catalyst metals limited and its controlled entities ... · directors’ report _____ page 4 the...

CATALYST METALS LIMITED AND ITS CONTROLLED ENTITIES ABN 54 118 912 495

INTERIM REPORT

FOR THE HALF-YEAR ENDED 31 DECEMBER 2015

CONTENTS PAGE

CORPORATE DIRECTORY 3

DIRECTORS’ REPORT 4

AUDITOR’S INDEPENDENCE DECLARATION 18

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION 19

CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND COMPREHENSIVE INCOME 20

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 21

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS 22

NOTES TO THE FINANCIAL STATEMENTS 23

DIRECTORS’ DECLARATION 26

INDEPENDENT AUDITOR’S REVIEW REPORT 27

CORPORATE DIRECTORY DIRECTORS Stephen Boston (Chairman) Bruce Kay (Non-Executive Director) Robin Scrimgeour (Non-Executive Director) Gary Schwab (Non-Executive Director) COMPANY SECRETARY Frank Campagna REGISTERED OFFICE & PRINCIPAL PLACE OF BUSINESS 44 Kings Park Road West Perth, Western Australia 6005 Telephone: +618 6263 4423 Facsimile: +618 9284 5426 Email: [email protected] Website: www.catalystmetals.com.au

AUDITORS RSM Australia Partners 8 St Georges Terrace Perth WA 6000 SHARE REGISTRY Security Transfer Registrars 770 Canning Hwy Applecross WA 6153 Telephone: +618 9315 2333 Facsimile: +618 9315 2233 Email: [email protected] Website: www.securitytransfer.com.au STOCK EXCHANGE LISTING The Company is listed on the Australian Securities Exchange Home Exchange: Perth ASX Code: CYL & CYLO

DIRECTORS’ REPORT ___________________________________________________________________________

The Directors present their report on Catalyst Metals Limited and its subsidiaries for the half-year ended 31 December 2015. BOARD OF DIRECTORS DIRECTORS The names and details of Catalyst Metals Limited (“Company”) directors in office during the half-year and up to the date of this report are as follows:

Stephen Boston Bruce Kay Robin Scrimgeour Gary Schwab

Directors were in office for the entire period unless otherwise stated. REVIEW OF OPERATIONS Whitelaw Gold Belt The term Whitelaw Gold Belt has been adopted because the Catalyst tenements are situated along the 100 kilometre long Whitelaw Fault which is considered to be extremely important in the genesis of gold deposits that have formed adjacent to the structure. Victorian government seismic and gravity data suggest that this large fault structure controlled the formation of the Bendigo gold deposits (historically approximately 22 million ounces of gold produced at a grade of 15 g/t Au) as well as gold mineralisation at both the Four Eagles and Tandarra Gold Projects. Catalyst believes that other high grade gold deposits are likely to occur along the Whitelaw Gold Belt because it is covered by Murray Basin sediments and means it has never been tested by historic prospectors. The Company continued to consolidate its strong tenement holdings along this belt so it can participate in any future gold discoveries (Figure 1). The Catalyst tenement holdings were further bolstered by the granting on 23 November 2015 of EL6004 for a period of five (5) years. An application was made to the Victorian Department of Economic Development, Jobs, Transport & Resources (EcoDev) to amalgamate this license with an EL already held by Catalyst, EL5508. There was no field activity during the half year to minimise impact on the grain crops that were harvested in December 2015. Planning and preparations were undertaken for another large field drilling season that will be conducted between January to June 2016. This commenced on the Four Eagles Gold Project in January 2016 with activity on other sections of the Belt likely to commence in the June Quarter of 2016. During the half year, Catalyst finalised the programme and budget for the Four Eagles Gold Project Joint Venture for the six month period from January 2016 to June 2016. The programme will be undertaken in two stages and may be modified after a review of results by the Joint Venture partners in March 2016. The Four Eagles Gold Project is a joint venture between Catalyst, Providence Gold and Minerals Pty Ltd (Providence) and Gold Exploration Victoria Pty Ltd (GEV) (a wholly owned subsidiary of Hancock Prospecting Pty Ltd). Catalyst is retaining its 50% interest whilst GEV earns a 50% interest from Providence by spending up to $4.2 million on the project. The project is managed by Catalyst. Catalyst now manages the entire Whitelaw Gold Belt and has interests in nine Exploration Licences which extend for 75 kilometres along the Whitelaw and Tandarra Faults north of Bendigo in Victoria (Figure 1). FOUR EAGLES JOINT VENTURE (EL4525, EL5295, EL5508, EL6004) The Four Eagles Joint Venture covers an envelope of gold mineralisation about 6 kilometres long and 2.5 kilometres wide with gold occurring in at least three structural zones trending roughly north south (Eagle 2, Eagle 3 and Eagle 4 on Figure 2a and 2b). Three prospects have produced high grade gold intersections (Discovery, Hayanmi and Boyd’s Dam). Catalyst has earned a 50% interest in the Joint Venture and GEV is earning its 50% equity from Providence by spending up to $4.2 million.


