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Audited Abridged Condensed Consolidated
Financial Statements and Notice of Annual General Meeting
Bauba Platinum Limited
(Incorporated in the Republic of South Africa)
(Registration number 1986/004649/06)
Share code: BAU ISIN No: ZAE000145686
(“Bauba Platinum” or “the Company” or “the Group”)
Audited Abridged Condensed Consolidated Financial Statements and Notice of Annual
General Meeting For the year ended 30 June 2013
AUDITED ABRIDGED CONDENSED CONSOLIDATED STATEMENT OF
FINANCIAL POSITION AT 30 JUNE 2013
2013 2012
Audited Audited
R'000 R'000
Assets
Non-current assets 30 907 17 753
Intangible assets 30 555 17 306
Property, plant and equipment 352 447
Current assets 5 460 28 712
Trade and other receivables 235 670
Cash and cash equivalents 5 225 28 042
TOTAL ASSETS 36 367 46 465
EQUITY AND LIABILITIES
Capital and reserves 35 561 45 134
Issued capital 123 274 123 274
Share premium 276 320 276 320
Reverse asset acquisition reserve (282 988) (282 988)
Retained (loss) (79 686) (70 484)
Non-controlling interest (1 359) (988)
Current liabilities 806 1 331
Trade and other payables 806 1 331
TOTAL EQUITY AND LIABILITIES 36 367 46 465
AUDITED ABRIDGED CONDENSED CONSOLIDATED STATEMENT OF
COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2013
2013 2012
Audited Audited
R'000 R'000
Continuing Operations
General and administrative expenses (10 445) (8 369)
Finance cost - (7)
Finance income 872 1 811
Loss before taxation (9 573) (6 565)
Income tax expense - -
Loss for the year from continuing operations (9 573) (6 565)
Discontinued operations (no tax effect)
Profit for the year from discontinued operations - 1 539
Comprehensive loss for the year (9 573) (5 026)
Loss for the year (9 573) (5 026)
Attributable to:
- Equity holders of the company (9 202) (4 770)
- Non-controlling interest (371) (256)
Total comprehensive loss for the year (9 573) (5 026)
Attributable to:
- Equity holders of the company (9 202) (4 770)
- Non-controlling interest (371) (256)
Basic loss per share (cents) (7.5) (3.9)
Loss per share (cents) - Continued operations (7.5) (5.2)
Profit per share (cents) - Discontinued operations - 1.3
Diluted loss per share (cents) (7.5) (3.9)
Loss per share (cents) - Continued operations (7.5) (5.2)
Profit per share (cents) - Discontinued operations - 1.3
Weighted average shares in issue ('000) 123 274 121 093
Number of shares in issue at end of period ('000) 123 274 123 274
AUDITED ABRIDGED CONDENSED CONSOLIDATED STATEMENT OF CASH
FLOWS
FOR THE YEAR ENDED 30 JUNE 2013
30 June 2013 30 June 2012
Audited Audited
R'000 R'000
Net decrease from operating activities (10 428) (19 347)
Net decrease from investing activities (12 389) (6 657)
Net increase from financing activities - 49 876
Total cash movement of the year (22 817) 23 872
Cash and cash equivalents at beginning of year 28 042 4 170
Cash and cash equivalents at end of year 5 225 28 042
AUDITED ABRIDGED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2013
Non- Reverse
Share Share Retained
controlling acquisition Total
capital premium loss
interest adjustment
R'000 R'000 R'000 R'000 R'000 R'000
Balance at 1 July 2011 94 065 255 653 (65 714) (732) (282 988) 284
Comprehensive loss for the year - - (4 770) (256) - (5026)
Issue of shares 29 209 20 667 - - - 49 876
Balance as at 30 June 2012 123 274 276 320 (70 484) (988) (282 988) 45 134
Comprehensive loss for the year - - (9 202) (371) - (9 573)
Balance at 30 June 2013 123 274 276 320 (79 686) (1 359) (282 988) 35 561
AUDITED ABRIDGED CONDENSED CONSOLIDATED SEGMENTAL ANALYSIS
Segmental Information
Discontinued
2013 operations Corporate Exploration Total
R'000 R'000 R'000 R'000
Finance income - 872 - 872
General and administrative expenses - (9 408) (930) (10 338)
Depreciation and Amortisation - (48) (59) (107)
Comprehensive loss for the year - (8 584) (989) (9 573)
Total Segment Assets - 5 620 30 747 36 367
Total Segment Liabilities - 451 355 806
Discontinued
2012 operations Corporate Exploration Total
R'000 R'000 R'000 R'000
Finance income - 1 811 - 1 811
Finance cost - (7) - (7)
General and administrative expenses - (7 690) (485) (8 175)
Results from Operating Activities (2 198) - - (2 198)
Depreciation and Amortisation - (39) (155) (194)
Impairment of financial assets held-for sale (83) - - (83)
Fair value profit/(loss) for the year 3 820 - - 3 820
Comprehensive loss for the year 1 539 (5 925) (640) (5 026)
