Corporate Directory
Directors
Katina Law, (Executive Chair)
Ian Buchhorn, (Executive Director)
Wayne Bramwell, (Non-executive Director)
Company Secretary and CFO
Sam Middlemas
Registered and Business Office
Suite 2, 45 Ord Street, West Perth
Western Australia 6005
PO Box 1433, West Perth
Western Australia 6872
Tel:
Email:
(08) 6244 5136
info@ardearesources.com.au
Website
www.ardearesources.com.au
Auditor
Butler Settineri (Audit) Pty Ltd
Unit 16, Level 1
100 Railway Road
Subiaco WA 6008 Australia
Share Registry
Security Transfer Australia Pty Ltd
Alexandrea House, Suite 1
770 Canning Highway
Applecross WA 6153 Australia
Tel:
Fax:
Email:
+61 8 9315 2333
+61 8 9315 2233
registrar@securitytransfer.com.au
Stock Exchange Listing
The Consolidated Entity’s shares are
quoted on the Australian Stock Exchange.
The Home Exchange is Perth.
ASX Code: ARL - ordinary shares
Table of Contents
Chairman’s Letter ...................................1
Activities Report......................................2
Directors’ Report...................................22
Consolidated Statement of
Comprehensive Income ....................33
Consolidated Statement of
Financial Position .............................34
Consolidated Statement of
Changes in Equity ............................35
Consolidated Statement of
Cashflows ........................................36
Notes to the Financial Statements ......37
Directors’ Declaration ..........................53
Independent Auditor’s Report...............54
Shareholder Information .......................59
Tenement Schedule..............................61
Glossary ...............................................64
Cover - Ardea is well positioned to be a player in the renewable energy and electric vehicle sector, notably in nickel and cobalt for lithium-ion
batteries, but also scandium, vanadium, manganese and High Purity Alumina. Back cover clockwise from left: cobalt sulphate solution; cobalt
sulphate crystals; nickel sulphate solution; nickel sulphate crystals; all from Ardea laboratory testing. The aim is for Ardea to directly supply nickel and
cobalt sulphate, along with other materials to international battery manufacturers. This page: (top L to R) nickel sulphate and (bottom L to R) cobalt
sulphate; crystalizing from solution produced from pilot-scale leaching of Goongarrie ore, laboratory test work.
ABN: 30 614 289 342
Chairman’s Letter to Shareholders 2018
Dear Shareholders,
On behalf of the Directors of Ardea Resources Limited (“Ardea”) I am pleased to report on the
Company’s activities over the past year.
Ardea has made significant progress in advancing the Goongarrie Nickel Cobalt Project
towards development. In March 2018 the results of the Pre-Feasibility Study for both a 1.0Mtpa
and a 1.5Mtpa option were released. In July 2018 we announced the results of an Expansion
Study for 2.25Mtpa. All of these studies confirmed the strong potential returns for Shareholders
from the development of the Goongarrie Nickel Cobalt Project.
The Company has also completed 29,747 metres of drilling at the Goongarrie project, which results are currently being
used to update the resource estimate for the project. The drill core has also been used for metallurgical test work including
Ardea’s first pilot plant program to produce nickel and cobalt sulphate crystals.
To further enhance project value, Ardea plans to explore the upside potential of scandium, High Purity Alumina, manganese
and vanadium at Goongarrie. These are potentially valuable by-products and warrant further evaluation to maximize the
value Ardea can extract from this exceptional orebody.
The international interest in nickel and cobalt continues to rise, particularly with cobalt and its value in battery development
for electric vehicles. As such in June 2018, Ardea announced that KPMG would conduct a Strategic Partner process to
seek a well-financed, battery metal producer, end-user or mining company to assist in developing the Goongarrie Nickel
Cobalt Project with us. Goongarrie is a multi-decade production platform in a first world location with significant infrastructure
already in place. This Strategic Partner process is ongoing.
While the prime focus at Ardea is Goongarrie we have continued, in parallel to advance our gold and nickel projects in
Western Australia (where drilling is planned in late 2018), and also the Lewis Ponds project in New South Wales (where a
resource update is underway.)
The Company is well funded as Ardea raised $27.5M in 2018, leaving our cash position at 30 June at
$19M. Issued capital remains tight at 105M Shares. After a stellar share price rise in 2017, the fall in
the cobalt price over the last year has weighed on the Company’s share price, however the long-term
demand for nickel and cobalt remain strong due to the strong international uptake in electric vehicles.
I would like to thank our small but dedicated team of employees, directors and consultants for their work which has enabled
us to achieve so much and look forward to the next exciting stage of the Company’s development.
A development like the Goongarrie Nickel Cobalt Project works best when the local Community is in support. To this end,
I would like to acknowledge the encouragement provided by the Menzies Shire and the City of Kalgoorlie Boulder where
the Project is located. As Goongarrie advances, Ardea hopes to become the employer of choice in these Local Government
districts, and elsewhere in our areas of operation.
I would also like to thank our Shareholders for their ongoing support.
Yours sincerely
Katina Law, Chair
Ardea Resources Limited & controlled entities - Annual Report 2018
1
Activities Report
Company corporate objectives
Ardea’s aim is to advance development of its key project in Western Australia, the Goongarrie Nickel Cobalt Project
(GNCP) towards production and become a significant producer of nickel and cobalt battery materials. Ardea is aiming to
advance its Lewis Ponds Zinc Gold Project in New South Wales to maximize Shareholder returns.
The Company’s main focus is on nickel and cobalt mineralization at Goongarrie, with continuing positive sentiment towards
the cobalt market indicated by a cobalt spot price remaining around US$60,000 per tonne, with nickel spot price around
US$12,000 per tonne. Sentiment in the battery materials sector, and particularly in the automobile industry, is increasingly
positive with all significant car manufacturers defining current and future plans for electrification of their ranges (electric and
hybrid vehicles that marks the beginning of the Electrification Revolution in the automobile industry).
The political situation in the Democratic Republic of Congo (DRC), a supplier of approximately two thirds of the world’s
cobalt, is unstable and prone to conflict. These factors are predicted to provide an upward demand pressure on nickel and
cobalt spot prices and demand of nickel / cobalt commodities from non-conflict regions such as Western Australia.
Current mineral resource at Goongarrie is 215.6Mt at 0.71% nickel and 0.06% cobalt, equivalent to 1,522,700 tonnes
contained nickel metal and 130,700 tonnes of contained cobalt metal. The Goongarrie resource is a subset of Ardea’s
larger Kalgoorlie Nickel Project (KNP) resource, being 773.0Mt at 0.70 % nickel and 0.05 % cobalt, equivalent to 5,458,400
tonnes contained nickel metal and 405,400 tonnes of contained cobalt metal. This is a world-scale resource asset.
With Ardea controlling one of the developed world’s largest deposits of nickel and cobalt, the emerging opportunities for the
Company are significant. The Ardea corporate strategy has been to focus on Goongarrie as its premium nickel-cobalt
deposit with best infrastructure, with programs commenced in 2018 aiming to complete a Definitive Feasibility Study in
2019, ahead of a decision-to-mine.
In addition to nickel and cobalt, Ardea’s discovery of scandium at Goongarrie opens the possibility of economic accessory
metals. Scandium-aluminium alloys are used as low weight / high strength metals in the aerospace sector and increasingly
are touted for use in electrified vehicles. Additionally, Ardea Research & Development programs have defined High Purity
Alumina and vanadium potential at Goongarrie. This further aligns Ardea with the Electrification Revolution.
Ardea will leverage its broad, high-quality exploration portfolio to further drive value. By virtue of its nickel laterite portfolio
and the crustal-scale structures that control the nickel mineralization, Ardea tenements also have excellent gold and nickel
sulphide endowment.
In particular, project generation during 2018 at Mt Zephyr on the Celia Shear Zone and Goongarrie on the Bardoc Tectonic
Zone (BTZ) has developed high priority drill targets.
The Ardea exploration strategy very much supports the current nickel laterite feasibility evaluations:
•
•
•
Gold within the Bardoc Tectonic Zone at Goongarrie, which is being evaluated on the back of sterilization drill programs
for mine infrastructure.
Nickel sulphide at Mt Zephyr, Perrinvale and Bedonia, as potential nickel and sulphur autoclave feed at Goongarrie.
Goongarrie borefield targets are closely related to major structures, which appear prospective for gold.
Ardea’s Goongarrie Nickel Cobalt Project is a world class multi-commodity deposit in a stable and
mature mining jurisdiction that is well-placed to deliver “ethical” materials of accepted provenance
into a rapidly expanding battery and electrified vehicle sector. In order to maximize benefits to
Shareholders, the Company worked hard during 2018 to advance this project towards development.
2
Ardea Resources Limited & controlled entities - Annual Report 2018
continued
Developing the Goongarrie Nickel Cobalt Project
Ardea engaged corporate advisory firm KPMG in June 2018, with its well-established global commercial network, to assist
to secure partnership investors for the consortium that will ultimately develop Goongarrie. Ardea acknowledges that the
world-scale Goongarrie project will require a high-quality, well-resourced and experienced development team.
Since March 2018 the Board and senior management have travelled to meet with well-credentialled investors throughout
east Asia and north America in order to crystallize a partnership. Prospective Investors have access to key project
documents in Ardea’s Virtual Data Room allowing comprehensive project evaluation.
The partner process is complex, with a requirement to merge together multiple technical objectives including saleable battery
materials, funding and completion of current Ardea DFS programs, future offtake allocations, and critically, future project
funding mechanisms.
Feasibility programs
Since listing in February 2017, Ardea has focussed on expediting future production from the Goongarrie Nickel Cobalt
Project.
2018 has seen major advancements in Goongarrie feasibility activities to facilitate Ardea becoming a significant participant
in the global battery materials sector:
•
Studies:
>
>
PFS completed March 2018, using 1.0Mtpa and 1.5Mtpa base cases.
Expansion Study completed July 2018, expanding the 1.5Mtpa base case to a 2.25Mtpa scoping-level
assessment, predicated on rheology test work that confirmed considerably improved pulp densities for feeding
into the autoclave reaction vessel.
Table 1: Summary of Approximate Financial Outcomes for the Throughput Studies
Case
Pre-tax NPV8
Post-tax NPV8
1.0Mtpa PFS A$1.43 billion
A$1.04 billion
1.5Mtpa PFS A$1.93 billion
A$1.40 billion
2.25Mtpa ES A$3.15 billion
A$2.29 billion
IRR
25 %
25 %
27 %
Payback
5.3 years
5.6 years
5.1 years
•
Resource estimation:
>
>
>
RC drilling, 575 holes for 26,528 metres, for pit scheduling and design.
Diamond drilling, 41 holes for 2,111 metres, for metallurgical variability studies and materials characterization.
Sonic drilling, 19 holes for 1,108 metres, for piloting bulk samples and materials characterization.
•
Metallurgy:
>
>
>
>
Bench-scale variability work on all ore feed variants,
including comminution, leaching, filtration.
Scandium by-product refinery.
Neutralization using in-pit carbonate material with variable
nickel, cobalt and scandium credit.
Rheology, test work using bulk site water.
•
Continuous Piloting:
>
>
Leach extraction of nickel and cobalt exceeded 95% in
the bulk sample,
confirming December 2017 batch test work.
Refining of Mixed Sulphide Product (MSP) to nickel and
cobalt sulphate crystals is current, Goongarrie solutions
are at specifications.
(above left) beaker nickel sulphate crystals,
(above right) beaker cobalt sulphate crystals –
laboratory testing of Goongarrie pilot plant output.
Ardea Resources Limited & controlled entities - Annual Report 2018
3
Activities Report
Senna and Hopbush, typical flora on the ore-hosting Walter Williams Formation nickel laterite;
photo location Goongarrie Hill.
•
Approvals:
>
>
>
>
>
Autumn flora and fauna surveys completed.
Spring flora and fauna surveys underway.
Subterranean fauna, hydrogeology and hydrology studies commenced.
Lake ecology study to commence post summer rainfall.
Soil and material characterization scoped and scheduled to commence in late 2018.
Figure 1: The proposed Goongarrie flowsheet uses proven “off-the-shelf” technology for the processing of nickel-cobalt laterites. The flowsheet
comprises proven 5th generation PAL processes with Mixed Sulphide Product precipitation, resulting in highly efficient extraction of nickel and cobalt
from Goongarrie ore to produce nickel sulphate and cobalt sulphate for the battery industry.
Dolomite
Dolomite prep
cobalt
sulphate
nickel
sulphate
4
Ardea Resources Limited & controlled entities - Annual Report 2018
continued
Studies
Pre-Feasibility Study (PFS)
The Goongarrie PFS examined various operational scenarios that evaluated capital outlay, autoclave throughput and
outsourcing of various operational processes.
The 1.0Mtpa scenario base case is estimated to generate pre-tax real discounted cash flows totalling A$1.43 billion based
on a discount rate of 8% and post-tax real discounted cash flows totalling A$1.04 billion. The pre-tax and post-tax, ungeared
Internal Rate of Return (IRR) of the project is forecast to be 29% and 25% respectively. The 1.0Mtpa base case option for
the project has an estimated payback period of a short 5.3 years.
Table 2: Summary of Approximate Outcomes for the 1.0, 1.5Mtpa Throughput Studies
Parameter
Autoclave Throughput
Life Of Mine
Autoclave Feed Grade LOM
Production LOM average
Recovery LOM average
Nickel sulphate price#
Cobalt sulphate price#
Exchange Rate
Initial Capital
Nickel
Cobalt
Nickel sulphate
Cobalt sulphate
Contained nickel
Contained cobalt
Nickel
Cobalt
C1 Cash Cost1 (per pound contain Ni metal) before Co credits
after Co credits
before Co credits
after Co credits
AISC2 (per pound contained nickel metal)
Pre-Tax NPV @ 30 Jun 20, 8.0% (real)
Pre-Tax IRR (real)
Post-Tax NPV @ 30 Jun 20, 8.0% (real)
Post-Tax IRR (real)
Payback
Units
Assumption
Assumption
1.0Mtpa
25 years
1.00
0.12
41,500
5,500
9,300
1,180
94.5
95.5
8.84
41.63
0.788
599
5.59
0.42
6.17
1.00
1.43
29 %
1.04
25%
5.3 years
%
%
Tpa
Tpa
Tpa
Tpa
%
%
US$/lb
US$/lb
A$:US$
A$ M
US$/lb
US$/lb
US$/lb
US$/lb
A$ billion
%
A$ billion
%
Years
1.5Mtpa
25 years
0.89
0.10
55,300
6,900
12,350
1,450
94.5
95.5
8.84
41.63
0.788
746
5.32
0.45
5.86
0.99
1.93
29 %
1.40
25%
5.6 years
#
1
2
Nickel sulphate and cobalt sulphate prices are average recorded transaction prices for February 2018 in the People’s Republic of China, the world’s largest consumer of
these products (Source: SMM, see 28 March 2018 PFS announcement Section 13). Note: production tonnages are rounded to reflect degree of certainty.
C1 Cash costs are defined as mining, processing, administration costs less by-product credits divided by pounds of contained nickel produced (within the nickel
sulphate).
All in Sustaining costs (AISC) are defined as C1 plus royalties and sustaining capital expenditure divided by pounds of contained nickel produced (within the nickel
sulphate).
Ardea Resources Limited & controlled entities - Annual Report 2018
5
Activities Report
Expansion Study (ES)
Table 3: Summary of Approximate Outcomes for the 2.25Mtpa Throughput Scoping Study
Parameter
Autoclave Throughput*
Initial Life of Mine
Average Annual EBITDA
Assumption/Outcome
$US****
Assumption/Outcome
A$
2.25Mtpa
25 years
2.25Mtpa
25 years
US$ 354 million
A$ 450 million
Pre-production Capital Estimate**
US$ 918 million
A$ 1.165 billion
Net Present Value (NPV) (post tax)***
US$ 1.805 billion
A$ 2.29 billion
Internal Rate of Return (IRR) (post tax)
27%
27%
Average C1 operating cash costs
– inclusive of by-product credits
Average C1 operating cash costs
– exclusive of by-product credits
(US$0.34)/lb Nickel
(A$0.43)/lb Nickel
US$4.63/lb Nickel
A$5.88/lb Nickel
Project payback (simple)
5.1 years
5.1 years
*
**
***
****
Autoclave throughput rate following 24-month commissioning and ramp up period
Includes A$192 million contingency on capital costs
8% discount, 100% equity, real terms
Exchange rate used AUD:US 0.788 as for March 2018 PFS
Nickel sulphate and cobalt sulphate prices are average recorded transaction prices for February 2018 in the People’s Republic of China, the world’s largest consumer of these
products (Source: SMM, see 28 March 2018 PFS announcement Section 13). Note: production tonnages are rounded to reflect degree of certainty.
The purpose of the 2.25Mtpa Goongarrie Expansion Study (for full details refer ASX release of 24 July 2018) was to
investigate the optimal throughput that could be achieved using a single autoclave processing train. The Expansion Study
was a scoping level study with operating and financial parameters generated through up-scaling the previous PFS results.
All financial assumptions were as per the March 2018 PFS, and used February 2018 price and exchange rate assumptions
to allow comparative assessment.
The outstanding metallurgical characteristics and rheology of the Goongarrie orebody resulted in an extremely robust,
unleveraged, pre-tax NPV of approximately A$3.1 billion, with a pre-tax IRR of approximately 31% and a rapid payback
period of 5.1 years for a 2.25Mtpa operation.
The positive financial results reflect the favourable metallurgical characteristics which enables extremely short residence
time in the autoclave, with no significant loss in metal recovery.
The 2.25Mtpa start-up option can easily be expanded by adding modular processing trains to take advantage of the
exceptional scale of Goongarrie’s world-class resource base.
The Expansion Study highlights the upside potential of Goongarrie and its competitive economies of scale. The primary
goal of the Company was to determine a cost-effective start-up scenario, whilst also providing an upside case more suited
to a Financier or Strategic Partner seeking a long life, low cost, sustainable production base in a stable jurisdiction. The
results show the benefits of scale, demonstrating Goongarrie as a unique battery materials project that can become a
significant global producer over a long life.
Mine and processing life is artificially limited to 25 years for the purposes of financial modelling. With conversion of
resources, mine life could be extended for many decades beyond these 25 years.
6
Ardea Resources Limited & controlled entities - Annual Report 2018
continued
Metallurgy
Variability
Representative “run-of-mine” mineralization from Ardea diamond core holes
AGSD0007, 0010 and 0012 was used in the study.
A further 60 core samples have been selected for final variability work as part of
the current DFS programs.
Rheology
Rheology test work was completed using Sonic drill core from the Pamela Jean
and Elsie Tynan pit areas, and RC drill chips from the Patricia Anne and Pamela
Jean ore zones, being the early scheduled pits.
Initial rheology results are very good, with final report awaited.
By-product research
Initial research has commenced and scopes of works developed in respect of
scandium and High Purity Alumina (HPA) as by-product recovery.
Scandium
Scandium is pervasive within the Goongarrie nickel-cobalt ore.
Within the upper ore zone, scandium is hosted by chrome-bearing mineralization
(goethite-kaolin-chrome geo-metallurgy), and scandium averages 62g/t.
In lower ore zones, the scandium is hosted by asbolite-bearing mineralization
(goethite-asbolite-chrome), and scandium averages 42g/t.
The concept is installing a small Ion Exchange/Solvent Extraction (IX/SX) unit at
the PAL discharge. At current scandium oxide prices, the Scandium Refinery “add-
on” is most attractive. Optionality in the flowsheet will be retained subject to
scandium pricing stabilizing ahead of expected electric vehicle uptake.
High Purity Alumina
The upper ore zone goethite-kaolin-gibbsite mineralization averages 4.8-6.2%
aluminium, but with 38-42% iron (which requires total removal for HPA).
