TIDMBKY
RNS Number : 6462I
Berkeley Resources Limited
16 March 2010
BERKELEY RESOURCES LIMITED
Interim Financial Report
for the Half Year Ended
31 December 2009
abn 40 052 468 569
CORPORATE DIRECTORY
+-----------------------------------+-----------------------------------+
| Directors | Share Registry |
| Dr Robert Hawley - Chairman | Australia |
| Mr Ian Stalker - Managing | Computershare Investor Services |
| Director / CEO | Pty Ltd |
| Mr Scott Yelland - Chief | Level 2 |
| Operating Officer | 45 St George's Terrace |
| Mr Matthew Syme | Perth WA 6000 |
| Dr James Ross | Telephone: +61 8 9323 2000 |
| Senor Jose Ramon Esteruelas | Facsimile: +61 8 9323 2033 |
| Mr Sean James | United Kingdom |
| | Computershare Investor Services |
| Company Secretary | Plc |
| Mr Clint McGhie | PO Box 82 |
| | The Pavillions |
| Registered Office | Bridgwater Road |
| Level 9, BGC Centre | Bristol BS99 7NH |
| 28 The Esplanade | Telephone: +44 870 889 3105 |
| Perth WA 6000 | |
| Telephone: +61 8 9322 6322 | Stock Exchange Listing |
| Facsimile: +61 8 9322 | Australia |
| 6558 | Australian Securities Exchange |
| | Home Branch - Perth |
| Spanish Office | 2 The Esplanade |
| Berkeley Minera Espana, S.A. | Perth WA 6000 |
| Carretera de Madrid, 13-1a | United Kingdom |
| Santa Marta de Tormes | London Stock Exchange - AIM |
| 37900 - Salamanca | 10 Paternoster Square |
| Spain | London EC4M 7LS |
| | |
| Telephone: +34 923 193 903 | ASX Code |
| | BKY - Fully paid ordinary shares |
| Auditor | BKYO - $0.75 Listed Option |
| Stantons International | |
| | AIM TIDM |
| Website | BKY - Fully paid ordinary shares |
| www.berkeleyresources.com.au | |
| | |
| Email | |
| info@berkeleyresources.com.au | |
+-----------------------------------+-----------------------------------+
| | |
+-----------------------------------+-----------------------------------+
+---------------------------------------------------+------------------+
| CONTENTS | |
+---------------------------------------------------+------------------+
| | Page |
+---------------------------------------------------+------------------+
| Directors' Report | 1 |
+---------------------------------------------------+------------------+
| Directors' Declaration | 7 |
+---------------------------------------------------+------------------+
| Condensed Consolidated Statement of Comprehensive | 8 |
| Income | |
+---------------------------------------------------+------------------+
| Condensed Consolidated Statement of Financial | 9 |
| Position | |
+---------------------------------------------------+------------------+
| Condensed Consolidated Statement of Changes in | 10 |
| Equity | |
+---------------------------------------------------+------------------+
| Condensed Consolidated Statement of Cash Flows | 12 |
+---------------------------------------------------+------------------+
| Notes to the Financial Statements | 13 |
+---------------------------------------------------+------------------+
| | |
+---------------------------------------------------+------------------+
| | |
+---------------------------------------------------+------------------+
DIRECTORS' REPORT
The Board of Directors of Berkeley Resources Limited present their report on the
consolidated entity of Berkeley Resources Limited ("the Company" or "Berkeley")
and the entities it controlled during the half year ended 31 December 2009
("Consolidated Entity").
DIRECTORS
The names of the Directors of Berkeley in office during the half year and until
the date of this report are:
Dr Robert Hawley
Mr Ian Stalker (Appointed 30 November 2009)
Mr Matthew Syme
Mr Scott Yelland
Dr James Ross
Senor Jose Ramon Esteruelas
Mr Sean James
Mr Stephen Dattels (Resigned 14 September 2009)
Unless otherwise disclosed, Directors were in office from the beginning of the
half year until the date of this report.
REVIEW AND RESULTS OF OPERATIONS
Review of Operations
During the half year ended 31 December 2009 the Company's primary focus was
advancing its Salamanca Uranium Project in Spain.
Having made a preliminary assessment of the dataset acquired for the Salamanca
Uranium Project, Berkeley completed a detailed Scoping Study in December 2009,
the results of which demonstrated the technical and economic viability of the
Project.
A confirmatory diamond drilling campaign at the Salamanca Uranium Project that
commenced in October 2009 has enabled Berkeley to make a first stage estimate of
the Mineral Resources for a number of deposits within the ENUSA State Reserves.
These estimates increased Berkeley's total Mineral Resource base, reported in
accordance with the JORC Code (2004) to 53.3 million tonnes at 442 ppm for 52.4
Mlbs U3O8, with 31% in the Measured and Indicated categories. A number of
further ENUSA deposits are yet to have estimates completed.
In November 2009, Mr Ian Stalker was appointed Managing Director and Chief
Executive Officer of the Company.
Mr Stalker is a chemical engineer, with an outstanding history in developing and
managing a number of mining projects around the world over the past 35 years. He
has considerable experience in the uranium sector and in mining operations in
Spain and has successfully managed eight mining projects through feasibility
study, development and construction phases.
The Company's royalty commitments to the original founders and vendors of
Berkeley's Spanish subsidiary, Minera de Rio Alagon SL ("MRA") were restructured
in December 2009. The parties agreed to replace the previous royalty with a 1%
royalty on all of Berkeley's future uranium production in Spain and Portugal,
including potentially non-MRA properties. The minimum cash royalty has also been
terminated, in exchange for issue to the MRA vendors of 750,000 new ordinary
fully paid shares in the Company.
Salamanca Uranium Project
The Salamanca Uranium Project (the "Project") comprises a number of State
Reserve licenses and the previously licensed Quercus uranium processing plant,
presently owned by ENUSA Industrias Avanzadas SA (ENUSA), the Spanish state
uranium company, as well as Berkeley's own extensive tenement holdings in the
area.
Berkeley has agreed to acquire a 90% interest in the ENUSA assets after
completion of a feasibility study on the Project. Berkeley will pay ENUSA EUR20m
and a royalty, as well as leasing the Quercus plant.