Figure 1: Whitelaw Gold Belt Tenement Holdings


Figure 2a: Four Eagles Gold Project showing defined gold zones and planned 2016 drilling


Figure 2b: Four Eagles Gold Project showing intersections for Figure 2a EL6004 was granted on 23 November 2015 for a period of five (5) years. An application was made to the Victorian Department of Economic Development, Jobs, Transport & Resources (EcoDev) to amalgamate this licence with EL5508. PROPOSED DRILLING PROGRAMME: RC BLADE DRILLING This programme will involve the drilling of angled large diameter air core holes (RC Blade) along the entire length of the Hayanmi and Boyd’s Dam structures. The objective will be to have drill traverses every 50 to 100 metres along the mineralised corridor. The broad areas of this drilling are shown on Figure 2a. Planned total drilling metres for this programme are 14,000 metres. Hayanmi Prospect Drilling on the Hayanmi Prospect (Figure 3) will cover a strike length of approximately 2.9 kilometres and test the mineralised zone down to a depth of 150 metres. This programme will define areas where gold mineralisation shows lateral continuity which may provide the focus for definition drilling. Cross sections showing the type of angled drilling that is proposed are shown in Figures 4 and 5. Previous air core drilling has shown that most traverses within the total strike length contained at least one significant gold intersection with the best gold values from air core holes shown below:

41.0m @ 3.87g/t Au from 76 metres including 6.0 m @ 16.3g/t Au from 76 metres (FE696) 13.0m @ 2.6g/t Au including 5.0m @ 5.76g/t Au from 135 metres Au (FE700) 3.0m @ 5.96g/t Au from 75 metres (FE471) 3.0m @ 14.7g/t Au from 87 metres (FE591) 9.0m @ 7.9g/t Au from 87 metres (FE608) 1.5m @ 12.9g/t Au from 53 metres (FE626) 2.0m @ 1.45g/t Au from 91 metres (FE695)


Figure 3: Hayanmi Prospect plan view showing gold trends and drill holes and location of cross sections

Figure 4: Hayanmi Prospect Cross Section at 5990140N with proposed 2016 drilling


Figure 5: Hayanmi Prospect Cross Section at 5991220N with proposed 2016 drilling Boyd’s Dam Prospect Drilling on the Boyd’s Dam Prospect (Figure 6) will in-fill the traverse drill spacing to about 50 metres and show if continuous mineralisation occurs over the 700 metre strike length of the structure. Better intersections from previous air core drilling are listed below:

6.0m @ 3.77g/t Au including 1.0 m @ 7.82g/t Au from 44 metres (FERC010) 3.0m @ 36.6g/t Au from 57 metres (FE415) 9.0m @ 2.33g/t Au from 48 metres (FE579) 2.0m @ 6.2g/t Au from 49 metres (FERC003) 1.0m @ 18.3g/t Au from 127 metres (FERC002)

PROPOSED RECONNAISSANCE DRILLING PROGRAMME: CONVENTIONAL AIR CORE DRILLING This programme is essentially a reconnaissance air core programme to test new areas of the Four Eagles Gold Project that have had limited previous drilling. As shown in the yellow boxes on Figure 2a, most of this drilling will be carried out on the northern extensions of the Eagle 3 (Hayanmi) and Eagle 4 (Boyd’s Dam) and Eagle 5 structures. There is also scope for further air core drilling in reconnaissance areas where no previous drilling has been undertaken. These drill targets will be based on structural interpretation of the detailed gravity survey that is planned for January 2016 and discussed in the following section. Reconnaissance air core drilling is also planned for an area in the north of EL5508 (Figure 1) to test the potential extension of the Whitelaw-Tandarra Fault Corridor. Subject to review of ongoing results, it is possible that a further 10,000 metres of reconnaissance drilling will be completed.


