2005 Annual Report - Millennium Minerals Limited

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34 16. CONTRIBUTED EQUITY continued (e) Convertible Notes Movement in notes convertible to ordinary shares in the capital of the parent entity are as follows: No. of Conversion No. of Balance Convertible Notes Price Potential Ordinary $ $ Shares Opening balance 2,500,000 0.035 71,428,571 2,500,000 Issue of convertible notes 2,500,000 0.055 45,454,545 2,500,000 Closing balance 5,000,000 116,883,116 5,000,000 The total number of potential ordinary shares outstanding in the capital of the parent entity at 31 December 2005, in respect of options and convertible notes, is 151,583,116 (2004: 277,194,433) ordinary shares. 17. ACCUMULATED LOSSES A n n u a l R e p o r t 2 0 0 5 2005 2004 $ $ Opening balance at the beginning of year (3,343,731) (2,275,494) Net profit/(loss) attributable to members of Wedgetail Exploration NL (3,829,112) (1,068,237) Equity settled transactions 412,717 - Closing Balance At The End Of Year (6,760,126) (3,343,731) 18. SEGMENTAL INFORMATION The company operated for the financial year within Australia. The principal activity of the company was mineral exploration. 19. EXPENDITURE COMMITMENTS (a) Exploration Notes To, And Forming Part Of, The Financial Statements For The Year Ended 31 December 2005 Due to the nature of the company’s activities, it is difficult to accurately forecast the amount of future expenditure that will be necessary to incur in order to maintain present interests. Expenditure contracts on mineral tenure can be reduced by selective relinquishment of exploration tenements, or by the re-negotiation of expenditure commitments. The minimum level of exploration commitments: - Not later than one year is 991,000 900,000 - later than one year and not later than five years is 2,887,500 2,500,000 - later than five years is 1,800,000 1,600,000 (b) Operating Lease Commitments The minimum level of operating lease commitments: - Not later than one year is 255,862 254,250 - later than one year and not later than five years is 111,393 367,255
19. EXPENDITURE COMMITMENTS continued 2005 2004 $ $ (c) Finance Lease Commitments The minimum level of operating lease commitments: - Not later than one year is 90,117 39,985 - later than one year and not later than five years is 102,667 27,938 20. REMUNERATION OF AUDITOR Amounts received, or due and receivable by the auditor for: Auditing 15,200 11,000 Other services 2,750 7,000 21. RELATED PARTY INFORMATION (a) Names Of Directors The persons holding positions as Directors of the Company during the financial year were: C Donner F Vanspeybroeck G Lambert R Gillon E Kirby R Procter (b) Directors’ Remuneration Notes To, And Forming Part Of, The Financial Statements Year For The Year Ended 31 December 2005 Directors Fees $ Short Term Consulting Fees $ Non-monetary Benefits $ W e d g e t a i l E x p l o r a t i o n N L Post Employment Superannuation $ 17,950 18,000 Equity Compensation Value of Share Options $ Non-Executive Directors Mr C Donner 2005 46,500 - - - - 46,500 2004 36,000 - - - - 36,000 Mr G Lambert 2005 24,000 - - - - 24,000 2004 24,000 - - - - 24,000 Mr R Gillon 2005 24,000 - - - - 24,000 2004 24,000 - - - - 24,000 Mr E Kirby 2005 24,000 19,650 - - - 43,650 2004 24,000 21,599 - - - 45,599 Mr R Procter 2005 20,000 - - - - 20,000 (Appointed 15 February 2005) Executive Director 2004 - - - - - - Mr F Vanspeybroeck 2005 - * 299,500 - - - 299,500 2004 - * 162,000 - - - 162,000 * Of the fees paid to Mr Vanspeybroeck, $114,000 (2004: $55,000) are deferred fees relating to prior year consultancies. Total $ 35
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 and 14: STATE OF AFFAIRS In the opinion of
Page 15 and 16: SHARE OPTIONS Options on Issue At t
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: 16. CONTRIBUTED EQUITY continued (c
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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