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Toro Energy Ltd Annualreport2006

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Toro Energy Ltd Annualreport2006 TORO ENERGY LTD ANNUALREPORT2006 This annual report covers both Toro Energy Ltd (ABN 48 117 127 590) as an individual entity and the consolidated entity comprising Toro Energy Ltd and its subsidiaries. The Group’s functional and presentation currency is AUD ($). A description of the Group’s operations and of its principal activities is included in the review of operations and activities in the directors’ report on pages 20 to 25. The Directors’ Report is not part of the financial report. CORPORATE DIRECTORY Directors Dr Ian Gould (Chairman) Greg Hall Owen Hegarty Derek Carter Company Secretary Donald Stephens Registered Office C/- HLB Mann Judd (SA) Pty Ltd 82 Fullarton Road NORWOOD SA 5067 Principal place of business 3 Boskenna Avenue NORWOOD SA 5067 Share Registry Computershare Investor Services Pty Ltd Level 5, 115 Grenfell Street ADELAIDE SA 5000 Legal Advisor O’Loughlins Lawyers Level 2, 99 Frome Street ADELAIDE SA 5000 Banker National Australia Bank 22 – 28 King William Street ADELAIDE SA 5000 Auditor Grant Thornton Chartered Accountants 67 Greenhill Road WAYVILLE SA 5034 www.toroenergy.com.au ASX Code: TOE TORO ENERGY LIMITED CONTENTS TO ANNUAL REPORT Corporate Information inside front cover Chairman’s Report 2 Review of Operations 4 Directors’ Report 20 Auditor’s Independence Declaration 26 Corporate Governance Statement 28 Income Statement 32 Balance Sheet 33 Statement of Changes in Equity 34 Cash Flow Statement 35 Notes to the Financial Statements 36 . Corporate Information 36 2. Statement of Significant Accounting Policies 36 3. Segment Information 4 4. Revenue and Expenses 4 5. Income Tax 42 6. Earnings Per Share 43 7. Cash and Cash Equivalents 44 8. Trade and Other Receivables 45 9. Other Current Assets 45 0. Property, Plant and Equipment 45 11. Other Receivables (Non Current) 45 2. Other Financial Assets (Non-current) 45 3. Exploration And Evaluation Assets 46 4. Share-based Payments 47 5. Trade and Other Payables (Current) 48 6. Provisions 48 7. Issued Capital 48 8. Reserves 49 9. Retained Earnings 49 20. Business Combination 50 2. Commitments for Expenditure 5 22. Contingent Assets and Liabilities 5 23. Auditor’s Remuneration 5 24. Subsidiaries 52 25. Financial Risk Management Objectives and Policies and Financial Instruments 53 26. Related Party Disclosure and Key Management Personnel Remuneration 54 Directors' Declaration 57 Independent Audit Report to the Members of Toro Energy Ltd 58 ASX Additional Information 60 TORO ENERGY LTD 1: LETTER FROM THE CHAIRMAN It is our pleasure to present to you Toro Energy Ltd’s first annual report. Toro Energy Ltd (the Company) was formed from the The Company has committed to a significant airborne uranium exploration assets of Minotaur Exploration Ltd EM survey, which will encompass both detailed and (Minotaur) and Oxiana Ltd (Oxiana) and after a successful regional work over 3 tenements in the Kingoonya IPO was listed on the ASX on 24th March 2006. area. This work will assist both the detailed exploration at Warrior and Ealbara, as well as more rapid regional Toro Energy raised $8 million, which is being used to review of the tenements. explore its strong tenement position within SA, as well as allowing pursuit of suitable acquisitions and alliances for Toro Energy is continuing to evaluate potential the growth of the Company. The expected consolidation acquisition and alliance opportunities, using the skills of smaller uranium companies has commenced, and base of its team and experienced business advisors. Toro Energy intends to be an active participant in this. However, current market valuations have been very Evaluation of potential opportunities began soon after high, and the Company is focused on ensuring that the Company listed. growth opportunities will actually add value in the form of uranium resources or advanced exploration, As an awareness of greenhouse issues in the public which can realistically domain combines with higher energy costs and energy lead to development demand, the nuclear power industry is seeing a opportunities. resurgence of interest globally in building new plants, as well as maintaining, upgrading and increasing the The two-pronged policy efficiency of existing plants. This has resulted in adopted by the Board is continued strong uranium demand and an increasing therefore directed to both price. opportunistic acquisitions and to persistent and high The spot price of uranium as reported by Uranium quality exploration. Exchange Consulting Company (UxC) has increased steadily since late 2003. During the 2005 / 2006 year the The Toro Energy Board brings together significant experience in the exploration, development, mining and price increased from US$28 per pound U3O8 on 