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HANNANS REWARD LIMITED ANNUAL REPORT 2012 ABN: 52 099 862 129 HANNANS REWARD LTD For personal use only Telephone: +61 8 9324 3388 Facsimile: +61 8 9324 3366 Email: [email protected] Web: www.hannansreward.com Twitter: hannansreward Facebook: Hannans Reward AnnuAl RepoRt foR the finAnciAl yeAR ended 30 June 2012 Corporate Directory ....................................................................................................................1 Directors’ Report ..........................................................................................................................2 Independence Declaration to the Directors of Hannans Reward Ltd ........................... 46 Directors’ Declaration ............................................................................................................... 47 Independent Audit Report to the Members of Hannans Reward Ltd ............................ 48 Consolidated Statement of Comprehensive Income .......................................................... 50 Consolidated Statement of Financial Position ...................................................................... 51 Consolidated Statement of Changes in Equity ..................................................................... 52 Consolidated Statement of Cash Flows ................................................................................. 53 Notes to the Consolidated Financial Statements ................................................................ 54 For personal use only Cover by Jessica Hicks. © Cover and Directors’ Report photos by Hans Linberg. Corporate DireCtory social network sites Twitter: @hannansreward Facebook: Hannans Reward principal office Board of directors sHare registry 6 Outram Street Computershare INDEPENDANT West Perth, Western Australia 6005 NON-EXECUTIVE CHAIRMAN Level 2, 45 St George’s Terrace Mr Richard Scallan Perth, Western Australia 6000 registered office Telephone: 1300 557 010 MANAGING DIRECTOR 6 Outram Street www.computershare.com.au Mr Damian Hicks West Perth, Western Australia 6005 NON-EXECUTIVE DIRECTOR Mr William Hicks postal address a uditors Stantons International PO Box 1227 NON-EXECUTIVE DIRECTOR Level 2, 1 Walker Avenue Mr Jonathan Murray West Perth, Western Australia 6872 West Perth, Western Australia 6005 NON-EXECUTIVE DIRECTOR c ontact details Mr Markus Bachmann Telephone: +61 8 9324 3388 lawyers NON-EXECUTIVE DIRECTOR Facsimile: +61 8 9324 3366 Steinepreis Paganin Mr Olof Forslund [email protected] Level 4, The Read Buildings For personal use only www.hannansreward.com 16 Milligan Street c ompany secretaries ABN 52 099 862 129 Perth, Western Australia 6000 Mr Ian Gregory Mr Michael Craig Hannans reward annual report 2012 1 DIRECTORS’ REPORT The Directors of Hannans Reward Ltd (Hannans or the Company) submit their annual financial report of the Group being the Company and its controlled entities for the financial year ended 30 June 2012. s trategic plan VISION Our vision is to build a successful exploration and production company. MISSION Our mission is to develop a company that has a material interest in a portfolio of mineral projects that are being rapidly progressed whether they are exploration, development or production assets. We recognise that a professional, knowledgeable and ethical team of directors, employees and consultants is the key to our business. Our focus is to provide shareholders with a satisfactory return on investment by managing our people, projects and capital in an entrepreneurial and responsible manner. GOALS People To attract and retain a professional, knowledgeable and ethical team of experts whilst empowering staff at all levels. To continuously build an understanding of our strategic partners’ needs and wants and thereafter conduct business in a fair, transparent and ethical manner. Projects 1. To access prospective natural resource exploration opportunities both within Australia and overseas. 2. To implement an effective acquisition program that secures access to prospects with the potential to host significant natural resource deposits. 3. To add value by identifying, accessing and exploring prospects that have potential to host significant deposits and then seek partners to diversify project risk. 4. To retain a financial interest in prospects but not necessarily an operational responsibility. 5. To conduct our affairs in a responsible manner taking into account various stakeholder rights and beliefs. Capital 1. To create shareholder wealth as measured by the potential of our prospects, the strength of our balance sheet and share price. 