ABN 51 127 297 170 Interim Financial Report For the Half Year … · Telephone: 02 9078 7669...

ABN 51 127 297 170

Interim Financial Report

For the Half Year Ended 31 December 2018

METAL BANK LIMITED AND CONTROLLED ENTITIES ABN 51 127 297 170

INTERIM FINANCIAL REPORT


Company Directory 1 Directors' Report 2-8 Auditor’s Independence Declaration 9 Consolidated Statement of Profit or Loss and Other Comprehensive Income 10 Consolidated Statement of Changes in Equity 11 Consolidated Statement of Financial Position 12 Consolidated Statement of Cash Flows 13 Notes to the Consolidated Financial Statements 14-17 Directors' Declaration 18 Independent Auditor’s Review Report 19

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METAL BANK LIMITED AND CONTROLLED ENTITIES COMPANY DIRECTORY

DIRECTORS Inés Scotland Anthony Schreck Guy Robertson COMPANY SECRETARY Sue-Ann Higgins REGISTERED OFFICE Suite 506 Level 5, 50 Clarence Street Sydney NSW 2000 Telephone: 02 9078 7669 Facsimile: 02 9078 7661 AUDITORS RSM Australia Partners Level 13, 60 Castlereagh Street Sydney NSW 2000 SHARE REGISTRAR Atomic Pty Ltd Level 12 575 Bourke Street Melbourne VIC 3000 Telephone: 02 9698 5414 STOCK EXCHANGE LISTING Australian Securities Exchange (Home Exchange: Melbourne, Victoria) Code: MBK BANK Westpac Banking Corporation 275 Kent Street Sydney NSW 2000 www.metalbank.com.au

http://www.metalbank.com.au/

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INTERIM FINANCIAL REPORT

DIRECTORS' REPORT

Your directors submit the financial report of Metal Bank Limited (the ‘parent’ or ‘Company’) and its controlled entities (the consolidated entity) 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 are: Inés Scotland Chairman Guy Robertson Executive Director Anthony Schreck Executive Director

RESULTS The loss after tax for the half-year ended 31 December 2018 was $205,510 (2017: $514,970). REVIEW OF OPERATIONS

Metal Bank Limited (‘MBK’ or ‘the Company’) is pleased to outline below the activities for the half year ended

31 December 2018.

The Company’s south-east Queensland exploration projects (8 Mile, Triumph and Eidsvold) are associated

with historical goldfields and represent intrusion related gold systems (IRGS) with multi-million-ounce upside

within the northern New England Orogen of eastern Australia. This region hosts several gold mines including

the Cracow (3Moz Au), Mt Rawdon (2Moz Au) gold mines and the historical Mt Morgan deposit (8Moz Au).

Figure 1: Location of the 8 Mile, Triumph and Eidsvold Projects in SE Queensland

HIGHLIGHTS

8 Mile Gold Project

➢ Field reconnaissance sampling completed during the period highlights a large hydrothermal

mineral system with two priority target areas identified (Western and Eastern Targets) along

trend from the Mt Rawdon gold mine (2Moz).

➢ Tenement granted during the period

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METAL BANK LIMITED AND CONTROLLED ENTITIES

Triumph Gold Project

➢ Completion of a system wide review to evaluate near surface gold targets and to prioritise the

bulk tonnage intrusion related gold targets across the project.

➢ Soil and rock chip geochemical sampling programmes completed over new target areas.

➢ Four priority bulk tonnage targets defined (Big Hans, Advance, Bonneville, Bald Hill East)

Eidsvold Gold Project

➢ Large scale intrusion related gold targets have been identified adjacent to the Eidsvold goldfield

(historical production 100,000oz Au) from airborne geophysics survey data (EM and magnetics).

➢ No Field activity occurred during the period while MBK evaluates opportunities to joint venture

the project

Corporate

➢ New Company Constitution approved by members and adopted

➢ The Company continues to review new project opportunities with a view to identifying projects

that fit with its growth strategy and have the ability to add shareholder value

Figure 2: Intrusion related gold model for the Triumph, Eidsvold, and 8 Mile projects in Eastern Australia

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Metal Bank Limited (ASX:MBK)

Metal Bank Limited (‘MBK’ or ‘the Company’) is pleased to outline below the activities on its south-east

Queensland gold projects for the half year ended 31 December 2018.

The grant of the 8 Mile project exploration permit during the period represents a strong addition to the MBK

gold portfolio. Indications from the initial field work highlight an overlooked gold system immediately along

trend from the Mt Rawdon gold mine (2Moz).