Accordingly, a very distinctive Alluvial overburden unit consisting of almost pure
kaolinite clay averaging 16.2% aluminium with less than 2.5% iron represents an
encouraging feedstock for HPA manufacture. The kaolinite is devoid of nickel and
cobalt, so would require a separate standalone hydrometallurgy circuit for HPA
production, most likely using hydrochloric acid leach rather than the sulphuric acid
of the nickel-cobalt circuit.
Crystal production, pink-red solution is
cobalt sulphate, blue-green is nickel sulphate
Ardea Resources Limited & controlled entities - Annual Report 2018
7
Activities Report
Continuous Piloting
Based on the optimized pit schedule material, pilot feed was generated from specifically drilled sonic core at 200m intervals
along the strike of Pamela Jean and Elsie Tynan pit areas, supplemented with bulk RC chips from the Patricia Anne pit
area, to achieve an approximate feed grade of 1.1% Ni and 0.12% Co (7.5 tonne dry). The dominant ore style at Goongarrie
is goethite-rich, with an accessory cobaltian wad termed asbolite. The ore has exceptional rheological with very consistent
metallurgical performance.
Figure 2 Run-of-mine Goongarrie goethite ore. The Material Characterization is a uniform plant feed, being high in iron (which demands an
autoclave-based hydrometallurgical flowsheet) and very low in acid-consuming aluminium and magnesium. The ore is entirely “free-dig”, obviating
the need for blasting during ore mining.
(cid:8)(cid:10)(cid:2)(cid:1)
(cid:8)(cid:11)(cid:2)(cid:1)
(cid:9)(cid:4)(cid:2)(cid:1)
(cid:9)(cid:7)(cid:2)(cid:1)
(cid:9)(cid:8)(cid:2)(cid:1)
(cid:9)(cid:9)(cid:2)(cid:1)
Depth m
Regolith
Code
47-49
CUGZR
49-51
CUGZR
51-53
CUGZR
53-55
CUGZR
(cid:9)(cid:5)(cid:2)(cid:1)
(cid:9)(cid:6)(cid:2)(cid:1)
Ni
%
Co
%
Mn
%
Cu
ppm
S
%
Sc
ppm
Cr
%
V
ppm
Al
%
Ca
%
Fe
%
K
%
LOI
%
Mg
%
Na
%
Si
%
Zn
ppm
P
%
Ti
%
Sr
ppm
Zr
ppm
Y
ppm
Cl
%
1.86 0.32 2.93 55
0.3
50 1.82 -100 0.7
0.0 46.3 0.0 15.8 0.7
2.9
1.4 620 0.01 0.04 150
30
16 5.47
1.97 0.46 4.37 70
0.3
50 1.73 -100 0.7
0.1 44.0 0.1 15.7 0.8
3.2
1.3 610 0.01 0.03 200
20
21 5.29
2.03 0.46 3.03 50
0.3
50 1.93 -100 0.7
0.0 45.5 0.0 14.8 0.8
3.0
1.4 780 0.01 0.03 100
20
25 5.04
1.83 0.23 1.06 40
0.4
40 1.80 -100 0.6
0.0 43.6 0.0 14.1 0.8
2.9
5.1 645 0.01 0.03 50
10
23 5.51
The pilot plant leaching commenced late July, with the Mixed Sulphide Product (MSP) production phase completed late
August. The refining to crystals commenced late-September as a batch process. The refining is expected to be completed
in late October 2018.
Sarah Mitchell and Alvin Tong from the Ardea project team supervising crystal production
8
Ardea Resources Limited & controlled entities - Annual Report 2018
continued
Resource Drilling
With the positive results for the 2.25Mtpa Expansion Study, additional areas of Goongarrie Inferred Mineral Resource
required infill RC drilling to an 80x40m pattern, notably at the Scotia Dam high-cobalt zone.
The 40m infill drilling has now covered the entire production pit areas from Goongarrie South, 15km south to Scotia Dam.
Diamond and sonic core drilling was completed at 200m intervals targeting the axis of production pits mined during pay-
back.
Deep RC drilling for the Pamela Jean Deeps was completed as a precursor to geotechnical and material characterization
core drilling. The Deeps drilling precisely confirmed mineralization intercepts from Heron Resources Limited 1999-2001
historic RC drilling. The historic drilling validation is most significant for confidence in historic resource estimates.
A new GNCP resource estimate had been planned for release in Q3 2018 and geometry interpretation (wireframing)
completed ahead of resource publication. However, a consequence of the wireframing exercise was recognition of a very
strong structural control within the main resource area, being the Pamela Jean zone, as was confirmed by recent drilling.
A significant number of thick, deep high-grade ore positions which remain open were defined. This expansion of the program
will delay publication of an updated GNCP resource until Q4 2018.
Figure 3 Typical Pamela Jean mineralization. The ore zones are very continuous at a 0.5% Ni cut-off grade, as confirmed by recent inclined drill-
holes which precisely validated historical drilling. The mineralization “starts shallow and ends deep”, being a most unique nickel laterite system.
Pamela Jean accounts for approximately half of the scheduled 25 year 2.25 Mtpa plant feed, being a most important project design benefit to have
such as well-defined “centre-of-gravity” for mineralization.
Ardea Resources Limited & controlled entities - Annual Report 2018
9
Activities Report
Approvals
Stakeholder Engagement
Meetings have been held with several key Goongarrie stakeholders including the City of Kalgoorlie Boulder, Shire of Menzies,
Environmental Protection Authority (EPA), Commonwealth Department of Environment and Energy (DoEE), Department of
Biodiversity, Conservation and Attractions (DBCA), Department of Mining, Industry Regulation and Safety (DMIRS),
Department of Water and Environmental Regulation (DWER), Esperance Port, Main Roads Western Australia and Arc
Infrastructure, Native Title claimants and pastoralists.
Approvals / Baseline Studies
The key objective is to refer the GNCP to the EPA and DoEE for assessment under the Environmental Protection Act 1986
and Environment Protection Biodiversity Conservation Act 1999.
Scopes of work have been awarded and are underway for the subterranean fauna study, hydrogeological (water source
and dewatering) study, surface water study, lake ecology study, terrestrial flora and vegetation study, terrestrial fauna study,
and post rainfall short range endemic study. In addition, scopes of work for Material Characterization and Soil and Landform
analysis have been developed.
A mass materials balance calculation was conducted to determine the footprint required for stockpiling of low-grade ore,
neutralizing materials, waste and tailings. A water balance to determine the life of mine dewatering volume will be completed
as a part of the hydrogeological study and will inform the area required for evaporation ponds. These calculations will inform
the project disturbance footprint as required for referral of the project to the EPA and DoEE.
The water supply study will focus on aquifers associated with paleo channels on granted Ardea tenure.
Referral of the GNCP to the EPA and DoEE is scheduled for late 2018.
Tenure
Tenure for the GNCP was consolidated, with all requisite applications for borefields and infrastructure lodged during 2018.
Pamela Jean Zone, area of 40 x 20 metre historic drilling, showing complete rehabilitation of historic drill lines.
When Ardea needs to do infill drilling, the historic lines are always used in preference, rather than disturb fresh bush.
10
Ardea Resources Limited & controlled entities - Annual Report 2018
continued
Massive goethite-hematite-asbolite-ore, very uniform plant-feed.
KNP nickel - cobalt - scandium deposit, WA
The Goongarrie Nickel Cobalt Project is a sub-set of the Kalgoorlie Nickel Project (KNP) being a major undeveloped nickel-
cobalt laterite deposit of 773.0Mt at 0.70 % nickel and 0.05 % cobalt. The resource category breakdown is as follows:
Table 4 – Resource for the KNP based on a 0.5 % nickel cut-off. Note that all values have been rounded appropriate to their deemed accuracy, so
totalling values may not appear accurate.
Resource
Category
Measured
Indicated
Inferred
KNP Total Resources
Quantity
(Mt)
Nickel
(%)
Cobalt
(%)
Contained
nickel (t)
Contained
cobalt (t)
9.6
232.9
530.5
773.0
1.02
0.75
0.68
0.70
0.10
0.06
0.05
0.05
98,800
1,759,700
3,600,000
5,458,400
9,700
141,200
254,400
405,400
Location and infrastructure
The KNP is located within a 150km radius
northwest and east of Kalgoorlie. It is divided into
two main areas – KNP West and KNP East
(Figure 4). Mining infrastructure within the
Kalgoorlie district is good and includes rail, road
and a gas pipeline.
Geology
The deposits of the KNP are mostly located in
KNP West, and are typically focused on the
olivine adcumulate portion of komatiites within
the Walter Williams Formation (WWF), a
regionally significant ultramafic flow unit within
the Ora Banda Domain. The WWF displays
good silica-goethite laterite development over the
olivine adcumulate portion of the unit. The high
grade and consistent mineralization observed at
Goongarrie is due to intense shear structures
associated with the Bardoc Tectonic Zone and
enhanced ground-water leaching and depth of
weathering beneath the various palaeo-lakes
and palaeo-channels defined in drilling. Cobalt is
significantly enriched at Goongarrie South,
making it the priority for initial Ardea mining.
During 2018, resource studies commenced on
the KNP East deposits. These deposits include
nontroninte-bearing ore types, which don’t occur
at Goongarrie. These deposits have potential for
standalone operations at Kalpini or Yerilla, or
alternatively, may supply high grade ore feed to
a Goongarrie plant site.
Figure 4 - Project location of the KNP
Ardea Resources Limited & controlled entities - Annual Report 2018
11
Activities Report
Lewis Ponds zinc-gold-silver deposit, NSW
Lewis Ponds is a zinc-gold-silver deposit in the Lachlan Fold Belt of NSW (Figure 5). Mined historically for gold, silver, zinc,
and pyrite, Lewis Ponds is located in one of Australia’s oldest designated mining districts. Historically, the deposit has been
classified as a Volcanogenic Massive Sulphide (VMS), but Ardea recognises that, though there may be VMS affinities, there
is a strong orogenic gold overprint of the style of the McPhillamy’s gold deposit located some 20km SE along the structural
strike of Lewis Ponds.
Explorers at Lewis Ponds have, in recent decades, focused on defining a high-grade massive sulphide deposit. Ardea aims
to define a bulk-tonnage operation (Figure 6), with lower grade stringer sulphides and multiple thin stacked units forming
wide zones of mineralization that are amenable to open pit mining.
The Lachlan Fold Belt is host to numerous major bulk tonnage gold and base metal mines. Of particular note is that the
major deposits at Northparkes and Cadia are hosted within or adjacent to the Lachlan Transverse Zone (LTZ), a west-
northwest trending lineament that is thought to represent a fundamental crustal weakness that corresponds to major
mineralized centres. Several of Ardea’s projects, including notably Lewis Ponds, are located within the LTZ.
The Ardea development concept at Lewis Ponds is a bulk tonnage, low grade open-pit system comparable to McPhillamys,
which is hosted by the same geological squence as Lewis Ponds.
Figure 5 – Ardea projects in the Lachlan Fold Belt of NSW. Lewis Ponds is, like many of the region’s major deposits, located in the highly
prospective Lachlan Transverse Zone.
12
Ardea Resources Limited & controlled entities - Annual Report 2018
Evaluation Programs
Figure 6 – Surface projection of all available Ardea and historic Lewis Ponds drilling. A well defined corridor of mineralization is present.
continued
Ardea has commenced a resource update, predicated on its 2017
ALD0001-4 diamond drilling program.
Recent surface mapping of the Lewis Ponds deposit has led to
an updated interpretation of the geological model. Historically the
deposit was modelled as thick massive sulphide units.
Historic surface workings (in the form of vertical shafts and many
other workings along strike) indicate multiple thinner mineralized
structures, with a significant increase in the number of mineralized
units now recognized. These surface units now inform the drill
intercept wireframe model, providing good continuity at low cut-
off grades.
Ardea has mapped 15 deep vertical shafts and another 40 smaller
shafts and workings in the project area (Figure 7). The units
identified form a stacked system 430m wide with the surface
mapping project still ongoing. Once the geological model is
complete, the bulking potential for the multiple units will be
assessed in conjunction with the bulk tonnage low grade
approach to resource estimation.
Figure 7 – Aerial image highlighting the major historical surface workings as
well as projected ore bodies.
Ardea Resources Limited & controlled entities - Annual Report 2018
13
Activities Report
Figure 8 – 3D view of a section looking northwest from
elevation through the proposed multi-unit mineralized
package. Mapping of historic workings indicate the central
portion of the package as the focus in previous
interpretations, but workings in the hangingwall and footwall
correspond with historic drill intercepts and support a potential
bulk tonnage system. The interpretation of this new geological
model is ongoing.
A bulk tonnage model for mineralization
Using a cut-off grade of 1.5% zinc equivalent (anticipated approximate open pit C1 cost break-even grade), mineralized
intercepts have been defined for a broad stringer and shear-zone sulphide style (typical geometry of the major bulk tonnage
deposits of the Lachlan Fold Belt).
Previously, Lewis Ponds was explored as a high-grade underground deposit, with a historic resource of 6.6Mt at 1.5g/t Au,
69g/t Ag and 2.4% Zn3 estimated (refer Ardea Prospectus Table 3.2 for full description of resource status).
As a potential Massive Sulphide underground operation, the published Lewis Ponds resource was calculated at a 3% zinc
equivalent cut-off. This is opposed to Ardea’s 1.5% zinc equivalent cut-off for an envisaged open pit Stringer Sulphide
mining operation. The Ardea concept is consistent with bulk tonnage operations in the central Lachlan Fold Belt which are
all low grade, bulk excavation-based (Table 5). Both Cadia and Northparkes produce sulphide concentrates with precious
metal credits, whereas Cowal and the undeveloped McPhillamys deposit utilise (or propose to utilise) a carbon-in-leach
(CIL) flowsheet. In terms of metal value (i.e. zinc and gold equivalent values), the mineralized zones intercepted in moderate
grade ALD0003 and low grade ALD0004 match those of the major Lachlan Fold Belt operations (Table 5).
Table 5 – Examples of Lewis Ponds mineralization compared to some of the major mining operations (current & proposed) of the Lachlan Fold Belt.
Operation
Mining
Processing
Mtpa
Lewis Ponds
Open pit
Zinc con
?
Northparkes
Block cave
Copper con
Cadia
Cowal
McPhillamys
Block cave
Copper con
Open pit
Open pit
CIL
CIL
6.0
22.0
7.3
–
Example
intercept
ALD00031
ALD00042
–
–
–
–
Zn
(%)
1.54
0.82
–
–
–
–
Au
(g/t)
0.33
0.08
0.24
0.94
1.11
0.94
Ag
(g/t)
26.7
21.15
Pb
(%)
0.54
0.39
–
0.5
–
–
–
–
–
–
Cu
(%)
0.10
0.04
0.85
0.29
–
–
Zn Eq Au Eq
(g/t)
(g/t)
3.00
1.62
1.80
1.80
1.52
1.29
1.80
0.97
1.21
1.27
1.11
0.94
1 ALD0003, 100.35-161.23 m. 2 ALD0004, 92.06-97.96 m
3 The breakdown for the full Lewis Ponds resource categories is as follows:
Resource Category
Indicated
Main Zone
Tom’s Zone
Total Indicated
Inferred
Main Zone
Tom’s Zone
Total Inferred
Total Mineral Resource
Quantity (Mt)
Zn (%)
Au (g/t)
Ag (g/t)
Pb (%)
Cu (%)
5.82
0.54
6.35
0.17
0.10
0.27
6.62
2.1
5.5
2.4
1.7
5.0
3.0
2.4
1.5
1.7
1.5
0.9
1.4
1.1
1.5
59
172
68
47
174
96
69
1.1
3.8
1.4
0.8
3.6
1.9
1.4
0.1
0.3
0.2
0.1
0.2
0.1
0.2
14
Ardea Resources Limited & controlled entities - Annual Report 2018
continued
Sampling old shafts at Lewis Ponds, with historic diamond drill core trays in the background. This shaft is one of a line
that has mined a pyrite-quartz “sinter” that typically assays 9.9 - 12.1g/t gold and 272 - 539g/t silver. None of these
shafts have been drill tested, despite the high grade mineralization.
The background core trays are stored on the old Lewis Ponds smelter slag-heap include a very large amount of unsampled material, though logging
reveals significant stringer mineralization. Ardea has systematically cut and sampled this previously unprocessed material.
Study program
The study program at Lewis Ponds consists of:
•
•
•
•
•
Surface mapping to define mineralization geometry and characteristics.
Geological modelling of the deposit.
Wireframing leading to resource estimation.
Financial assumptions and cut-offs – leading to conceptual mine plan.
Initiate process for “Development Consent” with Department of Planning and Environment NSW.
Ardea Resources Limited & controlled entities - Annual Report 2018
15
Activities Report
Matt Painter ground-truthing and sampling his Mt Zephyr gold targets
Exploration
Ardea has a high quality gold and nickel sulphide exploration portfolio, which the Company is systematically evaluating,
through detailed Geographic Information System (GIS) analysis, followed by ground-truthing and sampling of the targets
identified.
Goongarrie, WA
The Bardoc Tectonic Zone is a major crustal structure that hosts significant gold mining centres from south to north at
Paddington, Broad Arrow, Bardoc, Goongarrie and Menzies. The Goongarrie gold mining centre was established in the
1890s prior to the discovery of Kalgoorlie.
In the course of Goongarrie nickel laterite drilling, anomalous gold is commonly intercepted, with occurrences commonly
associated with porphyry dyke intrusives, as at Ardea’s historic Big Four gold mine.
Most gold occurrences on Ardea’s tenure at Goongarrie are located on the eastern side of the nickel laterite deposits. These
are along strike from historic gold mines to the north near the Goongarrie ghost town and also incorporate Big Four gold
further south. Anomalous gold has also been identified in drilling at Elsie North on the western side of the Goongarrie nickel
laterite deposits.
Ardea has flown a low-level airborne magnetics survey to map laterite-controlling structures at Goongarrie, which is also
expected to quantify the gold-controlling architecture. The survey will also assist infrastructure planning for the Goongarrie
DFS.
16
Ardea Resources Limited & controlled entities - Annual Report 2018
continued
Figure 9 Ardea Eastern Goldfields tenure
Ardea Resources Limited & controlled entities - Annual Report 2018
17
Activities Report
Mt Zephyr gold and base metals, WA
Ardea’s Mount Zephyr project represents a significant opportunity for the Company to discover, define, and develop gold
and base metals deposits in a significantly underexplored area. The greenstone belts to the east have exceptional gold
endowment, being Duketon and then Yamarna (Gruyere). Structural settings of the three belts are comparable.
Figure 10 – Regional scale geology of the Mount Zephyr greenstone belt and surrounds. Most of Ardea’s gold targets are located within 10km
northeast of the Celia Shear Zone, which is modelled as a major fluid conduit. Along strike to the southeast, major granite-hosted (syenite) gold
systems at Jupiter and Wallaby are also located around 10km east of the Celia Shear Zone. Additionally, the western limb of the nickel sulphide-
endowed Mt Windarra ultramafic sequence is interpreted to occur within the Company’s Mt Zephyr tenure at Jones Area A.
18
Ardea Resources Limited & controlled entities - Annual Report 2018
continued
Mt Zephyr target generation
Ardea has taken a back-to-basics approach regarding targeting in the Mount Zephyr greenstone belt. Historic and newly
acquired aeromagnetic data has been amalgamated, resampled and reprocessed to generate a comprehensive portfolio of
data and imagery. In addition, new gravity data was also acquired over the entire greenstone belt within the Company’s
tenure. Geophysical interpretation combined with ground-truthing (including mapping and geochemical sampling) and open
file data is defining a new, robust geological framework and structural architecture that requires systematic drill testing.
Figure 11 – Interpreted solid geology of the Mount Zephyr greenstone belt over time. From left to right, 1:500,000 scale interpretation from
Geological Survey of Western Australia (1999), 1:500,000 scale interpretation from Geoscience Australia (2000), and Ardea’s current work in
progress. The additional detail is geologically constrained and is allowing definition of new gold and base metal targets throughout the tenement
package. Purple outlines show Ardea’s tenure covering most of the greenstone belt.
