015oratthedateofretirement.Onthe11November2013GrahamMcGarry,GeoffreyGreenhillandOceanicCapitalPtyLtd(togetherthe“RelatedParties”),whichisaCompanycontrolledbytheparentsofMarcusMichael,through
75、theirrespectiverelatedpartyentities,participatedintheissueofDebentureNotesintheCompany.TheRelatedPartiesparticipationwasapprovedattheCompanysAnnualGeneralMeetingheldon7November2013.Thefacevalueofeachdebenturenoteis$1.00andforevery1debenturenoteissued,theCompanygranted100listedoptions.Thetermsandcond
76、itionsoftheDebentureNotesaredetailedinNote16(c).DIRECTORSREPORT BEACONMINERALSLIMITED2015ANNUALREPORT16TheinterestpayableontheDebentureNotesis18%perannum.Duringtheyear$160,715(2014:$109,328)waspaidorpayabletoGrahamMcGarryand$86,873(2014:$59,096)toGeoffreyGreenhill,throughtheirrespectiverelatedpartye
77、ntitiesand$160,715(2014:$109,328)waspaidorpayabletoOceanicCapitalPtyLtd.At30June2015$12,943(2014:$8,705)interestwaspayabletoGrahamMcGarry,throughhisrespectiverelated party and Oceanic Capital Pty Ltd and$6,996(2014:$4,706)interest was payable to GeoffreyGreenhill,throughhisrespectiverelatedpartyenti
78、ty.DebentureNoteholderswerepaidafeeof3%placementfeeontheDebentureNotes.Inthefinancialyearended30June2014theCompanypaidaplacementfeeof$27,750toGrahamMcGarryand$15,000toGeoffreyGreenhill,throughtheirrespectiverelatedpartyentitiesand$27,750toOceanicCapitalPtyLtd.Therewasnoplacementfeepaidduringtheyeare
79、nded30June2015.McVerde Minerals Pty Ltd,of which Graham McGarry and Geoffrey Greenhill are Directors,providedequipmenthiretotheCompanyonordinarycommercialterms.Amountsthathavebeenpaidorpayabletotal$864,078(2014:$1,119,792).At30June2015$0(2014:$245,341)waspayabletoMcVerdeMinerals.MrMichaelwasadirecto
80、randhadabeneficialinterestinMarshallMichaelCharteredAccountants.StaffofMarshall Michael Pty Ltd,including NonExecutive Director and Company Secretary Sarah Shipway,hasprovidedcorporatesecretarial,accounting,bookkeepingandgeneraladministrativeservicesduringtheyear.Amountsthathavebeenpaidorarepayablet
81、otal$83,739(2014:$109,696).At30June2015$21,253(2014:$4,227)waspayabletoMarshallMichaelCharteredAccountants.ENDOFREMUNERATIONREPORTINDEMNIFICATIONANDINSURANCEOFDIRECTORS,OFFICERSANDAUDITORSInaccordancewiththeconstitution,exceptasmaybeprohibitedbytheCorporationsAct2001everyOfficeroragentoftheGroupshal
82、lbeindemnifiedoutofthepropertyoftheentityagainstanyliabilityincurredbyhiminhiscapacityasOfficeroragentoftheGrouporanyrelatedcorporationinrespectofanyactoromissionwhatsoeverandhowsoeveroccurringorindefendinganyproceedings,whethercivilorcriminal.DuringtheyeartheGroupagreedtopayanannualinsurancepremium
83、of$8,880(2014:$8,880)inrespectofdirectorsandofficersliabilityandlegalexpensesinsurancecontracts,fordirectors,officersandemployeesoftheGroup.Theinsurancepremiumrelatesto:Costsandexpensesincurredbytherelevantofficersindefendingproceedings,whethercivilorcriminalandwhatevertheoutcome.Otherliabilitiestha
84、tmayarisefromtheirposition,withtheexceptionofconductinvolvingawillfulbreachofduty.NoindemnityhasbeenobtainedfortheauditoroftheGroup.SHAREOPTIONSUnissuedsharesTheGroupat30June2015had797,702,924optionsonissue,theoptionsareexercisableat$0.005onorbefore30September2015.Optionholdersdonothaveanyrightstopa
85、rticipateinanyissuesofsharesorotherinterestsintheGrouporanyotherentity.DIRECTORSREPORT BEACONMINERALSLIMITED2015ANNUALREPORT17CORPORATEGOVERNANCESTATEMENTBeaconMineralsLimitediscommittedtoensuringthatitspoliciesandpracticesreflectahighstandardofcorporate governance.The Board has adopted a comprehens
86、ive framework of Corporate GovernanceGuidelines.Throughoutthe2015financialyeartheGroupsgovernancewasconsistentwiththeCorporateGovernancePrinciplesandRecommendations(3rdedition)publishedbytheASXCorporateGovernanceCouncil.TheGroupsCorporateGovernanceStatementcanbeviewedathttp:/.au/corporategovernance.
87、EVENTSSUBSEQUENTTOREPORTINGDATEOn5August2015theGroupconfirmedthat$2.0millionwasrepaidtoDebentureNoteholders,5monthsearlierthantheduedate.AfterthisrepaymenttheGrouphasnodebenturenotesonissue.On5August2015theGroupannouncedthatithadsold13,219,917sharesinConsolidatedTinMines(ASX:CSD)for$0.055pershare.Pr
88、oceedsfromthesaleoftheshareswas$714,324,netofbrokeragecosts.CapitallossonsaleoftheCSDshareswas$57,774.Otherthantheabovenomattersorcircumstanceshavearisensincetheendofthefinancialyearwhichsignificantlyaffectedorcouldsignificantlyaffecttheoperationsoftheconsolidatedentity,theresultsofthoseoperations,o
89、rthestateoftheaffairsoftheconsolidatedentityinfuturefinancialyears.AUDITORSINDEPENDENCEDECLARATIONTheauditorsindependencedeclarationfortheyearended30June2015hasbeenreceived,formspartofthedirectorsreportandcanbefoundonpage53oftheannualreport.NONAUDITSERVICESTheCompanysauditor,WilliamBuckAudit(WA)PtyL
90、td,didnotprovideanynonauditservicestotheGroupduringthefinancialyearended30June2015.Signedinaccordancewitharesolutionofthedirectorsmadepursuanttos298(2)oftheCorporationsAct2001.Onbehalfofthedirectors.GEOFFREYGREENHILLExecutiveChairmanDatedthis23September2015FINANCIALREPORTFORTHEYEARENDED30JUNE2015 BE
91、ACONMINERALSLIMITED2015ANNUALREPORT18CONSOLIDATEDSTATEMENTOFPROFITORLOSSANDOTHERCOMPREHENSIVEINCOMEFORTHEYEARENDED30JUNE2015AustralianDollar($)NoteCONSOLIDATED30JUNE2015$30JUNE2014$Goldsales13,460,7242,526,430Interestrevenue48,12031,756REVENUE13,508,8442,558,186Costofgoodssold4(a)(6,751,922)(4,877,0
92、39)GROSSPROFIT/(LOSS)6,756,922(2,318,853)Otherincome3194,597224,508Administrationexpenses(461,859)(393,693)Explorationanddevelopmentexpenditurewrittenoff12(210,781)(4,312,388)Financecosts4(b)(1,179,958)(731,370)PROFIT/(LOSS)BEFOREINCOMETAX5,098,921(7,531,796)Incometaxrefund/(expense)5PROFIT/(LOSS)AF
93、TERINCOMETAXATTRIBUTABLETOMEMBERSOFTHECOMPANY5,098,921(7,531,796)OTHERCOMPREHENSIVEINCOMEItemsthatmaybereclassifiedtoprofitorloss:Revaluationofotherfinancialassetstofairvalue18(b)158,179(4,200)IncometaxrelatingtocomponentsofothercomprehensiveincomeTOTALCOMPREHENSIVEPROFIT/(LOSS)5,257,100(7,535,996)T
94、OTALCOMPREHENSIVEPROFIT/(LOSS)ATTRIBUTABLETOMEMBERSOFTHEGROUP5,257,100(7,535,996)EARNINGS/(LOSS)PERSHAREBasicanddiluted190.3414(0.0051)TheaboveconsolidatedstatementofprofitorlossandothercomprehensiveincomeshouldbereadinconjunctionwiththeaccompanyingnotesFINANCIALREPORTFORTHEYEARENDED30JUNE2015 BEACO
95、NMINERALSLIMITED2015ANNUALREPORT19CONSOLIDATEDSTATEMENTOFFINANCIALPOSITIONASAT30JUNE2015AustralianDollar($)NoteCONSOLIDATED30JUNE2015$30JUNE2014$CURRENTASSETSCashandcashequivalents20(a)1,459,011372,177Tradeandotherreceivables735,377158,039Otherassets8102,077729,669Otherfinancialassets10819,635Invent
96、ory95,123,5432,154,143Developmentexpenditure13594,9131,208,721TOTALCURRENTASSETS8,134,5564,622,749NONCURRENTASSETSOtherfinancialassets800Plantandequipment11220,449245,488Explorationandevaluationexpenditure126,74687,637Otherfinancialassets10722,256TOTALNONCURRENTASSETS227,9951,055,381TOTALASSETS8,362
97、,5515,678,130CURRENTLIABILITIESTradeandotherpayables14360,060932,739Provisions15136,000Borrowingsdebenturenotes162,000,000TOTALCURRENTLIABILITIES2,496,060932,739NONCURRENTLIABILITIESProvisions15136,000Borrowingsdebenturenotes164,000,000TOTALNONCURRENTLIABILITIES4,136,000TOTALLIABILITIES2,496,0605,06
98、8,739NETASSETS5,866,491609,391EQUITYIssuedCapital1723,766,55023,766,550Reserves18627,037468,858Accumulatedlosses(18,527,096)(23,626,017)TOTALEQUITY5,866,491609,391TheaboveconsolidatedstatementoffinancialpositionshouldbereadinconjunctionwiththeaccompanyingnotesFINANCIALREPORTFORTHEYEARENDED30JUNE2015
99、 BEACONMINERALSLIMITED2015ANNUALREPORT20 CONSOLIDATEDSTATEMENTOFCHANGESINEQUITYFORTHEYEARENDED30JUNE2015TheaboveconsolidatedstatementofchangesinequityshouldbereadinconjunctionwiththeaccompanyingnotesAustralianDollar($)ISSUEDSHAREOPTIONFAIRVALUEACCUMULATEDTOTALCAPITAL$RESERVE$RESERVE$LOSSES$EQUITY$BA
100、LANCEAT1JULY201423,766,550579,500(110,642)(23,626,017)609,391Totalcomprehensive profit158,1795,098,9215,257,100SharesissuedduringtheyearOptionsexercisedduringtheyearShareissueexpenseBALANCEAT30JUNE201523,766,550579,50047,537(18,527,096)5,866,491BALANCEAT1JULY201323,464,950(106,442)(16,094,221)7,264,
101、287Totalcomprehensiveloss(4,200)(7,531,796)(7,535,996)Sharesissuedduringtheyear300,000300,000Shareissueexpense579,500579,500Transferfromshareoptionandequitybenefitsreserves1,6001,600BALANCEAT30JUNE201423,766,550579,500(110,642)(23,626,017)609,391FINANCIALREPORTFORTHEYEARENDED30JUNE2015 BEACONMINERAL
102、SLIMITED2015ANNUALREPORT21 CONSOLIDATEDSTATEMENTOFCASHFLOWSFORTHEYEARENDED30JUNE2015AustralianDollar($)NoteCONSOLIDATED30JUNE2015$30JUNE2014$CASHFLOWSFROMOPERATINGACTIVITIESReceiptfromthesaleofgold13,460,7242,526,430Expenditureonmininginterest(9,471,304)(4,829,215)Paymentstosuppliersandemployees(373
103、,448)(356,705)Interestreceived47,34532,003GSTandfueltaxrebatesreceived242,23258,607Other40,107Netcashinflows/(outflows)fromoperatingactivities20(b)3,945,656(2,568,880)CASHFLOWSFROMINVESTINGACTIVITIESProceedsfromsaleofplantandequipment2,119818Proceedsfromthesaleoflistedinvestments93,01542,129Proceeds
104、/(payments)fromperformancebonds246,054Purchaseofplantandequipment(67,814)(180,451)Paymentsfordeferredexplorationexpenditure(129,889)(1,416,696)Netcashoutflowsfrominvestingactivities(102,569)(1,308,146)CASHFLOWFROMFINANCINGACTIVITIESProceedsfromissueofsharesnetofcapitalraisingcosts1,632Proceedsfromth
105、eissueofdebenturenotes4,000,000Paymentsinrelationtodebenturenotes(756,253)(555,719)Repaymentofdebenturenotes(2,000,000)Loansfromrelatedparties:Proceedsfromborrowings200,000 Repaymentofborrowings(200,000)Netcashinflows/(outflows)fromfinancingactivities(2,756,253)3,445,913Netincrease/(decrease)incasha
106、ndcashequivalents1,086,834(431,113)Cashandcashequivalentsatthebeginningofthefinancialyear372,177803,290CASHANDCASHEQUIVALENTSATTHEENDOFTHEFINANCIALYEAR20(a)1,459,011372,177TheaboveconsolidatedstatementofcashflowsshouldbereadinconjunctionwiththeaccompanyingnotesNOTESTOTHEFINANCIALREPORTFORTHEYEARENDE