On the Triumph project results from drilling have extended near-surface gold mineralised zones, however

an internal review of all near surface resources identified to date does not support moving to a scoping study

at this time. Exploration on the project continues to focus on identifying the causative intrusive or bulk

tonnage style gold system responsible for the widespread near-surface high grade gold mineralisation. A

detailed review of the project has identified four priority bulk-tonnage gold targets (Big Hans, Advance,

Bonneville, Bald Hill East).

Results from the airborne geophysics (EM and magnetics) on the Eidsvold project highlight multiple large-

scale gold targets concealed by cover sediments in proximity to the historical Eidsvold goldfield (100,000 oz

Au production). This represents a significant step forward for the project’s prospectivity.

Looking ahead, exploration will be focussed on advancing the 8 Mile project with detailed surface

geochemistry. The Company will also continue to investigate the potential for joint ventures for its south-

east Queensland gold projects.

8 Mile Project (100% MBK)

The 8 Mile project represents a large hydrothermal mineral system with two priority target areas identified

(Western and Eastern Targets) along trend from the Mt Rawdon gold mine (2Moz). Initial reconnaissance

surface geochemical sampling (stream and rock chip sampling) completed during the period returned strong

pathfinder geochemistry associated with broad zones of magnetite destruction (forming magnetic lows)

similar to the upper portions of the nearby 2Moz Mt Rawdon gold mine. Refer to Figure 3.

The Western Target is centred on a large breccia body (approx. 1km x 2km) with coincident pathfinder

geochemistry typical of other intrusion related gold systems. The Eastern target is a 2.5km long porphyry

style gold system with limited shallow historical drilling (Placer Exploration, 1994) intersecting broad low-

grade gold mineralisation which remains ‘open’ with excellent upside. Both of these target have been

overlooked by modern exploration.

Systematic surface geochemical sampling (soil and rock) covering the Western and Eastern targets is in

progress.

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Figure 3: 8 Mile project showing the Eastern and Western targets and associated magnetic lows (image RTP

magnetics).

Triumph Project (100% MBK)

The Triumph project is an intrusion related gold camp centred about the historical high-grade Norton

goldfield (mined in the late 1800’s and again in the 1990’s) located between the Mt Rawdon (2Moz Au) gold

mine and the historical Mt Morgan (8Moz Au and 0.4Mt Cu) mine in the Northern New England Orogen,

south-east Queensland.

Exploration by MBK over the past two years has discovered near-surface gold mineralisation across six

prospects within a 10km2 system. Highlights from this work includes:

• Bald Hill West - 15m @ 10.3g/t Au from 9m

• Bald Hill East 30m @ 0.5g/t Au from surface (open)

• New Constitution 10m @ 26.9g/t Au from 51m

• Advance 3m @ 25g/t Au from 17m

• Super Hans 22m @ 1.1g/t Au from 12m

• Big Hans 18m @ 4.0g/t Au from surface

The high-grade gold mineralisation intersected is interpreted to represent outer halo style mineralisation

above bulk tonnage style gold systems. It is the bulk tonnage style mineralisation that represents the priority

target for MBK on the project.

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During the period a detailed analysis of the project data identifies four priority bulk tonnage targets (Big

Hans, Advance, Bonneville, Bald Hill East) interpreted beneath the near surface mineralisation. Refer to

Figure 4 showing the location of the priority bulk tonnage targets.

An internal review was also completed focusing on the potential of the near surface high-grade gold

mineralisation to support a multiple open pit mining scenario. This review recommended not moving to a

scoping study at this time.

Figure 4: Triumph project showing the priority bulk tonnage gold targets (Big Hans, Advance, Bonneville, Bald Hill

East).

Eidsvold Project (100% MBK)

The project is centred on the historical Eidsvold goldfield (100,000oz Au mined in the early 1900’s), located

between the Cracow (3Moz Au) and Mt Rawdon (2Moz Au) gold mines in the Northern New England Orogen.

The Eidsvold project represents a ‘first mover’ opportunity to target bulk tonnage intrusion related gold

systems concealed by sedimentary cover on an area which is largely unexplored and adjacent to an historical

goldfield with over 100,000oz Au historical production.

A combined airborne EM and magnetic geophysical survey was completed in Q2 2018 covering the large

intrusive complex. Processing and interpretation of the geophysical survey results has identified five large

scale intrusion related gold targets under 10m to up to 100m of cover and interpreted to represent breccia-

style gold systems similar to Mt Leyshon or Kidston gold mines in Queensland. These new targets are located

on an untested 10km trend identified in the regional magnetics data, along strike to the north and south of

the Eidsvold historical goldfield (Figure 5).

