Speciality Metals International Limited Annual Report 2020

Speciality Metals International Limited Annual Report 2020 49 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Page | 50 13. EARNINGS PER SHARE Profit (Loss) after income tax attributable to the owners of the Company used in calculating basic and diluted earnings per share 2020 $ (3,015,680) 2019 $ 3,808,863 Number Number Weighted average number of ordinary shares on issue used in the calculation of basic loss per share 1,008,440,208 567,557,643 Weighted average number of ordinary shares used in calculating diluted earnings per share. Note options outstanding at reporting date have not been brought to account as they are anti-dilutive. 1,008,440,208 567,557,643 Basic profit (loss) per share (cents) (0.30) 0.67 Diluted profit (loss) per share (cents) (0.30) 0.67 14. KEY MANAGEMENT PERSONNEL COMPENSATION 2020 $ 2019 $ Short-term employee benefits 657,339 589,329 Post-employment superannuation 13,875 - Other long-term benefits - - Termination benefits 137,500 - Share based payments - - Balance at the end of period 808,714 589,329 15. CONTINGENT LIABILITIES The Group has provided guarantees totalling $1,083,797 in respect of mining exploration tenements and environmental bonds. These guarantees in respect of mining and exploration tenements are secured against deposits with the relative State Department of Mines. The Company does not expect to incur any material liability in respect of the guarantees. 16. COMMITMENTS Exploration licence expenditure requirements – The Queensland Government has approved a number of changes to Exploration Permits under the Natural Resources and Other Legislation Amendment Act 2019 (known as NROLA Act). This Act commenced in May 2020 which results in a change from an expenditure-based approach upon which a company’s compliance with its licence conditions will be assessed on an outcomes-based approach. 17. ACQUISITIONS On 28 June 2019, the Group acquired 100% of the equity instruments of Mt Carbine Quarries Pty Ltd, a Mt Carbine based business. The acquisition was made for the purpose of securing the established quarry business which operates within Mining Leases (ML 4867 and ML 4919), along with the Mining Leases themselves to provide surety of tenure for the Company’s Mt Carbine Tungsten Project. The quarry is a fully permitted, established business that has been in operation for over 20 years that offers substantial growth opportunities and a steady revenue stream, and also synergies between the quarry and the Company’s future mining activities through beneficial waste re-use.