107、D30JUNE2015 BEACONMINERALSLIMITED2015ANNUALREPORT22 1CORPORATEINFORMATIONThe consolidated financial report of Beacon Minerals Limited(“Beacon”or“the Company”)and itsconsolidated entities(“consolidated entity”or“group”)for the year 1 July 2014 to 30 June 2015 wasauthorizedforissueinaccordancewithacir
108、cularresolutionofthedirectorson23September2015.BeaconisaCompanylimitedbyshares,incorporatedinAustralia.TheCompanyssharesarepubliclytradedontheAustralianSecuritiesExchange.ThenatureoftheoperationsandprincipalactivityoftheconsolidatedentityaredescribedintheDirectorsReport.2SUMMARYOFSIGNIFICANTACCOUNTI
109、NGPOLICIES(a)BasisofPreparationoftheFinancialReportThefinancialreportisageneralpurposefinancialreport,whichhasbeenpreparedinaccordancewiththerequirementsoftheCorporationsAct2001,AustralianAccountingStandardsandInterpretationsoftheAASB.Exceptforthecashflowinformation,thefinancialreporthasalsobeenprep
110、aredonanaccrualsbasisandisbasedonhistoricalcosts.Forthepurposesofpreparingthefinancialstatements,theGroupisaforprofitentity.ThefinancialreportispresentedinAustraliandollars.(b)HistoricalCostConventionThese financial statements have been prepared under the historical cost convention,except for certai
111、nfinancialinstrumentswhichhavebeenmeasuredatfairvalue.(c)GoingConcernThe Directors have prepared the financial statements on a going concern basis,which contemplatescontinuityofnormalbusinessactivitiesandtherealisationofassetsandextinguishmentofliabilitiesintheordinarycourseofbusiness.TheConsolidate
112、dEntityhasrecordedaprofitof$5,098,921andnetoperatingcashinflowsof$3,945,656fortheyearended30June2015.TheBoardisconfidentthattheGroupwillhavesufficientfundstofinanceitsoperationsinthe2015/2016FinancialYear.(d)PrinciplesofConsolidationTheconsolidatedfinancialstatementsincorporatealloftheassets,liabili
113、tiesandresultsoftheparentBeaconMinerals Limited Limited and all of the subsidiaries(including any structured entities).Subsidiaries areentitiestheparentcontrols.Theparentcontrolsanentitywhenitisexposedto,orhasrightsto,variablereturnsfromitsinvolvementwiththeentityandhastheabilitytoaffectthosereturns
114、throughitspowerovertheentity.Alistofthesubsidiariesisprovidedinnote28.Theassets,liabilitiesandresultsofallsubsidiariesarefullyconsolidatedintothefinancialstatementsoftheGroup from the date on which control is obtained by the Group.The consolidation of a subsidiary isdiscontinuedfromthedatethatcontro
115、lceases.Intercompanytransactions,balancesandunrealisedgainsorlossesontransactionsbetweenGroupentitiesarefullyeliminatedonconsolidation.AccountingpoliciesofNOTESTOTHEFINANCIALREPORTFORTHEYEARENDED30JUNE2015 BEACONMINERALSLIMITED2015ANNUALREPORT23 subsidiaries have been changed and adjustments made wh
116、ere necessary to ensure uniformity of theaccountingpoliciesadoptedbytheGroup.Equityinterestsinasubsidiarynotattributable,directlyorindirectly,totheGrouparepresentedas“noncontrollinginterests.TheGroupinitiallyrecognisesnoncontrollingintereststhatarepresentownershipinterestsinsubsidiariesandareentitle
117、dtoaproportionateshareofthesubsidiarysnetassetsonliquidationateitherfairvalueoratthenoncontrollinginterestsproportionateshareofthesubsidiarysnetassets.Subsequenttoinitialrecognition,noncontrollinginterestsareattributedtheirshareofprofitorlossandeachcomponentofothercomprehensiveincome.Noncontrollingi
118、nterestsareshownseparatelywithintheequitysectionofthestatementoffinancialpositionandstatementofcomprehensiveincome.(e)Adoptionofnewandrevisedstandards Anumberofnewandrevisedstandardsareeffectiveforannualperiodsbeginningonorafter1July2014.Informationonthesenewstandardsispresentedbelow.AASB1031Materia
119、lityTherevisedstandardisaninterimstandardthatcrossreferencestootherstandardsandtheframeworkthatcontains guidance on materiality.Reference to AASB 1031 are progressively being removed from otherstandardsandoncecompletedthisstandardwillalsobewithdrawn.AASB20123AmendmentstoAustralianAccountingStandards
120、OffsettingFinancialAssetsandFinancialLiabilitiesThisstandardaddsapplicationguidancetoAASB132toaddressinconsistenciesidentifiedinapplyingsomeoftheoffsettingcriteriaofAASB132,includingclarifyingthemeaningof“currentlyhasalegallyenforceablerightofsetoff”andthatsomegrosssettlementsystemsmaybeconsideredeq
121、uivalenttonetsettlement.AASB20133AmendmentstoAASB136RecoverableAmountDisclosuresforNonFinancialAssetsThese narrowscope amendments address disclosure of information about the recoverable amount ofimpairedassetsifthatrecoverableamountisbasedonfairvaluelesscostsofdisposal.Theseamendmentsaroseaspartofth
122、edevelopmentofIFRS13.AASB20139(PartB)AmendmentstoAustralianAccountingStandardsConceptualFramework,MaterialityandFinancialInstrumentsPartBMaterialityPartBamendscertainAustralianAccountingStandardstoremovereferencestoAASB1031aspartoftheAASBsdecisiontowithdrawtheAustralianspecificguidance.AASB20141(Par
123、tA)AmendmentstoAustralianAccountingStandardsPartAofthisStandardmakesvariousamendmentstoAustralianAccountingStandardsarisingfromtheissuance by the International Accounting Standards Board(IASB)of International Financial ReportingStandards(IFRSs)AnnualImprovementstoIFRSs20102012CycleandAnnualImproveme
124、ntstoIFRSs20112013Cycle,including:AASB1clarificationinthebasisofconclusion.AASB2amendmentstocertaindefinitionscontainedwithinthestandard.AASB3clarificationthatcontingentconsiderationthatisclassifiedasanassetoraliabilityshallbemeasuredatfairvalueateachreportingdateandclarificationthatAASB3excludesfro
125、mitsscopetheaccountingfortheformationofajointarrangementinthefinancialstatementsofthejointarrangementitself.AASB8amendmentstodisclosures.AASB 13 clarification regarding the measurement of shortterm receivables and payables andclarificationthatthescopeoftheportfolioexceptioninparagraph52ofAASB13inclu
126、desallcontractsaccountedforwithinthescopeofAASB139orAASB9,regardlessofwhethertheymeetthedefinitionoffinancialassetsorfinancialliabilitiesasdefinedinAASB132.NOTESTOTHEFINANCIALREPORTFORTHEYEARENDED30JUNE2015 BEACONMINERALSLIMITED2015ANNUALREPORT24 AASB116andAASB138clarificationthatwhenanitemofpropert
127、y,plantandequipmentorintangibleasset is revalued the gross carrying amount is adjusted in a manner that is consistent with therevaluationofthecarryingamount.AASB124clarificationthatanentityprovidingkeymanagementpersonnelservicestothereportingentityortotheparentofthereportingentityisarelatedpartyofth
128、ereportingentity.AASB20141(PartC)AmendmentstoAustralianAccountingStandardsThisstandardmakesamendmentstoparticularAustralianaccountingstandardstodeletereferencestoAASB1031.TheDirectorshavereviewedallnewStandardsandInterpretationsthathavebeenissuedandareapplicablefortheyearended30June2015.Asaresultoft
129、hisreviewtheDirectorshavedeterminedthattherehasnotbeen a material impact,of the new and revised Standards and Interpretations on the Company,andtherefore,nochangeisnecessarytotheCompanysaccountingpolicies.(f)StatementofcomplianceCompliance with AASB ensures that the financial report,comprising the f
130、inancial statements and notesthereto,complieswithInternationalFinancialReportingStandards(“IFRS”).(g)BorrowingcostsBorrowingcostsdirectlyattributabletotheacquisition,constructionorproductionofaqualifyingasset(i.e.anassetthatnecessarilytakesasubstantialperiodoftimetogetreadyforitsintendeduseorsale)ar
131、ecapitalisedaspartofthecostofthatasset.Allotherborrowingcostsareexpensedaspartoffinancingcostsintheperiodincurred.Borrowingcostsconsistsofinterestandothercoststhatanentityincursinconnectionwiththeborrowingoffunds.(h)IncomeTaxCurrentincometaxrefunded/(expensed)chargedtoprofitorlossistaxrefundable/(pa
132、yable).Thoseamountsrecognisedareexpectedtoberecoveredfrom/(paidto)therelevanttaxationauthority.Deferredincometaxisprovidedonalltemporarydifferencesatthebalancedatebetweenthetaxbasesofassetsandliabilitiesandtheircarryingamountsforfinancialreportingpurposes.Deferredincometaxliabilitiesarerecognisedfor
133、alltaxabletemporarydifferences:except where the deferred income tax liability arises from the initial recognition of an asset orliabilityinatransactionthatisnotabusinesscombinationand,atthetimeofthetransaction,affectsneitherthataccountingprofitnortaxableprofitorloss.Deferredincometaxassetsarerecogni
134、sedforallthedeductibletemporarydifferences,carryforwardofunusedtaxassetsandunusedtaxlosses,totheextentthatitisprobablethattaxableprofitwillbeavailableagainstwhichthedeductibletemporarydifferences,andthecarryforwardofunusedtaxassetsandunusedtaxlossescanbeutilised.Thecarryingamountofdeferredincometaxi
135、sreviewedateachbalancedateandreducedtotheextentthatitisnolongerprobablethatsufficienttaxableprofitwillbeavailabletoallowallorpartofthedeferredincometaxassettobeutilised.Deferredincometaxassetsandliabilitiesaremeasuredatthetaxratesthatareexpectedtoapplytotheyearwhentheassetisrealisedortheliabilityiss
136、ettled,basedontaxrates(andtaxlaws)thathavebeenenactedorsubstantivelyenactedatthereportingdate.NOTESTOTHEFINANCIALREPORTFORTHEYEARENDED30JUNE2015 BEACONMINERALSLIMITED2015ANNUALREPORT25 Incometaxesrelatingtoitemsrecogniseddirectlyinequityarenotrecognisedinequityandnotinprofitorloss.(i)Explorationande
137、valuationexpenditureExplorationandevaluationexpenditureonareasofinterestareexpensedasincurred.Costsofacquisitionwillnormallybeexpensedbutwillbeassessedonacasebycasebasisandmaybecapitalisedtoareasofinterestandcarriedforwardwhererightoftenureoftheareaofinterestiscurrentandtheyareexpectedtoberecoupedth
138、roughsaleorsuccessfuldevelopmentandexploitationoftheareaofinterestor,whereexploration and evaluation activities in the area of interest have not yet reached a stage that permitsreasonableassessmentoftheexistenceofeconomicallyrecoverablereserves.Whenanareaofinterestisabandonedorthedirectorsdecidethat
