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TAWANA RESOURCES NL - Interim Report for the hald-year ended 30 June 2014

Release Date: 08/09/2014 11:00:00      Code(s): TAW       PDF(s):  
Interim Report for the hald-year ended 30 June 2014

 Tawana Resources NL
(Incorporated in Australia)
(Registration number ACN 085 166 721)
Share code on the JSE Limited: TAW
ISIN: AU000000TAW7
Share code on the Australian Stock Exchange Limited: TAW
ISIN: AU000000TAW7


                                      TAWANA RESOURCES NL

                                         ABN 69 085 166 721


                                         FINANCIAL REPORT

                                    FOR THE HALF-YEAR ENDED

                                             30 JUNE 2014

                         This information should be read in conjunction with the
                                   31 December 2013 Annual Report


Contents

Corporate Directory                                                                 3

Directors’ Report                                                                   4

Auditor’s Independence Declaration                                                  7

Statement of Comprehensive Income                                                   8

Statement of Financial Position                                                     9

Statement of Changes in Equity                                                     10

Statement of Cash Flows                                                            11

Notes to the Financial Statements                                                  12

Directors’ Declaration                                                             15

Independent Auditor’s Review Report to the Members                                 16
Corporate Directory
Directors

Mr Wayne Richards Executive Chairman
Mr Lennard Kolff  Managing Director
Mr Matthew Bowles Non-Executive Director

Joint Company Secretaries

Mr Winton Willesee
Mr Aaron Finlay

Principal Place of Business
and Registered Office

Suite 25
145 Stirling Highway
Nedlands WA 6009

Website: www.tawana.com.au
Tel:     +61 8 9389 3140
Fax:     +61 8 9389 3199

Solicitors to the Company

Steinepreis Paganin
Level 4, The Read Buildings
16 Milligan Street
Perth WA 6000

Price Sierakowski
Level 24, St Martin’s Tower
44 St George’s Terrace
Perth WA 6000

Share Registry

Computershare Investor Services Pty Ltd
GPO Box 2975
Melbourne VIC 3001
Tel:     +61 3 9415 5000
Fax:     +61 3 9473 2500

Auditor

William Buck
Level 20
181 William Street
Melbourne VIC 3000

Stock Exchange

Australian Securities Exchange
ASX Code: TAW
JSE Limited (South Africa)
JSE Code: TAW

Directors Report

Your Directors present their report on the Company and its controlled entities (“consolidated entity”)
for the half-year ended 30 June 2014.

Directors

The names of the Directors in office at any time during or since the end of the half-year are as follows.
All Directors have been in office for this entire period unless otherwise stated.

Mr Wayne Richards – Executive Chairman
Mr Len Kolff – Managing Director
Mr Matthew Bowles – Non-Executive Director

Operating results

The loss of the consolidated entity for the half-year ended 30 June 2014 after providing for income tax
amounted to $1,223,879 (to 30 June 2013: $1,132,567).

No dividends were declared or paid during the half-year ended 30 June 2014.

Review of operations

Background

Tawana Resources NL is an iron ore focused ASX and JSE-listed Company with its principal project
in Liberia, West Africa. Tawana’s 100% owned Mofe Creek Project (“the Project”) is a new discovery
in the heart of Liberia’s historic iron ore district, located 20km from the coast and 80km from the
country’s capital city and major port, Monrovia.

Tawana is committed to becoming a mid-tier iron ore producer through the development of the Mofe
Creek Project, which covers 285km2 of highly prospective tenements in Grand Cape Mount County.
The Project hosts high-grade friable itabirite mineralisation which can be easily upgraded to a superior
quality iron ore product of +65% Fe, for which there is consistent global demand.

Mofe Creek Iron Ore Project

Scoping Study
•      Scoping study for the Mofe Creek Iron Ore Project demonstrated the potential for a low capex,
       low cost, high margin operation with strong Net Present Value (NPV) and Internal Rate of
       Return (IRR).
•      Key results for the first Stage of development of the Mofe Creek Project confirmed that a
       production rate of 1.2 - 1.5 Mtpa could be sustained for a minimal start-up Capital (US$53M),
       with a globally competitive, bottom quartile operating cost of US$43/tonne - Free on Board
       (“FOB”).
•      Tawana Resources has commenced a Pre-Feasibility Study on the Mofe Creek Project in
       July.
•      The Company is in discussions with potential strategic partners, product off-takers, debt
       providers and financiers, to facilitate the development of the Project.