Under the Agreement, the feasibility study is scheduled to be completed by
November 2010. The first stage of the feasibility study process - the Scoping
Study - has reviewed the ENUSA information pertaining to the historic
exploration and operations on the State Reserves and assessed the various
processing options. Berkeley has assessed the available historical data for the
ENUSA deposits and undertaken detailed fieldwork to geo-reference and validate
the data. In addition, an evaluation of the exploration potential was conducted
for the remaining State Reserve areas. The main conclusions were:
· High confidence in the quality of the historical data.
· Confirmation of the historical exploration targets.
· Potential at Palacios (previously Mina D), Sageras and Alameda South, for
defining additional resources.
· Strong exploration potential in a number of mineralised areas proximal to
the main deposits.
Scoping Study Conclusions
The Salamanca Uranium Project Scoping Study (the "Study") considered 4 different
scenarios, with a view to firstly, verify the potential value of the ENUSA
assets and secondly, to compare the likely processing alternatives. The first 3
scenarios considered mining only the Palacios, Sageras and Alameda South
deposits and then 3 different processing alternatives.
1. Tank leaching all ore produced at the Quercus plant, with ore from Alameda
South trucked to the Quercus plant on a purpose built haul road,
2. Tank leaching all ore produced at the Quercus plant, with ore from Alameda
South transported to the Quercus plant on a purpose built conveyor belt,
3. Heap leaching all ore produced and transporting pregnant solution to the
Quercus plant for processing, extraction and packaging.
The fourth scenario also considered mining and heap leaching Berkeley's more
distant Retortillo and Santidad deposits.
4. Heap leaching Palacios, Sageras, Alameda South, Retortillo and Santidad and
processing solution at the Quercus plant.
The Scoping Study concluded:
· Cash operating costs under the various scenarios in the Study ranged from
US$26.15 - $29.65 per lb of U3O8 produced over the life of the Project,
including a very high standard of rehabilitation.
· Capital costs to re-commission the Quercus plant fully loaded with a 20%
contingency and based on all new equipment - range from US$51.3m for the heap
leach scenarios, to US$88.9m for the tank leach scenarios.
· The Study was based on mining a number of deposits within the ENUSA State
Reserves, which collectively had exploration targets ranging from 28.0-34.1Mt of
ore at grades of 440-540 ppm of U3O8 (Mineral Resources have subsequently been
estimated for some of these deposits), as well as the Company's 100% owned
Mineral Resources in the area.
· Mining is relatively simple, shallow open pit mining with drill, blast, load
and haul undertaken by local contractors. The average strip ratio for the
various pits included in the Study ranges from 2.4:1 when including the
Retortillo and Santidad deposits, or 1.9:1 without.
· The Project is already served by all necessary major infrastructure
requirements.
· In order to allow comparison of the alternative scenarios, the Study assumed
a uranium price of US$55/lb and production of 2.1m lbs pa of U3O8 over the
Project life, effectively the permitted capacity of the Quercus Plant. Based on
our current understanding, future modeling will also consider potential to
increase the permitted capacity of the plant in order to optimize early cash
flows. There are good reasons to expect the Project could ultimately produce for
over 20 years, including feed from Retortillo and more distant or subsequent
resources.
· The Study reviewed the environmental, permitting and social considerations
for the Project and no substantial impediments have emerged. Discussions with
various authorities indicate strong support for the Project at a local level.
Permitting timelines indicate that Berkeley's objectives to re-commission
production by 2012 are achievable.
· Berkeley always aims at world's best practice for environmental management
and rehabilitation. The Scoping Study assumes, inter alia, that all mining voids
will be double lined, backfilled and rehabilitated.
Confirmatory Drilling
In October 2009, Berkeley commenced a confirmatory diamond drilling program at
the Salamanca Uranium Project, designed to verify and supplement the exploration
targets at Palacios (previously Mina D), Sageras and Alameda within the ENUSA
State Reserve licenses, to enable the estimation of Mineral Resources and to
provide representative geotechnical and metallurgical samples.
Results to-date indicate a strong correlation with the historic exploration data
for the Aguila Area (previously Mina Fe). These results have subsequently
allowed Berkeley to announce first stage Mineral Resource Estimates for the
Sageras, Palacios and Majuelos deposits. Ongoing drilling is intended to allow
estimation of Mineral Resources for the Alameda exploration targets.
Additionally, the intersection of previously unknown mineralisation at depth
illustrates the excellent potential of the Project to add substantial resources.
Parallel to the diamond drilling campaign, Berkeley is re-probing those historic
drill holes in the deposits which remain accessible. To date, over 150 roto
percussion holes at Palacios and Sageras have been relogged and the comparison
of the Berkeley equivalent uranium grades (eU3O8) with the historical eU3O8
grades is excellent.
Mineral Resource Estimates
Work on the Project to date has enabled the Company to complete initial Mineral
Resource Estimates - announced on 26 February 2010. Initial estimates for the
Aguila Area, and significant additions in the Retortillo Area have doubled
Berkeley's total Mineral Resource base to over 52 Mlbs U3O8, as summarised in
the table below:
Table 1 - MINERAL RESOURCE INVENTORY (200 ppm U3O8 Cut-off)
+----------------+-----------+--------+-------+--------+--------+----------+
| Deposit | Resource |Tonnes | U3O8 | U3O8 | U3O8 |Category |
+----------------+-----------+--------+-------+--------+--------+----------+
| Name | Category | (Mt) |(ppm) | (t) |(Mlbs) | (%) |
+----------------+-----------+--------+-------+--------+--------+----------+
| Salamanca | Measured | 5.6 | 403 | 2,262 | 5.0 | 11.6% |
+----------------+-----------+--------+-------+--------+--------+----------+
| Uranium |Indicated | 10.3 | 501 | 5,174 | 11.4 | 26.4% |
| Project | | | | | | |
+----------------+-----------+--------+-------+--------+--------+----------+
| | Subtotal | 16.0 | 466 | 7,437 | 16.4 | 38.0% |
| | M+I | | | | | |
+----------------+-----------+--------+-------+--------+--------+----------+
| | Inferred | 26.5 | 458 |12,145 | 26.8 | 62.0% |
+----------------+-----------+--------+-------+--------+--------+----------+
| | Total | 42.5 | 461 |19,582 | 43.2 | 100.0% |
+----------------+-----------+--------+-------+--------+--------+----------+
| Gambuta Area | Inferred | 11.3 | 371 | 4,174 | 9.2 | 100.0% |
+----------------+-----------+--------+-------+--------+--------+----------+
| | Measured | 5.6 | 403 | 2,262 | 5.0 | 9.5% |
+----------------+-----------+--------+-------+--------+--------+----------+
| |Indicated | 10.3 | 501 | 5,174 | 11.4 | 21.8% |
+----------------+-----------+--------+-------+--------+--------+----------+
| | Subtotal | 16.0 | 466 | 7,437 | 16.4 | 31.3% |
| | M+I | | | | | |
+----------------+-----------+--------+-------+--------+--------+----------+
| | Inferred | 37.7 | 432 |16,319 | 36.0 | 68.7% |
+----------------+-----------+--------+-------+--------+--------+----------+
| BERKELEY | Total | 53.7 | 442 |23,756 | 52.4 | 100.0% |
+----------------+-----------+--------+-------+--------+--------+----------+
Confirmatory drilling at the substantial Alameda deposits, with an exploration
target of 25.5-29 million tonnes at 450 - 500 ppm U3O8, is also well advanced.