Figure 6: Boyd’s Dam Prospect plan view showing gold trend and drill holes PROPOSED GRAVITY SURVEY Figure 7 shows the location of the detailed ground gravity survey that is due to commence in mid-January 2016. It will cover a 20 kilometre strike length of the Four Eagles Gold Project tenements and extend from the northern boundary of the Tandarra Exploration Licence 4897 almost to the town of Pyramid Hill in the north. Approximately 3,000 stations will be read at a spacing of 400 metres by 100 metres over a period of approximately 30 days. In April 2015, Catalyst intersected two significant zones of mineralisation on Upton’s Road at the northern end of the Tandarra licence (Figure 8a) and it is hoped that these zones may extend into the Four Eagles Gold Project tenements. The following intersections were recorded:

2.0m @ 33.1g/t Au including 1.0 m @ 65.6g/t Au from 129 metres (ACT221) 5.0m @ 0.53g/t Au from 78 metres (ACT202)

It is anticipated that this larger detailed gravity survey will substantially improve the definition of the mineralised structures beneath the Murray Basin sediments and provide targets for the reconnaissance air core drilling programme. TANDARRA GOLD PROJECT (EL4897) (CATALYST EARNING 51% FROM NAVARRE MINERALS LIMITED) The major activity on the Tandarra Project during the half year was the finalisation of the Mineralisation Report that was required by the EcoDev for renewal of EL4897 as a Retention Licence. This study was undertaken on the Tomorrow Prospect where shallow high grade gold is present at depths of less than 20 metres. Plans and cross sections of this zone are shown on Figures 9 to Figure 11. The report is solely a requirement of EcoDev to confirm that gold mineralisation is present on the licence and that a tenement extension is justified. It is not sufficient to satisfy the requirements of the JORC 2012 Code. Following the completion of the Mineralisation Report, Navarre and Catalyst made the decision to pursue a two year extension to the Exploration Licence rather than initiating the slow process of a Retention Licence application. A renewal application was lodged on 24 November 2015 prior to the due date of 14 December 2015.


Figure 7: Proposed gravity survey on Four Eagles Gold Project


Subject to the renewal of EL4897, a reconnaissance air core drilling programme is being planned to test the large linear structural zones that have been interpreted from previous drill data. As shown on Figure 8a and Figure 8b, drilling will be undertaken on the Tandarra North, Dingee and Prairie Zones and would follow up the high grade zone reported in the June 2015 quarter (2.0m @ 33.1g/t Au including 1.0 m @ 65.6g/t Au from 129 metres (ACT221)).

Figure 8a: Plan of Tandarra Project showing 2015 aircore drilling traverses and interpreted Gold Zones


Figure 8b: Aircore drill intersections shown on Figure 5a CASTLEMAINE JOINT VENTURE PROJECT: RAYDARRA (EL5266) Available data for this area has been reviewed in conjunction with the Tandarra Project and shows that the southern extension of the Tandarra Fault is likely to pass through this Exploration Licence. Some reconnaissance drilling along road verges is currently being planned as part of the Tandarra air core programme. OTHER WHITELAW BELT TENEMENTS: 100% CATALYST (EL5521, EL5533, EL5009) Because of the grain crops and generally less favourable weather conditions, activity on these licences was limited to planning for the 2016 field programmes. Activity during 2016 is expected to include reconnaissance air core drilling of the favourable structures using existing roads and tracks. Interpretation of gravity and drill data from Four Eagles and Tandarra may aid the interpretation.


Figure 9: Plan showing Reverse Circulation drill holes and assays in Tomorrow and Macnaughtans Prospects and Location of Drill Cross Sections (Inset from Figure 8a)


Figure 10: East West cross section through Tomorrow Structure at 5972820N on Tandarra Project


Figure 11: East west Cross Section through Tomorrow Structure at 5972750N on Tandarra Project.

CORPORATE The annual general meeting of the Company was held on 11 November 2015 and all resolutions were carried unanimously on a show of hands. RESULTS OF OPERATIONS The operating loss after income tax of the Group for the half-year ended 31 December 2015 was $462,535 (2014: $430,662). The Company’s basic loss per share for the period was 0.88 cents (2014: loss of 0.85 cents per share). No dividend has been paid during or is recommended for the financial period ended 31 December 2015.


AUDITOR’S INDEPENDENCE DECLARATION A copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001 immediately follows the Directors’ Report. This report has been made in accordance with a resolution of the Board of Directors. Stephen Boston Chairman Dated: 14 March 2016 Competent person’s statement The information in this report that relates to exploration results is based on information compiled by Mr Bruce Kay, a Competent Person, who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Kay is a non-executive director of the Company and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code). Mr Kay consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. Much of the historical information relating to the Four Eagles project was prepared and first disclosed under the JORC Code 2004. This information has not been updated since to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was reported.