Historic workings are evident throughout the region covered by Ardea’s tenure. Structural reinterpretation shows that
structures which control the known gold occurrences propagate throughout the greenstone belt. Numerous new targets
are being generated for ranking and subsequent testing. Ardea is laying the groundwork for field programs to assess the
region systematically, aiming to locate bulk tonnage gold systems of the style characterizing the Celia Shear Zone (from
north to south - Jupiter, Wallaby, Sunrise Dam gold mining operations).
Field work
Numerous visits to site have served to validate interpretations and mineralization occurrences to strengthen the current
targeting exercise. On the back of this, several Programs of Works (PoWs – required to allow on-ground drilling and sampling
activity) are in play. Approval has been granted over several prospects, with work in progress on several others where
heritage clearances are sought. This is expected to provide the Company with a pipeline of at least five broad areas, each
potentially containing numerous targets, on which drilling can proceed.
Work at Gale and Dunn’s Line have confirmed gold mineralization that requires detailed exploration.
•
•
At Gale, extensive low-grade gold mineralization is evident in a pyritic granitoid with historic intercepts of 18m at 0.5g/t
Au from surface corresponding with alteration and oxidised pyrite mineralization. Ardea mapping shows that alteration
and mineralization have a broader footprint than previously recognised. PoW lodged pending heritage surveys.
On Dunn’s Line, numerous workings are evident over more than 5 km, with historic grades recorded between 5 and
90g/t from the Mount Zephyr mine. Mineralization corresponds to NNE-trending cross faults along which there has
been up to 50m of left-lateral (sinistral) apparent movement (comparable to the famed Mt Magnet “Boogardie Breaks”).
Ardea Resources Limited & controlled entities - Annual Report 2018
19
Activities Report
•
•
•
At Jones Area A, the basal stratigraphy shows strong similarities to that at the nearby Mount Windarra nickel sulphide
mine, epicentre of the 1970s nickel boom, including nickel and copper bearing gossans noted by Ardea in outcrop.
The sequence is also cross-cut by potentially gold-mineralizing structures. PoW recently granted.
At Pauls Find and Easter Well, historic gold anomalism is now known to correspond to NNE-trending structures cross-
cutting the area. Very strong soil anomalism (up to 1,163ppb Au) coincides with high-grade historic rock chips . PoW
recently granted.
At Zephyr North Syenite, historic drilling defined copper-bearing magnetite skarn beneath cover. PoW recently granted.
The Company is presently finalising and field-truthing drill hole collar locations at Jones A and Pauls Find prior to execution
of a first-pass drill program.
Darlot East gold and base metals, WA
The Darlot East gold project is located along strike of the Celia Shear Zone from the Mount Zephyr project area. Regional
geophysical and geochemical programs undertaken at Mount Zephyr were also undertaken at Darlot East.
The Darlot East project lies between the Darlot gold mine (and its host greenstone belt) and the Celia Shear Zone. Findings
to date show that:
•
•
•
•
The Darlot greenstone belt extends eastwards onto the project area, with a possible layered intrusive complex obscured
by cover.
Extensive, multi-kilometre alteration zones are being modelled and will require verification.
Demagnetised zones, possibly indicative of alteration associated with gold mineralization, show common associations
with particular rock types.
Numerous highly magnetic igneous plugs are identified and likely correspond to lamproites or kimberlites, potential
diamond hosts. Some of the minimal historic work in the area confirmed such rock types within the tenure.
Darlot East is at an earlier stage than Mount Zephyr but will continue to be worked in order to develop and test targets.
Bedonia nickel and gold, WA
Work is progressing at the Bedonia group of four tenements to the east of Norseman in the southern Eastern Goldfields.
The poorly exposed Bedonia project covers forested country near the southeastern margin of the Eastern Goldfields.
Archaean-aged granite and greenstones are cross-cut by Proterozoic mafic dykes, some of which are known to host
magmatic Ni-Cu-PGM mineralization. The largest of these, the Jimberlana Dyke, contains several documented mineralized
occurrences that will be the focus of Ardea’s exploration.
Other mineralization known in the area includes orogenic gold mineralization, and potentially secondary lacustrine vanadate
deposits (Heartbreak Lignite deposits). Recent field work confirmed known targets as well as identifying previously
undocumented gold workings. Greenstone sequences are evident beneath cover on all tenure at Bedonia.
In order to assess these obscured rocks, Ardea has recently acquired high-quality aeromagnetic and radiometric data over
the tenement areas. This data is being used to generated new target areas for current exploration programs.
Discovering and sampling previousy undocumented deep shaft gold mines in the Bedonia project, assay results awaited.
20
Ardea Resources Limited & controlled entities - Annual Report 2018
continued
Compliance Statement (JORC 2012)
A competent person’s statement for the purposes of Listing Rule 5.22 has previously been announced by the Company for:
1.
2.
3.
4.
Kalgoorlie Nickel Project on 21 October 2013 and 31 July 2014, October 2016, 2016 Heron Resources Annual Report and 6 January 2017;
KNP Cobalt Zone Study on 7 August 2017
Goongarrie Nickel Cobalt Project, Supplementary Prospectuses 10 February 2017, Ardea Annual Report Nov 2017, ASX announcements 28 June 2017, 4 July
2017, 28 August 2017, 14 March 2018, 24 July 2018, 8 October 2018
Lewis Ponds 2016 Heron Resources Annual Report, Ardea Resources Prospectus November 2016, Ardea Supplementary Prospectuses 10 February 2017,
ASX announcements 9 March 2017, 16 March 2017, 26 April 2017
The Company confirms that it is not aware of any new information or data that materially affects information included in previous announcements, and all material
assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. All projects will be subject to new work programs
following the listing of Ardea, notably drilling, metallurgy and JORC Code 2012 resource estimation as applicable.
The information in this report that relates to KNP Exploration Results and Mineral Resources is based on information originally compiled by previous and current full
time employees of Heron Resources Limited and current full time employees of Ardea Resources Limited. The Exploration Results, Mineral Resources and data
collection processes have been reviewed, verified and re-interpreted by Mr Ian Buchhorn who is a Member of the Australasian Institute of Mining and Metallurgy and
currently a director of Ardea Resources Limited. Mr Buchhorn has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration
and to the exploration and mineral resource activities and 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’. Mr Buchhorn consents to the inclusion in this report of the matters based on his information
in the form and context that it appears.
The exploration and industry benchmarking summaries are based on information reviewed by Dr Matthew Painter, who is a Member of the Australian Institute of
Geoscientists. Dr Painter is a full-time employee and a director of Ardea Resources Limited and has sufficient experience, which is relevant to the style of mineralisation
and type of deposit under consideration and to the activity which he is undertaking 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’. Dr Painter has reviewed this report and consents to the inclusion in this report of the
information in the form and context in which it appears.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION
This news release contains forward-looking statements and forward-looking information within the meaning of applicable Australian securities laws, which are based on
expectations, estimates and projections as of the date of this news release.
This forward-looking information includes, or may be based upon, without limitation, estimates, forecasts and statements as to management’s expectations with respect
to, among other things, the timing and ability to complete the Ardea spin-out, the timing and amount of funding required to execute the Company’s exploration, development
and business plans, capital and exploration expenditures, the effect on the Company of any changes to existing legislation or policy, government regulation of mining
operations, the length of time required to obtain permits, certifications and approvals, the success of exploration, development and mining activities, the geology of the
Company’s properties, environmental risks, the availability of labour, the focus of the Company in the future, demand and market outlook for precious metals and the
prices thereof, progress in development of mineral properties, the Company’s ability to raise funding privately or on a public market in the future, the Company’s future
growth, results of operations, performance, and business prospects and opportunities. Wherever possible, words such as “anticipate”, “believe”, “expect”, “intend”, “may”
and similar expressions have been used to identify such forward-looking information. Forward-looking information is based on the opinions and estimates of management
at the date the information is given, and on information available to management at such time. Forward-looking information involves significant risks, uncertainties,
assumptions and other factors that could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-
looking information. These factors, including, but not limited to, the ability to complete the Ardea spin-out on the basis of the proposed terms and timing or at all,
fluctuations in currency markets, fluctuations in commodity prices, the ability of the Company to access sufficient capital on favourable terms or at all, changes in national
and local government legislation, taxation, controls, regulations, political or economic developments in Australia or other countries in which the Company does business
or may carry on business in the future, operational or technical difficulties in connection with exploration or development activities, employee relations, the speculative
nature of mineral exploration and development, obtaining necessary licenses and permits, diminishing quantities and grades of mineral reserves, contests over title to
properties, especially title to undeveloped properties, the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in
interpreting drill results and other geological data, environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins and flooding,
limitations of insurance coverage and the possibility of project cost overruns or unanticipated costs and expenses, and should be considered carefully. Many of these
uncertainties and contingencies can affect the Company’s actual results and could cause actual results to differ materially from those expressed or implied in any
forward-looking statements made by, or on behalf of, the Company. Prospective investors should not place undue reliance on any forward-looking information.
Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions,
the Company cannot assure prospective purchasers that actual results will be consistent with such forward-looking information, as there may be other factors that cause
results not to be as anticipated, estimated or intended, and neither the Company nor any other person assumes responsibility for the accuracy and completeness of any
such forward-looking information. The Company does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-
looking information contained herein to reflect new events or circumstances, except as may be required by law.
No stock exchange, regulation services provider, securities commission or other regulatory authority has approved or disapproved the information contained in this
report.
Ardea Resources Limited & controlled entities - Annual Report 2018
21
Directors’ Report
The Directors present their report on Ardea Resources Limited and the entities it controlled at the end of and during the
year ended 30 June 2018 (“financial period”).
DIRECTORS & SENIOR MANAGEMENT
The names and details of the Directors and Senior Management of Ardea Resources Limited during the financial period
and until the date of this report are:
Katina Law – B.Com., CPA, MBA, GAIDC
Executive Chair
Appointed 7 November 2016
Katina Law has over 25 years experience in the mining industry covering corporate and site based roles across several
continents. Over the past ten years she has worked with a number of ASX-listed resources companies in strategic, financial
advisory and general management roles. She has worked on a number of development and evaluation projects which
were later subject to corporate transactions including the Deflector gold and copper project and the King Vol polymetallic
zinc project. Ms Law was Executive Director and CEO of East Africa Resources Limited from 2012 to 2015. Ms Law has
also held senior positions at Newmont Mining Corporation’s head office in Denver, USA and at LionOre International based
in Perth. Ms Law has a Bachelor of Commerce degree from UWA, is a Certified Practicing Accountant and has an MBA
from London Business School.
She is currently a non-executive Director of headspace and Gumala Enterprises Pty Ltd. Ms Law has no other public
company directorships.
Ian Buchhorn – BSc (Hons), Dipl. Geosci (Min. Econ), MAusIMM
Executive Director
Appointed 17 August 2016
Ian Buchhorn is a Mineral Economist and Geologist with over 30 years experience. He was the founding Managing Director
of Heron Resources Limited for a period of 11 years until early 2007 and returned to that role in October 2012 after a period
as Executive Director. Mr Buchhorn previously worked with a number of international mining companies and has worked
on nickel, bauxite and industrial mineral mining and exploration, gold and base metal project generation and corporate
evaluations. For the last 25 years Mr Buchhorn has acquired and developed mining projects throughout the Eastern
Goldfields of Western Australian and has operated as a Registered Mine Manager.
During the three years prior to the end of this financial period, Mr Buchhorn has been a Director of Heron Resources
Limited (17 February 1995 to 2 June 2017), RBR Group Limited (19 August 2005 to 19 April 2018) and Golden Cross
Resources Limited (3 March 2014 to 13 July 2016).
Wayne Bramwell – BSc, GradDipBus. MSc, GAICD
Non-Executive Director
Appointed 29 January 2018
Wayne Bramwell is an experienced mining executive with over 26 years of international and Australian project evaluation
and development expertise across the base metals, precious metals and bulk commodity sectors.
Mr Bramwell holds a Bachelor of Science (Mineral Science - Extractive Metallurgy), Graduate Diploma of Business, Master
of Science (Mineral Economics) and is a Graduate of the Australian Institute of Company Directors (GAICD). He is
currently Chairman of the Bentley Branch of the WA School of Mines Alumni (WASMA) and the Chief Executive Officer of
ASX listed Artemis Resources Limited.
During the three years prior to the end of this financial period, Mr Bramwell has been a Director of Kasbah Resources
Limited (31 October 2005 to 8 February 2017).
Matthew Painter – Managing Director (Appointed 7 November 2016, Resigned 3 April 2018)
Brett Clark – Managing Director (Appointed 3 April 2018, Resigned 30 June 2018).
22
Ardea Resources Limited & controlled entities - Annual Report 2018
Directors’ Report continued
COMPANY SECRETARY
Robert (Sam) Middlemas – B.Com., PGradDipBus. CA
Mr Middlemas was appointed Company Secretary and Chief Financial Officer on 20 October 2016. He is a chartered
accountant with more than 20 years experience in various financial, board and company secretarial roles with a number
of listed public companies operating in the resources sector. He is the principal of a corporate advisory company which
provides financial and secretarial services specialising in capital raisings and initial public offerings. Previously Mr
Middlemas worked for an international accountancy firm. His fields of expertise include corporate secretarial practice,
financial and management reporting in the mining industry, treasury and cash flow management and corporate
governance.
PRINCIPAL ACTIVITIES
The principal activities of the Consolidated Entity during the financial period consisted of mineral exploration and
development in Western Australia and New South Wales.
There have been no significant changes in these activities during the financial period.
DIVIDENDS
No dividend has been paid and no dividend is recommended for the current financial period.
REVIEW OF OPERATIONS AND ACTIVITIES
The Consolidated Entity recorded an operating loss after income tax for the Financial Period ended 30 June 2018 of
$3,814,139 (2017 - $534,396).
Ardea is a mineral exploration group, currently focussed on its cobalt, nickel and scandium project and gold exploration in
Western Australia and zinc, silver, lead and gold at its Lewis Ponds project in NSW.
Ardea’s strategy for ultimate growth is to combine the following elements:
(cid:2) Ongoing commitment to the identification and review of projects/corporate opportunities that have the capacity to
successfully develop into a profitable mine.
(cid:2) Maximise the commercial value of the existing tenement portfolio through the ongoing establishment and
maintenance of suitable joint ventures and other alternate funding arrangements where appropriate.
Ardea's major projects are as follows:
(cid:2)
(cid:2)
Kalgoorlie Nickel Project and Cobalt Zone (WA)
Lewis Ponds Project (NSW)
Western Australia
KNP and Goongarrie Nickel Cobalt Project
The key objective for Ardea is commissioning a nickel-cobalt mining operation at Goongarrie within the Kalgoorlie Nickel
Project (“KNP”).
The KNP is a major undeveloped nickel-cobalt laterite deposit of 773.0 Mt at 0.05 % cobalt and 0.70 % nickel which is
located within 150 km of Kalgoorlie, WA. With total contained nickel metal tonnages of over 5.4Mt and total contained
cobalt metal tonnages of over 400,000 t, the KNP is a globally significant battery metal resource. The resource category
breakdown is as follows:
Table 1 – Updated resource for the KNP based on a 0.5 % nickel cut-off. Note that all values have been rounded appropriate to their
deemed accuracy, so totalling values may not appear accurate. A full breakdown of the resources is presented in Table 2 below.
Resource Category
Measured
Indicated
Inferred
KNP Total Resources
Quantity
(Mt)
9.6
232.9
530.5
773.0
Nickel
(%)
1.02
0.75
0.68
0.70
Cobalt
(%)
0.10
0.06
0.05
0.05
Contained
nickel (t)
98,800
1,759,700
3,600,000
5,458,400
Contained
cobalt (t)
9,700
141,200
254,400
405,400
Since listing in February 2017, Ardea immediately started fieldwork on our main project at the Goongarrie Nickel Cobalt
Project. Drilling focused on expanding higher grade resources and defining mineralisation style and extent at Goongarrie
South and Big Four to recover samples for Pre-Feasibility Study (PFS) metallurgy and bench- and pilot-scale testing.
Ardea Resources Limited & controlled entities - Annual Report 2018
23
Table 2 – Resource breakdown of the overall KNP resource, based on a nickel cut-off of 0.5 %. Note that all values have been rounded
appropriate to their deemed accuracy, so totalling values may not appear accurate.
Directors’ Report continued
Region
Camp
Prospect
KNP West
Goongarrie
Goongarrie South
Highway
Ghost Rocks
Goongarrie Hill
Big Four
Scotia
Goongarrie subtotal
Siberia
Siberia South
Siberia North
Siberia North
Black Range
Resource
category
Measured
Indicated
Inferred
Indicated
Inferred
Inferred
Inferred
Indicated
Inferred
Inferred
Size
(Mt)
5.8
51.4
25.8
52.9
34.1
47.3
53.6
34.2
7.6
11.2
Nickel
(%)
1.08
0.78
0.63
0.66
0.64
0.66
0.60
0.71
0.61
0.77
Cobalt
(%)
0.14
0.08
0.07
0.04
0.04
0.04
0.04
0.08
0.09
0.08
Contained
nickel (t)
62,900
403,800
161,500
349,100
218,100
312,900
323,700
241,700
46,700
86,200
Contained
cobalt (t)
7,900
42,800
17,500
22,200
12,900
19,900
19,800
28,700
6,800
9,000
Estimation
method
Krige
Krige
Krige
Krige
Krige
Krige
Krige
Krige
Krige
Krige
Study period
2017 PFS
2017 PFS
2017 PFS
Estimate
source
HGMC
HGMC
HGMC
Heron Post 2010 PFS
Heron Post 2010 PFS
Heron Post 2010 PFS
Heron Post 2010 PFS
HGMC
HGMC
2017 PFS
2017 PFS
Snowden Pre 2010 PFS
Measured
Indicated
Inferred
5.8
1.08
138.5 0.72
179.6 0.64
Inferred
Indicated
Inferred
Inferred
96.5
10.0
53.3
20.1
0.65
0.64
0.65
0.75
0.14
0.07
0.05
0.03
0.05
0.04
0.10
62,900
994,600
1,149,200
7,900
93,700
85,900
631,100
64,000
349,000
149,000
33,200
5,100
23,100
20,000
Krige
Krige
Krige
Krige
Snowden Pre 2010 PFS
Snowden Post 2010 PFS
Snowden Post 2010 PFS
Snowden Pre 2010 PFS
Siberia subtotal
Indicated
Inferred
10.0
0.64
170.0 0.67
0.05
0.05
64,000
1,130,800
5,100
77,000
KNP West total
5.8
1.08
Measured
Indicated 148.5 0.71
349.5 0.65
Inferred
62,900
0.14
0.07 1,058,600
0.05 2,280,000
7,900
98,800
162,900
KNP East
Bulong
Taurus
Bulong East
Bulong subtotal
Inferred
Indicated
Inferred
Indicated
Inferred
14.2
15.9
24.0
15.9
38.2
0.84
1.06
0.79
1.06
0.81
0.05
0.06
0.05
0.06
0.05
119,000
168,000
189,100
168,000
308,100
7,300
8,800
12,700
8,800
20,000
Krige
Krige
Krige
Snowden Pre 2010 PFS
Snowden Pre 2010 PFS
Snowden Pre 2010 PFS
Hampton
Kalpini
Hampton subtotal
Inferred
Inferred
75.0
75.0
0.73
0.73
0.04
0.04
549,700
549,700
32,600
32,600
Krige
Snowden Pre 2010 PFS
KNP East total
KNP Yerilla
Yerilla
Jump Up Dam
Boyce Creek
Aubils
KNP Yerilla total
KNP Overall Resource
GRAND TOTAL
Indicated
Inferred
15.9
1.06
113.2 0.76
Measured
Indicated
Inferred
Indicated
Inferred
Measured
Indicated
Inferred
3.8
41.6
18.4
26.8
49.4
3.8
68.4
67.8
0.94
0.78
0.63
0.77
0.70
0.94
0.78
0.68
0.06
0.05
0.05
0.04
0.03
0.06
0.07
0.05
0.05
0.06
168,000
857,800
8,800
52,700
35,900
326,700
116,400
206,400
345,800
35,900
533,000
462,200
1,800
18,000
6,300
15,500
32,600
1,800
33,500
38,900
9.6
Measured
1.03
Indicated 232.9 0.76
530.5 0.68
Inferred
773.0 0.71
Global
98,800
0.10
0.06 1,759,700
0.05 3,600,000
0.05 5,458,400
9,700
141,200
254,400
405,400
Krige
Krige
Krige
Krige
Krige
Snowden
Snowden
Snowden
Heron
Heron
2009 PFS
2009 PFS
2009 PFS
2009 PFS
2009 PFS
Drilling
In-fill drilling to 80x40m pattern was completed in all scheduled pit areas. Drilling advance for the year was 26,528m RC,
2,111m Diamond Core and 1,108m Sonic Core.