NOTES:
- The Alameda deposits have been extensively explored by ENUSA but are not
classed as Mineral Resources. The quantity and grade of Berkeley's exploration
targets for the Alameda deposits are conceptual in nature and based on a review
of the available data on the projects to date. As there has been insufficient
exploration to estimate a Mineral Resource in accordance with the JORC Code, it
is uncertain whether further exploration will result in the determination of a
Mineral Resource.
- The information included in this report regarding the Mineral Resources is a
summary. Full details on the most recent Mineral Resource Estimates, as at the
date of this report, may be found in the ASX announcement dated 26 February
2010, which is available on the Company's Website: www.berkeleyresources.com.au
Operating Results
Net operating loss after tax attributable to members for the half year ended 31
December 2009 was $4,956,939 (31 December 2008: $4,728,561).
This result included the following significant items:
· Exploration costs associated with the Company's Spanish uranium projects of
$3,377,303 (31 December 2008: $3,712,310);
· Share based payments expense of $191,107 relating to the vesting of employee
incentive options (31 December 2008: $462,780); and
· The minimum cash royalty payable by Berkeley's Spanish subsidiary, Minera de
Rio Alagon SL ("MRA") to the original founders and vendors of MRA, was
terminated by agreement in exchange for 750,000 Berkeley shares. An expense of
$920,884 has been recognised comprising the fair value of the shares issued of
$885,000 and a foreign exchange loss on consolidation of $35,884.
CORPORATE
The following material corporate events occurred during or since the end of the
half year ended 31 December 2009:
· On 14 September 2009, Mr Stephen Dattels resigned as a Director of the
Company;
· On 29 October 2009, the Company issued 250,000 Unlisted Options to an
employee in accordance with the Company's Employee Options Scheme. The Options
are exercisable for $1.00 each on or before 19 June 2012. Vesting conditions
apply;
· On 17 November 2009, the Company announced that Mr Ian Stalker had been
appointed the new Managing Director and CEO of Berkeley. The appointment was
effective on 30 November 2009. After an initial transition period, the previous
Managing Director, Mr Matthew Syme, became a non-Executive Director with effect
from 1 February 2010;
· On 2 December 2009, Berkeley announced that the Scoping Study undertaken by
the Company on its Salamanca Uranium Project had strongly demonstrated the
technical and economic viability of the Project. A summary of the Scoping Study
and it's conclusions are included in the Review of Operations above, and full
details are available in the Company's announcement to the ASX;
· On 23 December 2009, the Company agreed to restructure the royalty
commitments of it's Spanish subsidiary, Minera de Rio Alagon SL ("MRA"), to the
original founders and vendors of MRA;
The previous royalty of 3% applied to production from MRA properties and
included an accelerating minimum cash royalty, which was payable from 1 April
2009. In order to remove some ambiguity inherent in the previous agreement, the
parties agreed to replace the previous royalty with a 1% royalty on all
Berkeley's future uranium production in Spain and Portugal, including
potentially non-MRA properties.
The minimum cash royalty was also terminated, in exchange for issue to the MRA
vendors of 750,000 new ordinary fully paid shares in the Company;
· On 12 January 2010, Berkeley advised that it had agreed to terminate the
Heads of Agreement entered with AREVA NC in March 2006. As a consequence, any
rights previously granted to AREVA for off-take or marketing of uranium
production from Berkeley's projects was terminated with immediate effect;
·
On 25 January 2010, AREVA NC exercised their 10.6 million unlisted
primary options in Berkeley contributing A$7.17 million to Berkeley's cash
position;
· On 26 February 2010, the Company announced the completion of the first stage
Mineral Resource Estimates, reported in accordance with the JORC Code (2004),
for the Salamanca Uranium Project in Spain. Initial estimates for the Águila
Area (previously Mina Fe), and significant additions in the Retortillo Area have
doubled Berkeley's total Mineral Resource base to over 52 Mlbs U3O8. Further
information on the Mineral Resource Estimates are included in the Review of
Operations above, and in the Company's announcement to the ASX; and
· In the period from 1 July 2009 until the date of this report, a total of
17,870 Listed Options have been exercised, raising $13,402.
AUDITOR'S INDEPENDENCE DECLARATION
Section 307C of the Corporations Act 2001 requires our auditors, Stantons
International, to provide the Directors of Berkeley Resources Limited with an
Independence Declaration in relation to the audit of the half year financial
report. This Independence Declaration is on page 20 and forms part of this
Directors' Report.
Signed in accordance with a resolution of Directors.
JOHN (IAN) STALKER
Managing Director
16 March 2010
The information in this report that relates to Exploration Results, Mineral
Resources or Ore Reserves is based on information compiled by Mr. Ross Corben,
who is a Member of The Australian Institute of Mining and Metallurgy and an
employee of Berkeley Resources Limited. Mr. Corben 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 2004 Edition of the 'Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr.
Corben consents to the inclusion in the report of the matters based on his
information in the form and context in which it appears.