139、itisnotcommercial,anyaccumulatedacquisitioncostsinrespectofthatareaarewrittenoffinthefinancialperiodthedecisionismade.Eachareaofinterestisalsoreviewedattheendofeachaccountingperiodandaccumulatedcostswrittenofftotheextentthattheywillnotberecoverableinthefuture.(j)DevelopmentexpenditureDevelopmentexpe
140、nditureisrecognisedatcostlessaccumulatedamortisationandanyimpairmentlosses.Exploration and evaluation expenditure is reclassified to development expenditure once the technicalfeasibility and commercial viability of extracting the related mineral resource is demonstrable.Wherecommercialproductioninan
141、areaofinteresthascommenced,theassociatedcoststogetherwithanyforecastfuture capital expenditure necessary to develop proved and probable reserves are amortised over theestimatedeconomiclifeofthemineonaunitsofproductionbasis.Changes in factors such as estimates of proved and probable reserves that aff
142、ect unitofproductioncalculationsaredealtwithonaprospectivebasis.(k)FairValueofAssetsandLiabilitiesTheGroupmeasuressomeofitsassetsandliabilitiesatfairvalueoneitherarecurringornonrecurringbasis,dependingontherequirementsoftheapplicableAccountingStandard.FairvalueisthepricetheGroupwouldreceivetosellana
143、ssetorwouldhavetopaytotransferaliabilityinanorderly(i.e.unforced)transactionbetweenindependent,knowledgeableandwillingmarketparticipantsatthemeasurementdate.Asfairvalueisamarketbasedmeasure,theclosestequivalentobservablemarketpricinginformationisusedtodeterminefairvalue.Adjustmentstomarketvaluesmayb
144、emadehavingregardtothecharacteristicsofthespecificassetorliability.Thefairvaluesofassetsandliabilitiesthatarenottradedinanactivemarketaredeterminedusingoneormorevaluationtechniques.Thesevaluationtechniquesmaximise,totheextentpossible,theuseofobservablemarketdata.Totheextentpossible,marketinformation
145、isextractedfromeithertheprincipalmarketfortheassetorliability(i.e.themarketwiththegreatestvolumeandlevelofactivityfortheassetorliability)or,intheabsenceofsuchamarket,themostadvantageousmarketavailabletotheentityattheendofthereportingperiod(i.e.themarketthatmaximisesthereceiptsfromthesaleoftheassetor
146、minimisesthepaymentsmadetotransfertheliability,aftertakingintoaccounttransactioncostsandtransportcosts).Fornonfinancialassets,thefairvaluemeasurementalsotakesintoaccountamarketparticipantsabilitytousetheassetinitshighestandbestuseortosellittoanothermarketparticipantthatwouldusetheassetinitshighestan
147、dbestuse.NOTESTOTHEFINANCIALREPORTFORTHEYEARENDED30JUNE2015 BEACONMINERALSLIMITED2015ANNUALREPORT26 Thefairvalueofliabilitiesandtheentitysownequityinstruments(excludingthoserelatedtosharebasedpaymentarrangements)maybevalued,wherethereisnoobservablemarketpriceinrelationtothetransferofsuchfinancialins
148、truments,byreferencetoobservablemarketinformationwheresuchinstrumentsareheldasassets.Wherethisinformationisnotavailable,othervaluationtechniquesareadoptedand,wheresignificant,aredetailedintherespectivenotetothefinancialstatements.ValuationtechniquesIntheabsenceofanactivemarketforanidenticalassetorli
149、ability,theGroupselectsandusesoneormorevaluation techniques to measure the fair value of the asset or liability,The Group selects a valuationtechniquethatisappropriateinthecircumstancesandforwhichsufficientdataisavailabletomeasurefairvalue.Theavailabilityofsufficientandrelevantdataprimarilydependson
150、thespecificcharacteristicsoftheassetorliabilitybeingmeasured.ThevaluationtechniquesselectedbytheGroupareconsistentwithoneormoreofthefollowingvaluationapproaches:Marketapproach:valuationtechniquesthatusepricesandotherrelevantinformationgeneratedbymarkettransactionsforidenticalorsimilarassetsorliabili
151、ties.Income approach:valuation techniques that convert estimated future cash flows or income andexpensesintoasinglediscountedpresentvalue.Costapproach:valuationtechniquesthatreflectthecurrentreplacementcostofanassetatitscurrentservicecapacity.Eachvaluationtechniquerequiresinputsthatreflecttheassumpt
152、ionsthatbuyersandsellerswouldusewhenpricingtheassetorliability,includingassumptionsaboutrisks.Whenselectingavaluationtechnique,theGroupgivesprioritytothosetechniquesthatmaximisetheuseofobservableinputsandminimisetheuse of unobservable inputs.Inputs that are developed using market data(such as public
153、ly availableinformationonactualtransactions)andreflecttheassumptionsthatbuyersandsellerswouldgenerallyusewhenpricingtheassetorliabilityareconsideredobservable,whereasinputsforwhichmarketdataisnotavailable and therefore are developed using the best information available about such assumptions arecons
154、ideredunobservable.FairvaluehierarchyAASB 13 requires the disclosure of fair value information by level of the fair value hierarchy,whichcategorisesfairvaluemeasurementsintooneofthreepossiblelevelsbasedonthelowestlevelthataninputthatissignificanttothemeasurementcanbecategorisedintoasfollows:Level1Me
155、asurementsbasedonquotedprices(unadjusted)inactivemarketsforidenticalassetsorliabilitiesthattheentitycanaccessatthemeasurementdate.MeasurementsbasedoninputsotherthanquotedpricesincludedinLevel1thatareobservablefortheassetorliability,eitherdirectlyorindirectly.Level2Measurementsbasedoninputsotherthanq
156、uotedpricesincludedinLevel1thatareobservablefortheassetorliability,eitherdirectlyorindirectly.Level3Measurementsbasedonunobservableinputsfortheassetorliability.NOTESTOTHEFINANCIALREPORTFORTHEYEARENDED30JUNE2015 BEACONMINERALSLIMITED2015ANNUALREPORT27 Thefairvaluesofassetsandliabilitiesthatarenottrad
157、edinanactivemarketaredeterminedusingoneormore valuation techniques.These valuation techniques maximise,to the extent possible,the use ofobservablemarketdata.Ifallsignificantinputsrequiredtomeasurefairvalueareobservable,theassetorliabilityisincludedinLevel2.Ifoneormoresignificantinputsarenotbasedonob
158、servablemarketdata,theassetorliabilityisincludedinLevel3.The Group would change the categorisation within the fair value hierarchy only in the followingcircumstances:(i)ifamarketthatwaspreviouslyconsideredactive(Level1)becameinactive(Level2orLevel3)orviceversa;or(ii)ifsignificantinputsthatwereprevio
159、uslyunobservable(Level3)becameobservable(Level2)orviceversa.Whenachangeinthecategorisationoccurs,theGrouprecognisestransfersbetweenlevelsofthefairvaluehierarchy(i.e.transfersintoandoutofeachlevelofthefairvaluehierarchy)onthedatetheeventorchangeincircumstancesoccurred.(l)CashandcashequivalentsCashand
160、cashequivalentscomprisesofcashatbankandinhandandshorttermdepositswithanoriginalmaturityofthreemonthsorless.ForthepurposesoftheGroupsstatementofcashflows,cashandcashequivalentsconsistofcashandcashequivalentsasdefinedabove,netofoutstandingbankoverdrafts.(m)TradeandotherreceivablesTrade receivables are
161、 measured on initial recognition at fair value and are subsequently measured atamortisedcostusingtheeffectiveinterestratemethod,lessanyallowanceforimpairment.Tradereceivablesaregenerallydueforsettlementwithinperiodsrangingfrom15daysto30days.Impairmentoftradereceivablesiscontinuallyreviewedandthoseth
162、atareconsideredtobeuncollectiblearewrittenoffbyreducingthecarryingamountdirectly.AnallowanceaccountisusedwhenthereisobjectiveevidencethattheGroupwillnotbeabletocollectallamountsdueaccordingtotheoriginalcontractualterms.FactorsconsideredbytheGroupinmakingthisdeterminationincludeknownsignificantfinanc
163、ialdifficultiesofthedebtor,reviewoffinancialinformationandsignificantdelinquencyinmakingcontractualpayments to the Group.The impairment allowance is set equal to the difference between the carryingamountofthereceivableandthepresentvalueofestimatedfuturecashflows,discountedattheoriginaleffective inte
164、rest rate.Where receivables are shortterm discounting is not applied in determining theallowance.Theamountoftheimpairmentlossisrecognisedinthestatementofcomprehensiveincomewithinotherexpenses.When a trade receivable for which an impairment allowance had been recognised becomesuncollectibleinasubsequ
165、entperiod,itiswrittenoffagainsttheallowanceaccount.Subsequentrecoveriesofamounts previously written off are credited against other expenses in the statement of comprehensiveincome.NOTESTOTHEFINANCIALREPORTFORTHEYEARENDED30JUNE2015 BEACONMINERALSLIMITED2015ANNUALREPORT28(n)InventoriesGoldbullion,gold
166、incircuitandorestockpilesarephysicallymeasuredorestimatedandvaluedatthelowerofcostandnetrealisablevalue.Netrealisablevalueistheestimatedsellingpriceintheordinarycourseofbusiness,lessestimatedcostsofcompletionandcostsofsellingthefinalproduct.Cost is determined by the weighted average method and compr
167、ises of direct purchase costs and anappropriateportionoffixedandvariableoverheadcosts.(o)EmployeebenefitsShorttermemployeebenefitsProvision is made for the Groups obligations for shortterm employee benefits.Shortterm employeebenefitsarebenefits(otherthanterminationbenefits)thatareexpectedtobesettled
168、whollybefore12monthsaftertheendoftheannualreportingperiodinwhichtheemployeesrendertherelatedservice,includingwages,salariesandsickleave.Shorttermemployeebenefitsaremeasuredatthe(undiscounted)amountsexpectedtobepaidwhentheobligationissettled.The Groups obligations for shortterm employee benefits such
169、 as wages,salaries and sick leave arerecognisedaspartofcurrenttradeandotherpayablesinthestatementoffinancialposition.TheGroupsobligationsforemployeesannualleaveandlongserviceleaveentitlementsarerecognisedasprovisionsinthestatementoffinancialposition.DefinedcontributionsuperannuationbenefitsAllemploy
170、eesoftheGroupotherthanthosethatreceivedefinedbenefitentitlementsreceiveddefinedcontributionsuperannuationentitlements,forwhichtheGrouppaysthefixedsuperannuationguaranteecontribution(currently9.50%oftheemployeesaverageordinarysalary)totheemployeessuperannuationfundofchoice.Allcontributionsinrespectof
171、theemployeesdefinecontributionentitlementsarerecognisedasanexpensewhentheybecomepayable.TheGroupsobligationwithrespecttheemployeesdefinedcontributionentitlementsislimitedtoitsobligationforanunpaidsuperannuationguaranteecontributionsatthe end of the reporting period.All obligations for unpaid superan