2. To maintain sufficient funding and working capital to implement exploration programs through the peaks and troughs in exploration sentiment and commodity prices fluctuations. Ultimately, Hannans is aiming to identify a world-class gold, copper, nickel or iron deposit. It is Management’s opinion that Hannans’ projectsFor personal use only have the potential to host such deposits. 2 Hannans reward annual report 2012 project interests Hannans is aiming to advance its high quality minerals projects in Sweden, Norway, and Australia by having a mix of projects funded by these interests. sole funded inteRests joint ventuRe inteRests fRee caRRied inteRests Royalty inteRests Hannans equity inteRests funding sources Hannans needs to continually fund the development of its projects pipeline and therefore must access funding when it becomes available through the mechanisms highlighted below. Royalties equity Raisings PRoject sales joint ventuRe Hannans For personal use only Hannans reward annual report 2012 3 DIRECTORS’ REPORT Dear Shareholders Our vision at Hannans is to build BUILDING THE TEAM Christina is responsible for Hannans’ a successful exploration and precious and base metals projects, Hannans welcomed two new directors production company. Magnus is responsible for Hannans’ during the year, Mr Olof Forslund and iron projects and Amanda is Hannans’ Mr Markus Bachmann. With that vision firmly in mind Exploration Manager. Hannans made the decision to secure Olof lives in Malå, Sweden and was the Kiruna Iron Project, through the Christina is an experienced geologist, a founding director of SCR. He is a successful takeover of Scandinavian a highly regarded member of northern geophysicist with broad international Resources Limited (SCR) in May 2012. Sweden’s mining community and was experience and was previously Regional The Kiruna Iron Project, located in the previously Head of Division Mineral Manager of the Geological Survey of low sovereign risk jurisdiction of Sweden, Information for the SGU continuing on Sweden’s (SGU) Mineral Resources in one of Europe’s oldest iron districts, from Olof after his retirement in 2007. Information Office in Malå, Sweden. has the potential to develop into a The office is considered the ‘one-stop long-life production asset. This Magnus is an experienced mining engineer, shop’ for all minerals exploration development asset is complemented was previously managing director of activities in Sweden and is home to by Hannans’ first-class pipeline of Europe’s largest zinc mine and managed all of Sweden’s well organised historical greenfields precious and base metals the opening of underground operations data and core archives. projects in Sweden, Norway and Australia. of a copper mine in Western Australia. Hannans must continue to source capital Markus lives in Johannesburg, South Amanda is an experienced geologist to develop its pipeline of projects. Africa, is an experienced fund manager and was previously Exploration Manager and established the Craton Capital Fund. Hannans has the technical and corporate of Hannans and accordingly knows all Markus has been a 10% shareholder team to achieve this vision throughout of Hannans’ projects very well. of Hannans since 2005. Craton Capital the current volatile equity markets and provides Hannans with exposure to Jörgen is also an experienced geologist fluctuations in commodity prices. detailed understanding of the global and has been closely involved with the equities markets and investment discovery of high grade mines in Sweden community. and has been working on the Scandinavian projects since 2010. Hannans welcomes the SCR management team which When combined with the Australian includes Mrs Christina Lundmark, based team, Hannans has access to many Mr Magnus Arnqvist, Ms Amanda Scott years of experience and knowledge and Mr Jörgen Lindsköld. that increases the chance of identifying economic deposits which will enable these deposits to become production assets. This year Hannans also welcomed Mr Ben Della-Vedova as Business Development Manager. Ben is a Chartered Accountant with seven years’ experience. Prior to joining Hannans, Ben worked for PwC Australia in their Transaction Services and Valuation team and Deloitte in their Assurance and Advisory team. From Top: For personal use only Olof Forslund Markus Bachmann Christina Lundmark Magnus Arnqvist Amanda Scott Jörgen Lindsköld Ben Della-Vedova 4 Hannans reward annual report 2012 PROJECT LOCATIONS Hannans holds a global portfolio of mineral assets in Sweden, Norway and Australia. Hannans’ iron projects located in Sweden. For personal use only Hannans reward annual report 2012 5 DIRECTORS’diRECTORs’ REPORTRePoRt Hannans’ copper and gold projects located in Sweden. For personal use only Hannans’ copper and gold projects located in Norway. 6 HannansHannans reward reward annual annual report report 2012 2012 For personal use only Hannans’ gold and base metals