ABN Interim Financial Report 31 December 2012
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1 ABN Interim Financial Report 31 December 2012
2 Corporate Directory Directors Peter Bird David Hamlyn David Potter Nicholas Ong Non-executive Chairman Managing Director Technical Director Director Company Secretary Karen Brown Registered Office Unit Stirling Highway North Fremantle WA 6159 Telephone: (08) Facsimile: (08) admin@excelsiorgold.com.au Auditors BDO Audit (WA) Pty Ltd 38 Station Street Subiaco WA 6008 Bankers National Australia Bank Unit 10, 7-9 Sandridge Road Bunbury WA 6230 Share Registry Security Transfer Registrars 770 Canning Highway Applecross WA 6153 Telephone: (08) Facsimile: (08) Stock Exchange Listing The Company is listed on Australian Securities Exchange (ASX) Home Exchange: Perth, Western Australia ASX Code: EXG 2
3 CONTENTS Directors Report 4 Auditor s Independence Declaration 8 Consolidated Statement of Profit or Loss and Other Comprehensive Income 9 Consolidated Statement of Financial Position 10 Consolidated Statement of Changes in Equity 11 Consolidated Statement of Cash Flows 12 Notes to the Consolidated Financial Statements 13 Declaration by Directors 19 Independent Auditor s Review Report 20 3
4 DIRECTORS REPORT The Directors present their report on the consolidated entity Excelsior Gold Limited ( the Group ) and the entities it controlled at the end of, or during, the half-year ended 31 December 2012 and the state of affairs at that date. DIRECTORS The following persons were directors of the Group during the whole of the financial period (or as disclosed) and up to the date of this report: Peter Bird (appointed 30 August 2011) David Hamlyn (appointed 21 May 2010) David Potter (appointed 24 May 2011) Nicholas Ong (appointed 24 May 2011) PRINCIPAL ACTIVITIES The principal activity of the Group is exploration for gold. REVIEW AND RESULTS OF OPERATIONS FINANCIAL RESULTS The loss of the Group after providing for income tax for the half year was 600,462 (2011: 834,828). REVIEW OF OPERATIONS Excelsior Gold Limited is an advanced gold exploration company focused on the development of a significant gold project north of Kalgoorlie in the Western Australian Goldfields. The Company s primary asset is the Kalgoorlie North Gold Project located 30 to 55 kilometres north of Kalgoorlie in Western Australia s highly prospective Eastern Goldfields. Targeted drilling campaigns conducted by Excelsior Gold have successfully delineated 1.1 million ounces in gold resources on the Project to date with the majority of the resources hosted in two large deposits, Zoroastrian and Excelsior, in the central part of the tenements. The close proximity of the Company s gold deposits to existing infrastructure, including processing plants, power, water, transport, telecommunications and labour, enhances the development opportunities available to Excelsior Gold and provides a number of potentially favourable development options. The Kalgoorlie North Gold Project comprises 98 km 2 of granted mining leases and prospecting licences covering 25km of strike over a well mineralized greenstone sequence known as the Bardoc Tectonic Zone (BTZ). The BTZ is known to host million ounce gold deposits at Norton Goldfield s Paddington Gold Operations (+2Mozs) immediately to the south and at Aphrodite Gold Limited s Aphrodite Deposit (+1Mozs) immediately to the north of Excelsior s tenements. The Project covers the interpreted intersection of the BTZ with the cross cutting Black Flag Fault system which influences the formation of major gold deposits in the multi-million ounce Kundana and Mount Pleasant fields to the south west. As a result of the convergence of these major gold mineralising structures gold mineralisation is widespread throughout the Kalgoorlie North tenements and is controlled and localised by major northerly trending shears and mineralised cross cutting structures. Total Measured, Indicated and Inferred resources calculated at various lower cut-off grades ranging from 0.6 to 3.0g/t Au are currently million 1.74g/t Au containing 1,153,700 ounces. 4