DIRECTORS' DECLARATION
In accordance with a resolution of the Directors of Berkeley Resources Limited,
I state that:
In the opinion of the Directors:
(a) the attached financial statements and notes thereto are in accordance
with the Corporations Act 2001, including:
(i) section 304 (compliance with accounting standards and
Corporations Regulations 2001); and
(ii) section 305 (true and fair view); and
(b) 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
JOHN (IAN) STALKER
Managing Director
16 March 2010
CONDENSED CONSOLIDATED STATEMENT OF
COMPREHENSIVE INCOME
FOR THE HALF YEAR ENDED 31 DECEMBER 2009
+------------------------------+------+----------------+----------------+
| |Note | Half Year | Half Year |
| | | Ended | Ended |
| | | 31 December | 31 December |
| | | 2009 | 2008 |
| | | $ | $ |
+------------------------------+------+----------------+----------------+
| | | | |
+------------------------------+------+----------------+----------------+
| Revenue from continuing | 4 | 412,568 | 515,644 |
| operations | | | |
+------------------------------+------+----------------+----------------+
| | | | |
+------------------------------+------+----------------+----------------+
| Administration costs | | (826,299) | (673,522) |
+------------------------------+------+----------------+----------------+
| Business development costs | | (54,966) | (260,044) |
+------------------------------+------+----------------+----------------+
| Exploration costs | | (3,377,303) | (3,712,310) |
+------------------------------+------+----------------+----------------+
| Provision for capitalised | | - | (137,000) |
| exploration expenditure | | | |
+------------------------------+------+----------------+----------------+
| Royalty termination | 10 | (920,884) | - |
+------------------------------+------+----------------+----------------+
| Share based payments expense | | (191,107) | (462,780) |
+------------------------------+------+----------------+----------------+
| Loss before income tax | | (4,957,991) | (4,730,012) |
+------------------------------+------+----------------+----------------+
| Income tax expense | | - | - |
+------------------------------+------+----------------+----------------+
| Loss for the half year | | (4,957,991) | (4,730,012) |
+------------------------------+------+----------------+----------------+
| Other comprehensive income | | | |
+------------------------------+------+----------------+----------------+
| Exchange differences arising | | (828,656) | 449,354 |
| on translation of foreign | | | |
| operations | | | |
+------------------------------+------+----------------+----------------+
| Income tax on other | | - | - |
| comprehensive income | | | |
+------------------------------+------+----------------+----------------+
| Other comprehensive | | (828,656) | 449,354 |
| income/(loss) for the half | | | |
| year | | | |
+------------------------------+------+----------------+----------------+
| Total comprehensive loss for | | (5,786,647) | (4,280,658) |
| the half year | | | |
+------------------------------+------+----------------+----------------+
| | | | |
+------------------------------+------+----------------+----------------+
| Loss attributable to: | | | |
+------------------------------+------+----------------+----------------+
| Non controlling interest | | (1,052) | (1,451) |
+------------------------------+------+----------------+----------------+
| Members of Berkeley | | (4,956,939) | (4,728,561) |
| Resources Limited | | | |
+------------------------------+------+----------------+----------------+
| Loss for the half year | | (4,957,991) | (4,730,012) |
+------------------------------+------+----------------+----------------+
| | | | |
+------------------------------+------+----------------+----------------+
| Total comprehensive loss | | | |
| attributable to: | | | |
+------------------------------+------+----------------+----------------+
| Non controlling interest | | (1,098) | (1,487) |
+------------------------------+------+----------------+----------------+
| Members of Berkeley | | (5,785,549) | (4,279,171) |
| Resources Limited | | | |
+------------------------------+------+----------------+----------------+
| Comprehensive loss for the | | (5,786,647) | (4,280,658) |
| half year | | | |
+------------------------------+------+----------------+----------------+
| | | | |
+------------------------------+------+----------------+----------------+
| Earnings per share | | | |
+------------------------------+------+----------------+----------------+
| Basic earnings per share | | (4.01) | (4.56) |
| (cents per share) | | | |
+------------------------------+------+----------------+----------------+
| Diluted earnings per share | | (4.01) | (4.56) |
| (cents per share) | | | |
+------------------------------+------+----------------+----------------+
The above Statement of Comprehensive Income should be read in conjunction with
the accompanying notes.
CONDENSED CONSOLIDATED STATEMENT OF
FINANCIAL POSITION
AS AT 31 DECEMBER 2009
+------------------------------+------+----------------+----------------+
| |Note | 31 December | 30 June 2009 |
| | | 2009 | $ |
| | | $ | |
+------------------------------+------+----------------+----------------+
| | | | |
+------------------------------+------+----------------+----------------+
| ASSETS | | | |
+------------------------------+------+----------------+----------------+
| Current Assets | | | |
+------------------------------+------+----------------+----------------+
| Cash and cash equivalents | | 9,415,855 | 11,479,554 |
+------------------------------+------+----------------+----------------+
| Other financial assets | | 48,334 | 107,956 |
+------------------------------+------+----------------+----------------+
| Trade and other receivables | | 128,059 | 1,529,241 |
+------------------------------+------+----------------+----------------+
| Total Current Assets | | 9,592,248 | 13,116,751 |
+------------------------------+------+----------------+----------------+
| Non-current Assets | | | |
+------------------------------+------+----------------+----------------+
| Exploration expenditure | | 13,760,860 | 14,388,045 |
+------------------------------+------+----------------+----------------+
| Property, plant and | | 452,136 | 520,590 |
| equipment | | | |
+------------------------------+------+----------------+----------------+
| Other financial assets | | 283,799 | 279,276 |
+------------------------------+------+----------------+----------------+
| Total Non-current Assets | | 14,496,795 | 15,187,911 |
+------------------------------+------+----------------+----------------+
| | | | |
+------------------------------+------+----------------+----------------+
| TOTAL ASSETS | | 24,089,043 | 28,304,662 |
+------------------------------+------+----------------+----------------+
| | | | |
+------------------------------+------+----------------+----------------+
| LIABILITIES | | | |
+------------------------------+------+----------------+----------------+
| Current Liabilities | | | |
+------------------------------+------+----------------+----------------+
| Trade and other payables | | 1,379,513 | 838,902 |
+------------------------------+------+----------------+----------------+
| Provisions | | 140,226 | 197,812 |
+------------------------------+------+----------------+----------------+
| Other financial liabilities | | 14,454 | 10,768 |
+------------------------------+------+----------------+----------------+
| Total Current Liabilities | | 1,534,193 | 1,047,482 |
+------------------------------+------+----------------+----------------+
| | | | |
+------------------------------+------+----------------+----------------+
| TOTAL LIABILITIES | | 1,534,193 | 1,047,482 |
+------------------------------+------+----------------+----------------+
| | | | |
+------------------------------+------+----------------+----------------+
| NET ASSETS | | 22,554,850 | 27,257,180 |
+------------------------------+------+----------------+----------------+
| | | | |
+------------------------------+------+----------------+----------------+
| EQUITY | | | |
+------------------------------+------+----------------+----------------+
| Issued capital | 6 | 50,284,455 | 49,391,245 |
+------------------------------+------+----------------+----------------+
| Reserves | 7 | 5,729,319 | 6,366,822 |
+------------------------------+------+----------------+----------------+
| Accumulated losses | | (33,458,924) | (28,501,985) |
+------------------------------+------+----------------+----------------+
| Parent Interest | | 22,554,850 | 27,256,082 |
+------------------------------+------+----------------+----------------+
| Non controlling interest | 5 | - | 1,098 |
+------------------------------+------+----------------+----------------+
| | | | |
+------------------------------+------+----------------+----------------+
| TOTAL EQUITY | | 22,554,850 | 27,257,180 |
+------------------------------+------+----------------+----------------+
The above Statement of Financial Position should be read in conjunction with the
accompanying notes.