Mine, Logistics and Infrastructure
•      An application for a pilot mining and bulk sample extraction licence has been submitted to the
       Ministry of Lands, Mines, and Energy (MLME).
•      Meetings have been undertaken with the respective Ministers, Ministries and Governmental
       Officers, Senators and the National Investment Committee – to commence the approval
       process for a Mineral Development Agreement (MDA) for the Mofe Creek Project.
•      A third resource and exploration drilling program designed to expand and improve the current
       classification of the Maiden Resource has commenced at the Project site in July.
•      Discussions with the National Port Authority (NPA) of Liberia, on the optimal location for a
       transhipment and/or direct ship-loading wharf, near the Project site have commenced.

Directors Report

•        Discussions with operating and developing iron ore companies within Liberia, on potential co-
         sharing arrangements for the utilisation of existing or proposed infrastructure have been
         initiated.

Health, Safety, Environmental and Community
•       The formulation of the Environmental and Social Impact Assessment (ESIA) for the Mofe
        Creek Project has been awarded to Earth Systems and EarthCons (refer to the ASX release
        dated 22 July 2014).
•       Site Induction, Fitness for Work (FFW), Light Vehicle and Personal Protective Equipment
        (PPE) policies have been developed and rolled-out across the organisation.

Human Resources
•     A General Manager, Operations within Liberia (Mr. Frederic Van Haute) has been appointed
      and commenced his role in-country on 3 June 2014.
•     A Community Liaison Officer (Mr Boakai A. Kromah) for the local community within the Project
      area has been employed.

Exploration
•       7,500m diamond drilling programme commenced. Drilling to target 100-120Mt total resource
        upgrade inclusive of 20-30Mt of Indicated material.
•       Ongoing rock chip sampling and mapping defining new drill targets at Gofolo West, Zaway
        North-West and Koehnko South to be included in current drill programme.

Corporate
•      In April 2014, a placement to investment funds and sophisticated investors to raise $5.0
       million (pre–fees) was completed. In addition, the Company raised a further $346,783 by way
       of a Share Purchase Plan.

CAUTIONARY STATEMENT

Full details of the Scoping Study referred to in this announcement were initially released to the ASX in an
announcement dated 3 July 2014, and should be read in conjunction with this announcement. All material
assumptions underpinning the Scoping Study, production targets and forecast financial information derived from
the production targets as well as any cautionary statements and disclosures as required under the ASX Listing
Rules and 2012 JORC Code are set out in the announcement dated 3 July 2014 and continue to apply and have
not materially changed.
The Scoping Study referred to in this announcement is preliminary in nature as its conclusions are drawn on
inferred (74%) and indicated mineral resources (26%). The Scoping Study is based on lower-level technical and
economic assessments, and are insufficient to support estimation of Ore Reserves or to provide assurance of an
economic development case at this stage, or to provide certainty that the conclusions of the Scoping Study will
be realised.
There is a low level of geological confidence associated with inferred mineral resources and there is no certainty
that further exploration work will result in the determination of indicated mineral resources or that the production
target itself will be realised. There is also no certainty that the forecast financial information derived from the
production targets will be realised.

Events occurring after the reporting period

On 3 July 2014, the Company announced it has completed the required engineering, mining,
metallurgical and environmental studies, along with the logistics design and costings, to finalise the
Mofe Creek Project Scoping Study. The Project Development Plan envisages a staged production
ramp up commencing at 1 Mtpa (Stage 1A) then increasing to 2.5 Mtpa (Stage 1B).

On 22 July 2014, the Company announced that it had awarded the Environmental and Social Impact
Assessment for the Mofe Creek Project to Earth Systems.