The results of drilling performed at Goongarrie South and Big Four and with new interpretations at Scotia Dam is facilitating
estimation of new resources and reserves for Goongarrie which are in preparation.
Metallurgy
Metallurgical test work, which is focused on diamond and sonic core, is ongoing and has, to date, been highly successful.
Leach test work has shown metal extractions in excess of 93 % recorded for all payable metals, namely cobalt, nickel, and
scandium. High Purity Alumina, manganese, vanadium and chromium extraction for KNP mineralisation will be evaluated.
Rheology and filtration test work has returned outstanding results, being the basis of the 2.25Mtpa Expansion Study.
Approvals
Referral to EPA is expected in October 2018, once current spring flora and fauna surveys are completed.
24
Ardea Resources Limited & controlled entities - Annual Report 2018
Directors’ Report continued
Definitive Feasibility Study, Goongarrie
Several key milestones were met in advancing Goongarrie towards production:
(cid:2)
Pre-Feasibility Study, lodged 28 March 2018, based on a production rate up to 1.5Mtpa;
Case
1.0Mtpa
1.5Mtpa
Pre-tax NPV8
A$1.43 billion
A$1.93 billion
Post-tax NPV8
A$1.04 billion
A$1.40 billion
IRR
25 %
25 %
Payback
5.3 years
5.6 years
Expansion Study, lodged 24 July 2018, based on a production rate up to 2.25Mtpa;
Case
2.25Mtpa
Pre-tax NPV8
A$3.1 billion
Post-tax NPV8
A$2.3 billion
IRR
27 %
Payback
5.1 years
Initial Ore Reserve of 40.1Mt at 0.82% Ni and 0.09% Co was announced for Goongarrie, within a Goongarrie
resource of 215.6Mt at 0.71% Ni and 0.06% Co.
Pilot testing R&D commenced on a 7.5 tonne bulk drill core sample, returning metal extractions of up to 94% as
predicted from 2017 batch tests. Nickel and cobalt sulphate crystal refining has commenced.
(cid:2)
(cid:2)
(cid:2)
Strategic Partner Search
Ardea appointed leading advisory firm KMPG as a Strategic Corporate Advisor to the Company. KPMG Australia
Corporate Finance’s Metals and Mining team is running a competitive process to identify and attract one or more strategic
financing partners to support the development of Goongarrie.
WA Gold-Nickel Exploration
Initial exploration has identified high priority gold and nickel sulphide drill targets at Mt Zephyr, Bedonia and Taurus.
Statutory approval applications are current to allow drill-testing.
New South Wales
Ardea has established a NSW-resident management team for NSW, as the initial step in a possible divestment of the NSW
assets.
Lewis Ponds
Lewis Ponds is a zinc-gold-silver deposit in the Lachlan Fold Belt of NSW. Mined historically for gold, silver, zinc, and
pyrite, Lewis Ponds is located in one of Australia’s oldest designated mining districts. Historically, the deposit has been
classified as a Volcanogenic Massive Sulphide (VMS) deposit, but Ardea recognises that, though there may be VMS
affinities, such a model does not fully define the breadth of mineralisation types and styles at the deposit.
Using a cut-off grade of 1.5% zinc equivalent (anticipated approximate open pit C1 cost break-even grade), mineralised
intercepts have been defined for a broad stringer sulphide style (typical of the major bulk tonnage deposits of the Lachlan
Fold Belt).
Previously, Lewis Ponds was explored as a high-grade underground deposit, with a historic resource of 6.6Mt at 1.5g/t Au,
69g/t Ag and 2.4% Zn estimated (refer Prospectus Table 3.2 for full description of resource status).
As a potential Massive Sulphide underground operation, the published Lewis Ponds resource was calculated at a 3% zinc
equivalent cut-off. This is opposed to Ardea’s 1.5% zinc equivalent cut-off for an envisaged open pit Stringer Sulphide
mining operation. The Ardea concept is consistent with bulk tonnage operations in the central Lachlan Fold Belt which are
all low grade, bulk excavation-based. Both Cadia and Northparkes produce sulphide concentrates with precious metal
credits, whereas Cowal and the undeveloped McPhillamys deposit utilise (or propose to utilise) a carbon-in-leach (CIL)
flowsheet. In terms of metal value (i.e. zinc and gold equivalent values), the mineralised zones intercepted Ardea’s 2017
diamond drilling match or exceed those of the major Lachlan Fold Belt operations.
The study program at Lewis Ponds consists of:
(cid:2)
(cid:2)
Initial variability samples to quantify preferred grind size and flotation reagents, which indicated a good zinc
concentrate but further work required on the lead concentrate.
Pre-concentration options for sub-grade stringer mineralisation including DMS which was extremely effective.
Exploration Tenure
At Copper Hill East, the NW extension of the Lewis Ponds mineralised structure has been identified and regional data
compiled into a comprehensive data base which is being used for target generation.
At Wisemans Creek, Ardea’s sampling of the Black Bullock prospect has identified “bonanza grade” epithermal gold-silver
mineralisation.
At Mt Aubury-Yeoval, a large porphyry copper-epithermal gold system has been identified and exploration targets defined
for follow up.
Ardea Resources Limited & controlled entities - Annual Report 2018
25
Directors’ Report continued
Corporate and Financial Position
As at 30 June 2018 the Consolidated Entity had cash reserves of $19.2 million (2017 - $3.1m).
Risk Management
The Board is responsible for the oversight of the Consolidated Entity’s risk management and control framework.
Responsibility for control and risk management is delegated to the appropriate level of management with the Managing
Director (or equivalent) having ultimate responsibility to the Board for the risk management and control framework.
Areas of significant business risk to the Consolidated Entity are highlighted in the Business Plan presented to the Board
by the Managing Director (or equivalent) each year.
Arrangements put in place by the Board to monitor risk management include monthly reporting to the Board in respect of
operations and the financial position of the Consolidated Entity.
EARNINGS/LOSS PER SHARE
Basic loss per share
Diluted loss per share
SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS
2018
Cents
(4.49)
(4.49)
2017
Cents
(1.68)
(1.68)
In the opinion of the Directors the following significant changes in the state of affairs of the Consolidated Entity that occurred
during the financial period under review:
(cid:2)
(cid:2)
(cid:2)
During the year there were 22,755,628 Loyalty Options exercised at 77 cents and converted into fully paid
ordinary shares which raised total funds of $17.5 million.
A share purchase plan was completed on 30 August 2017 which led to the issue of 6,091,188 shares at 72.5
cents per share to raise $4.4 million.
A placement to sophisticated investors was completed on 21 September 2017 which led to the issue of 7,647,850
shares at 72.5 cents per share to raise $5.5 million.
26
Ardea Resources Limited & controlled entities - Annual Report 2018
Directors’ Report continued
OPTIONS/PERFORMANCE RIGHTS OVER UNISSUED CAPITAL
Unlisted Options
During the financial period and to the date of this report the following options have been issued to Investors and unrelated
parties as follows:
Number of Options on Issue
12,310,022
Exercise Price
25 cents each
Expiry Date
9 February 2020
The above options represent unissued ordinary shares of the Company under option as at the date of this report. These
unlisted options do not entitle the holder to participate in any share issue of the Company.
The holders of unlisted options are not entitled to any voting rights until the options are exercised into ordinary shares.
The names of all persons who currently hold options granted are entered in a register kept by the Company pursuant to
Section 168(1) of the Corporations Act 2001 and the register may be inspected free of charge. No person entitled to
exercise any option has or had, by virtue of the option, a right to participate in any share issue of any other body corporate.
During the year there were 22,755,628 Loyalty Options exercisable at 77 cents any time prior to 31 May 2018 converted
into fully paid ordinary which raised total funds of $17.5 million
Performance Rights issued during the current financial period
During the current financial year the Company issued 4,485,000 Performance Rights to Directors and Employees following
shareholder approval at the 2017 Annual General Meeting held on 23rd November 2017 in three equal tranches. The
Performance Rights convert into fully paid ordinary shares for $Nil consideration upon the attainment of the following
performance hurdles:
Class ‘A’ Performance Rights: upon completion of the Pre-Feasibility Study in relation to the cobalt zone of the
Company’s Kalgoorlie Nickel Project prior to 30 November 2018.
Class ‘B’ Performance Rights: upon the Company’s Shares reaching a 30 day VWAP which is equal to or greater than
$2.37 per Share; and continuous service of the Performance Rights holder in their capacity as a Director or Executive of
the Company, or in a role as otherwise agreed by the Board of the Company, from the date of issue of the Performance
Rights to 1 February 2019, prior to 30 November 2019.
Class ‘C’ Performance Rights: upon: completion of the Definitive Feasibility Study in relation to the KNP Cobalt Zone;
and continuous service of the Performance Rights holder in their capacity as a Director or Executive of the Company, or
in a role as otherwise agreed by the Board of the Company, from the date of issue of the Performance Rights to 1 February
2020, prior to 30 November 2020.
The performance hurdle for the Class A Performance Rights was met on 28 March 2018 and the first tranche of 1,495,000
fully paid ordinary shares were issued for Nil consideration on that date. The remaining Performance Rights are
outstanding as at the date of this report.
CORPORATE STRUCTURE
Ardea Resources Limited (ACN 614 289 342) is a Company limited by shares that was incorporated on 17 August 2016
and is domiciled in Australia.
EVENTS SUBSEQUENT TO BALANCE DATE
There has not arisen since the end of the financial period any item, transaction or event of a material and unusual nature
likely, in the opinion of the Directors of the Consolidated Entity to affect substantially the operations of the Consolidated
Entity, the results of those operations or the state of affairs of the Consolidated Entity in subsequent financial years.
LIKELY DEVELOPMENTS AND EXPECTED RESULTS OF OPERATIONS
Likely developments in the operations of the Consolidated Entity are included elsewhere in this Annual Report. Disclosure
of any further information has not been included in this report because, in the reasonable opinion of the Directors, to do
so would be likely to prejudice the business activities of the Consolidated Entity.
ENVIRONMENTAL REGULATION AND PERFORMANCE
The Consolidated Entity holds various exploration licences to regulate its exploration activities in Australia. These licences
include conditions and regulations with respect to the rehabilitation of areas disturbed during the course of its exploration
activities. So far as the Directors are aware there has been no known breach of the Consolidated Entity’s licence conditions
and all exploration activities comply with relevant environmental regulations.
Ardea Resources Limited & controlled entities - Annual Report 2018
27
Directors’ Report continued
INFORMATION ON DIRECTORS
As at the date of this report the Directors’ interests in shares and unlisted performance rights of the Consolidated Entity
are as follows:
Director
Katina Law
Ian Buchhorn
Wayne Bramwell
Title
Directors’ Interests in
Ordinary Shares *
Directors’ Interests in
Performance Rights
Executive Chair
Appointed on 7 November 2016
Non-Executive Director
Appointed on 17 August 2016
Non-Executive Director
Appointed on 29 January 2018
1,008,046
11,851,440
-
600,000
600,000
-
DIRECTORS’ MEETINGS
The number of meetings of the Consolidated Entity’s Directors held in the period each Director held office during the
financial period and the numbers of meetings attended by each Director were:
Director
Board of Directors’ Meetings
Meetings Attended Meetings held while a director
Katina Law
Ian Buchhorn
Wayne Bramwell (appointed 29 January 2018)
Matthew Painter (resigned 3 April 2018)
Brett Clark (appointed 3 April 2018, resigned
30 June 2018)
14
14
10
11
2
14
14
10
11
2
REMUNERATION REPORT
the ASX Corporate Governance Council’s Corporate Governance Principles and
Recommendation 8.1 of
Recommendations (2nd edition) states that the Board should establish a Remuneration Committee. The Board has formed
the view that given the number of Directors on the Board, this function could be performed just as effectively with full Board
participation. Accordingly it was resolved that there would be no separate Board sub-committee for remuneration
purposes.
This report details the amount and nature of remuneration of each Director of the Consolidated Entity and executive officers
of the Consolidated Entity during the period.
Overview of Remuneration Policy
The Board of Directors is responsible for determining and reviewing compensation arrangements for the Directors and the
executive team. The broad remuneration policy is to ensure that remuneration properly reflects the relevant person’s
duties and responsibilities, and that the remuneration is competitive in attracting, retaining and motivating people of the
highest quality. The Board believes that the best way to achieve this objective is to provide the Managing Director (or
equivalent) and the executive team with a remuneration package consisting of a fixed and variable component that together
reflects the person’s responsibilities, duties and personal performance. An equity based remuneration arrangement for
the Board and the executive team was put in place following the 2017 AGM approval. The remuneration policy is to provide
a fixed remuneration component and short term incentive payments with a specific equity related component, with
performance conditions. The Board believes that this remuneration policy is appropriate given the stage of development
of the Consolidated Entity and the activities which it undertakes and is appropriate in aligning Director and executive
objectives with shareholder and business objectives.
The remuneration policy in regard to setting the terms and conditions for the Managing Director (or equivalent) has been
developed by the Board taking into account market conditions and comparable salary levels for companies of a similar
size and operating in similar sectors.
Directors receive a superannuation guarantee contribution required by the government, which is currently 9.5% per annum
and do not receive any other retirement benefit. Some individuals, however, have chosen to sacrifice part or all of their
salary to increase payments towards superannuation.
All remuneration paid to Directors is valued at cost to the Consolidated Entity and expensed. Options and Performance
Rights are valued using either the Black-Scholes methodology or the Binomial model.
In accordance with current
accounting policy the value of these options is expensed over the relevant vesting period.
28
Ardea Resources Limited & controlled entities - Annual Report 2018
Directors’ Report continued
Non-Executive Directors
The Board policy is to remunerate Non-Executive Directors at market rates for comparable companies for time,
commitment and responsibilities. The Board determines payments to the Non-Executive Directors and reviews their
remuneration annually, based on market practice, duties and accountability. Independent external advice is sought when
required. The maximum aggregate amount of fees that can be paid to Non-Executive Directors is subject to approval by
shareholders at a General Meeting and was approved at a maximum of $500,000 at the 2017 AGM. Actual remuneration
paid to the Consolidated Entity’s Non-Executive Directors is disclosed below. Remuneration fees for Non-Executive
Directors are not linked to the performance of the Consolidated Entity. However, to align Directors’ interests with
shareholder interests, the Directors are encouraged to hold shares in the Consolidated Entity and it is intended all will
receive options or performance rights.
Senior Executives and Management
The Consolidated Entity aims to reward executives with a level of remuneration commensurate with their position and
responsibilities within the Consolidated Entity so as to:
(cid:2)
(cid:2)
(cid:2)
Reward executives for Consolidated Entity and individual performance against targets set by reference
to appropriate benchmarks;
Reward executives in line with the strategic goals and performance of the Consolidated Entity; and
Ensure that total remuneration is competitive by market standards.
Structure
Remuneration consists of the following key elements:
(cid:2)
(cid:2)
(cid:2)
Fixed remuneration;
Issuance of unlisted options/performance rights; and
Short term incentive payments.
Fixed Remuneration
Fixed remuneration consists of base remuneration (which is calculated on a total cost basis including any employee
benefits eg. motor vehicles) as well as employer contributions to superannuation funds.
The level of fixed remuneration is set so as to provide a base level of remuneration which is both appropriate to the position
and is competitive in the market.
Remuneration packages for the staff who report directly to the Managing Director (or equivalent) are based on the
recommendation of the Managing Director (or equivalent), subject to the approval of the Board in the annual budget setting
process.
Service Agreements
Dr Matthew Painter was appointed Managing Director on 7 November 2016, and resigned as a Director on 3 April 2018
and continues with the Company as General Manager – Gold. He continues to be employed under an executive services
agreement on a salary of $250,080 plus statutory superannuation and short and long term incentives. He was awarded
1,200,000 Performance Rights in 3 equal tranches that were approved by shareholders at the 2017 AGM. The first tranche
of these converted into fully paid ordinary shares following achievement of the first performance hurdle. The agreement is
subject to a mutual 3 month notice period.
Dr Brett Clark was appointed Managing Director on 3 April 2018, and resigned from the Company on 30 June 2018. During
this period he was employed under an executive services agreement on a salary of $380,000 plus statutory superannuation
and short and long term incentives to be negotiated. The agreement was subject to a mutual 3 month notice period.
Mr Ian Buchhorn was appointed as an Executive Director - Technical on 8 September 2017 and is employed under an
executive services agreement on a salary of $247,000 plus statutory superannuation and short and long term incentives.
He was awarded 900,000 Performance Rights in 3 equal tranches that were approved by shareholders at the 2017 AGM.
The first tranche of these converted into fully paid ordinary shares following achievement of the first performance hurdle.
The agreement is subject to a mutual 3 month notice period.
Ms Sarah Mitchell was appointed as General Manager - Technical Services on 1 November 2017 and is employed under
an executive services agreement on a salary of $320,000 plus statutory superannuation and short and long term incentives.
She was awarded 450,000 Performance Rights in 3 equal tranches that were approved by shareholders at the 2017 AGM.
The first tranche of these converted into fully paid ordinary shares following achievement of the first performance hurdle.
The agreement is subject to a mutual 3 month notice period.
Ardea Resources Limited & controlled entities - Annual Report 2018
29
Directors’ Report continued
Details of the nature and amount of each element of the remuneration of each Director and Executive Officer of Ardea
Resources Limited paid/accrued during the financial period are as follows:
2017/2018
Directors
K Law – Executive Chair (i)
I Buchhorn – Executive (ii)
W Bramwell – Non-Executive (iii)
B Clark – fmer Managing Director (iv)
M Painter – fmer Managing Director (v)
Executives
S Mitchell – Technical GM (vi)
S Middlemas - Company Secretary (vii)
2016/2017
Directors
K Law – Non-Executive Chair (i)
M Painter – Managing Director (v)
I Buchhorn – Non-Executive (ii)
Executives
S Middlemas - Company Secretary (vi)
Primary
Post Employment
Equity
Compensation
Base
Salary/Fees
$
Motor
Vehicle/Bonus
$
Superannuation
Contributions
$
Options
Total
$
$
76,955
212,500
20,000
79,441
250,080
213,333
133,710
40,000
104,200
26,667
55,240
0
0
0
0
0
0
0
-
-
-
-
0
20,187
1,900
7,546
23,757
20,266
0
-
9,899
2,533
-
501,446
501,446
0
0
668,595
250,723
250,723
578,401
734,133
21,900
86,987
942,432
484,322
384,433
-
-
-
-
40,000
114,099
29,200
55,240
(i)
Ms Law was appointed Non-Executive Chair on 7 November 2016, and moved into an executive role in July 2018. All fees are paid to her Consulting
Company Fitzroy Consulting Services. Ms Law was awarded 900,000 Performance Rights in 3 equal tranches, with the first tranche converting into
fully paid ordinary shares following the achievement of the first hurdle.
Mr Buchhorn was appointed as a Non-Executive Director on 17 August 2016 and moved to an Executive Director on 8 September 2017.
(ii)
(iii) Mr Bramwell was appointed as a Non-Executive Director on 29 January 2018.
