NOTE 6: KEY MANAGEMENT PERSONNEL
Remuneration arrangements of key management personnel are
disclosed in the annual financial report.
NOTE 7: EQUITY COMPENSATION BENEFITS
At total expense of $36,302 has been recognised in the statement
of profit or loss and other comprehensive income at 31 December
2014. This amount relates entirely to equity compensation benefits
awarded to employees of the Company. During the year the Company
issued two tranches of performance rights and once tranche of
options. Further details are provided below.
a) Performance rights issues
During the period ending 31 December 2014, the Company issued
2,953,418 performance rights to employees in accordance with the
Wolf Minerals Limited Performance Rights Plan as readopted by
shareholders at the Annual General Meeting held on 21 November
2014.
The vesting of the performance rights is subject to the
following conditions:
a) 50% of performance rights will vest based on the Company's
relative share price performance versus the AIM Basic Resources
Index in accordance with a defined scale; and
b) 50% of performance rights will vest based upon the Company's
Total Shareholder Return ("TSR") performance as measured over the
vesting period.
The performance rights were valued by an independent third party
using industry standard valuation techniques. The key inputs and
valuations are summarised in the table below.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE HALF YEAR ENDED 31 DECEMBER 2014
NOTE 7: EQUITY COMPENSATION BENEFITS (CONTINUED)
Item Tranche 1 Tranche 1 Tranche 2 Tranche 2
Vesting conditions a) b) a) b)
Underlying security spot
price $0.26 $0.26 $0.26 $0.26
Exercise price Nil Nil Nil Nil
Valuation date 21/11/2014 21/11/2014 21/11/2014 21/11/2014
Expiration date 30/06/2016 30/06/2016 30/06/2017 30/06/2017
Performance period (years) 2.00 2.00 3.00 3.00
Volatility 60% 60% 60% 60%
Risk free rate 2.53% 2.53% 2.56% 2.56%
Dividend Yield Nil Nil Nil Nil
Number of performance rights 730,715 730,714 745,995 745,994
Valuation per performance
right $0.185 $0.128 $0.193 $0.136
Valuation per tranche $135,182 $93,531 $143,977 $101,455
At 31 December 2014 all of the performance rights remained
unvested and a total expense of $26,507 has been recognised in the
statement of profit or loss and other comprehensive income as part
of equity compensation benefits. The total value of the performance
rights will be recognised in the statement of profit or loss and
other comprehensive income on a pro-rata basis over the life of the
respective performance rights.
b) Option issues
During the period ending 31 December 2014 the Company issued
850,000 options to an employee.
The options were valued using the Black Scholes valuation model
with the key inputs and valuations summarised in the table
below.
Item
Underlying price $0.25
Exercise price $0.34
Valuation date 18/12/2014
Expiry date 30/11/2015
Historical volatility 38.80%
Risk free rate 2.96%
Number of options 850,000
Value per option $0.0144
Probability 80%
Value of issue $9,795
The options vested upon issue and a total expense of $9,795 has
been recognised in the statement of profit or loss and other
comprehensive income as part of equity compensation benefits.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE HALF YEAR ENDED 31 DECEMBER 2014
31 December 30 June
2014 2014
$ $
NOTE 8: OTHER RECEIVABLES
Current
Accrued interest 812 -
GST refundable 53,152 132,868
Other assets1 40,650 58,812
Prepayments 84,176 13,403,253
VAT refundable 8,008,219 5,970,654
8,187,009 19,565,587
-------------- -------------
Non-Current
Other assets1 20,178,100 6,444,561
-------------- -------------
20,178,100 6,444,561
-------------- -------------
1 Other assets comprise a bond agreement and cash collateral
deposits the Group has provided as security to various parties in
connection with environmental restoration obligations. The bond and
collateral deposits are not released until the underlying
obligations have been fulfilled by the Group to the satisfaction of
the UK authorities. The two major non-current collateral deposits
are a GBP9.05M ($17.2M) financial provision for the restoration
bond and a GBP0.8M ($1.52M) environmental waste permit.
NOTE 9: MINE DEVELOPMENT ASSET
Mine development expenditure
Brought forward 119,669,556 31,895,741
Effect of foreign currency exchange differences 6,196,183 3,562,239
Expenditure capitalised during the period 93,930,154 84,211,576
At reporting date 219,795,893 119,669,556
============== ==============
The ultimate recoupment of mine development expenditure is
dependent on the successful commercial development of the Project,
including positive cash flows from production.
NOTE 10: PROPERTY, PLANT & EQUIPMENT
Plant and equipment:
At cost 530,830 450,517
Accumulated depreciation (177,054) (96,645)
Total plant and equipment 353,776 353,872
------------ -----------
Total property, plant and equipment 353,776 353,872
============ ===========
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE HALF YEAR ENDED 31 DECEMBER 2014
Motor Vehicles Plant and equipment Total
$ $ $
NOTE 10: PROPERTY, PLANT & EQUIPMENT
(CONTINUED)
Balance at 30 June 2013 - 58,929 58,929
Additions 235,478 107,330 342,808
Depreciation expense (15,866) (35,133) (50,999)
Effect of foreign currency exchange
differences - 3,134 3,134
----------------- ---------------------- -----------
Balance at 30 June 2014 219,612 134,260 353,872
----------------- ---------------------- -----------
Additions - 55,431 55,431
Depreciation expense (44,360) (25,733) (70,093)
Effect of foreign currency exchange
differences 9,534 5,032 14,566
----------------- ---------------------- -----------
Balance at 31 December 2014 184,786 168,990 353,776
================= ====================== ===========
31 December 30 June
2014 2014
$ $
NOTE 11: TRADE AND OTHER PAYABLES
Current
Trade payables 16,699,348 2,466,599
Accrued borrowing costs - 306,075
Accrued expenses 2,842,889 22,828,093
-------------- -------------
19,542,237 25,600,767
-------------- -------------
Mine Rehabilitation Employee Benefits Total
NOTE 12: PROVISIONS $ $
Opening balance at 1 July 2014 2,058,561 126,789 2,185,350
Additional provisions 887,672 60,191 947,863
Effect of foreign currency exchange
differences 106,587 - 106,587
----------------------
Balance at 31 December 2014 3,052,820 186,980 3,239,800
---------------------- -------------------- ------------
31 December 30 June
2014 2014
Wolf Minerals (LSE:WLFE)
Historical Stock Chart
From Apr 2024 to May 2024
Wolf Minerals (LSE:WLFE)
Historical Stock Chart
From May 2023 to May 2024