On 29 July 2014, the Company announced it had commenced pre-feasibility study drilling at its 100%
owned Mofe Creek Project.
On 31 July 2014, the Company announced the issue of 10 million additional shares on the exercise of
10,000,000 Class A Performance Options which were approved by Shareholders at the General
Meeting held on 12 December 2013 and which vested on 22 July 2014. In addition, the Company
announced the issue of an additional 5,000,000 Incentive Options over ordinary shares in the
company as part of the remuneration package offered to a Company employee.


On 8 August 2014, the Company announced that the Company had temporarily suspended all non-
essential field activities within Liberia in response to the current health risk associated with the Ebola
Virus Disease.

On 26 August 2014, the Company announced the broadcast through local media within Liberia of the
Notice of Intent, a public briefing document integral to the commencement of the environmental and
social baseline studies.

On 2 September 2014, the Company announced it has appointed Tenova - Engenium to manage and
coordinate the major design and logistics components of a Pre-Feasibility Study for its Mofe Creek
Project.


Auditor’s independence declaration

The lead auditor’s independence declaration for the half-year ended 30 June 2014 has been received
and is attached to this Directors’ Report.

Signed in accordance with a resolution of the Board of Directors.



Mr Len Kolff
Managing Director

Dated this 8th day of September 2014
AUDITOR’S INDEPENDENCE DECLARATION UNDER SECTION 307C OF THE
CORPORATIONS ACT 2001 TO THE DIRECTORS OF TAWANA RESOURCES
NL
I declare that, to the best of my knowledge and belief during the half-year ended 30 June 2014
there have been:
— no contraventions of the auditor independence requirements as set out in the Corporations Act
  2001 in relation to the review; and
— no contraventions of any applicable code of professional conduct in relation to the review.




William Buck Audit [Vic] Pty Ltd
ABN 59 116 151 136




R. H. Dummett
Director


Dated this the 8th day of September, 2014
Consolidated Statement of Comprehensive Income
For the half-year ended 30 June 2014

                                                30 June 2014              30 June 2013
                                                     $                         $
Continuing operations
Interest income                                         32,919               11,159

Corporate costs                                       (708,267)            (458,451)
Depreciation                                            (6,528)              (4,356)
Employee benefits and Directors’ fees
expense                                                (459,500)           (273,134)
Exploration expenses written off                         (1,514)           (295,981)
Other expenses                                          (58,746)            (49,001)
Loss before income tax expense                       (1,201,536)         (1,069,764)
Income tax expense                                            -                   -
Net loss for the period from
continuing operations                                (1,201,536)         (1,069,764)
Profit/(Loss) from discontinued
operations after tax                                    (22,343)            (62,803)
Net loss for the period attributable
to Tawana Resources NL                               (1,223,879)         (1,132,567)

Other comprehensive income/(loss)
Items that may be reclassified to profit
or loss
Gain/(loss) on translation of foreign
operations                                            (310,583)             224,670
Total comprehensive loss for the
period attributable to Tawana
Resources NL                                         (1,534,462)           (907,897)


Basic and diluted loss per share from
continuing and discontinued operations
(cents)                                                  (0.08)              (0.126)

Basic and diluted loss per share from
continuing operations (cents)                            (0.08)              (0.119)

Basic and diluted loss per share from
discontinued operations (cents)                         (0.002)              (0.007)

Weighted average number of shares
used to calculate basic and diluted loss
per share                                         1,331,478,068          898,135,892


The above Consolidated Statement of Comprehensive Income should be read in conjunction with the
                                     accompanying notes.


Consolidated Statement of Financial Position
As at 30 June 2014

                                       Note             30 June                    31 December 2013
                                                         2014 
                                                           $                                $

Current assets
Cash and cash equivalents                              4,175,616                         2,045,163
Trade and other receivables                              248,309                           203,141
Total current assets                                   4,423,925                         2,248,304

Non-current assets
Trade and other receivables                               44,660                            47,821
Plant and equipment                                      118,693                           119,918
Exploration expenditure                                4,995,377                         3,105,123
Total non-current assets                               5,158,730                         3,272,862

Total assets                                           9,582,655                         5,521,166

Current liabilities
Trade and other payables                                 529,886                           251,751
Provisions                                                45,521                            43,946
Total current liabilities                                575,407                           295,697

Non-current liabilities
Provisions                                                34,624                            37,075
Total non-current liabilities                             34,624                            37,075

Total liabilities                                        610,031                           332,772

Net assets                                             8,972,624                         5,188,394

Equity
Contributed equity                      3(a)          54,418,776                         49,107,032
Reserves                                               1,898,637                          3,049,143
Accumulated losses                                   (47,344,789)                      (46,967,781)
Total equity                                           8,972,624                          5,188,394



   The above Consolidated Statement of Financial Position should be read in conjunction with the
                                     accompanying notes.