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE HALF YEAR ENDED 31 DECEMBER 2009
+----------------------------+------------+-------------+-------------+--------------+----+---------+-------------+-+--------+----------+
| | Attributable to Equity Holder of the Parent | | | | |
+----------------------------+------------------------------------------------------------+---------+---------------+--------+----------+
| | Issued | Option | Foreign |Accumu-lated | Total | Non | Total Equity |
| | Capital | Premium | Currency | Losses | $ |Controlling | $ |
| | $ | Reserve |Translation | $ | | Interest | |
| | | $ | Reserve | | | $ | |
| | | | $ | | | | |
+----------------------------+------------+-------------+-------------+--------------+--------------+-------------+---------------------+
| | | | | | | | |
+----------------------------+------------+-------------+-------------+--------------+--------------+-------------+---------------------+
| As at 1 July 2008 | 41,444,842 | 4,472,973 | (23,704) | (20,890,335) | 25,003,776 | 1,487 | 25,005,263 |
+----------------------------+------------+-------------+-------------+--------------+--------------+-------------+---------------------+
| | | | | | | | |
| Total comprehensive loss | | | | | | | |
| for the period: | | | | | | | |
+----------------------------+------------+-------------+-------------+--------------+--------------+-------------+---------------------+
| Net loss for the period | - | - | - | (4,728,561) | (4,728,561) | (1,451) | (4,730,012) |
+----------------------------+------------+-------------+-------------+--------------+--------------+-------------+---------------------+
| Other comprehensive | | | | | | | |
| income: | | | | | | | |
+----------------------------+------------+-------------+-------------+--------------+--------------+-------------+---------------------+
| Exchange differences | - | - | 449,390 | - | 449,390 | (36) | 449,354 |
| arising on translation of | | | | | | | |
| foreign operations | | | | | | | |
+----------------------------+------------+-------------+-------------+--------------+--------------+-------------+---------------------+
| Total comprehensive | - | - | 449,390 | (4,728,561) | (4,279,171) | (1,487) | (4,280,658) |
| income/(loss) | | | | | | | |
+----------------------------+------------+-------------+-------------+--------------+--------------+-------------+---------------------+
| | | | | | | | |
| Transactions with owners, | | | | | | | |
| recorded directly in | | | | | | | |
| equity | | | | | | | |
+----------------------------+------------+-------------+-------------+--------------+--------------+-------------+---------------------+
| Expiry of Incentive | - | (2,357,250) | - | 2,357,250 | - | - | - |
| Options | | | | | | | |
+----------------------------+------------+-------------+-------------+--------------+--------------+-------------+---------------------+
| Cancellation of Incentive | - | (40,306) | - | 40,306 | - | - | - |
| Options - Vested | | | | | | | |
+----------------------------+------------+-------------+-------------+--------------+--------------+-------------+---------------------+
| Cancellation of Incentive | - | (38,788) | - | - | (38,788) | - | (38,788) |
| Options - Unvested | | | | | | | |
+----------------------------+------------+-------------+-------------+--------------+--------------+-------------+---------------------+
| Share based payments | - | 501,567 | - | - | 501,567 | - | 501,567 |
+----------------------------+------------+-------------+-------------+--------------+--------------+-------------+---------------------+
| As at 31 December 2008 | 41,444,842 | 2,538,196 | 425,686 | (23,221,340) | 21,187,384 | - | 21,187,384 |
+----------------------------+------------+-------------+-------------+--------------+--------------+-------------+---------------------+
| | | | | | | | | | | |
+----------------------------+------------+-------------+-------------+--------------+----+---------+-------------+-+--------+----------+
The above Condensed Consolidated Statement of Changes in Equity should be read
in conjunction with the accompanying notes.
CONDENSED CONSOLIDATED
STATEMENT OF CHANGES IN EQUITY
FOR THE HALF YEAR ENDED 31 DECEMBER 2009
(Continued)
+----------------------------+------------+-----------+-------------+--------------+--------+----+--------+----+-----+-------+
| | Attributable to Equity Holder of the Parent | | | |
+----------------------------+--------------------------------------------------------------+-------------+----------+-------+
| | Issued | Option | Foreign |Accumu-lated | Total | Non | Total |
| | Capital | Premium | Currency | Losses | $ |Controlling | Equity |
| | $ | Reserve |Translation | $ | | Interest | $ |
| | | $ | Reserve | | | $ | |
| | | | $ | | | | |
+----------------------------+------------+-----------+-------------+--------------+-------------+-------------+-------------+
| | | | | | | | |
+----------------------------+------------+-----------+-------------+--------------+-------------+-------------+-------------+
| As at 1 July 2009 | 49,391,245 | 6,551,532 | (184,710) | (28,501,985) | 27,256,082 | 1,098 | 27,257,180 |
+----------------------------+------------+-----------+-------------+--------------+-------------+-------------+-------------+
| | | | | | | | |
| Total comprehensive loss | | | | | | | |
| for the period: | | | | | | | |
+----------------------------+------------+-----------+-------------+--------------+-------------+-------------+-------------+
| Net loss for the period | - | - | - | (4,956,939) | (4,956,939) | (1,052) | (4,957,991) |
+----------------------------+------------+-----------+-------------+--------------+-------------+-------------+-------------+
| Other comprehensive | | | | | | | |
| income: | | | | | | | |
+----------------------------+------------+-----------+-------------+--------------+-------------+-------------+-------------+
| Exchange differences | - | - | (828,610) | - | (828,610) | (46) | (828,656) |
| arising on translation of | | | | | | | |
| foreign operations | | | | | | | |
+----------------------------+------------+-----------+-------------+--------------+-------------+-------------+-------------+
| Total comprehensive | - | - | (828,610) | (4,956,939) | (5,785,549) | (1,098) | (5,786,647) |
| income/(loss) | | | | | | | |
+----------------------------+------------+-----------+-------------+--------------+-------------+-------------+-------------+
| | | | | | | | |
| Transactions with owners, | | | | | | | |
| recorded directly in | | | | | | | |
| equity | | | | | | | |
+----------------------------+------------+-----------+-------------+--------------+-------------+-------------+-------------+
| Exercise of options | 13,402 | - | - | - | 13,402 | - | 13,402 |
+----------------------------+------------+-----------+-------------+--------------+-------------+-------------+-------------+
| Share based payments | 885,000 | 191,107 | - | - | 1,076,107 | - | 1,076,107 |
