2005 Annual Report - Millennium Minerals Limited

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12 of options is in substance a performance incentive which allows employees to share the rewards of the success of the Company. Director’s Remuneration Details of the remuneration of each Director of Wedgetail, including their personally-related entities, for the year ended 31 December 2005 are set out as follows: Short Term A n n u a l R e p o r t 2 0 0 5 Post Employment Equity Compensation Non-monetary Super- Value of Share Year Directors Fees Consulting Fees Benefits annuation Options Total $ $ $ $ $ $ Mr C Donner 2005 46,500 - - - - *246,500 Mr F Vanspeybroeck 2005 - *299,500 - - - *299,500 Mr G Lambert 2005 24,000 - - - - *224,000 Mr R Gillon 2005 24,000 - - - - *224,000 Mr E Kirby 2005 24,000 *219,650 - - - *243,650 Mr R Procter 2005 20,000 - - - - *220,000 * Of the fees paid to Mr Vanspeybroeck, $114,000 relates to deferred fees from prior year consultancies. The Company did not have any other executives (“specified executive”) with authority for the strategic direction and management of the Company during the year. Director Employment Contracts Frank Vanspeybroeck is a Director of IMMO Services (WA) Pty Ltd. The Company has entered into a contract with IMMO Services (WA) Pty Ltd for the supply of management services under normal commercial terms and conditions. The agreement terminated on 31 January 2006, with no termination benefits payable. Mr Evan Kirby is a Director of Metallurgical Management Services (Pty) Ltd which provides metallurgical consultancy services to the Company. MEETINGS OF DIRECTORS The number of meetings of Directors held during the year and the number of meetings attended by each Director was as follows: Directors Meetings No Of Meetings Meetings Held While In Office Attended Clive Donner 13 11 Frank Vanspeybroeck 13 13 Geoff Lambert 13 9 Ross Gillon 13 11 Evan Kirby 13 10 Richard Procter (Appointed 15 February 2005) 12 6 INSURANCE OF DIRECTORS AND OFFICERS DIRECTORS’ REPORT The Company agreed to pay a premium in respect of a contract insuring the Directors and Officers of the Company. Full details of the cover and premium are not disclosed as the insurance policy prohibits the disclosure.
SHARE OPTIONS Options on Issue At the date of this report unissued shares of the company under option are: Expiry Date Number of options Exercise Price 1 August 2006 (unlisted) 3,300,000 3.5 cents 19 September 2006 (unlisted) 1,400,000 3.5 cents 31 December 2006 (unlisted) 30,000,000 5.5 cents 11 October 2007 (unlisted) 140,000 5.5 cents CORPORATE GOVERNANCE In recognising the need for the highest standards of corporate behaviour and accountability, the Directors of Wedgetail support and have adhered to the principles of corporate governance. The Company’s corporate governance statement is contained within the Annual Report. ENVIRONMENTAL REGULATION AND PERFORMANCE The Company’s operations are subject to environmental regulation under the laws of the Commonwealth and of the State, with specific conditions relating to rehabilitation. In the case of Approved Notices of Intent to Mine, bonds are held by the Company’s bank which may be released to the company when Department of Industry and Resources is satisfied that conditions imposed on those licences have been met. Notices of Intent to Mine incorporate environmental conditions, including those related to noise, dust, water run off, rare and endangered flora and fauna, sites of historical and aboriginal significance as well as rehabilitation criteria. The Directors advise that during the year ended 31 December 2005, no claim has been made by any competent authority that any environmental issues condition of licence or notice of intent have been breached, or any bond forfeited. AUDITOR’S INDPENDENCE DECLARATION The following is a copy of a letter received from the Company’s auditors: “Dear Sirs, In accordance with Section 307C of the Corporations Act 2001 (the “Act”) I hereby declare that to the best of my knowledge and belief there have been: i) no contraventions of the auditor independence requirements of the Act in relation to the audit of the 31 December 2005 annual financial statements; and ii) no contraventions of any applicable code of professional conduct in relation to the audit. Graham Swan (Lead auditor) Rothsay Chartered Accountants” DIRECTORS’ REPORT W e d g e t a i l E x p l o r a t i o n N L 13
Page 1 and 2: WEDGETAIL EXPLORATION NL ANNUAL REP
Page 3 and 4: Dear Shareholder It is with pleasur
Page 5 and 6: Other positive factors to emerge fr
Page 7 and 8: EXPLORATION RESOURCE DEVELOPMENT RE
Page 9 and 10: Figure 2: Target areas (in pale blu
Page 11 and 12: The Directors of Wedgetail Explorat
Page 13: STATE OF AFFAIRS In the opinion of
Page 17 and 18: This statement outlines the main co
Page 19 and 20: Committees To assist the Board in a
Page 21 and 22: Income Statement For The Year Ended
Page 23 and 24: Statement Of Cash Flows For The Yea
Page 25 and 26: Notes To, And Forming Part Of, The
Page 29 and 30: 2. SUMMARY OF SIGNIFICANT ACCOUNTIN
Page 31 and 32: 9. PLANT AND EQUIPMENT W e d g e t
Page 35 and 36: 16. CONTRIBUTED EQUITY continued (c
Page 37 and 38: 19. EXPENDITURE COMMITMENTS continu
Page 39 and 40: 22. NOTES TO THE STATEMENT OF CASH
Page 41 and 42: 23. FINANCIAL INSTRUMENTS continued
Page 43 and 44: In accordance with a resolution of
Page 45 and 46: Schedule Of Interests In Mining Ten
Page 47 and 48: Schedule Of Interests In Mining Ten
Page 49 and 50: SHAREHOLDERS INFORMATION DISTRIBUTI
Page 51 and 52: W e d g e t a i l E x p l o r a t i

2005 Annual Report - Millennium Minerals Limited

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