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Figure 5: Eidsvold project showing regional airborne magnetics data (400m line spacing) and high priority targets

concealed by cover sediment.

Metal Bank continues to investigate the potential for a Joint Venture for the Eidsvold project as a means to

accelerate drilling of the new large-scale targets defined from the latest airborne geophysics interpretation.

Tenement Schedule

Roar Resources Pty Ltd (Wholly Owned Subsidiary) Triumph Project

EPM18486 – Queensland EPM19343 – Queensland

Eidsvold Project EPM18431 – Queensland EPM18753 – Queensland EPM26660 – Queensland

8 Mile Project EPM26945 - Queensland

Competent Persons Statement

The information in this report that relates to Exploration Results is based on information compiled or reviewed by Mr Anthony Schreck, who is a Member of The Australasian Institute of Geoscientists. Mr Schreck is an employee of the Company. Mr Schreck has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Schreck consents to the inclusion in the report of the matters based on his information in the form and context in which it applies. The Exploration Targets described in this report are conceptual in nature and there is insufficient information to establish whether further exploration will result in the determination of Mineral Resources. Any resources referred to in this report are not based on estimations of Ore Reserves or Mineral Resources made in accordance with the JORC Code and caution should be exercised in any external technical or economic evaluation.

Anthony Schreck Managing Director

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SIGNIFICANT CHANGES IN STATE OF AFFAIRS In the opinion of the Directors, other than the matters covered above in this report and the accounts and notes attached thereto, there were no significant changes in the state of affairs of the consolidated entity that occurred during the financial period under review. DIVIDENDS No dividends have been paid or declared since the end of the previous financial year to the date of this report.

EVENTS SUBSEQUENT TO REPORTING DATE

There have been no events subsequent to year end which would have a material effect on the consolidated entity’s financial statements at 31 December 2018.

AUDITOR’S INDEPENDENCE DECLARATION Auditors’ Independence Declaration under Section 307C of the Corporations Act 2001. The lead auditor's independence declaration for the half year ended 31 December 2018 is set out on page 9.

This report is signed in accordance with a resolution of the Board of Directors.

Guy Robertson Director

Sydney Dated: 12 March 2019

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AUDITOR’S INDEPENDENCE DECLARATION As lead auditor for the review of the financial report of Metal Bank Limited for the half year ended 31 December 2018, I declare that, to the best of my knowledge and belief, there have been no contraventions of:

(i) the auditor independence requirements of the Corporations Act 2001 in relation to the review; and

(ii) any applicable code of professional conduct in relation to the review. RSM AUSTRALIA PARTNERS G N SHERWOOD Partner Sydney, NSW Dated: 12 March 2019

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METAL BANK LIMITED AND CONTROLLED ENTITY ABN 51 127 297 170

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER

COMPREHENSIVE INCOME For the half year ended 31 December 2018

31 December 2018 31 December 2017

Note $ $

Revenue 2 23,168 19,149

Administration expenses

(45,297) (47,878)

Employee benefits expenses (38,562) (90,456)

Compliance and regulatory expenses

(50,021) (93,704)

Director fees

(25,000) (25,000)

Management and consulting fees (67,188) (102,863)

Travel expenses (2,610) (10,652)

Exploration costs written off 3 - (163,566)

Loss before income tax

(205,510) (514,970)

Income tax expense - -

Loss for the period (205,510) (514,970)

Other comprehensive income

- -

Total comprehensive loss for the period

(205,510) (514,970)

Basic and diluted loss per share (cents per share)

(0.02) (0.06)

The accompanying notes form part of this financial report.

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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

For the half year ended 31 December 2018

Note Issued Capital Reserves

Accumulated Losses Total

$ $ $ $

Balance as at 1 July 2018 20,827,582 162,520 (10,148,314) 10,841,788

Share based payments 5 25,000 (162,520) 137,520 -

Total comprehensive loss for the period - - (205,510) (205,510)

Balance as at 31 December 2018 20,852,582 - (10,216,304) 10,636,278

Balance as at 1 July 2017 17,633,012 165,110 (9,385,230) 8,412,892

Shares issued during the period 3,355,365 - - 3,355,365

Cost of share issue (172,330) - - (172,330)

Share based payments 11,535 (27,590) 16,055 -

Total comprehensive loss for the period - - (514,970) (514,970)

Balance as at 31 December 2017 20,827,582 137,520 (9,884,145) 11,080,957


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CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at 31 December 2018