5 The gold resources are calculated at cut-off grades of 0.6g/t Au for potential open pitable resources and 3.0g/t Au for deeper potential underground resources Over 90% of the currently defined gold resources are located in the vicinity of the previously mined Excelsior and Zoroastrian open pits in the central part of the tenements. The Excelsior (456,100ozs Au) and Zoroastrian (485,300ozs Au) resources and a further nine smaller gold resources within a four kilometre radius of Excelsior provide priority targets for the Company. This area potentially offers both open pit and underground mine development opportunities and the Zoroastrian deposit in particular has potential to expand into a very significant gold resource and major open pit and underground mine. During the reporting period drilling activity concentrated on the rapidly expanding Zoroastrian deposit where Indicated and Inferred gold resource were increased by 355,700ozs Au to 5.76 million tonnes grading 2.62g/t Au for 485,300ozs. The resource upgrades are based on a total of 28,238 metres of reverse circulation drilling and 2,429 metres of diamond drill tails which were completed in the Zoroastrian area. The Zoroastrian gold resource remains open along strike to the north and south and at depth. Initial mining studies indicate that the deposit could be developed by a large open pit in excess of 1.4 kilometres long and up to 190m deep and strong high grade mineralisation extending beneath the first pass optimised pit shell offers good underground mine potential. The Company is presently conducting a Pre-Feasibility Study (PFS) into the potential development of multiple open pit and underground mining operations and the establishment of a new treatment facility centred on the neighbouring Zoroastrian and Excelsior deposits and the cluster of satellite deposits in the central part of the Kalgoorlie North tenements. The PFS timing and scope were extended during the September Quarter 2012 to enable the study to include the large Zoroastrian resource and potential establishment of milling facilities on site. The PFS is now scheduled for completion in June
6 KALGOORLIE NORTH GOLD RESOURCES Deposit Cut-Off (g/t Au) Tonnes (,000t) Grade (g/t Au) Ounces (,000oz) Tonnes (,000t) Grade (g/t Au) Ounces (,000oz) Tonnes (,000t) Grade (g/t Au) Ounces (,000oz) Grade (g/t Tonnes (,000t) Au) Ounces (,000oz) Excelsior 0.6 5, , , , Zoroastrian (O/P) 0.6 3, , , Zoroastrian (U/G) Zoroastrian (Total) 3, , , Satellite Resources (within 4km radius of Excelsior) MEASURED INDICATED INFERRED TOTAL RESOURCES Lochinvar Three Star Ellen Pearce Navan Jackorite Castlereagh Nerrin Nerrin Parkerville Big Blow South Total Satellite Resources , Other Resources (greater than 4km from Excelsior) Eldorado North Talbot North Duke Bulletin South Windanya Total Other Resources , , TOTAL RESOURCES 5, , , , ,153.7 Table 1: Kalgoorlie North Project Resource Inventory (February 2013) Competent Person Statement: Information in this report that relates to Mineral Resource and exploration results is based on information compiled by Mr. David Potter who is the Technical Director of Excelsior Gold Limited. Mr. Potter is a Member of The Australian Institute of Geoscientists and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking, to qualify as Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr. Potter consents to the inclusion in the document of the information in the form and context in which it appears 6
7 Corporate Activity BOARD AND MANAGEMENT CHANGES There have been no material changes to the Board and management of the Company during the period. DIVIDENDS No dividends have been paid or declared and no dividends have been recommended by the Directors. SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS During the half year there was no significant change in the Group s state of affairs other than that referred to in the half-year financial statements or notes thereto. MATTERS SUBSEQUENT TO THE END OF THE FINANCIAL PERIOD On 8 February 2013, the Company issued 3.5 million shares, with performance hurdles in accordance with the Employee Share Plan. On 1 March 2013, the Company completed a placement of million shares at 18c a share, raising 5,000,000. On 8 March 2013, the Company issued 10 million shares pursuant to the terms of the Kalgoorlie Mining Sale Agreement. No other matters or circumstances, not otherwise dealt with in the financial statements, have arisen since the end of the half financial year and to the date of this report which significantly affected or may significantly affect the operations of the economic entity, the results of the economic entity, or the state of affairs of the economic entity in the financial years subsequent to the half financial year ended 31 December AUDITOR S INDEPENDENCE DECLARATION A copy of the auditor s independence declaration as required under section 307C of the Corporations Act 2001 is set out on the page following this report. This report is signed in accordance with a resolution of the Directors. 13 th March 2013, at Perth, Western Australia David Hamlyn Director 7