30th June 2005 to US $45 per pound on 30th June 2006, a uranium businesses, and the Company is also leveraging 60% increase. off the strengths of its main shareholders – particularly Minotaur in regard to its technical and local exploration Toro Energy was formed with the aim of becoming expertise, and Oxiana in regard to corporate and a major participant in the Australian uranium mining business growth. sector. With access rights for uranium to over 26,000 square kilometres of prospective tenement positions in I would like to thank the new staff, contractors South Australia, the Company was able to commence its and consultants of Toro Energy for the significant first serious exploration drilling work within two weeks contribution they have made to the start up and initial of listing. activities of the Company. Drilling in the Streaky Bay region confirmed historic Toro Energy recognises the significant work and uranium values in the Yaninee palaeochannel, as well support by Minotaur Exploration Ltd and Oxiana Ltd in as defining a new channel also containing anomalous undertaking the IPO, planning and groundwork for initial uranium. This successful exploration work supports exploration programs and corporate and business advice. the prospectivity of the Company’s ground, containing almost 800 kilometres of interpreted palaeochannels. I believe that in our first months we have made a strong start in our investigations, but more importantly, Toro At the end of the year, planning work was underway for Energy will move into the new financial year well an infill drilling program at the Warrior Project, an area equipped and positioned to succeed. with significant intercepts of uranium from exploration in the late 970’s and early 980’s. Subsequent to the year Yours sincerely, end, Toro Energy signed a farm-in agreement with Stellar Resources, which will enable access to the complete Dr Ian Gould Warrior Uranium Project palaeochannel complex. Chairman 2 TORO ENERGY LTD Dignitaries and members of the Toro Energy Board at the office launch (L/R) • Greg Hall, Managing Director, Toro Energy Limited • Hon Paul Holloway MLC, SA Minister for Mineral Resources Development, Police and Urban Development & Planning • Derek Carter, Director, Toro Energy Limited • Liz Penfold MP, SA Shadow Minister for Regional Development, Small Business and Consumer Affairs • Dr Ian Gould, Chairman, Toro Energy Limited Photograph above, provided courtesy of photographer, Greg Higgs, and the Advertiser Newspapers Limited TORO ENERGY LTD 3 REVIEW OF OPERATIONS REVIEW OF OPERATIONS 2. STRATEGY AND OBJECTIVES The Company’s primary objective is to build a uranium exploration and mining company which, through a combination of direct and indirect investments (with a focus on operational roles), will aim to reward its shareholders with both ‘yield’ and ‘growth’ returns. It will aim to achieve this by: • Exploration - of its extensive tenement holdings (>26,000 km2); • Acquisition and Development – Actively pursue uranium opportunities in Australia and overseas; • Experienced team – Assemble a quality team of professionals from the uranium, exploration and mining industry; • Skills base – Access and utilise the technical and corporate skills of its major shareholders. Since the listing in March this year, and up until 30th June, the Company completed an initial drilling program on its Streaky Bay tenements (which identified a new palaeochannel containing anomalous uranium), planned a second program in two tenement areas, finalised a major airborne EM survey over 3 tenements, has engaged five experienced contract and consulting geologists for both exploration and project evaluation, established an office and administration support in Adelaide, and has undertaken evaluation of a number of potential acquisitions. After the end of the financial year, the Company signed a farm-in agreement with Stellar Resources which will enable access to the complete Warrior Uranium Project. Toro Energy has also recruited an experienced Business Development Manager, Mr Simon Mitchell for growth opportunity evaluation, and appointed two permanent senior geologists. 3. EXPLORATION Toro Energy holds the uranium rights to 26,069 km2 of tenements in South Australia’s Gawler and Curnamona Cratons. Oxiana contributed the rights to uranium from its four Mt Woods tenements (excluding the Prominent Figure 1: Toro Energy Uranium Exploration Tenement Access Rights 4 TORO ENERGY LTD REVIEW OF OPERATIONS REVIEW OF OPERATIONS Hill mining lease), while Minotaur contributed the rights to uranium from its various tenement and joint venture interests. These holdings are highlighted in Figure . Under the Tenements Access Agreements, Toro Energy, via its wholly owned subsidiaries Oxiana Energy Pty Ltd (“Oxiana Energy”) and Minotaur Uranium Pty Ltd (“Minotaur
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