Total Segment Assets - 28 784 17 681 46 465
Total Segment Liabilities - 521 810 1 331
Commentary
The main focus of the Group during the year under review was the continuation of exploration
activities to develop the platinum assets (“Bauba Project”). These audited abridged condensed
consolidated financial statements reflect the costs incurred relating to these activities in developing
the Bauba Project. In this regard the Group declared an additional inferred resource of 9.8Moz
(attributable 5.9Moz) Platinum Group Metals (“PGM”) over part of the northern cluster. The southern
cluster inferred resource was reassessed during the year and was reduced to 7.4Moz (attributable
4.5Moz) PGM resulting in a total inferred resource of 17.2Moz (attributable 10.2Moz) PGM. The total
target resource is 109.9Moz (attributable 65.9Moz) PGM.
Exploration
The group focused on the exploration drilling programme on the central and northern cluster during
the year under review with two holes completed in the central cluster and three holes in the northern
cluster. The final results from the drilling were assessed, adding an additional 8.6Moz (5.2Moz
attributable) PGM to the total inferred resource after accounting for the adjustment of the southern
cluster inferred resource. The geophysical surveys that have been conducted and data analysis and
modelling has led to improved interpretation of structural features over the central and northern
properties. The interpretation of the structure as well as the depth of intersection of the reefs is
consistent with that found on the neighbouring properties.
The plan for the next financial year includes continued drilling in the northern cluster. The number of
drill rigs in operation will depend on the economic climate and the ability of the Group to raise capital
when required. Currently all drilling activities have been placed on hold due to the current cash
constraints of the Group.
Notes to the audited abridged condensed consolidated financial
statements:
Summary of significant accounting policies
Basis of preparation
The directors present the audited abridged condensed consolidated results for the year ended 30
June 2013 which have been prepared in accordance with the framework concepts and the
measurement and recognition requirements of International Financial Reporting Standards (“IFRS”)
and the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and
Financial Reporting Pronouncements as issued by the Financial Reporting Standards Council and its
successor, the Companies Act, 2008, (Act 71 of 2008) as amended and the Listings Requirements of
JSE Limited and contains the information required by IAS 34: Interim Financial Reporting. The
accounting policies are in terms of IFRS and are supported by reasonable and fair judgements and
estimates.
These audited abridged condensed consolidated financial results have been prepared under the
supervision of Willem Moolman, the Financial Director of Bauba Platinum. And are derived from the
group financial statements and are consistent in all material respects with the group financial
statements.
The group annual financial statements are available for inspection at the company’s registered
office.
No dividends were declared by Bauba Platinum during this reporting period.
Headline Loss
2013 2012
Audited Audited
Headline loss per share (cents) (7.5) (7.0)
Continued operations (7.5) (5.2)
Discontinued operations - (1.8)
Diluted headline loss per share (cents) (7.5) (7.0)
Continued operations (7.5) (5.2)
Discontinued operations - (1.8)
Adjustment to arrive at headline earnings:
Net loss before taxation for the year (9 202) (4 770)
Fair value profit / (loss) of discontinued operations - (3 820)
Impairment of financial assets held for sale - 83
Headline loss (9 202) (8 507)
Headline earnings per share have been calculated in accordance with the SAICA Circular 3/2012 entitled ‘Headline
Earnings’ which forms part of the Listings Requirements of the JSE Limited
Issue of shares
During the year under review the Company did not issue any shares.
Segmental information
The Group has classified three segments namely, (1) Discontinued operations, being all the non-core,
non-platinum assets that were disposed of in the prior year, (2) Corporate expenses, being overhead
and corporate expenses incurred and (3) Exploration, being activities associated with the Bauba
Project and platinum exploration.
