Document and Entity Information
Document and Entity Information | 12 Months Ended |
Jun. 30, 2018shares | |
Document and Entity Information [Abstract] | |
Entity Registrant Name | Paringa Resources Ltd |
Entity Central Index Key | 1,725,750 |
Current Fiscal Year End Date | --06-30 |
Entity Well-known Seasoned Issuer | No |
Entity Current Reporting Status | Yes |
Entity Shell Company | false |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | true |
Entity Common Stock, Shares Outstanding | 454,386,181 |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Jun. 30, 2018 |
Document Fiscal Year Focus | 2,018 |
Document Fiscal Period Focus | FY |
CONSOLIDATED STATEMENTS OF PROF
CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Continuing operations | |||
Interest income | $ 341 | $ 111 | $ 50 |
Exploration and evaluation expenses | 0 | (1,526) | (1,327) |
Corporate and administrative expenses | (1,207) | (594) | (302) |
Business development expenses | (269) | (331) | (96) |
Foreign stock exchange listing expenses | (767) | 0 | 0 |
Employment expenses | (2,958) | (2,337) | (2,245) |
Share based payment expenses | (2,298) | (674) | (507) |
Depreciation and impairment expenses | (13) | (541) | (30) |
Other income and expenses | 56 | (63) | (24) |
Loss before income tax | (7,115) | (5,955) | (4,481) |
Income tax expense | 0 | 0 | 0 |
Net loss for the year | (7,115) | (5,955) | (4,481) |
Net loss attributable to members of Paringa Resources Limited | (7,115) | (5,955) | (4,481) |
Items that may be reclassified subsequently to profit or loss: | |||
Exchange differences on translation of foreign operations | 0 | 187 | (59) |
Total other comprehensive income/(loss) for the year, net of tax | 0 | 187 | (59) |
Total comprehensive loss for the year, net of tax | (7,115) | (5,768) | (4,540) |
Total comprehensive loss attributable to members of Paringa Resources Limited | $ (7,115) | $ (5,768) | $ (4,540) |
Basic and diluted loss per share from continuing operations (in dollars per share) | $ (0.02) | $ (0.03) | $ (0.03) |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 | ||
Current Assets | ||||
Cash and cash equivalents | $ 22,623 | $ 34,802 | ||
Trade and other receivables | 78 | 265 | ||
Total Current Assets | 22,701 | 35,067 | ||
Non-Current Assets | ||||
Property, plant and equipment | 59,065 | 26,068 | ||
Exploration and evaluation assets | 0 | 0 | [1] | |
Other assets | 6,551 | 4,044 | ||
Total Non-Current Assets | 65,616 | 30,112 | ||
TOTAL ASSETS | 88,317 | 65,179 | ||
Current Liabilities | ||||
Trade and other payables | 9,892 | 837 | ||
Provisions | 22 | 17 | ||
Other liabilities | 0 | 3,750 | ||
Total Current Liabilities | 9,914 | 4,604 | ||
Non-Current Liabilities | ||||
Provisions | [2] | 1,313 | 0 | |
Total Non-Current Liabilities | 1,313 | 0 | ||
TOTAL LIABILITIES | 11,227 | 4,604 | ||
NET ASSETS | 77,090 | 60,575 | ||
EQUITY | ||||
Contributed equity | [3] | 102,278 | 81,194 | |
Reserves | 3,003 | 457 | ||
Accumulated losses | (28,191) | (21,076) | ||
TOTAL EQUITY | $ 77,090 | $ 60,575 | ||
[1] | The ultimate recoupment of costs carried forward for exploration and evaluation is dependent on the successful development and commercial exploitation or sale of the respective areas of interest. | |||
[2] | The Group commenced construction of the Poplar Grove Mine during fiscal 2018, which has resulted in the creation of a rehabilitation obligation. The Group will assess its mine rehabilitation provision as development activities progress, and subsequently on at least an annual basis, or where evidence exists that the provision should be reviewed. Significant judgement is required in determining the provision for mine rehabilitation and closure as there are many factors that will affect the ultimate liability payable to rehabilitate the mine site, including future disturbances caused by further development, changes in technology, changes in regulations, price increases, changes in timing of cash flows which are based on life of mine plans and changes in discount rates. When these factors change or become known in the future, such differences will impact the mine rehabilitation provision in the period in which the change becomes known. Accretion of the provision will commence when development has been completed. | |||
[3] | Ordinary shares have no par value and the company does not have a limited amount of authorised capital. |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands | Total | Contributed Equity [Member] | Share-Based Payments Reserve [Member] | Foreign Currency Translation Reserve [Member] | Accumulated Losses [Member] |
Balance at Jun. 30, 2015 | $ 16,906 | $ 29,139 | $ 888 | $ (2,481) | $ (10,640) |
Changes in equity [Abstract] | |||||
Net loss for the year | (4,481) | 0 | 0 | 0 | (4,481) |
Exchange differences on translation of foreign operations | (59) | 0 | 0 | (59) | 0 |
Total comprehensive loss for the year, net of tax | (4,540) | 0 | 0 | (59) | (4,481) |
Share placements | 3,711 | 3,711 | 0 | 0 | 0 |
Share issue costs | (261) | (261) | 0 | 0 | 0 |
Conversion of employee rights | 0 | 244 | (244) | 0 | 0 |
Share based payments expense | 507 | 0 | 507 | 0 | 0 |
Balance at Jun. 30, 2016 | 16,323 | 32,833 | 1,151 | (2,540) | (15,121) |
Changes in equity [Abstract] | |||||
Net loss for the year | (5,955) | 0 | 0 | 0 | (5,955) |
Exchange differences on translation of foreign operations | 187 | 0 | 0 | 187 | 0 |
Total comprehensive loss for the year, net of tax | (5,768) | 0 | 0 | 187 | (5,955) |
Share placements | 50,664 | 50,664 | 0 | 0 | 0 |
Share issue costs | (2,941) | (2,941) | 0 | 0 | 0 |
Exercise of employee options and placement options | 369 | 638 | (269) | 0 | 0 |
Grant of lender options | 1,254 | 0 | 1,254 | 0 | 0 |
Share based payments expense | 674 | 0 | 674 | 0 | 0 |
Balance at Jun. 30, 2017 | 60,575 | 81,194 | 2,810 | (2,353) | (21,076) |
Changes in equity [Abstract] | |||||
Net loss for the year | (7,115) | 0 | 0 | 0 | (7,115) |
Exchange differences on translation of foreign operations | 0 | 0 | 0 | 0 | 0 |
Total comprehensive loss for the year, net of tax | (7,115) | 0 | 0 | 0 | (7,115) |
Share placements | 22,678 | 22,678 | 0 | 0 | 0 |
Share issue costs | (1,466) | (1,714) | 248 | 0 | 0 |
Exercise of employee options and placement options | 120 | 120 | 0 | 0 | 0 |
Share based payments expense | 2,298 | 0 | 2,298 | 0 | 0 |
Balance at Jun. 30, 2018 | $ 77,090 | $ 102,278 | $ 5,356 | $ (2,353) | $ (28,191) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Cash flows from operating activities | |||
Payments to suppliers and employees | $ (4,478) | $ (5,072) | $ (3,895) |
Interest received | 346 | 82 | 53 |
Royalties received | 0 | 0 | 4 |
Net cash outflow from operating activities | (4,132) | (4,990) | (3,838) |
Cash flows from investing activities | |||
Payments for property, plant and equipment | (23,384) | (4,478) | (52) |
Payments for advanced royalties | (389) | 0 | 0 |
Payments for security deposits and bonds | (656) | 0 | 0 |
Payments for deferred consideration | (3,750) | (3,750) | (500) |
Payments for exploration and evaluation assets | 0 | (347) | (324) |
Proceeds from sales of plant and equipment | 0 | 0 | 18 |
Net cash outflow from investing activities | (28,179) | (8,575) | (858) |
Cash flows from financing activities | |||
Proceeds from issue of shares | 22,798 | 51,033 | 3,711 |
Payments for share issue costs | (1,408) | (2,905) | (261) |
Payments for borrowing costs | (1,314) | 0 | 0 |
Net cash inflow from financing activities | 20,076 | 48,128 | 3,450 |
Net increase/(decrease) in cash and cash equivalents | (12,235) | 34,563 | (1,246) |
Net foreign exchange differences | 56 | (64) | (62) |
Cash and cash equivalents at beginning of the year | 34,802 | 303 | 1,611 |
Cash and cash equivalents at the end of the year | $ 22,623 | $ 34,802 | $ 303 |
STATEMENT OF SIGNIFICANT ACCOUN
STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Jun. 30, 2018 | |
STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES | 1. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES The significant accounting policies adopted in preparing the financial report of Paringa Resources Limited (“Paringa” or “Company”) and its consolidated entities (“Consolidated Entity” or “Group”) for the years ended June 30, 2018, 2017 and 2016 are stated to assist in a general understanding of the financial report. Paringa is a company limited by shares incorporated and domiciled in Australia whose shares are publicly traded on the Australian Securities Exchange (“ASX”) in Australia under the symbol ‘PNL’ and whose American depositary shares (“ADSs”) are publicly traded on the Nasdaq Capital Market (“Nasdaq”) in the U.S. under the symbol ‘PNRL’. The consolidated financial statements of the Group for the years ended June 30, 2018, 2017 and 2016 were authorised for issue in accordance with a resolution of the Directors on October 30, 2018. (a) Basis of Preparation The financial statements are general purpose financial statements, which have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The Group is a for-profit entity for the purposes of preparing the consolidated financial statements. The financial statements have been prepared on a historical cost basis. The financial statements are presented in United States dollars (US$). The consolidated financial statements have been prepared on a going concern basis, which assumes the continuity of normal business activity and the realisation of assets and the settlement of liabilities in the ordinary course of business. (b) New standards, interpretations and amendments adopted by the Group In the current year, the Group has adopted all of the new and revised Standards and Interpretations issued by the IASB that are relevant to its operations and effective for the current annual reporting period. 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. The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective. (c) New standards, interpretations and amendments not yet applied by the Group International Financial Reporting Standards and Interpretations that have recently been issued or amended but are not yet effective have not been adopted by the Group for the annual reporting period ended June 30, 2018. Those which may be relevant to the Group are set out in the table below. Standard or Interpretation Application Date of Standard Application Date for Group IFRS 9 Financial Instruments January 1, 2018 July 1, 2018 IFRS 15 Revenue from Contracts with Customers January 1, 2018 July 1, 2018 Amendments to IFRS 2 Share-based Payments – January 1, 2018 July 1, 2018 IFRIC 22 Foreign Currency Transactions and Advance Consideration January 1, 2018 July 1, 2018 IFRS 16 Leases January 1, 2019 July 1, 2019 The impact of the adoption of IFRS 9 Financial Instruments Revenue from Contracts with Customers Leases IFRS 9 Financial Instruments IFRS 9 Financial Instruments IFRS 9 Financial Instruments The Group has reviewed its financial assets and liabilities, as set out below, and is not expecting any significant impact from the adoption of the new standard on July 1, 2018. Balances of financial assets and liabilities as at June 30, 2018 are as set out below: 2018 US $000 Financial Assets Cash and cash equivalents 22,623 Trade and other receivables 78 Other non-current financial assets 1,102 23,803 Financial Liabilities Trade and other payables 9,892 9,892 The Group’s primary financial asset is cash and, as there is no change in the accounting for this financial asset under IFRS 9, no significant impact of the new standard is anticipated. The measurement category for the Group’s key financial assets will change from “loans and receivables” under IAS 39 to “financial assets at amortised cost” under IFRS 9 but other than the impairment recognition criteria discussed below, there is no significant change to the recognition criteria. There will be no impact on the Group’s accounting for financial liabilities, as the new requirements only affect the accounting for financial liabilities that are designated at fair value through profit or loss and the Group does not have any such liabilities. The derecognition rules have been transferred from IAS 39 Financial Instruments: Recognition and Measurement The Group does not currently engage in any hedging activities and accordingly any changes to hedge accounting rules under IFRS 9 do not impact on the Group. The new impairment model requires the recognition of impairment provisions based on expected credit losses (ECL) rather than only incurred credit losses as is the case under IAS 139. The Company has no significant receivables and does not expect the change in recognition of impairment to have any impact. The new standard also introduces expanded disclosure requirements and changes in presentation. These may change the nature and extent of the Group’s disclosures about its financial instruments going forward as the Group’s operations change however no significant impact is expected in the year of the adoption of the new standard. IFRS 15 Revenue from Contracts with Customers The IASB has issued a new standard for the recognition of revenue. This will replace IAS 18 which covers revenue arising from the sale of goods and the rendering of services and IAS 11 which covers construction contracts. The new standard is based on the principle that revenue is recognised when control of a good or service transfers to a customer. The standard permits either a full retrospective or a modified retrospective approach for the adoption. IFRS 15 Revenue from Contracts with Customers Management has assessed the effects of applying the new standard on the Group’s financial statements as follows: As at June 30, 2018, the Group’s only income was interest income. IFRS 15 will not have any impact on the recognition of interest income and accordingly does not have any significant impact on reported results and balances. Once the Group commences production and starts receiving coal sales revenues, the Group will recognise revenue in accordance with the requirements of the new standard. IFRS 16 Leases IFRS 16 was issued in February 2016. It will result in almost all leases being recognised on the balance sheet, as the distinction between operating and finance leases is removed. Under the new standard, an asset (the right to use the leased item) and a financial liability to pay rentals are recognised. The exceptions are short-term and low-value leases. The Group is in the process of assessing the impact of adopting the new standard and how this may affect the Group’s profit or loss and classification of cash flows going forward. The adoption of this standard is mandatory for financial years commencing on or after January 1, 2019. At this stage, the Group does not intend to adopt the standard before its effective date. (d) Principles of Consolidation The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of the Company and the results of all subsidiaries. Control is achieved when the Company has power over the investee, is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to use its power to affect its returns. The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above. When the Company has less than a majority of the voting rights of an investee, it has power over the investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. The Company considers all relevant facts and circumstances in assessing whether or not the Company's voting rights in an investee are sufficient to give it power. Subsidiaries are all those entities (including special purpose entities) over which the Company has the power to govern the financial and operating policies, is exposed or has rights to variable returns from its involvement and has the ability to use its power to affect the returns of those entities. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the Company controls another entity. The financial statements of the subsidiaries are prepared for the same reporting period as the Company, using consistent accounting policies. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Company. Subsidiaries are fully consolidated from the date on which control is transferred to the Company. They are de-consolidated from the date that control ceases. Intercompany transactions and balances, income and expenses and profits and losses between Group companies, are eliminated. A change in the ownership interest of a subsidiary that does not result in a loss of control, is accounted for as an equity transaction. All investments in subsidiaries made by the parent are held at cost. (e) Cash and Cash Equivalents Cash and cash equivalents include cash on hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less, and bank overdrafts. (f) Trade and Other Receivables Trade receivables are recognised and carried at original invoice amount less a provision for any uncollectable debts. An estimate for doubtful debts is made when collection of the full amount is no longer probable. Bad debts are written‑off as incurred. (g) Investments and Other Financial Assets Financial assets in the scope of IAS 39 Financial Instruments: Recognition and Measurement Loans and receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They arise when the Group provides money, goods or services directly to a debtor with no intention of selling the receivable. They are included in current assets, except for those with maturities greater than twelve months after the reporting date which are classified as non-current assets. Loans and receivables are included in receivables in the statement of financial position. (h) Leases Leases of property, plant and equipment where the Group, as lessee, has substantially all the risks and rewards of ownership are classified as finance leases. Finance leases are capitalised at the lease’s inception at the fair value of the leased property or, if lower, the present value of the minimum lease payments. The corresponding rental obligations, net of finance charges, are included in other short-term and long-term payables. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The property, plant and equipment acquired under finance leases is depreciated over the shorter of the asset’s useful life and the lease term. Leases where a significant portion of the risks and rewards of ownership are not transferred to the Group as lessee are classified as operating leases (Note 23). Payments made under operating leases (net of any incentives received from the lessor) are charged to profit or loss on a straight-line basis over the period of the lease. (i) Property, Plant and Equipment (i) Cost and valuation All classes of property, plant and equipment are measured at historical cost. Plant and equipment is stated at historical cost less accumulated depreciation and any accumulated impairment losses. Such cost includes the cost of replacing parts that are eligible for capitalisation when the cost of replacing the parts is incurred. Similarly, when each major inspection is performed, its cost is recognised in the carrying amount of the plant and equipment as a replacement only if it is eligible for capitalisation. All other repairs and maintenance are recognised in the Statement of Profit or Loss and other Comprehensive Income as incurred. (ii) Depreciation and Amortisation Depreciation is provided on a straight-line basis on all property, plant and equipment. 2018 2017 2016 Major depreciation and amortisation periods are: Land and buildings 25 years 25 years 25 years Plant and equipment 2 – 10 years 2 – 10 years 2 – 10 years Mine development properties Unit of production (a) Unit of production (a) Unit of production (a) (a) Mine development properties are amortised over the life of the reserves associated with the area of interest once mining operations have commenced, i.e. once commercial production has commenced. The Buck Creek Complex was not in commercial production during the year ended June 30, 2018, 2017 or 2016, and consequently no unit of production amortisation arose in these reporting periods The assets' residual values, useful lives and amortisation methods are reviewed, and adjusted if appropriate, at each financial year end. (iii) Derecognition An item of property, plant and equipment is derecognised upon disposal or when no further future economic benefits are expected from its use or disposal. (j) Exploration and Evaluation Expenditure Expenditure on exploration and evaluation is accounted for in accordance with the 'area of interest' method and with IFRS 6 Exploration for and Evaluation of Mineral Resources Exploration and evaluation expenditure encompasses expenditures incurred by the Group in connection with the exploration for and evaluation of mineral resources before the technical feasibility and commercial viability of extracting a mineral resource are demonstrable. For each area of interest, expenditure incurred in the acquisition of rights to explore is capitalised, classified as tangible or intangible, and recognised as an exploration and evaluation asset. This includes certain payments made to landowners under the Group’s coal leases which are considered part of the acquisition costs. Exploration and evaluation assets are measured at cost at recognition and are recorded as an asset if: (i) the rights to tenure of the area of interest are current; and (ii) at least one of the following conditions is also met: · the exploration and evaluation expenditures are expected to be recouped through successful development and exploitation of the area of interest, or alternatively, by its sale; and · exploration and evaluation activities in the area of interest have not at the reporting date reached a stage which permits a reasonable assessment of the existence or otherwise of economically recoverable reserves, and active and significant operations in, or in relation to, the area of interest are continuing. All other exploration and evaluation expenditures are expensed as incurred. Once the technical feasibility and commercial viability of a program or project has been demonstrated with a bankable feasibility study, the carrying amount of the exploration and evaluation expenditure in respect of the area of interest is reclassified as a “mine development property” and future expenditures incurred in the development of that area of interest are accounted for in accordance with the Group’s policy for Property, Plant & Equipment, as described above. Impairment Capitalised exploration costs are reviewed each reporting date to establish whether an indication of impairment exists. If any such indication exists, the recoverable amount of the capitalised exploration costs is estimated to determine the extent of the impairment loss (if any). Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but only to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in previous years. Where a decision is made to proceed with development, accumulated expenditure is tested for impairment and transferred to development properties, and then amortised over the life of the reserves associated with the area of interest once mining operations have commenced. Recoverability of the carrying amount of the exploration and evaluation assets is dependent on successful development and commercial exploitation, or alternatively, sale of the respective areas of interest. (k) Payables Liabilities are recognised for amounts to be paid in the future for goods and services received. Trade accounts payable are normally settled within 60 days. (l) Provisions Provisions are recognised when the group has a legal or constructive obligation, as a result of past events, for which it is probable that an outflow of economic benefits will result and that outflow can be reliably measured. (m) Interest Income Interest revenue is recognised on a time proportionate basis that takes into account the effective yield on the financial assets. (n) Income Tax The income tax expense for the period is the tax payable on the current period's taxable income based on the national income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities attributable to temporary differences between the tax bases of assets and liabilities and their carrying amounts in the financial statements, and to unused tax losses. Deferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to apply when the assets are recovered or liabilities are settled, based on those tax rates which are enacted or substantively enacted for each jurisdiction. The relevant tax rates are applied to the cumulative amounts of deductible and taxable temporary differences to measure the deferred tax asset or liability. An exception is made for certain temporary differences arising from the initial recognition of an asset or a liability. No deferred tax asset or liability is recognised in relation to these temporary differences if they arose on goodwill or in a transaction, other than a business combination, that at the time of the transaction did not affect either accounting profit or taxable profit or loss. Deferred tax liabilities and assets are not recognised for temporary differences between the carrying amount and tax bases of investments in controlled entities where the Company is able to control the timing of the reversal of the temporary differences and it is probable that the differences will not reverse in the foreseeable future. Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses. The carrying amount of deferred income tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilised. Unrecognised deferred income tax assets are reassessed at each balance date and are recognised to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered. Current and deferred tax balances attributable to amounts recognised directly in equity are also recognised directly in equity. Deferred tax assets and deferred tax liabilities are offset only if a legally enforceable right exists to set off current tax assets against tax liabilities and the deferred tax liabilities relate to the same taxable entity and the same taxation authority. Paringa Resources Limited and its wholly-owned Australian subsidiaries have not yet formed an income tax consolidated group under the tax consolidation regime. (o) Employee Entitlements (i) Short-term and Long-term employee benefits A liability is recognised for benefits accruing to employees in respect of wages and salaries, annual leave, long service leave, and sick leave when it is probable that settlement will be required and they are capable of being measured reliably. Liabilities recognised in respect of short-term employee benefits, are measured at their nominal values using the remuneration rate expected to apply at the time of settlement. Liabilities recognised in respect of long term employee benefits are measured as the present value of the estimated future cash outflows to be made by the Group in respect of services provided by employees up to reporting date. (ii) Defined contribution plans Eligible U.S. employees participate in the Group’s defined contribution 401(k) savings plan, under which eligible employees may elect to make voluntary contributions to the plan up to a specified amount of their compensation. The Group makes matching contributions based on a percent of an employee's eligible compensation. Eligible Australian employees receive statutory employer contributions to employee superannuation funds. These contributions are charged as expenses when incurred. These contributions are not defined benefits programs. Consequently, there is no exposure to market movements on employee superannuation liabilities or entitlements. (p) Earnings per Share Basic earnings per share (“EPS”) is calculated by dividing the net profit or loss attributable to members of the Company for the reporting period, after excluding any costs of servicing equity, by the weighted average number of Ordinary Shares of the Company, adjusted for any bonus issue. Diluted EPS is calculated by dividing the basic EPS earnings, adjusted by the after-tax effect of financing costs associated with dilutive potential Ordinary Shares and the effect on revenues and expenses of conversion to Ordinary Shares associated with dilutive potential Ordinary Shares, by the weighted average number of Ordinary Shares and dilutive Ordinary Shares adjusted for any bonus issue. (q) Goods and Services Tax Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred is not recoverable from the Australian Tax Office. In these circumstances, the GST is recognised as part of the cost of acquisition of the asset or as part of the expense. Receivables and payables in the statement of financial position are shown inclusive of GST. Cash flows are presented in the cash flow statement on a gross basis, except for the GST component of investing and financing activities, which are disclosed as operating cash flows. (r) Segment Reporting An operating segment is a component of an entity that engages in business activities from which it may earn revenues and incur expenses (including revenues and expenses relating to transactions with other components of the same entity), whose operating results are regularly reviewed by the entity's chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance and for which discrete financial information is available. This includes start-up operations which are yet to earn revenues. Management will also consider other factors in determining operating segments such as the existence of a line manager and the level of segment information presented to the Board of Directors. Operating segments have been identified based on the information provided to the chief operating decision makers – being the executive management team. Operating segments that meet the quantitative criteria as prescribed by IFRS 8 are reported separately. However, an operating segment that does not meet the quantitative criteria is still reported separately where information about the segment would be useful to users of the financial statements. Information about other business activities and operating segments that are below the quantitative criteria are combined and disclosed in a separate category for “all other segments”. The accounting policies of the operating segments are the same as those described elsewhere in Note 1. Further information on segmental reporting is included in Note 20. (s) Impairment of Assets The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any such indication exists, or when annual impairment testing for an asset is required, the Group makes an estimate of the asset's recoverable amount. An asset's recoverable amount is the higher of its fair value less costs to sell and its value in use and is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets and the asset's value in use cannot be estimated to be close to its fair value. In such cases the asset is tested for impairment as part of the cash-generating unit to which it belongs. When the carrying amount of an asset or cash-generating unit exceeds its recoverable amount, the asset or cash-generating unit is considered impaired and is written down to its recoverable amount. In assessing the value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. An assessment is also made at each reporting date as to whether there is any indication that previously recognised impairment losses may no longer exist or may have decreased. If such indication exists, the recoverable amount is estimated. A previously recognised impairment loss is reversed only if there has been a change in the estimates used to determine the asset's recoverable amount since the last impairment loss was recognised. If that is the case the carrying amount of the asset is increased to its recoverable amount. That increased amount cannot exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years. Such reversal is recognised in profit or loss unless the asset is carried at a revalued amount, in which case the reversal is treated as a revaluation increase. After such a reversal, the depreciation charge is adjusted in future periods to allocate the asset's revised carrying amount, less any residual value, on a systematic basis over its remaining useful life. (t) Fair Value Estimation Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Group takes into account the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at measurement date. Fair value for measurement and/or disclosure purposes in these consolidated financial statements is determined on such a basis, except for share-based payment transactions that are within the scope of IFRS 2, leasing transactions that are within the scope of IAS 17, and measurements that have some similarities to fair value but are not fair value, such as value in use in IAS 36. In addition, for financial reporting purposes, fair value measurements are categorised into Level 1, 2 or 3 based on the degree to which inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety, which are described as follows: · Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at measurement date; · Level 2 inputs are inputs, other than quoted prices included within Level 1, that are observable for that asset or liability, either directly or indirectly; and · Level 3 inputs are unobservable inputs for the asset or liability. As disclosed above, the fair value of financial instruments traded in active markets, Level 1 in the hierarchy noted above, such as available-for-sale securities, is based on quoted market prices at the reporting date. The quoted market price used for financial assets held by the Group is the current bid price; the appropriate quoted market price for financial liabilities is the current ask price. The nominal value less estimated credit adjustments of trade receivables and payables are assumed to approximate their fair values. The fair value of financial liabilities for disclosure purposes is estimated by discounting the future contractual cash flows at the current market interest rate that is available to the Group for similar financial instruments. (u) Issued and Unissued Capital Ordinary Shares are classified as equity. Issued and paid up capital is recognised at the fair value of the consideration received by the Company. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. (v) Foreign Currencies (i) Functional and presentation currency The functional currency of each of the Group's entities is measured using the currency of the primary economic environment in which that entity operates. The consolidated financial statements are presented in United States dollars which is the Company's functional and presentation currency. (ii) Transactions and balances Foreign currency transactions are translated into functional currency using the exchange rates prevailing at the date of the transaction. Foreign currency monetary items are translated at the year-end exchange rate. Non-monetary items measured at historical cost continue to be carried at the exchange rate at the date of the transaction. Non-monetary items measured at fair value are reported at the exchange rate at the date when fair values were determined. Exchange differences arising on the translation of monetary items are recognised in the Statement Profit or Loss and other Comprehensive Income, except where deferred in equity as a qualifying cash flow or net investment hedge. Exchange differences arising on the translation of non-monetary items are recognised directly in equity to the extent that the gain or loss is directly recognised in equity, otherwise the exchange difference is recognised in the other Comprehensive Income. (iii) Group companies The financial results and position of foreign operations whose functional currency is different from the Group's presentation currency are translated as follows: · assets and liabilities are translated at year-end exchange rates prevailing at that reporting date; · income and expenses are translated at average exchange rates for the period; and · items of equity are translated at the historical exchange rates prevailing at the date of the transaction. Exchange differences arising on translation of foreign operations are transferred directly to the group's foreign currency translation reserve in the statement of financial position. These differences are recognised in the Statement of Profit or Loss and other Comprehensive Income in the period in which the operation is disposed. (w) Share-Based Payments Equity-settled share-based payments are provided to officers, employees, consultants and other advisors. These share-based payments are measured at the fair value of the equity instrument at the grant date. Fair value is determined using the Binomial option pricing model. Further details on how the fair value of equity-settled share based payments has been determined can be found in Note 19. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the Company's estimate of equity instruments that will eventually vest. At each reporting date, the Company revises its estimate of the number of equity instruments expected to vest. The impact of the revision of the original estimates, if any, is recognised in profit or loss over the remaining vesting period, with a corresponding adjustment to the share based payments reserve. Equity-settled share-based payments may also be provided as consideration for the acquisition of assets. Where Ordinary Shares are issued, the transaction is recorded at fair value based on the quoted price of the Ordinary Shares at the date of issue. The acquisition is then recorded as an asset or expensed in accordance with accounting standards. (x) Mine rehabilitation Mine rehabilitation costs includ |
OTHER INCOME AND EXPENSES
OTHER INCOME AND EXPENSES | 12 Months Ended |
Jun. 30, 2018 | |
OTHER INCOME AND EXPENSES [Abstract] | |
OTHER INCOME AND EXPENSES | 2. OTHER INCOME AND EXPENSES Note 2018 US $000 2017 US $000 2016 US $000 Other income and expenses Net foreign exchange gain/(loss) 56 (63 ) - Royalty income - - 4 Loss on disposal of plant and equipment - - (28 ) Total other income included in profit or loss 56 (63 ) (24 ) Depreciation and impairment Depreciation of plant and equipment 7 (13 ) (21 ) (30 ) Impairment of exploration and evaluation assets 8 - (520 ) - Total depreciation and impairment included in profit or loss (13 ) (541 ) (30 ) Employment expenses Salaries and wages (2,141 ) (1,582 ) (1,696 ) Defined contribution plans (58 ) (64 ) (51 ) Termination benefits (23 ) (2 ) (4 ) Travel expenses (161 ) (400 ) (267 ) Other employee expenses (575 ) (289 ) (227 ) Employment expenses included in profit or loss (2,958 ) (2,337 ) (2,245 ) Share-based payment expenses included in profit or loss (2,298 ) (674 ) (507 ) Total employment expenses included in profit or loss (5,256 ) (3,011 ) (2,752 ) |
INCOME TAX
INCOME TAX | 12 Months Ended |
Jun. 30, 2018 | |
INCOME TAX [Abstract] | |
INCOME TAX | 3. INCOME TAX 2018 US $000 2017 US $000 2016 US $000 Recognised in profit or loss Current income tax: Current income tax benefit in respect of the current year - - - Deferred income tax: Origination and reversal of temporary differences - - - Income tax expense reported in profit or loss - - - Reconciliation between tax expense and accounting loss before income tax Accounting loss before income tax (7,115 ) (5,955 ) (4,481 ) At the domestic income tax rate of 27.5% (2017: 27.5%) (1,957 ) (1,638 ) (1,344 ) Effect of decrease in Australian income tax rate - 63 - Effect of higher tax rates in the United States (284 ) (297 ) (169 ) Expenditure not allowable for income tax purposes 844 263 250 Income not assessable for income tax purposes (15 ) - - Adjustments in respect of deferred income tax of previous years (416 ) (95 ) 417 Effect of deferred tax assets not brought to account 1,828 1,704 846 Income tax expense reported in profit or loss - - - Deferred Tax Assets and Liabilities Deferred Tax Liabilities: Accrued income 7 8 - Property, plant and equipment 361 - - Deferred tax assets used to offset deferred tax liabilities (368 ) (8 ) - - - - Deferred Tax Assets: Accrued expenditure 50 15 6 Capital allowances 934 860 643 Provisions 369 6 - Tax losses available to offset against future taxable income 6,373 4,657 3,096 Deferred tax assets used to offset deferred tax liabilities (368 ) (8 ) - Deferred tax assets not brought to account 1 (7,358 ) (5,530 ) (3,745 ) - - - Notes: 1 The benefit of deferred tax assets not brought to account will only be brought to account if: (a) future assessable income is derived of a nature and of an amount sufficient to enable the benefit to be realised; (b) the conditions for deductibility imposed by tax legislation continue to be complied with; and (c) no changes in tax legislation adversely affect the Group in realising the benefit. The Group will assess the recoverability of the unrecognised deferred tax assets as construction and ultimately commissioning of the Poplar Grove Mine occurs. Construction is expected to continue throughout the 2018 calendar year with commissioning expected to occur in the 2019 calendar year. 2 The Company and its wholly-owned Australian resident entities have formed a tax consolidated group from 16 October 2013 and are therefore taxed as a single entity from that date. The head entity within the Australian tax consolidated group is Paringa Resources Limited. |
DIVIDENDS PAID OR PROVIDED FOR
DIVIDENDS PAID OR PROVIDED FOR ON ORDINARY SHARES | 12 Months Ended |
Jun. 30, 2018 | |
DIVIDENDS PAID OR PROVIDED FOR ON ORDINARY SHARES [Abstract] | |
DIVIDENDS PAID OR PROVIDED FOR ON ORDINARY SHARES | 4. DIVIDENDS PAID OR PROVIDED FOR ON ORDINARY SHARES No dividends have been paid or proposed for the year ended June 30, 2018 (2017: Nil) (2016: Nil). |
CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS | 12 Months Ended |
Jun. 30, 2018 | |
CASH AND CASH EQUIVALENTS [Abstract] | |
CASH AND CASH EQUIVALENTS | 5. CASH AND CASH EQUIVALENTS Note 2018 US $000 2017 US $000 2016 US $000 Cash at bank and on hand 22,623 34,802 303 Deposits at call - - - 22,623 34,802 303 (a) Reconciliation of loss before income tax to net cash flows from operations Net loss for the year (7,115 ) (5,955 ) (4,481 ) Adjustment for non-cash income and expense items: Depreciation of plant and equipment 7 13 21 30 Impairment of exploration and evaluation assets 8 - 520 - Loss on disposal of plant and equipment 2 - - 28 Provision for employee entitlements 5 17 (1 ) Share based payment expense 20 2,298 674 507 Net foreign exchange differences (56 ) 251 - Change in operating assets and liabilities: (Increase)/decrease in trade and other receivables 187 (667 ) 90 Increase/(decrease) in trade and other payables 536 149 (11 ) Net cash outflow from operating activities (4,132 ) (4,990 ) (3,838 ) |
TRADE AND OTHER RECEIVABLES
TRADE AND OTHER RECEIVABLES | 12 Months Ended |
Jun. 30, 2018 | |
TRADE AND OTHER RECEIVABLES [Abstract] | |
TRADE AND OTHER RECEIVABLES | 6. TRADE AND OTHER RECEIVABLES 2018 US $000 2017 US $000 Accrued interest 24 29 GST receivable 39 198 Prepayments 10 33 Other receivables 5 5 78 265 |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Jun. 30, 2018 | |
PROPERTY, PLANT AND EQUIPMENT [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT | 7. PROPERTY, PLANT AND EQUIPMENT Mine development properties US$000 Mine plant and equipment US$000 Other plant and equipment US$000 Total US$000 2018 Net book value at July 1, 2017 25,969 - 99 26,068 Additions 16,127 16,883 - 33,010 Depreciation charges 1 - - (13 ) (13 ) Net book value at June 30, 2018 42,096 16,883 86 59,065 - at cost 42,096 16,883 204 59,183 - accumulated depreciation and impairment - (118 ) (118 ) 2017 Net book value at July 1, 2016 - - 120 120 Transfer from exploration and evaluation assets 2 15,336 - - 15,336 Additions 4,633 - - 4,633 Amended acquisition consideration 3 6,000 - - 6,000 Depreciation charges 1 - - (21 ) (21 ) Net book value at June 30, 2017 25,969 - 99 26,068 - at cost 25,969 - 204 26,173 - accumulated depreciation and impairment - - (105 ) (105 ) 2016 Net book value at July 1, 2015 - - 145 145 Additions - - 52 52 Disposals - - (47 ) (47 ) Depreciation charges - - (30 ) (30 ) Net book value at June 30, 2016 - - 120 120 - at cost - - 196 196 - accumulated depreciation and impairment - - (76 ) (76 ) Notes: 1 No depreciation is recognised in respect of ‘mine development properties’ or ‘mine plant and equipment’ until mining operations have commenced. The associated assets were not available for intended use at June 30, 2018. 2 During the 2017 financial year, the Group made a decision to proceed with development of the Poplar Grove Mine, located within the Buck Creek Complex. Accumulated exploration and evaluation expenditure in respect of the Buck Creek Complex was transferred to ‘mine development properties’ and ‘advance royalties’ (as appropriate). 3 During the 2017 financial year, the Group amended the terms of the final vendor payment required as part of the Company’s original acquisition of the Buck Creek coal leases in 2012 (“Acquisition”). The Acquisition previously required the Company to pay a final vendor payment of US$12 million (“Final Payment”) to complete the acquisition. The Final Payment was reduced to US$6 million. No liability was previously recorded for the US$12 million payment, as this was to be paid at the Group’s option only if it elected to complete the transaction. The US$6 million Final Payment was recorded as a liability with a corresponding increase to ‘mine development properties’. During the 2017 financial year, the Group paid the first instalment of the Final Payment, being US$2.25 million, and the final instalment of US$3.75 million has was paid during the 2018 financial year (refer Note 12). |
EXPLORATION AND EVALUATION ASSE
EXPLORATION AND EVALUATION ASSETS | 12 Months Ended |
Jun. 30, 2018 | |
EXPLORATION AND EVALUATION ASSETS [Abstract] | |
EXPLORATION AND EVALUATION ASSETS | 8. EXPLORATION AND EVALUATION ASSETS Buck Creek Complex US$000 Arkoma Coal Project US$000 Total US$000 2018 Net book value at July 1, 2017 - - - Net book value at June 30, 2018 - - - 2017 Net book value at July 1, 2016 17,037 507 17,544 Additions 329 13 342 Impairment charges 1 - (520 ) (520 ) Transfer to ‘mine development properties’ (15,336 ) - (15,336 ) Transfer to ‘advance royalties’ (2,030 ) - (2,030 ) Net book value at June 30, 2017 2 - - - Notes: 1 During the 2017 financial year, the Group made a decision to impair the accumulated exploration and evaluation expenditures associated with its Arkoma Coal Project on the basis that these costs are unlikely to be recouped through successful development and commercial exploitation. 2 The ultimate recoupment of costs carried forward for exploration and evaluation is dependent on the successful development and commercial exploitation or sale of the respective areas of interest. |
OTHER ASSETS
OTHER ASSETS | 12 Months Ended |
Jun. 30, 2018 | |
OTHER ASSET [Abstract] | |
OTHER ASSETS | 9. OTHER ASSETS 2018 US $000 2017 US $000 Restricted cash (security deposits and bonds) 1,102 446 Advance royalties 1 2,462 2,073 Capitalised borrowing costs 2 2,987 1,525 6,551 4,044 Notes: 1 The Group’s coal leases require the payment of annual minimum advanced royalties prior to the commencement of mining operations and the payment of earned royalties once mining operations commence. The advance royalties paid became recoupable against any earned royalties due under the coal leases on a lease-by-lease basis once the Company determined to move forward with development. 2 Borrowing costs relate to the committed US$21.7 million Project Loan Facility (“PLF”) from Macquarie Bank Limited to develop the Poplar Grove Mine, which have been capitalised during fiscal 2017 and 2018. These costs will be offset against the related borrowing when drawn down. The first US$15 million tranche of the PLF was drawn down subsequent to the end of the 2018 financial year. |
TRADE AND OTHER PAYABLES
TRADE AND OTHER PAYABLES | 12 Months Ended |
Jun. 30, 2018 | |
TRADE AND OTHER PAYABLES [Abstract] | |
TRADE AND OTHER PAYABLES | 10. TRADE AND OTHER PAYABLES 2018 US $000 2017 US $000 Trade creditors 9,837 712 Accrued expenses 55 125 9,892 837 |
PROVISIONS (CURRENT)
PROVISIONS (CURRENT) | 12 Months Ended |
Jun. 30, 2018 | |
PROVISIONS (CURRENT) [Abstract] | |
PROVISIONS (CURRENT) | 11. PROVISIONS (CURRENT) 2018 US $000 2017 US $000 Provision for employee entitlements 22 17 22 17 |
OTHER LIABILITIES
OTHER LIABILITIES | 12 Months Ended |
Jun. 30, 2018 | |
OTHER LIABILITY [Abstract] | |
OTHER LIABILITIES | 12. OTHER LIABILITIES 2018 US $000 2017 US $000 Deferred consideration payable 1 - 3,750 - 3,750 Notes: 1 As part of the Group’s original acquisition of the Buck Creek coal leases in 2012, a final vendor payment of US$3.75 million was payable by the Group by the earlier of December 31, 2017 or the date on which the Group closes on a debt financing that provides sufficient funds for the development, construction and operation of the Poplar Grove Mine. Refer to Note 7 for further information. |
PROVISIONS (NON-CURRENT)
PROVISIONS (NON-CURRENT) | 12 Months Ended |
Jun. 30, 2018 | |
PROVISIONS (NON-CURRENT) [Abstract] | |
PROVISIONS (NON-CURRENT) | 13. PROVISIONS (NON-CURRENT) 2018 US $000 2017 US $000 Mine rehabilitation 1,313 - 1,313 - Notes: 1 The Group commenced construction of the Poplar Grove Mine during fiscal 2018, which has resulted in the creation of a rehabilitation obligation. The Group will assess its mine rehabilitation provision as development activities progress, and subsequently on at least an annual basis, or where evidence exists that the provision should be reviewed. Significant judgement is required in determining the provision for mine rehabilitation and closure as there are many factors that will affect the ultimate liability payable to rehabilitate the mine site, including future disturbances caused by further development, changes in technology, changes in regulations, price increases, changes in timing of cash flows which are based on life of mine plans and changes in discount rates. When these factors change or become known in the future, such differences will impact the mine rehabilitation provision in the period in which the change becomes known. Accretion of the provision will commence when development has been completed. |
CONTRIBUTED EQUITY
CONTRIBUTED EQUITY | 12 Months Ended |
Jun. 30, 2018 | |
CONTRIBUTED EQUITY [Abstract] | |
CONTRIBUTED EQUITY | 14. CONTRIBUTED EQUITY Note 2018 US$000 2017 US$000 Issued capital 454,386,181 fully paid ordinary shares (June 30, 2017: 316,425,699) 14(a ) 102,278 81,194 102,278 81,194 Notes: 1 Ordinary shares have no par value and the company does not have a limited amount of authorised capital. (a) Movements in issued capital Thousands of Shares US$000 2018 Opening balance at July 1, 2017 316,426 81,194 Institutional placement (May 2018) 31,818 5,275 Institutional entitlement offer (May 2018) 55,593 9,215 Retail entitlement offer (June 2018) 50,049 8,188 Share issue costs - (1,714 ) Exercise of employee options and placement options 500 120 Closing balance at June 30, 2018 454,386 102,278 2017 Opening balance at July 1, 2016 154,899 32,833 Share placement (August 2016) 38,200 4,903 Share placement (December 2016) 19,248 5,951 Share placement (April – June 2017) 101,923 39,810 Share issue costs - (2,941 ) Exercise of employee options and placement options 2,156 638 Closing balance at June 30, 2017 316,426 81,194 (b) Rights Attaching to Shares The rights attaching to fully paid ordinary shares (“Shares”) arise from a combination of the Company's Constitution, statute and general law. (i) Shares (ii) Meetings of Members (iii) Voting (iv) Changes to the Constitution - (v) Listing Rules |
RESERVES
RESERVES | 12 Months Ended |
Jun. 30, 2018 | |
RESERVES [Abstract] | |
