ANNUAL REPORT 2006

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 20: EVENTS AFTER THE BALANCE SHEET DATE
(a) Subsequent to the end of the financial year, the entity, having assessed the project, withdrew from the 24
Rivers project.
(b)
On 24 August 2006 the Company announced the final results of the Smokey Hills Project Bankable Feasibility
Study. This showed that the project would deliver an IRR of 74% based on Base Case metal prices and 670%
based on the average of prices achieved during July 2006. Pretax NPV10 on Base Case Prices was US$60M
and on average July 2006 prices was US$230M.
The study showed that the project would generate an undiscounted cashflow of US$139M on Base Case and
US$396M on average July 2006 prices.
Initial capital costs would be US$40.5M with Cash Operating Costs of US$226/oz 4E PGM (Platinum +
Palladium + Rhodium + Gold) produced, (net of metal credits). JORC compliant reserves are 763,000oz 4E
PGM and will produce an average 95,000 oz of 4E PGM over a 7 year life.
(c)
On 7 September 2006, consent was received from the Department of Minerals and Energy of the Republic of
South Africa of the cession of the Smokey Hills new order prospecting right from Corridor Mining Resources
(Pty) Ltd to Phokathaba Platinum (Pty) Ltd, the Smokey Hills Project vehicle. This enables the transactions
noted in Notes 6(b)(ii) and 8 in relation to the increase in the entity’s economic interest in Smokey Hills
Platinum (Pty) Ltd and Phokathaba Platinum (Pty) Ltd to proceed.
NOTE 21: AUDITORS’ REMUNERATION
The auditors of Platinum Australia Limited are HLB Mann Judd.
Amounts received or due and receivable by
HLB Mann Judd for:
An audit or review of the financial report of the
entity and any other entity in the consolidated
group
2006
$
Consolidated
2005
$
2006
$
Parent
2005
$
34,352 24,000 34,352 24,000
Amounts received or due and receivable by
other auditors for:
An audit or review of the financial report
of subsidiaries
10,739 5,890 - -
45,091 29,890 34,352 24,000
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