8 Tel: Fax: Station Street Subiaco, WA 6008 PO Box 700 West Perth WA 6872 Australia 13 March 2013 The Board of Directors Excelsior Gold Limited Unit 2, 124 Stirling Highway NORTH FREMANTLE WA 6159 Dear Sirs, DECLARATION OF INDEPENDENCE BY PHILLIP MURDOCH TO THE DIRECTORS OF As lead auditor of Excelsior Gold Limited for the half year ended 31 December 2012, I declare that, to the best of my knowledge and belief, there have been no contraventions of: the auditor independence requirements of the Corporations Act 2001 in relation to the review; and any applicable code of professional conduct in relation to the review. This declaration is in respect of Excelsior Gold Limited and the entities it controlled during the period. Phillip Murdoch Director BDO Audit (WA) Pty Ltd Perth, Western Australia BDO Audit (WA) Pty Ltd ABN is a member of a national association of independent entities which are all members of BDO (Australia) Ltd ABN , an Australian company limited by guarantee. BDO Audit (WA) Pty Ltd and BDO (Australia) Ltd are members of BDO International Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent member firms. Liability limited by a scheme approved under Professional Standards Legislation (other than for the acts or omissions of financial services licensees) in each State or Territory other than Tasmania. 8
9 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME AS AT 31 DECEMBER 2012 Note 31 December December 2011 Revenue from continuing operations - - Other income 2 217, ,433 Employee benefits expense (306,445) (106,552) Employee/director share based payments 9 (524,134) (141,958) Other share based payments 9 (4,181) (160,000) Depreciation (30,531) (8,075) Directors fees (18,000) (19,500) Impairment of exploration expenditure 3 (1,925) (9,105) Impairment of investments (12,500) (156,250) Corporate and regulatory (32,600) (23,994) Accounting & Audit (86,508) (27,698) Rent (61,369) (38,233) Travel & Accommodation (28,911) (19,830) Legal (2,985) (7,319) Insurance (15,734) (13,081) Consultancy (116,087) (39,447) Advertising & Marketing (39,184) (19,434) Other expenses (202,038) (158,785) Loss before income tax (1,265,732) (834,828) Income tax benefit ,270 - Loss for the half-year attributable to the members of Excelsior Gold Limited (600,462) (834,828) Other comprehensive income Items that may be reclassified subsequently to Profit & Loss Changes in fair value of available-forsale financial assets (5,000) 15,000 Total other comprehensive income for the half-year net of tax (5,000) 15,000 Total comprehensive income for the halfyear attributable to the owners of Excelsior Gold Limited (605,462) (819,828) Cents Cents Basic loss per share (0.1638) (0.3202) Diluted loss per share N/A N/A The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes. 9
10 CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2012 Note 31 December June 2012 ASSETS Current Assets Cash and cash equivalents 12 4,225,752 7,751,869 Trade and other receivables 214, ,394 Total current assets 4,439,938 7,939,263 Non-Current Assets Mineral exploration and evaluation expenditure 3 14,019,426 10,842,396 Property, plant and equipment 268, ,210 Available-for-sale financial assets 120, ,500 Other financial assets , ,470 Total non-current assets 15,342,743 11,819,576 TOTAL ASSETS 19,782,681 19,758,839 Current Liabilities Trade and other payables 869, ,619 Total current liabilities 869, ,619 TOTAL LIABILITIES 869, ,619 NET ASSETS 18,913,073 18,990,220 EQUITY Contributed equity 4 26,888,467 26,360,152 Reserves 5 306, ,748 Accumulated losses (8,282,142) (7,681,680) TOTAL EQUITY 18,913,073 18,990,220 The above consolidated statement of financial position should be read in conjunction with the accompanying notes. 10
