TIDMWLFE
RNS Number : 0590G
Wolf Minerals Limited
27 February 2015
27 February 2015
Wolf Minerals Limited
Interim Financial Report
For the half year ended 31 December 2014
Specialty metals development company, Wolf Minerals Limited
(ASX: WLF, AIM: WLFE) ("Wolf" or "the Company") is pleased to
release its interim financial report for the half year ended 31
December 2014.
Highlights for the half year include:
-- On track to deliver the first new metal mine in Great Britain for over 45 years.
-- The progress of the Hemerdon Project (the "Project") as at
the half year was 67% complete and also on schedule and within
budget. The EPC contractor expects to commence dry commissioning of
the plant in March 2015.
o The EPC Contractor hand over to Wolf Minerals is scheduled for
Q3 2015.
o At the half year all structural concrete pours were complete
with structural steel erection being 44% complete. As the date of
this release the structural steel erection is now 80% complete.
-- The Mine Waste Facility is on track to be finished by the scheduled plant commissioning.
o During construction of the Mine Waste Facility 100,000 tonnes
of ore has been extracted and stockpiled, forming the basis of the
initial feed to the processing plant.
-- A geotechnical diamond drilling programme to assess the
feasibility of extending the mine life through steepening the mine
walls and thereby enabling a deeper pit has concluded. With the
potential to increase ore reserves by between 15% to 23% this
possible extension would occur within the existing planning
permission boundary.
-- Commencement of the draw down of GBP75m million in senior
debt facilities following Wolf Minerals satisfying all necessary
conditions. As at the date of this release 50% of the debt
facilities have been drawn.
-- The Assay Laboratory contract for the Project was finalised
and awarded to SGS. The Power Supply contract for the Project to
DONG Energy was awarded in early January 2015.
-- Recruitment of key personnel is on track.
Commenting on the interim results, Wolf Managing Director,
Russell Clark said:
"I am delighted to be able to report on the significant progress
we made in the first half of the current financial year and which
has continued into the second half. The Hemerdon Project is
progressing well and is on schedule for dry commissioning in March
2015 with 100% of the equipment having been delivered and 80% of
the structural steel erection complete since the period end.
Additionally, we have completed the drilling programme undertaken
to assess the opportunity, within the existing planning permission
boundary, to steepen the mine walls and thereby increase the
reserves and extend the mine life. The Company will report on the
results of the drilling programme in due course. Based on the
progress we have made so far the Board remains confident of
delivering a tungsten producing mine on schedule and on
budget."
ENDS
The Company's web site has time lapse photography showing both
the processing plant site and mine site which can be seen at:
http://www.wolfminerals.com.au/hemerdon-tungsten-and-tin-project/live-stream
Wolf Minerals Limited
Russell Clark +61 8 6364 3776
Numis Securities
John Prior/James Black/Paul Gillam +44(0)20 7260 1000
Newgate
Tim Thompson / Adam Lloyd / Ed Treadwell
/ Helena Bogle +44 (0) 20 7653 9840
WOLF MINERALS LIMITED
A.B.N. 11 121 831 472
AND CONTROLLED ENTITIES
INTERIM FINANCIAL REPORT
31 DECEMBER 2014
31 DECEMBER 2014
CONTENTS
CORPORATE DIRECTORY 1
DIRECTORS' REPORT 2
AUDITORS INDEPENDENCE DECLARATION 6
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME 7
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION 8
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 9
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS 10
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 11
DIRECTORS' DECLARATION 24
INDEPENDENT AUDITORS' REVIEW REPORT 25
This interim financial report does not include all the notes of
the type normally included in an annual financial report.
Accordingly, this report is to be read in conjunction with the
annual report for the year ended 30 June 2014 and any public
announcements made by Wolf Minerals Limited during the interim
reporting period in accordance with the continuous disclosure
requirements of the Corporations Act 2001.