+----------------------------+------------+-----------+-------------+--------------+-------------+-------------+-------------+
| Share issue costs | (5,192) | - | - | - | (5,192) | - | (5,192) |
+----------------------------+------------+-----------+-------------+--------------+-------------+-------------+-------------+
| As at 31 December 2009 | 50,284,455 | 6,742,639 | (1,013,320) | (33,458,924) | 22,554,850 | - | 22,554,850 |
+----------------------------+------------+-----------+-------------+--------------+-------------+-------------+-------------+
| | | | | | | | | | | |
+----------------------------+------------+-----------+-------------+--------------+--------+----+--------+----+-----+-------+
The above Condensed Consolidated Statement of Changes in Equity should be read
in conjunction with the accompanying notes.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE HALF YEAR ENDED 31 DECEMBER 2009
+------------------------------------+----------------+----------------+
| | Half Year | Half Year |
| | Ended | Ended |
| | 31 December | 31 December |
| | 2009 | 2008 |
| | $ | $ |
+------------------------------------+----------------+----------------+
| | | |
+------------------------------------+----------------+----------------+
| Cash flows from operating | | |
| activities | | |
+------------------------------------+----------------+----------------+
| Payments to suppliers and | (2,048,371) | (4,575,424) |
| employees | | |
+------------------------------------+----------------+----------------+
| Interest received | 156,817 | 618,784 |
+------------------------------------+----------------+----------------+
| Grant income received | 267,551 | - |
+------------------------------------+----------------+----------------+
| | | |
+------------------------------------+----------------+----------------+
| Net cash outflows from operating | (1,624,003) | (3,956,640) |
| activities | | |
+------------------------------------+----------------+----------------+
| | | |
+------------------------------------+----------------+----------------+
| Cash flows from investing | | |
| activities | | |
+------------------------------------+----------------+----------------+
| Payments for capitalised | (54,943) | (67,592) |
| exploration expenditure | | |
+------------------------------------+----------------+----------------+
| Payments for plant and equipment | (45,168) | (15,087) |
+------------------------------------+----------------+----------------+
| Other financial assets | (9,529) | (90,868) |
+------------------------------------+----------------+----------------+
| Net cash outflow from investing | (109,640) | (173,547) |
| activities | | |
+------------------------------------+----------------+----------------+
| | | |
+------------------------------------+----------------+----------------+
| Cash flows from financing | | |
| activities | | |
+------------------------------------+----------------+----------------+
| Proceeds from issue of shares | 13,402 | - |
+------------------------------------+----------------+----------------+
| Share issue expenses | (96,110) | - |
+------------------------------------+----------------+----------------+
| Net cash outflow from financing | (82,708) | - |
| activities | | |
+------------------------------------+----------------+----------------+
| | | |
+------------------------------------+----------------+----------------+
| Net decrease in cash and cash | (1,816,351) | (4,130,187) |
| equivalents | | |
+------------------------------------+----------------+----------------+
| | | |
+------------------------------------+----------------+----------------+
| Foreign exchange (loss)/gain on | (247,348) | 223,453 |
| opening cash | | |
+------------------------------------+----------------+----------------+
| Cash and cash equivalents at the | 11,479,554 | 18,171,171 |
| beginning of the half year | | |
+------------------------------------+----------------+----------------+
| Cash and cash equivalents at the | 9,415,855 | 14,264,437 |
| end of the half year | | |
+------------------------------------+----------------+----------------+
The above Condensed Consolidated Statement of Cash Flows should be read in
conjunction with the accompanying notes.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE HALF YEAR ENDED 31 DECEMBER 2009
1. REPORTING ENTITY
Berkeley Resources Limited (the "Company") is a company domiciled in Australia.
The interim financial report of the Company is as at and for the six months
ended 31 December 2009.
The annual financial report of the Company as at and for the year ended 30 June
2009 is available upon request from the Company's registered office.
2. STATEMENT OF COMPLIANCE
The interim financial report is a general purpose financial report which has
been prepared in accordance with Accounting Standard AASB 134: Interim Financial
Reporting and the Corporations Act 2001.
This interim financial report does not include all the information of the type
normally included in an annual financial report. Accordingly, this report is to
be read in conjunction with the annual report of Berkeley Resources Limited for
the year ended 30 June 2009 and any public announcements made by Berkeley
Resources Limited during the interim reporting period in accordance with the
continuous disclosure requirements of the Corporations Act 2001.
This interim financial report was approved by the Board of Directors on 15 March
2010.
(a) Basis of Preparation of Half Year Financial Report
The principal accounting policies adopted in the preparation of the financial
report have been consistently applied to all the periods presented, unless
otherwise stated.
Historical cost convention
These financial statements have been prepared under the historical cost
convention, as modified by the revaluation of available-for-sale financial
assets, financial assets and liabilities (including derivative instruments) at
fair value through profit or loss.
(b) Statement of Compliance
The financial report complies with Australian Accounting Standards, which
include Australian equivalents to International Financial Reporting Standards
("AIFRS') and with International Financial Reporting Standards ("IFRS").
3. SIGNIFICANT ACCOUNTING POLICIES
Accounting policies applied by the Consolidated Entity in this consolidated
interim financial report are the same as those applied by the Consolidated
Entity in its consolidated financial report for the year ended 30 June 2009,
except as stated below.
In the current period, the Group has adopted all of the new and revised
Standards and Interpretations issued by the Australian Accounting Standards
Board (the AASB) that are relevant to its operations and effective for annual
reporting periods beginning on or after 1 July 2009. The adoption of these new
and revised standards has not resulted in any significant changes to the Group's
accounting policies or to the amounts reported for the current or prior periods.