11 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE HALF-YEAR ENDED 31 DECEMBER 2012 Contributed Equity Accumulated Losses Share Based Premium Reserve Options Premium Reserve Avail. for Sale Inv. Reserve Total Equity As at 1 July ,999,080 (6,183,282) 209, ,021-9,590,419 Loss for the half-year - (834,828) (834,828) Comprehensive income for the half-year ,000 15,000 Total comprehensive income for the half-year - (834,828) ,000 (819,828) Transactions with owners in their capacity as owners Share issues, net of transaction costs 1,818, ,818,333 Employee share-based payments 141, ,958 Other share-based payments 160, ,000 Options issued , ,248 Transfer from reserves on expiration of options - 774,621 (209,600) (565,021) - - As at 31 December ,119,371 (6,243,489) - 299,248 15,000 11,190,130 Contributed Equity Accumulated Losses Share Based Premium Reserve Options Premium Reserve Avail. for Sale Inv. Reserve Total Equity As at 1 July ,360,152 (7,681,680) - 299,248 12,500 18,990,220 Loss for the half-year - (600,462) (600,462) Comprehensive income for the half-year (5,000) (5,000) Total comprehensive income for the half-year - (600,462) - - (5,000) (605,462) Transactions with owners in their capacity as owners Share issues, net of transaction costs Employee share-based payments 528, ,315 As at 31 December ,888,467 (8,282,142) - 299,248 7,500 18,913,073 This above consolidated statement of changes in equity should be read in conjunction with the accompanying notes. 11
12 CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE HALF-YEAR ENDED 31 DECEMBER December December 2011 CASH FLOWS FROM OPERATING ACTIVITIES Payments for administration (996,625) (385,192) Other receipts (payments) GST (26,917) 14,875 Other income 665,270 10,182 Interest received 217,400 73,259 Net cash outflow from operating activities (140,872) (286,876) CASH FLOWS FROM INVESTING ACTIVITIES Payments for plant and equipment (54,990) (21,379) Payments for security deposits (326,079) - Payments for exploration and evaluation (3,004,176) (1,544,748) Net cash outflow from investing activities (3,385,245) (1,566,127) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issue of shares - 2,261,762 Costs associated with share issue - (144,181) Net cash inflow from financing activities - 2,117,581 Net increase /(decrease) in cash and cash equivalents (3,526,117) 264,578 Cash and cash equivalents at the beginning of the period 7,751,869 2,619,634 NET CASH AND CASH EQUIVALENTS AT THE END OF THE HALF-YEAR 4,225,752 2,884,212 The above consolidated statement of cash flows should be read in conjunction with the accompanying notes. 12
13 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2012 NOTE 1: BASIS OF PREPARATION This general purpose interim financial report for the half-year ended 31 December 2012 has been prepared in accordance with Australian Accounting Standard 134 Interim Financial Reporting and the Corporations Act This financial report does not include all the notes of the type normally included in an annual financial report and therefore cannot be expected to provide as full an understanding of the financial performance, financial position and financing and investing activities of the entity as the full financial report. Accordingly, this half-year financial report is to be read in conjunction with any public announcements made by Excelsior Gold Limited during the half-year in accordance with the continuous disclosure requirements of the Corporations Act The accounting policies adopted are consistent with those of the previous financial year and corresponding half-year reporting period. Presentation of Items of Other Comprehensive Income The Group has adopted the change under AASB renaming the Statement of Comprehensive Income to the Statement of Profit or Loss and Other Comprehensive Income. This change has not had an impact on the results presented. NOTE 2: OTHER INCOME Dec 2012 Dec 2011 Interest Income 217,400 73,257 Joint Venture Income - 30,993 Other income - 10,183 Loss before tax 217, ,433 NOTE 3: MINERAL EXPLORATION AND EVALUATION EXPENDITURE Dec 2012 June 2012 Balance at beginning of the period 10,842,396 6,469,215 Exploration expenditure incurred during the period 3,178,955 4,472,408 Less: Impairment (1,925) (99,227) Balance at the end of the period 14,019,426 10,842,396 The balance carried forward represents projects in the exploration and evaluation phase. Ultimate recoupment of exploration expenditure carried forward is dependent on successful development and commercial exploitation, or alternatively, sale of the respective areas. 13