172、nuation guarantee contributions aremeasured at the(undiscounted)amounts expected to be paid when the obligation is settled and arepresentedascurrentliabilitiesintheGroupsstatementoffinancialposition.(p)ImpairmentofassetsTheGroupassessesateachreportingdatewhetherthereisanindicationthatanassetmaybeimp
173、aired.Ifanysuchindicationexists,orwhenannualimpairmenttestingforanassetisrequired,theGroupmakesanestimateoftheassetsrecoverableamount.Asassetsrecoverableamountisthehigherofitsfairvalue;lesscoststosellanditsvalueinuseandisdeterminedforanindividualasset,unlesstheassetdoesnotgeneratecashinflowsthatarel
174、argelyindependentofthosefromotherassets,andtheassetsvalueinusecannotbeestimatedtobeclosetoitsfairvalue.Insuchcasestheassetistestedforimpairmentaspartofthecashgeneratingunittowhichitbelongs.Whenthecarryingamountofanassetorcashgeneratingunitexceedsitsrecoverableamount,theassetorcashgeneratingunitiscon
175、sideredimpairedandiswrittendowntoitsrecoverableamount.Inassessingthevalueinuse,theestimatedfuturecashflowsarediscountedtotheirpresentvalueusingapretaxdiscountratethatreflectscurrentmarketassessmentsofthetimevalueofmoneyandtherisksspecifictotheasset.Impairmentlossesrelatingtocontinuingoperationsarere
176、cognisedinthoseexpensecategoriesconsistentwiththefunctionoftheimpairedassetunlesstheassetiscarriedatrevaluedamount(inwhichcasetheimpairmentlossistreatedasarevaluationdecrease).NOTESTOTHEFINANCIALREPORTFORTHEYEARENDED30JUNE2015 BEACONMINERALSLIMITED2015ANNUALREPORT29 Anassessmentisalsomadeateachrepor
177、tingdateastowhetherthereisanyindicationthatpreviouslyrecognisedimpairmentlossesmayno longerexistormayhavedecreased.Ifsuchindicationexists,therecoverableamountisestimated.Apreviouslyrecognisedimpairmentlossisreversedonlyiftherehasbeenachangeintheestimatesusedtodeterminetheassetsrecoverableamountsince
178、thelastimpairmentlosswasrecognised.Ifthatisthecasethecarryingamountoftheassetisincreasedtoitsrecoverableamount.That increased amount cannot exceed the carrying amount that would have been determined,net ofdepreciation,hadnoimpairmentlossbeenrecognisedfortheassetinprioryears.Suchreversalisrecognisedi
179、nprofitorlossunlesstheassetiscarriedatrevaluedamount,inwhichcasethereversalistreatedasarevaluationincrease.Aftersuchareversalthedepreciationchargeisadjustedinfutureperiodstoallocatetheassetsrevisedcarryingamount,lessanyresidualvalue,onasystemicbasisoveritsremainingusefullife.(q)EarningspershareBasic
180、earningspershareiscalculatedasnetprofit/(loss)attributabletomembersoftheGroup,adjustedtoexcludeanycostsofservicingequity(otherthandividends)andpreferencesharedividends,dividedbytheweightedaveragenumberofordinaryshares,adjustedforanybonuselement.(r)Goodsandservicestax(GST)Revenues,expensesandassetsar
181、erecognisednetoftheamountofGST,exceptwheretheamountofGSTincurredisnotrecoverablefromtheAustralianTaxationOffice(“ATO”).InthesecircumstancestheGSTisrecognisedaspartofthecostofacquisitionoftheassetoraspartofanitemoftheexpense.ReceivablesandpayablesinthestatementoffinancialpositionareshowninclusiveofGS
182、T.ThenetamountofGSTrecoverablefrom,orpayableto,theATOisincludedasacurrentassetorliabilityinthestatementoffinancialposition.CashFlowsareincludedinthestatementofcashflowsonanetbasis.TheGSTcomponentsofcashflowsarising from investing and financial activities which are recoverable from,or payable to,the
183、ATO areclassifiedasoperatingcashflows.(s)InvestmentsAllinvestmentsareinitiallyrecognisedatcost,beingthefairvalueoftheconsiderationgivenandincludingacquisitionchargesassociatedwiththeinvestment.Gainsorlossesonavailableforsaleinvestmentsarerecognisedasaseparatecomponentofequityuntiltheinvestmentissold
184、,collectedorotherwisedisposedof,oruntiltheinvestmentisdeterminedtobeimpaired,atwhichtimethecumulativegainorlosspreviouslyreportedinequityisincludedinthestatementofprofitorlossandothercomprehensiveincome.(t)FinancialInstrumentsFinancialassetsandfinancialliabilitiesarerecognisedinthestatementoffinanci
185、alpositionwhentheGroupbecomespartytothecontractualprovisionsofthefinancialinstrument.Afinancialassetisderecognisedwhenthecontractualrightstothecashflowsfromthefinancialassetsexpireoraretransferredandnolongercontrolledbytheentity.Afinancialliabilityisremovedfromthestatementoffinancialpositionwhentheo
186、bligationspecifiedinthecontractisdischargedorcancelledorexpires.Financialassetsandfinancialliabilitiesclassifiedasheldfortradingaremeasuredatfairvaluethroughprofitorloss.Uponinitialrecognitionafinancialassetorfinancialliabilityisdesignatedasatfairvaluethroughprofitorlosswhen:NOTESTOTHEFINANCIALREPOR
187、TFORTHEYEARENDED30JUNE2015 BEACONMINERALSLIMITED2015ANNUALREPORT30(a)anentirecontractcontainingoneormoreembeddedderivativesisdesignatedasafinancialassetorfinancialliabilityatfairvaluethroughprofitorloss;(b)doingsoresultsinmorerelevantinformation,becauseeither:(i)iteliminatesorsignificantlyreducesame
188、asurementorrecognitioninconsistencythatwouldotherwisearisefrommeasuringassetsorliabilitiesorrecognizinggainsorlossesonthemondifferentbases;or(ii)aCompanyoffinancialassets,financialliabilitiesorbothismanagedanditsperformanceisevaluated on a fair value basis,in accordance with a documented risk manage
189、ment orinvestmentstrategy,andinformationabouttheCompanyisprovidedinternallyonthatbasistokeymanagementpersonnel.Investmentsinequityinstrumentsthatdonothaveaquotedmarketpriceinanactivemarket,andwhosefairvaluecannotbereliablymeasuredarenotdesignatedasatfairvaluethroughprofitorloss.Againorlossarisingfro
190、machangeinthefairvalueofafinancialassetorfinancialliabilityclassifiedasatfairvaluethroughprofitorlossisrecognisedinprofitorloss.Financialassetsnotmeasuredatfairvaluecomprise:(a)loansandreceivablesbeingnonderivativefinancialassetswithfixedordeterminablepaymentsthatare not quoted in an active market.T
191、hese are measured at amortised cost using the effectiveinterestratemethod;(b)heldtomaturity investments being nonderivative financial assets with fixed or determinablepaymentsandfixedmaturitythatwillbeheldtomaturity.Thesearemeasuredatamortisedcostusingtheeffectiveinterestmethod;and,(c)investmentsine
192、quityinstrumentsthatdonothaveaquotedmarketpriceinanactivemarketandwhosefairvaluecannotbereliablymeasured.Thesearemeasuredatcosttogetherwithderivativesthatarelinkedtoandmustbesettledbythedeliveryofsuchinvestments.Availableforsalefinancialassetsarenonderivativefinancialassets,whicharedesignatedasavail
193、ableforsaleorthatarenotclassifiedasloansandreceivables,heldtomaturityinvestmentsorfinancialassetsasatfairvaluethroughprofitorloss.Againorlossarisingfromachangeinthefairvalueofanavailableforsalefinancialassetisrecogniseddirectlyinequity,throughthestatementofchangesinequity(exceptforimpairmentlossesan
194、dforeignexchangegainsorlosses)untilthefinancialassetisderecognisedatwhichtimethecumulativegainorlosspreviouslyrecognisedinequityisrecognisedinprofitorloss.Regularwaypurchasesoffinancialassetsareaccountedforasfollows:financialassetsheldfortradingattradedate heldtomaturityinvestmentsattradedate loansa
195、ndreceivablesattradedate availableforsalefinancialassetsattradedateExceptforthefollowingallfinancialliabilitiesaremeasuredatamortisedcostusingtheeffectiveinterestratemethod:(a)financialliabilitiesatfairvaluethroughprofitorlossandderivativesthatareliabilitiesmeasuredatfairvalue;and(b)financialliabili
196、tiesthatarisewhenatransferoffinancialassetdoesnotqualifyforderecognitionorareaccountedforusingthecontinuinginvolvementapproach.NOTESTOTHEFINANCIALREPORTFORTHEYEARENDED30JUNE2015 BEACONMINERALSLIMITED2015ANNUALREPORT31 Theamortisedcostofafinancialassetorafinancialliabilityistheamountinitiallyrecognis
197、edminusprincipalrepayments,plus or minus cumulative amortisation of any difference between the initial amount andmaturityamountandminusanywritedownforimpairmentoruncollectability.(u)PlantandequipmentPlantandequipmentisstatedatcostlessaccumulateddepreciationandanyaccumulatedimpairmentlosses.Suchcosts
198、includethecostofreplacingpartsthatareeligibleforcapitalisationwhenthecostofreplacingthepartsisincurred.Similarly,wheneachmajorinspectionisperformed,itscostisrecognisedinthecarryingamountofplantandequipmentasareplacementonlyifitiseligibleforcapitalisation.Allotherrepairsandmaintenancearerecognisedinp
199、rofitorlossasincurred.Thecostofacquiredassetsalsoincludestheinitialestimateatthetimeofinstallationandduringtheperiodofuse,whenrelevant,ofthecostsofdismantlingandremovingtheitemsandrestoringthesiteonwhichtheyarelocated,andchangesinthemeasurementofexistingliabilitiesrecognisedforthesecostsresultingfro
200、mchangesinthetimingoroutfloworresourcesrequiredtosettletheobligationorfromchangesinthediscountrate.Wherepartsofanitemofplantandequipmenthavedifferentlives,theyareaccountedforasseparateitems(majorcomponents)ofplantandequipment.DepreciationDepreciationiscalculatedonadiminishingvaluebasisovertheestimat
201、edusefullifeoftheassetsasfollows:Plantandequipment27yearsMotorvehicles25yearsTheassetsresidualvalues,usefullivesandamortisationmethodsarereviewed,andadjustedifappropriate,ateachfinancialyearend.ImpairmentThe carrying values of plant and equipment are reviewed for impairment at each reporting date,wi
202、threcoverableamountbeingestimatedwheneventsorchangesincircumstancesindicatethatthecarryingvaluemaybeimpaired.Therecoverableamountofplantandequipmentisthehigheroffairvaluelesscoststosellandvalueinuse.Inassessingvalueinuse,theestimatedfuturecashflowsarediscountedtotheirpresentvalueusingapretaxdiscount
203、ratethatreflectscurrentmarketassessmentsofthetimevalueofmoneyandtherisksspecifictotheasset.Foranassetthatdoesnotgeneratelargelyindependentcashinflows,recoverableamountisdeterminedforthecashgeneratingunittowhichtheassetbelongs,unlesstheassetsvalueinusecanbeestimatedtoapproximatefairvalue.Animpairment