(iv) Mr Clarke was appointed Managing Director on 3 April 2018 and resigned on 30 June 2018.
(v)
Mr Painter was appointed Managing Director on 7 November 2016, and resigned from that position on 3 April 2018 – he continues with the Company
as General Manager – Gold.
(vi) Ms Mitchell was appointed General Manager Technical on 1 November 2017.
(vii) Mr Middlemas was appointed Company Secretary on 20 October 2016. All fees for providing Company Secretarial services were paid to Sparkling
Investments Pty Limited. He was awarded 450,000 Performance Rights in 3 equal tranches, with the first tranche converting into fully paid ordinary
shares following the achievement of the first hurdle.
Other than the Directors and executive officers disclosed above there were no other executive officers who received
emoluments during the financial period ended 30 June 2018.
INDEMNIFYING OFFICERS AND AUDITOR
During the year the Company paid an insurance premium to insure certain officers of the Consolidated Entity. The officers
of the Consolidated Entity covered by the insurance policy include the Directors named in this report.
The Directors and Officers Liability insurance provides cover against all costs and expenses that may be incurred in
defending civil or criminal proceedings that fall within the scope of the indemnity and that may be brought against the
officers in their capacity as officers of the Consolidated Entity. The insurance policy does not contain details of the premium
paid in respect of individual officers of the Consolidated Entity. Disclosure of the nature of the liability cover and the amount
of the premium is subject to a confidentiality clause under the insurance policy.
The Consolidated Entity has not provided any insurance for an auditor of the Consolidated Entity.
AUDITORS’ INDEPENDENCE DECLARATION
Section 370C of the Corporations Act 2001 requires the Consolidated Entity’s auditors Butler Settineri (Audit) Pty Limited,
to provide the Directors of the Consolidated Entity with an Independence Declaration in relation to the audit of the financial
report. This Independence Declaration is attached and forms part of this Directors’ Report.
NON-AUDIT SERVICES
The external auditors have not undertaken any non-audit work during the financial year.
PROCEEDINGS ON BEHALF OF THE CONSOLIDATED ENTITY
No person has applied for leave of Court to bring proceedings on behalf of the Consolidated Entity or intervene in any
proceedings to which the Consolidated Entity is a party for the purpose of taking responsibility on behalf of the Consolidated
Entity for all or any part of those proceedings. The Consolidated Entity was not party to any such proceedings during the
year.
30
Ardea Resources Limited & controlled entities - Annual Report 2018
Directors’ Report continued
CORPORATE GOVERNANCE
In recognising the need for the highest standards of corporate behaviour and accountability, the Directors of the
Consolidated Entity support and have adhered to the principles of corporate governance. The Consolidated Entity’s
corporate governance practices have been disclosed in Appendix 4G in accordance with ASX listing rule 4.7.3 at the
same time as the annual report is lodged with the ASX. Further information about the Company’s corporate governance
practices is set out on the Company’s web site at www.ardearesources.com.au/corporate-governance. In accordance
with the recommendations of the ASX, information published on the web site includes codes of conduct and other
policies and procedures relating to the Board and its responsibilities.
DATED at Perth this 25th day of September 2018
Signed in accordance with a resolution of the Directors
Katina Law
Executive Chair
Compliance Statement (JORC 2012)
A competent person’s statement for the purposes of Listing Rule 5.22 has previously been announced by the Company for:
1. Kalgoorlie Nickel Project on 21 October 2013 and 31 June 2014, October 2016, 2016 Heron Resources Annual Report and 6 January 2017;
2. KNP Cobalt Zone Study on 6 January 2017
The Company confirms that it is not aware of any new information or data that materially affects information included in previous announcements, and all material
assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. All projects will be subject to new work
programs following the listing of Ardea, notably drilling, metallurgy and JORC Code 2012 resource estimation as applicable.
The information in this report that relates to the Black Range Exploration Results is based on information originally compiled by current full-time employees of Ardea
Resources Limited. The Exploration Results and data collection processes have been reviewed, verified and re-interpreted by Mr Ian Buchhorn who is a Member of
the Australasian Institute of Mining and Metallurgy and a director of Ardea Resources Limited. Mr Buchhorn has sufficient experience that is relevant to the style of
mineralization and type of deposit under consideration and to the exploration activities 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’. Mr Buchhorn consents to the inclusion in this report of the
matters based on his information in the form and context that it appears.
The exploration and industry benchmarking summaries are based on information reviewed by Dr Matthew Painter, who is a Member of the Australian Institute of
Geoscientists. Dr Painter is a full-time employee and a director of Ardea Resources Limited and has sufficient experience, which is relevant to the style of
mineralisation and type of deposit under consideration and to the activity which he is undertaking 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’. Dr Painter has reviewed this release and consents to the
inclusion in this report of the information in the form and context in which it appears.
Ardea Resources Limited & controlled entities - Annual Report 2018
31
(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:10)(cid:11)(cid:5)(cid:12)(cid:4)(cid:13)(cid:14)(cid:13)(cid:12)(cid:4)(cid:13)(cid:12)(cid:15)(cid:13)(cid:11)(cid:4)(cid:13)(cid:15)(cid:16)(cid:2)(cid:8)(cid:2)(cid:6)(cid:5)(cid:7)(cid:12)(cid:11)
(cid:2)
(cid:2)
(cid:3)(cid:4)(cid:2)(cid:5)(cid:6)(cid:7)(cid:8)(cid:2)(cid:7)(cid:9)(cid:8)(cid:10)(cid:11)(cid:12)(cid:13)(cid:2)(cid:14)(cid:12)(cid:13)(cid:2)(cid:11)(cid:15)(cid:6)(cid:2)(cid:7)(cid:9)(cid:8)(cid:10)(cid:11)(cid:2)(cid:12)(cid:14)(cid:2)(cid:3)(cid:13)(cid:8)(cid:6)(cid:7)(cid:2)(cid:16)(cid:6)(cid:4)(cid:12)(cid:9)(cid:13)(cid:17)(cid:6)(cid:4)(cid:2)(cid:18)(cid:10)(cid:19)(cid:10)(cid:11)(cid:6)(cid:8)(cid:2)(cid:14)(cid:12)(cid:13)(cid:2)(cid:11)(cid:15)(cid:6)(cid:2)(cid:20)(cid:6)(cid:7)(cid:13)(cid:2)(cid:6)(cid:21)(cid:8)(cid:6)(cid:8)(cid:2)(cid:22)(cid:23)(cid:2)(cid:24)(cid:9)(cid:21)(cid:6)(cid:2)
(cid:25)(cid:23)(cid:26)(cid:27)(cid:28)(cid:2)(cid:29)(cid:2)(cid:8)(cid:6)(cid:17)(cid:5)(cid:7)(cid:13)(cid:6)(cid:2)(cid:11)(cid:15)(cid:7)(cid:11)(cid:28)(cid:2)(cid:11)(cid:12)(cid:2)(cid:11)(cid:15)(cid:6)(cid:2)(cid:30)(cid:6)(cid:4)(cid:11)(cid:2)(cid:12)(cid:14)(cid:2)(cid:19)(cid:20)(cid:2)(cid:31)(cid:21)(cid:12) (cid:5)(cid:6)(cid:8)!(cid:6)(cid:2)(cid:7)(cid:21)(cid:8)(cid:2)(cid:30)(cid:6)(cid:5)(cid:10)(cid:6)(cid:14)(cid:28)(cid:2)(cid:11)(cid:15)(cid:6)(cid:13)(cid:6)(cid:2)(cid:15)(cid:7)"(cid:6)(cid:2)(cid:30)(cid:6)(cid:6)(cid:21)#(cid:2)
(cid:2)
(cid:2)
(cid:7)$(cid:2) %(cid:12)(cid:2) (cid:17)(cid:12)(cid:21)(cid:11)(cid:13)(cid:7)"(cid:6)(cid:21)(cid:11)(cid:10)(cid:12)(cid:21)(cid:4)(cid:2) (cid:12)(cid:14)(cid:2)
(cid:11)(cid:15)(cid:6)(cid:2) (cid:7)(cid:9)(cid:8)(cid:10)(cid:11)(cid:12)(cid:13)(cid:2)
(cid:10)(cid:21)(cid:8)(cid:6)&(cid:6)(cid:21)(cid:8)(cid:6)(cid:21)(cid:17)(cid:6)(cid:2) (cid:13)(cid:6)’(cid:9)(cid:10)(cid:13)(cid:6)(cid:19)(cid:6)(cid:21)(cid:11)(cid:4)(cid:2) (cid:12)(cid:14)(cid:2) (cid:11)(cid:15)(cid:6)(cid:2)
((cid:12)(cid:13)&(cid:12)(cid:13)(cid:7)(cid:11)(cid:10)(cid:12)(cid:21)(cid:4)(cid:2)(cid:3)(cid:17)(cid:11)(cid:2)(cid:25)(cid:23)(cid:23)(cid:26)(cid:2)(cid:10)(cid:21)(cid:2)(cid:13)(cid:6)(cid:5)(cid:7)(cid:11)(cid:10)(cid:12)(cid:21)(cid:2)(cid:11)(cid:12)(cid:2)(cid:11)(cid:15)(cid:6)(cid:2)(cid:7)(cid:9)(cid:8)(cid:10)(cid:11))(cid:2)(cid:7)(cid:21)(cid:8)(cid:2)
(cid:2)
(cid:2)
(cid:30)$(cid:2) %(cid:12)(cid:2)(cid:17)(cid:12)(cid:21)(cid:11)(cid:13)(cid:7)"(cid:6)(cid:21)(cid:11)(cid:10)(cid:12)(cid:21)(cid:4)(cid:2)(cid:12)(cid:14)(cid:2)(cid:7)(cid:21)(cid:20)(cid:2)(cid:7)&&(cid:5)(cid:10)(cid:17)(cid:7)(cid:30)(cid:5)(cid:6)(cid:2)(cid:17)(cid:12)(cid:8)(cid:6)(cid:2)(cid:12)(cid:14)(cid:2)&(cid:13)(cid:12)(cid:14)(cid:6)(cid:4)(cid:4)(cid:10)(cid:12)(cid:21)(cid:7)(cid:5)(cid:2)(cid:17)(cid:12)(cid:21)(cid:8)(cid:9)(cid:17)(cid:11)(cid:2)(cid:10)(cid:21)(cid:2)(cid:13)(cid:6)(cid:5)(cid:7)(cid:11)(cid:10)(cid:12)(cid:21)(cid:2)
(cid:11)(cid:12)(cid:2)(cid:11)(cid:15)(cid:6)(cid:2)(cid:7)(cid:9)(cid:8)(cid:10)(cid:11)*(cid:2)
(cid:2)
(cid:2)
+(cid:15)(cid:10)(cid:4)(cid:2)(cid:8)(cid:6)(cid:17)(cid:5)(cid:7)(cid:13)(cid:7)(cid:11)(cid:10)(cid:12)(cid:21)(cid:2)(cid:10)(cid:4)(cid:2)(cid:10)(cid:21)(cid:2)(cid:13)(cid:6)(cid:4)&(cid:6)(cid:17)(cid:11)(cid:2)(cid:12)(cid:14)(cid:2)(cid:3)(cid:13)(cid:8)(cid:6)(cid:7)(cid:2)(cid:16)(cid:6)(cid:4)(cid:12)(cid:9)(cid:13)(cid:17)(cid:6)(cid:4)(cid:2)(cid:18)(cid:10)(cid:19)(cid:10)(cid:11)(cid:6)(cid:8)(cid:2)(cid:7)(cid:21)(cid:8)(cid:2)(cid:11)(cid:15)(cid:6)(cid:2)(cid:6)(cid:21)(cid:11)(cid:10)(cid:11)(cid:10)(cid:6)(cid:4)(cid:2)(cid:10)(cid:11)(cid:2)(cid:17)(cid:12)(cid:21)(cid:11)(cid:13)(cid:12)(cid:5)(cid:5)(cid:6)(cid:8)(cid:2)
(cid:8)(cid:9)(cid:13)(cid:10)(cid:21)!(cid:2)(cid:11)(cid:15)(cid:6)(cid:2)(cid:20)(cid:6)(cid:7)(cid:13)*(cid:2)
(cid:2)
(cid:2)
,-+(cid:18).(cid:16)(cid:2)/.++(cid:29)%.(cid:16)(cid:29)(cid:2)0(cid:3)-1(cid:29)+$(cid:2)2+3(cid:2)(cid:18)+1(cid:2)
(cid:2)
(cid:18)-(3(cid:2)2(cid:2)4(cid:3)(cid:16)1%.(cid:16)(cid:2)
1(cid:10)(cid:13)(cid:6)(cid:17)(cid:11)(cid:12)(cid:13)(cid:2)
(cid:2)
(cid:2)
2(cid:6)(cid:13)(cid:11)(cid:15)(cid:2)
1(cid:7)(cid:11)(cid:6)#(cid:2)(cid:2)(cid:2)(cid:2)(cid:2)(cid:25)5(cid:2)/(cid:6)&(cid:11)(cid:6)(cid:19)(cid:30)(cid:6)(cid:13)(cid:2)(cid:25)(cid:23)(cid:26)(cid:27)(cid:2)
32
Ardea Resources Limited & controlled entities - Annual Report 2018
Consolidated Statement of Comprehensive Income
For the year ended 30 June 2018
NOTES
2018
Other income
Employee expenses
Non-Executive Directors’ fees
Insurance expenses
Secretarial fees
Corporate expenses
Computer support services
Depreciation
Rent
Share Based Payments
Employee costs recharged to capitalised exploration
Other expenses
Loss before income tax
Income tax
Net loss attributable to members of the Consolidated
Entity’s
Other Comprehensive Loss net of tax
Total Comprehensive Loss
Basic earnings/(loss) per share
(cents per share)
Diluted earnings/(loss) per share
(cents per share)
2
3
5
14
19
19
$
208,696
2,252,810
90,287
50,228
133,710
215,644
89,563
41,375
153,006
2,495,476
(2,244,057)
744,793
(3,814,139)
-
Period
17/8/16-
30/6/17
$
11,632
211,931
69,200
23,541
55,240
123,650
20,827
106,454
38,277
-
(147,528)
44,436
(534,396)
-
(3,814,139)
(534,396)
-
-
(3,814,139)
(534,396)
(4.49) cents
(1.68) cents
(4.49) cents
(1.68) cents
The above Consolidated Statement of Comprehensive Income should be read in conjunction with the Consolidated
Entity’s accompanying notes.
Ardea Resources Limited & controlled entities - Annual Report 2018
33
Consolidated Statement of Financial Position
As at 30 June 2018
ASSETS
CURRENT ASSETS
Cash and cash equivalents
Other receivables
Other assets
TOTAL CURRENT ASSETS
NON-CURRENT ASSETS
Plant and equipment and motor vehicles
Investments
Capitalised mineral exploration expenditure
TOTAL NON-CURRENT ASSETS
TOTAL ASSETS
LIABILITIES
CURRENT LIABILITIES
Trade and other payables
Provisions
TOTAL CURRENT LIABILITIES
TOTAL LIABILITIES
NET ASSETS
EQUITY
Contributed equity
Share Option Reserve
Accumulated losses
TOTAL EQUITY
NOTES
2018
$
2017
$
6
7
8
9
10
11
12
19,157,517
3,544,892
10,555
22,712,964
652,603
10,000
16,238,635
16,901,238
39,614,202
964,511
218,385
1,182,896
1,182,896
3,062,719
224,518
2,713
3,289,950
357,446
10,000
9,331,853
9,699,299
12,989,249
353,105
11,992
365,097
365,097
38,431,306
12,624,152
13(a)
15
14
39,608,365
3,171,476
(4,348,535)
38,431,306
12,482,548
676,000
(534,396)
12,624,152
The above Consolidated Statement of Financial Position should be read in conjunction with the Consolidated Entity’s
accompanying notes.
34
Ardea Resources Limited & controlled entities - Annual Report 2018
Consolidated Statement of Changes in Equity
For the year ended 30 June 2018
Notes
Contributed
Equity
$
Share Option
Reserve
$
Losses
Total
$
$
BALANCE AT 17 AUGUST 2016
Total Comprehensive Income
TRANSACTIONS WITH OWNERS IN
THEIR CAPACITY AS OWNERS
-
-
Shares issued during the period
13(b)
13,400,229
Less share issue costs
Options issued to promotors
BALANCE AT 30 JUNE 2017
(917,681)
-
12,482,548
-
-
-
-
676,000
676,000
-
-
(534,396)
(534,396)
-
-
-
13,400,229
(917,681)
676,000
(534,396)
12,624,152
BALANCE AT 30 JUNE 2017
12,482,548
676,000
(534,396)
12,624,152
Total Comprehensive Income
TRANSACTIONS WITH OWNERS IN
THEIR CAPACITY AS OWNERS
-
Shares issued during the period
13(b)
27,482,636
Less share issue costs
Performance Rights issued to staff
BALANCE AT 30 JUNE 2018
-
-
-
(3,814,139)
(3,814,139)
-
-
-
27,482,636
(356,819)
2,495,476
(356,819)
-
2,495,476
39,608,365
3,171,476
(4,348,535)
38,431,306
The above Consolidated statement of changes in equity should be read in conjunction with the Consolidated Entity’s
accompanying notes.
Ardea Resources Limited & controlled entities - Annual Report 2018
35
Consolidated Statement of Cashflows
For the year ended 30 June 2018
Cash flows from operating activities
Interest received
Payments to suppliers and employees (inclusive of goods
and services tax)
NOTES
2018
$
2017
$
158,323
11,632
(1,501,531)
(489,249)
Net cash used in operating activities
20(a)
(1,343,208)
(477,617)
Cash flows from investing activities
Payments for exploration and evaluation
Proceeds (Payments) for plant and equipment
Net cash used in investing activities
Cash flows from financing activities
Proceeds from the issue of shares
Costs of shares issued
Net cash provided by financing activities
Net increase (decrease) in cash held
Cash at the beginning of the financial period
(9,351,278)
(1,208,008)
(336,533)
(109,900)
(9,687,811)
(1,317,908)
27,478,391
(352,574)
27,125,817
16,094,798
3,062,719
5,104,170
(245,926)
4,858,244
3,062,719
-
Cash at the end of the financial period
19,157,517
3,062,719
The above Consolidated Statement of Cash Flows should be read in conjunction with the Consolidated Entity’s
accompanying notes.
36
Ardea Resources Limited & controlled entities - Annual Report 2018
Notes to the Financial Statements
For the year ended 30 June 2018
1.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The principal accounting policies adopted in preparing the financial report of the Company, Ardea Resources
Limited and its controlled entities (“Ardea” or “Consolidated Entity”), are stated to assist in a general
understanding of the financial report. These policies have been consistently applied as presented, unless
otherwise indicated.
Ardea Resources Limited is a Company limited by shares incorporated and domiciled in Australia whose shares
are publicly traded on the official list of the Australian Securities Exchange. The financial statements are
presented in Australian dollars which is the Consolidated Entity’s functional currency.
(a)
Basis of Preparation
This general purpose financial report has been prepared in accordance with Australian Accounting
Standards (including Australian Interpretations) adopted by the Australian Accounting Standards Board
and the Corporations Act 2001.
Ardea Resources Limited is a for-profit entity’s for the purpose of preparing the financial statements.
The financial report has been prepared on the basis of historical costs and does not take into account
changing money values or, except where stated, current valuations of non-current assets.
The financial report was authorised for issue by the Directors.
(b)
Use of Estimates and Judgements
The preparation of financial statements requires management to make judgements, estimates and
assumptions that affect the application of accounting policies and reported amounts of assets and
liabilities, income and expenses. Actual results may differ from these estimates. Estimates and
underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are
recognised in the period in which the estimate is revised and in any future periods affected. None of the
balances reported have been derived from estimates.
(c)
Basis of Consolidation
Controlled Entities
The consolidated financial statements comprise the financial statements of Ardea Resources Limited
and its subsidiaries as at 30 June.
