GLOBE METALS & MINING LIMITED
ABN 33 114 400 609
AND CONTROLLED ENTITIES
Half Year Financial Report
31 December 2018
CONTENTS
DIRECTORS' REPORT .............................................................................................................................. 3
AUDITOR'S INDEPENDENCE DECLARATION ........................................................................................... 6
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME ................................................................ 7
CONSOLIDATED STATEMENT OF FINANCIAL POSITION ......................................................................... 8
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY ......................................................................... 9
CONSOLIDATED STATEMENT OF CASH FLOWS ................................................................................... 10
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS .................................................................. 11
DIRECTORS' DECLARATION .................................................................................................................. 19
INDEPENDENT AUDITOR'S REVIEW REPORT ....................................................................................... 20
DIRECTORS' REPORT
The directors of Globe Metals & Mining Limited ('Globe' or 'the Company') submit the financial report of the Company and its controlled entities for the half year ended 31 December 2018.
DIRECTORS
The names of Directors who held office during or since the end of the half year:
Alice Wong | Chairperson |
Alistair Stephens | Managing Director, Deputy Chairperson and Chief Executive Officer |
William Hayden | Non-Executive Director |
Bo Tan | Non-Executive Director |
Alex Ko | Non-Executive Director |
Directors have held office for the entire period and to date of this report.
COMPANY SECRETARY
Michael Fry
RESULTS
The result for the half year ended 31 December 2018 attributable to members of Globe was a net loss after tax of $0.818 Million (2017: $0.691 Million).
REVIEW OF OPERATIONS
During the half year ending 31 December 2018, Globe's main operational focus was on the advancement of its niobium project in Malawi (Africa).
Kanyika Niobium Project
During the half year, the Company continued to seek parties interested in off-take agreements for niobium and tantalum and explored a range of financing and investment options.
At the same time, the Company continued to examine opportunities for project enhancement, including reconfiguration of the project design. Arising from this, the mining and plant designs and engineering study components of the Definitive Feasibility Study were revised and updated to incorporate the findings from improvement programs and other engineering design changes.
The financial model underpinning the Definitive Feasibility Study was also updated for revised capital and operating costs, independently sourced, and updated sales and revenue expectations based on recent data.
The financial model is subject to finalisation of a Development Agreement, which was further progressed during the half year and is currently with the Malawi Government.
DIRECTORS' REPORT (Continued)
Mineral Tenement Schedule
Project | Location | Status | Tenement | Globe's interest |
Kanyika Niobium (i) | Malawi | Under application | AML00026 - renewal application lodged | 100% |
Kanyika Exploration | Malawi | Granted | EPL0421/15R | 100% |
(i)a Mining lease application was lodged by Globe with Malawi's Ministry of Natural Resources, Energy & Mining on 5 December 2014 covering in part the area previously covered by EPL1088/05 and was approved in June 2015 subject to the finalisation of a Development Agreement. This agreement currently remains with the Malawi Government. As required, Globe has lodged an application of the renewal of the Mining Lease previously approved (subject to the finalisation of a Development Agreement) and is recorded in the Malawi Mining Portal as AML00026, being application for mining lease number 26.
Note:AML: Application for Mining Lease (Malawi)
EPL: Exclusive Prospecting Licence (Malawi)
Project Location Map
AND CONTROLLED ENTITIES DIRECTORS' REPORT (Continued)
AUDITOR'S INDEPENDENCE DECLARATION
The auditor's independence declaration under section 307C of the Corporations Act 2001 is set out on page 6 for the half year ended 31 December 2018.
Rounding of amounts
The Company is of a kind referred to in ASIC Corporations (Rounding in Financial/Directors' Report) Instrument 2016/191, issued by the Australian Securities and Investments Commission, relating to the 'rounding off' of amounts in the directors' report. Therefore, amounts in the directors' report and the half-year financial report have been rounded off in accordance with that Instrument to the nearest thousand dollars, unless otherwise indicated.
This report is made in accordance with a resolution of directors.
_________________________________
Mr Alistair Stephens
Managing Director
Dated this 15th day of March 2019 Perth
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Globe Metals & Mining Limited published this content on 15 March 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 15 March 2019 06:28:07 UTC