204、existswhenthecarryingvalueofanassetorcashgeneratingunitsexceedsitsestimatedrecoverableamount.Theassetorcashgeneratingunitisthenwrittendowntoitsrecoverableamount.Forplantandequipment,impairmentlossesarerecognisedinthestatementofprofitorlossandothercomprehensiveincomeinthecostofsaleslineitem.Derecogni
205、tionanddisposalAnitemofplantandequipmentisderecognisedupondisposalorwhennofurtherfutureeconomicbenefitsareexpectedfromitsuseordisposal.NOTESTOTHEFINANCIALREPORTFORTHEYEARENDED30JUNE2015 BEACONMINERALSLIMITED2015ANNUALREPORT32 Anygainorlossarisingonderecognitionoftheasset(calculatedasthedifferencebet
206、weenthenetdisposalproceeds and the carrying amount of the asset)is included in statement of profit or loss and othercompressiveincomeintheyeartheassetisderecognised.(v)TradeandotherpayablesTradepayablesandotherpayablesarecarriedatamortisedcostandrepresentliabilitiesforgoodsandservicesprovidedtotheGr
207、ouppriortotheendofthefinancialyearthatareunpaidandarisewhentheGroupbecomesobligedtomakefuturepaymentsinrespectofthepurchaseofthesegoodsandservices.Tradeandotherpayablesarepresentedascurrentliabilitiesunlesspaymentisnotduewithin12months.(w)DebentureNotesDebenturenotesareinitiallyrecognisedatfairvalue
208、,netoftransactioncostsincurred.Debenturenotesaresubsequentlymeasuredatamortisedcost.Anydifferencebetweentheproceeds(netoftransactioncosts)andtheredemptionamountisrecognisedinprofitorlossovertheperiodofthedebenturenotesusingtheeffectiveinterestmethod.Feespaidforthedebenturenotesarecapitalisedasaprepa
209、ymentandamortisedovertheperiodofthefacilitytowhichitrelates.Debenturenotesareremovedfromthestatementoffinancialpositionwhentheobligationspecifiedinthecontract is discharged,cancelled or expired.The difference between the carrying amount of a financialliabilitythathasbeenextinguishedortransferredtoan
210、otherpartyandtheconsiderationpaid,includinganynoncashassetstransferredorliabilitiesassumed,isrecognisedinprofitorlossasotherincomeorfinancecosts.DebenturenotesareclassifiedascurrentliabilitiesunlesstheGrouphasanunconditionalrighttodefersettlementoftheliabilityforatleast12monthsafterthereportingperio
211、d.Thekeytermsofthedebenturenotesareincludedinnote16(c).(x)ProvisionsProvisionsarerecognisedwhentheGrouphasapresentobligation(legalorconstructive)asaresultofapastevent,itisprobablethatanoutflowofresourcesembodyingeconomicbenefitswillberequiredtosettletheobligationandareliableestimatecanbemadeoftheamo
212、untoftheobligation.Provisionsarenotrecognisedforfutureoperatinglosses.When the Group expects some or all of a provision to be reimbursed,for example under an insurancecontract,thereimbursementisrecognisedasaseparateassetbutonlywhenthereimbursementisvirtuallycertain.The expense relating to any provis
213、ion is presented in the statement of profit or loss and othercomprehensiveincomenetofanyreimbursement.Provisionsaremeasuredatthepresentvalueormanagementsbestestimateoftheexpenditurerequiredtosettlethepresentobligationattheendofthereportingperiod.Iftheeffectofthetimevalueofmoneyismaterial,provisionsa
214、rediscountedusingacurrentpretaxratethatreflectstherisksspecifictotheliability.Whendiscountingisused,theincreaseintheprovisionduetothepassageoftimeisrecognisedasaninterestexpense.NOTESTOTHEFINANCIALREPORTFORTHEYEARENDED30JUNE2015 BEACONMINERALSLIMITED2015ANNUALREPORT33 OnerouscontractsPresentobligati
215、onsarisingunderonerouscontractsarerecognisedandmeasuredasprovisions.AnonerouscontractisconsideredtoexistwheretheGrouphasacontractunderwhichtheunavoidablecostsofmeetingtheobligationsunderthecontractexceedtheeconomicbenefitsexpectedtobereceivedfromthecontract.WarrantiesProvisionsfortheexpectedcostofwa
216、rrantyobligationsunderlocalsaleofgoodslegislationarerecognisedatthedateofsaleoftherelevantproducts,atthedirectorsbestestimateoftheexpenditurerequiredtosettletheGroupsobligation.SiterehabilitationTheGrouprecordedthepresentvalueoftheestimatedcostsoflegalandconstructiveobligationstorestoreoperatingloca
217、tionsintheperiodinwhichtheobligationisincurred.Thenatureofrehabilitationactivitiesincludes dismantling and removing structures,rehabilitating mines,dismantling operating facilities,andreclamationandrevegetationofaffectedareas.Theprovisionisabestestimateofthepresentvalueoftheexpenditurerequiredtosett
218、letherehabilitationobligationatthereportingdate,basedoncurrentlegalrequirementsandtechnology.(y)ContributedequityOrdinarysharesandoptionsareclassifiedascontributedequity.Incrementalcostsdirectlyattributabletotheissueofnewsharesoroptionsareshowninequityasadeduction,netoftax,fromtheproceeds.(z)Revenue
219、Revenueisrecognisedandmeasuredatfairvalueoftheconsiderationreceivedorreceivabletotheextentthatitisprobablythattheeconomicbenefitwillflowtotheentityandtherevenuecanbemeasuredreliably.Thefollowingspecificrecognitioncriteriamustalsobemetbeforerevenueisrecognised.GoldSalesRevenueisrecognisedwhentherehas
220、beenatransferofrisksandrewardsfromtheGrouptoanexternalparty,nofurtherprocessingisrequiredbytheGroup,qualityandquantityofthegoodshasbeendeterminedwithreasonableaccuracy,thesellingpriceisfixedordeterminable,andcollectabilityisprobable.InterestRevenueisrecognisedastheinterestaccrues(usingtheeffectivein
221、terestmethod,whichistheratethatexactlydiscountsestimatedfuturecashreceiptsthroughtheexpectedlifeofthefinancialinstrument)tothenetcarryingamountofthefinancialasset.(aa)SignificantaccountingestimatesandjudgementsTheapplicationofaccountingpoliciesrequirestheuseofjudgements,estimatesandassumptionsaboutc
222、arryingvaluesofassetsandliabilitiesthatarenotreadilyapparentfromothersources.Theestimatesandassociated assumptions are based on historical experience and other factors that are considered to berelevant.Actualresultsmaydifferfromtheseestimates.Theestimatesandunderlyingassumptionsarereviewedonanongoin
223、gbasis.Revisionsarerecognisedintheperiodinwhichtheestimateisrevisedifitaffectsonlythatperiod,orintheperiodoftherevisionandfutureperiodsiftherevisionaffectsbothcurrentandfutureperiods.ExplorationandevaluationcostscarriedforwardTherecoverabilityofthecarryingamountofexplorationandevaluationcostscarried
224、forwardhasbeenreviewedbythedirectors.Inconductingthereview,therecoverableamounthasbeenassessedbyreferenceNOTESTOTHEFINANCIALREPORTFORTHEYEARENDED30JUNE2015 BEACONMINERALSLIMITED2015ANNUALREPORT34 tothehigheroffairvaluelesscoststosellandvalueinuse.Indeterminingvalueinuse,futurecashflowsarebasedon:Est
225、imatesoforereservesandmineralresourcesforwhichthereisahighdegreeofconfidenceofeconomicextraction;Estimatedproductionandsaleslevels;Estimatefuturecommodityprices;Futurecostsofproduction;Futurecapitalexpenditure;and/or Futureexchangerates.Variations to expected future cash flows,and timing thereof,cou
226、ld result in significant changes to theimpairmenttestresults,whichinturncouldimpactfuturefinancialresults.ImpairmentofavailableforsalefinancialassetsThe Group follows the guidance of AASB 139 Financial Instruments:Recognition and Measurement todetermine when an availableforsale financial asset is im
227、paired.The determination requires significantjudgement.Inmakingthisjudgement,theGroupevaluates,amongotherfactors,thedurationandextenttowhichthefairvalueofaninvestmentislessthanitscostandthefinancialhealthofandshorttermbusinessoutlookfortheinvestee,includingfactorssuchasindustryandsectorperformance,c
228、hangesintechnologyandoperationalandfinancingcashflows.RehabilitationobligationsTheGroupassessessiterehabilitationliabilitiesannually.Theprovisionisrecognisedbasedonanassessmentof the estimated costs of closure and reclamation of the areas using internal information concerningenvironmental issues in
229、the exploration and previously mined areas,together with input from variousenvironmental consultants.Significant estimation is required in determining the provision for siterehabilitationastherearemanyfactorsthatmayaffectthetimingandultimatecoststorehabilitatesiteswhere mining and/or exploration act
230、ivities have previously taken place.These factors include futuredevelopment/explorationactivity,changesinthecostsofgoodsandservicesrequiredforrestorationactivityandchangestothelegalandstatutoryframework.Thesefactorsmayresultinfutureactualexpendituredifferingfromtheamountscurrentlyprovided.(bb)Compar
231、ativeinformationComparative information has been amended where necessary to ensure compliance with current yeardisclosures.3 OTHERINCOMECONSOLIDATED30JUNE2015$30JUNE2014$Gainonsaleoflistedinvestments32,21523,462Fueltaxrebates152,550147,596Other9,83253,450194,597224,508NOTESTOTHEFINANCIALREPORTFORTHE
232、YEARENDED30JUNE2015 BEACONMINERALSLIMITED2015ANNUALREPORT35 4 EXPENSES(a)CostofGoodsSoldCONSOLIDATED30JUNE2015$30JUNE2014$Openinginventory2,154,143Costsofproduction8,433,2136,733,943Royalties581,44873,526Depreciationofmineplantandequipment92,853102,225Amortisationofexplorationanddevelopmentcosts613,
233、808121,488Closinginventory(5,123,543)(2,154,143)6,751,9224,877,039(b)FinancecostsCONSOLIDATED30JUNE2015$30JUNE2014$Financecosts1,179,958731,3701,179,958731,3705 INCOMETAX(a)Primafacieincometaxbenefitat30%onprofit/(loss)fromordinaryactivitiesisreconciledtotheincometaxprovidedinthefinancialstatementsC
234、ONSOLIDATED30JUNE2015$30JUNE2014$Profit/(loss)beforeincometax5,098,921(7,531,796)Incometaxcalculatedat30%1,529,676(2,259,538)Taxeffectof;Expensesnotallowed(9,160)4,119Temporarydifferences(633,939)136,394Section40880deduction(13,395)(39,095)Recoupmentofprioryearlosses(873,182)Deferredtaxassetnotbroug
235、httoaccount2,158,120IncometaxattributabletooperatinglossesNOTESTOTHEFINANCIALREPORTFORTHEYEARENDED30JUNE2015 BEACONMINERALSLIMITED2015ANNUALREPORT36(b)DeferredtaxassetsThe potential deferred tax asset arising from the tax losses and temporary differences have not beenrecognisedasanassetbecauserecove
236、ryoftaxlossesisnotyetprobable.CONSOLIDATED30JUNE2015$30JUNE2014$Australianaccumulatedtaxlosses7,221,0187,473,297Provisionsnetofprepayments(366,654)(267,498)Deferredexplorationexpenditure(178,474)(388,908)Section40880deduction10,24423,639Unrecogniseddeferredtaxassetsrelatingtotheabovetemporarydiffere