RESERVES | 15. RESERVES Note 2018 US$000 2017 US$000 2016 US$000 Share-based payments reserve 15(b ) 5,356 2,810 1,151 Foreign currency translation reserve (2,353 ) (2,353 ) (2,540 ) 3,003 457 (1,389 ) (a) Nature and Purpose of Reserves (i) Share-based payments reserve (ii) Foreign currency translation reserve - (b) Movements in share-based payments reserve Thousands of Options Thousands of Rights US$000 2018 Opening balance at July 1, 2017 7,694 16,410 2,810 Grant of employee rights - 1,650 - Grant of underwriter options 6,000 - 248 Exercise of employee options (500 ) - - Forfeiture/lapse of employee options (1,250 ) (4,430 ) - Share based payments expense - - 2,298 Closing balance at June 30, 2018 2 11,944 13,630 5,356 2017 Opening balance at July 1, 2016 4,400 5,924 1,151 Grant of employee options and employee rights 1,000 16,410 - Grant of lender options 1 4,444 - 1,254 Exercise of employee options (2,150 ) - (269 ) Forfeiture of employee rights - (5,924 ) - Share based payments expense - - 674 Closing balance at June 30, 2017 2 7,694 16,410 2,810 2016 Opening balance at July 1, 2015 3,900 8,346 888 Grant of employee options 500 - - Conversion of employee rights - (1,082 ) (244 ) Forfeiture and lapse of employee rights - (1,340 ) - Share based payments expense - - 507 Closing balance at June 30, 2016 2 4,400 5,924 1,151 Notes: 1 During the 2017 financial year, the Company issued 4,444,444 lender options (with an exercise price of A$0.66 and expiring 4 years from their date of issue) to Macquarie Bank Limited in consideration for an offer to provide a five-year US$21.7 million Project Loan Facility (“PLF”) to develop the Poplar Grove Mine. Subsequent to the end of the 2018 financial year, the Company issued a further 4,444,444 options to Macquarie (with an exercise price of A$0.34 and expiring 4 years from their date of issue) following drawdown of the first US$15 million tranche of the PLF. 2 At June 30, 2018, the Company also had on issue 7,494,000 (2017: 7,494,000) placement options exercisable at $0.50 each on or before July 31, 2018 and nil (2017: 1,500,000) placement options exercisable at $0.45 each on or before June 30, 2018 which are not considered share-based payments under IFRS 2 as they were issued as part of a share placement. Any value related to these placement options is included within contributed equity as part of the related placement value. (c) Terms and Conditions of Options Unlisted share options (“Options”) are granted based upon the following terms and conditions: · Each Option entitles the holder to the right to subscribe for one Share upon the exercise of each Option; · The Options have the following exercise prices and expiry dates: - 1,000,000 employee Options exercisable at A$0.45 each on or before December 31, 2018; - 500,000 employee Options exercisable at A$0.50 each on or before December 31, 2018; - 4,444,444 lender Options exercisable at A$0.66 each on or before April 5, 2021; and - 6,000,000 underwriter Options exercisable at A$0.33 each on or before June 30, 2021; · The Options are exercisable at any time prior to the expiry date, subject to vesting conditions being satisfied (if applicable); · Shares issued on exercise of the Options rank equally with the then Shares of the Company; · Application will be made by the Company to ASX for official quotation of the Shares issued upon the exercise of the Options; · If there is any reconstruction of the issued share capital of the Company, the rights of the Option holders may be varied to comply with the ASX Listing Rules which apply to the reconstruction at the time of the reconstruction; and · No application for quotation of the Options will be made by the Company. (d) Terms and Conditions of Rights Unlisted performance rights (“Rights”) are granted based upon the following terms and conditions: · Each Right automatically converts into one Share upon vesting of the Right; · Each Right is subject to performance conditions (as determined by the Board from time to time) which must be satisfied in order for the Right to vest; · The Rights have the following expiry dates: - 3,535,000 employee Rights subject to the Construction Milestone expiring on December 31, 2018; - 4,435,000 employee Rights subject to the First Coal Production Milestone expiring on December 31, 2019; and - 5,660,000 employee Rights subject to the Nameplate Production Milestone expiring on December 31, 2020; · Shares issued on conversion of the Rights rank equally with the then Shares of the Company; · Application will be made by the Company to ASX for official quotation of the Shares issued upon conversion of the Rights; · If there is any reconstruction of the issued share capital of the Company, the rights of the Right holders may be varied to comply with the ASX Listing Rules which apply to the reconstruction at the time of the reconstruction; and · No application for quotation of the Rights will be made by the Company. |
ACCUMULATED LOSSES
ACCUMULATED LOSSES | 12 Months Ended |
Jun. 30, 2018 | |
ACCUMULATED LOSSES [Abstract] | |
ACCUMULATED LOSSES | 16. ACCUMULATED LOSSES 2018 US $000 2017 US $000 Balance at July 1 (21,076 ) (15,121 ) Net loss for the year attributable to members of Paringa Resources Limited (7,115 ) (5,955 ) Balance at June 30 (28,191 ) (21,076 ) |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Jun. 30, 2018 | |
EARNINGS PER SHARE [Abstract] | |
EARNINGS PER SHARE | 17. EARNINGS PER SHARE The following reflects the income and share data used in the calculations of basic and diluted earnings per share: 2018 US $000 2017 US $000 2016 US $000 Net loss attributable to members of the Parent Entity used in calculating basic and diluted earnings per share (7,115 ) (5,955 ) (4,481 ) 2018 Thousands of Shares 2017 Thousands of Shares 2016 Thousands of Shares Weighted average number of Ordinary Shares used in calculating basic and diluted loss per share 326,101 213,376 153,123 (a) Non-Dilutive Securities As at balance date, 19,438,444 Options (including 1,500,000 employee options, 4,444,444 lender options, 6,000,000 underwriter options and 7,494,000 placement options) and 13,630,000 employee rights, which together represent 33,068,444 potential Shares (2017: 39,098,444) (2016: 19,324,334), were considered antidilutive as they would decrease the loss per share. (b) Conversions, Calls, Subscriptions or Issues after June 30, 2018 There have been no conversions to, calls of, subscriptions for, or issues of Shares or potential Shares since the reporting date and before the completion of this financial report. |
RELATED PARTIES
RELATED PARTIES | 12 Months Ended |
Jun. 30, 2018 | |
RELATED PARTIES [Abstract] | |
RELATED PARTIES | 18. RELATED PARTIES (a) Subsidiaries Name Country of Incorporation % Equity Interest 2018 2017 2016 Hartshorne Coal Mining Pty Ltd Australia 100 100 100 HCM Resources Pty Ltd Australia 100 100 100 Hartshorne Holdings LLC USA 100 100 100 Hartshorne Mining Group LLC USA 100 100 100 Hartshorne Mining LLC USA 100 100 100 Hartshorne Land LLC USA 100 100 100 HCM Operations LLC USA 100 100 100 (b) Ultimate Parent Paringa Resources Limited is the ultimate parent of the Group. (c) Key Management Personnel The aggregate compensation made to Key Management Personnel of the Group is set out below: 2018 US $000 2017 US $000 2016 US $000 Short-term employee benefits 1,459 1,276 1,337 Post-employment benefits 36 50 35 Termination benefits 5 2 - Share-based payments 1,950 741 469 Total compensation 3,450 2,069 1,841 No loans were provided to or received from Key Management Personnel during the year ended June 30, 2018 (2017: Nil) (2016: nil). (d) Transactions with Related Parties of Key Management Personnel During the year ended June 30, 2016, Apollo Group Pty Ltd, a company associated with Mr Mark Pearce (who was previously a member of Key Management Personnel), was paid A$198,000 for the provision of serviced office facilities and administration services during the year. |
SHARE-BASED PAYMENTS
SHARE-BASED PAYMENTS | 12 Months Ended |
Jun. 30, 2018 | |
SHARE-BASED PAYMENTS [Abstract] | |
SHARE-BASED PAYMENTS | 19. SHARE-BASED PAYMENTS (a) Recognised Share-based Payment Expense From time to time, the Group provides employee options and employee rights to officers, employees, consultants, lenders, and other key advisors as part of remuneration and incentive arrangements. The number of options or rights granted, and the terms of the options or rights granted are determined by the Board. Shareholder approval is sought where required. During the past three years, the following expenses arising from share-based payments have been recognised: 2018 US $000 2017 US $000 2016 US $000 Expense arising from equity-settled share-based payment transactions 2,298 674 507 In addition to share-based payments recognised as an expense through profit or loss: (a) during fiscal 2017 share-based payments of US$1,254,000 were recognised as an asset (capitalised borrowing costs), relating to the issue of 4,444,444 lender options to Macquarie Bank Limited in consideration for an offer to provide a US$21.7 million Project Loan Facility to develop the Poplar Grove Mine (refer to Notes 9 and 15(b) for further details); and (b) during fiscal 2018, share-based payments of US$248,338 were recognised as a deduction from share capital relating to the issue of 6,000,000 underwriter options. (b) Summary of Options and Rights Granted as Share-based Payments The following table illustrates the number and weighted average exercise prices (“WAEP”) of options and rights granted as share-based payments at the beginning and end of the financial year: 2018 Thousands of Options and Rights 2018 WAEP A$ 2017 Thousands of Options and Rights 2017 WAEP A$ 2016 Thousands of Options and Rights 2016 WAEP A$ Outstanding at beginning of year 24,104 $ 0.17 10,324 $ 0.12 12,246 $ 0.11 Granted during the year 7,650 $ 0.26 21,854 $ 0.15 500 $ 0.50 Forfeited and lapsed during the year (5,680 ) $ 0.07 (5,924 ) - (1,340 ) - Exercised/converted during the year (500 ) $ 0.30 (2,150 ) $ 0.23 (1,082 ) - Outstanding at end of year 1 25,574 $ 0.22 24,104 $ 0.17 10,324 $ 0.12 Notes: 1 At June 30, 2018, the Company also had on issue 7,494,000 placement options exercisable at $0.50 each on or before July 31, 2018 which are not considered share-based payments under IFRS 2 as they were issued as part of a share placement. The following options and rights were granted as share-based payments during the past three years: Series Security Type Number Grant Date Expiry Date Exercise Price $ Grant Date Fair Value $ 2018 Series 1 Rights 50,000 23-May-17 31-Dec-18 - $ A0.456 Series 2 Rights 100,000 23-May-17 31-Dec-19 - $ A0.456 Series 3 Rights 400,000 23-May-17 31-Dec-20 - $ A0.456 Series 4 Rights 100,000 5-Jun-17 31-Dec-20 - $ A0.413 Series 5 Rights 200,000 16-Oct-17 31-Dec-19 - $ A0.359 Series 6 Rights 500,000 16-Oct-17 31-Dec-20 - $ A0.359 Series 7 Rights 100,000 11-Dec-17 31-Dec-19 - $ A0.351 Series 8 Rights 200,000 11-Dec-17 31-Dec-20 - $ A0.351 Series 9 Options 6,000,000 26-Jun-18 30-Jun-21 $ A0.33 $ A0.056 2017 Series 10 Options 1,000,000 25-Jan-17 31-Dec-18 $ A0.45 $ A0.239 Series 11 Options 4,444,444 05-Apr-17 05-Apr-21 $ A0.66 $ A0.376 Series 12 Rights 3,070,000 21-Dec-16 31-Dec-19 - $ A0.448 Series 13 Rights 3,695,000 25-Jan-17 31-Dec-18 - $ A0.523 Series 14 Rights 1,275,000 25-Jan-17 31-Dec-19 - $ A0.523 Series 15 Rights 4,870,000 25-Jan-17 31-Dec-20 - $ A0.523 Series 16 Rights 1,500,000 19-Jun-17 31-Dec-19 - $ A0.447 Series 17 Rights 2,000,000 19-Jun-17 31-Dec-20 - $ A0.447 2016 Series 18 Options 500,000 22-Dec-15 31-Dec-18 $ A0.50 $ A0.087 (c) Weighted Average Remaining Contractual Life At June 30, 2018, the weighted average remaining contractual life of options and rights on issue that had been granted as share-based payments was 3.15 years (2017: 2.64 years) (2016: 1.10 years). (d) Range of Exercise Prices At June 30, 2018, the range of exercise prices of options on issue that had been granted as share-based payments was A$0.33 to A$0.66 (2017: A$0.30 to A$0.66) (2016: A$0.20 to A$0.50). (e) Weighted Average Fair Value The weighted average fair value of options and rights granted as share-based payments by the Group during the year ended June 30, 2018 was A$0.13 (2017: A$0.46) (2016: A$0.09). (f) Option and Performance Share Right Pricing Model The fair value of employee options and lender options granted is estimated as at the date of grant using the Binomial option valuation model taking into account the terms and conditions upon which the options were granted. The fair value of employee rights granted is estimated as at the date of grant based on the underlying share price (being the volume weighted average share price over the five trading days prior to issuance). The table below lists the inputs to the valuation model used for share options and performance share rights granted by the Group during the last three years: Inputs Series 1 Series 2 Series 3 Series 4 Series 5 Series 6 Series 7 Series 8 Series 9 Exercise price - - - - - - - - $ A0.33 Grant date share price $ A0.48 $ A0.48 $ A0.48 $ A0.385 $ A0.385 $ A0.385 $ A0.37 $ A0.37 $ A0.19 Dividend yield 1 - - - - - - - - - Volatility 2 - - - - - - - - 65 % Risk-free interest rate - - - - - - - - 2.10 % Grant date 23-May-17 23-May-17 23-May-17 5-Jun-17 16-Oct-17 16-Oct-17 11-Dec-17 11-Dec-17 26-Jun-18 Issue date 23-May-17 23-May-17 23-May-17 5-Jun-17 16-Oct-17 16-Oct-17 11-Dec-17 11-Dec-17 26-Jun-18 Expiry date 31-Dec-18 31-Dec-19 31-Dec-20 31-Dec-20 31-Dec-19 31-Dec-20 31-Dec-19 31-Dec-20 30-Jun-21 Expected life (years) 3 1.61 2.61 3.61 3.58 2.21 3.21 2.05 3.06 3.01 Fair value at grant date $ A0.456 $ A0.456 $ A0.456 $ A0.413 $ A0.359 $ A0.359 $ A0.351 $ A0.351 $ A0.056 Inputs Series 10 Series 11 Series 12 Series 13 Series 14 Series 15 Series 16 Series 17 Series 18 Exercise price $ A0.45 $ A0.66 - - - - - - $ A0.50 Grant date share price $ A0.51 $ A0.64 $ A0.45 $ A0.51 $ A0.51 $ A0.51 $ A0.44 $ A0.44 $ A0.26 Dividend yield 1 - - - - - - - - - Volatility 2 80 % 80 % - - - - - - 75 % Risk-free interest rate 1.81 % 2.14 % - - - - - - 2.03 % Grant date 25-Jan-17 5-Apr-17 21-Dec-16 25-Jan-17 25-Jan-17 25-Jan-17 19-Jun-17 19-Jun-17 22-Dec-15 Issue date 25-Jan-17 5-Apr-17 21-Dec-16 25-Jan-17 25-Jan-17 25-Jan-17 19-Jun-17 19-Jun-17 22-Dec-15 Expiry date 31-Dec-18 5-Apr-21 31-Dec-19 31-Dec-18 31-Dec-19 31-Dec-20 31-Dec-19 31-Dec-20 31-Dec-18 Expected life (years) 3 1.93 4.00 3.03 1.93 2.93 3.93 2.53 3.54 3.03 Fair value at grant date $ A0.239 $ A0.376 $ A0.448 $ A0.523 $ A0.523 $ A0.523 $ A0.447 $ A0.447 $ A0.087 Notes: 1 The dividend yield reflects the assumption that the current dividend payout will remain unchanged. 2 The expected volatility reflects the assumption that the historical volatility is indicative of future trends, which may not necessarily be the actual outcome. 3 The expected life of the options and rights is based on the expiry date of the options or rights. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Jun. 30, 2018 | |
SEGMENT INFORMATION [Abstract] | |
SEGMENT INFORMATION | 20. SEGMENT INFORMATION IFRS 8 requires operating segments to be identified on the basis of internal reports about components of the Group that are regularly reviewed by the chief operating decision maker in order to allocate resources to the segment and to assess its performance. The Group operates in one segment, being exploration and development of mineral resource properties. This is the basis on which internal reports are provided to the Directors for assessing performance and determining the allocation of resources within the Group (a) Reconciliation of Non-Current Assets by geographical location 2018 US $000 2017 US $000 United States of America 65,616 30,112 65,616 30,112 |
FINANCIAL RISK MANAGEMENT OBJEC
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES | 12 Months Ended |
Jun. 30, 2018 | |
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES [Abstract] | |
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES | 21. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (a) Overview The Group's principal financial instruments comprise receivables, payables, security deposits, cash and short-term deposits. The main risks arising from the Group's financial instruments are credit risk, liquidity risk, interest rate risk, commodity price risk and foreign currency risk. This note presents information about the Group's exposure to each of the above risks, its objectives, policies and processes for measuring and managing risk, and the management of capital. Other than as disclosed, there have been no significant changes since the previous financial year to the exposure or management of these risks. The Group manages its exposure to key financial risks in accordance with the Group's financial risk management policy. Key risks are monitored and reviewed as circumstances change and policies are revised as required. The overall objective of the Group's financial risk management policy is to support the delivery of the Group's financial targets whilst protecting future financial security. Given the nature and size of the business and uncertainty as to the timing and amount of cash inflows and outflows, the Group does not enter into derivative transactions to mitigate the financial risks. In addition, the Group's policy is that no trading in financial instruments shall be undertaken for the purposes of making speculative gains. As the Group's operations change, the Directors will review this policy periodically going forward. The Board of Directors has overall responsibility for the establishment and oversight of the risk management framework. The Board reviews and agrees policies for managing the Group's financial risks as summarised below. (b) Credit Risk Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. This arises principally from cash and cash equivalents, security deposits and trade and other receivables. There are no significant concentrations of credit risk within the Group. The carrying amount of the Group's financial assets represents the maximum credit risk exposure, as represented below: 2018 US $000 2017 US $000 Cash and cash equivalents 22,623 34,802 Trade and other receivables 78 265 Other non-current financial assets 1,102 446 23,803 35,513 With respect to credit risk arising from cash and cash equivalents, the Group's exposure to credit risk arises from default of the counter party, with a maximum exposure equal to the carrying amount of these instruments. Where possible, the Group invests its cash and cash equivalents with banks that are rated the equivalent of investment grade and above. The Group’s exposure and the credit ratings of its counterparties are continuously monitored and the aggregate value of transactions concluded is spread amongst approved counterparties. As at June 30, 2018, the Group’s only income was interest income, and accordingly the Group does not have significant exposure to bad or doubtful debts. However, the Group has entered into two fixed-price coal sales contracts with LG&E/KU and . It is expected that the Group will start receiving revenues from these customers during the 2019 financial year. Trade and other receivables comprise trade receivables, interest accrued and GST refunds due. Where possible the Group trades only with recognised, creditworthy third parties. It is the Group’s policy that, where possible, customers who wish to trade on credit terms are subject to credit verification procedures. In addition, receivable balances are monitored on an ongoing basis with the result that the Group’s exposure to bad debts is not significant. At June 30, 2018, none (2017: Nil) of the Group’s receivables are past due. (c) Liquidity Risk Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Board's approach to managing liquidity is to ensure, as far as possible, that the Group will always have sufficient liquidity to meet its liabilities when due. At reporting date, the Group had sufficient liquid assets to meet its financial obligations. The contractual maturities of financial liabilities, including estimated interest payments, are provided below. There are no netting arrangements in respect of financial liabilities. ≤6 Months US$000 6-12 Months US$000 1-5 Years US$000 ≥5 Years US$000 Total US$000 2018 Group Financial Liabilities Trade and other payables 9,892 - - - 9,892 Other current financial liabilities - - - - - 9,892 - - - 9,892 2017 Group Financial Liabilities Trade and other payables 837 - - - 837 Other current financial liabilities 3,750 - - - 3,750 4,587 - - - 4,587 (d) Interest Rate Risk The Group's exposure to the risk of changes in market interest rates relates primarily to the cash and short-term deposits with a floating interest rate. These financial assets with variable rates expose the Group to cash flow interest rate risk. All other financial assets and liabilities, in the form of receivables and payables are non-interest bearing. At the reporting date, the interest rate profile of the Group's interest-bearing financial instruments was: 2018 US$000 2017 US$000 Interest-bearing financial instruments Cash at bank and on hand 22,623 34,802 22,623 34,802 The Group's cash at bank and on hand and short-term deposits had a weighted average floating interest rate at year end of 1.60% (2017: 1.21%). The Group currently does not engage in any hedging or derivative transactions to manage interest rate risk. Interest rate sensitivity A sensitivity of 1% (100 basis points) has been selected as this is considered reasonable given the current level of both short term and long-term interest rates. A 1% (100 basis points) movement in interest rates at the reporting date would have increased/(decreased) profit or loss by the amounts shown below. This analysis assumes that all other variables, in particular foreign currency rates, remain constant. The analysis is performed on the same basis for 2017. Profit or loss + 100 basis points - 100 basis points 2018 Group Cash and cash equivalents 187 (187 ) 2017 Group Cash and cash equivalents 348 (345 ) (e) Commodity Price Risk Although we are currently engaged in only exploration and development activities, we are exposed to commodity price risk because commodity prices affect the economic feasibility of mining on our properties and the value of such properties. Commodity prices can be volatile and are influenced by factors beyond our control. In addition, we expect to start selling our coal product during fiscal 2019. We have entered into two long-term, fixed-price coal supply agreements with major regulated utilities having coal fired power plants on the Ohio River Market. We expect that sales under the agreements will represent approximately 51% of the first five years of production. We believe the “fixed price, fix tons” nature of these agreements will reduce the volatility of our future revenues. We currently do not enter into hedging or derivative transactions to manage commodity price risk. (f) Fair Value At June 30, 2018 and 2017 the Group has no material financial assets and liabilities that are measured at fair value on a recurring basis. All financial assets and financial liabilities of the Group at the reporting date are recorded at amounts approximating their carrying amount due to their short-term nature. No financial instruments are subsequently carried at fair value. (g) Capital Management The Group defines its Capital as total equity of the Group, being US$77.1 million for the year ended June 30, 2018 (2017: US$60.6 million). The Group manages its capital to ensure that entities in the Group will be able to continue as a going concern while financing the development of its projects through primarily equity based financing. The Board's policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business. Given the stage of development of the Group, the Board's objective is to minimise debt and to raise funds as required through the issue of new shares. At June 30, 2018 or 2017, the Group was not subject to externally imposed capital requirements. However, during fiscal 2018, the Company executed formal documentation with Macquarie Bank Limited to provide a US$21.7 million secured Project Loan Facility. Subsequent to the end of the year, the Company reached financial close for the PLF and drew down the first US$15 million tranche of the PLF, having satisfied all conditions precedent under the Facility Agreement (“Facility”) to achieve financial close and drawdown the first tranche of the PLF. The second US$6.7 million tranche is not currently required and will not be drawn before the March 2019 quarter. The proposed terms of the Project Loan Facility include a floating interest rate comprising the 3-month LIBOR plus a margin of 10.5% per annum during the construction phase, falling to a 9.5% margin for the remainder of the loan, as well as customary guarantees and security agreements. (h) Foreign Currency Risk Foreign currency risk is the risk that the fair value of future cash outflows of an exposure will fluctuate because of changes in foreign currency exchange rates. It is the Group’s policy not to enter into any hedging or derivative transactions to manage foreign currency risk. At June 30, 2018, the majority of the Group’s cash reserves were denominated in US$, being US$20.5 million. At the reporting date, the Group’s exposure to financial instruments denominated in foreign currencies was: Exposure to A$ 2018 A$ exposure US$000 2017 A$ exposure US$000 Financial assets Cash and cash equivalents 2,072 1,713 Other current financial assets 42 201 Financial liabilities Trade and other payables (479 ) (245 ) Net exposure 1,635 1,669 Foreign exchange rate sensitivity At the reporting date, had the A$ appreciated or depreciated against the US$, as illustrated in the table below, profit and loss and equity would have been affected by the amounts shown below. This analysis assumes that all other variables remain constant. Profit or loss Other Comprehensive Income 10% Increase 10% Decrease 10% Increase 10% Decrease 2018 Group 163 (163 ) 163 (163 ) 2017 Group 167 (167 ) 167 (167 ) |
CONTINGENT ASSETS AND LIABILITI
CONTINGENT ASSETS AND LIABILITIES | 12 Months Ended |
Jun. 30, 2018 | |
CONTINGENT ASSETS AND LIABILITIES [Abstract] | |
CONTINGENT ASSETS AND LIABILITIES | 22. CONTINGENT ASSETS AND LIABILITIES (i) Contingent Assets As at the date of this report, no contingent assets had been identified at June 30, 2018 (2017: nil). (ii) Contingent Liabilities As at the date of this report, no contingent liabilities had been identified at June 30, 2018 (2017: nil). |
COMMITMENTS
COMMITMENTS | 12 Months Ended |
Jun. 30, 2018 | |
COMMITMENTS [Abstract] | |
COMMITMENTS | 23. COMMITMENTS Management have identified the following material commitments for the consolidated group as at June 30, 2018 and June 30, 2017: Payable within 1 year US$000 Payable later than 1 year within 5 years US$000 Total US$000 2018 Operating lease commitments 161 340 501 2017 Operating lease commitments 79 - 79 (a) Operating lease commitments Operating lease commitments include contracts for leased offices in the United States. |
EVENTS SUBSEQUENT TO BALANCE DA
EVENTS SUBSEQUENT TO BALANCE DATE | 12 Months Ended |
Jun. 30, 2018 | |
EVENTS SUBSEQUENT TO BALANCE DATE [Abstract] | |
