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ABN 64 119 611 559
FINANCIAL REPORT
FOR THE HALF YEAR ENDED 31 DECEMBER 2021
This Interim Financial Report does not include all the notes of the type normally included in an Annual Financial Report. Accordingly, this report is to be read in conjunction with the Annual Report for the year ended 30 June 2021 and any public announcements made by Beacon Minerals Limited during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001.
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CONTENTS
ASX APPENDIX 4D - RESULTS FOR ANNOUNCEMENT TO THE MARKET | 3 |
DIRECTORS' REPORT | 4 |
AUDITOR'S INDEPENDENCE DECLARATION | 12 |
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME | 13 |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION | 14 |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY | 15 |
CONSOLIDATED STATEMENT OF CASH FLOWS | 16 |
CONDENSED CONSOLIDATED NOTES TO THE FINANCIAL STATEMENTS | 17 |
DIRECTORS' DECLARATION | 23 |
INDEPENDENT AUDITOR'S REVIEW REPORT | 24 |
BEACON MINERALS LIMITED | P 2 |
ASX APPENDIX 4D - RESULTS FOR ANNOUNCEMENT TO THE MARKET
This Appendix 4D is provided to shareholders as required by ASX Listing Rule 4.2A.
For personal use only
1. Entity and Reporting Period
Beacon Minerals Limited
ASX Code: BCN
ACN: 119 611 559
Reporting period: | Half Year ended 31 December 2021 | ||||||||||||
Corresponding period: | Half Year ended 31 December 2020 | ||||||||||||
2. | Results for announcement to the market | ||||||||||||
6 months 31 | 6 months | Percentage | |||||||||||
Dec 2021 | 31 Dec 2020 | ||||||||||||
increase/(decrease) | |||||||||||||
Amount $ | Amount $ | ||||||||||||
Gold sales | 35,664,079 | 38,624,874 | (8%) | ||||||||||
Total comprehensive profit/(loss) for the period | 7,348,067 | 12,520,092 | (42%) | ||||||||||
Amount per share | |||||||||||||
Amount franked per share | |||||||||||||
Interim Dividend | AU$ | $0.00125 | AU$ | ||||||||||
100% | |||||||||||||
Record Date for determining entitlement to interim dividend | Tuesday, 19 October 2021 | ||||||||||||
Date Interim dividend payable | Friday, 29 October 2021 |
3. Net Tangible Assets per share
As at | ||||
31 December | 2021 | 31 December 2020 | ||
Net tangible assets per share | $0.0151 | $0.0156 |
Additional information supporting the Appendix D disclosure requirements can be found in the Directors' Report and the consolidated financial statements for the half year ended 31 December 2021.
BEACON MINERALS LIMITED | P 3 |
For personal use only
DIRECTORS' REPORT
The Directors are pleased to submit their report on Beacon Minerals Limited (ASX:BCN) ("Beacon" or "Consolidated Entity") for the half‐year ended 31 December 2021.
DIRECTORS
The names of the directors who held office during or since the end of the half‐year and up to the date of this report are:
Director | Title | Date of Appointment | Date of Retirement | ||
Graham McGarry | Executive Chairman/ | 19 March 2012 | ‐ | ||
Managing Director | |||||
Geoffrey Greenhill | Non‐Executive Director | 19 March 2012 | ‐ | ||
Sarah Shipway | Non‐Executive Director | 11 June 2015 | ‐ | ||
Jason Bontempo | Non‐Executive Director | 10 November 2020 | 7 January 2022 | ||
REVIEW OF FINANCIAL RESULTS | |||||
A summary of revenue and results for the half‐year is set out below: | |||||
2021 | |||||
$ | |||||
Revenue | 35,669,605 | ||||
Profit/(Loss) From Ordinary Activities After Income Tax | 7,348,067 | ||||
For the six‐month period gold sales were $35,664,079 and cost of goods sold for the period was $24,502,209. Administration costs during the period was $717,030, exploration and development expenditure of $571,459, finance costs were $3,986, interest income during the period of $5,526 and other income of $1,357,853.
The result for the six‐month period is a profit of $7,348,067.
On 5 October 2021 a fully franked dividend totalling $0.00125 per share was declared and paid during the period.
BEACON MINERALS LIMITED | P 4 |
For personal use only
DIRECTORS' REPORT
REVIEW OF OPERATIONS
Beacon Minerals Limited (ASX:BCN) (Beacon or the Company) is pleased to present its review of operations for the half‐year ended 31 December 2021.
HIGHLIGHTS
PRODUCTION
- 15,154 ounces of gold produced in the six months ended 31 December 2021
- A record 381,886 dry tonnes milled in the six months ended 31 December 2021
- Gold sales for the six months was 14,847 ounces at an average sale price of $2,450/oz for sale receipts of $36.4 Million
- Beacon had cash of $17.7 million and 1,077 ounces of bullion on hand/gold in transit at the end of the period
- Beacon poured its second tonne of gold in the December 2021 quarter
FINANCIAL AND CORPORATE
- The Company currently has no forward gold sales in place
- Finance facility entered into with low interest rates as Beacon moves to an owner operator model for open pit mining
- The owner operator model is expected to reduce cash operating costs by more than $70/oz with less than a 2 year pay back on the capital investment
- Capital expenditure for the six months totalled A$8.450 million which included capital works, plant and equipment purchases, gravity circuit / gold room installations, the new Jaurdi TSF, exploration and Panel 4 pre‐strip.
EXPLORATION
- During the six months, 450 holes for 13,596m of aircore drilling and 34 holes for 2,038m of RC drilling was completed at the Jaurdi Gold Project.
- Best intercepts from prospects drilled include:
- B21RC001 11 metres @ 2.76 g/t Au from 55 metres (Big Cat)
∙ | LS21RC005 | 7 metres @ 2.21 g/t Au from 101 metres (Lynx South) |
∙ | LDGC1109 | 5 metres @ 13.53g/t Au from 21 metres (Lost Dog Panel 4) |
∙ | BSRC018 | 3 metres @ 4.39 g/t Au from 42 metres to EOH (Black Cat South) |
∙ | HP21AC054 | 3 metres @ 4.10g/t Au from 33 metres (Heine's) |
- L21RC003 13 metres @ 2.45 g/t Au from 26 metres (Lynx)
- Exploration field work has commenced at the MacPhersons Project
BEACON MINERALS LIMITED | P 5 |
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