237、nces6,686,1346,840,530Thebenefitswillonlybeobtainedif;(i)TheCompanyderivesfutureassessableincomeofanatureandofanamountsufficienttoenablethebenefitfromthedeductionforthelossestoberealised.(ii)TheCompanycontinuestocomplywiththeconditionsindeductibilityimposedbytheLaw;and(iii)No change in tax legislati
238、on adversely affected the Company in realising the benefits from thedeductionsorthelosses.6 AUDITORSREMUNERATIONAmountsreceivedordueandreceivablebytheCompanysAuditors;CONSOLIDATED30JUNE2015$30JUNE2014$AuditingandreviewoftheCompanysfinancialstatements22,70920,64022,70920,6407 RECEIVABLESANDOTHERASSET
239、STradeandOtherReceivablesCONSOLIDATEDCurrentOtherreceivable30JUNE2015$2,23330JUNE2014$35,214GSTrefund33,144122,82535,377158,039OtherreceivableincludesamountsoutstandingforGovernmentrebatesof$0(2014:$33,194)andaccruedinterestof$2,233(2014:$2,020).GSTamountsarenoninterestbearingandhaverepaymenttermsap
240、plicableundertherelevantgovernmentauthorities.NOTESTOTHEFINANCIALREPORTFORTHEYEARENDED30JUNE2015 BEACONMINERALSLIMITED2015ANNUALREPORT37 8 OTHERASSETSCONSOLIDATEDShorttermdeposits30JUNE2015$21,18530JUNE2014$20,624Prepayments42,89718,181Advancepayment184,264Borrowingcosts37,995506,600102,077729,6699
241、INVENTORYCONSOLIDATEDAtcost30JUNE2015$30JUNE2014$Orestockpiles5,123,5432,154,1435,123,5432,154,14310 OTHERFINANCIALASSETSCONSOLIDATED30JUNE201530JUNE2014$Investmentinlistedshares(availableforsaleassets)Atfairvalue819,635722,256Availableforsaleassetsconsistofinvestmentsinordinaryshares,andthereforeha
242、venofixedmaturitydateorcouponrate.11 PLANTANDEQUIPMENTCONSOLIDATED30JUNE201530JUNE2014$PlantandEquipmentAtcost312,558268,836Less:accumulateddepreciation(168,297)(99,143)Totalplantandequipment144,261169,693CONSOLIDATED30JUNE201530JUNE2014$MotorVehiclesAtcost132,569108,478Less:accumulateddepreciation(
243、56,381)(32,683)Totalmotorvehicles76,18875,795CONSOLIDATEDPlantandequipmentCarryingamountatthebeginningoftheyear30JUNE2015$169,69330JUNE2014$139,061Additions43,723110,214DisposalsDepreciationexpense(69,155)(79,582)Totalcarryingamountatendoftheyear144,261169,693NOTESTOTHEFINANCIALREPORTFORTHEYEARENDED
244、30JUNE2015 BEACONMINERALSLIMITED2015ANNUALREPORT38 CONSOLIDATEDMotorVehiclesCarryingamountatthebeginningoftheyear30JUNE2015$75,79530JUNE2014$63,291Additions24,09135,147DisposalsDepreciationexpense(23,698)(22,643)Totalcarryingamountatendoftheyear76,18875,795Totalplantandequipment220,449245,48812 EXPL
245、ORATIONANDEVALUATIONEXPENDITURECONSOLIDATED30JUNE201530JUNE2014$ExplorationandevaluationatcostBalanceatthebeginningoftheyear87,6375,402,705Expenditureincurred129,890327,529Expenditurewrittenoff(i)(210,781)(4,312,388)Transferredtodevelopmentexpenditure(Note13)(1,330,209)6,74687,637(i)During the year
246、the Group relinquished E77/1713 and E57/0946(2014:E77/1297).During the yearexplorationexpenditureiswrittenoffasincurred.Therecoupmentofcostscarriedforwardinrelationtoareasofinterestintheexplorationandevaluationphasesisdependentonthesuccessfuldevelopmentandcommercialexploitationonsaleoftherespectivea
247、rea.13 DEVELOPMENTEXPENDITURECONSOLIDATED30JUNE201530JUNE2014$HalleysEastBalanceatbeginningofperiod1,208,721Transferredfromexplorationandevaluationexpenditure1,330,209Amortisationexpense(613,808)(121,488)Balanceatreportingdate594,9131,208,721TheHalleysEastProjectisexpectedtobecompletedduringthefourt
248、hquarterof2015.14 TRADEANDOTHERPAYABLESCONSOLIDATED30JUNE201530JUNE2014$Tradeandotherpayables360,060932,739360,060932,739NOTESTOTHEFINANCIALREPORTFORTHEYEARENDED30JUNE2015 BEACONMINERALSLIMITED2015ANNUALREPORT39 TradeandotherpayablesamountsrepresentliabilitiesforgoodsandservicesprovidedtotheGrouppri
249、ortotheendofthefinancialyearwhichareyettobepaid.Theamountsareunsecuredandareusuallypaidwithin30daysofrecognition.15 PROVISIONSCONSOLIDATED30JUNE201530JUNE2014$CurrentRehabilitation(i)136,000136,000136,000136,000(i)ProvisionforRehabilitationCONSOLIDATED30JUNE201530JUNE2014$Balanceatbeginningofreporti
250、ngperiod136,000Provisionsmadeduringtheyear136,000ProvisionsusedduringtheyearProvisionsreversedduringtheyear136,000136,000NatureandPurposeofProvisionforRehabilitationThe nature of rehabilitation activities include dismantling and removing structures,rehabilitating mines,reclamationandrevegetationofaf
251、fectedareas.Additionaldisturbancesorchangesinrehabilitationcostestimateswillberecognisedasadditionalorchangestothecorrespondingassetandrehabilitationliabilitywhenincurred.16 BORROWINGSDEBENTURENOTESCONSOLIDATED30JUNE201530JUNE2014$(a)TotalnoncurrentsecuredliabilitiesDebenturenotesBalanceatthebeginni
252、ngoftheyear4,000,000Issueofdebenturenotes(Note16(c)4,000,000Repaymentofdebenturenotes(i)(2,000,000)2,000,0004,000,000(i)On the 18 May 2015 and 30 June 2015 the Company repaid$1.95 million and$0.05 millionrespectively.Onthe5August2015theCompanyrepaidtheremaining$2.0millionofDebenturenotes.CONSOLIDATE
253、DInterestrates30JUNE201530JUNE2014%$(b)Maturitydates11November201518%3,050,0003,050,00018November201518%850,000850,00031December201518%100,000100,0004,000,0004,000,000NOTESTOTHEFINANCIALREPORTFORTHEYEARENDED30JUNE2015 BEACONMINERALSLIMITED2015ANNUALREPORT40(c)TermsandConditionsofDebentureNotesOn the
254、 31 December 2013 the Company announced that it had completed the issue of$4.0 millionDebentureNotestosophisticatedandprofessionalinvestors.ThekeytermsoftheDebentureIssueareasfollows:(a)the face value of eachDebenture(“Debentures”)will be$1.00 and each Debenture Holder mustsubscribe for a minimum of
255、 100,000 Debentures which will have a total face value of$100,000(“MinimumSubscription”);(b)foreveryoneDebenturethatisissuedtoaDebentureHolder,theCompanywillgrantthatDebentureHolder100Options,theOptionswillbeissuedonthesametermandconditionsofthosealreadyonissue.ThemaximumnumberofOptionstobeissuedund
256、ertheDebentureIssueis400,000,000;(c)theDebentureswillnotbelistedontheASX;(d)thetermoftheDebenturesis24monthsfromthedateofissue(“Term”),andtheCompanyholdstherighttoexerciseanearlyrepaymentoptionwhichmaybeexercisednolessthan18monthsfromthedateofissue(“EarlyRepayment”);(e)theinterestratepayableontheDeb
257、enturesis18%perannum.InterestwillbepayableonthepaidupfacevalueoftheDebenturesandcalculatedonadailybasis.InterestwillbepayabletotheDebentureHolders6monthsafterthedatetheyareissuedwithDebenturesandthereafterevery3monthsuntiltheendoftheTerm,oruponEarlyRepayment(togetherthe“RecordDates”);(f)Interestwill
258、bepaidnolaterthan30daysaftertherelevantRecordDate;(g)theDebentureswillbesecuredbytheCompanygrantingaMortgageoverMiningLease77/1254infavourofaSecurityTrusteeactingonbehalfofalltheDebentureHolders(“SecurityTrustee”);(h)theDebentureswillnotentitleaDebentureHoldertoanyvotingrightsintheCompany;(i)theComp
259、anymustrepaythesubscriptionpriceinfullinrelationtoanyDebentureIssue,includingaccruedbutunpaidinterest,ontheearlierofthefollowing;(i)theendoftheTerm;(ii)EarlyRepayment;or(iii)within30daysontheoccurrenceofaneventofdefaultthathasnotbeenremedied;(j)eventsofdefault(“EventofDefault”)include(butarenotlimit
260、edto)thefollowing:(i)anexternaladministratorbeingappointedoveranyoftheassetsoftheCompanyandnotbeingremoved;(ii)theCompanybeinginliquidationorunderadministration;(iii)amaterialchangebeingmadetotheConstitutionoftheCompany;(iv)afailuretopayinterestowedtoaDebentureHolderoccurringwithin7daysofitsduedate;
261、and(v)othereventsofdefaulttypicalofthistypeoftransactionoccurring;and(k)theCompanyhas30daystoremedyanyEventofDefaultwhichoccurspursuanttotheDebentureIssue.NOTESTOTHEFINANCIALREPORTFORTHEYEARENDED30JUNE2015 BEACONMINERALSLIMITED2015ANNUALREPORT41 17 ISSUEDCAPITALIssuedandpaidupcapitalCONSOLIDATED30JU
262、NE201530JUNE2014$Atthebeginningofreportingyear23,766,55023,464,950Sharesissuedduringtheyear(i)300,000Sharesissuedpursuanttoexerciseofoptions1,600TransactioncostsAtreportingdate1,493,429,242(30June2014:1,493,429,242)fullypaidordinaryshares23,766,55023,766,550MovementinOrdinarySharesNumberNumberAttheb
263、eginningofreportingyear1,493,429,2421,393,109,196Sharesissuedduringtheyear(i)100,000,000Sharesissuedpursuanttoexerciseofoptions320,046Atreportingdate1,493,429,2421,493,429,242(i)On9July2013theCompanyissued100,000,000ordinaryshares,atanissuepriceof$0.003pershare,toDuketonConsolidatedPtyLtdasconsidera
264、tionfortheacquisitionofthe20%interestintheHalleysEastGoldProject.TheGroupdoesnothaveauthorisedcapitalorparvalueinrespectofitsissuedcapital.OrdinarysharesentitletheholdertoparticipateindividendsandtheproceedsonwindingupoftheGroupinproportiontothenumberofandamountspaidonthesharesheld.Onashowofhandseve
265、ryholderofordinarysharespresentatameetinginpersonorbyproxy,isentitledtoonevoteanduponapolleachshareisentitledtoonevote.CapitalManagementTheBoardspolicyinrelationtocapitalmanagementistoregularlyandconsistentlymonitorfuturecashflows against expected expenditures for a rolling period of up to 12 months
266、 in advance.The BoarddeterminestheGroupsneedsforadditionalfundingbywayofeithershareissuesorloanfundsdependingonmarketconditionsatthetime.TheBoarddefinesworkingcapitalinsuchcircumstancesasitsexcessliquidfundsoverliabilities,anddefinescapitalasbeingtheordinarysharecapitaloftheGroup.Therewerenochangesi
267、ntheGroupsapproachtocapitalmanagementduringtheyear.TheGroupissubjecttoexternallyimposedcapitalrequirements.18 RESERVES(a)OptionReservesCONSOLIDATED30JUNE201530JUNE2014$Atthebeginningofreportingyear579,500OptionsissuedpursuanttoDebentureNotes(iii)579,500TransactioncostsAtreportingdate579,500579,500NO
268、TESTOTHEFINANCIALREPORTFORTHEYEARENDED30JUNE2015 BEACONMINERALSLIMITED2015ANNUALREPORT42 20152014Movementin$0.00530September2015Options(i)NumberNumberAtthebeginningofthereportingperiod797,702,924398,022,970Issuedduringtheyear(ii)400,000,000Exercisedduringtheyear(320,046)Atreportingdate797,702,924797