EVENTS SUBSEQUENT TO BALANCE DATE | 24. EVENTS SUBSEQUENT TO BALANCE DATE (i) On September 5, 2018, the Company announced that it had filed a registration statement on Form 20-F to register its ordinary shares with the United States Securities and Exchange Commission ("SEC"). Paringa’s registration of ordinary shares, if approved, would allow American depositary shares (“ADSs”) representing ordinary shares to be listed on a national securities exchange in the United States; (ii) On September 10, 2018, the Company announced that it had reached financial close for its US$21.7 million PLF from Macquarie, and drawn down the first US$15 million tranche of the PLF, having satisfied all conditions precedent under the Facility Agreement (“Facility”) to achieve financial close and drawdown the first tranche of the PLF; (iii) On October 2, 2018, the Company announced that its American Depository Receipts had been approved for listing on the Nasdaq Capital Market and trading had commenced in the U.S. under the ticker symbol “PNRL”; and (iv) On October 3, 2018, the Company announced that it had signed a new coal sales agreement with Ohio Valley Electric Corporation and its subsidiary Indiana-Kentucky Electric Corporation (“OVEC-IKEC”) for future coal sales from its Poplar Grove Mine totaling 650,000 tons of coal from 2019 to 2020. Other than the above, at the date of this report, there are no matters or circumstances, which have arisen since June 30, 2018 that have significantly affected or may significantly affect: · the operations, in financial years subsequent to June 30, 2018, of the Group; · the results of those operations, in financial years subsequent to June 30, 2018, of the Group; or · the state of affairs, in financial years subsequent to June 30, 2018, of the Group. |
STATEMENT OF SIGNIFICANT ACCO_2
STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Jun. 30, 2018 | |
STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Basis of Preparation | (a) Basis of Preparation The financial statements are general purpose financial statements, which have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The Group is a for-profit entity for the purposes of preparing the consolidated financial statements. The financial statements have been prepared on a historical cost basis. The financial statements are presented in United States dollars (US$). The consolidated financial statements have been prepared on a going concern basis, which assumes the continuity of normal business activity and the realisation of assets and the settlement of liabilities in the ordinary course of business. |
New standards, interpretations and amendments adopted by the Group | (b) New standards, interpretations and amendments adopted by the Group In the current year, the Group has adopted all of the new and revised Standards and Interpretations issued by the IASB that are relevant to its operations and effective for the current annual reporting period. 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. The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective. |
New standards, interpretations and amendments not yet applied by the Group | (c) New standards, interpretations and amendments not yet applied by the Group International Financial Reporting Standards and Interpretations that have recently been issued or amended but are not yet effective have not been adopted by the Group for the annual reporting period ended June 30, 2018. Those which may be relevant to the Group are set out in the table below. Standard or Interpretation Application Date of Standard Application Date for Group IFRS 9 Financial Instruments January 1, 2018 July 1, 2018 IFRS 15 Revenue from Contracts with Customers January 1, 2018 July 1, 2018 Amendments to IFRS 2 Share-based Payments – January 1, 2018 July 1, 2018 IFRIC 22 Foreign Currency Transactions and Advance Consideration January 1, 2018 July 1, 2018 IFRS 16 Leases January 1, 2019 July 1, 2019 The impact of the adoption of IFRS 9 Financial Instruments Revenue from Contracts with Customers Leases IFRS 9 Financial Instruments IFRS 9 Financial Instruments IFRS 9 Financial Instruments The Group has reviewed its financial assets and liabilities, as set out below, and is not expecting any significant impact from the adoption of the new standard on July 1, 2018. Balances of financial assets and liabilities as at June 30, 2018 are as set out below: 2018 US $000 Financial Assets Cash and cash equivalents 22,623 Trade and other receivables 78 Other non-current financial assets 1,102 23,803 Financial Liabilities Trade and other payables 9,892 9,892 The Group’s primary financial asset is cash and, as there is no change in the accounting for this financial asset under IFRS 9, no significant impact of the new standard is anticipated. The measurement category for the Group’s key financial assets will change from “loans and receivables” under IAS 39 to “financial assets at amortised cost” under IFRS 9 but other than the impairment recognition criteria discussed below, there is no significant change to the recognition criteria. There will be no impact on the Group’s accounting for financial liabilities, as the new requirements only affect the accounting for financial liabilities that are designated at fair value through profit or loss and the Group does not have any such liabilities. The derecognition rules have been transferred from IAS 39 Financial Instruments: Recognition and Measurement The Group does not currently engage in any hedging activities and accordingly any changes to hedge accounting rules under IFRS 9 do not impact on the Group. The new impairment model requires the recognition of impairment provisions based on expected credit losses (ECL) rather than only incurred credit losses as is the case under IAS 139. The Company has no significant receivables and does not expect the change in recognition of impairment to have any impact. The new standard also introduces expanded disclosure requirements and changes in presentation. These may change the nature and extent of the Group’s disclosures about its financial instruments going forward as the Group’s operations change however no significant impact is expected in the year of the adoption of the new standard. IFRS 15 Revenue from Contracts with Customers The IASB has issued a new standard for the recognition of revenue. This will replace IAS 18 which covers revenue arising from the sale of goods and the rendering of services and IAS 11 which covers construction contracts. The new standard is based on the principle that revenue is recognised when control of a good or service transfers to a customer. The standard permits either a full retrospective or a modified retrospective approach for the adoption. IFRS 15 Revenue from Contracts with Customers Management has assessed the effects of applying the new standard on the Group’s financial statements as follows: As at June 30, 2018, the Group’s only income was interest income. IFRS 15 will not have any impact on the recognition of interest income and accordingly does not have any significant impact on reported results and balances. Once the Group commences production and starts receiving coal sales revenues, the Group will recognise revenue in accordance with the requirements of the new standard. IFRS 16 Leases IFRS 16 was issued in February 2016. It will result in almost all leases being recognised on the balance sheet, as the distinction between operating and finance leases is removed. Under the new standard, an asset (the right to use the leased item) and a financial liability to pay rentals are recognised. The exceptions are short-term and low-value leases. The Group is in the process of assessing the impact of adopting the new standard and how this may affect the Group’s profit or loss and classification of cash flows going forward. The adoption of this standard is mandatory for financial years commencing on or after January 1, 2019. At this stage, the Group does not intend to adopt the standard before its effective date. |
Principles of Consolidation | (d) Principles of Consolidation The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of the Company and the results of all subsidiaries. Control is achieved when the Company has power over the investee, is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to use its power to affect its returns. The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above. When the Company has less than a majority of the voting rights of an investee, it has power over the investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. The Company considers all relevant facts and circumstances in assessing whether or not the Company's voting rights in an investee are sufficient to give it power. Subsidiaries are all those entities (including special purpose entities) over which the Company has the power to govern the financial and operating policies, is exposed or has rights to variable returns from its involvement and has the ability to use its power to affect the returns of those entities. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the Company controls another entity. The financial statements of the subsidiaries are prepared for the same reporting period as the Company, using consistent accounting policies. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Company. Subsidiaries are fully consolidated from the date on which control is transferred to the Company. They are de-consolidated from the date that control ceases. Intercompany transactions and balances, income and expenses and profits and losses between Group companies, are eliminated. A change in the ownership interest of a subsidiary that does not result in a loss of control, is accounted for as an equity transaction. All investments in subsidiaries made by the parent are held at cost. |
Cash and Cash Equivalents | (e) Cash and Cash Equivalents Cash and cash equivalents include cash on hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less, and bank overdrafts. |
Trade and Other Receivables | (f) Trade and Other Receivables Trade receivables are recognised and carried at original invoice amount less a provision for any uncollectable debts. An estimate for doubtful debts is made when collection of the full amount is no longer probable. Bad debts are written‑off as incurred. |
Investments and Other Financial Assets | (g) Investments and Other Financial Assets Financial assets in the scope of IAS 39 Financial Instruments: Recognition and Measurement Loans and receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They arise when the Group provides money, goods or services directly to a debtor with no intention of selling the receivable. They are included in current assets, except for those with maturities greater than twelve months after the reporting date which are classified as non-current assets. Loans and receivables are included in receivables in the statement of financial position. |
Leases | (h) Leases Leases of property, plant and equipment where the Group, as lessee, has substantially all the risks and rewards of ownership are classified as finance leases. Finance leases are capitalised at the lease’s inception at the fair value of the leased property or, if lower, the present value of the minimum lease payments. The corresponding rental obligations, net of finance charges, are included in other short-term and long-term payables. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The property, plant and equipment acquired under finance leases is depreciated over the shorter of the asset’s useful life and the lease term. Leases where a significant portion of the risks and rewards of ownership are not transferred to the Group as lessee are classified as operating leases (Note 23). Payments made under operating leases (net of any incentives received from the lessor) are charged to profit or loss on a straight-line basis over the period of the lease. |
Property, Plant and Equipment | (i) Property, Plant and Equipment (i) Cost and valuation All classes of property, plant and equipment are measured at historical cost. Plant and equipment is stated at historical cost less accumulated depreciation and any accumulated impairment losses. Such cost includes the cost of replacing parts that are eligible for capitalisation when the cost of replacing the parts is incurred. Similarly, when each major inspection is performed, its cost is recognised in the carrying amount of the plant and equipment as a replacement only if it is eligible for capitalisation. All other repairs and maintenance are recognised in the Statement of Profit or Loss and other Comprehensive Income as incurred. (ii) Depreciation and Amortisation Depreciation is provided on a straight-line basis on all property, plant and equipment. 2018 2017 2016 Major depreciation and amortisation periods are: Land and buildings 25 years 25 years 25 years Plant and equipment 2 – 10 years 2 – 10 years 2 – 10 years Mine development properties Unit of production (a) Unit of production (a) Unit of production (a) (a) Mine development properties are amortised over the life of the reserves associated with the area of interest once mining operations have commenced, i.e. once commercial production has commenced. The Buck Creek Complex was not in commercial production during the year ended June 30, 2018, 2017 or 2016, and consequently no unit of production amortisation arose in these reporting periods The assets' residual values, useful lives and amortisation methods are reviewed, and adjusted if appropriate, at each financial year end. (iii) Derecognition An item of property, plant and equipment is derecognised upon disposal or when no further future economic benefits are expected from its use or disposal. |
Exploration and Evaluation Expenditure | (j) Exploration and Evaluation Expenditure Expenditure on exploration and evaluation is accounted for in accordance with the 'area of interest' method and with IFRS 6 Exploration for and Evaluation of Mineral Resources Exploration and evaluation expenditure encompasses expenditures incurred by the Group in connection with the exploration for and evaluation of mineral resources before the technical feasibility and commercial viability of extracting a mineral resource are demonstrable. For each area of interest, expenditure incurred in the acquisition of rights to explore is capitalised, classified as tangible or intangible, and recognised as an exploration and evaluation asset. This includes certain payments made to landowners under the Group’s coal leases which are considered part of the acquisition costs. Exploration and evaluation assets are measured at cost at recognition and are recorded as an asset if: (i) the rights to tenure of the area of interest are current; and (ii) at least one of the following conditions is also met: · the exploration and evaluation expenditures are expected to be recouped through successful development and exploitation of the area of interest, or alternatively, by its sale; and · exploration and evaluation activities in the area of interest have not at the reporting date reached a stage which permits a reasonable assessment of the existence or otherwise of economically recoverable reserves, and active and significant operations in, or in relation to, the area of interest are continuing. All other exploration and evaluation expenditures are expensed as incurred. Once the technical feasibility and commercial viability of a program or project has been demonstrated with a bankable feasibility study, the carrying amount of the exploration and evaluation expenditure in respect of the area of interest is reclassified as a “mine development property” and future expenditures incurred in the development of that area of interest are accounted for in accordance with the Group’s policy for Property, Plant & Equipment, as described above. Impairment Capitalised exploration costs are reviewed each reporting date to establish whether an indication of impairment exists. If any such indication exists, the recoverable amount of the capitalised exploration costs is estimated to determine the extent of the impairment loss (if any). Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but only to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in previous years. Where a decision is made to proceed with development, accumulated expenditure is tested for impairment and transferred to development properties, and then amortised over the life of the reserves associated with the area of interest once mining operations have commenced. Recoverability of the carrying amount of the exploration and evaluation assets is dependent on successful development and commercial exploitation, or alternatively, sale of the respective areas of interest. |
Payables | (k) Payables Liabilities are recognised for amounts to be paid in the future for goods and services received. Trade accounts payable are normally settled within 60 days. |
Provisions | (l) Provisions Provisions are recognised when the group has a legal or constructive obligation, as a result of past events, for which it is probable that an outflow of economic benefits will result and that outflow can be reliably measured. |
Interest Income | (m) Interest Income Interest revenue is recognised on a time proportionate basis that takes into account the effective yield on the financial assets. |
Income Tax | (n) Income Tax The income tax expense for the period is the tax payable on the current period's taxable income based on the national income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities attributable to temporary differences between the tax bases of assets and liabilities and their carrying amounts in the financial statements, and to unused tax losses. Deferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to apply when the assets are recovered or liabilities are settled, based on those tax rates which are enacted or substantively enacted for each jurisdiction. The relevant tax rates are applied to the cumulative amounts of deductible and taxable temporary differences to measure the deferred tax asset or liability. An exception is made for certain temporary differences arising from the initial recognition of an asset or a liability. No deferred tax asset or liability is recognised in relation to these temporary differences if they arose on goodwill or in a transaction, other than a business combination, that at the time of the transaction did not affect either accounting profit or taxable profit or loss. Deferred tax liabilities and assets are not recognised for temporary differences between the carrying amount and tax bases of investments in controlled entities where the Company is able to control the timing of the reversal of the temporary differences and it is probable that the differences will not reverse in the foreseeable future. Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses. The carrying amount of deferred income tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilised. Unrecognised deferred income tax assets are reassessed at each balance date and are recognised to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered. Current and deferred tax balances attributable to amounts recognised directly in equity are also recognised directly in equity. Deferred tax assets and deferred tax liabilities are offset only if a legally enforceable right exists to set off current tax assets against tax liabilities and the deferred tax liabilities relate to the same taxable entity and the same taxation authority. Paringa Resources Limited and its wholly-owned Australian subsidiaries have not yet formed an income tax consolidated group under the tax consolidation regime. |
Employee Entitlements | (o) Employee Entitlements (i) Short-term and Long-term employee benefits A liability is recognised for benefits accruing to employees in respect of wages and salaries, annual leave, long service leave, and sick leave when it is probable that settlement will be required and they are capable of being measured reliably. Liabilities recognised in respect of short-term employee benefits, are measured at their nominal values using the remuneration rate expected to apply at the time of settlement. Liabilities recognised in respect of long term employee benefits are measured as the present value of the estimated future cash outflows to be made by the Group in respect of services provided by employees up to reporting date. (ii) Defined contribution plans Eligible U.S. employees participate in the Group’s defined contribution 401(k) savings plan, under which eligible employees may elect to make voluntary contributions to the plan up to a specified amount of their compensation. The Group makes matching contributions based on a percent of an employee's eligible compensation. Eligible Australian employees receive statutory employer contributions to employee superannuation funds. These contributions are charged as expenses when incurred. These contributions are not defined benefits programs. Consequently, there is no exposure to market movements on employee superannuation liabilities or entitlements. |
Earnings per Share | (p) Earnings per Share Basic earnings per share (“EPS”) is calculated by dividing the net profit or loss attributable to members of the Company for the reporting period, after excluding any costs of servicing equity, by the weighted average number of Ordinary Shares of the Company, adjusted for any bonus issue. Diluted EPS is calculated by dividing the basic EPS earnings, adjusted by the after-tax effect of financing costs associated with dilutive potential Ordinary Shares and the effect on revenues and expenses of conversion to Ordinary Shares associated with dilutive potential Ordinary Shares, by the weighted average number of Ordinary Shares and dilutive Ordinary Shares adjusted for any bonus issue. |
Goods and Services Tax | (q) Goods and Services Tax Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred is not recoverable from the Australian Tax Office. In these circumstances, the GST is recognised as part of the cost of acquisition of the asset or as part of the expense. Receivables and payables in the statement of financial position are shown inclusive of GST. Cash flows are presented in the cash flow statement on a gross basis, except for the GST component of investing and financing activities, which are disclosed as operating cash flows. |
Segment Reporting | (r) Segment Reporting An operating segment is a component of an entity that engages in business activities from which it may earn revenues and incur expenses (including revenues and expenses relating to transactions with other components of the same entity), whose operating results are regularly reviewed by the entity's chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance and for which discrete financial information is available. This includes start-up operations which are yet to earn revenues. Management will also consider other factors in determining operating segments such as the existence of a line manager and the level of segment information presented to the Board of Directors. Operating segments have been identified based on the information provided to the chief operating decision makers – being the executive management team. Operating segments that meet the quantitative criteria as prescribed by IFRS 8 are reported separately. However, an operating segment that does not meet the quantitative criteria is still reported separately where information about the segment would be useful to users of the financial statements. Information about other business activities and operating segments that are below the quantitative criteria are combined and disclosed in a separate category for “all other segments”. The accounting policies of the operating segments are the same as those described elsewhere in Note 1. Further information on segmental reporting is included in Note 20. |
Impairment of Assets | (s) Impairment of Assets The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any such indication exists, or when annual impairment testing for an asset is required, the Group makes an estimate of the asset's recoverable amount. An asset's recoverable amount is the higher of its fair value less costs to sell and its value in use and is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets and the asset's value in use cannot be estimated to be close to its fair value. In such cases the asset is tested for impairment as part of the cash-generating unit to which it belongs. When the carrying amount of an asset or cash-generating unit exceeds its recoverable amount, the asset or cash-generating unit is considered impaired and is written down to its recoverable amount. In assessing the value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. An assessment is also made at each reporting date as to whether there is any indication that previously recognised impairment losses may no longer exist or may have decreased. If such indication exists, the recoverable amount is estimated. A previously recognised impairment loss is reversed only if there has been a change in the estimates used to determine the asset's recoverable amount since the last impairment loss was recognised. If that is the case the carrying amount of the asset is increased to its recoverable amount. That increased amount cannot exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years. Such reversal is recognised in profit or loss unless the asset is carried at a revalued amount, in which case the reversal is treated as a revaluation increase. After such a reversal, the depreciation charge is adjusted in future periods to allocate the asset's revised carrying amount, less any residual value, on a systematic basis over its remaining useful life. |