14 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2012 NOTE 4: CONTRIBUTED EQUITY Dec 2012 June 2012 Ordinary shares - Fully paid 26,888,467 26,360,152 Movements in ordinary share capital No. of shares Dec 2012 Opening balance 366,300,646 26,360,152 Issued in accordance with shareholder approval 6,500, ,315 Less: Costs of issue - - Balance at the end of the period 372,800,646* 26,888,467 Included in Ordinary Share Capital, are 13,750,000 shares with restrictions ( ,000,000). These restrictions are removed once certain performance hurdles have been met see note 9 for more detail. Due to milestones being achieved during the 6 months 8,250,000 shares vested, and 13,750,000 shares remain in escrow. NOTE 5: RESERVES Dec 2012 June 2012 Share-based payments reserve - - Options Premium Reserve 299, ,248 Available-for-sale investments reserve 7,500 12,500 Balance at the end of the period 306, ,748 Movements Share-based payments reserve Opening balance - 209,600 Transfer on expiration of equity instruments - (209,600) Balance at the end of the period - - Movements Options Premium Reserve Opening balance 299, ,021 Transfer on expiration of options - (565,021) Options issued during the period - 299,248 Balance at the end of the period 299, ,248 Movements Available-for-sale investments reserve Opening balance 12,500 - Revaluation of available-for-sale investments (5,000) 12,500 Balance at the end of the period 7,500 12,500 Nature and purpose of reserves Share-based payments reserve The share based payments reserve is used to recognise the fair value of options issued to employees but not exercised. 14
15 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2012 NOTE 5: RESERVES (Continued) Option premium reserve The options reserve is used to recognise funds received for options issued to shareholders. The reserve is recognised in contributed equity when the options are exercised and converted to ordinary share capital. Available-for-sale investments reserve The available-for-sale investments reserve is used to recognise the fair value of available-for-sale financial assets. NOTE 6: EVENTS SUBSEQUENT TO REPORTING DATE On 8 February 2013, the Company issued 3.5 million performance shares, with performance hurdles in accordance with the Employee Share Plan. On 1 March 2013, the Company completed a placement of million shares at 18c a share, raising 5,000,000. On 8 March 2013, the Company issued 10 million shares pursuant to the terms of the Kalgoorlie Mining Sale Agreement. No other matters or circumstances, not otherwise dealt with in the financial statements, have arisen since the end of the half financial year and to the date of this report which significantly affected or may significantly affect the operations of the economic entity, the results of the economic entity, or the state of affairs of the economic entity in the financial years subsequent to the half financial year ended 31 December NOTE 7: COMMITMENTS Mineral Tenement Leases The estimated exploration and joint venture expenditure commitments (in order to maintain current rights of tenure to exploration tenements) for the ensuing year: Consolidated Entity Dec 2012 Dec 2011 Within one year 168, ,428 Later than one year but less than five years 3,138,726 3,420,744 Later than five years 6,831,060 7,258,390 This expenditure will only be incurred should the Company retain its existing level of interest in its various exploration areas and provided access to mining tenements is not restricted. These obligations will be fulfilled in the normal course of operations. The Company will be required to establish additional environmental bonds over the Kalgoorlie North tenements (valued at 111,400) in
16 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2012 NOTE 7: COMMITMENTS (Continued) Lease commitments Rental expenditure commitments for the ensuing years: Consolidated Entity Dec 2012 Dec 2011 Within one year 70, ,757 Later than one year but less than five years 52, ,108 Later than five years - - Issue of shares to Kalgoorlie Mining Associates Pty Ltd Pursuant to the terms of the Kalgoorlie Mining Sale Agreement (7 August 2009), the Company must issue 10,000,000 shares at nil value to Kalgoorlie Mining Associates (or their nominees) upon the Company defining at least 1,000,000 ounces of gold. This milestone was reached on 6 December 2012 and shares issued on 8 March NOTE 8: CONTINGENCIES At the time of writing this report, there are no changes to contingencies to that reported in the Group s 30 June 2012 annual report. NOTE 9: SHARE BASED PAYMENT TRANSACTIONS Employee share-based payments The