The financial statements of the subsidiaries are prepared for the same reporting period as the parent
company, using consistent accounting policies.
In preparing the consolidated financial statements, all intercompany balances and transactions, income
and expenses and profit and losses resulting from intra-group transactions have been eliminated in full.
The subsidiaries are fully consolidated from the date on which control is transferred to the consolidated
entity and ceases to be consolidated from the date on which control is transferred out of the consolidated
entity.
The acquisition of the subsidiaries have been accounted for using the purchase method of accounting.
The purchase method of accounting involves allocating the cost of the business combination to the fair
value of the assets acquired and the liabilities and contingent liabilities assumed at the date of
acquisition. Accordingly, the consolidated financial statements include the results of the subsidiaries for
the period from their acquisition.
Ardea Resources Limited & controlled entities - Annual Report 2018
37
Notes to the Financial Statements continued
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
(d)
Income Tax
The income tax expense or revenue for the period is the tax payable on the current period’s taxable
income based on the income tax rate adjusted by changes in deferred tax assets and liabilities
attributable to temporary differences between the tax bases of assets and liabilities and their carrying
amounts in the financial statements, and to unused tax losses.
Deferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to
apply when the assets are recovered or liabilities are settled, based on those tax rates which are
enacted. The relevant tax rates are applied to the cumulative amounts of deductible and taxable
temporary differences to measure the deferred tax asset or liability. An exception is made for certain
temporary differences arising from the initial recognition of an asset or a liability. No deferred asset or
liability is recognised in relation to those temporary differences if they arose in a transaction, other than
a business combination, that at the time of the transaction did not affect either accounting profit or
taxable profit or loss.
Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it
is probable that future taxable amounts will be available to utilise those temporary differences and
losses.
Current and future tax balances attributable to amounts recognised directly in equity are also recognised
directly in equity.
(e)
Revenue Recognition
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the
Consolidated Entity and the revenue can be reliably measured. The following specific recognition criteria
must also be met before revenue is recognised:
Interest income
Interest revenue is recognised on a time proportionate basis that takes into account the effective yield
on the financial asset.
(f)
Cash and Cash Equivalents
Cash and short-term deposits in the balance sheet comprise cash at bank and in hand and short term
deposits with an original maturity of three months or less.
For the purposes of the Consolidated Statement of Cash Flows, cash and cash equivalents consist of
cash and cash equivalents as defined above, which are readily convertible to cash on hand and which
are used in the cash management function on a day-to-day basis.
(g)
Employee Entitlements
Liabilities for wages and salaries, annual leave and other current employee entitlements expected to be
settled within 12 months of the reporting date are recognised in other payables in respect of employees’
services up to the reporting date and are measured at the amounts expected to be paid when the
liabilities are settled. Liabilities for non-accumulating sick leave are recognised when the leave is taken
and measured at the rates paid or payable.
Contributions to employee superannuation plans are charged as an expense as the contributions are
paid or become payable.
38
Ardea Resources Limited & controlled entities - Annual Report 2018
Notes to the Financial Statements continued
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
(h)
Property, Plant and equipment
Each class of property, plant and equipment is carried at cost or fair value less, where applicable, any
accumulated depreciation and impairment losses.
Property, plant and equipment and Motor Vehicles
Property, Plant and equipment, and Motor Vehicles are stated at cost less accumulated depreciation
and any impairment in value.
The carrying values of property, plant and equipment and Motor Vehicles are reviewed for impairment
when events or changes in circumstances indicate the carrying value may not be recoverable.
For an asset that does not generate largely independent cash flows, the recoverable amount is
determined for the cash-generating unit to which the asset belongs.
If any such indication exists where the carrying values exceed the estimated recoverable amount, the
assets or cash generating units are written down to their recoverable amount.
Depreciation
Depreciable non-current assets are depreciated over their expected economic life using either the
straight line or the diminishing value method. Profits and losses on disposal of non-current assets are
taken into account in determining the operating loss for the year. The depreciation rate used for each
class of assets is as follows:
(cid:2)
Plant & equipment and Motor Vehicles
20 - 33%
(i)
Goods and Services Tax (GST)
Revenues, expenses and assets are recognised net of the amount of goods and services tax (“GST”),
except where the amount of GST incurred is not recoverable from the Australian Taxation Office (“ATO”).
In these circumstances the GST is recognised as part of the cost of acquisition of the asset or as part of
an item of the expense.
Receivables and payables are stated with the amount of GST included. GST incurred is claimed from
the ATO when a valid tax invoice is provided. The net amount of GST recoverable from, or payable to,
the ATO is included as a current asset or liability in the balance sheet.
Cash flows are included in the statement of cash flows on a gross basis. The GST components of cash
flows arising from investing and financing activities which are recoverable from, or payable to, the ATO
are classified as operating cash flows.
(j)
Payables
These amounts represent liabilities for goods and services provided to the Consolidated Entity prior to
the end of the financial period and which are unpaid. The amounts are unsecured and are usually paid
within 30 days of recognition.
(k)
Contributed Equity
Issued capital is recognised as the fair value of the consideration received by the Company.
Any transaction costs arising on the issue of ordinary shares are recognised directly in equity as a
reduction of the share proceeds received.
Ardea Resources Limited & controlled entities - Annual Report 2018
39
Notes to the Financial Statements continued
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
(l)
Exploration and Evaluation Expenditure
Mineral exploration and evaluation expenditure incurred is accumulated in respect of each identifiable
area of interest and is subject to impairment testing. These costs are carried forward only if they relate
to an area of interest for which rights of tenure are current and in respect of which:
(cid:2)
(cid:2)
such costs are expected to be recouped through the successful development and exploitation of
the area of interest, or alternatively by its sale; or
exploration and/or evaluation activities in the area have not reached a stage which permits a
reasonable assessment of the existence or otherwise of economically recoverable reserves and
active or significant operations in, or in relation to, the area of interest are continuing.
In the event that an area of interest is abandoned or if the Directors consider the expenditure to be of
reduced value, accumulated costs carried forward are written off in the year in which that assessment
is made. A regular review is undertaken of each area of interest to determine the appropriateness of
continuing to carry forward costs in relation to that area of interest.
Where a mineral resource has been identified and where it is expected that future expenditures will be
recovered by future exploitation or sale, the impairment of the exploration and evaluation is written back
and transferred to development costs. Once production commences, the accumulated costs for the
relevant area of interest are amortised over the life of the area according to the rate of depletion of the
economically recoverable reserves.
Costs of site restoration and rehabilitation are recognised when the Consolidated Entity has a present
obligation, the future sacrifice of economic benefits is probable and the amount of the provision can be
reliably estimated.
The amount recognised as a provision is the best estimate of the consideration required to settle the
present obligation at the reporting date, taking into account the risks and uncertainties surrounding the
obligation. Where a provision is measured using the cash flows estimated to settle the present obligation,
its carrying amount is the present value of those cash flows.
Exploration and evaluation assets are assessed for impairment if:
(cid:2)
(cid:2)
(i) sufficient data exists to determine technical feasibility and commercial viability, and
(ii) facts and circumstances suggest that the carrying amount exceeds the recoverable amount.
For the purpose of impairment testing, exploration and evaluation assets are allocated to cash-
generating units to which the exploration activity relates. The cash generating unit shall not be larger
than the area of interest.
Once the technical feasibility and commercial viability of the extraction of mineral resources in an area
of interest are demonstrable, exploration and evaluation assets attributable to that area of interest are
first tested for impairment and then re-classified from intangible assets to mining property and
development assets within property, plant and equipment.
(m)
Earnings per Share
Basic earnings per share (“EPS”) are calculated based upon the net loss divided by the weighted
average number of shares. Diluted EPS are calculated as the net loss divided by the weighted average
number of shares and dilutive potential shares.
(n)
Leases
Leases are classified at their inception as either operating or finance leases based on the economic
substance of the agreement so as to reflect the risks and benefits incidental to ownership.
The minimum lease payments of operating leases, where the lessor effectively retains substantially all
of the risks and benefits of ownership of the leased item, are recognised as an expense on a straight-
line basis over the term of the lease.
40
Ardea Resources Limited & controlled entities - Annual Report 2018
Notes to the Financial Statements continued
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
(o)
Share-based payment transactions
The Company provides benefits to employees (including Directors and consultants) of the Consolidated
Entity in the form of share-based payment transactions, whereby employees render services in
exchange for shares or rights over shares (“Equity–settled transactions”).
There is currently a plan in place to provide these benefits being an Employee Share Option Plan
(“ESOP”) which provides benefits to Directors, consultants and senior executives.
The cost of these equity-settled transactions is measured by reference to fair value at the date at which
they are granted. The fair value is determined by an external valuer using the either the Black -Scholes
or Binomial model.
In valuing equity-settled transactions, no account is taken of any performance conditions, other than
conditions linked to the price of the shares of Ardea Resources Limited (“market conditions”).
The cost of equity settled securities is recognised, together with a corresponding increase in equity, over
the period in which the performance conditions are fulfilled, ending on the date on which the relevant
employees become fully entitled to the award (“vesting date”).
Where the Consolidated Entity acquires some form of interest in an exploration tenement or an
exploration area of interest and the consideration comprises share-based payment transactions, the fair
value of the equity instruments granted is measured at grant date. The cost of equity securities is
recognised within capitalised mineral exploration and evaluation expenditure, together with a
corresponding increase in equity.
(p)
Financial risk management
The Board of Directors has overall responsibility for the establishment and oversight of the risk
management framework, to identify and analyse the risks faced by the Consolidated Entity. These risks
include credit risk, liquidity risk and market risk from the use of financial instruments. The Consolidated
Entity has only limited use of financial instruments through its cash holdings being invested in short
term interest bearing securities. The primary goal of this strategy is to maximise returns while
minimising risk through the use of accredited Banks with a minimum credit rating of A1 from Standard
& Poors. The Consolidated Entity has no debt, and working capital is maintained at its highest level
possible and regularly reviewed by the full board.
(q)
New accounting standards and interpretations
Certain new accounting standards and interpretations have been published that are not mandatory for
30 June 2018 reporting periods, and have not been adopted by the Consolidated Entity. The
Consolidated Entity’s assessment of the impact of these new standards and interpretations is that they
will have no material impact and will only effect disclosure provisions in future full year accounts.
Ardea Resources Limited & controlled entities - Annual Report 2018
41
Notes to the Financial Statements continued
y
2018
2017
$
$
208,696
11,632
2.
OTHER INCOME
Other Income
Interest
3.
EXPENSES
Contributions to employees superannuation
plans
Depreciation - Plant and equipment
41,375
106,454
Provision for employee entitlements
206,393
11,992
4.
AUDITORS’ REMUNERATION
Audit – Butler Settineri (Audit) Pty Limited
Audit and review of the financial statements
28,437
2,500
42
Ardea Resources Limited & controlled entities - Annual Report 2018
Notes to the Financial Statements continued
5.
INCOME TAX
No income tax is payable by the Consolidated Entity as it has incurred losses for income tax purposes for the year,
so current tax, deferred tax and tax expense is $Nil.
(a)
Numerical reconciliation of income tax expense to prima facie tax payable
Loss from continuing operations
(3,814,139)
(534,396)
Tax at the tax rate of 27.5%
(1,048,888)
(146,959)
2018
$
2017
$
Tax effect of amounts which are deductible in
calculating taxable income:
Non-deductible expenses
Other allowable expenditure
Deferred tax asset not brought to account
Income tax expense
(b)
Tax losses
Unused tax losses for which no deferred tax
asset has been recognised
Potential tax benefit at 27.5%
654,258
(13,492)
-
-
394,630
160,451
-
-
5,630,308
1,956,501
1,548,335
538,038
(c)Unbooked Deferred Tax Assets and Liabilities
Unbooked deferred tax assets comprise:
Provisions/Accruals/Other
148,278
11,292
Tax losses available for offset against future
taxable income
5,630,308
1,956,501
5,778,586
1,968,493
Unbooked deferred tax liabilities comprise:
Capitalised mineral exploration and evaluation
expenditure
3,783,147
955,036
(d)
Franking credits balance
The Consolidated Entity has no franking credits available as at 30 June 2018.
6.
OTHER RECEIVABLES
Current
GST recoverable
Bonds and guarantees
R&D Receivable
Interest Receivable and Other
7.
OTHER ASSETS
Current
Prepayments
331,509
90,000
3,035,642
87,741
108,239
116,279
-
-
3,544,892
224,518
10,555
2,713
Ardea Resources Limited & controlled entities - Annual Report 2018
43
Notes to the Financial Statements continued
8.
PROPERTY, PLANT AND EQUIPMENT
Plant and office equipment
At cost
Accumulated depreciation
Motor Vehicles
At cost
Accumulated depreciation
Property and buildings
At cost
Accumulated depreciation
Reconciliation
Reconciliation of the carrying amounts for each
class of plant and equipment and Properties and
Buildings are set out below:
Plant and office equipment
Carrying amount at beginning of the period
Additions
Depreciation
Carrying amount at the end of the year
Motor Vehicles
Carrying amount at beginning of the year
Additions
Depreciation
Carrying amount at the end of the year
Property and buildings
Carrying amount at beginning of the year
Additions
Depreciation
Carrying amount at the end of the year
2018
$
2017
$
213,683
(117,980)
95,703
97,164
(93,719)
3,445
209,068
(17,114)
191,954
377,680
(12,734)
364,946
652,603
3,445
116,519
(24,261)
95,703
-
209,068
(17,114)
191,954
354,001
10,945
-
364,946
-
-
-
366,735
(12,734)
354,001
357,446
-
97,164
(93,719)
3,445
-
-
-
-
-
366,735
(12,734)
354,001
44
Ardea Resources Limited & controlled entities - Annual Report 2018
Notes to the Financial Statements continued
9.
INVESTMENTS
Non-Current
Investment in Newamu
$
$
10,000
10,000
Particulars in relation to the controlled entities
Ardea Resources Limited is the parent entity.
Name of Controlled entity
TriAusMin Pty Ltd ACN 062 002 475
Atriplex Pty Ltd ACN 113 719 207
Yerilla Nickel Pty Ltd ACN 123 249 810
Ardea Exploration Pty Ltd ACN 137 889 279
Kalgoorlie Nickel Pty Ltd ACN 137 889 199
Class of
Shares
Ordinary
Ordinary
Ordinary
Ordinary
Ordinary
Equity Holding
2018
100%
100%
100%
100%
100%
2017
100%
100%
100%
100%
100%
All the above Australian entities were part of the transfer of Assets under the Demerger Implementation
Agreement between Heron Resources Limited and Ardea Resources Limited and transferred into the Ardea
Consolidated group on 17 November 2016.
10.
CAPITALISED MINERAL EXPLORATION
EXPENDITURE
Non-Current
In the exploration phase
Cost brought forward
Exploration Properties purchased
Add: Expenditure incurred during the year (at
cost)
2018
$
2017
$
9,331,853
-
-
8,300,000
9,942,424
1,031,853
R&D Refund receivable
(3,035,642)
Exploration expenditure written off
-
-
16,238,635
9,331,853
The recoupment of costs carried forward is dependent on the successful development and/or
commercial exploitation or alternatively sale of the respective areas of interest.
11.
TRADE AND OTHER PAYABLES
Current (Unsecured)
Trade creditors
Other creditors and accruals
943,511
21,000
964,511
328,841
24,264
353,105
Included within trade and other creditors and accruals is an amount of $778,686 (2017 - $187,541) relating to
exploration
expenditure.
12.
PROVISIONS
Current
Employee entitlements
218,385
11,992
Ardea Resources Limited & controlled entities - Annual Report 2018
45
Notes to the Financial Statements continued
13.
CONTRIBUTED EQUITY
(a)
Ordinary Shares
2018
2017
$ $
104,990,413 (2017- 67,000,747) fully paid
ordinary shares
39,608,365
12,482,548
(b)
Share Movements during the Year
2018
2017
Number of
Shares
$
Number of
Shares
$
Beginning of the financial period
67,000,747
12,482,548
New share issues during the period
Share Purchase Plan a 72.5 cents/share
6,091,188
4,416,111
Placement at 72.5 cents/share
7,647,850
5,544,691
Loyalty Options exercised at 77c/share
22,755,628
17,521,834
Performance rights issued to staff
1,495,000
Shares issued at Incorporation
Shares issued to Heron (in specie)
IPO shares issued at 20 cents/share
Less costs of issues
(c) Unlisted Options
-
-
-
-
-
-
-
-
-
-
-
-
-
-
100
100
41,501,521
8,300,304
25,499,126
5,099,825
-
-
-
-
(356,819)
-
(917,681)
104,990,413
39,608,365
67,000,747
12,482,548
As at the date of this report the following options have been issued to Investors and unrelated parties
– there were no options issued during the current financial year:
Number of Options on Issue
Exercise Price
Expiry Date
12,310,022
25 cents each
9 February 2020
The above options represent unissued ordinary shares of the Company under option as at the date of
this report. These unlisted options do not entitle the holder to participate in any share issue of the
Company. During the year 22,755,628 Loyalty Options were exercised at 77 cents each, with the
remaining 2,691,442 lapsing unexercised.
(d)
Share Based Payments
During the current financial year there were a number of Share Based payments made to Directors and
Employees (4,485,000 Performance Shares), of which 1,495,000 resulted in new fully paid shares being issued
for $Nil consideration following the achievement of the first Performance Hurdle, and in the previous financial
period to Options were issued to Heron Resources Limited (10 million options) and the Lead Manager and
Corporate Advisor to the float (2,310,022 options) refer above. Further details of these are included under Note
20.
(e)
Terms and Conditions of Contributed Equity
Ordinary Shares
The Company is a public Company limited by shares. The Company was incorporated in Perth, Western
Australia.
The Company’s shares are limited whereby the liability of its members is limited to the amount (if any) unpaid on
the shares respectively held by them.
Ordinary shares have the right to receive dividends as declared and, in the event of the winding up of the
Company, to participate in the proceeds from the sale of all surplus assets in proportion to the number of shares
held.
Ordinary shares which have no par value, entitle their holder to one vote, either in person or by proxy, at a meeting
of the Company.
The Company’s objectives when managing capital are to safeguard their ability to continue as a going concern,
so that they may continue to provide returns for shareholders and benefits for other stakeholders.
46
Ardea Resources Limited & controlled entities - Annual Report 2018
Notes to the Financial Statements continued
13.
CONTRIBUTED EQUITY (Continued)
(f)
Capital Risk Management
Due to the nature of the Consolidated Entity’s activities, being mineral development and exploration, the
Consolidated Entity does not have ready access to credit facilities, with the primary source of funding being equity
raisings. Therefore, the focus of the Consolidated Entity’s capital risk management is the current working capital
position against the requirements to meet exploration programmes and corporate overheads. The Consolidated
Entity’s strategy is to ensure appropriate liquidity is maintained to meet anticipated operating requirements, with a
view to initiating appropriate capital raisings as required. The working capital position of the Consolidated Entity at
30 June 201 are as follows:
Cash and cash equivalents
Trade and other receivables
Other assets
Trade and other payables
Provisions
Working capital position
14.
ACCUMULATED LOSSES
2018
$
2017
$
19,157,517
3,062,719
3,544,892
224,518
10,555
2,713
(964,511)
(353,105)
(218,385)
(11,992)
21,530,068
2,924,853
Accumulated losses at the beginning of the period
534,396
Net loss attributable to members
Accumulated losses at the end of the year
3,814,139
4,348,535
-
534,396
534,396
15.
RESERVES
Share Option/Performance Rights Reserve
Balance at the beginning of the period
Add: Amounts expensed in current period
Balance at the end of the period
676,000
2,495,476
3,171,476
-
676,000
676,000
Share Option reserve
The share option reserve comprises any equity settled share based payment transactions.
16.