Going concern
The directors have continued to adopt the „going concern? basis for the preparation of the audited
financial statements. As is common with many junior mining companies, the Group raises capital for
exploration and other projects as and when required. There can be no assurance that the Group?s
projects will be fully developed in accordance with current plans or completed on time or to budget.
Future work on the development of these projects may be adversely affected by factors outside of the
control of the Group.
Following negotiations with shareholders the directors have a reasonable expectation that the Group
will have adequate resources to continue in operational existence for at least the next twelve months.
Contingent liabilities
The Group is involved in two litigation matters. The details are:
A review application was lodged by Rustenburg Platinum with regards to the prospecting rights
held over the farms Genokakop 285 KT and Groot Vygenboom 284 KT; and
A previous employee of the Company has lodged a claim for compensation due to his
resignation.
The Company has taken senior counsel advice on both these matters and was informed that the
Company has a strong case in both instances and the judicial system should find in the Company?s
favour. The potential financial effect of the outcomes is uncertain in light of the outcome being
subjected to the judicial process.
To the best of our knowledge and belief there are no other contingent liabilities to third parties and/or
contingent assets not set out or referred to in this report which may materially affect the financial
position of the Group.
Changes to the board of directors
Mr G Pitt resigned as a director and chief executive officer on 31 January 2013 and Mr SJM Caddy
was appointed as a director and chief executive officer of the Company on 13 February 2013.
Subsequent events
The directors are not aware of any subsequent events other than those disclosed above that occurred
between the date of authorisation of the annual financial statements and the year-end that require any
adjustments or additional disclosure to the annual financial statements.
Audit opinion
The independent auditors, BDO South Africa Inc., have issued their opinion on the group?s financial
statements for 30 June 2013 year-end. The audit was conducted in accordance with International
Standards on Auditing. They have issued an unqualified audit opinion with an emphasis of matter on
going concern. These audited abridged condensed consolidated financial statements have been
derived from the group financial statements and are consistent in all material respects with the group
financial statements. A copy of their audit report is available for inspection at the Company?s
registered office.
The emphasis of matter extract of the report is as follows: “EMPHASIS OF MATTER Without
qualifying our opinion, we draw attention to the consolidated and separate annual financial statements
which indicate that the Group incurred a net loss of R9 573 000 for the year ended 30 June 2013 and,
as at the date of this report, the Group?s cash resources will not be sufficient to sustain the operations
of the Group for more than 12 months subsequent to year end. The note 23 also indicates that these
conditions, along with other matters, indicate the existence of a material uncertainty which may cast
significant doubt on the Company?s ability to continue as a going concern.”
Notice of Annual General Meeting
The Annual General Meeting of shareholders of the Company is to be held at 10:00 on 5 December
2013 at First Floor, Building 816/5, Hammets Crossing Office Park, 2 Selbourne Road, Fourways,
Gauteng, for the purpose of considering, and, if deemed fit, passing, with or without modification, the
resolutions set out in the Notice of Annual General Meeting, which is contained in the Integrated
Annual Report.
The board of directors of the Company has determined that, in terms of section 62(3)(a), as read with
section 59 of the Companies Act, 2008 (Act 71 of 2008), as amended, the record date for the
purposes of determining which shareholders of the Company are entitled to participate in and vote at
the annual general meeting is 29 November 2013. Accordingly, the last day to trade Bauba Platinum
shares in order to be recorded in the Register to be entitled to vote will be 22 November 2013.
The Integrated Annual Report was posted to shareholders on 30 September 2013.
On behalf of the Board
J Best SJM Caddy
Chairman Chief Executive Officer
Johannesburg
30 September 2013
Registered Office
First Floor, Building 816/5, Hammets Crossing Office Park,
2 Selbourne Road, Fourways, Gauteng, 2055.
Company Secretary
Merchantec Proprietary Limited,
2nd Floor, North Block, Hyde Park Office Tower,
Cnr 6th Road and Jan Smuts Avenue,
Hyde Park, 2196, P O Box 41480, Craighall, 2024
Directors
J Best# (Chairman), K Dicks#, S Dolamo#, KW Mzondeki#, Dr NM Phosa*, D Smith*,
King T Thulare (Alt)* SJM Caddy (CEO), WA Moolman (CFO).
# - Independent non-executive
* - Non-executive
Sponsor Transfer Secretaries
Merchantec Capital Computershare Investor Services Proprietary Limited
Date: 30/09/2013 04:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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