Consolidated Statement of Changes in Equity
For the half-year ended 30 June 2014


                                           Issued        Reserves       Accumulated       Total
                                           capital                         losses
                                              $              $                $             $

Balance at 1 January 2014                49,107,032      3,049,143       (46,967,781)   5,188,394

Loss for the period                                  -              -     (1,223,879)   (1,223,879)
Other comprehensive loss for the
period                                               -    (310,583)                -     (310,583)
Total comprehensive loss for the
period                                               -    (310,583)       (1,223,879)   (1,534,462)
Transactions with owners in their
capacity as owners
Shares issued, net of costs               5,311,744               -                 -   5,311,744
Options exercised or lapsed                       -       (846,871)          846,871            -
Options issued and vested                         -          6,948                  -       6,948
Balance at 30 June 2014                  54,418,776      1,898,637       (47,344,789)   8,972,624

Balance at 1 January 2013                 45,631,150      2,369,859      (44,903,819)    3,097,190

Loss for the period                                  -              -     (1,132,567)   (1,132,567)
Other comprehensive income for the
period                                               -      224,670                 -      224,670
Total comprehensive income/(loss) for
the period                                           -      224,670       (1,132,567)    (907,897)
Transactions with owners in their
capacity as owners
Options exercised or lapsed                  500,000      (283,152)           283,152      500,000
Balance at 30 June 2013                   46,131,150      2,311,377      (45,753,234)    2,689,293


   The above Consolidated Statement of Changes in Equity should be read in conjunction with the
                                     accompanying notes.


Consolidated Statement of Cash Flows
For the year-ended 30 June 2014

                                                   Note      30 June 2014          30 June 2013
                                                             $                     $

Cash flows from operating activities
Receipts from customers                                      -                     -
Payments to suppliers and employees                          (1,122,999)           (724,171)
Interest received                                            32,919                11,159
Net cash flows used in operating activities                  (1,090,080)           (713,012)

Cash flows from investing activities
Payments for plant and equipment                             (2,525)               (892)
Proceeds from sale of plant and equipment                    -                     1,287
Payments for exploration                                     (2,079,236)           (770,346)
Net cash flows used in investing activities                  (2,081,761)           (769,951)

Cash flows from financing activities
Proceeds from issue of shares                                5,608,034             500,000
Capital raising costs                                        (296,290)
Net cash from financing activities                           5,311,744             500,000

Net increase in cash and cash equivalents                    2,139,903             (982,963)
Cash and cash equivalents at beginning of
period                                                       2,045,163             1,678,614
Effects of exchange rates on cash holdings in
foreign currencies                                           (9,450)               6,931
Cash and cash equivalents at end of period                   4,175,616             702,582



      The above Consolidated Statement of Cash Flows should be read in conjunction with the
                                    accompanying notes.


Notes to the Financial Statements
For the half-year ended 30 June 2014

1.   Basis of preparation

     These half-year consolidated financial statements are general purpose financial statements
     prepared in accordance with the requirements of the Corporations Act 2001, Australian
     Accounting Standard AASB 134: Interim Financial Reporting, Australian Accounting
     Interpretations and other authoritative pronouncements of the Australian Accounting Standards
     Board (“AASB”).

     It is recommended that these financial statements be read in conjunction with the annual
     financial report for the year ended 31 December 2013 and any public announcements made by
     Tawana Resources NL and its controlled entities during the half-year in accordance with
     continuous disclosure requirements arising under the Corporations Act 2001.

     The half-year financial statements do not include full disclosures of the type normally included in
     annual financial statements.