Fair Value Estimation | (t) Fair Value Estimation Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Group takes into account the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at measurement date. Fair value for measurement and/or disclosure purposes in these consolidated financial statements is determined on such a basis, except for share-based payment transactions that are within the scope of IFRS 2, leasing transactions that are within the scope of IAS 17, and measurements that have some similarities to fair value but are not fair value, such as value in use in IAS 36. In addition, for financial reporting purposes, fair value measurements are categorised into Level 1, 2 or 3 based on the degree to which inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety, which are described as follows: · Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at measurement date; · Level 2 inputs are inputs, other than quoted prices included within Level 1, that are observable for that asset or liability, either directly or indirectly; and · Level 3 inputs are unobservable inputs for the asset or liability. As disclosed above, the fair value of financial instruments traded in active markets, Level 1 in the hierarchy noted above, such as available-for-sale securities, is based on quoted market prices at the reporting date. The quoted market price used for financial assets held by the Group is the current bid price; the appropriate quoted market price for financial liabilities is the current ask price. The nominal value less estimated credit adjustments of trade receivables and payables are assumed to approximate their fair values. The fair value of financial liabilities for disclosure purposes is estimated by discounting the future contractual cash flows at the current market interest rate that is available to the Group for similar financial instruments. |
Issued and Unissued Capital | (u) Issued and Unissued Capital Ordinary Shares are classified as equity. Issued and paid up capital is recognised at the fair value of the consideration received by the Company. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. |
Foreign Currencies | (v) Foreign Currencies (i) Functional and presentation currency The functional currency of each of the Group's entities is measured using the currency of the primary economic environment in which that entity operates. The consolidated financial statements are presented in United States dollars which is the Company's functional and presentation currency. (ii) Transactions and balances Foreign currency transactions are translated into functional currency using the exchange rates prevailing at the date of the transaction. Foreign currency monetary items are translated at the year-end exchange rate. Non-monetary items measured at historical cost continue to be carried at the exchange rate at the date of the transaction. Non-monetary items measured at fair value are reported at the exchange rate at the date when fair values were determined. Exchange differences arising on the translation of monetary items are recognised in the Statement Profit or Loss and other Comprehensive Income, except where deferred in equity as a qualifying cash flow or net investment hedge. Exchange differences arising on the translation of non-monetary items are recognised directly in equity to the extent that the gain or loss is directly recognised in equity, otherwise the exchange difference is recognised in the other Comprehensive Income. (iii) Group companies The financial results and position of foreign operations whose functional currency is different from the Group's presentation currency are translated as follows: · assets and liabilities are translated at year-end exchange rates prevailing at that reporting date; · income and expenses are translated at average exchange rates for the period; and · items of equity are translated at the historical exchange rates prevailing at the date of the transaction. Exchange differences arising on translation of foreign operations are transferred directly to the group's foreign currency translation reserve in the statement of financial position. These differences are recognised in the Statement of Profit or Loss and other Comprehensive Income in the period in which the operation is disposed. |
Share-Based Payments | (w) Share-Based Payments Equity-settled share-based payments are provided to officers, employees, consultants and other advisors. These share-based payments are measured at the fair value of the equity instrument at the grant date. Fair value is determined using the Binomial option pricing model. Further details on how the fair value of equity-settled share based payments has been determined can be found in Note 19. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the Company's estimate of equity instruments that will eventually vest. At each reporting date, the Company revises its estimate of the number of equity instruments expected to vest. The impact of the revision of the original estimates, if any, is recognised in profit or loss over the remaining vesting period, with a corresponding adjustment to the share based payments reserve. Equity-settled share-based payments may also be provided as consideration for the acquisition of assets. Where Ordinary Shares are issued, the transaction is recorded at fair value based on the quoted price of the Ordinary Shares at the date of issue. The acquisition is then recorded as an asset or expensed in accordance with accounting standards. |
Mine rehabilitation | (x) Mine rehabilitation Mine rehabilitation costs include the dismantling and removal of mining plant, equipment and building structures, waste removal and rehabilitation of the site in accordance with the requirements of the mining permits. Such costs are determined using estimates of future costs, current legal requirements and technology. Mine rehabilitation costs are recognised in full at present value as a non-current liability. An equivalent amount is capitalised as part of the cost of the asset when an obligation arises to decommission or restore a site to a certain condition after abandonment as a result of bringing the assets to its present location. The capitalised cost is amortised over the life of the project and the provision is accreted periodically as the discounting of the liability unwinds. The unwinding of the discount is recorded as a finance cost. Any changes in the estimates for the costs or other assumptions against the cost of relevant assets are accounted for on a prospective basis. In determining the costs of site restoration there is uncertainty regarding the nature and extent of the restoration due to community expectations and future legislation. |
Use and Revision of Accounting Estimates, Judgements and Assumptions | (y) Use and Revision of Accounting Estimates, Judgements and Assumptions The preparation of the financial report requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. In particular, information about significant areas of estimation uncertainty and critical judgements in applying accounting policies that have the most significant effect on the amount recognised in the financial statements are described in the following notes: § Share-based payments (Note 19) § Provision for mine rehabilitation (Note 13) |
STATEMENT OF SIGNIFICANT ACCO_3
STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
International Financial Reporting Standards and Interpretations | International Financial Reporting Standards and Interpretations that have recently been issued or amended but are not yet effective have not been adopted by the Group for the annual reporting period ended June 30, 2018. Those which may be relevant to the Group are set out in the table below. Standard or Interpretation Application Date of Standard Application Date for Group IFRS 9 Financial Instruments January 1, 2018 July 1, 2018 IFRS 15 Revenue from Contracts with Customers January 1, 2018 July 1, 2018 Amendments to IFRS 2 Share-based Payments – January 1, 2018 July 1, 2018 IFRIC 22 Foreign Currency Transactions and Advance Consideration January 1, 2018 July 1, 2018 IFRS 16 Leases January 1, 2019 July 1, 2019 |
Balances of Financial Assets and Liabilities | Balances of financial assets and liabilities as at June 30, 2018 are as set out below: 2018 US $000 Financial Assets Cash and cash equivalents 22,623 Trade and other receivables 78 Other non-current financial assets 1,102 23,803 Financial Liabilities Trade and other payables 9,892 9,892 |
Depreciation and Amortisation on Property, Plant and Equipment | Depreciation is provided on a straight-line basis on all property, plant and equipment. 2018 2017 2016 Major depreciation and amortisation periods are: Land and buildings 25 years 25 years 25 years Plant and equipment 2 – 10 years 2 – 10 years 2 – 10 years Mine development properties Unit of production (a) Unit of production (a) Unit of production (a) (a) Mine development properties are amortised over the life of the reserves associated with the area of interest once mining operations have commenced, i.e. once commercial production has commenced. The Buck Creek Complex was not in commercial production during the year ended June 30, 2018, 2017 or 2016, and consequently no unit of production amortisation arose in these reporting periods |
OTHER INCOME AND EXPENSES (Tabl
OTHER INCOME AND EXPENSES (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
OTHER INCOME AND EXPENSES [Abstract] | |
Other Income and Expenses | Note 2018 US $000 2017 US $000 2016 US $000 Other income and expenses Net foreign exchange gain/(loss) 56 (63 ) - Royalty income - - 4 Loss on disposal of plant and equipment - - (28 ) Total other income included in profit or loss 56 (63 ) (24 ) Depreciation and impairment Depreciation of plant and equipment 7 (13 ) (21 ) (30 ) Impairment of exploration and evaluation assets 8 - (520 ) - Total depreciation and impairment included in profit or loss (13 ) (541 ) (30 ) Employment expenses Salaries and wages (2,141 ) (1,582 ) (1,696 ) Defined contribution plans (58 ) (64 ) (51 ) Termination benefits (23 ) (2 ) (4 ) Travel expenses (161 ) (400 ) (267 ) Other employee expenses (575 ) (289 ) (227 ) Employment expenses included in profit or loss (2,958 ) (2,337 ) (2,245 ) Share-based payment expenses included in profit or loss (2,298 ) (674 ) (507 ) Total employment expenses included in profit or loss (5,256 ) (3,011 ) (2,752 ) |
INCOME TAX (Tables)
INCOME TAX (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
INCOME TAX [Abstract] | |
Income Tax | 2018 US $000 2017 US $000 2016 US $000 Recognised in profit or loss Current income tax: Current income tax benefit in respect of the current year - - - Deferred income tax: Origination and reversal of temporary differences - - - Income tax expense reported in profit or loss - - - Reconciliation between tax expense and accounting loss before income tax Accounting loss before income tax (7,115 ) (5,955 ) (4,481 ) At the domestic income tax rate of 27.5% (2017: 27.5%) (1,957 ) (1,638 ) (1,344 ) Effect of decrease in Australian income tax rate - 63 - Effect of higher tax rates in the United States (284 ) (297 ) (169 ) Expenditure not allowable for income tax purposes 844 263 250 Income not assessable for income tax purposes (15 ) - - Adjustments in respect of deferred income tax of previous years (416 ) (95 ) 417 Effect of deferred tax assets not brought to account 1,828 1,704 846 Income tax expense reported in profit or loss - - - Deferred Tax Assets and Liabilities Deferred Tax Liabilities: Accrued income 7 8 - Property, plant and equipment 361 - - Deferred tax assets used to offset deferred tax liabilities (368 ) (8 ) - - - - Deferred Tax Assets: Accrued expenditure 50 15 6 Capital allowances 934 860 643 Provisions 369 6 - Tax losses available to offset against future taxable income 6,373 4,657 3,096 Deferred tax assets used to offset deferred tax liabilities (368 ) (8 ) - Deferred tax assets not brought to account 1 (7,358 ) (5,530 ) (3,745 ) - - - Notes: 1 The benefit of deferred tax assets not brought to account will only be brought to account if: (a) future assessable income is derived of a nature and of an amount sufficient to enable the benefit to be realised; (b) the conditions for deductibility imposed by tax legislation continue to be complied with; and (c) no changes in tax legislation adversely affect the Group in realising the benefit. The Group will assess the recoverability of the unrecognised deferred tax assets as construction and ultimately commissioning of the Poplar Grove Mine occurs. Construction is expected to continue throughout the 2018 calendar year with commissioning expected to occur in the 2019 calendar year. 2 The Company and its wholly-owned Australian resident entities have formed a tax consolidated group from 16 October 2013 and are therefore taxed as a single entity from that date. The head entity within the Australian tax consolidated group is Paringa Resources Limited. |
CASH AND CASH EQUIVALENTS (Tabl
CASH AND CASH EQUIVALENTS (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
CASH AND CASH EQUIVALENTS [Abstract] | |
Cash And Cash Equivalents | Note 2018 US $000 2017 US $000 2016 US $000 Cash at bank and on hand 22,623 34,802 303 Deposits at call - - - 22,623 34,802 303 (a) Reconciliation of loss before income tax to net cash flows from operations Net loss for the year (7,115 ) (5,955 ) (4,481 ) Adjustment for non-cash income and expense items: Depreciation of plant and equipment 7 13 21 30 Impairment of exploration and evaluation assets 8 - 520 - Loss on disposal of plant and equipment 2 - - 28 Provision for employee entitlements 5 17 (1 ) Share based payment expense 20 2,298 674 507 Net foreign exchange differences (56 ) 251 - Change in operating assets and liabilities: (Increase)/decrease in trade and other receivables 187 (667 ) 90 Increase/(decrease) in trade and other payables 536 149 (11 ) Net cash outflow from operating activities (4,132 ) (4,990 ) (3,838 ) |
TRADE AND OTHER RECEIVABLES (Ta
TRADE AND OTHER RECEIVABLES (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
TRADE AND OTHER RECEIVABLES [Abstract] | |
Trade and Other Receivables | 2018 US $000 2017 US $000 Accrued interest 24 29 GST receivable 39 198 Prepayments 10 33 Other receivables 5 5 78 265 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
PROPERTY, PLANT AND EQUIPMENT [Abstract] | |
Property, Plant and Equipment | Mine development properties US$000 Mine plant and equipment US$000 Other plant and equipment US$000 Total US$000 2018 Net book value at July 1, 2017 25,969 - 99 26,068 Additions 16,127 16,883 - 33,010 Depreciation charges 1 - - (13 ) (13 ) Net book value at June 30, 2018 42,096 16,883 86 59,065 - at cost 42,096 16,883 204 59,183 - accumulated depreciation and impairment - (118 ) (118 ) 2017 Net book value at July 1, 2016 - - 120 120 Transfer from exploration and evaluation assets 2 15,336 - - 15,336 Additions 4,633 - - 4,633 Amended acquisition consideration 3 6,000 - - 6,000 Depreciation charges 1 - - (21 ) (21 ) Net book value at June 30, 2017 25,969 - 99 26,068 - at cost 25,969 - 204 26,173 - accumulated depreciation and impairment - - (105 ) (105 ) 2016 Net book value at July 1, 2015 - - 145 145 Additions - - 52 52 Disposals - - (47 ) (47 ) Depreciation charges - - (30 ) (30 ) Net book value at June 30, 2016 - - 120 120 - at cost - - 196 196 - accumulated depreciation and impairment - - (76 ) (76 ) Notes: 1 No depreciation is recognised in respect of ‘mine development properties’ or ‘mine plant and equipment’ until mining operations have commenced. The associated assets were not available for intended use at June 30, 2018. 2 During the 2017 financial year, the Group made a decision to proceed with development of the Poplar Grove Mine, located within the Buck Creek Complex. Accumulated exploration and evaluation expenditure in respect of the Buck Creek Complex was transferred to ‘mine development properties’ and ‘advance royalties’ (as appropriate). 3 During the 2017 financial year, the Group amended the terms of the final vendor payment required as part of the Company’s original acquisition of the Buck Creek coal leases in 2012 (“Acquisition”). The Acquisition previously required the Company to pay a final vendor payment of US$12 million (“Final Payment”) to complete the acquisition. The Final Payment was reduced to US$6 million. No liability was previously recorded for the US$12 million payment, as this was to be paid at the Group’s option only if it elected to complete the transaction. The US$6 million Final Payment was recorded as a liability with a corresponding increase to ‘mine development properties’. During the 2017 financial year, the Group paid the first instalment of the Final Payment, being US$2.25 million, and the final instalment of US$3.75 million has was paid during the 2018 financial year (refer Note 12). |
EXPLORATION AND EVALUATION AS_2
EXPLORATION AND EVALUATION ASSETS (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
EXPLORATION AND EVALUATION ASSETS [Abstract] | |
Exploration and Evaluation Assets | Buck Creek Complex US$000 Arkoma Coal Project US$000 Total US$000 2018 Net book value at July 1, 2017 - - - Net book value at June 30, 2018 - - - 2017 Net book value at July 1, 2016 17,037 507 17,544 Additions 329 13 342 Impairment charges 1 - (520 ) (520 ) Transfer to ‘mine development properties’ (15,336 ) - (15,336 ) Transfer to ‘advance royalties’ (2,030 ) - (2,030 ) Net book value at June 30, 2017 2 - - - Notes: 1 During the 2017 financial year, the Group made a decision to impair the accumulated exploration and evaluation expenditures associated with its Arkoma Coal Project on the basis that these costs are unlikely to be recouped through successful development and commercial exploitation. 2 The ultimate recoupment of costs carried forward for exploration and evaluation is dependent on the successful development and commercial exploitation or sale of the respective areas of interest. |
OTHER ASSETS (Tables)
OTHER ASSETS (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
OTHER ASSET [Abstract] | |
Other Assets | 2018 US $000 2017 US $000 Restricted cash (security deposits and bonds) 1,102 446 Advance royalties 1 2,462 2,073 Capitalised borrowing costs 2 2,987 1,525 6,551 4,044 Notes: 1 The Group’s coal leases require the payment of annual minimum advanced royalties prior to the commencement of mining operations and the payment of earned royalties once mining operations commence. The advance royalties paid became recoupable against any earned royalties due under the coal leases on a lease-by-lease basis once the Company determined to move forward with development. 2 Borrowing costs relate to the committed US$21.7 million Project Loan Facility (“PLF”) from Macquarie Bank Limited to develop the Poplar Grove Mine, which have been capitalised during fiscal 2017 and 2018. These costs will be offset against the related borrowing when drawn down. The first US$15 million tranche of the PLF was drawn down subsequent to the end of the 2018 financial year. |
TRADE AND OTHER PAYABLES (Table
TRADE AND OTHER PAYABLES (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
TRADE AND OTHER PAYABLES [Abstract] | |
Trade and Other Payables | 2018 US $000 2017 US $000 Trade creditors 9,837 712 Accrued expenses 55 125 9,892 837 |
PROVISIONS (CURRENT) (Tables)
PROVISIONS (CURRENT) (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
PROVISIONS (CURRENT) [Abstract] | |
Provisions Current | 2018 US $000 2017 US $000 Provision for employee entitlements 22 17 22 17 |
OTHER LIABILITIES (Tables)
OTHER LIABILITIES (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
OTHER LIABILITY [Abstract] | |
Other Liabilities | 2018 US $000 2017 US $000 Deferred consideration payable 1 - 3,750 - 3,750 Notes: 1 As part of the Group’s original acquisition of the Buck Creek coal leases in 2012, a final vendor payment of US$3.75 million was payable by the Group by the earlier of December 31, 2017 or the date on which the Group closes on a debt financing that provides sufficient funds for the development, construction and operation of the Poplar Grove Mine. Refer to Note 7 for further information. |
PROVISIONS (NON-CURRENT) (Table
PROVISIONS (NON-CURRENT) (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
PROVISIONS (NON-CURRENT) [Abstract] | |
Non-current Provisions | 2018 US $000 2017 US $000 Mine rehabilitation 1,313 - 1,313 - Notes: 1 The Group commenced construction of the Poplar Grove Mine during fiscal 2018, which has resulted in the creation of a rehabilitation obligation. The Group will assess its mine rehabilitation provision as development activities progress, and subsequently on at least an annual basis, or where evidence exists that the provision should be reviewed. Significant judgement is required in determining the provision for mine rehabilitation and closure as there are many factors that will affect the ultimate liability payable to rehabilitate the mine site, including future disturbances caused by further development, changes in technology, changes in regulations, price increases, changes in timing of cash flows which are based on life of mine plans and changes in discount rates. When these factors change or become known in the future, such differences will impact the mine rehabilitation provision in the period in which the change becomes known. Accretion of the provision will commence when development has been completed. |
CONTRIBUTED EQUITY (Tables)
CONTRIBUTED EQUITY (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
CONTRIBUTED EQUITY [Abstract] | |
Issued Capital | Note 2018 US$000 2017 US$000 Issued capital 454,386,181 fully paid ordinary shares (June 30, 2017: 316,425,699) 14(a ) 102,278 81,194 102,278 81,194 Notes: 1 Ordinary shares have no par value and the company does not have a limited amount of authorised capital. (a) Movements in issued capital Thousands of Shares US$000 2018 Opening balance at July 1, 2017 316,426 81,194 Institutional placement (May 2018) 31,818 5,275 Institutional entitlement offer (May 2018) 55,593 9,215 Retail entitlement offer (June 2018) 50,049 8,188 Share issue costs - (1,714 ) Exercise of employee options and placement options 500 120 Closing balance at June 30, 2018 454,386 102,278 2017 Opening balance at July 1, 2016 154,899 32,833 Share placement (August 2016) 38,200 4,903 Share placement (December 2016) 19,248 5,951 Share placement (April – June 2017) 101,923 39,810 Share issue costs - (2,941 ) Exercise of employee options and placement options 2,156 638 Closing balance at June 30, 2017 316,426 81,194 |
RESERVES (Tables)
RESERVES (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
RESERVES [Abstract] | |
Reserves | Note 2018 US$000 2017 US$000 2016 US$000 Share-based payments reserve 15(b ) 5,356 2,810 1,151 Foreign currency translation reserve (2,353 ) (2,353 ) (2,540 ) 3,003 457 (1,389 ) |
Movements in Share-based Payments Reserve | Thousands of Options Thousands of Rights US$000 2018 Opening balance at July 1, 2017 7,694 16,410 2,810 Grant of employee rights - 1,650 - Grant of underwriter options 6,000 - 248 Exercise of employee options (500 ) - - Forfeiture/lapse of employee options (1,250 ) (4,430 ) - Share based payments expense - - 2,298 Closing balance at June 30, 2018 2 11,944 13,630 5,356 2017 Opening balance at July 1, 2016 4,400 5,924 1,151 Grant of employee options and employee rights 1,000 16,410 - Grant of lender options 1 4,444 - 1,254 Exercise of employee options (2,150 ) - (269 ) Forfeiture of employee rights - (5,924 ) - Share based payments expense - - 674 Closing balance at June 30, 2017 2 7,694 16,410 2,810 2016 Opening balance at July 1, 2015 3,900 8,346 888 Grant of employee options 500 - - Conversion of employee rights - (1,082 ) (244 ) Forfeiture and lapse of employee rights - (1,340 ) - Share based payments expense - - 507 Closing balance at June 30, 2016 2 4,400 5,924 1,151 Notes: 1 During the 2017 financial year, the Company issued 4,444,444 lender options (with an exercise price of A$0.66 and expiring 4 years from their date of issue) to Macquarie Bank Limited in consideration for an offer to provide a five-year US$21.7 million Project Loan Facility (“PLF”) to develop the Poplar Grove Mine. Subsequent to the end of the 2018 financial year, the Company issued a further 4,444,444 options to Macquarie (with an exercise price of A$0.34 and expiring 4 years from their date of issue) following drawdown of the first US$15 million tranche of the PLF. 2 At June 30, 2018, the Company also had on issue 7,494,000 (2017: 7,494,000) placement options exercisable at $0.50 each on or before July 31, 2018 and nil (2017: 1,500,000) placement options exercisable at $0.45 each on or before June 30, 2018 which are not considered share-based payments under IFRS 2 as they were issued as part of a share placement. Any value related to these placement options is included within contributed equity as part of the related placement value. |
ACCUMULATED LOSSES (Tables)
ACCUMULATED LOSSES (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
ACCUMULATED LOSSES [Abstract] | |
Accumulated losses | 2018 US $000 2017 US $000 Balance at July 1 (21,076 ) (15,121 ) Net loss for the year attributable to members of Paringa Resources Limited (7,115 ) (5,955 ) Balance at June 30 (28,191 ) (21,076 ) |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
EARNINGS PER SHARE [Abstract] | |
Earnings Per Share Basic And Diluted | The following reflects the income and share data used in the calculations of basic and diluted earnings per share: 2018 US $000 2017 US $000 2016 US $000 Net loss attributable to members of the Parent Entity used in calculating basic and diluted earnings per share (7,115 ) (5,955 ) (4,481 ) 2018 Thousands of Shares 2017 Thousands of Shares 2016 Thousands of Shares Weighted average number of Ordinary Shares used in calculating basic and diluted loss per share 326,101 213,376 153,123 |
RELATED PARTIES (Tables)
RELATED PARTIES (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
RELATED PARTIES [Abstract] | |
Subsidiaries | Name Country of Incorporation % Equity Interest 2018 2017 2016 Hartshorne Coal Mining Pty Ltd Australia 100 100 100 HCM Resources Pty Ltd Australia 100 100 100 Hartshorne Holdings LLC USA 100 100 100 Hartshorne Mining Group LLC USA 100 100 100 Hartshorne Mining LLC USA 100 100 100 Hartshorne Land LLC USA 100 100 100 HCM Operations LLC USA 100 100 100 |
Aggregate Compensation made to Key Management Personnel | The aggregate compensation made to Key Management Personnel of the Group is set out below: 2018 US $000 2017 US $000 2016 US $000 Short-term employee benefits 1,459 1,276 1,337 Post-employment benefits 36 50 35 Termination benefits 5 2 - Share-based payments 1,950 741 469 Total compensation 3,450 2,069 1,841 |
SHARE-BASED PAYMENTS (Tables)
SHARE-BASED PAYMENTS (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
SHARE-BASED PAYMENTS [Abstract] | |
