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 23: TRANSITION TO AIFRS (continued) Income Statement reflecting reconciliation of adjustments to AIFRS for the year ended 30 June 2005 Note Consolidated Parent AGAAP $ AIFRS Impact $ AIFRS $ AGAAP $ AIFRS Impact $ AIFRS $ Revenue 125,584 - 125,584 64,005 - 64,005 Other income 900 - 900 900 - 900 Exploration expenditure (670,201) - (670,201) (431,901) - (431,901) Impairment of loan to subsidiaries - - - (376,099) - (376,099) Employee benefits expense 23(a) (46,489) (701,419) (747,908) (46,489) (701,419) (747,908) Depreciation and amortisation expense (75,259) - (75,259) (71,931) - (71,931) Other expenses (1,819,489) - (1,819,489) (1,623,439) - (1,623,439) Loss before income tax expense (2,484,954) (701,419) (3,186,373) (2,484,954) (701,419) (3,186,373) Income tax expense - - - - - - Loss after tax (2,484,954) (701,419) (3,186,373) (2,484,954) (701,419) (3,186,373) Loss attributable to minority interest - - - - - - Net loss attributable to members of parent (2,484,954) (701,419) (3,186,373) (2,484,954) (701,419) (3,186,373) Total Changes in equity other than those resulting from transactions with owners as owners (2,484,954) (701,419) (3,186,373) (2,484,954) (701,419) (3,186,373) Basic earnings per share (cents per share) (2.7) (3.5) Diluted earnings per share (cents per share) (2.7) (3.5) (a) Share based payments For the financial year ended 30 June 2005, share based payments of $701,419 (included in ‘employee benefits expense’) which were not recognised under previous AGAAP were recognised under AIFRS, with an increase in the employee benefits reserve of $854,555 and a carrying amount of other financial assets of $153,136. These adjustments had no material tax or deferred tax consequences. page 68
NOTE 24: CHANGES TO ACCOUNTING STANDARDS The following amendments to Australian Accounting Standards that have recently been issued or amended are not applicable to the Company and therefore have no impact. Amendment/New Standard 2005-2 AASB 1023: General Insurance Contracts Affected Standards 2005-4 AASB 139: Financial Instruments: Recognition and Measurement, AASB 132: Financial Instruments: Disclosure and Presentation, AASB 1: First-time adoption of AIFRS, AASB 1023: General Insurance Contracts and AASB 1028: Life Insurance Contracts 2005-9 AASB 4: Insurance Contracts, AASB 1023: General Insurance Contracts, AASB 139: Financial Instruments: Recognition and Measurement and AASB 132: Financial Instruments: Disclosure and Presentation 2005-12 AASB 1038: Life Insurance Contracts and AASB 1023: General Insurance Contracts UIG 6 UIG 7 UIG 6 Liabilities Arising from Participating in a Specific Market – Waste Electrical and Electronic Equipment UIG 7 Applying the Restatement Approach under AASB 129 Financial Reporting in Hyperinflationary Economies A N N U A L R E P O R T 2 0 0 6 Australian Accounting Standards and Urgent Issues Group Interpretations that have recently been issued or amended but are not yet effective have not been adopted for the annual reporting period ending 30 June 2006: Amendment/New Standard Affected Standards 2004-3 AASB 1 First time adoption of AIFRS AASB 101 Presentation of Financial Statements AASB 124 Related Party Disclosures 2005-1 AASB 139: Financial Instruments: Recognition and Measurement 2005-5 AASB 1: First time adoption of AIFRS, AASB 139: Financial Instruments: Recognition and Measurement Nature of Change to Accounting Policy No change to accounting policy required. Therefore no impact No change to accounting policy required. Therefore no impact No change to accounting policy required. Therefore no impact 2005-6 AASB 3: Business Combinations No change to accounting policy required. Therefore no impact Application Date of Standard* Application Date for Company 1 January 2006 1 July 2006 1 January 2006 1 July 2006 1 January 2006 1 July 2006 1 January 2006 1 July 2006 page 69
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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
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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
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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 and 54: NOTE 6: CASH AND CASH EQUIVALENTS 2
Page 55 and 56: NOTE 7: RECEIVABLES Current 2006 $
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: NOTE 23: TRANSITION TO AIFRS (conti
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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