THE POWER OF BEING UNDERSTOOD AUDIT | TAX | CONSULTING

RSM Australia Partners is a member of the RSM network and trades as RSM. RSM is the trading name used by the members of the RSM network. Each member of the RSM network is an independent accounting and consulting firm which practices in its own right. The RSM network is not itself a separate legal entity in any jurisdiction.

RSM Australia Partners ABN 36 965 185 036

Liability limited by a scheme approved under Professional Standards Legislation

RSM Australia Partners

8 St Georges Terrace Perth WA 6000 GPO Box R1253 Perth WA 6844

T +61 (0) 8 9261 9100 F +61 (0) 8 9261 9111

www.rsm.com.au

AUDITOR’S INDEPENDENCE DECLARATION As lead auditor for the review of the financial report of Catalyst Metals Limited for the half-year ended 31 December 2015, I declare that, to the best of my knowledge and belief, there have been no contraventions of: (i) the auditor independence requirements of the Corporations Act 2001 in relation to the review; and (ii) any applicable code of professional conduct in relation to the review.

RSM AUSTRALIA PARTNERS

Perth, WA ALASDAIR WHYTE Dated: 14 March 2016 Partner

CATALYST METALS LIMITED AND ITS CONTROLLED ENTITIES CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION As at 31 December 2015

31 December 2015

30 June 2015

Note $ $ Current Assets Cash and cash equivalents 5 1,054,955 1,334,945 Trade and other receivables 21,115 31,235 Total Current Assets 1,076,070 1,366,180

TOTAL ASSETS

1,076,070 1,366,180

Current Liabilities Trade and other payables 152,690 431,175 Other - advances 6 97,838 246,928 Total Current Liabilities 250,528 678,103 TOTAL LIABILITIES

250,528 678,103

NET ASSETS

825,542

688,077

Equity Contributed equity 7 10,199,786 9,599,786 Share based payments reserves 228,008 228,008 Accumulated losses (9,602,252) (9,139,717) TOTAL EQUITY

825,542

688,077

The accompanying notes form part of this financial report

CATALYST METALS LIMITED AND ITS CONTROLLED ENTITIES CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND COMPREHENSIVE INCOME For the Half-Year Ended 31 December 2015 31 December 31 December 2015 2014 $ $

Revenue 9,417 12,374

Expenses

Professional fees (71,200) (72,600)

Administration costs (27,255) (32,045)

Personnel (103,907) (61,799)

Corporate costs (100,200) (101,693)

Exploration and evaluation expenditure written off (169,390) (174,899)

Loss before income tax expense (462,535) (430,662)

Income tax expense - -

Loss for the half year (462,535) (430,662)

Other comprehensive income - -

Total comprehensive loss for the half year (462,535) (430,662) Total comprehensive loss attributable to members of the company

(462,535)

(430,662)

Basic loss per share (cents per share) 0.88 0.85

Diluted loss per share (cents per share) 0.88 0.85

The accompanying notes form part of this financial report.

CATALYST METALS LIMITED AND ITS CONTROLLED ENTITIES CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY For the Half-Year Ended 31 December 2015 Contributed

Equity $

Accumulated Losses

$

Reserves

$

Total

$ Balance at 1 July 2014

9,453,634

(8,899,612)

228,008

782,030

Total comprehensive loss for the period - (430,662) - (430,662)

Transactions with owners in their capacity as owners:

Issue of shares 131,152 - - 131,152

Balance at 31 December 2014

9,584,786

(9,330,274)

228,008

482,520 Balance at 1 July 2015

9,599,786

(9,139,717)

228,008

688,077

Total comprehensive loss for the period - (462,535) - (462,535)

Transactions with owners in their capacity as owners:

Issue of shares 600,000 - - 600,000

Balance at 31 December 2015

10,199,786

(9,602,252)

228,008

825,542

The accompanying notes form part of this financial report

CATALYST METALS LIMITED AND ITS CONTROLLED ENTITIES CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS For the Half-Year Ended 31 December 2015 31 December 31 December 2015 2014 $ $ Cash Flows from Operating Activities

Payments to suppliers, contractors and employees (220,915) (320,640)

Interest received 9,417 12,374

Payments for exploration and evaluation (169,390) (174,899)

Net cash flows used in operating activities

(380,388)

(483,165)

Cash Flows from Investing Activities

Net cash flows used in investing activities

- -

Cash Flows from Financing Activities

Proceeds from issue of shares 515,000 -

Farm in advances expended (414,102) -

Net cash flows from financing activities

100,898

-

Net decrease in cash and cash equivalents (279,990) (483,165) Cash and cash equivalents at the beginning of the half-year

1,334,945

1,031,251

Cash and cash equivalents at the end of the half-year

1,054,955

548,086

The accompanying notes form part of this financial report.