CORPORATE DIRECTORY
NON-EXECUTIVE CHAIRMAN
John Hopkins OAM
EXECUTIVE MANAGING DIRECTOR
Russell Clark
NON-EXECUTIVE DIRECTORS
Ronnie Beevor
Nick Clarke
Chris Corbett
Don Newport
Michael Wolley
ALTERNATE DIRECTOR
William Goodwin
CHIEF FINANCIAL OFFICER
Richard Lucas
JOINT COMPANY SECRETARIES
Richard Lucas
Pauline Carr
PRINCIPAL & REGISTERED OFFICE
Level 3, 22 Railway Road
SUBIACO WA 6008
AUDITORS
PKF Mack
Level 4, 35 Havelock Street
WEST PERTH WA 6005
LAWYERS
Steinepreis Paganin
Level 4, 16 Milligan Street
PERTH WA 6000
SHARE REGISTER
Security Transfer Registrars Pty Ltd
770 Canning Hwy
APPLECROSS WA 6153
UK DEPOSITORY
Computershare Investor Services PLC
The Pavilions, Bridgwater Road
Bristol BS99 6ZZ
SECURITIES EXCHANGE LISTINGS
Australian Securities Exchange
(Home Exchange: Perth, Western Australia)
Code: WLF
Alternative Investment Market
London Stock Exchange
Code: WLFE
BANKERS
National Australia Bank
50 St Georges Terrace
PERTH WA 6000
WEBSITE
www.wolfminerals.com
DIRECTORS' REPORT
Your Directors submit the financial report of the Consolidated
Entity for the half year ended
31 December 2014.
DIRECTORS
The names of Directors who held office during or since the end
of the half year:
John Hopkins OAM Non-Executive Chairman
Russell Clark Executive Managing
Director
Ronnie Beevor Non-Executive Director
Nick Clarke Non-Executive Director
Chris Corbett Non-Executive Director
Don Newport Non-Executive Director
Michael Wolley Non-Executive Director
William Goodwin Alternate Director
PRINCIPAL ACTIVITIES
During the half year the principal activities of the
Consolidated Entity consisted of mineral development, conducted
through Wolf Minerals (UK) Limited.
REVIEW OF RESULTS
The Directors of Wolf Minerals Limited ("Wolf" or "the Company")
announce for the half year to 31 December 2014 a net consolidated
loss after tax of $3,719,177 (2013: $1,322,933).
REVIEW OF OPERATIONS
Summary
Wolf has continued to focus on its development of the Hemerdon
tungsten and tin project ("Hemerdon" or "the Project") located in
Devon, England. During the half year ended 31 December 2014 the key
activities include:
-- Continued progress on the development of the Project.
-- Commenced draw down of GBP75 million in senior debt facilities.
-- Geotechnical diamond drilling program completed.
-- Laboratory Services contract awarded for the Project.
-- Appointment of new officers of the Company.
Continued progress on the development of the Project
The construction of the Project commenced in February 2014.
As at 31 December 2014 construction was 67% complete and remains
on schedule. GR Engineering Services Limited, the Project's
Engineering-Procurement-Construction ("EPC") contractor, expects to
commence dry commissioning of the plant in March 2015, with the
hand over to Wolf scheduled for the third quarter of 2015.
By the end of the December 2014, significant progress had been
made at the site including:
DIRECTORS' REPORT (CONTINUED)
-- Continued progress on the Mine Waste Facility. This facility
accommodates the waste from both the mine and the processing plant
and is one of the key components of the Project. As expected,
construction of the facility has slowed during the winter months
and is still on track to be available for the scheduled plant
commissioning.
-- All structural concrete pours are now complete.
-- Structural steel erection was 44% complete.
-- All plant equipment has been delivered to site or is in
transit to site, allowing for immediate installation as the
foundations or supporting steelwork becomes available.
-- Administration, laboratory and amenities buildings have been
completed and will be commissioned in early 2015.
-- Development of the open pit continued with the excavation
waste used in the construction of the Mine Waste Facility. There is
no overburden removal required to access the orebody, as it is
exposed at surface from previous operations.
-- Over 100,000 tonnes of ore have been stockpiled at the mine.
This ore was extracted during the mining of waste used for the
construction of the Mine Waste Facility and will form the basis of
the initial feed to the processing plant.
-- Recruitment of key professional staff continued with Wolf
having 37 employees working directly for Wolf Minerals (UK) Limited
at 31 December 2014 with a number of new recruits to start in
January 2015.
-- At the end of December there were over 350 people working at the Project site.
-- Tree planting and stone wall reconstruction activities had
commenced, with 40,000 trees to be planted by June 2015.
Commenced draw down of GBP75 million in senior debt
facilities
During the period Wolf reported that it had satisfied all
necessary conditions required to draw down the Project's GBP75
million senior debt finance facilities (refer to Announcement dated
16 September 2014). This represented another significant milestone
for the Project and the Company.
The first draw down and utilisation of the funds took place on
19 September 2014.
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