Excelsior Gold Ltd Share Plan ( Plan ) is designed to motivate employees to meet agreed targets, provide continuity of service to the Company and to increase profitability and returns to Shareholders. Participation in the Plan is at the discretion of the Board and no individual has a contractual right to participate in the plan or to receive any guaranteed benefits. Under the terms of the Plan, an Offer of shares may be subject to conditions that must be satisfied (unless waived by the Board in its absolute discretion) before the Plan Shares to which those conditions apply can be sold, transferred, assigned, charged or otherwise encumbered. The share based payments listed below have been issued under the terms of the Plan. Share based payment transactions are recognised at fair value in accordance with AASB 2. Performance shares issued to directors and employees under the plan in prior periods resulted in 473,759 being expensed to the statement of comprehensive income in the current period. In addition, 6,000,000 shares were issued to directors and 500,000 to consultants under approvals obtained at the AGM at a value of 0.23 per share (being the closing price of shares on 21 December 2012). This resulted in an additional 54,556 being expensed to the statement of comprehensive income. A total of 1,495,000 will be expensed over the period anticipated for the various applicable milestones for release of the restriction conditions. These milestones are as follows: 16
17 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2012 NOTE 9: SHARE BASED PAYMENT TRANSACTIONS (continued) Number of shares Milestone 1,350,000 On definition of not less than 1,250,000 ounces of contained gold at a lower cut-off grade of 0.6g/t Au on the Kalgoorlie North Gold Project, of which at least 60% is Measured Resources or Indicated Resources calculated in accordance with JORC guidelines. 2,400,000 On definition of not less than 1,500,000 ounces of contained gold at a lower cut-off grade of 0.6g/t Au on the Kalgoorlie North Gold Project, of which at least 60% is Measured Resources or Indicated Resources calculated in accordance with JORC guidelines. 2,750,000 Upon the Company defining Probable Ore Reserves of not less than 500,000 ounces of contained gold on the Kalgoorlie North Gold Project calculated in accordance with JORC guidelines. 6,500,000 During the period, 8,750,000 shares issued in previous periods had their performance hurdles met and their restrictions removed. Other share-based payments - shares There were no other share-based payments made during the period Other share-based payments - options No options were granted during the current period. NOTE 10: DIVIDENDS There were no dividends paid or declared by the Group during the period. NOTE 11: SEGMENT INFORMATION Management has determined that the Group operates in one geographical location. The operations of the Group consist of mining and exploration for minerals within Australia. The Northern Territory segment has been abandoned as the value of the assets held, and amount of transactions involved are considered insignificant to the operations of the Group as a whole and do not qualify as a separate segment. 17
18 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2012 NOTE 12: RECLASSIFICATION OF PRIOR PERIOD BALANCE Cash and Cash Equivalents Upon review of the terms of cash balances held with financial institutions, it was decided to reclassify certain balances from Cash and Cash Equivalents to Other Financial Assets, as the conditions on the balances means that they are not sufficiently liquid to meet the definition of Cash and Cash Equivalents. Balances included under Other Financial Assets are security deposits held in terms of agreements with third parties, and are therefore not readily available to the Group until the terms of the agreements have been met. Consolidated Entity June 2012 Cash and Cash Equivalents per June 2012 accounts 8,360,339 Balance transferred to Other Financial Assets (608,470) Adjusted balance of Cash and Cash Equivalents 7,751,869 NOTE 13: INCOME TAX BENEFIT Dec 2012 Dec 2011 Research and Development tax refund 665,270 - Total 665,270-18