CATALYST METALS LIMITED AND ITS CONTROLLED ENTITIES NOTES TO THE FINANCIAL STATEMENTS For The Half-Year Ended 31 December 2015

1. BASIS OF PREPARATION This general purpose financial report for the half-year reporting period ended 31 December 2015 has been prepared in accordance with Australian Accounting Standard AASB 134: Interim Financial Reporting and the Corporations Act 2001. Compliance with AASB 134 ensures the financial report compliance with International Financial Reporting Standard IAS 34: Interim Financial Reporting. The half-year report does not include full disclosures of the type normally included in an annual financial report. It is recommended that this financial report be read in conjunction with the annual financial report for the year ended 30 June 2015 and any public announcements made by Catalyst Metals Limited and its controlled entities during the half-year in accordance with continuous disclosure requirements arising under the Corporations Act 2001. The same accounting policies and methods of computation have been followed in this interim financial report as were applied in the most recent annual financial statements. Reporting Basis and Conventions The half-year report has been prepared on an accruals basis and is based on historical costs modified by the revaluation of selected non-current assets, financial assets and financial liabilities for which the fair value basis of accounting has been applied. New and Revised Accounting Standards The consolidated entity has adopted all of the new and revised Standards and Interpretations issued by the Australian Accounting Standards Board that are relevant to its operations and effective for the current reporting period. The adoption of these new and revised Standards and Interpretations has not resulted in a significant or material change to the entity’s accounting policies. 2. SEGMENT INFORMATION The Company operates in one business and geographical segment being mineral exploration in Australia. 3. EVENTS AFTER REPORTING DATE Since 31 December 2015 there are no items, transactions or events of a material and unusual nature likely, in the opinion of the Directors, to affect significantly, the results of those operations, or the state of affairs of the consolidated entity in future financial years. 4. CONTINGENCIES The Company does not have any contingent assets or contingent liabilities as at 31 December 2015.


31 December

2015 $

30 June 2015

$ 5. CASH AND CASH EQUIVALENTS

Cash at bank 1,054,955 1,334,945 The cash at bank as at 31 December 2015 includes $116,294 (30 June 2015: $530,396) held in trust by Catalyst Metals Ltd’s subsidiary, Kite Gold Pty Ltd advanced by Gold Exploration Victoria Pty Ltd as funds provided in advance for exploration expenditure on the Four Eagles Gold Project in accordance with the Farm-In and Joint Venture Agreement signed by Catalyst Metals Ltd, Kite Gold Pty Ltd, Gold Exploration Victoria Pty Ltd and Providence Gold and Minerals Pty Ltd on 9 March 2015 (refer Note 6). These funds will be applied to settle Current Liabilities of $18,456, which reduces the net advance at 31 December to $97,838 (Note 6). 31 December

2015 $

30 June 2015

$ 6. ADVANCES Opening balance 246,928 - Advance from Gold Exploration Victoria Pty Ltd - 916,522 Exploration expenditure (149,090) (669,594)

97,838 246,928

The Advance from Gold Exploration Victoria Pty Ltd (GEV) relates to monies advanced to Kite Gold Pty Ltd for its contribution to exploration expenditure on the Four Eagles Gold Project. The balance at 31 December 2015 reflects expenditure that has not yet been incurred. This amount is a timing difference that will be reduced to nil once all proceeds advanced by GEV have been expended. Under the Farm-In Agreement, GEV will sole fund up to $4.2 million on exploration at the Four Eagles Gold Project to earn up to 50% of the Project. GEV can earn up to 25% of the Project by funding $2.1 million of expenditure within the first 18 months.


