Adamus Resources Limited And Controlled Entities INTERIM ...

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Adamus Resources Limited For the Three Months Ended 30 September 2006 Consolidated Cash Flow Statement (Expressed in Australian Dollars) (Unaudited) For the Three Months Ended 30 Sept 2006 30 Sept 2005 $ $ Cash flows from operating activities Payments to suppliers and employees (420,323) (368,770) Interest received 127,860 57,078 Payments for exploration and evaluation (3,016,206) (886,713) Interest paid (29,111) (2,570) Net cash used in operating activities (3,337,780) (1,200,975) Cash flows from investing activities Purchase of property, plant and equipment (4,922) - Payments for investments (486,537) - Net cash used in investing activities (491,459) - Cash flows from financing activities Proceeds from issue of shares - - Cost of capital raising - - Net cash provided by financing activities - - Net increase/(decrease) in cash and cash equivalents (3,829,239) (1,200,975) Cash and cash equivalents at beginning of period 14,208,014 4,587,383 Cash and cash equivalents at end of period 10,378,775 3,388,408 The above Consolidated Cash Flow Statement is to be read in conjunction with the Notes to the Financial Statements
Adamus Resources Limited For the Three Months Ended 30 September 2006 Notes to the Interim Unaudited Consolidated Financial Statements 1. Nature of Operations Adamus Resources Limited is a public company incorporated in Western Australia whose shares are publicly traded on the Australian Stock Exchange. 2. Summary of Significant Accounting Policies (i) Basis of Preparation The accompanying interim consolidated financial statements for the interim periods ending 30 September 2006 and 2005, are prepared in accordance with Australian Accounting Standards and are unaudited, but in the opinion of management reflect all adjustments necessary for the presentation of the Company’s financial position, operations and cash flows for the period represented. These interim consolidated financial statements should be read in conjunction with the Company’s annual financial statements, including the notes thereto, as at and for the years ended June 30, 2006. The interim consolidated financial statements have been prepared on the accruals basis and historical cost basis, except for available-for-sale investments, which have been measured at fair value. The carrying values of recognised assets and liabilities that are hedged items in fair value hedges, and are otherwise carried at cost, are adjusted to record changes in the fair values attributable to the risks that are being hedged. (ii) Significant Accounting Estimates and Assumptions The carrying amounts of certain assets and liabilities are often determined based on estimates and assumptions of future events. The key estimate and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of certain assets and liabilities within the next annual reporting period are: Share based payment transactions The Group measures the cost of equity-settled transactions with employees by reference to the fair value of the equity instruments at the date at which they are granted. The fair value is determined by management using a Black-Scholes option pricing model. The Group measures the cost of cash-settled share-based payments at fair value at the grant date using the Black-Scholes formula taking into account the terms and conditions upon which the instruments were granted. Mineral Exploration and Evaluation Acquisition, exploration, evaluation and development expenditure incurred is accumulated in respect of each identifiable area of interest. These costs are carried forward in respect of an area that has not at balance 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 relating to, the area of interest are continuing. (iii) Interest in joint venture operation The Group’s interest in joint venture operations is accounted for by recognising the Group’s assets and liabilities from the joint venture, as well as expenses incurred by the Group and the Group’s share of income earned from the joint venture, in the consolidated financial statements. (iv) Property, plant and equipment Plant and equipment is stated at cost less accumulated depreciation and any impairment in value. Depreciation is calculated on a straight-line basis over the estimated useful life of the asset as follows: � Computer equipment – 3 years � Plant and equipment and furniture fittings – 3-4 years � Leased assets – 3 years � Plant and equipment – over 5 to 15 years
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Adamus Resources Limited And Controlled Entities INTERIM ...

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