     With the exception of new accounting standards and interpretations adopted by the Group
     which became mandatory or available for early adoption during the period, for which the
      adoption of these standards did not have a significant effect on these financial statements, the
      Group continued to apply the same accounting policies and methods of computation that were
      applied in the most recent annual financial statements.

      Reporting Basis and Conventions

      The half-year financial statements have been prepared on an accruals basis and are based on
      historical costs.

2.    Dividends

      No dividend has been declared or paid during the half-year or the previous corresponding
      period.

3.    Contributed equity


(a)     Movements in share capital
                                                            30 June                31 December
                                                            2014                   2013
                                                            $                      $
      Ordinary shares, fully paid                           54,418,776             49,107,032

      Movement in ordinary shares on issue
                                                            Number                 $
      Balance at 1 January 2014                             1,225,629,043          49,107,032
      Shares issued                                         239,621,344            5,608,034
      Share issue costs                                     -                      (296,290)
      Balance at 30 June 2014                               1,465,250,387          54,418,776


(b)     Share options

                        Exer-   Expiry     Balance     Issued      Exercise    Expired      Balance
                        cise    date       at          during      d during    or           at end of
                        price              beginnin    the         the         forfeited    period
                                           g of        period      period      during
                                           period                              the
                                                                               period
                                           Number      Number      Number      Number       Number

      Unlisted                  17 Jan                                         (6,750,00
      options           $0.10   14         6,750,000   -           -            0)          -
      Unlisted                  9 Sep
      options           $0.05   14         5,000,000   -           -           -            5,000,000
      Unlisted                  8 Mar      25,000,00               (25,000,0
      options           $0.01   14         0           -           00)         -            -
      Unlisted                  10 Nov
      options           $0.05   15         1,250,000   -           -           -            1,250,000
      Unlisted          $0.03   30 April   28,500,00                                        28,500,00
      options           6       15         0           -           -           -            0
      Unlisted          $0.00   31 Aug     10,000,00                                        10,000,00
      options           01      14         0           -           -           -            0
      Unlisted          $0.00   31 Aug     10,000,00                                        10,000,00
      options           01      15         0           -           -           -            0
      Unlisted          $0.00   31 Aug     10,000,00                                        10,000,00
      options           01      15         0           -           -           -            0
      Unlisted          $0.01   12 Dec     31,500,00                                        30,750,00
      options           5       16         0           -           (750,000)   -            0
      Unlisted          $0.04   12 Dec     10,000,00                                        10,000,00
      options           6       16         0           -           -           -            0
      Unlisted          $0.01   12 Dec     10,000,00                                        10,000,00
      options           8       16         0           -           -           -            0
      Unlisted          $0.03   20 Jan
      options           9       17         -           1,000,000   -           -            1,000,000
      Unlisted          $0.04   7 Feb                                         (5,000,00
      options           2       17         -           5,000,000   -           0)           -

                                            148,000,0              (25,750,0  (11,750,0     116,500,0
                                            00         6,000,000    00)        00)          00


4.      Segment information

The Company operates wholly in one business segment, being mineral exploration and in one
geographical segment, being Africa.

5.      Contingent assets and liabilities and commitments

The consolidated entity does not have any material contingent assets or liabilities or commitments
other than as disclosed in this report.

Mofe Creek tenement licence is current and all licence conditions are being met.

6.      Subsequent events

On 3 July 2014, the Company announced it has completed the required engineering, mining,
metallurgical and environmental studies, along with the logistics design and costings, to finalise the
Mofe Creek Project Scoping Study. The Project Development Plan envisages a staged production
ramp up commencing at 1 Mtpa (Stage 1A) then increasing to 2.5 Mtpa (Stage 1B).

On 22 July 2014, the Company announced that it had awarded the Environmental and Social Impact
Assessment for the Mofe Creek Project to Earth Systems.

On 29 July 2014, the Company announced it had commenced pre-feasibility study drilling at its 100%
Mofe Creek Project.

On 31 July 2014, the Company announced the issue of 10 million additional shares on the exercise of
10,000,000 Class A Performance Options which were approved by Shareholders at the General
Meeting held on 12 December 2014 and which vested on 22 July 2014. In addition, the Company
announced the issue of an additional 5 million Incentive Options over ordinary shares in the company
as part of the remuneration package offered to a Company employee.