31 December 2015 30 June 2015 Number $ Number $ 7. CONTRIBUTED EQUITY

(a) Share capital Ordinary shares

Fully paid (c) 52,765,504 10,199,786 50,895,707 9,599,786

(b) Other equity securities Options - Listed (d) 2,623,184 - - - Options – Unlisted (e) - - 166,667 - Performance Rights - Unlisted (f) 350,000 - 350,000 - Total contributed equity 10,199,786 9,599,786 (c) Movements in Ordinary Shares

Number of Issue Details Shares Price $ Balance at 30 June 2015 50,895,707 9,599,786 Issue of shares – exercise of options 166,667 $0.30 50,000 Issue of shares – share purchase plan 1,453,130 $0.32 465,000 Issue of shares – Navarre Minerals Ltd 250,000 $0.34 85,000 Balance at 31 December 2015 52,765,504 10,199,786

(d) Movements in Listed Options Details

Number of Options

Issue price

$

Balance at 30 June 2015 - - Issued – 26 August 2015 2,623,184 - Balance at 31 December 2015 2,623,184 -

The listed options have an exercise price of $0.50 per option expiring on 30 June 2018.

(e) Movements in Unlisted Options Details

Number of Options

Issue price

$

Balance at 30 June 2015 166,667 - Exercised – 17 July 2015 (166,667) - Balance at 31 December 2015 - -

(f) Movement in Unlisted Performance Rights

Details

Number of Rights

Issue price

$

Balance at 30 June 2015 350,000 - Balance at 31 December 2015 350,000 - The performance rights will vest on the date that the Company, through Kite Gold Pty Ltd, has earned a 60% interest in the Four Eagles Gold Project.

DIRECTORS’ DECLARATION The directors of the company declare that:

1. The financial statements and notes:

a. comply with Accounting Standard AASB 134: Interim Financial Reporting and the Corporations Act 2001; and

b. give a true and fair view of the consolidated entity’s financial position as at 31 December 2015 and of its performance for the half-year ended on that date.

2. In the directors’ opinion there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable.

This declaration is made in accordance with a resolution of the Board of Directors. Stephen Boston Chairman Dated: 14 March 2016

THE POWER OF BEING UNDERSTOOD AUDIT | TAX | CONSULTING

RSM Australia Partners is a member of the RSM network and trades as RSM. RSM is the trading name used by the members of the RSM network. Each member of the RSM network is an independent accounting and consulting firm which practices in its own right. The RSM network is not itself a separate legal entity in any jurisdiction.

RSM Australia Partners ABN 36 965 185 036

Liability limited by a scheme approved under Professional Standards Legislation

RSM Australia Partners

8 St Georges Terrace Perth WA 6000 GPO Box R1253 Perth WA 6844

T +61 (0) 8 9261 9100 F +61 (0) 8 9261 9111

www.rsm.com.au

INDEPENDENT AUDITOR’S REVIEW REPORT

TO THE MEMBERS OF CATALYST METALS LIMITED

We have reviewed the accompanying half-year financial report of Catalyst Metals Limited which comprises the statement of financial position as at 31 December 2015, and the statement of profit or loss and other comprehensive income, statement of changes in equity and statement of cash flows for the half-year ended on that date, notes comprising a summary of significant accounting policies and other explanatory information, and the directors’ declaration of the consolidated entity comprising the company and the entities it controlled at the half-year end or from time to time during the half-year. Directors’ Responsibility for the Half-Year Financial Report The directors of the company are responsible for the preparation of the half-year financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of the half-year financial report that is free from material misstatement, whether due to fraud or error. Auditor’s Responsibility Our responsibility is to express a conclusion on the half-year financial report based on our review. We conducted our review in accordance with Auditing Standard on Review Engagements ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity, in order to state whether, on the basis of the procedures described, we have become aware of any matter that makes us believe that the half-year financial report is not in accordance with the Corporations Act 2001 including: giving a true and fair view of the consolidated entity’s financial position as at 31 December 2015 and its performance for the half-year ended on that date; and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001. As the auditor of Catalyst Metals Limited, ASRE 2410 requires that we comply with the ethical requirements relevant to the audit of the annual financial report. A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Independence In conducting our review, we have complied with the independence requirements of the Corporations Act 2001. We confirm that the independence declaration required by the Corporations Act 2001, which has been given to the directors of Catalyst Metals Limited, would be in the same terms if given to the directors as at the time of this auditor's review report. Conclusion Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the half-year financial report of Catalyst Metals Limited is not in accordance with the Corporations Act 2001, including: (a) giving a true and fair view of the consolidated entity’s financial position as at 31 December 2015 and of its

performance for the half-year ended on that date; and

(b) complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001.

RSM AUSTRALIA PARTNERS Perth, WA ALASDAIR WHYTE Dated: 14 March 2016 Partner

catalyst metals limited and its controlled entities ... · directors’ report _____ page 4 the...

Documents