Note

31 December 2018 30 June 2018

$ $

CURRENT ASSETS

Cash and cash equivalents

2,183,697 2,980,581

Trade and other receivables

48,622 76,406

Financial assets

1,250 1,250

TOTAL CURRENT ASSETS

2,233,569 3,058,237

NON-CURRENT ASSETS

Plant and equipment 30,743 32,649 Evaluation and exploration expenditure 3

8,475,935 7,984,603

TOTAL NON-CURRENT ASSETS

8,506,678 8,017,252

TOTAL ASSETS

10,740,247 11,075,489

CURRENT LIABILITIES

Trade and other payables

98,369 220,139

Employee benefit provisions 5,600 13,562

TOTAL CURRENT LIABILITIES

103,969 233,701

TOTAL LIABILITIES 103,969 233,701

NET ASSETS

10,636,278 10,841,788

EQUITY Share capital 5 20,852,582 20,827,582 Reserves 6 - 162,520 Accumulated losses (10,216,304) (10,148,314)

TOTAL EQUITY

10,636,278 10,841,788


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CONSOLIDATED STATEMENT OF CASH FLOWS


31 December 2018

31 December 2017

$ $

CASH FLOWS FROM OPERATING ACTIVITIES

Payments to suppliers and employees

(269,961) (363,406) Interest received

22,178 2,772

Net cash used in operating activities

(247,783) (360,634)

CASH FLOWS FROM INVESTING ACTIVITIES

Payment for exploration and evaluation

(549,101) (871,157)

Net cash used by investing activities

(549,101) (871,157)

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from share issue - 3,355,366 Cost of share issue - (172,330)

Net cash provided by financing activities

- 3,183,036

Net increase in cash held

(796,884) 1,951,245 Cash at the beginning of the financial year

2,980,581 2,983,672

Cash at the end of the financial period

2,183,697 4,934,917


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NOTES TO THE FINANCIAL STATEMENTS For the Half Year Ended 31 December 2018

1. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES

Basis of preparation

The interim financial report is a general purpose financial report prepared in accordance with the requirements of the Corporations Act 2001 and Australian Accounting Standard AASB 134: Interim Financial Reporting. The Group is a for-profit entity for financial reporting purposes under Australian Accounting Standards.

This interim financial report does not include all of the information required for a full annual financial report. This interim financial report should be read in conjunction with the annual financial report for the year ended 30 June 2018, together with any public announcements made by Metal Bank Limited and its controlled entity during the half-year.

The principal accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period, unless otherwise stated.

These financial statements were authorised for issue on 12 March 2019.

Accounting policies

The accounting policies and methods of computation adopted in the preparation of this interim financial report are, unless otherwise stated, consistent with those adopted and disclosed in the most recent annual financial report.

New and revised Standards and Amendments

For the half-year reporting period to 31 December 2018, a number of new and revised Accounting Standard requirements including AASB 9 Financial Instruments and AASB 15 Revenue from Contracts with Customers became mandatory from 1 July 2018.

The adoption of all the new and revised Standards and Interpretations has not resulted in any material changes to the consolidated entity’s accounting policies and has no effect on the amounts reported for the current or prior half-years.

2. REVENUE

31 December

31 December

2018 2017 $ $

Revenue Interest income 23,168 19,149

23,168 19,149

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NOTES TO THE FINANCIAL STATEMENTS


3. EXPLORATION AND EVALUATION EXPENDITURE 31 December 30 June 2018 2018

$ $

Exploration and evaluation expenditure 8,475,935 7,984,603

Reconciliation of carrying amount Balance at beginning of financial period 7,984,603 5,578,343 Expenditure in current period 491,332 2,569,826 Exploration expenditure written off - (163,566)

Balance at end of financial period 8,475,935 7,984,603

4. SEGMENT INFORMATION

The group’s operations are in one business segment being the resources sector. The group operates in Australia. All subsidiaries in the group operate within the same segment.

Project Segments Triumph Project

Eidsvold Project

8 Mile Unallocated Total

31 December 2018 $ $ $ $ $

Segment revenue - - - 23,168 23,168

Segment expenses - - - (228,678) (228,678)

Segment result - - - (205,510) (205,510)

Segment assets 7,222,824 1,074,753 178,358 2,264,312 10,710,247

Segment liabilities - - - 103,969 103,969

Project Segments Triumph Project

Eidsvold Project

8 Mile Unallocated Total

31 December 2017 $ $ $ $ $

Segment revenue - - - 19,149 19,149

Segment expenses - -

- (534,119) (534,119)

Segment result - -

- (514,970) (514,970)

Segment assets 5,505,284 858,741

- 5,000,564 11,364,589

Segment liabilities - -

- 283,631 283,631

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ABN 51 127 297 170


5. SHARE CAPITAL 31 December 30 June 2018 2018 $ $

882,864,297 (30 June 2018 – 881,609,712 ) fully paid ordinary shares

20,852,582 20,827,582

Ordinary shares participate in dividends and the proceeds on winding up of the parent entity in proportion to the number of shares held. At shareholders’ meetings each ordinary share is entitled to one vote when a poll is called, otherwise each shareholder has one vote on a show of hands.

