October 10, 2019
Moreton Resources – the company which hopes to develop an open-cut coal mine on the outskirts of Kingaroy – has recorded a $26.47 million loss.
The figure, after tax to the year ended June 30, was revealed in the company’s annual report which was lodged with the ASX on Thursday.
When entries linked to its Research and Development Tax Incentive (which date to the Cougar Energy UCG project) are excluded, the group’s loss was $10.5 million.
The annual report also lists the comings and goings of various Directors throughout the year:
The current Board consists of:
The annual report notes that non-binding expressions of interest had been received in relation to its Bowen Basin and Surat Basin coal projects.
Capital expenditure of $247,255 had been incurred on its Tarong Basin project (ie. the Kingaroy mine).
Net cash outflows increased to $7.54 million (up from $1.4 million during the previous 12 months) attributed mainly to “significant increases in employee benefits expense, mining operation expenditure, and legal and professional fees”.
The annual report notes that the ability of the group to continue as a going concern is dependent on:
“These conditions give rise to a material uncertainty which may cast significant doubt over the consolidated entity’s ability to continue as a going concern” the report notes.
However, the Directors believed there were reasonable grounds to believe the company could continue, because:
The ASX suspended Moreton from trading on October 1 after it failed to lodge its report before the due date.
UPDATE October 11: The suspension of trading was lifted immediately following the lodgment of the annual report.