ANNUAL REPORT 2006

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P L AT I N U M A U S T R A L I A A N N U A L R E P O R T 2 0 0 6 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2006 NOTE 6: CASH AND CASH EQUIVALENTS (continued) (d) Reconciliation of loss for the year to net cash flows from operating activities 2006 $ Consolidated 2005 $ 2006 $ Parent 2005 $ Loss for the year (7,664,610) (3,186,373) (7,810,550) (3,186,373) Depreciation and amortisation 66,784 75,259 36,282 71,931 Impairment of investment in subsidiaries - - 46,639 - Impairment of loan to subsidiaries - - 6,135,821 376,099 Impairment of loan to associated entity 79,385 - 79,385 - Impairment of security deposit 2,269,687 - - - Profit on disposal of plant and equipment - (900) - (900) Net exchange differences - 272,133 - 272,133 Non-cash exploration expenditure 63,000 - 63,000 - Employee options and leave benefits 202,954 701,419 185,459 701,419 Recharges to subsidiaries - - (549,387) - Change in net assets and liabilities, net of effects from acquisition and disposal of businesses: (Increase)/decrease in assets: Current receivables (53,894) (75,718) (79,703) (24,229) Increase/(decrease) in liabilities: Current payables 292,003 97,364 (121,122) 85,432 Other current liabilities 16,226 (33,989) 16,226 (33,989) Non-current provisions 36,240 17,204 36,240 17,204 Net cash from operating activities (4,692,225) (2,133,601) (1,961,710) (1,721,273) page 52
NOTE 7: RECEIVABLES Current 2006 $ Consolidated 2005 $ 2006 $ Parent 2005 $ Other receivables & prepayments 197,594 143,700 143,715 80,238 Non-Current Loan to subsidiaries - - 22,681,668 19,054,305 Less Accumulated impairment - - (22,681,668) (16,545,847) - - - 2,508,458 Loan to associated entity 615,376 547,660 615,376 547,660 Less Accumulated impairment (579,385) (500,000) (579,385) (500,000) 35,991 47,660 35,991 47,660 35,991 47,660 35,991 2,556,118 A N N U A L R E P O R T 2 0 0 6 An impairment loss has been recognised against the loans to subsidiaries and the associated entity on the basis that these entities have incurred losses during the year and it is considered prudent to provide for the possibility of these loans not being recoverable. The impairment loss on the loans to subsidiaries has been eliminated on consolidation. NOTE 8: OTHER FINANCIAL ASSETS Consolidated Parent Current 2006 $ Security deposit reclassified from cash [Note 6(b)(ii)] 2,269,687 2,365,409 - - 2005 $ 2006 $ 2005 $ Less Accumulated impairment (2,269,687) - - - - 2,365,409 - - In the current year, this amount has been fully impaired on the basis that when the approval of the transfer of the new order right is received, this deposit is released and becomes consideration for the Group’s interest in the Smokey Hills Project. In accordance with the Group’s accounting policy, all exploration tenement acquisition expenditure is expensed. Refer to Note 20 (c) for details of a subsequent event in relation to this matter. Non-Current The investments included in the financial statements comprise: Shares in subsidiaries - at cost (i) - - 610,00 500,000 Less Accumulated impairment - - (546,639) (500,000) - - 63,361 - An impairment loss has been recognised against the investment in subsidiaries on the basis that these entities have incurred losses during the year and it is considered prudent to provide for the possibility of these investments not being recoverable. page 53
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ANNUAL REPORT 2006
Page 3 and 4: ITEM PAGE Chairman’s Report 2 Rev
Page 5 and 6: Interpretation of detailed aeromagn
Page 7 and 8: PLATINUM GROUP METALS Platinum Aust
Page 9 and 10: Project Development PLA has complet
Page 11 and 12: • Cash Operating Cost of US$226/o
Page 13 and 14: Project Development Platinum Austra
Page 15 and 16: A N N U A L R E P O R T 2 0 0 6 Pan
Page 17 and 18: The Board is responsible for settin
Page 19 and 20: The Chairman of the Board will chai
Page 21 and 22: DIRECTORS’ REPORT The directors o
Page 23 and 24: 3. PRINCIPAL ACTIVITIES The princip
Page 25 and 26: B Details of Remuneration (this inf
Page 27 and 28: Milestone 1 was achieved in July 20
Page 29 and 30: 13. ENVIRONMENTAL COMPLIANCE The Co
Page 31 and 32: CONSOLIDATED INCOME STATEMENT FOR T
Page 33 and 34: CONSOLIDATED CASH FLOW STATEMENT FO
Page 35 and 36: CONSOLIDATED STATEMENT OF CHANGES I
Page 37 and 38: NOTE 1: STATEMENT OF SIGNIFICANT AC
Page 49 and 50: NOTE 3: INCOME TAX Consolidated 200
Page 51 and 52: NOTE 4: SEGMENT REPORTING (continue
Page 53: NOTE 6: CASH AND CASH EQUIVALENTS 2
Page 57 and 58: NOTE 9: PROPERTY, PLANT AND EQUIPME
Page 59 and 60: NOTE 10: SHARE BASED PAYMENT PLANS
Page 61 and 62: NOTE 13: CONTRIBUTED EQUITY AND RES
Page 63 and 64: NOTE 14: FINANCIAL INSTRUMENT DISCL
Page 65 and 66: NOTE 17: INTEREST IN ASSOCIATE Name
Page 67 and 68: NOTE 22: KEY MANAGEMENT PERSONNEL D
Page 69 and 70: NOTE 23: TRANSITION TO AIFRS (conti
Page 71 and 72: NOTE 24: CHANGES TO ACCOUNTING STAN
Page 73 and 74: DIRECTORS’ DECLARATION 1. In the
Page 75 and 76: Independence In conducting our audi
Page 77 and 78: SHAREHOLDERS INFORMATION AT 28 SEPT
Page 80: 3rd Floor, 18 Richardson Street Wes
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ANNUAL REPORT 2006

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