Presentation of Financial Statements
AASB 101 prescribes the contents and structure of the financial statements.
Changes reflected in this financial report include:
· the replacement of income statement with statement of comprehensive
income. Items of income and expense not recognised in profit or loss are now
disclosed as components of 'other comprehensive income'. In this regard, such
items are no longer reflected as equity movements in the statement of changes in
equity;
· the adoption of the single statement approach to the presentation of the
statement of comprehensive income; and
· other financial statements are renamed in accordance with the Standard.
Operating Segments
The Consolidated Entity has adopted AASB 8 Operating Segments with effect from 1
July 2009. AASB 8 requires operating segments to be identified on the basis of
internal reports about components of the Consolidated Entity that are regularly
reviewed by the chief operating decision maker in order to allocate resources to
the segment and to assess its performance.
The Consolidated Entity operates in one operating segment and one geographical
segment, being uranium exploration in Spain. This is the basis on which internal
reports are provided to the Directors for assessing performance and determining
the allocation of resources within the Consolidated Entity.
The Consolidated Entity's corporate headquarters in Australia have previously
been reported in the Australian geographical segment, however, the corporate and
administrative functions based in Australia are considered incidental to
Consolidated Entity's uranium exploration activities in Spain. As a result,
following the adoption of AASB 8, the Consolidated Entity is not required to
report the geographical segments reported in previous periods.
4. REVENUE FROM CONTINUING OPERATIONS
+---------------------------------------+--------------+---------------+
| |Consolidated | Consolidated |
| | 31 December | 31 December |
| | 2009 | 2008 |
| | $ | $ |
+---------------------------------------+--------------+---------------+
| | | |
+---------------------------------------+--------------+---------------+
| Interest revenue | 145,017 | 515,644 |
+---------------------------------------+--------------+---------------+
| Grant revenue | 267,551 | - |
+---------------------------------------+--------------+---------------+
| | 412,568 | 515,644 |
+---------------------------------------+--------------+---------------+
5.
NON CONTROLLING INTEREST
+---------------------------------------+--------------+---------------+
| |Consolidated | Consolidated |
| | 31 December | 30 June 2009 |
| | 2009 | $ |
| | $ | |
+---------------------------------------+--------------+---------------+
| Interest in | | |
+---------------------------------------+--------------+---------------+
| Capital | 17,670 | 17,670 |
+---------------------------------------+--------------+---------------+
| Reserves | (336) | (290) |
+---------------------------------------+--------------+---------------+
| Accumulated Losses | (17,334) | (16,282) |
+---------------------------------------+--------------+---------------+
| | - | 1,098 |
+---------------------------------------+--------------+---------------+
The minorities do not fund any exploration costs and their interests dilute as
the funds advanced by Berkeley Resources Ltd are converted into shares. At 31
December 2009 the minorities share of losses exceed their share of issued
capital and reserves. The minority losses in excess of their share of equity
are immaterial and have been allocated to Berkeley Resources Ltd.
6. CONTRIBUTED EQUITY
(a) Issued and Paid Up Capital
+----------------------------------------+--------------+--------------+
| |Consolidated |Consolidated |
| | 31 December |30 June 2009 |
| | 2009 | $ |
| | $ | |
+----------------------------------------+--------------+--------------+
| 124,239,149 (30 June 2009: | 50,284,455 | 49,391,245 |
| 123,471,279) fully paid ordinary | | |
| shares | | |
+----------------------------------------+--------------+--------------+
(b) Movements in Ordinary Share Capital During the Past Six Months:
+--------------+----------------------+-------------+---------+------------+
| Date | Details | Number | Issue | $ |
| | | of | Price | |
| | | Shares | $ | |
+--------------+----------------------+-------------+---------+------------+
| Half Year Ended 31 December 2009 |
+--------------------------------------------------------------------------+
| 1 Jul 2009 | Opening balance | 123,471,279 | | 49,391,245 |
+--------------+----------------------+-------------+---------+------------+
| | | | | |
+--------------+----------------------+-------------+---------+------------+
| 23 Dec 2009 | Issue of Shares | 750,000 | 1.18 | 885,000 |
+--------------+----------------------+-------------+---------+------------+
| Various | Exercise of Options | 17,870 | 0.75 | 13,402 |
+--------------+----------------------+-------------+---------+------------+
| | Share issue expenses | - | | (5,192) |
+--------------+----------------------+-------------+---------+------------+
| 31 Dec 2009 | Closing balance | 124,239,149 | | 50,284,455 |
+--------------+----------------------+-------------+---------+------------+
7.