Expenses Arising from Share-based Payments | During the past three years, the following expenses arising from share-based payments have been recognised: 2018 US $000 2017 US $000 2016 US $000 Expense arising from equity-settled share-based payment transactions 2,298 674 507 |
Number and Weighted Average Exercise Prices of Options and Rights | The following table illustrates the number and weighted average exercise prices (“WAEP”) of options and rights granted as share-based payments at the beginning and end of the financial year: 2018 Thousands of Options and Rights 2018 WAEP A$ 2017 Thousands of Options and Rights 2017 WAEP A$ 2016 Thousands of Options and Rights 2016 WAEP A$ Outstanding at beginning of year 24,104 $ 0.17 10,324 $ 0.12 12,246 $ 0.11 Granted during the year 7,650 $ 0.26 21,854 $ 0.15 500 $ 0.50 Forfeited and lapsed during the year (5,680 ) $ 0.07 (5,924 ) - (1,340 ) - Exercised/converted during the year (500 ) $ 0.30 (2,150 ) $ 0.23 (1,082 ) - Outstanding at end of year 1 25,574 $ 0.22 24,104 $ 0.17 10,324 $ 0.12 Notes: 1 At June 30, 2018, the Company also had on issue 7,494,000 placement options exercisable at $0.50 each on or before July 31, 2018 which are not considered share-based payments under IFRS 2 as they were issued as part of a share placement. |
Options and Rights Granted | The following options and rights were granted as share-based payments during the past three years: Series Security Type Number Grant Date Expiry Date Exercise Price $ Grant Date Fair Value $ 2018 Series 1 Rights 50,000 23-May-17 31-Dec-18 - $ A0.456 Series 2 Rights 100,000 23-May-17 31-Dec-19 - $ A0.456 Series 3 Rights 400,000 23-May-17 31-Dec-20 - $ A0.456 Series 4 Rights 100,000 5-Jun-17 31-Dec-20 - $ A0.413 Series 5 Rights 200,000 16-Oct-17 31-Dec-19 - $ A0.359 Series 6 Rights 500,000 16-Oct-17 31-Dec-20 - $ A0.359 Series 7 Rights 100,000 11-Dec-17 31-Dec-19 - $ A0.351 Series 8 Rights 200,000 11-Dec-17 31-Dec-20 - $ A0.351 Series 9 Options 6,000,000 26-Jun-18 30-Jun-21 $ A0.33 $ A0.056 2017 Series 10 Options 1,000,000 25-Jan-17 31-Dec-18 $ A0.45 $ A0.239 Series 11 Options 4,444,444 05-Apr-17 05-Apr-21 $ A0.66 $ A0.376 Series 12 Rights 3,070,000 21-Dec-16 31-Dec-19 - $ A0.448 Series 13 Rights 3,695,000 25-Jan-17 31-Dec-18 - $ A0.523 Series 14 Rights 1,275,000 25-Jan-17 31-Dec-19 - $ A0.523 Series 15 Rights 4,870,000 25-Jan-17 31-Dec-20 - $ A0.523 Series 16 Rights 1,500,000 19-Jun-17 31-Dec-19 - $ A0.447 Series 17 Rights 2,000,000 19-Jun-17 31-Dec-20 - $ A0.447 2016 Series 18 Options 500,000 22-Dec-15 31-Dec-18 $ A0.50 $ A0.087 |
Option and Performance Share Right Pricing Model | The table below lists the inputs to the valuation model used for share options and performance share rights granted by the Group during the last three years: Inputs Series 1 Series 2 Series 3 Series 4 Series 5 Series 6 Series 7 Series 8 Series 9 Exercise price - - - - - - - - $ A0.33 Grant date share price $ A0.48 $ A0.48 $ A0.48 $ A0.385 $ A0.385 $ A0.385 $ A0.37 $ A0.37 $ A0.19 Dividend yield 1 - - - - - - - - - Volatility 2 - - - - - - - - 65 % Risk-free interest rate - - - - - - - - 2.10 % Grant date 23-May-17 23-May-17 23-May-17 5-Jun-17 16-Oct-17 16-Oct-17 11-Dec-17 11-Dec-17 26-Jun-18 Issue date 23-May-17 23-May-17 23-May-17 5-Jun-17 16-Oct-17 16-Oct-17 11-Dec-17 11-Dec-17 26-Jun-18 Expiry date 31-Dec-18 31-Dec-19 31-Dec-20 31-Dec-20 31-Dec-19 31-Dec-20 31-Dec-19 31-Dec-20 30-Jun-21 Expected life (years) 3 1.61 2.61 3.61 3.58 2.21 3.21 2.05 3.06 3.01 Fair value at grant date $ A0.456 $ A0.456 $ A0.456 $ A0.413 $ A0.359 $ A0.359 $ A0.351 $ A0.351 $ A0.056 Inputs Series 10 Series 11 Series 12 Series 13 Series 14 Series 15 Series 16 Series 17 Series 18 Exercise price $ A0.45 $ A0.66 - - - - - - $ A0.50 Grant date share price $ A0.51 $ A0.64 $ A0.45 $ A0.51 $ A0.51 $ A0.51 $ A0.44 $ A0.44 $ A0.26 Dividend yield 1 - - - - - - - - - Volatility 2 80 % 80 % - - - - - - 75 % Risk-free interest rate 1.81 % 2.14 % - - - - - - 2.03 % Grant date 25-Jan-17 5-Apr-17 21-Dec-16 25-Jan-17 25-Jan-17 25-Jan-17 19-Jun-17 19-Jun-17 22-Dec-15 Issue date 25-Jan-17 5-Apr-17 21-Dec-16 25-Jan-17 25-Jan-17 25-Jan-17 19-Jun-17 19-Jun-17 22-Dec-15 Expiry date 31-Dec-18 5-Apr-21 31-Dec-19 31-Dec-18 31-Dec-19 31-Dec-20 31-Dec-19 31-Dec-20 31-Dec-18 Expected life (years) 3 1.93 4.00 3.03 1.93 2.93 3.93 2.53 3.54 3.03 Fair value at grant date $ A0.239 $ A0.376 $ A0.448 $ A0.523 $ A0.523 $ A0.523 $ A0.447 $ A0.447 $ A0.087 Notes: 1 The dividend yield reflects the assumption that the current dividend payout will remain unchanged. 2 The expected volatility reflects the assumption that the historical volatility is indicative of future trends, which may not necessarily be the actual outcome. 3 The expected life of the options and rights is based on the expiry date of the options or rights. |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
SEGMENT INFORMATION [Abstract] | |
Reconciliation of Non-current Assets by Geographical Location | 2018 US $000 2017 US $000 United States of America 65,616 30,112 65,616 30,112 |
FINANCIAL RISK MANAGEMENT OBJ_2
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES [Abstract] | |
Credit Risk | There are no significant concentrations of credit risk within the Group. The carrying amount of the Group's financial assets represents the maximum credit risk exposure, as represented below: 2018 US $000 2017 US $000 Cash and cash equivalents 22,623 34,802 Trade and other receivables 78 265 Other non-current financial assets 1,102 446 23,803 35,513 |
Contractual Maturities of Financial Liabilities | The contractual maturities of financial liabilities, including estimated interest payments, are provided below. There are no netting arrangements in respect of financial liabilities. ≤6 Months US$000 6-12 Months US$000 1-5 Years US$000 ≥5 Years US$000 Total US$000 2018 Group Financial Liabilities Trade and other payables 9,892 - - - 9,892 Other current financial liabilities - - - - - 9,892 - - - 9,892 2017 Group Financial Liabilities Trade and other payables 837 - - - 837 Other current financial liabilities 3,750 - - - 3,750 4,587 - - - 4,587 |
Interest-Bearing Financial Instruments | At the reporting date, the interest rate profile of the Group's interest-bearing financial instruments was: 2018 US$000 2017 US$000 Interest-bearing financial instruments Cash at bank and on hand 22,623 34,802 22,623 34,802 |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Financial Instruments Denominated in Foreign Currencies | At the reporting date, the Group’s exposure to financial instruments denominated in foreign currencies was: Exposure to A$ 2018 A$ exposure US$000 2017 A$ exposure US$000 Financial assets Cash and cash equivalents 2,072 1,713 Other current financial assets 42 201 Financial liabilities Trade and other payables (479 ) (245 ) Net exposure 1,635 1,669 |
Interest Rate Risk [Member] | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Sensitivity Analysis | A sensitivity of 1% (100 basis points) has been selected as this is considered reasonable given the current level of both short term and long-term interest rates. A 1% (100 basis points) movement in interest rates at the reporting date would have increased/(decreased) profit or loss by the amounts shown below. This analysis assumes that all other variables, in particular foreign currency rates, remain constant. The analysis is performed on the same basis for 2017. Profit or loss + 100 basis points - 100 basis points 2018 Group Cash and cash equivalents 187 (187 ) 2017 Group Cash and cash equivalents 348 (345 ) |
Foreign Currency Risk [Member] | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Sensitivity Analysis | At the reporting date, had the A$ appreciated or depreciated against the US$, as illustrated in the table below, profit and loss and equity would have been affected by the amounts shown below. This analysis assumes that all other variables remain constant. Profit or loss Other Comprehensive Income 10% Increase 10% Decrease 10% Increase 10% Decrease 2018 Group 163 (163 ) 163 (163 ) 2017 Group 167 (167 ) 167 (167 ) |
COMMITMENTS (Tables)
COMMITMENTS (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
COMMITMENTS [Abstract] | |
Material Commitments for Consolidated Group | Management have identified the following material commitments for the consolidated group as at June 30, 2018 and June 30, 2017: Payable within 1 year US$000 Payable later than 1 year within 5 years US$000 Total US$000 2018 Operating lease commitments 161 340 501 2017 Operating lease commitments 79 - 79 |
STATEMENT OF SIGNIFICANT ACCO_4
STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES, New standards, interpretations and amendments not yet applied by the Group (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Financial Assets [Abstract] | ||
Financial Assets | $ 23,803 | |
Financial Liabilities [Abstract] | ||
Financial Liabilities | 9,892 | |
Cash and Cash Equivalents [Member] | ||
Financial Assets [Abstract] | ||
Financial Assets | 22,623 | $ 34,802 |
Trade and Other Receivables [Member] | ||
Financial Assets [Abstract] | ||
Financial Assets | 78 | 265 |
Other Non-current Financial Assets [Member] | ||
Financial Assets [Abstract] | ||
Financial Assets | 1,102 | 446 |
Trade and Other Payables [Member] | ||
Financial Liabilities [Abstract] | ||
Financial Liabilities | $ 9,892 | $ 837 |
IFRS 9 Financial Instruments, and relevant amending standards [Member] | ||
New standards and amendments to standards issued but not effected [Abstract] | ||
Standard or Interpretation | IFRS 9 Financial Instruments, and relevant amending standards | |
Application date of standard | Jan. 1, 2018 | |
Application date for group | Jul. 1, 2018 | |
IFRS 15 Revenue from Contracts with Customers, and relevant amending standards [Member] | ||
New standards and amendments to standards issued but not effected [Abstract] | ||
Standard or Interpretation | IFRS 15 Revenue from Contracts with Customers, and relevant amending standards | |
Application date of standard | Jan. 1, 2018 | |
Application date for group | Jul. 1, 2018 | |
Amendments to IFRS 2 Share-based Payments - Classification and Measurement of Share-based Payment Transactions [Member] | ||
New standards and amendments to standards issued but not effected [Abstract] | ||
Standard or Interpretation | Amendments to IFRS 2 Share-based Payments – Classification and Measurement of Share-based Payment Transactions | |
Application date of standard | Jan. 1, 2018 | |
Application date for group | Jul. 1, 2018 | |
IFRIC 22 Foreign Currency Transactions and Advance Consideration [Member] | ||
New standards and amendments to standards issued but not effected [Abstract] | ||
Standard or Interpretation | IFRIC 22 Foreign Currency Transactions and Advance Consideration | |
Application date of standard | Jan. 1, 2018 | |
Application date for group | Jul. 1, 2018 | |
IFRS 16 Leases [Member] | ||
New standards and amendments to standards issued but not effected [Abstract] | ||
Standard or Interpretation | IFRS 16 Leases | |
Application date of standard | Jan. 1, 2019 | |
Application date for group | Jul. 1, 2019 |
STATEMENT OF SIGNIFICANT ACCO_5
STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES, Restatement of comparatives (Details) $ in Thousands | 12 Months Ended |
Jun. 30, 2017USD ($) | |
Buck Creek Complex [Member] | |
Restatement of comparatives [Abstract] | |
Reclassified from property, plant and equipment to advance royalties | $ 2,030 |
STATEMENT OF SIGNIFICANT ACCO_6
STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES, Property, Plant and Equipment (Details) | 12 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | ||
Land and Buildings [Member] | ||||
Major depreciation and amortisation periods are [Abstract] | ||||
Useful lives of depreciation and amortisation period | P25Y | P25Y | P25Y | |
Plant and Equipment [Member] | Bottom of Range [Member] | ||||
Major depreciation and amortisation periods are [Abstract] | ||||
Useful lives of depreciation and amortisation period | P2Y | P2Y | P2Y | |
Plant and Equipment [Member] | Top of Range [Member] | ||||
Major depreciation and amortisation periods are [Abstract] | ||||
Useful lives of depreciation and amortisation period | P10Y | P10Y | P10Y | |
Mining Development Properties [Member] | ||||
Major depreciation and amortisation periods are [Abstract] | ||||
Depreciation method | [1] | Unit of production | Unit of production | Unit of production |
[1] | Mine development properties are amortised over the life of the reserves associated with the area of interest once mining operations have commenced, i.e. once commercial production has commenced. The Buck Creek Complex was not in commercial production during the year ended June 30, 2018 or 2017, and consequently no unit of production amortisation arose in these reporting periods |
STATEMENT OF SIGNIFICANT ACCO_7
STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES, Payables (Details) | 12 Months Ended |
Jun. 30, 2018 | |
STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Settlement period of trade accounts payable | 60 days |
OTHER INCOME AND EXPENSES (Deta
OTHER INCOME AND EXPENSES (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | ||
Other income and expenses [Abstract] | ||||
Net foreign exchange gain/(loss) | $ 56 | $ (63) | $ 0 | |
Royalty income | 0 | 0 | 4 | |
Loss on disposal of plant and equipment | 0 | 0 | (28) | |
Total other income included in profit or loss | 56 | (63) | (24) | |
Depreciation and impairment [Abstract] | ||||
Depreciation of plant and equipment | (13) | (21) | (30) | |
Impairment of exploration and evaluation assets | 0 | (520) | [1] | 0 |
Total depreciation and impairment expenses included in profit or loss | (13) | (541) | (30) | |
Employee expenses [Abstract] | ||||
Salaries and wages | (2,141) | (1,582) | (1,696) | |
Defined contribution plans | (58) | (64) | (51) | |
Termination benefits | (23) | (2) | (4) | |
Travel expenses | (161) | (400) | (267) | |
Other employee expenses | (575) | (289) | (227) | |
Employment expenses included in profit or loss | (2,958) | (2,337) | (2,245) | |
Share-based payment expenses included in profit or loss | (2,298) | (674) | (507) | |
Total employment expenses included in profit or loss | $ (5,256) | $ (3,011) | $ (2,752) | |
[1] | During the 2017 financial year, the Group made a decision to impair the accumulated exploration and evaluation expenditures associated with its Arkoma Coal Project on the basis that these costs are unlikely to be recouped through successful development and commercial exploitation. |
INCOME TAX (Details)
INCOME TAX (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | ||
Current income tax [Abstract] | ||||
Current income tax benefit in respect of the current year | $ 0 | $ 0 | $ 0 | |
Deferred income tax [Abstract] | ||||
Origination and reversal of temporary differences | 0 | 0 | 0 | |
Income tax expense reported in profit or loss | 0 | 0 | 0 | |
Reconciliation between tax expense and accounting loss before income tax [Abstract] | ||||
Accounting loss before income tax | (7,115) | (5,955) | (4,481) | |
At the domestic income tax rate of 27.5% (2017: 27.5%) | (1,957) | (1,638) | (1,344) | |
Effect of decrease in Australian income tax rate | 0 | 63 | 0 | |
Effect of higher tax rates in the United States | (284) | (297) | (169) | |
Expenditure not allowable for income tax purposes | 844 | 263 | 250 | |
Income not assessable for income tax purposes | (15) | 0 | 0 | |
Adjustments in respect of deferred income tax of previous years | (416) | (95) | 417 | |
Effect of deferred tax assets not brought to account | 1,828 | 1,704 | 846 | |
Income tax expense reported in profit or loss | $ 0 | $ 0 | 0 | |
Domestic income tax rate | 27.50% | 27.50% | ||
Deferred Tax Liabilities [Abstract] | ||||
Deferred tax assets used to offset deferred tax liabilities | $ (368) | $ (8) | 0 | |
Deferred tax liability (asset) | 0 | 0 | 0 | |
Deferred Tax Assets [Abstract] | ||||
Deferred tax assets | 6,373 | 4,657 | 3,096 | |
Deferred tax assets used to offset deferred tax liabilities | (368) | (8) | 0 | |
Deferred tax assets not brought to account | [1] | (7,358) | (5,530) | (3,745) |
Deferred tax liability (asset) | 0 | 0 | 0 | |
Accrued Income [Member] | ||||
Deferred Tax Liabilities [Abstract] | ||||
Deferred tax liabilities | 7 | 8 | 0 | |
Property, Plant and Equipment [Member] | ||||
Deferred Tax Liabilities [Abstract] | ||||
Deferred tax liabilities | 361 | 0 | 0 | |
Accrued Expenditure [Member] | ||||
Deferred Tax Assets [Abstract] | ||||
Deferred tax assets | 50 | 15 | 6 | |
Capital Allowances [Member] | ||||
Deferred Tax Assets [Abstract] | ||||
Deferred tax assets | 934 | 860 | 643 | |
Provision [Member] | ||||
Deferred Tax Assets [Abstract] | ||||
Deferred tax assets | $ 369 | $ 6 | $ 0 | |
[1] | The benefit of deferred tax assets not brought to account will only be brought to account if: (a) future assessable income is derived of a nature and of an amount sufficient to enable the benefit to be realised; (b) the conditions for deductibility imposed by tax legislation continue to be complied with; and (c) no changes in tax legislation adversely affect the Group in realising the benefit. The Group will assess the recoverability of the unrecognised deferred tax assets as construction and ultimately commissioning of the Poplar Grove Mine occurs. Construction is expected to continue throughout the 2018 calendar year with commissioning expected to occur in the 2019 calendar year. |
DIVIDENDS PAID OR PROVIDED FO_2
DIVIDENDS PAID OR PROVIDED FOR ON ORDINARY SHARES (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
DIVIDENDS PAID OR PROVIDED FOR ON ORDINARY SHARES [Abstract] | |||
Dividends paid | $ 0 | $ 0 | $ 0 |
Dividends proposed | $ 0 |
CASH AND CASH EQUIVALENTS (Deta
CASH AND CASH EQUIVALENTS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | ||
CASH AND CASH EQUIVALENTS [Abstract] | |||||
Cash at bank and on hand | $ 22,623 | $ 34,802 | $ 303 | ||
Deposits at call | 0 | 0 | 0 | ||
Cash and cash equivalents | 22,623 | 34,802 | 303 | $ 1,611 | |
Reconciliation of loss before income tax to net cash flows from operations [Abstract] | |||||
Net loss for the year | (7,115) | (5,955) | (4,481) | ||
Adjustment for non-cash income and expense items [Abstract] | |||||
Depreciation of plant and equipment | 13 | 21 | 30 | ||
Impairment of exploration and evaluation assets | 0 | 520 | [1] | 0 | |
Loss on disposal of plant and equipment | 0 | 0 | 28 | ||
Provision for employee entitlements | 5 | 17 | (1) | ||
Share based payment expense | 2,298 | 674 | 507 | ||
Net foreign exchange differences | (56) | 251 | 0 | ||
Change in operating assets and liabilities [Abstract] | |||||
(Increase)/decrease in trade and other receivables | 187 | (667) | 90 | ||
Increase/(decrease) in trade and other payables | 536 | 149 | (11) | ||
Net cash outflow from operating activities | $ (4,132) | $ (4,990) | $ (3,838) | ||
[1] | During the 2017 financial year, the Group made a decision to impair the accumulated exploration and evaluation expenditures associated with its Arkoma Coal Project on the basis that these costs are unlikely to be recouped through successful development and commercial exploitation. |
TRADE AND OTHER RECEIVABLES (De
TRADE AND OTHER RECEIVABLES (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
TRADE AND OTHER RECEIVABLES [Abstract] | ||
Accrued interest | $ 24 | $ 29 |
GST receivable | 39 | 198 |
Prepayments | 10 | 33 |
Other receivables | 5 | 5 |
Trade and other receivables | $ 78 | $ 265 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | ||||
Reconciliation of changes in property, plant and equipment [Abstract] | ||||||
Net book value, beginning balance | $ 26,068 | $ 120 | $ 145 | |||
Transfer from exploration and evaluation assets | [1] | 15,336 | ||||
Additions | 33,010 | 4,633 | 52 | |||
Disposals | (47) | |||||
Amended acquisition consideration | [2] | 6,000 | ||||
Depreciation charges | (13) | (21) | (30) | |||
Net book value, ending balance | 59,065 | 26,068 | 120 | |||
Liability recorded | 0 | 0 | ||||
Remaining payment recognized as liability | 0 | 3,750 | ||||
Buck Creek Complex [Member] | ||||||
Reconciliation of changes in property, plant and equipment [Abstract] | ||||||
Final vendor payment | 6,000 | 12,000 | ||||
Liability recorded | 0 | |||||
Installment payment | 2,250 | |||||
Remaining payment recognized as liability | 3,750 | |||||
At Cost [Member] | ||||||
Reconciliation of changes in property, plant and equipment [Abstract] | ||||||
Net book value, beginning balance | 26,173 | 196 | ||||
Net book value, ending balance | 59,183 | 26,173 | 196 | |||
Accumulated Depreciation and Impairment [Member] | ||||||
Reconciliation of changes in property, plant and equipment [Abstract] | ||||||
Net book value, beginning balance | (105) | (76) | ||||
Net book value, ending balance | (118) | (105) | (76) | |||
Mine Development Properties [Member] | ||||||
Reconciliation of changes in property, plant and equipment [Abstract] | ||||||
Net book value, beginning balance | 25,969 | 0 | 0 | |||
Transfer from exploration and evaluation assets | [1] | 15,336 | ||||
Additions | 16,127 | 4,633 | 0 | |||
Disposals | 0 | |||||
Amended acquisition consideration | [2] | 6,000 | ||||
Depreciation charges | 0 | [3] | 0 | [3] | 0 | |
Net book value, ending balance | 42,096 | 25,969 | 0 | |||
Mine Development Properties [Member] | At Cost [Member] | ||||||
Reconciliation of changes in property, plant and equipment [Abstract] | ||||||
Net book value, beginning balance | 25,969 | 0 | ||||
Net book value, ending balance | 42,096 | 25,969 | 0 | |||
Mine Development Properties [Member] | Accumulated Depreciation and Impairment [Member] | ||||||
Reconciliation of changes in property, plant and equipment [Abstract] | ||||||
Net book value, beginning balance | 0 | 0 | ||||
Net book value, ending balance | 0 | 0 | ||||
Mine Plant and Equipment [Member] | ||||||
Reconciliation of changes in property, plant and equipment [Abstract] | ||||||
Net book value, beginning balance | 0 | 0 | 0 | |||
Transfer from exploration and evaluation assets | [1] | 0 | ||||
Additions | 16,883 | 0 | 0 | |||
Disposals | 0 | |||||
Amended acquisition consideration | [2] | 0 | ||||
Depreciation charges | 0 | [3] | 0 | [3] | 0 | |
Net book value, ending balance | 16,883 | 0 | 0 | |||
Mine Plant and Equipment [Member] | At Cost [Member] | ||||||
Reconciliation of changes in property, plant and equipment [Abstract] | ||||||
Net book value, beginning balance | 0 | 0 | ||||
Net book value, ending balance | 16,883 | 0 | 0 | |||
Mine Plant and Equipment [Member] | Accumulated Depreciation and Impairment [Member] | ||||||
Reconciliation of changes in property, plant and equipment [Abstract] | ||||||
Net book value, beginning balance | 0 | 0 | ||||
Net book value, ending balance | 0 | 0 | 0 | |||
Other Plant and Equipment [Member] | ||||||
Reconciliation of changes in property, plant and equipment [Abstract] | ||||||
Net book value, beginning balance | 99 | 120 | 145 | |||
Transfer from exploration and evaluation assets | [1] | 0 | ||||
Additions | 0 | 0 | 52 | |||
Disposals | (47) | |||||
Amended acquisition consideration | [2] | 0 | ||||
Depreciation charges | (13) | (21) | (30) | |||
Net book value, ending balance | 86 | 99 | 120 | |||
Other Plant and Equipment [Member] | At Cost [Member] | ||||||
Reconciliation of changes in property, plant and equipment [Abstract] | ||||||
Net book value, beginning balance | 204 | 196 | ||||
Net book value, ending balance | 204 | 204 | 196 | |||
Other Plant and Equipment [Member] | Accumulated Depreciation and Impairment [Member] | ||||||
Reconciliation of changes in property, plant and equipment [Abstract] | ||||||
Net book value, beginning balance | (105) | (76) | ||||
Net book value, ending balance | $ (118) | $ (105) | $ (76) | |||
[1] | During the 2017 financial year, the Group made a decision to proceed with development of the Poplar Grove Mine, located within the Buck Creek Complex. Accumulated exploration and evaluation expenditure in respect of the Buck Creek Complex was transferred to 'mine development properties' and 'advance royalties' (as appropriate). | |||||
[2] | During the 2017 financial year, the Group amended the terms of the final vendor payment required as part of the Company's original acquisition of the Buck Creek coal leases in 2012 ("Acquisition"). The Acquisition previously required the Company to pay a final vendor payment of US$12 million ("Final Payment") to complete the acquisition. The Final Payment was reduced to US$6 million. No liability was previously recorded for the US$12 million payment, as this was to be paid at the Group's option only if it elected to complete the transaction. The US$6 million Final Payment was recorded as a liability with a corresponding increase to 'mine development properties'. During the 2017 financial year, the Group paid the first instalment of the Final Payment, being US$2.25 million, and the final instalment of US$3.75 million has was paid during the 2018 financial year (refer Note 12). | |||||
[3] | No depreciation is recognised in respect of 'mine development properties' or 'mine plant and equipment' until mining operations have commenced. The associated assets were not available for intended use at June 30, 2018. |
EXPLORATION AND EVALUATION AS_3
EXPLORATION AND EVALUATION ASSETS (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | ||||
Exploration and Evaluation Assets [Roll Forward] | ||||||
Net book value, beginning balance | $ 0 | [1] | $ 17,544 | |||
Additions | 342 | |||||
Impairment charges | 0 | (520) | [2] | $ 0 | ||
Transfer to 'mine development properties' | (15,336) | |||||
Transfer to 'advance royalties' | (2,030) | |||||
Net book value, ending balance | 0 | 0 | [1] | 17,544 | ||
Buck Creek Complex [Member] | ||||||
Exploration and Evaluation Assets [Roll Forward] | ||||||
Net book value, beginning balance | 0 | [1] | 17,037 | |||
Additions | 329 | |||||
Impairment charges | [2] | 0 | ||||
Transfer to 'mine development properties' | (15,336) | |||||
Transfer to 'advance royalties' | (2,030) | |||||
Net book value, ending balance | 0 | 0 | [1] | 17,037 | ||
Arkoma Coal Project [Member] | ||||||
Exploration and Evaluation Assets [Roll Forward] | ||||||
Net book value, beginning balance | 0 | [1] | 507 | |||
Additions | 13 | |||||
Impairment charges | [2] | (520) | ||||
Transfer to 'mine development properties' | 0 | |||||