269、,702,924(i)Eachoptionentitlestheholdertosubscribetooneshareatanissuepriceof$0.005onorbefore30September2015.(ii)TheCompanygrantedDebentureHolders100optionsforevery1DebentureNoteissued,forfurtherdetailspleaseseenote16.(b)FairValueReserve(i)CONSOLIDATED30JUNE201530JUNE2014$Atthebeginningofthereportingp
270、eriod(110,642)(106,442)Revaluationoflistedinvestments158,179(4,200)47,537(110,642)(i)ThefairvaluereserverecordsthemovementinthemarketvalueoftheinvestmentinlistedsharesheldbyCompany.(c)ReservesCONSOLIDATED30JUNE201530JUNE2014$Optionreserve(Note18(a)579,500579,500Fairvaluereserve(Note18(b)47,537(110,6
271、42)Atreportingdate627,037468,85819 EARNINGS/(LOSS)PERSHARECONSOLIDATED30JUNE2015$30JUNE2014$Basicearnings/(loss)pershareafterincometaxattributabletomembersoftheCompany0.3414(0.0051)Basicearnings/(loss)pershare0.3414(0.0051)Earningsusedincalculationoftotaldilutedearningspershare5,098,921(7,531,796)Ea
272、rningsusedinthecalculationofdilutedearningspershare5,098,921(7,531,796)NumberNumberWeightedaveragenumberofsharesonissueduringthefinancialyearusedinthecalculationofbasicearningspershare1,493,429,2421,490,964,793Weightedaveragenumberofordinarysharesfordilutedearningspershare1,493,429,2421,490,964,793N
273、OTESTOTHEFINANCIALREPORTFORTHEYEARENDED30JUNE2015 BEACONMINERALSLIMITED2015ANNUALREPORT43 20 NOTESTOTHESTATEMENTOFCASHFLOWS(a)ReconciliationofcashandcashequivalentsCONSOLIDATED30JUNE2015$30JUNE2014$CurrentCashatbank1,459,011372,1771,459,011372,177(b)Reconciliationofcashflowsfromoperationswithprofit/
274、(loss)afterincometaxCONSOLIDATED30JUNE2015$30JUNE2014$Profit/(Loss)afterincometax5,098,921(7,531,796)Noncashflowsfromprofit/(loss)Depreciationofplantandequipment92,853102,255Explorationanddevelopmentexpenditurewrittenoff712,3023,806,347Gainonsaleofinvestment32,25423,400Financecosts756,253(Increase)/
275、decreaseinassetsTradeandotherreceivablesOtherassets122,663627,590141,374(380,275)Inventory(2,969,401)2,154,142Increase/(decrease)inliabilitiesTradeandotherpayables(527,779)(765,827)Provisions(118,500)Netcashinflows/(outflows)fromoperatingactivities3,945,656(2,568,880)(c)Noncashfinancingandinvestinga
276、ctivities(i)On9July2013theCompanyissued100,000,000ordinaryshares,atanissuepriceof$0.003pershare,toDuketonConsolidatedPtyLtdasconsiderationfortheacquisitionofthe20%interestintheHalleysEastGoldProject.21 SHAREBASEDPAYMENTS(i)On9July2013theCompanyissued100,000,000ordinaryshares,atanissuepriceof$0.003pe
277、rshare,toDuketonConsolidatedPtyLtdasconsiderationfortheacquisitionofthe20%interestintheHalleysEastGoldProject.(ii)TheCompanyagreedandapprovedattheAnnualGeneralMeetingheldon7November2013toissue 100 options for every 1 Debenture Note issued to Debenture holders.The Options areexercisableat$0.005onorbe
278、fore30September2015.TheCompanyissued400,000,000optionsunderthisagreement.UsingtheBlack&ScholesoptionmodelandbasedontheassumptionbelowtheOptionswereascribedthefollowingvalue:NOTESTOTHEFINANCIALREPORTFORTHEYEARENDED30JUNE2015 BEACONMINERALSLIMITED2015ANNUALREPORT44 Class ofOptionsNumber ofOptionsValua
279、tionDateMarketPrice ofSharesExercisePriceExpiryDateRiskFreeInterestRateVolatility(discount)IndicativeValueperOptionOptions305,000,000 11.11.2013$0.003$0.00530.09.152.53%110%$0.0013Options85,000,00018.11.2013$0.004$0.00530.09.152.53%110%$0.0020Options10,000,00031.12.2013$0.003$0.00530.09.152.53%110%$
280、0.001322 KEYMANAGEMENTPERSONNEL(a)DetailsofkeymanagementpersonnelDirectorsandExecutivesGeoffreyGreenhillExecutiveChairmanGrahamMcGarryManagingDirectorSarahShipwayNonExecutiveDirectorAppointedon11June2015MarcusMichaelExecutiveDirectorRetiredon11June2015(b)CompensationofkeymanagementpersonnelCONSOLIDA
281、TED30JUNE201530JUNE2014$ShorttermemploymentbenefitsSalary,feesandleave300,000270,000PostemploymentbenefitsSuperannuation28,50024,975Totalkeymanagementpersonnelcompensation328,500294,975(c)OthertransactionsandbalanceswithKeyManagementPersonnelOnthe11November2013GrahamMcGarry,GeoffreyGreenhillandOcean
282、icCapitalPtyLtd(togetherthe“RelatedParties”),whichisaCompanycontrolledbytheparentsofMarcusMichael,throughtheirrespectiverelatedpartyentities,participatedintheissueofDebentureNotesintheCompany.TheRelatedPartiesparticipationwasapprovedattheCompanysAnnualGeneralMeetingheldon7November2013.Thefacevalueof
283、eachdebenturenoteis$1.00andforevery1debenturenoteissued,theCompanygranted100listedoptions.ThetermsandconditionsoftheDebentureNotesaredetailedinNote16(c).TheinterestpayableontheDebentureNotesis18%perannum.Duringtheyear$160,715(2014:$109,328)waspaidorpayabletoGrahamMcGarryand$86,873(2014:$59,096)toGeo
284、ffreyGreenhill,throughtheirrespectiverelatedpartyentitiesand$160,715(2014:$109,328)waspaidorpayabletoOceanicCapitalPtyLtd.At30June2015$12,943(2014:$8,705)interestwaspayableGrahamMcGarry,throughhisrespectiverelated party and Oceanic Capital Pty Ltd and$6,996(2014:$4,706)interest was payable to Geoffr
285、eyGreenhill,throughhisrespectiverelatedpartyentity.Duringtheyearended30June2014DebentureNoteholderswerepaidafeeof3%placementfeeontheDebenture Notes.A placement fee of$27,750 to Graham McGarry and$15,000 to Geoffrey Greenhill,through their respective related party entities and$27,750 to Oceanic Capit
286、al Pty Ltd was paid by theCompany.On22October2013theCompanyannouncedthatLamertonPtyLtd,acompanyrelatedtoGrahamMcGarry,hadprovidedanunsecuredloanfacilitytoBeaconof$200,000.NofeeswerepayabletoLamertonPtyLtdinrelationtothefacilityandinterestonthefacilitywasleviedattheprevailingoverdraftinterestratechar
287、gedbythebankandreimbursedtoLamertonPtyLtdatcost.NOTESTOTHEFINANCIALREPORTFORTHEYEARENDED30JUNE2015 BEACONMINERALSLIMITED2015ANNUALREPORT45 McVerde Minerals Pty Ltd,of which Graham McGarry and Geoffrey Greenhill are Directors,providedequipmenthiretotheCompanyonordinarycommercialterms.Amountsthathaveb
288、eenpaidorpayabletotal$864,078(2014:$1,119,792).At30June2015$0(2014:$245,341)waspayabletoMcVerdeMinerals.MrMichaelwasadirectorandhadabeneficialinterestinMarshallMichaelCharteredAccountants.StaffofMarshall Michael Pty Ltd,including the NonExecutive Director/Company Secretary Sarah Shipway,haveprovided
289、corporatesecretarial,accounting,bookkeepingandgeneraladministrativeservicesduringtheyear.Amountsthathavebeenpaidorarepayabletotal$83,739(2014:$109,696).At30June2015$21,253(2014:$4,227)waspayabletoMarshallMichaelCharteredAccountants.23 COMMITMENTSANDCONTINGENCIES(a)CommitmentMineralexplorationcommitm
290、entInordertomaintainthecurrentrightsoftenuretoexplorationtenements,theGrouphasthefollowingdiscretionaryexplorationexpenditurerequirements.CONSOLIDATED30JUNE2015$30JUNE2014$Notlaterthanoneyear26,42330,000Laterthanoneyearbutnotlaterthanfiveyears148,500Laterthanfiveyears26,423178,50024 EVENTSSUBSEQUENT
291、TOBALANCEDATEOn5August2015theGroupconfirmedthat$2.0millionwasrepaidtoDebentureNoteholders,5monthsearlierthantheduedate.AfterthisrepaymenttheGrouphasnodebenturenotesonissue.On5August2015theGroupannouncedthatithadsold13,219,917sharesinConsolidatedTinMines(ASX:CSD)for$0.055pershare.Proceedsfromthesaleo
292、ftheshareswas$714,324,netofbrokeragecosts.CapitallossonsaleoftheCSDshareswas$57,774.Other than above no matters or circumstances have arisen since the end of the financial year whichsignificantlyaffectedorcouldsignificantlyaffecttheoperationsoftheGroup,theresultsofthoseoperations,orthestateoftheaffa
293、irsoftheGroupinfuturefinancialyears.25 FINANCIALRISKMANAGEMENT(a)InterestRateRiskTheGroupsexposuretointerestraterisk,whichistheriskthatthefinancialinstrumentsvaluewillfluctuateasaresultofchangesinmarketinterestratesandtheeffectiveweightedaverageinterestratesonthosefinancialassetsandfinancialliabilit
294、ies,isasfollows:Basedonthecashandcashequivalentsbalancesat30June2015a1%movementininterestrateswouldincrease/decreasetheprofit/(loss)fortheyearbeforetaxationby$14,590(2014:$5,923).NOTESTOTHEFINANCIALREPORTFORTHEYEARENDED30JUNE2015 BEACONMINERALSLIMITED2015ANNUALREPORT46(b)LiquidityriskmanagementUltim
295、ateresponsibilityforliquidityriskmanagementrestswiththeboardofdirectors,whohavebuiltanappropriateliquidityriskmanagementframeworkforthemanagementoftheGroupsshort,mediumandlongtermfundingandliquiditymanagementrequirements.TheGroupmanagesliquidityriskbymaintainingadequatereserves,bankingfacilitiesandr
296、eserveborrowingfacilitiesbycontinuouslymonitoringforecastandactualcashflowsandmatchingthematurityprofilesoffinancialassetsandliabilities.(c)CreditRiskThemaximumexposuretocreditrisk,excludingthevalueofanycollateralorothersecurity,atreportingdatetorecognisedfinancialassetsisthecarryingamountofthoseass
297、ets,netofanyallowancefordoubtfuldebts,asdisclosedinthestatementoffinancialpositionandnotestothefinancialreport.TheCompanydoesnothaveanymaterialcreditriskexposuretoanysingledebtororGroupofdebtorsunderfinancialinstrumentsenteredintobytheGroup.(d)FairvalueoffinancialinstrumentsThe Group measures and re
298、cognises the following asset at fair value on a recurring basis after initialrecognition:availableforsalefinancialassetsTheGroupdoesnotsubsequentlymeasureanyliabilitiesatfairvalueonanonrecurringbasis.FairValueHierarchyAASB13:FairValueMeasurementrequiresthedisclosureoffairvalueinformationbylevelofthe
299、fairvaluehierarchy,whichcategorisesfairvaluemeasurementsintooneofthreepossiblelevelsbasedonthelowestlevelthataninputthatissignificanttothemeasurementcanbecategorisedintoasfollows:Level1 Level2 Level3Measurementsbasedonquotedprices(unadjusted)inactivemarketsforidenticalassetsorliabilitiesthattheentit
300、ycanaccessatthemeasurementdate.MeasurementsbasedoninputsotherthanquotedpricesincludedinLevel1thatareobservablefortheassetorliability,eitherdirectlyorindirectly.Measurementsbasedonunobservableinputsfortheassetorliability.ValuationtechniquesTheGroupselectsavaluationtechniquethatisappropriateinthecircu
301、mstancesandforwhichsufficientdataisavailabletomeasurefairvalue.Theavailabilityofsufficientandrelevantdataprimarilydependsonthespecificcharacteristicsoftheassetorliabilitybeingmeasured.ThevaluationtechniquesselectedbytheGroupareconsistentwithoneormoreofthefollowingvaluationapproaches:Marketapproach:v