19 DECLARATION BY DIRECTORS The directors of the Group declare that: 1. The interim financial statements, comprising the Consolidated Statement of Profit or Loss and Other Comprehensive Income, Consolidated Statement of Financial Position, Consolidated Statement of Cash Flows, Consolidated Statement of Changes in Equity and accompanying notes, are in accordance with the Corporations Act 2001 and: (a) comply with AASB 134 Interim Financial Reporting and the Corporations Regulations 2001 and other mandatory professional reporting requirements; and (b) give a true and fair view of the consolidated entity s financial position as at 31 December 2012 and of its performance as represented by the results of its operations, changes in equity and its cashflows, for the half year ended on that date. 2. In the directors opinion, there are reasonable grounds to believe that Excelsior Gold Limited will be able to pay its debts as and when they become due and payable. This declaration is made in accordance with a resolution of the Board of Directors and is signed for and on behalf of the directors by: Dated this 13th day of March, David Hamlyn Director 19
20 Tel: Fax: Station Street Subiaco, WA 6008 PO Box 700 West Perth WA 6872 Australia INDEPENDENT AUDITOR S REVIEW REPORT TO THE MEMBERS OF Report on the Half-Year Financial Report We have reviewed the accompanying half-year financial report of Excelsior Gold Limited, which comprises the consolidated statement of financial position as at 31 December 2012, and the consolidated statement of profit or loss and other comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the half-year ended on that date, notes comprising a statement of significant accounting policies and other explanatory information, and the directors declaration of the consolidated entity comprising the disclosing entity and the entities it controlled at the half-year s end or from time to time during the half-year. Directors Responsibility for the Half-Year Financial Report The directors of the consolidated entity are responsible for the preparation of the half-year financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of the half-year financial report that is free from material misstatement, whether due to fraud or error. Auditor s Responsibility Our responsibility is to express a conclusion on the half-year financial report based on our review. We conducted our review in accordance with Auditing Standard on Review Engagements ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity, in order to state whether, on the basis of the procedures described, we have become aware of any matter that makes us believe that the half-year financial report is not in accordance with the Corporations Act 2001 including: giving a true and fair view of the consolidated entity s financial position as at 31 December 2012 and its performance for the half-year ended on that date; and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations As the auditor of Excelsior Gold Limited, ASRE 2410 requires that we comply with the ethical requirements relevant to the audit of the annual financial report. A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Independence In conducting our review, we have complied with the independence requirements of the Corporations Act We confirm that the independence declaration required by the Corporations Act 2001, which has been given to the directors of Excelsior Gold Limited, would be in the same terms if given to the directors as at the time of this auditor s review report. BDO Audit (WA) Pty Ltd ABN is a member of a national association of independent entities which are all members of BDO (Australia) Ltd ABN , an Australian company limited by guarantee. BDO Audit (WA) Pty Ltd and BDO (Australia) Ltd are members of BDO International Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent member firms. Liability limited by a scheme approved under Professional Standards Legislation (other than for the acts or omissions of financial services licensees) in each State or Territory other than Tasmania. 20
21 Conclusion Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the half-year financial report of Excelsior Gold Limited is not in accordance with the Corporations Act 2001 including: (a) giving a true and fair view of the consolidated entity s financial position as at 31 December 2012 and of its performance for the half-year ended on that date; and (b) complying with Accounting Standard AASB 134 Interim Financial Reporting and Corporations Regulations BDO Audit (WA) Pty Ltd Philip Murdoch Director Perth, Western Australia Dated this13 th day of March
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