Reconciliation of movements in share capital during the period:

December June December June 2018 2018 2018 2018 No. Shares No. Shares $ $ Opening balance – start of reporting period 881,609,712 712,418,760

20,827,583

17,633,012

Issue of share on vesting of performance rights 1,254,585 1,422,667 25,000 11,535

Rights issue 24 Nov 2017 - 88,035,097 - 1,760,701

Rights issue 29 Nov 2017 - 54,733,188 - 1,094,664

Share placement 29 Nov 2017 - 25,000,000 - 500,000

Costs of share issue - - - (172,330)

Closing balance – end of reporting period 882,864,297 881,609,712

20,852,583

20,827,582

6. RESERVES

31 December 2018

30 June 2018

$ $

Option issue reserve - 162,520

Movements in options issue reserve

Opening balance 162,520 165,110

Share Based Payment - 25,000

Issue of shares on vesting of performance rights (25,000) (11,535)

Lapse of performance rights - (16,055)

Lapse of options (137,520) -

Closing balance - 162,520

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ABN 51 127 297 170


7. SHARE OPTIONS

31 December 30 June

2018 2018

No. No.

Movements in share options

At beginning of reporting period 182,768,285 15,000,000

Issued during the period - 167,768,285

Lapsed during the period (15,000,000) -

At end of reporting period 167,768,285 182,768,285

The Company has the following options outstanding as at 31 December 2018.

Grant/Issue Date Expiry Date Exercise Price Number Listed/Unlisted

24 & 29 November 2017 24 May 2019 3 cents 167,768,285 Unlisted

8. PERFORMANCE RIGHTS 31 December

2018 30 June

2018

No. No.

Movements in performance rights

Balance as at 1 July 3,737,184 3,402,667

Performance rights issued during the period - 3,737,184

Performance rights vested during the period (1,254,585) (1,422,667)

Performance rights lapsed during the period (2,482,599) (1,980,000)

Balance as at 31 December - 3,737,184

9. EVENTS SUBSEQUENT TO REPORTING DATE There have been no events subsequent to year end which would have a material effect on the consolidated entity’s financial statements at 31 December 2018.

10. CONTINGENT ASSETS AND CONTINGENT LIABILITIES

The consolidated entity currently has no contingent assets or contingent liabilities.

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METAL BANK LIMITED AND CONTROLLED ENTITY ABN 51 127 297 170

DIRECTORS' DECLARATION


The Directors of the consolidated entity declare that: 1. The financial statements and notes, as set out on pages 10 to 16 are in accordance with the

Corporations Act 2001 and:

(a) complying with Accounting Standard AASB 134: Interim Financial Reporting; and (b) give a true and fair view of the consolidated entity’s financial position as at 31 December

2018 and its performance for the half year ended on that date. 2. In the Directors’ opinion there are reasonable grounds to believe that the consolidated entity

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.

____________________ Guy Robertson Director

Sydney

Dated: 12 March 2019

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INDEPENDENT AUDITOR’S REVIEW REPORT

TO THE MEMBERS OF

METAL BANK LIMITED Report on the Half-Year Financial Report

We have reviewed the accompanying half-year financial report of Metal Bank Limited which comprises the consolidated statement of financial position as at 31 December 2018, 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 summary of significant accounting policies and other explanatory information, and the directors’ declaration of the consolidated entity comprising the company and the entities it controlled at the half-year end or from time to time during the half-year.

Directors’ Responsibility for the Half-Year Financial Report

The directors of the company 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 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 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 2018 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 2001. As the auditor of Metal Bank 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.

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Independence

In conducting our review, we have complied with the independence requirements of the Corporations Act 2001. We confirm that the independence declaration required by the Corporations Act 2001, which has been given to the directors of Metal Bank Limited, would be in the same terms if given to the directors as at the time of this auditor's report.

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 Metal Bank 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 2018 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 2001.

RSM AUSTRALIA PARTNERS Sydney, NSW G N SHERWOOD Dated: 12 March 2019 Partner

ABN 51 127 297 170 Interim Financial Report For the Half Year … · Telephone: 02 9078 7669...

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