Annual Report 2005 - Pioneer Resources Limited

PIONEER NICKEL LIMITED AND ITS CONTROLLED ENTITYStatement of Financial Performancefor the year ended 30th June 2005CONSOLIDATEDNOTE 2005 2004$ $Other revenues from ordinary activities 2 146,197 132,220Total revenue 2 146,197 132,220Employee expenses (489,050) (194,318)Non-Executive Directors’ fees (121,699) (78,333)Provision for diminution in value of investment in Galaxy Resources Limited (130,000) -Corporate expenses (99,515) (69,308)Depreciation expenses (46,353) (18,601)Rental expense on operating leases (30,014) (12,601)Insurance expenses (24,007) (8,297)Exploration expenditure written off (2,662) -Management fee and salaries recharged by Heron Resources Limited - (106,735)Employee costs recharged to exploration 316,076 173,493Other expenses from ordinary activities (233,707) (128,857)Loss from ordinary activities before related income tax expense (714,734) (311,337)Income tax relating to ordinary activities - -Net loss attributable to members of the Company 3, 4 (714,734) (311,337)Total revenues, expenses and valuation adjustments attributableto members of the Company and recognised directly in equity 4 - (362,633)Total changes in equity other than those resulting from transactions withowners as owners attributable to members of the Company (714,734) (673,970)Basic earnings/(loss)per share (cents per share) 6 (1.5) (1.1)Diluted earnings/(loss)per share (cents per share) 6 (1.5) (1.1)The statement of financial performance is to be read in conjunction with the accompanyingdiscussion and analysis and the notes to the concise financial report.Pioneer Nickel Annual Report 200534