RESERVES
(a)
+---------------------------------------+--------------+---------------+
| |Consolidated | Consolidated |
| | 31 December | 30 June 2009 |
| | 2009 | $ |
| | $ | |
+---------------------------------------+--------------+---------------+
| Option Reserve | | |
+---------------------------------------+--------------+---------------+
| 12,921,886 (30 June 2009: 12,939,756) | 2,008,800 | 2,008,800 |
| $0.75 listed options | | |
+---------------------------------------+--------------+---------------+
| 10,600,000 (30 June 2009: 10,600,000) | 687,546 | 687,546 |
| $0.70 unlisted options | | |
+---------------------------------------+--------------+---------------+
| 2,500,000 (30 June 2009: 2,500,000) | 1,477,000 | 1,477,000 |
| $1.00 unlisted options | | |
+---------------------------------------+--------------+---------------+
| 2,160,000 (30 June 2009: 2,160,000) | 2,297,980 | 2,162,448 |
| $1.86 employee incentive options | | |
+---------------------------------------+--------------+---------------+
| 1,037,500 (30 June 2009: 787,500) | 271,313 | 215,738 |
| $1.00 employee incentive options | | |
+---------------------------------------+--------------+---------------+
| | 6,742,639 | 6,551,532 |
+---------------------------------------+--------------+---------------+
| | | |
+---------------------------------------+--------------+---------------+
| Foreign currency translation reserve | (1,013,320) | (184,710) |
+---------------------------------------+--------------+---------------+
| | 5,729,319 | 6,366,822 |
+---------------------------------------+--------------+---------------+
(b) Movements in Options During the Past Six Months Were as Follows:
+------+--------------+------------+------------+-----------+-----------+-----------+--------+-----------+
| Date | Details | Number | Number | Number | Number | Number |Deemed | $ |
| | | of | of | of | of | of | Grant | |
| | | Listed | $0.70 | $1.00 | $1.86 | $1.00 | Value | |
| | | Options | Unlisted | Unlisted |Incentive |Incentive | $ | |
| | | | Options | Options | Options | Options | | |
+------+--------------+------------+------------+-----------+-----------+-----------+--------+-----------+
| 1 | Opening | 12,939,756 | 10,600,000 | 2,500,000 | 2,160,000 | 787,500 | | 6,551,532 |
| Jul | Balance | | | | | | | |
| 09 | | | | | | | | |
+------+--------------+------------+------------+-----------+-----------+-----------+--------+-----------+
| 6 | Exercise of | (13,971) | - | - | - | - | | - |
| Jul | Options | | | | | | | |
| 09 | | | | | | | | |
+------+--------------+------------+------------+-----------+-----------+-----------+--------+-----------+
| 3 | Exercise of | (683) | - | - | - | - | | - |
| Aug | Options | | | | | | | |
| 09 | | | | | | | | |
+------+--------------+------------+------------+-----------+-----------+-----------+--------+-----------+
| 7 | Exercise of | (379) | - | - | - | - | | - |
| Sep | Options | | | | | | | |
| 09 | | | | | | | | |
+------+--------------+------------+------------+-----------+-----------+-----------+--------+-----------+
| 29 | Grant to | - | - | - | - | 250,000 | 0.50 | - |
| Oct | Employees | | | | | | | |
| 09 | (i) | | | | | | | |
+------+--------------+------------+------------+-----------+-----------+-----------+--------+-----------+
| 31 | Exercise of | (237) | - | - | - | - | | - |
| Oct | Options | | | | | | | |
| 09 | | | | | | | | |
+------+--------------+------------+------------+-----------+-----------+-----------+--------+-----------+
| 30 | Exercise of | (2,600) | - | - | - | - | | - |
| Nov | Options | | | | | | | |
| 09 | | | | | | | | |
+------+--------------+------------+------------+-----------+-----------+-----------+--------+-----------+
| 31 | Options | - | - | - | - | - | | 191,107 |
| Dec | vesting | | | | | | | |
| 09 | expense | | | | | | | |
+------+--------------+------------+------------+-----------+-----------+-----------+--------+-----------+
| 31 | | 12,921,886 | 10,600,000 | 2,500,000 | 2,160,000 | 1,037,500 | | 6,742,639 |
| Dec | | | | | | | | |
| 09 | | | | | | | | |
+------+--------------+------------+------------+-----------+-----------+-----------+--------+-----------+
(i) Incentive options granted to employees and consultants of the
Company following shareholder approval in accordance with Employee Share Scheme.
The fair value is recognised over the period during which the option holders
become unconditionally entitled to the options (ie the date of vesting of the
options), the latest date for which is 19 June 2011.
(c) Foreign Currency Translation Reserve
+---------------------------------------+--------------+---------------+
| |Consolidated | Consolidated |
| | 31 December | 30 June 2009 |
| | 2009 | $ |
| | $ | |
+---------------------------------------+--------------+---------------+
| Opening Balance | (184,710) | (23,704) |
+---------------------------------------+--------------+---------------+
| Translation of foreign operations | (828,610) | (161,006) |
+---------------------------------------+--------------+---------------+
| Closing Balance | (1,013,320) | (184,710) |
+---------------------------------------+--------------+---------------+
8. CONTINGENT LIABILITIES AND COMMITMENTS
Other than as outlined below, there has been no material change in contingent
liabilities or commitments as at the last annual reporting date:
· On 23 December 2009, the Company agreed to restructure the royalty
commitments of it's Spanish subsidiary, Minera de Rio Alagon SL ("MRA"), to the
original founders and vendors of MRA.
The previous royalty of 3% applied to production from MRA properties and
included an accelerating minimum cash royalty, which was payable from 1 April
2009. The parties agreed to replace the previous royalty with a 1% royalty on
all Berkeley's future uranium production in Spain and Portugal, including
potentially non-MRA properties.
The minimum cash royalty was also terminated, in exchange for issue to the MRA
vendors of 750,000 new ordinary fully paid shares in the Company. The minimum
cash royalty payable for the final period to 23 December 2009 was accrued at 31
December 2009 and has been paid post year end.
9. DIVIDENDS PAID OR PROVIDED FOR
No dividend has been paid or provided for during the half year.
10. SHARE BASED PAYMENTS
On 29 October 2009, 250,000 incentive options were granted to an employee of the
Company pursuant to the Employee Option Scheme which has received shareholder
approval. The exercise price of the incentive options is $1.00 each and, subject
to vesting conditions, the options are exercisable on or before 19 June 2012.
The incentive options have been independently valued using the Binomial option
valuation model, taking into account the terms and conditions upon which the
incentive options were granted. The following table lists the inputs to the
model used in determining the value:
Share Price at Grant Date
$0.945
Dividend yield
-
Volatility
85%
Risk-free interest rate
5.13%
Expected life of option
2.64 years
The estimated fair value of each incentive option is $0.50.
On 23 December 2009 the Company agreed to restructure the royalty commitments to
the original founders and vendors of Berkeley's Spanish subsidiary, Minera de
Rio Alagon SL ("MRA"). As part of the agreement, the minimum cash royalty
payable under the acquisition and Joint Venture Agreement dated 28 September
2005 will be terminated, in exchange for the issue to the MRA vendors of 750,000
new ordinary fully paid shares in the Company. These shares have been valued
using the weighted average market share price on 23 December 2009, the day of
issue. The fair value of each share issued is $1.18 giving a total value of
$885,000.
An expense of $920,884 has been recognised in the profit and loss for the
termination of the minimum cash royalty, comprising the fair value of the shares
issued of $885,000 and a foreign exchange loss on consolidation of $35,884.
11. SUBSEQUENT EVENTS AFTER BALANCE DATE
Other than the events below, there were no significant events occurring after
balance date requiring disclosure:
· On 12 January 2010, Berkeley advised that it had agreed to terminate the
Heads of Agreement entered with AREVA NC in March 2006. As a consequence, any
rights previously granted to AREVA for off-take or marketing of uranium
production from Berkeley's projects was terminated with immediate effect;
· On 25 January 2010, AREVA NC exercised their 10.6 million unlisted primary
options in Berkeley contributing A$7.17 million to Berkeley's cash position.
Please note the auditors' Independence Declaration and Independent Review Report
can be viewed on the Company's website (www.berkeleyresources.com.au).
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR GCGDXSUBBGGL
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