Transfer to 'advance royalties' | 0 | |||||
Net book value, ending balance | $ 0 | $ 0 | [1] | $ 507 | ||
[1] | The ultimate recoupment of costs carried forward for exploration and evaluation is dependent on the successful development and commercial exploitation or sale of the respective areas of interest. | |||||
[2] | During the 2017 financial year, the Group made a decision to impair the accumulated exploration and evaluation expenditures associated with its Arkoma Coal Project on the basis that these costs are unlikely to be recouped through successful development and commercial exploitation. |
OTHER ASSETS (Details)
OTHER ASSETS (Details) - USD ($) $ in Thousands | Sep. 10, 2018 | Jun. 30, 2018 | Jun. 30, 2017 | |
Other assets [Abstract] | ||||
Restricted cash (security deposits and bonds) | $ 1,102 | $ 446 | ||
Advance royalties | [1] | 2,462 | 2,073 | |
Capitalised borrowing costs | [2] | 2,987 | 1,525 | |
Other assets | 6,551 | 4,044 | ||
Macquarie Bank Limited [Member] | Project Loan Facility (PLF) [Member] | ||||
Other assets [Abstract] | ||||
Borrowing capacity | $ 21,700 | $ 21,700 | ||
Macquarie Bank Limited [Member] | PLF Tranche 1 [Member] | Subsequent Events [Member] | ||||
Other assets [Abstract] | ||||
Loan facility drawn down | $ 15,000 | |||
[1] | The Group's coal leases require the payment of annual minimum advanced royalties prior to the commencement of mining operations and the payment of earned royalties once mining operations commence. The advance royalties paid became recoupable against any earned royalties due under the coal leases on a lease-by-lease basis once the Company determined to move forward with development. | |||
[2] | Borrowing costs relate to the committed US$21.7 million Project Loan Facility ("PLF") from Macquarie Bank Limited to develop the Poplar Grove Mine, which have been capitalised during fiscal 2017 and 2018. These costs will be offset against the related borrowing when drawn down. The first US$15 million tranche of the PLF was drawn down subsequent to the end of the 2018 financial year. |
TRADE AND OTHER PAYABLES (Detai
TRADE AND OTHER PAYABLES (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
TRADE AND OTHER PAYABLES [Abstract] | ||
Trade creditors | $ 9,837 | $ 712 |
Accrued expenses | 55 | 125 |
Trade and other payables | $ 9,892 | $ 837 |
PROVISIONS (CURRENT) (Details)
PROVISIONS (CURRENT) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
PROVISIONS (CURRENT) [Abstract] | ||
Provision for employee entitlements | $ 22 | $ 17 |
Total provisions | $ 22 | $ 17 |
OTHER LIABILITIES (Details)
OTHER LIABILITIES (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 | |
OTHER LIABILITY [Abstract] | |||
Deferred consideration payable | [1] | $ 0 | $ 3,750 |
Total other liabilities | $ 0 | $ 3,750 | |
[1] | As part of the Group's original acquisition of the Buck Creek coal leases in 2012, a final vendor payment of US$3.75 million was payable by the Group by the earlier of December 31, 2017 or the date on which the Group closes on a debt financing that provides sufficient funds for the development, construction and operation of the Poplar Grove Mine. Refer to Note 7 for further information. |
PROVISIONS (NON-CURRENT) (Detai
PROVISIONS (NON-CURRENT) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 | |
PROVISIONS (NON-CURRENT) [Abstract] | |||
Mine rehabilitation | [1] | $ 1,313 | $ 0 |
Total provisions | [1] | $ 1,313 | $ 0 |
[1] | The Group commenced construction of the Poplar Grove Mine during fiscal 2018, which has resulted in the creation of a rehabilitation obligation. The Group will assess its mine rehabilitation provision as development activities progress, and subsequently on at least an annual basis, or where evidence exists that the provision should be reviewed. Significant judgement is required in determining the provision for mine rehabilitation and closure as there are many factors that will affect the ultimate liability payable to rehabilitate the mine site, including future disturbances caused by further development, changes in technology, changes in regulations, price increases, changes in timing of cash flows which are based on life of mine plans and changes in discount rates. When these factors change or become known in the future, such differences will impact the mine rehabilitation provision in the period in which the change becomes known. Accretion of the provision will commence when development has been completed. |
CONTRIBUTED EQUITY, Issued Capi
CONTRIBUTED EQUITY, Issued Capital (Details) - USD ($) $ / shares in Units, $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 | |
Issued capital [Abstract] | |||
Issued capital | [1] | $ 102,278 | $ 81,194 |
Number of fully paid issued shares (in shares) | 454,386,181 | 316,425,699 | |
Par value per share (in dollars per share) | $ 0 | $ 0 | |
[1] | Ordinary shares have no par value and the company does not have a limited amount of authorised capital. |
CONTRIBUTED EQUITY, Movements i
CONTRIBUTED EQUITY, Movements in Issued Capital (Details) - USD ($) shares in Thousands, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2018 | May 31, 2018 | Dec. 31, 2016 | Aug. 31, 2016 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | ||
Movements in issued capital [Abstract] | |||||||||
Opening balance | [1] | $ 81,194 | |||||||
Share placements | 22,678 | $ 50,664 | $ 3,711 | ||||||
Share issue costs | (1,466) | (2,941) | $ (261) | ||||||
Exercise of employee options and placement options | 120 | 369 | |||||||
Closing balance | [1] | $ 102,278 | $ 81,194 | $ 102,278 | $ 81,194 | ||||
Ordinary Shares [Member] | |||||||||
Movements in issued capital, shares [Abstract] | |||||||||
Opening balance (in shares) | 316,426 | 154,899 | |||||||
Institutional placement (in shares) | 31,818 | ||||||||
Institutional entitlement offer (in shares) | 55,593 | ||||||||
Retail entitlement offer (in shares) | 50,049 | ||||||||
Share placement (in shares) | 19,248 | 38,200 | 101,923 | ||||||
Exercise of employee options and placement options (in shares) | 500 | 2,156 | |||||||
Closing balance (in shares) | 454,386 | 316,426 | 454,386 | 316,426 | 154,899 | ||||
Movements in issued capital [Abstract] | |||||||||
Opening balance | $ 81,194 | $ 32,833 | |||||||
Institutional placement | $ 5,275 | ||||||||
Institutional entitlement offer | $ 9,215 | ||||||||
Retail entitlement offer | $ 8,188 | ||||||||
Share placements | $ 5,951 | $ 4,903 | $ 39,810 | ||||||
Share issue costs | (1,714) | (2,941) | |||||||
Exercise of employee options and placement options | 120 | 638 | |||||||
Closing balance | $ 102,278 | $ 81,194 | $ 102,278 | $ 81,194 | $ 32,833 | ||||
[1] | Ordinary shares have no par value and the company does not have a limited amount of authorised capital. |
CONTRIBUTED EQUITY, Rights Atta
CONTRIBUTED EQUITY, Rights Attaching to Shares (Details) | 12 Months Ended |
Jun. 30, 2018PlaceShareholderVote | |
Meetings of Members [Abstract] | |
Number of places a meeting may be held | Place | 2 |
Quorum number of shareholders | Shareholder | 2 |
Voting [Abstract] | |
Number of votes for each eligible voter present | 1 |
Number of votes eligible for each fully paid shares | 1 |
Changes to the Constitution [Abstract] | |
Minimum percentage of present meeting members required to amend company constitution | 75.00% |
Minimum written notice required to proposal special resolution | 28 days |
RESERVES (Details)
RESERVES (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |||
RESERVES [Abstract] | |||||||
Share-based payments reserve | $ 5,356 | [1] | $ 2,810 | [1] | $ 1,151 | [1] | $ 888 |
Foreign currency translation reserve | (2,353) | (2,353) | (2,540) | ||||
Reserves | $ 3,003 | $ 457 | $ (1,389) | ||||
[1] | At June 30, 2018, the Company also had on issue 7,494,000 (2017: 7,494,000) placement options exercisable at $0.50 each on or before July 31, 2018 and nil (2017: 1,500,000) placement options exercisable at $0.45 each on or before June 30, 2018 which are not considered share-based payments under IFRS 2 as they were issued as part of a share placement. Any value related to these placement options is included within contributed equity as part of the related placement value. |
RESERVES, Movements in Share-ba
RESERVES, Movements in Share-based Payments Reserve (Details) | Sep. 10, 2018AUD ($) | Jun. 30, 2018USD ($)shares | Jun. 30, 2017USD ($)shares | Jun. 30, 2017AUD ($)shares | Jun. 30, 2016USD ($)shares | Sep. 10, 2018USD ($)shares | ||||
Movements in share-based payments reserve [Abstract] | ||||||||||
Grant of lender options (in shares) | 7,650,000 | 21,854,000 | 21,854,000 | 500,000 | ||||||
Share-based payments reserve, opening balance | $ | $ 2,810,000 | [1] | $ 1,151,000 | [1] | $ 888,000 | |||||
Grant of underwriter options | $ | 248,000 | |||||||||
Conversion of employee rights | $ | (244,000) | |||||||||
Grant of lender options | $ | [2] | 1,254,000 | ||||||||
Exercise of employee options | $ | (269,000) | |||||||||
Share based payments expense | $ | 2,298,000 | 674,000 | 507,000 | |||||||
Share-based payments reserve, closing balance | $ | [1] | $ 5,356,000 | $ 2,810,000 | $ 1,151,000 | ||||||
Number of options issued (in shares) | 454,386,181 | 316,425,699 | ||||||||
Macquarie Bank Limited [Member] | Project Loan Facility (PLF) [Member] | ||||||||||
Movements in share-based payments reserve [Abstract] | ||||||||||
Exercise price (in dollars per share) | $ | $ 0.66 | |||||||||
Expiration period | 4 years | 4 years | ||||||||
Term of project loan facility | 5 years | 5 years | ||||||||
Borrowing capacity | $ | $ 21,700,000 | $ 21,700,000 | ||||||||
Number of options issued (in shares) | 4,444,444 | |||||||||
Macquarie Bank Limited [Member] | PLF Tranche 1 [Member] | Subsequent Event [Member] | ||||||||||
Movements in share-based payments reserve [Abstract] | ||||||||||
Exercise price (in dollars per share) | $ | $ 0.34 | |||||||||
Expiration period | 4 years | |||||||||
Loan facility drawn down | $ | $ 15,000,000 | |||||||||
Number of options issued (in shares) | 4,444,444 | |||||||||
Options [Member] | ||||||||||
Movements in share-based payments reserve [Abstract] | ||||||||||
Options, Opening balance (in shares) | 7,694,000 | [1] | 4,400,000 | [1] | 4,400,000 | [1] | 3,900,000 | |||
Grant of underwriter options (in shares) | 6,000,000 | |||||||||
Grant of employee options (in shares) | 1,000,000 | 1,000,000 | 500,000 | |||||||
Grant of lender options (in shares) | [2] | 4,444,000 | 4,444,000 | |||||||
Exercise of employee options (in shares) | (500,000) | (2,150,000) | (2,150,000) | |||||||
Forfeiture/lapse employee options (in shares) | (1,250,000) | |||||||||
Options, Closing balance (in shares) | [1] | 11,944,000 | 7,694,000 | 7,694,000 | 4,400,000 | |||||
Rights [Member] | ||||||||||
Movements in share-based payments reserve [Abstract] | ||||||||||
Rights, Opening balance (in shares) | 16,410,000 | [1] | 5,924,000 | [1] | 5,924,000 | [1] | 8,346,000 | |||
Grant of employee rights (in shares) | 1,650,000 | 16,410,000 | 16,410,000 | |||||||
Forfeiture/lapse employee rights (in shares) | (4,430,000) | (1,340,000) | ||||||||
Conversion of employee rights (in shares) | (1,082,000) | |||||||||
Forfeiture employee rights (in shares) | (5,924,000) | (5,924,000) | ||||||||
Rights, Closing balance (in shares) | [1] | 13,630,000 | 16,410,000 | 16,410,000 | 5,924,000 | |||||
Placement Options [Member] | ||||||||||
Movements in share-based payments reserve [Abstract] | ||||||||||
Number of options issued (in shares) | 7,494,000 | 7,494,000 | ||||||||
Placement Options [Member] | Exercisable at $0.50 Expiring on or before July 31, 2018 [Member] | ||||||||||
Movements in share-based payments reserve [Abstract] | ||||||||||
Exercise price (in dollars per share) | $ | $ 0.50 | |||||||||
Options exercisable (in shares) | 7,494,000 | |||||||||
Placement Options [Member] | Exercisable at $0.45 Expiring on or before June 30, 2018 [Member] | ||||||||||
Movements in share-based payments reserve [Abstract] | ||||||||||
Exercise price (in dollars per share) | $ | $ 0.45 | |||||||||
Options exercisable (in shares) | 1,500,000 | |||||||||
[1] | At June 30, 2018, the Company also had on issue 7,494,000 (2017: 7,494,000) placement options exercisable at $0.50 each on or before July 31, 2018 and nil (2017: 1,500,000) placement options exercisable at $0.45 each on or before June 30, 2018 which are not considered share-based payments under IFRS 2 as they were issued as part of a share placement. Any value related to these placement options is included within contributed equity as part of the related placement value. | |||||||||
[2] | During the 2017 financial year, the Company issued 4,444,444 lender options (with an exercise price of A$0.66 and expiring 4 years from their date of issue) to Macquarie Bank Limited in consideration for an offer to provide a five-year US$21.7 million Project Loan Facility ("PLF") to develop the Poplar Grove Mine. Subsequent to the end of the 2018 financial year, the Company issued a further 4,444,444 options to Macquarie (with an exercise price of A$0.34 and expiring 4 years from their date of issue) following drawdown of the first US$15 million tranche of the PLF. |
RESERVES, Terms and Conditions
RESERVES, Terms and Conditions of Options (Details) | 12 Months Ended |
Jun. 30, 2018AUD ($)shares | |
Terms and conditions of unlisted share options [Abstract] | |
Share based payment arrangement subscription rights (in shares) | 1 |
Employee Options [Member] | Exercisable at A$0.45 Expiring on December 31, 2018 [Member] | |
Terms and conditions of unlisted share options [Abstract] | |
Options exercisable (in shares) | 1,000,000 |
Exercise price (in dollars per share) | $ | $ 0.45 |
Employee Options [Member] | Exercisable at A$0.50 Expiring on December 31, 2018 [Member] | |
Terms and conditions of unlisted share options [Abstract] | |
Options exercisable (in shares) | 500,000 |
Exercise price (in dollars per share) | $ | $ 0.50 |
Lender Options [Member] | Exercisable at A$0.66 Expiring on April 5, 2021 [Member] | |
Terms and conditions of unlisted share options [Abstract] | |
Options exercisable (in shares) | 4,444,444 |
Exercise price (in dollars per share) | $ | $ 0.66 |
Underwriter Options [Member] | Exercisable at A$0.33 Expiring on or before June 30, 2021 [Member] | |
Terms and conditions of unlisted share options [Abstract] | |
Options exercisable (in shares) | 6,000,000 |
Exercise price (in dollars per share) | $ | $ 0.33 |
RESERVES, Terms and Condition_2
RESERVES, Terms and Conditions of Rights (Details) | 12 Months Ended |
Jun. 30, 2018shares | |
Terms and Conditions of Rights [Abstract] | |
Number of shares converted upon vesting (in shares) | 1 |
Employee Rights [Member] | Expiring on December 31, 2018 [Member] | |
Terms and Conditions of Rights [Abstract] | |
Rights exercisable (in shares) | 3,535,000 |
Employee Rights [Member] | Expiring on December 31, 2019 [Member] | |
Terms and Conditions of Rights [Abstract] | |
Rights exercisable (in shares) | 4,435,000 |
Employee Rights [Member] | Expiring on December 31, 2020 [Member] | |
Terms and Conditions of Rights [Abstract] | |
Rights exercisable (in shares) | 5,660,000 |
ACCUMULATED LOSSES (Details)
ACCUMULATED LOSSES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
ACCUMULATED LOSSES [Abstract] | |||
Balance | $ (21,076) | $ (15,121) | |
Net loss for the year attributable to members of Paringa Resources Limited | (7,115) | (5,955) | $ (4,481) |
Balance | $ (28,191) | $ (21,076) | $ (15,121) |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Basic and diluted earnings per share [Abstract] | |||
Net loss attributable to members of the Parent Entity used in calculating basic and diluted earnings per share | $ (7,115) | $ (5,955) | $ (4,481) |
Weighted average number of Ordinary Shares used in calculating basic and diluted loss per share (in shares) | 326,101,000 | 213,376,000 | 153,123,000 |
Non-Dilutive Securities [Abstract] | |||
Anti-dilutive options (in shares) | 19,438,444 | ||
Anti-dilutive employee rights (in shares) | 13,630,000 | ||
Potential shares considered anti-dilutive (in shares) | 33,068,444 | 39,098,444 | 19,324,334 |
Employee Options [Member] | |||
Non-Dilutive Securities [Abstract] | |||
Anti-dilutive options (in shares) | 1,500,000 | ||
Lender Options [Member] | |||
Non-Dilutive Securities [Abstract] | |||
Anti-dilutive options (in shares) | 4,444,444 | ||
Underwriter Options [Member] | |||
Non-Dilutive Securities [Abstract] | |||
Anti-dilutive options (in shares) | 6,000,000 | ||
Placement Options [Member] | |||
Non-Dilutive Securities [Abstract] | |||
Anti-dilutive options (in shares) | 7,494,000 |
RELATED PARTIES (Details)
RELATED PARTIES (Details) $ in Thousands | 12 Months Ended | |||||
Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2016AUD ($) | Jun. 30, 2018AUD ($) | Jun. 30, 2017AUD ($) | |
Key Management Personnel [Abstract] | ||||||
Loans provided to or received from key management personnel | $ 0 | $ 0 | $ 0 | |||
Apollo Group Pty Ltd [Member] | ||||||
Transactions with Related Parties of Key Management Personnel [Abstract] | ||||||
Provision of services provided by separate management entity | $ 198,000 | |||||
Key Management Personnel [Member] | ||||||
Key Management Personnel [Abstract] | ||||||
Short-term employee benefits | $ 1,459 | $ 1,276 | $ 1,337 | |||
Post-employment benefits | 36 | 50 | 35 | |||
Termination benefits | 5 | 2 | 0 | |||
Share-based payments | 1,950 | 741 | 469 | |||
Total compensation | $ 3,450 | $ 2,069 | $ 1,841 | |||
Hartshorne Coal Mining Pty Ltd [Member] | ||||||
Subsidiaries [Abstract] | ||||||
Name | Hartshorne Coal Mining Pty Ltd | |||||
Country of incorporation | Australia | |||||
Equity interest | 100.00% | 100.00% | 100.00% | 100.00% | ||
HCM Resources Pty Ltd [Member] | ||||||
Subsidiaries [Abstract] | ||||||
Name | HCM Resources Pty Ltd | |||||
Country of incorporation | Australia | |||||
Equity interest | 100.00% | 100.00% | 100.00% | 100.00% | ||
Hartshorne Holdings LLC [Member] | ||||||
Subsidiaries [Abstract] | ||||||
Name | Hartshorne Holdings LLC | |||||
Country of incorporation | USA | |||||
Equity interest | 100.00% | 100.00% | 100.00% | 100.00% | ||
Hartshorne Mining Group LLC [Member] | ||||||
Subsidiaries [Abstract] | ||||||
Name | Hartshorne Mining Group LLC | |||||
Country of incorporation | USA | |||||
Equity interest | 100.00% | 100.00% | 100.00% | 100.00% | ||
Hartshorne Mining LLC [Member] | ||||||
Subsidiaries [Abstract] | ||||||
Name | Hartshorne Mining LLC | |||||
Country of incorporation | USA | |||||
Equity interest | 100.00% | 100.00% | 100.00% | 100.00% | ||
Hartshorne Land LLC [Member] | ||||||
Subsidiaries [Abstract] | ||||||
Name | Hartshorne Land LLC | |||||
Country of incorporation | USA | |||||
Equity interest | 100.00% | 100.00% | 100.00% | 100.00% | ||
HCM Operations LLC [Member] | ||||||
Subsidiaries [Abstract] | ||||||
Name | HCM Operations LLC | |||||
Country of incorporation | USA | |||||
Equity interest | 100.00% | 100.00% | 100.00% | 100.00% |
SHARE-BASED PAYMENTS, Recognise
SHARE-BASED PAYMENTS, Recognised Share-based Payment Expense (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
SHARE-BASED PAYMENTS [Abstract] | |||
Expense arising from equity-settled share-based payment transactions | $ 2,298,000 | $ 674,000 | $ 507,000 |
Share-based payments recognised as an expense through profit or loss [Abstract] | |||
Share-based payments deduction from share capital | $ 2,298,000 | $ 674,000 | $ 507,000 |
Number of options issued (in shares) | 454,386,181 | 316,425,699 | |
Underwriter Options [Member] | |||
Share-based payments recognised as an expense through profit or loss [Abstract] | |||
Share-based payments deduction from share capital | $ 248,338 | ||
Number of options issued (in shares) | 6,000,000 | ||
Macquarie Bank Limited [Member] | Project Loan Facility [Member] | |||
Share-based payments recognised as an expense through profit or loss [Abstract] | |||
Share-based payments recognized as an asset | $ 1,254,000 | ||
Number of options issued (in shares) | 4,444,444 | ||
Borrowing capacity | $ 21,700,000 | $ 21,700,000 | |
Macquarie Bank Limited [Member] | Project Loan Facility [Member] | Lender options [Member] | |||
Share-based payments recognised as an expense through profit or loss [Abstract] | |||
Number of options issued (in shares) | 4,444,444 |
SHARE-BASED PAYMENTS, Number an
SHARE-BASED PAYMENTS, Number and Weighted Average Exercise Prices of Options and Rights Granted (Details) | 12 Months Ended | |||||||
Jun. 30, 2018USD ($)shares | Jun. 30, 2018shares$ / shares | Jun. 30, 2017shares$ / shares | Jun. 30, 2016shares$ / shares | |||||
Outstanding Options and Rights [Roll Forward] | ||||||||
Outstanding at beginning of year (in shares) | 24,104,000 | [1] | 10,324,000 | [1] | 12,246,000 | |||
Granted during the year (in shares) | 7,650,000 | 21,854,000 | 500,000 | |||||
Forfeited and lapsed during the year (in shares) | (5,680,000) | (5,924,000) | (1,340,000) | |||||
Exercised/converted during the year (in shares) | (500,000) | (2,150,000) | (1,082,000) | |||||
Outstanding at end of year (in shares) | [1] | 25,574,000 | 24,104,000 | 10,324,000 | ||||
Weighted Average Exercise Price [Roll Forward] | ||||||||
Outstanding at beginning of year (in dollars per share) | $ / shares | $ 0.17 | [1] | $ 0.12 | [1] | $ 0.11 | |||
Granted during the year (in dollars per share) | $ / shares | 0.26 | 0.15 | 0.50 | |||||
Forfeited and lapsed during the year (in dollars per share) | $ / shares | 0.07 | 0 | 0 | |||||
Exercised/converted during the year (in dollars per share) | $ / shares | 0.30 | 0.23 | 0 | |||||
Outstanding at end of year (in dollars per share) | $ / shares | [1] | $ 0.22 | $ 0.17 | $ 0.12 | ||||
Placement Options [Member] | Exercisable at $0.50 Expiring on or before July 31, 2018 [Member] | ||||||||
Weighted Average Exercise Price [Roll Forward] | ||||||||
Options exercisable (in shares) | 7,494,000 | 7,494,000 | ||||||
Exercise price (in dollars per share) | $ | $ 0.50 | |||||||
[1] | At June 30, 2018, the Company also had on issue 7,494,000 placement options exercisable at $0.50 each on or before July 31, 2018 which are not considered share based payments under IFRS 2 as they were issued as part of a share placement. |
SHARE-BASED PAYMENTS, Summary o
SHARE-BASED PAYMENTS, Summary of Options and Rights Granted as Share-based Payments (Details) | 12 Months Ended | ||
Jun. 30, 2018AUD ($)shares | Jun. 30, 2017AUD ($)shares | Jun. 30, 2016AUD ($)shares | |
Series 1 [Member] | |||
Options and rights granted as share-based payments [Abstract] | |||
Grant date | May 23, 2017 | ||
Expiry date | Dec. 31, 2018 | ||
Grant date fair value (in dollars per share) | $ 0.456 | ||
Series 2 [Member] | |||
Options and rights granted as share-based payments [Abstract] | |||
Grant date | May 23, 2017 | ||
Expiry date | Dec. 31, 2019 | ||
Grant date fair value (in dollars per share) | $ 0.456 | ||
Series 3 [Member] | |||
Options and rights granted as share-based payments [Abstract] | |||
Grant date | May 23, 2017 | ||
Expiry date | Dec. 31, 2020 | ||
Grant date fair value (in dollars per share) | $ 0.456 | ||
Series 4 [Member] | |||
Options and rights granted as share-based payments [Abstract] | |||
Grant date | June 5, 2017 | ||
Expiry date | Dec. 31, 2020 | ||
Grant date fair value (in dollars per share) | $ 0.413 | ||
Series 5 [Member] | |||
Options and rights granted as share-based payments [Abstract] | |||
Grant date | October 16, 2017 | ||
Expiry date | Dec. 31, 2019 | ||
Grant date fair value (in dollars per share) | $ 0.359 | ||
Series 6 [Member] | |||
Options and rights granted as share-based payments [Abstract] | |||
Grant date | October 16, 2017 | ||
Expiry date | Dec. 31, 2020 | ||
Grant date fair value (in dollars per share) | $ 0.359 | ||
Series 7 [Member] | |||
Options and rights granted as share-based payments [Abstract] | |||
Grant date | December 11, 2017 | ||
Expiry date | Dec. 31, 2019 | ||
Grant date fair value (in dollars per share) | $ 0.351 | ||
Series 8 [Member] | |||
Options and rights granted as share-based payments [Abstract] | |||
Grant date | December 11, 2017 | ||
Expiry date | Dec. 31, 2020 | ||
Grant date fair value (in dollars per share) | $ 0.351 | ||
Series 9 [Member] | |||
Options and rights granted as share-based payments [Abstract] | |||
Grant date | June 26, 2018 | ||
Expiry date | Jun. 30, 2021 | ||
Grant date fair value (in dollars per share) | $ 0.056 | ||
Series 10 [Member] | |||
Options and rights granted as share-based payments [Abstract] | |||
Grant date | January 25, 2017 | ||
Expiry date | Dec. 31, 2018 | ||
Grant date fair value (in dollars per share) | $ 0.239 | ||
Series 11 [Member] | |||
Options and rights granted as share-based payments [Abstract] | |||
Grant date | April 5, 2017 | ||
Expiry date | Apr. 5, 2021 | ||
Grant date fair value (in dollars per share) | $ 0.376 | ||
Series 12 [Member] | |||
Options and rights granted as share-based payments [Abstract] | |||
Grant date | December 21, 2016 | ||
Expiry date | Dec. 31, 2019 | ||
Grant date fair value (in dollars per share) | $ 0.448 | ||
Series 13 [Member] | |||
Options and rights granted as share-based payments [Abstract] | |||
Grant date | January 25, 2017 | ||
Expiry date | Dec. 31, 2018 | ||
Grant date fair value (in dollars per share) | $ 0.523 | ||
Series 14 [Member] | |||
Options and rights granted as share-based payments [Abstract] | |||
Grant date | January 25, 2017 | ||
Expiry date | Dec. 31, 2019 | ||
Grant date fair value (in dollars per share) | $ 0.523 | ||
Series 15 [Member] | |||
Options and rights granted as share-based payments [Abstract] | |||
Grant date | January 25, 2017 | ||
Expiry date | Dec. 31, 2020 | ||
Grant date fair value (in dollars per share) | $ 0.523 | ||
Series 16 [Member] | |||
Options and rights granted as share-based payments [Abstract] | |||
Grant date | June 19, 2017 | ||
Expiry date | Dec. 31, 2019 | ||
Grant date fair value (in dollars per share) | $ 0.447 | ||
Series 17 [Member] | |||
Options and rights granted as share-based payments [Abstract] | |||
Grant date | June 19, 2017 | ||
Expiry date | Dec. 31, 2020 | ||
Grant date fair value (in dollars per share) | $ 0.447 | ||
Series 18 [Member] | |||
Options and rights granted as share-based payments [Abstract] | |||
Grant date | December 22, 2015 | ||
Expiry date | Dec. 31, 2018 | ||
