ABN 47 109 815 796
Interim Consolidated Financial Report For The Half-Year Ended 31 December 2016 ContentsPage | |
Directors' Report | 3-4 |
Auditor's Independence Declaration | 5 |
Consolidated Statement of Profit or Loss and Other Comprehensive Income | 6 |
Consolidated Statement of Financial Position | 7 |
Consolidated Statement of Changes in Equity | 8 |
Consolidated Statement of Cash Flows | 9 |
Notes to the Interim Financial Statements | 10-14 |
Directors' Declaration | 15 |
Independent Review Report | 16 |
The Directors present their interim consolidated report of Encounter Resources Limited and its controlled entity for the half-year ended 31 December 2016.
DirectorsThe following persons were directors of Encounter Resources Limited during the whole of the half- year and up to the date of this report:
Paul Chapman (Non-Executive Chairman)
Will Robinson (Managing Director)
Peter Bewick (Exploration Director)
Jonathan Hronsky (Non-Executive Director)
Company SecretaryKevin Hart Dan Travers
Review of OperationsThe consolidated net loss after income tax for the half-year was $383,137 (31 December 2015:
$1,148,593).
At the end of the half-year the Group had $2,142,516 (30 June 2016: $3,684,391) in cash and at call deposits. Capitalised mineral exploration and evaluation expenditure is $17,470,874 (30 June 2016:
$16,156,627).
Operations during the reporting period were primarily focused on copper zinc and gold exploration at the Group's Yeneena and Telfer Projects in the Paterson Province of Western Australia. A total of
$1,445,294 (2015: $447,082) was incurred on the Group's projects and a further $332,203 (2015:
$1,556,318) was incurred on behalf of its farm-in partners.
The Company received a total of $283,736 (2015: $2,416,897) in respect of farm-in contributions pursuant to the farm-in arrangements during the six months to 31 December 2016.
Matters Subsequent to the End of the Financial PeriodThere has not arisen in the interval between the end of the financial period and the date of this report any item, transaction or event of a material and unusual nature likely, in the opinion of the Directors of the Company to affect substantially the operations of the Group, the results of those operations or the state of affairs of the Group in subsequent financial years.
Directors' Report Auditor's Independence DeclarationA copy of the Auditor's Independence Declaration as required under Section 307C of the Corporations Act is set out on the following page.
This report is made in accordance with a resolution of the Directors. DATED at Perth this 3rd day of March 2017.
Will Robinson Managing DirectorEncounter Resources Limited published this content on 03 March 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 03 March 2017 05:03:06 UTC.
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