2005 Annual Report - Millennium Minerals Limited

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42 Scope The financial report comprises the balance sheet, income statement, statement of cashflows, statement of equity changes, accompanying notes and the directors’ declaration for Wedgetail Exploration NL, the company, for the year ended 31 December 2005. The directors of the company are responsible for the preparation and true and fair presentation of the financial report in accordance with the Corporations Act 2001. This includes responsibility for the maintenance of adequate accounting records and internal controls that are designed to prevent and detect fraud and error, and for the accounting policies and accounting estimates inherent in the financial report. Audit approach We conducted an independent audit of the financial report in order to express an opinion on it to the members of the company. Our audit was conducted in accordance with Australian Auditing Standards in order to provide reasonable assurance as to whether the financial report is free of material misstatement. The nature of an audit is influenced by factors such as the use of professional judgement, selective testing, the inherent limitations of internal control, and the availability of persuasive rather than conclusive evidence. Therefore an audit cannot guarantee that all material misstatements have been detected. We performed procedures to assess whether in all material respects the financial report presents fairly in accordance with the Corporations Act 2001, Australian Accounting Standards and other mandatory professional reporting requirements in Australia a view which is consistent with our understanding of the company’s and the consolidated entity’s financial position, and of their performance as represented by the results of their operations and cash flows. We formed our opinion on the basis of these procedures, which included: • examining on a test basis, information to provide evidence supporting the amounts and disclosures in the financial report, and • assessing the appropriateness of the accounting policies and disclosures used and the reasonableness of significant accounting estimates made by the directors. Whilst we considered the effectiveness of management’s internal controls over financial reporting when determining the nature and extent of our procedures, our audit was not designed to provide assurance on internal controls. Independence We are independent of the company, and have met the independence requirements of Australian professional ethical requirements and the Corporations Act 2001. Audit opinion In our opinion, the financial report of Wedgetail Exploration NL is in accordance with: a) the Corporations Act 2001, including: (i) giving a true and fair view of the company’s financial position as at 31 December 2005 and its performance for the year ended on that date; and (ii) complying with Accounting Standards and the Corporations Regulations 2001; and b) other mandatory professional reporting requirements. Rothsay Graham R Swan Partner Dated: 31 March 2006 INDEPENDENT AUDIT REPORT TO THE MEMBERS OF WEDGETAIL EXPLORATION NL The liability of Rothsay Chartered Accountants is limited by the Accountants Scheme, approved under the Professional Standards Act 1994 (NSW). A n n u a l R e p o r t 2 0 0 5
Schedule Of Interests In Mining Tenements Prospect Area Tenement Area Wedgetail Registered Holder Beneficial Interest % ALL NATIONS M46/199 8.1004 Ha 100% Wedgetail Exploration NL M46/225 0.5 Ha 100% Wedgetail Exploration NL M46/98 4.8555 Ha 100% Wedgetail Exploration NL P46/1188 0.5 Ha 100% Wedgetail Exploration NL BARTONS G46/02 0.8 Ha 75% *Livestock Marketing Pty Ltd M46/164 9 Ha 75% *Livestock Marketing Pty Ltd M46/3 16.9 Ha 75% *Livestock Marketing Pty Ltd M46/441 103.43 Ha 100% TupperGlenda Pty Ltd BEATONS CREEK M46/10 121.05 Ha 100% Commsecure Limited M46/11 465 Ha 100% Commsecure Limited M46/9 248 Ha 100% Commsecure Limited BEATONS CREEK EAST M46/263 360 Ha 100% Wedgetail Exploration NL P46/1263 200 Ha 100% Wedgetail Exploration NL P46/1264 160 Ha 100% Wedgetail Exploration NL P46/1329 18 Ha 100% Wedgetail Exploration NL P46/1330 6 Ha 100% Wedgetail Exploration NL CADJEBUT M46/432 529 Ha 100% Wedgetail Exploration NL P46/1289 200 Ha 100% Wedgetail Exploration NL P46/1290 22.9 Ha 100% Wedgetail Exploration NL P46/1292 200 Ha 100% Wedgetail Exploration NL P46/1298 143 Ha 100% Wedgetail Exploration NL COOKES CREEK E46/486 62 Blks 100% Wedgetail Exploration NL E46/573 14 Blks 100% Wedgetail Exploration NL M46/251 955 Ha 100% Wedgetail Exploration NL M46/252 955 Ha 100% Wedgetail Exploration NL M46/372 956 Ha 100% Wedgetail Exploration NL M46/373 956 Ha 100% Wedgetail Exploration NL M46/374 956 Ha 100% Wedgetail Exploration NL M46/375 956 Ha 100% Wedgetail Exploration NL M46/376 956 Ha 100% Wedgetail Exploration NL M46/377 956 Ha 100% Wedgetail Exploration NL M46/378 637 Ha 100% Wedgetail Exploration NL M46/379 955 Ha 100% Wedgetail Exploration NL M46/380 956 Ha 100% Wedgetail Exploration NL M46/381 956 Ha 100% Wedgetail Exploration NL M46/382 956 Ha 100% Wedgetail Exploration NL M46/464 956 Ha 100% Wedgetail Exploration NL M46/465 955 Ha 100% Wedgetail Exploration NL M46/466 955 Ha 100% Wedgetail Exploration NL M46/467 955 Ha 100% Wedgetail Exploration NL M46/468 955 Ha 100% Wedgetail Exploration NL M46/469 955 Ha 100% Wedgetail Exploration NL M46/470 955 Ha 100% Wedgetail Exploration NL M46/471 955 Ha 100% Wedgetail Exploration NL M46/472 955 Ha 100% Wedgetail Exploration NL M46/473 955 Ha 100% Wedgetail Exploration NL DAVIS RIVER L46/41 2191 Ha 100% Wedgetail Exploration NL FEDERATION M46/64 20 Ha 100% Wedgetail Exploration NL W e d g e t a i l E x p l o r a t i o n N L 43
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 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: In accordance with a resolution of
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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