RELATED PARTIES
Full remuneration details for Directors and Executives are included in the Directors report where the information
has been audited as indicated. During the current financial year there were no other transactions with Directors
or Executives except as follows:
The Company rents office and storage facilities in Kalgoorlie from an entity associated with Executive Director
Ian Buchhorn on normal arms length commercial terms. Total rent paid for the financial year was $74,997, (2017
- $Nil).
The Company uses Indigenous Professional Services Pty Ltd (an entity associated with Executive Chair Katina
Law) to provide HR consulting work on normal arms length commercial terms. Total paid during the financial year
was $121,550 (2017 - $Nil).
Ardea Resources Limited & controlled entities - Annual Report 2018
47
Notes to the Financial Statements continued
Director and KMP Movement in Shares
The aggregate numbers of shares and options of the Company held directly, indirectly or beneficially by Directors
and Executive Officers of the Consolidated Entity or their personally-related entities are as follows:
Ordinary Shares
2018
Ms K Law
Mr I Buchhorn
Mr W Bramwell
Mr B Clark
Mr M Painter
Ms S Mitchell
Mr S Middlemas
2017
Ms K Law
Mr M Painter
Mr I Buchhorn
Mr S Middlemas
Opening
500,000
8,379,098
-
-
130,000
-
260,000
Purchases/
(in specie
distribution)
508,046
3,472,342
-
-
464,023
186,711
278,046
-
-
-
-
500,000
130,000
8,379,098
260,000
Disposals
Closing
-
-
-
-
-
-
-
-
-
-
1,008,046
11,851,440
-
-
594,023
186,711
538,046
500,000
130,000
8,379,098
260,000
Performance
Rights (1)
30 June 2018
600,000
600,000
-
-
800,000
300,000
300,000
Loyalty Options (2)
30 June 2017
166,666
43,333
2,793,029
86,666
(1) Directors and Staff were issued Performance Rights during the year in three equal tranches subject to a
number of performance hurdles, the first performance hurdle was met on 28 March 2018 and the first
tranche of fully paid ordinary shares were issued – the balance of the Performance Rights are subject to
additional performance hurdles (refer Note 20).
(2) The Company issued 1 free Loyalty Option for every 3 shares held to all shareholders holding shares 3
months after the float. The Loyalty Options were exercisable any time prior to 31 May 2018 at an exercise
price of 77 cents per option. Directors and KMP’s holding Loyalty Options all exercised them during the
current financial year.
17.
EXPENDITURE COMMITMENTS
(a) Exploration
The Consolidated Entity has certain obligations to perform minimum exploration work on mineral leases held.
These obligations may vary over time, depending on the Consolidated Entity’s exploration programmes and
priorities. As at balance date, total exploration expenditure commitments on tenements held by the Consolidated
Entity have not been provided for in the financial statements and those which cover the following twelve month
period amount to $2,202,480 (2017 - $1,929,580). These obligations are also subject to variations by farm-out
arrangements or sale of the relevant tenements.
(b) Operating Lease Commitments
Total operating lease expenditure contracted
for at balance date but not provided for in the
financial statements, payable:
Not later than one year
Between one and five years
2017
$
2017
$
89,577
125,576
218,153
89,577
218,153
307,730
The operating lease relates to the Consolidated Entity’s registered office premises in West Perth, which was
entered into on 20 April 2017 for a period of 3 years.
(c) Capital Commitments
The Consolidated Entity had no capital commitments at 30 June 2018.
48
Ardea Resources Limited & controlled entities - Annual Report 2018
Notes to the Financial Statements continued
18.
SEGMENT INFORMATION
The Consolidated Entity operates predominantly in one segment involved in the mineral exploration and
development industry in Australia.
19.
EARNINGS/ (LOSS) PER SHARE
The following reflects the loss and share Data used in
the calculations of basic and diluted earnings/ (loss) per share:
Earnings/ (loss) used in calculating basic
and diluted earnings/ (loss) per share
Weighted average number of ordinary shares used in
calculating basic earnings/ (loss) per share:
Effect of dilutive securities
Share options*
Adjusted weighted average number of ordinary shares
used in calculating diluted earnings/ (loss) per share
2018
2017
$ $
(3,814,139)
(534,396)
Number of Shares
84,985,876
31,814,873
_-
-
84,985,876
31,814,873
Basic and Diluted loss per share (cents per share)
4.49 cents
1.68 cents
*Non-dilutive securities
As at balance date, 12,310,022 unlisted options which represent potential ordinary shares were not dilutive as
they would decrease the loss per share.
20.
NOTES TO THE STATEMENT OF CASH FLOWS
(a) Reconciliation of the loss from ordinary activities
after income tax to the net cash flows
used in operating activities
Loss from ordinary activities after income tax
(3,814,139)
(534,396)
2018
$
2017
$
Non-cash items:
Depreciation
Accrued Interest
Performance Rights
Change in operating assets and liabilities:
Decrease (Increase) in prepayments
Decrease (Increase) in receivables
Increase in trade creditors and accruals
Increase in employee entitlements
41,375
(50,373)
2,495,476
106,454
-
-
(7,842)
(2,714)
(234,359)
(224,518)
139,288
87,366
165,565
11,992
Net cash outflows used in operating activities
(1,343,208)
(477,617)
Ardea Resources Limited & controlled entities - Annual Report 2018
49
Notes to the Financial Statements continued
20.
NOTES TO THE STATEMENT OF CASH FLOWS (Continued)
(b) Non Cash Financing and Investing Activities
Performance Rights issued during the current financial period
During the current financial year the Company issued 4,485,000 Performance Rights to Directors and Employees
following shareholder approval at the 2017 Annual General Meeting held on 23rd November 2017 in three equal
tranches. The Performance Rights convert into fully paid ordinary shares for $Nil consideration upon the
attainment of the following performance hurdles:
Class ‘A’ Performance Rights: upon completion of the Pre-Feasibility Study in relation to the cobalt zone of the
Company’s Kalgoorlie Nickel Project prior to 30 November 2018.
Class ‘B’ Performance Rights: upon the Company’s Shares reaching a 30 day VWAP which is equal to or
greater than $2.37 per Share; and continuous service of the Performance Rights holder in their capacity as a
Director or Executive of the Company, or in a role as otherwise agreed by the Board of the Company, from the
date of issue of the Performance Rights to 1 February 2019, prior to 30 November 2019.
Class ‘C’ Performance Rights: upon: completion of the Definitive Feasibility Study in relation to the KNP Cobalt
Zone; and continuous service of the Performance Rights holder in their capacity as a Director or Executive of the
Company, or in a role as otherwise agreed by the Board of the Company, from the date of issue of the
Performance Rights to 1 February 2020, prior to 30 November 2020.
The performance hurdle for the Class A Performance Rights was met on 28 March 2018 and the first tranche of
1,495,000 fully paid ordinary shares were issued for Nil consideration on that date. The remaining Performance
Rights are outstanding as at the date of this report.
The Performance Rights were valued using a hybrid employee share option pricing model that simulates the
Company’s share price at the expiry date.
The variables used to value the Performance Rights are as follows:
Item
Underlying Security Spot Price
Exercise Price
Share Price Barrier
Grant Date
Expiration Date
Life of Rights (years)
Volatility
Risk free rate
Class A
$1.54
Nil
Nil
Class B
$1.54
Nil
$2.37
Class C
$1.54
Nil
Nil
30 Nov 2017
30 Nov 2017
30 Nov 2017
30 Nov 2018
30 Nov 2019
30 Nov 2020
1
100%
1.85%
2
100%
1.85%
3
100%
1.85%
The liklehood of achieving each of the Performance hurdles was then considered leading to a value for the Class
A Performance Rights of $1.54 each (total - $2,171,400), value for Class B Performance Rights of 45.52 cents
(total - $641,832) and value of Class C Performance Rights of $Nil. These values will be expensed over the life
of the Performance rights, and will be reassessed at each audit period to ensure the underlying assumptions
remain, with adjustments to be made with the changing conditions.
Options issued during financial period ended 30 June 2017
During the previous financial period, the Company issued 41,501,521 fully paid ordinary shares to Heron
Resources Limited, which Heron made and in-specie distribution to its shareholders on a 1 for 10 basis. The
shares had a deemed value of 20 cents each (same as IPO price) and equated to $8,300,304. The Ardea Group
received the holdings in the subsidiary companies with the main assets being the interest in the Lewis Ponds
deposit $4,903,000, and the Kalgoorlie Nickel Project $3,397,304.
In addition Ardea issued 10,000,000 options to Heron Resources Limited exercisable into fully paid ordinary
shares with an exercise price of $0.25 any time prior to 9 February 2020 (3 years from the date of listing on ASX)
which were valued at $560,000 in exchange for Heron paying all the costs of the IPO.
50
Ardea Resources Limited & controlled entities - Annual Report 2018
Notes to the Financial Statements continued
20.
NOTES TO THE STATEMENT OF CASH FLOWS (Continued)
Ardea also issued 2,310,022 options exercisable into fully paid ordinary shares with an exercise price of $0.25
any time prior to 9 February 2020 (3 years from the date of listing on ASX) which were valued at $129,362 to the
Lead Manager and Corporate Advisor to the float.
The Black Scholes valuation methodology has been used to value the options issued during the reporting
period. The following inputs were used to value the options issued:
12,110,022
Black Scholes
50
2%
3
$0.25
$0.20
$0.056
Number of options:
Method adopted
Average volatility (%)
Average risk free interest rate (%)
Average expected life of option (years)
Exercise price
Share price at grant date
Average value per option
21.
FINANCIAL INSTRUMENTS
The Consolidated Entity’s activities expose it to a variety of financial risks and market risks. The Consolidated
Entity’s overall risk management program focuses on the unpredictability of financial markets and seeks to
minimise potential adverse effects on the financial performance of the Consolidated Entity.
(a)
Interest Rate Risk
The Consolidated Entity’s exposure to interest rate risk, which is the risk that a financial instrument’s value will
fluctuate as a result of changes in market, interest rates and the effective weighted average interest rates on
those financial assets, is not significant. Cash and cash equivalents are the only assets effected and the average
interest rate received is 2.5%.
(b)
Credit Risk
The maximum exposure to credit risk, excluding the value of any collateral or other security, at balance date, is
the carrying amount, net of any provisions for doubtful debts, as disclosed in the balance sheet and in the notes
to the financial statements.
The Consolidated Entity does not have any material credit risk exposure to any single debtor or group of debtors,
under financial instruments entered into by it.
(c) Commodity Price Risk and Liquidity Risk
At the present state of the Consolidated Entity’s operations it has minimal commodity price risk and limited liquidity
risk due to the level of payables and cash reserves held. The Consolidated Entity’s objective is to maintain a
balance between continuity of exploration funding and flexibility through the use of available cash reserves.
(d)
Net Fair Values
For assets and other liabilities, the net fair value approximates their carrying value. No financial assets and
financial liabilities are readily traded on organised markets in standardised form. The Consolidated Entity has no
financial assets where the carrying amount exceeds net fair values at balance date.
The aggregate net fair values and carrying amounts of financial assets and financial liabilities are disclosed in the
statement of financial position and in the notes to the financial statements.
Ardea Resources Limited & controlled entities - Annual Report 2018
51
Notes to the Financial Statements continued
22.
EMPLOYEE ENTITLEMENTS AND SUPERANNUATION COMMITMENTS
Employee Entitlements
The aggregate employee entitlement liability is disclosed in Note 12.
Superannuation Commitments
The Consolidated Entity contributes to individual employee accumulation superannuation plans at the statutory
rate of the employees’ wages and salaries, in accordance with statutory requirements, to provide benefits to
employees on retirement, death or disability.
Accordingly no actuarial assessments of the plans are required.
23.
CONTINGENT LIABILITIES
There were no material contingent liabilities not provided for in the financial statements of the Consolidated Entity
as at 30 June 2018 other than:
Native Title and Aboriginal Heritage
Native title claims have been made with respect to areas which include tenements in which the Consolidated
Entity has an interest. The Consolidated Entity is unable to determine the prospects for success or otherwise of
the claims and, in any event, whether or not and to what extent the claims may significantly affect the Consolidated
Entity or its projects. Agreement is being negotiated with various native title claimants in relation to Aboriginal
Heritage issues regarding certain areas in which the Consolidated Entity has an interest.
24.
EVENTS SUBSEQUENT TO BALANCE DATE
There has not arisen since the end of the financial year any item, transaction or event of a material and unusual
nature likely, in the opinion of the Directors of the Consolidated Entity to affect substantially the operations of the
Consolidated Entity, the results of those operations or the state of affairs of the Consolidated Entity in subsequent
financial years.
25.
PARENT COMPANY
(a) Financial Position
Assets
Total current assets
Total non-current assets
Total Assets
Liabilities
Total current liabilities
Total Liabilities
Net Assets
Equity
Issued capital
Reserves
Accumulated losses
Total Equity
Total comprehensive loss for the year
2018
$
22,712,964
16,901,238
39,614,202
1,182,896
1,182,896
38,431,306
39,608,365
3,171,476
(4,348,535)
38,431,306
3,814,139
2017
$
3,289,950
9,699,299
12,989,249
365,097
365,097
12,624,152
12,482,548
676,000
(534,396)
12,624,152
534,396
Ardea Resources Limited has not entered into any deed of cross guarantee with its wholly-owned subsidiaries,
had no contingent liabilities at 30 June 2018 and no capital commitments at 30 June 2018.
52
Ardea Resources Limited & controlled entities - Annual Report 2018
Directors’ Declaration
In the opinion of the Directors of Ardea Resources Limited (“the Consolidated Entity”):
(a)
33 to 52
the financial statements and notes, set out on pages 14 to 33, are in accordance with the Corporations Act 2001,
including:
(i)
(ii)
complying with Accounting Standards in Australia and the Corporations Regulations 2001 and other
mandatory professional reporting requirements; and
giving a true and fair view of the financial position of the Consolidated Entity as at 30 June 2018 and of its
performance, as represented by the results of its operations, for the financial year to 30 June 2018.
(b)
there are reasonable grounds to believe that Ardea Resources Limited will be able to pay its debts as and when
they become due and payable.
The Directors have been given the declarations required by section 295A of the Corporations Act 2001 from the Managing
Director and the Company Secretary for the year to 30 June 2018.
This declaration is made in accordance with a resolution of the Directors.
Signed at Perth this 25th day of September 2018.