On 8 August 2014, the Company announced that the Company had temporarily suspended all non-
essential field activities within Liberia in response to the current health risk associated with the Ebola
Virus Disease.

On 26 August 2014, the Company announced the broadcast through local media within Liberia of the
Notice of Intent, a public briefing document integral to the commencement of the environmental and
social baseline studies.

On 2 September 2014, the Company announced it has appointed Tenova - Engenium to manage and
coordinate the major design and logistics components of a Pre-Feasibility Study for its Mofe Creek
Project.

In accordance with a resolution of the Board of Directors, I state that:

In the opinion of the Directors:

1.    The financial statements and notes are in accordance with the Corporations Act 2001 and:
      (a)   Comply with Accounting Standard AASB 134 Interim Financial Reporting and the
            Corporations Regulations 2001; and

      (b)   Give a true and fair view of the financial position of the consolidated entity as at 30 June
            2014 and of its performance for the half-year ended on that date.

2.    There are reasonable grounds to believe that the Company will be able to pay its debts as and
      when they become due and payable.

On behalf of the Board.





Mr Len Kolff
Managing Director

Dated this, 8th September 2014
Independent Auditors Report

INDEPENDENT AUDITOR’S REVIEW REPORT TO THE MEMBERS OF
TAWANA RESOURCES NL

Report on the Half-Year Financial Report

We have reviewed the accompanying half-year consolidated financial report of Tawana Resources
NL (the company) and its controlled entities (the group), which comprises the consolidated
statement of financial position as at 30 June 2014, the consolidated statement of comprehensive
income, the consolidated statement of changes in equity and the 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.

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 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 financial report is not in accordance with the Corporations Act 2001
including:

    -   giving a true and fair view of the group’s financial position as at 30 June 2014 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 Tawana Resources NL, 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 2001.

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 Tawana Resources NL is not in accordance with the
Corporations Act 2001 including:
a) giving a true and fair view of the group’s financial position as at 30 June 2014 and of its
    performance for the half year ended on that date; and
b) complying with Australian Accounting Standard 134 Interim Financial Reporting and the
    Corporations Regulations 2001.




William Buck Audit (VIC) Pty Ltd
ABN 59 116 151 136




R. H. Dummett
Director

Dated this the 8th day of September 2014


08 September 2014

Sponsor
PricewaterhouseCoopers Corporate Finance (Pty) Ltd


Notes to the Financial Statements
For the half-year ended 30 June 2014

Loss per share and headline loss per share

Classification of securities as ordinary shares

The Company has only one category of ordinary shares included in basic loss per share.

Classification of securities as potential ordinary shares

There are currently no securities to be classified as dilutive potential ordinary shares on issue.

                                                                             2014               2013
                                                                            Number             Number

Weighted average number of ordinary shares used in the
calculation of basic loss per share                                      1,331,478,068        898,135,892

                                                                               $                 $

Net loss from continuing and discontinuing operations                      (1,223,879)        (1,132,567)

Net loss from continuing operations                                        (1,201,536)        (1,069,764)

The loss per share calculation as disclosed on the Statement of Comprehensive Income does not
include instruments that could potentially dilute basic earnings per share in the future as these
instruments were anti-dilutive in the periods presented. A summary of such instruments is as follows:

Equity securities                                                          Number of           Number of
                                                                           securities          potential
                                                                                               ordinary
                                                                                                 shares

Options over ordinary shares                                                116,500,000        116,500,000

No options over ordinary fully paid shares were exercised and no new options have been issued
subsequent to year end but prior to the date of issue of these financial statements.

Headline loss per share (unaudited)

Reconciliation of net loss to headline loss

                                                                                Consolidated
                                                                            2014                  2013
                                                                              $                     $
Net loss                                                                   (1,201,536)         (1,069,764)
Add:
 Profit/(Loss) from discontinued operations after tax                         (22,343)            (62,803)
Headline earnings from continuing and discontinuing operations
used in the calculation of headline earnings per share                     (1,223,879)         (1,132,567)

Headline loss per share (cents)                                                 (0.08)             (0.126)

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