302、aluationtechniquesthatusepricesandotherrelevantinformationgeneratedbymarkettransactionsforidenticalorsimilarassetsorliabilities.Income approach:valuation techniques that convert estimated future cash flows or income andexpensesintoasinglediscountedpresentvalue.Costapproach:valuationtechniquesthatref
303、lectthecurrentreplacementcostofanassetatitscurrentservicecapacity.NOTESTOTHEFINANCIALREPORTFORTHEYEARENDED30JUNE2015 BEACONMINERALSLIMITED2015ANNUALREPORT47 Eachvaluationtechniquerequiresinputsthatreflecttheassumptionsthatbuyersandsellerswouldusewhenpricingtheassetorliability,includingassumptionsabo
304、utrisks.Whenselectingavaluationtechnique,theGroupgivesprioritytothosetechniquesthatmaximisetheuseofobservableinputsandminimisetheuse of unobservable inputs.Inputs that are developed using market data(such as publicly availableinformationonactualtransactions)andreflecttheassumptionsthatbuyersandselle
305、rswouldgenerallyusewhenpricingtheassetorliabilityareconsideredobservable,whereasinputsforwhichmarketdataisnotavailable and therefore are developed using the best information available about such assumptions areconsideredunobservable.ThefollowingtablesprovidethefairvaluesoftheGroupsassetsandliabiliti
306、esmeasuredandrecognisedonarecurringbasisafterinitialrecognitionandtheircategorisationwithinthefairvaluehierarchy:Level1Level2Level3Total$2015Availableforsalefinancialassets819,635819,635819,635819,6352014Availableforsalefinancialassets722,256722,256722,256722,256(e)FinancialriskmanagementpoliciesThe
307、Groupsfinancialinstrumentsconsistmainlyofdepositswithrecognisedbanks,investmentinbankbillsupto90days,accountsreceivableandaccountspayable.Liquidityismanaged,whensufficientfundsareavailable,byholdingsufficientfundsinacurrentaccounttoservicecurrentobligationsandsurplusfundsinvested in bank bills.The D
308、irectors analyse interest rate exposure and evaluate treasury managementstrategiesinthecontextofthemostrecenteconomicconditionsandforecasts.ThemainriskstheGroupisexposedtothroughitsfinancialinstrumentsisthedepositorybankinginstitutionitself,holdingthefunds,andinterestrates.TheGroupscreditriskisminim
309、alastheGrouphasnosignificantfinancialassetsotherthancashandtermdeposits.(f)CommoditypriceriskCommoditypriceriskarisesfromfluctuationsinmarketpricesofgold.TheGrouphasnotenteredintoanyforwardcommoditypricecontractsasat30June2015andiscurrentlyexposedtocommoditypriceriskonfuturesales.TheGroupmonitorsmar
310、ketexpectationsonfuturecommoditypricesandconsidersenteringintolongertermcontractsorcommodityswapsorputoptionspositionsifnecessarytomanagetheriskinamannerconsistedwithitsriskmanagementobjectives.(g)ForeignCurrencyRiskTheGroupisnotexposedtoanyforeigncurrencyriskasat30June2015.(h)MarketPriceRiskExposur
311、etomarketriskarisesonfinancialassetsrecognisedattheendofthereportingperiodwherebyachangeinmarketpricewillaffectfuturecashflowsorthefairvalueofthefinancialasset.ThefinancialassetwhichprimarilyexposestheGrouptomarketrateriskislistedinvestments.NOTESTOTHEFINANCIALREPORTFORTHEYEARENDED30JUNE2015 BEACONM
312、INERALSLIMITED2015ANNUALREPORT48 26 RELATEDPARTIESTheGrouphasnorelatedpartiesotherthanthe100%ownedsubsidiariesdisclosedinnote28.At30June2015balancesduefromthesubsidiarieswere:AustralianDollar($)30JUNE2015$30JUNE2014$BeaconMiningPtyLtd108,527108,527Theseamountscompriseoffundsprovidedbytheparentcompan
313、yforexplorationactivities.At30June2015,theloanonbalanceowingfromBeaconMiningPtyLtdwasfullyimpaired.27 SEGMENTREPORTINGFormanagementpurposes,theGroupisorganisedintoonemainoperatingsegment,whichinvolvestheexploration and development of minerals in Australia.All of the Groups activities are interrelate
314、d,anddiscrete financial information is reported to the Board as a single segment.Accordingly,all significantoperatingdecisionsarebaseduponanalysisoftheGroupasonesegment.ThefinancialresultsfromthissegmentareequivalenttothefinancialstatementsoftheGroupasawhole.Theaccountingpoliciesappliedforinternalre
315、portingpurposedareconsistentwiththoseappliedinthepreparationofthesefinancialstatements.MajorCustomersTheGroupsuppliestoasingleexternalcustomerforgoldsaleswhoaccountsfor100%oftheexternalrevenue(2014:100%).28 SUBSIDIARIESTheparententity,BeaconMineralsLimited,hasa100%interestinBeaconMiningPtyLtd.Beacon
316、Mineralsisrequiredtomakeallthefinancialandoperatingpolicydecisionsforthesesubsidiaries.On11February2015theCompanypurchasedthesharesinBeaconMiningPtyLtdfor$1.00.SubsidiariesofBeaconMineralsLimitedCountryofIncorporationPercentage owned%20152014BeaconMiningPtyLtdAustralia100%Asthesubsidiarywasincorpora
317、tedduringtheyear,consolidatedfinancialstatementshavebeenpreparedforthe30June2015financialyear.NOTESTOTHEFINANCIALREPORTFORTHEYEARENDED30JUNE2015 BEACONMINERALSLIMITED2015ANNUALREPORT49 29 PARENTCOMPANYDISCLOSURE(a)FinancialPositionasat30June2015AustralianDollar($)30JUNE2015$AssetsCurrentassets8,129,
318、791Noncurrentassets335,722Totalassets8,465,513LiabilitiesCurrentliabilities2,604,585NoncurrentliabilitiesTotalliabilities2,604,585NetAssets5,860,928EquityIssuedCapital23,766,550Reserves627,037Accumulatedlosses(18,532,659)Totalequity5,860,928(b)FinancialPerformancefortheyearended30June2015AustralianD
319、ollar($)30 JUNE2015$Profit(loss)fortheyear5,093,358OthercomprehensiveincomeTotalcomprehensiveincome(loss)5,093,358(c)GuaranteesenteredintobytheParentEntityTheparententityhasnotprovidedguaranteestothirdpartiesasat30June2015.30 NEWACCOUNTINGSTANDARDSFORAPPLICATIONINFUTUREPERIODSAnumberofnewstandards,a
320、mendmentstostandardsandinterpretationsissuedbytheAASBwhicharenotyetmandatorilyapplicabletotheGrouphavenotbeenappliedinpreparingtheseconsolidatedfinancialstatements.ThosewhichmayberelevanttotheGrouparesetoutbelow.TheGroupdoesnotplantoadoptthesestandardsearly.Theadoptionofthesenewstandardsisnotexpecte
321、dtohaveamaterialimpact.AASB20144ClarificationofAcceptableMethodsofDepreciationandAmortisationapplicablefrom1July2016AASB116andAASB138bothestablishtheprincipleforthebasisofdepreciationandamortisationasbeingtheexpectedpatternofconsumptionofthefutureeconomicbenefitsofanasset.TheIASBhasclarifiedthattheu
322、seofrevenuebasedmethodstocalculatethedepreciationofanassetisnotappropriatebecauserevenuegeneratedbyanactivitythatincludestheuseofanassetgenerallyreflectsfactorsotherthantheconsumptionoftheeconomicbenefitsembodiedintheasset.Theamendmentalsoclarifiedthatrevenueisgenerallypresumedtobeaninappropriatebas
323、isformeasuringtheconsumptionoftheeconomicbenefitsNOTESTOTHEFINANCIALREPORTFORTHEYEARENDED30JUNE2015 BEACONMINERALSLIMITED2015ANNUALREPORT50 embodied in an intangible asset.This presumption,however,can be rebutted in certain limitedcircumstances.AASB20151AnnualImprovements20122014cycleapplicablefrom1
324、July2016ThesubjectsoftheprincipalamendmentstotheStandardsaresetoutbelow:AASB5NoncurrentAssetsHeldforSaleandDiscontinuedOperations:Changesinmethodsofdisposalwhereanentityreclassifiesanasset(ordisposalgroup)directlyfrombeingheldfordistributiontobeingheldforsale(orvisaversa),anentityshallnotfollowthegu
325、idanceinparagraphs2729toaccountforthischange.AASB134InterimFinancialReporting:DisclosureofinformationelsewhereintheinterimfinancialreportamendsAASB134toclarifythemeaningofdisclosureofinformationelsewhereintheinterimfinancialreportandtorequiretheinclusionofacrossreferencefrom.AASB20152AmendmentstoAus
326、tralianAccountingStandardsDisclosureInitiativeapplicablefrom1July2016TheStandardmakesamendmentstoAASB101PresentationofFinancialStatementsarisingfromtheIASBsDisclosure Initiative project.The amendments are designed to further encourage companies to applyprofessionaljudgmentindeterminingwhatinformatio
327、ntodiscloseinthefinancialstatements.Forexample,the amendments make clear that materiality applies to the whole of financial statements and that theinclusionofimmaterialinformationcaninhibittheusefulnessoffinancialdisclosures.Theamendmentsalsoclarifythatcompaniesshoulduseprofessionaljudgmentindetermi
328、ningwhereandinwhatorderinformationispresentedinthefinancialdisclosures.AASB20153AmendmentstoAustralianAccountingStandardsarisingfromtheWithdrawalofAASB1031Materialityapplicablefrom1July2016TheStandardcompletestheAASBsprojecttoremoveAustralianguidanceonmaterialityfromAustralianAccountingStandards.AAS
329、B 9 Financial Instruments and associated Amending Standards(applicable for annual reportingperiodcommencing1January2018)TheStandardwillbeapplicableretrospectively(subjecttothecommentonhedgeaccountingbelow)and includes revised requirements for the classification and measurement of financial instrumen
330、ts,revised recognition and derecognition requirements for financial instruments and simplifiedrequirementsforhedgeaccounting.KeychangesmadetothisstandardthatmayaffecttheGrouponinitialapplicationincludecertainsimplificationstotheclassificationoffinancialassets,simplificationstotheaccountingofembedded
331、derivatives,and the irrevocable election to recognise gains and losses on investments in equityinstrumentsthatarenotheldfortradinginothercomprehensiveincome.ThedirectorsanticipatethattheadoptionofAASB9willnothaveamaterialimpactontheGroupsfinancialinstruments.AASB15:RevenuefromContractswithCustomers(
332、applicabletoannualreportingperiodscommencingonorafter1January2017).Wheneffective,thisStandardwillreplacethecurrentaccountingrequirementsapplicabletorevenuewithasingle,principlesbasedmodel.Exceptforalimitednumberofexceptions,includingleases,thenewrevenuemodelinAASB15willapplytoallcontractswithcustome
333、rsaswellasnonmonetaryNOTESTOTHEFINANCIALREPORTFORTHEYEARENDED30JUNE2015 BEACONMINERALSLIMITED2015ANNUALREPORT51 exchangesbetweenentitiesinthesamelineofbusinesstofacilitatesalestocustomersandpotentialcustomers.ThecoreprincipleoftheStandardisthatanentitywillrecogniserevenuetodepictthetransferofpromisedgoodsorservicestocustomersinanamountthatreflectstheconsiderationtowhichtheentityexpectstobeentitled
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