Grant date fair value (in dollars per share) | $ 0.087 | ||
Options [Member] | |||
Options and rights granted as share-based payments [Abstract] | |||
Number (in shares) | shares | 1,000,000 | 500,000 | |
Options [Member] | Series 9 [Member] | |||
Options and rights granted as share-based payments [Abstract] | |||
Number (in shares) | shares | 6,000,000 | ||
Grant date | June 26, 2018 | ||
Expiry date | Jun. 30, 2021 | ||
Exercise price (in dollars per share) | $ 0.33 | ||
Grant date fair value (in dollars per share) | $ 0.056 | ||
Options [Member] | Series 10 [Member] | |||
Options and rights granted as share-based payments [Abstract] | |||
Number (in shares) | shares | 1,000,000 | ||
Grant date | January 25, 2017 | ||
Expiry date | Dec. 31, 2018 | ||
Exercise price (in dollars per share) | $ 0.45 | ||
Grant date fair value (in dollars per share) | $ 0.239 | ||
Options [Member] | Series 11 [Member] | |||
Options and rights granted as share-based payments [Abstract] | |||
Number (in shares) | shares | 4,444,444 | ||
Grant date | April 5, 2017 | ||
Expiry date | Apr. 5, 2021 | ||
Exercise price (in dollars per share) | $ 0.66 | ||
Grant date fair value (in dollars per share) | $ 0.376 | ||
Options [Member] | Series 18 [Member] | |||
Options and rights granted as share-based payments [Abstract] | |||
Number (in shares) | shares | 500,000 | ||
Grant date | December 22, 2015 | ||
Expiry date | Dec. 31, 2018 | ||
Exercise price (in dollars per share) | $ 0.50 | ||
Grant date fair value (in dollars per share) | $ 0.087 | ||
Rights [Member] | |||
Options and rights granted as share-based payments [Abstract] | |||
Number (in shares) | shares | 1,650,000 | 16,410,000 | |
Rights [Member] | Series 1 [Member] | |||
Options and rights granted as share-based payments [Abstract] | |||
Number (in shares) | shares | 50,000 | ||
Grant date | May 23, 2017 | ||
Expiry date | Dec. 31, 2018 | ||
Exercise price (in dollars per share) | $ 0 | ||
Grant date fair value (in dollars per share) | $ 0.456 | ||
Rights [Member] | Series 2 [Member] | |||
Options and rights granted as share-based payments [Abstract] | |||
Number (in shares) | shares | 100,000 | ||
Grant date | May 23, 2017 | ||
Expiry date | Dec. 31, 2019 | ||
Exercise price (in dollars per share) | $ 0 | ||
Grant date fair value (in dollars per share) | $ 0.456 | ||
Rights [Member] | Series 3 [Member] | |||
Options and rights granted as share-based payments [Abstract] | |||
Number (in shares) | shares | 400,000 | ||
Grant date | May 23, 2017 | ||
Expiry date | Dec. 31, 2020 | ||
Exercise price (in dollars per share) | $ 0 | ||
Grant date fair value (in dollars per share) | $ 0.456 | ||
Rights [Member] | Series 4 [Member] | |||
Options and rights granted as share-based payments [Abstract] | |||
Number (in shares) | shares | 100,000 | ||
Grant date | June 5, 2017 | ||
Expiry date | Dec. 31, 2020 | ||
Exercise price (in dollars per share) | $ 0 | ||
Grant date fair value (in dollars per share) | $ 0.413 | ||
Rights [Member] | Series 5 [Member] | |||
Options and rights granted as share-based payments [Abstract] | |||
Number (in shares) | shares | 200,000 | ||
Grant date | October 16, 2017 | ||
Expiry date | Dec. 31, 2019 | ||
Exercise price (in dollars per share) | $ 0 | ||
Grant date fair value (in dollars per share) | $ 0.359 | ||
Rights [Member] | Series 6 [Member] | |||
Options and rights granted as share-based payments [Abstract] | |||
Number (in shares) | shares | 500,000 | ||
Grant date | October 16, 2017 | ||
Expiry date | Dec. 31, 2020 | ||
Exercise price (in dollars per share) | $ 0 | ||
Grant date fair value (in dollars per share) | $ 0.359 | ||
Rights [Member] | Series 7 [Member] | |||
Options and rights granted as share-based payments [Abstract] | |||
Number (in shares) | shares | 100,000 | ||
Grant date | December 11, 2017 | ||
Expiry date | Dec. 31, 2019 | ||
Exercise price (in dollars per share) | $ 0 | ||
Grant date fair value (in dollars per share) | $ 0.351 | ||
Rights [Member] | Series 8 [Member] | |||
Options and rights granted as share-based payments [Abstract] | |||
Number (in shares) | shares | 200,000 | ||
Grant date | December 11, 2017 | ||
Expiry date | Dec. 31, 2020 | ||
Exercise price (in dollars per share) | $ 0 | ||
Grant date fair value (in dollars per share) | $ 0.351 | ||
Rights [Member] | Series 12 [Member] | |||
Options and rights granted as share-based payments [Abstract] | |||
Number (in shares) | shares | 3,070,000 | ||
Grant date | December 21, 2016 | ||
Expiry date | Dec. 31, 2019 | ||
Exercise price (in dollars per share) | $ 0 | ||
Grant date fair value (in dollars per share) | $ 0.448 | ||
Rights [Member] | Series 13 [Member] | |||
Options and rights granted as share-based payments [Abstract] | |||
Number (in shares) | shares | 3,695,000 | ||
Grant date | January 25, 2017 | ||
Expiry date | Dec. 31, 2018 | ||
Exercise price (in dollars per share) | $ 0 | ||
Grant date fair value (in dollars per share) | $ 0.523 | ||
Rights [Member] | Series 14 [Member] | |||
Options and rights granted as share-based payments [Abstract] | |||
Number (in shares) | shares | 1,275,000 | ||
Grant date | January 25, 2017 | ||
Expiry date | Dec. 31, 2019 | ||
Exercise price (in dollars per share) | $ 0 | ||
Grant date fair value (in dollars per share) | $ 0.523 | ||
Rights [Member] | Series 15 [Member] | |||
Options and rights granted as share-based payments [Abstract] | |||
Number (in shares) | shares | 4,870,000 | ||
Grant date | January 25, 2017 | ||
Expiry date | Dec. 31, 2020 | ||
Exercise price (in dollars per share) | $ 0 | ||
Grant date fair value (in dollars per share) | $ 0.523 | ||
Rights [Member] | Series 16 [Member] | |||
Options and rights granted as share-based payments [Abstract] | |||
Number (in shares) | shares | 1,500,000 | ||
Grant date | June 19, 2017 | ||
Expiry date | Dec. 31, 2019 | ||
Exercise price (in dollars per share) | $ 0 | ||
Grant date fair value (in dollars per share) | $ 0.447 | ||
Rights [Member] | Series 17 [Member] | |||
Options and rights granted as share-based payments [Abstract] | |||
Number (in shares) | shares | 2,000,000 | ||
Grant date | June 19, 2017 | ||
Expiry date | Dec. 31, 2020 | ||
Exercise price (in dollars per share) | $ 0 | ||
Grant date fair value (in dollars per share) | $ 0.447 |
SHARE-BASED PAYMENTS, Weighted
SHARE-BASED PAYMENTS, Weighted Average Remaining Contractual Life, Range of Exercise Prices and Weighted Average Fair Value (Details) | 12 Months Ended | ||
Jun. 30, 2018AUD ($) | Jun. 30, 2017AUD ($) | Jun. 30, 2016AUD ($) | |
Weighted Average Remaining Contractual Life [Abstract] | |||
Weighted average remaining contractual life (in years) | 3.15 | 2.64 | 1.10 |
Weighted Average Fair Value [Abstract] | |||
Weighted average fair value (in dollars per share) | $ 0.13 | $ 0.46 | $ 0.09 |
Bottom of Range [Member] | |||
Range of Exercise Prices [Abstract] | |||
Exercise price (in dollars per share) | 0.33 | 0.30 | 0.20 |
Top of Range [Member] | |||
Range of Exercise Prices [Abstract] | |||
Exercise price (in dollars per share) | $ 0.66 | $ 0.66 | $ 0.50 |
SHARE-BASED PAYMENTS, Option an
SHARE-BASED PAYMENTS, Option and Performance Share Right Pricing Model (Details) | 12 Months Ended | |
Jun. 30, 2018AUD ($)$ / shares | ||
SHARE-BASED PAYMENTS [Abstract] | ||
Period to calculate fair value of share price of performance rights grant | 5 days | |
Series 1 [Member] | ||
Option and performance share right pricing model [Abstract] | ||
Exercise price (in dollars per share) | $ 0 | |
Grant date share price (in dollars per share) | $ 0.48 | |
Dividend yield | 0.00% | [1] |
Volatility | 0.00% | [2] |
Risk-free interest rate | 0.00% | |
Grant date | May 23, 2017 | |
Issue date | May 23, 2017 | |
Expiry date | Dec. 31, 2018 | |
Expected life | 1 year 7 months 10 days | [3] |
Fair value at grant date (in dollars per share) | $ | $ 0.456 | |
Series 2 [Member] | ||
Option and performance share right pricing model [Abstract] | ||
Exercise price (in dollars per share) | $ 0 | |
Grant date share price (in dollars per share) | $ 0.48 | |
Dividend yield | 0.00% | [1] |
Volatility | 0.00% | [2] |
Risk-free interest rate | 0.00% | |
Grant date | May 23, 2017 | |
Issue date | May 23, 2017 | |
Expiry date | Dec. 31, 2019 | |
Expected life | 2 years 7 months 10 days | [3] |
Fair value at grant date (in dollars per share) | $ | $ 0.456 | |
Series 3 [Member] | ||
Option and performance share right pricing model [Abstract] | ||
Exercise price (in dollars per share) | $ 0 | |
Grant date share price (in dollars per share) | $ 0.48 | |
Dividend yield | 0.00% | [1] |
Volatility | 0.00% | [2] |
Risk-free interest rate | 0.00% | |
Grant date | May 23, 2017 | |
Issue date | May 23, 2017 | |
Expiry date | Dec. 31, 2020 | |
Expected life | 3 years 7 months 10 days | [3] |
Fair value at grant date (in dollars per share) | $ | $ 0.456 | |
Series 4 [Member] | ||
Option and performance share right pricing model [Abstract] | ||
Exercise price (in dollars per share) | $ 0 | |
Grant date share price (in dollars per share) | $ 0.385 | |
Dividend yield | 0.00% | [1] |
Volatility | 0.00% | [2] |
Risk-free interest rate | 0.00% | |
Grant date | June 5, 2017 | |
Issue date | Jun. 5, 2017 | |
Expiry date | Dec. 31, 2020 | |
Expected life | 3 years 6 months 29 days | [3] |
Fair value at grant date (in dollars per share) | $ | $ 0.413 | |
Series 5 [Member] | ||
Option and performance share right pricing model [Abstract] | ||
Exercise price (in dollars per share) | $ 0 | |
Grant date share price (in dollars per share) | $ 0.385 | |
Dividend yield | 0.00% | [1] |
Volatility | 0.00% | [2] |
Risk-free interest rate | 0.00% | |
Grant date | October 16, 2017 | |
Issue date | Oct. 16, 2017 | |
Expiry date | Dec. 31, 2019 | |
Expected life | 2 years 2 months 16 days | [3] |
Fair value at grant date (in dollars per share) | $ | $ 0.359 | |
Series 6 [Member] | ||
Option and performance share right pricing model [Abstract] | ||
Exercise price (in dollars per share) | $ 0 | |
Grant date share price (in dollars per share) | $ 0.385 | |
Dividend yield | 0.00% | [1] |
Volatility | 0.00% | [2] |
Risk-free interest rate | 0.00% | |
Grant date | October 16, 2017 | |
Issue date | Oct. 16, 2017 | |
Expiry date | Dec. 31, 2020 | |
Expected life | 3 years 2 months 16 days | [3] |
Fair value at grant date (in dollars per share) | $ | $ 0.359 | |
Series 7 [Member] | ||
Option and performance share right pricing model [Abstract] | ||
Exercise price (in dollars per share) | $ 0 | |
Grant date share price (in dollars per share) | $ 0.37 | |
Dividend yield | 0.00% | [1] |
Volatility | 0.00% | [2] |
Risk-free interest rate | 0.00% | |
Grant date | December 11, 2017 | |
Issue date | Dec. 11, 2017 | |
Expiry date | Dec. 31, 2019 | |
Expected life | 2 years 18 days | [3] |
Fair value at grant date (in dollars per share) | $ | $ 0.351 | |
Series 8 [Member] | ||
Option and performance share right pricing model [Abstract] | ||
Exercise price (in dollars per share) | $ 0 | |
Grant date share price (in dollars per share) | $ 0.37 | |
Dividend yield | 0.00% | [1] |
Volatility | 0.00% | [2] |
Risk-free interest rate | 0.00% | |
Grant date | December 11, 2017 | |
Issue date | Dec. 11, 2017 | |
Expiry date | Dec. 31, 2020 | |
Expected life | 3 years 22 days | [3] |
Fair value at grant date (in dollars per share) | $ | $ 0.351 | |
Series 9 [Member] | ||
Option and performance share right pricing model [Abstract] | ||
Exercise price (in dollars per share) | $ | 0.33 | |
Grant date share price (in dollars per share) | $ | $ 0.19 | |
Dividend yield | 0.00% | [1] |
Volatility | 65.00% | [2] |
Risk-free interest rate | 2.10% | |
Grant date | June 26, 2018 | |
Issue date | Jun. 26, 2018 | |
Expiry date | Jun. 30, 2021 | |
Expected life | 3 years 4 days | [3] |
Fair value at grant date (in dollars per share) | $ | $ 0.056 | |
Series 10 [Member] | ||
Option and performance share right pricing model [Abstract] | ||
Exercise price (in dollars per share) | $ | 0.45 | |
Grant date share price (in dollars per share) | $ | $ 0.51 | |
Dividend yield | 0.00% | [1] |
Volatility | 80.00% | [2] |
Risk-free interest rate | 1.81% | |
Grant date | January 25, 2017 | |
Issue date | Jan. 25, 2017 | |
Expiry date | Dec. 31, 2018 | |
Expected life | 1 year 11 months 5 days | [3] |
Fair value at grant date (in dollars per share) | $ | $ 0.239 | |
Series 11 [Member] | ||
Option and performance share right pricing model [Abstract] | ||
Exercise price (in dollars per share) | $ | 0.66 | |
Grant date share price (in dollars per share) | $ | $ 0.64 | |
Dividend yield | 0.00% | [1] |
Volatility | 80.00% | [2] |
Risk-free interest rate | 2.14% | |
Grant date | April 5, 2017 | |
Issue date | Apr. 5, 2017 | |
Expiry date | Apr. 5, 2021 | |
Expected life | 4 years | [3] |
Fair value at grant date (in dollars per share) | $ | $ 0.376 | |
Series 12 [Member] | ||
Option and performance share right pricing model [Abstract] | ||
Exercise price (in dollars per share) | $ 0 | |
Grant date share price (in dollars per share) | $ 0.45 | |
Dividend yield | 0.00% | [1] |
Volatility | 0.00% | [2] |
Risk-free interest rate | 0.00% | |
Grant date | December 21, 2016 | |
Issue date | Dec. 21, 2016 | |
Expiry date | Dec. 31, 2019 | |
Expected life | 3 years 11 days | [3] |
Fair value at grant date (in dollars per share) | $ | $ 0.448 | |
Series 13 [Member] | ||
Option and performance share right pricing model [Abstract] | ||
Exercise price (in dollars per share) | $ 0 | |
Grant date share price (in dollars per share) | $ 0.51 | |
Dividend yield | 0.00% | [1] |
Volatility | 0.00% | [2] |
Risk-free interest rate | 0.00% | |
Grant date | January 25, 2017 | |
Issue date | Jan. 25, 2017 | |
Expiry date | Dec. 31, 2018 | |
Expected life | 1 year 11 months 5 days | [3] |
Fair value at grant date (in dollars per share) | $ | $ 0.523 | |
Series 14 [Member] | ||
Option and performance share right pricing model [Abstract] | ||
Exercise price (in dollars per share) | $ 0 | |
Grant date share price (in dollars per share) | $ 0.51 | |
Dividend yield | 0.00% | [1] |
Volatility | 0.00% | [2] |
Risk-free interest rate | 0.00% | |
Grant date | January 25, 2017 | |
Issue date | Jan. 25, 2017 | |
Expiry date | Dec. 31, 2019 | |
Expected life | 2 years 11 months 5 days | [3] |
Fair value at grant date (in dollars per share) | $ | $ 0.523 | |
Series 15 [Member] | ||
Option and performance share right pricing model [Abstract] | ||
Exercise price (in dollars per share) | $ 0 | |
Grant date share price (in dollars per share) | $ 0.51 | |
Dividend yield | 0.00% | [1] |
Volatility | 0.00% | [2] |
Risk-free interest rate | 0.00% | |
Grant date | January 25, 2017 | |
Issue date | Jan. 25, 2017 | |
Expiry date | Dec. 31, 2020 | |
Expected life | 3 years 11 months 5 days | [3] |
Fair value at grant date (in dollars per share) | $ | $ 0.523 | |
Series 16 [Member] | ||
Option and performance share right pricing model [Abstract] | ||
Exercise price (in dollars per share) | $ 0 | |
Grant date share price (in dollars per share) | $ 0.44 | |
Dividend yield | 0.00% | [1] |
Volatility | 0.00% | [2] |
Risk-free interest rate | 0.00% | |
Grant date | June 19, 2017 | |
Issue date | Jun. 19, 2017 | |
Expiry date | Dec. 31, 2019 | |
Expected life | 2 years 6 months 11 days | [3] |
Fair value at grant date (in dollars per share) | $ | $ 0.447 | |
Series 17 [Member] | ||
Option and performance share right pricing model [Abstract] | ||
Exercise price (in dollars per share) | $ 0 | |
Grant date share price (in dollars per share) | $ 0.44 | |
Dividend yield | 0.00% | [1] |
Volatility | 0.00% | [2] |
Risk-free interest rate | 0.00% | |
Grant date | June 19, 2017 | |
Issue date | Jun. 19, 2017 | |
Expiry date | Dec. 31, 2020 | |
Expected life | 3 years 6 months 14 days | [3] |
Fair value at grant date (in dollars per share) | $ | $ 0.447 | |
Series 18 [Member] | ||
Option and performance share right pricing model [Abstract] | ||
Exercise price (in dollars per share) | $ | 0.50 | |
Grant date share price (in dollars per share) | $ | $ 0.26 | |
Dividend yield | 0.00% | [1] |
Volatility | 75.00% | [2] |
Risk-free interest rate | 2.03% | |
Grant date | December 22, 2015 | |
Issue date | Dec. 22, 2015 | |
Expiry date | Dec. 31, 2018 | |
Expected life | 3 years 11 days | [3] |
Fair value at grant date (in dollars per share) | $ | $ 0.087 | |
[1] | The dividend yield reflects the assumption that the current dividend payout will remain unchanged. | |
[2] | The expected volatility reflects the assumption that the historical volatility is indicative of future trends, which may not necessarily be the actual outcome. | |
[3] | The expected life of the options and rights is based on the expiry date of the options or rights. |
SEGMENT INFORMATION (Details)
SEGMENT INFORMATION (Details) $ in Thousands | 12 Months Ended | |
Jun. 30, 2018USD ($)Segment | Jun. 30, 2017USD ($) | |
Reconciliation of Non-Current Assets by Geographical Location [Abstract] | ||
Number of operating segments | Segment | 1 | |
Non-current assets | $ 65,616 | $ 30,112 |
United States of America [Member] | ||
Reconciliation of Non-Current Assets by Geographical Location [Abstract] | ||
Non-current assets | $ 65,616 | $ 30,112 |
FINANCIAL RISK MANAGEMENT OBJ_3
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES, Credit Risk (Details) $ in Thousands | 12 Months Ended | |
Jun. 30, 2018USD ($)Contract | Jun. 30, 2017USD ($) | |
Maximum credit risk exposure [Abstract] | ||
Financial assets | $ 23,803 | |
Cash and Cash Equivalents [Member] | ||
Maximum credit risk exposure [Abstract] | ||
Financial assets | 22,623 | $ 34,802 |
Trade and Other Receivables [Member] | ||
Maximum credit risk exposure [Abstract] | ||
Financial assets | 78 | 265 |
Other Non-current Financial Assets [Member] | ||
Maximum credit risk exposure [Abstract] | ||
Financial assets | 1,102 | 446 |
Credit Risk [Member] | ||
Maximum credit risk exposure [Abstract] | ||
Financial assets | $ 23,803 | 35,513 |
Number of fixed-price coal sales contracts | Contract | 2 | |
Exposure to bad debts | $ 0 | $ 0 |
FINANCIAL RISK MANAGEMENT OBJ_4
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES, Liquidity Risk (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Financial Assets [Abstract] | ||
Financial assets | $ 23,803 | |
Financial Liabilities [Abstract] | ||
Financial liabilities | 9,892 | |
Cash and Cash Equivalents [Member] | ||
Financial Assets [Abstract] | ||
Financial assets | 22,623 | $ 34,802 |
Trade and Other Receivables [Member] | ||
Financial Assets [Abstract] | ||
Financial assets | 78 | 265 |
Other Non-current Financial Assets [Member] | ||
Financial Assets [Abstract] | ||
Financial assets | 1,102 | 446 |
Trade and Other Payables [Member] | ||
Financial Liabilities [Abstract] | ||
Financial liabilities | 9,892 | 837 |
Trade and Other Payables [Member] | Less Than or Equal to 6 Months [Member] | ||
Financial Liabilities [Abstract] | ||
Financial liabilities | 9,892 | 837 |
Trade and Other Payables [Member] | 6-12 Months [Member] | ||
Financial Liabilities [Abstract] | ||
Financial liabilities | 0 | 0 |
Trade and Other Payables [Member] | 1-5 Years [Member] | ||
Financial Liabilities [Abstract] | ||
Financial liabilities | 0 | 0 |
Trade and Other Payables [Member] | More Than or Equal to 5 Years [Member] | ||
Financial Liabilities [Abstract] | ||
Financial liabilities | 0 | 0 |
Other Current Financial Liabilities [Member] | ||
Financial Liabilities [Abstract] | ||
Financial liabilities | 0 | 3,750 |
Other Current Financial Liabilities [Member] | Less Than or Equal to 6 Months [Member] | ||
Financial Liabilities [Abstract] | ||
Financial liabilities | 0 | 3,750 |
Other Current Financial Liabilities [Member] | 6-12 Months [Member] | ||
Financial Liabilities [Abstract] | ||
Financial liabilities | 0 | 0 |
Other Current Financial Liabilities [Member] | 1-5 Years [Member] | ||
Financial Liabilities [Abstract] | ||
Financial liabilities | 0 | 0 |
Other Current Financial Liabilities [Member] | More Than or Equal to 5 Years [Member] | ||
Financial Liabilities [Abstract] | ||
Financial liabilities | 0 | 0 |
Liquidity Risk [Member] | ||
Financial Liabilities [Abstract] | ||
Financial liabilities | 9,892 | 4,587 |
Liquidity Risk [Member] | Less Than or Equal to 6 Months [Member] | ||
Financial Liabilities [Abstract] | ||
Financial liabilities | 9,892 | 4,587 |
Liquidity Risk [Member] | 6-12 Months [Member] | ||
Financial Liabilities [Abstract] | ||
Financial liabilities | 0 | 0 |
Liquidity Risk [Member] | 1-5 Years [Member] | ||
Financial Liabilities [Abstract] | ||
Financial liabilities | 0 | 0 |
Liquidity Risk [Member] | More Than or Equal to 5 Years [Member] | ||
Financial Liabilities [Abstract] | ||
Financial liabilities | $ 0 | $ 0 |
FINANCIAL RISK MANAGEMENT OBJ_5
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES, Interest Rate Risk (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 |
Interest-bearing financial instruments [Abstract] | ||||
Financial assets | $ 23,803 | |||
Interest rate sensitivity [Abstract] | ||||
Cash and cash equivalents | $ 22,623 | $ 34,802 | $ 303 | $ 1,611 |
Floating Interest Rate [Member] | ||||
Interest-bearing financial instruments [Abstract] | ||||
Weighted average interest rate on cash at bank on hand and short-term deposits | 1.60% | 1.21% | ||
Interest Rate Risk [Member] | ||||
Interest-bearing financial instruments [Abstract] | ||||
Financial assets | $ 22,623 | $ 34,802 | ||
Profit or Loss +100 Basis Points [Member] | ||||
Interest rate sensitivity [Abstract] | ||||
Cash and cash equivalents | 187 | 348 | ||
Profit or Loss -100 basis Points [Member] | ||||
Interest rate sensitivity [Abstract] | ||||
Cash and cash equivalents | (187) | (345) | ||
Cash at Bank and on Hand [Member] | ||||
Interest-bearing financial instruments [Abstract] | ||||
Financial assets | $ 22,623 | $ 34,802 |
FINANCIAL RISK MANAGEMENT OBJ_6
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES, Commodity Price Risk (Details) - Commodity Price Risk [Member] | 12 Months Ended |
Jun. 30, 2018Contract | |
Commodity Price Risk [Abstract] | |
Number of long-term, fixed-price coal supply agreements | 2 |
Percentage of expected sales under agreements in terms of first five years production | 51.00% |
FINANCIAL RISK MANAGEMENT OBJ_7
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES, Capital Management (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Jun. 30, 2018 | Sep. 10, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Capital Management [Abstract] | |||||
Total equity | $ 77,090 | $ 60,575 | $ 16,323 | $ 16,906 | |
Project Loan Facility [Member] | |||||
Capital Management [Abstract] | |||||
Debt instrument, basis spread on variable rate | 9.50% | ||||
Macquarie Bank Limited [Member] | Project Loan Facility [Member] | |||||
Capital Management [Abstract] | |||||
Borrowing capacity | $ 21,700 | $ 21,700 | |||
Macquarie Bank Limited [Member] | PLF Tranche 1 [Member] | Subsequent Events [Member] | |||||
Capital Management [Abstract] | |||||
Loan facility drawn down | $ 15,000 | ||||
Macquarie Bank Limited [Member] | PLF Tranche 2 [Member] | |||||
Capital Management [Abstract] | |||||
Borrowing capacity | $ 6,700 | ||||
LIBOR [Member] | |||||
Capital Management [Abstract] | |||||
Debt instrument term of basis spread on variable rate | 3 months | ||||
LIBOR [Member] | Project Loan Facility [Member] | |||||
Capital Management [Abstract] | |||||
Debt instrument, basis spread on variable rate | 10.50% |
FINANCIAL RISK MANAGEMENT OBJ_8
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES, Foreign Currency Risk (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Foreign Currency Risk [Abstract] | |||
Cash reserves | $ 22,623 | $ 34,802 | $ 303 |
Financial Assets [Abstract] | |||
Financial assets | 23,803 | ||
Financial Liabilities [Abstract] | |||
Financial liabilities | 9,892 | ||
Cash and Cash Equivalent [Member] | |||
Financial Assets [Abstract] | |||
Financial assets | 22,623 | 34,802 | |
Trade and Other Payables [Member] | |||
Financial Liabilities [Abstract] | |||
Financial liabilities | 9,892 | 837 | |
US$ [Member] | |||
Foreign Currency Risk [Abstract] | |||
Cash reserves | 20,500 | ||
A$ [Member] | Cash and Cash Equivalent [Member] | |||
Financial Assets [Abstract] | |||
Financial assets | 2,072 | 1,713 | |
A$ [Member] | Other Current Financial Assets [Member] | |||
Financial Assets [Abstract] | |||
Financial assets | 42 | 201 | |
A$ [Member] | Trade and Other Payables [Member] | |||
Financial Liabilities [Abstract] | |||
Financial liabilities | (479) | (245) | |
A$ [Member] | Foreign Currency Risk [Member] | |||
Financial Liabilities [Abstract] | |||
Net exposure | 1,635 | 1,669 | |
A$ [Member] | 10% Increase [Member] | |||
US Dollar Appreciated or Depreciated Against the Australian Dollar [Abstract] | |||
Profit or loss | 163 | 167 | |
Other comprehensive income | 163 | 167 | |
A$ [Member] | 10% Decrease [Member] | |||
US Dollar Appreciated or Depreciated Against the Australian Dollar [Abstract] | |||
Profit or loss | (163) | (167) | |
Other comprehensive income | $ (163) | $ (167) |
CONTINGENT ASSETS AND LIABILI_2
CONTINGENT ASSETS AND LIABILITIES (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Jun. 30, 2017 |
Contingent assets [Abstract] | ||
Contingent assets identified | $ 0 | $ 0 |
Contingent liabilities [Abstract] | ||
Contingent liabilities identified | $ 0 | $ 0 |
COMMITMENTS (Details)
COMMITMENTS (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Commitments [Abstract] | ||
Operating lease commitments | $ 501 | $ 79 |
Payable Within 1 Year [Member] | ||
Commitments [Abstract] | ||
Operating lease commitments | 161 | 79 |
Payable Later than 1 Year Within 5 Years [Member] | ||
Commitments [Abstract] | ||
Operating lease commitments | $ 340 | $ 0 |
EVENTS SUBSEQUENT TO BALANCE _2
EVENTS SUBSEQUENT TO BALANCE DATE (Details) $ in Millions | Oct. 03, 2018t | Sep. 10, 2018USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) |
Macquarie Bank Limited [Member] | Project Loan Facility (PLF) [Member] | ||||
Subsequent event to balance date [Abstract] | ||||
Borrowing capacity | $ 21.7 | $ 21.7 | ||
Subsequent Events [Member] | Macquarie Bank Limited [Member] | PLF Tranche 1 [Member] | ||||
Subsequent event to balance date [Abstract] | ||||
Loan facility drawn down | $ 15 | |||
Subsequent Events [Member] | OVEC-IKEC [Member] | ||||
Subsequent event to balance date [Abstract] | ||||
Agreement for future coal sale | t | 650,000 |