Katina Law
Executive Chair
Ardea Resources Limited & controlled entities - Annual Report 2018
53
Independent Auditor’s Report
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(cid:15)(cid:7)(cid:13)(cid:2)(cid:15)(cid:14)(cid:10)(cid:10)(cid:10)(cid:15)(cid:10)*(cid:2)
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6(cid:4)(cid:3)(cid:18)(cid:3)(cid:2)(cid:20)(cid:5)(cid:11)(cid:11)(cid:3)(cid:13)(cid:18)(cid:2) (cid:3)(cid:13)(cid:3)(cid:2)(cid:5)(cid:8)(cid:8)(cid:13)(cid:3)(cid:18)(cid:18)(cid:3)(cid:8)(cid:2)(cid:10)(cid:10)(cid:2)(cid:11)(cid:4)(cid:3)(cid:2)(cid:11)(cid:15)(cid:10)(cid:11)(cid:3)7(cid:11)(cid:2)(cid:15)(cid:9)(cid:2)(cid:15)(cid:7)(cid:13)(cid:2)(cid:5)(cid:7)(cid:8)(cid:10)(cid:11)(cid:2)(cid:15)(cid:9)(cid:2)(cid:11)(cid:4)(cid:3)(cid:2)(cid:9)(cid:10)(cid:10)(cid:5)(cid:10)(cid:11)(cid:10)(cid:5)(cid:12)(cid:2)(cid:13)(cid:3)(cid:14)(cid:15)(cid:13)(cid:11)(cid:2)(cid:5)(cid:18)(cid:2)(cid:5)(cid:2) (cid:4)(cid:15)(cid:12)(cid:3)(cid:28)(cid:2)(cid:5)(cid:10)(cid:8)(cid:2)(cid:10)(cid:10)(cid:2)
(cid:9)(cid:15)(cid:13)(cid:20)(cid:10)(cid:10)#(cid:2)(cid:15)(cid:7)(cid:13)(cid:2)(cid:15)(cid:14)(cid:10)(cid:10)(cid:10)(cid:15)(cid:10)(cid:2)(cid:11)(cid:4)(cid:3)(cid:13)(cid:3)(cid:15)(cid:10)(cid:28)(cid:2)(cid:5)(cid:10)(cid:8)(cid:2) (cid:3)(cid:2)(cid:8)(cid:15)(cid:2)(cid:10)(cid:15)(cid:11)(cid:2)(cid:14)(cid:13)(cid:15)(cid:6)(cid:10)(cid:8)(cid:3)(cid:2)(cid:5)(cid:2)(cid:18)(cid:3)(cid:14)(cid:5)(cid:13)(cid:5)(cid:11)(cid:3)(cid:2)(cid:15)(cid:14)(cid:10)(cid:10)(cid:10)(cid:15)(cid:10)(cid:2)(cid:15)(cid:10)(cid:2)(cid:11)(cid:4)(cid:3)(cid:18)(cid:3)(cid:2)(cid:20)(cid:5)(cid:11)(cid:11)(cid:3)(cid:13)(cid:18)*(cid:2)
(cid:2)
(cid:2)
(cid:2)
(cid:2)
54
Ardea Resources Limited & controlled entities - Annual Report 2018
Independent Auditor’s Report continued
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(cid:11)(cid:3)(cid:4)(cid:2) (cid:5)(cid:6)(cid:7)(cid:8)(cid:9)&(cid:12)(cid:2) (cid:10)(cid:13)(cid:11)(cid:4)(cid:13)(cid:11)(cid:10)(cid:7)(cid:13)(cid:2) (cid:10)(cid:13)(cid:16)(cid:2) (cid:10)(cid:21)(cid:10)(cid:14)(cid:10)(cid:11)(cid:15) (cid:2) (cid:11)(cid:7)(cid:2) (cid:17)(cid:7)(cid:13)(cid:11)(cid:10)(cid:13)(cid:8)(cid:4)(cid:2) (cid:11)(cid:7)(cid:2)
(cid:4)7(cid:9)(cid:14)(cid:7)(cid:6)(cid:4)(cid:2)(cid:11)(cid:3)(cid:4)(cid:2)(cid:10)(cid:12)(cid:12)(cid:4)(cid:11)*(cid:2)(cid:2)6(cid:3)(cid:4)(cid:2)(cid:17)(cid:10)(cid:6)(cid:6)(cid:15)(cid:10)(cid:13)(cid:23)(cid:2)(cid:19)(cid:10)(cid:14)(cid:8)(cid:4)(cid:2)(cid:18)(cid:10)(cid:15)(cid:2)(cid:10)(cid:14)(cid:12)(cid:7)(cid:2)
(cid:21)(cid:4)(cid:2)(cid:10)(cid:20)(cid:20)(cid:4)(cid:17)(cid:11)(cid:4)(cid:16)(cid:2)(cid:21)(cid:15)(cid:2)(cid:11)(cid:3)(cid:4)(cid:2)(cid:6)(cid:4)(cid:12)(cid:8)(cid:14)(cid:11)(cid:12)(cid:2)(cid:7)(cid:20)(cid:2)(cid:7)(cid:13)(cid:23)(cid:7)(cid:10)(cid:13)(cid:23)(cid:2)(cid:4)7(cid:9)(cid:14)(cid:7)(cid:6)(cid:10)(cid:11)(cid:10)(cid:7)(cid:13)(cid:2)
(cid:10)(cid:17)(cid:11)(cid:10)(cid:19)(cid:10)(cid:11)(cid:15)(cid:2) (cid:10)(cid:13)(cid:16)(cid:10)(cid:17)(cid:10)(cid:11)(cid:10)(cid:13)(cid:23)(cid:2) (cid:11)(cid:3)(cid:10)(cid:11)(cid:2) (cid:11)(cid:3)(cid:4)(cid:2) (cid:18)(cid:10)(cid:13)(cid:4)(cid:6)(cid:10)(cid:14)(cid:2) (cid:6)(cid:4)(cid:12)(cid:4)(cid:6)(cid:19)(cid:4)(cid:12)(cid:2) (cid:10)(cid:13)(cid:16)(cid:2)
(cid:6)(cid:4)(cid:12)(cid:7)(cid:8)(cid:6)(cid:17)(cid:4)(cid:12)(cid:2) (cid:18)(cid:10)(cid:15)(cid:2) (cid:13)(cid:7)(cid:11)(cid:2) (cid:21)(cid:4)(cid:2) (cid:17)(cid:7)(cid:18)(cid:18)(cid:4)(cid:6)(cid:17)(cid:10)(cid:10)(cid:14)(cid:14)(cid:15)(cid:2) (cid:19)(cid:10)(cid:10)(cid:21)(cid:14)(cid:4)(cid:2) (cid:20)(cid:7)(cid:6)(cid:2)
(cid:4)7(cid:11)(cid:6)(cid:10)(cid:17)(cid:11)(cid:10)(cid:7)(cid:13)*(cid:2)(cid:2)6(cid:3)(cid:10)(cid:12)(cid:2)(cid:17)(cid:6)(cid:4)(cid:10)(cid:11)(cid:4)(cid:12)(cid:2)(cid:10)(cid:2)(cid:6)(cid:10)(cid:12)9(cid:2)(cid:11)(cid:3)(cid:10)(cid:11)(cid:2)(cid:11)(cid:3)(cid:4)(cid:2)(cid:10)(cid:12)(cid:12)(cid:4)(cid:11)(cid:2)(cid:19)(cid:10)(cid:14)(cid:8)(cid:4)(cid:2)
(cid:10)(cid:13)(cid:17)(cid:14)(cid:8)(cid:16)(cid:4)(cid:16)(cid:2)(cid:29)(cid:10)(cid:11)(cid:3)(cid:10)(cid:13)(cid:2)(cid:11)(cid:3)(cid:4)(cid:2)(cid:20)(cid:10)(cid:13)(cid:10)(cid:13)(cid:17)(cid:10)(cid:10)(cid:14)(cid:2)(cid:12)(cid:11)(cid:10)(cid:11)(cid:4)(cid:18)(cid:4)(cid:13)(cid:11)(cid:12)(cid:2)(cid:18)(cid:10)(cid:15)(cid:2)(cid:13)(cid:7)(cid:11)(cid:2)
(cid:21)(cid:4)(cid:2)(cid:6)(cid:4)(cid:17)(cid:7)(cid:19)(cid:4)(cid:6)(cid:10)(cid:21)(cid:14)(cid:4)*(cid:2)
(cid:8)
(cid:5)*(cid:20)(cid:29)(cid:21)(cid:19)(cid:8)(cid:22)(cid:28)%(cid:8)(cid:26)(cid:22)(cid:27)(cid:29)(cid:21)(cid:22) (cid:8)(cid:2)(cid:3)(cid:24)(cid:4)(cid:5)(cid:3)(cid:4)(cid:24)(cid:6)(cid:7)
(cid:24)(cid:2)(cid:3)(cid:4)(cid:3)(cid:2)(cid:11)(cid:5)(cid:6)(cid:7)(cid:3)(cid:11)(cid:21)(cid:25)(cid:23)(cid:11)
(cid:2)
6(cid:3)(cid:4)(cid:2) (cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:2) (cid:3)(cid:10)(cid:12)(cid:2) (cid:10)(cid:12)(cid:12)(cid:8)(cid:4)(cid:16)(cid:2) (cid:7)(cid:6)(cid:16)(cid:10)(cid:13)(cid:10)(cid:6)(cid:15)(cid:2) (cid:12)(cid:3)(cid:10)(cid:6)(cid:4)(cid:12)(cid:2) (cid:7)(cid:13)(cid:2) (cid:11)(cid:3)(cid:4)(cid:2)
(cid:4)7(cid:4)(cid:6)(cid:17)(cid:10)(cid:12)(cid:4)(cid:2) (cid:7)(cid:20)(cid:2) (cid:14)(cid:7)(cid:15)(cid:10)(cid:14)(cid:11)(cid:15)(cid:2) (cid:7)(cid:9)(cid:11)(cid:10)(cid:7)(cid:13)(cid:12)(cid:2) (cid:9)(cid:6)(cid:4)(cid:19)(cid:10)(cid:7)(cid:8)(cid:12)(cid:14)(cid:15)(cid:2) (cid:10)(cid:12)(cid:12)(cid:8)(cid:4)(cid:16)(cid:2) (cid:11)(cid:7)(cid:2)
(cid:12)(cid:3)(cid:10)(cid:6)(cid:4)(cid:3)(cid:7)(cid:14)(cid:16)(cid:4)(cid:6)(cid:12)*(cid:2)
(cid:2)
(cid:7)
(cid:2)(cid:8)(cid:9)(cid:24)(cid:6)(cid:7)+(cid:9)(cid:10)(cid:6)%(cid:7)(cid:11)(cid:9)(cid:12)((cid:6)(cid:13)(cid:3)(cid:10)(cid:7),(cid:7)(cid:11)(cid:6)(cid:24)(cid:14)(cid:15)(cid:24)((cid:9)(cid:13)(cid:5)(cid:6)(cid:7)(cid:24)(cid:29)-(cid:8)(cid:3)(cid:10)(cid:7)
(cid:24)(cid:2)(cid:3)(cid:4)(cid:3)(cid:2)(cid:11)(cid:5)(cid:6)(cid:7)(cid:3)(cid:8)(cid:11)(cid:21)(cid:25)(cid:11)(cid:9)(cid:5)(cid:10)(cid:11)(cid:26)(cid:22)(cid:23)(cid:11)
(cid:2)
6(cid:3)(cid:4)(cid:2) (cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:2) (cid:10)(cid:29)(cid:10)(cid:6)(cid:16)(cid:4)(cid:16)(cid:2) (cid:9)(cid:4)(cid:6)(cid:20)(cid:7)(cid:6)(cid:18)(cid:10)(cid:13)(cid:17)(cid:4)(cid:2) (cid:6)(cid:10)(cid:23)(cid:3)(cid:11)(cid:12)(cid:2) (cid:11)(cid:7)(cid:2) 9(cid:4)(cid:15)(cid:2)
(cid:18)(cid:10)(cid:13)(cid:10)(cid:23)(cid:4)(cid:18)(cid:4)(cid:13)(cid:11)(cid:2) (cid:9)(cid:4)(cid:6)(cid:12)(cid:7)(cid:13)(cid:13)(cid:4)(cid:14)(cid:2) (cid:10)(cid:13)(cid:16)(cid:2) (cid:4)(cid:18)(cid:9)(cid:14)(cid:7)(cid:15)(cid:4)(cid:4)(cid:12)*(cid:2) (cid:2) 6(cid:3)(cid:4)(cid:2)
(cid:6)(cid:10)(cid:23)(cid:3)(cid:11)(cid:12)(cid:2)(cid:19)(cid:4)(cid:12)(cid:11)(cid:2)(cid:12)(cid:8)(cid:21)(cid:25)(cid:4)(cid:17)(cid:11)(cid:2)(cid:11)(cid:7)(cid:2)(cid:11)(cid:3)(cid:4)(cid:2)(cid:10)(cid:17)(cid:3)(cid:10)(cid:4)(cid:19)(cid:4)(cid:18)(cid:4)(cid:13)(cid:11)(cid:2)(cid:7)(cid:20)(cid:2)(cid:12)(cid:9)(cid:4)(cid:17)(cid:10)(cid:20)(cid:10)(cid:17)(cid:2)
(cid:9)(cid:4)(cid:6)(cid:20)(cid:7)(cid:6)(cid:18)(cid:10)(cid:13)(cid:17)(cid:4)(cid:2)(cid:18)(cid:10)(cid:14)(cid:4)(cid:12)(cid:11)(cid:7)(cid:13)(cid:4)(cid:12)*(cid:2)
(cid:2)
6(cid:3)(cid:4)(cid:2) (cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:2) (cid:8)(cid:12)(cid:4)(cid:16)(cid:2) (cid:21)(cid:7)(cid:11)(cid:3)(cid:2) (cid:11)(cid:3)(cid:4)(cid:2) +(cid:14)(cid:10)(cid:17)9>(cid:30)(cid:17)(cid:3)(cid:7)(cid:14)(cid:4)(cid:12)(cid:2) (cid:10)(cid:13)(cid:16)(cid:2)
+(cid:10)(cid:13)(cid:7)(cid:18)(cid:10)(cid:10)(cid:14)(cid:2) (cid:18)(cid:7)(cid:16)(cid:4)(cid:14)(cid:12)(cid:2) (cid:10)(cid:13)(cid:2) (cid:19)(cid:10)(cid:14)(cid:8)(cid:10)(cid:13)(cid:23)(cid:2) (cid:11)(cid:3)(cid:4)(cid:2) (cid:6)(cid:10)(cid:23)(cid:3)(cid:11)(cid:12)(cid:2) (cid:21)(cid:10)(cid:12)(cid:4)(cid:16)(cid:2) (cid:7)(cid:13)(cid:2)
(cid:11)(cid:3)(cid:4)(cid:2)(cid:18)(cid:10)(cid:14)(cid:4)(cid:12)(cid:11)(cid:7)(cid:13)(cid:4)(cid:12)(cid:2)(cid:10)(cid:11)(cid:11)(cid:10)(cid:17)(cid:3)(cid:10)(cid:13)(cid:23)(cid:2)(cid:11)(cid:7)(cid:2)(cid:4)(cid:10)(cid:17)(cid:3)(cid:2)(cid:11)(cid:6)(cid:10)(cid:13)(cid:17)(cid:3)(cid:4)(cid:2)(cid:7)(cid:20)(cid:2)(cid:6)(cid:10)(cid:23)(cid:3)(cid:11)(cid:12)(cid:2)
(cid:10)(cid:29)(cid:10)(cid:6)(cid:16)(cid:4)(cid:16)*(cid:2)
(cid:2)
6(cid:3)(cid:4)(cid:2)(cid:12)(cid:3)(cid:10)(cid:6)(cid:4)(cid:2)(cid:21)(cid:10)(cid:12)(cid:4)(cid:16)(cid:2)(cid:9)(cid:10)(cid:15)(cid:18)(cid:4)(cid:13)(cid:11)(cid:2)(cid:4)7(cid:9)(cid:4)(cid:13)(cid:12)(cid:4)(cid:2)(cid:20)(cid:7)(cid:6)(cid:2)(cid:11)(cid:3)(cid:4)(cid:2)(cid:15)(cid:4)(cid:10)(cid:6)(cid:2)
(cid:10)(cid:6)(cid:10)(cid:12)(cid:10)(cid:13)(cid:23)(cid:2) (cid:10)(cid:12)(cid:2) (cid:10)(cid:2) (cid:6)(cid:4)(cid:12)(cid:8)(cid:14)(cid:11)(cid:2) (cid:7)(cid:20)(cid:2) (cid:10)(cid:29)(cid:10)(cid:6)(cid:16)(cid:10)(cid:13)(cid:23)(cid:2) (cid:11)(cid:3)(cid:4)(cid:12)(cid:4)(cid:2) (cid:6)(cid:10)(cid:23)(cid:3)(cid:11)(cid:12)(cid:2) (cid:10)(cid:12)(cid:2)
;! ?@= ?A<*(cid:2)
(cid:2)
(cid:30)(cid:7)(cid:18)(cid:4)(cid:2)(cid:7)(cid:20)(cid:2)(cid:11)(cid:3)(cid:4)(cid:12)(cid:4)(cid:2)(cid:6)(cid:10)(cid:23)(cid:3)(cid:11)(cid:12)(cid:2)(cid:19)(cid:4)(cid:12)(cid:11)(cid:4)(cid:16)(cid:2)(cid:16)(cid:8)(cid:6)(cid:10)(cid:13)(cid:23)(cid:2)(cid:11)(cid:3)(cid:4)(cid:2)(cid:15)(cid:4)(cid:10)(cid:6)(cid:2)(cid:10)(cid:13)(cid:16)(cid:2)
(cid:7)(cid:6)(cid:16)(cid:10)(cid:13)(cid:10)(cid:6)(cid:15)(cid:2)(cid:12)(cid:3)(cid:10)(cid:6)(cid:4)(cid:12)(cid:2)(cid:29)(cid:4)(cid:6)(cid:4)(cid:2)(cid:10)(cid:12)(cid:12)(cid:8)(cid:4)(cid:16)*(cid:2)
(cid:2)
(cid:2)
(cid:2)
(cid:2)
’(cid:8)(cid:6)(cid:2)(cid:10)(cid:8)(cid:16)(cid:10)(cid:11)(cid:2)(cid:9)(cid:6)(cid:7)(cid:17)(cid:4)(cid:16)(cid:8)(cid:6)(cid:4)(cid:12)(cid:2)(cid:10)(cid:13)(cid:17)(cid:14)(cid:8)(cid:16)(cid:4)(cid:16)((cid:2)
(cid:2)
(cid:2)(cid:2) (cid:4)(cid:13)(cid:12)(cid:8)(cid:6)(cid:10)(cid:13)(cid:23)(cid:2)(cid:11)(cid:3)(cid:4)(cid:2)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)&(cid:12)(cid:2)(cid:17)(cid:7)(cid:13)(cid:11)(cid:10)(cid:13)(cid:8)(cid:4)(cid:16)(cid:2)(cid:6)(cid:10)(cid:23)(cid:3)(cid:11)(cid:2)(cid:11)(cid:7)(cid:2)(cid:4)7(cid:9)(cid:14)(cid:7)(cid:6)(cid:4)(cid:2)
(cid:20)(cid:7)(cid:6)(cid:2) (cid:18)(cid:10)(cid:13)(cid:4)(cid:6)(cid:10)(cid:14)(cid:12)(cid:2) (cid:10)(cid:13)(cid:2) (cid:11)(cid:3)(cid:4)(cid:2) (cid:6)(cid:4)(cid:14)(cid:4)(cid:19)(cid:10)(cid:13)(cid:11)(cid:2) (cid:4)7(cid:9)(cid:14)(cid:7)(cid:6)(cid:10)(cid:11)(cid:10)(cid:7)(cid:13)(cid:2) (cid:10)(cid:6)(cid:4)(cid:10)(cid:12)(cid:2)
(cid:10)(cid:13)(cid:17)(cid:14)(cid:8)(cid:16)(cid:10)(cid:13)(cid:23)(cid:2) (cid:10)(cid:12)(cid:12)(cid:4)(cid:12)(cid:12)(cid:10)(cid:13)(cid:23)(cid:2) (cid:16)(cid:7)(cid:17)(cid:8)(cid:18)(cid:4)(cid:13)(cid:11)(cid:10)(cid:11)(cid:10)(cid:7)(cid:13)(cid:2) (cid:12)(cid:8)(cid:17)(cid:3)(cid:2) (cid:10)(cid:12)(cid:2)
(cid:4)7(cid:9)(cid:14)(cid:7)(cid:6)(cid:10)(cid:11)(cid:10)(cid:7)(cid:13)(cid:2)(cid:10)(cid:13)(cid:16)(cid:2)(cid:18)(cid:10)(cid:13)(cid:10)(cid:13)(cid:23)(cid:2)(cid:14)(cid:10)(cid:17)(cid:4)(cid:13)(cid:17)(cid:4)(cid:12))(cid:2)
(cid:2)(cid:2) (cid:4)(cid:13)*(cid:8)(cid:10)(cid:6)(cid:10)(cid:13)(cid:23)(cid:2)(cid:7)(cid:20)(cid:2)(cid:18)(cid:10)(cid:13)(cid:10)(cid:23)(cid:4)(cid:18)(cid:4)(cid:13)(cid:11)(cid:2)(cid:10)(cid:13)(cid:16)(cid:2)(cid:11)(cid:3)(cid:4)(cid:2)(cid:16)(cid:10)(cid:6)(cid:4)(cid:17)(cid:11)(cid:7)(cid:6)(cid:12)(cid:2)(cid:10)(cid:12)(cid:2)
(cid:11)(cid:7)(cid:2) (cid:11)(cid:3)(cid:4)(cid:2) (cid:5)(cid:6)(cid:7)(cid:8)(cid:9)&(cid:12)(cid:2) (cid:10)(cid:13)(cid:11)(cid:4)(cid:13)(cid:11)(cid:10)(cid:7)(cid:13)(cid:12)(cid:2) (cid:10)(cid:13)(cid:16)(cid:2) (cid:12)(cid:11)(cid:6)(cid:10)(cid:11)(cid:4)(cid:23)(cid:10)(cid:4)(cid:12)(cid:2) (cid:20)(cid:7)(cid:6)(cid:2)
(cid:20)(cid:8)(cid:11)(cid:8)(cid:6)(cid:4)(cid:2)(cid:4)7(cid:9)(cid:14)(cid:7)(cid:6)(cid:10)(cid:11)(cid:10)(cid:7)(cid:13)(cid:2)(cid:10)(cid:17)(cid:11)(cid:10)(cid:19)(cid:10)(cid:11)(cid:15)(cid:2)(cid:10)(cid:13)(cid:16)(cid:2)(cid:6)(cid:4)(cid:19)(cid:10)(cid:4)(cid:29)(cid:10)(cid:13)(cid:23)(cid:2)(cid:21)(cid:8)(cid:16)(cid:23)(cid:4)(cid:11)(cid:12)(cid:2)
(cid:10)(cid:13)(cid:16)(cid:2)(cid:17)(cid:10)(cid:12)(cid:3)(cid:2)(cid:20)(cid:14)(cid:7)(cid:29)(cid:2)(cid:20)(cid:7)(cid:6)(cid:4)(cid:17)(cid:10)(cid:12)(cid:11)(cid:12))(cid:2)
(cid:2)(cid:2) (cid:10)(cid:12)(cid:12)(cid:4)(cid:12)(cid:12)(cid:10)(cid:13)(cid:23)(cid:2) (cid:11)(cid:3)(cid:4)(cid:2) (cid:6)(cid:4)(cid:12)(cid:8)(cid:14)(cid:11)(cid:12)(cid:2) (cid:7)(cid:20)(cid:2) (cid:6)(cid:4)(cid:17)(cid:4)(cid:13)(cid:11)(cid:2) (cid:4)7(cid:9)(cid:14)(cid:7)(cid:6)(cid:10)(cid:11)(cid:10)(cid:7)(cid:13)(cid:2)
(cid:10)(cid:17)(cid:11)(cid:10)(cid:19)(cid:10)(cid:11)(cid:15)(cid:2) (cid:11)(cid:7)(cid:2) (cid:16)(cid:4)(cid:11)(cid:4)(cid:6)(cid:18)(cid:10)(cid:13)(cid:4)(cid:2) (cid:29)(cid:3)(cid:4)(cid:11)(cid:3)(cid:4)(cid:6)(cid:2) (cid:11)(cid:3)(cid:4)(cid:6)(cid:4)(cid:2) (cid:10)(cid:6)(cid:4)(cid:2) (cid:10)(cid:13)(cid:15)(cid:2)
(cid:10)(cid:13)(cid:16)(cid:10)(cid:17)(cid:10)(cid:11)(cid:7)(cid:6)(cid:12)(cid:2)(cid:12)(cid:8)(cid:23)(cid:23)(cid:4)(cid:12)(cid:11)(cid:10)(cid:13)(cid:23)(cid:2)(cid:10)(cid:2)(cid:9)(cid:7)(cid:11)(cid:4)(cid:13)(cid:11)(cid:10)(cid:10)(cid:14)(cid:2)(cid:10)(cid:18)(cid:9)(cid:10)(cid:10)(cid:6)(cid:18)(cid:4)(cid:13)(cid:11)(cid:2)(cid:7)(cid:20)(cid:2)
(cid:11)(cid:3)(cid:4)(cid:2)(cid:17)(cid:10)(cid:6)(cid:6)(cid:15)(cid:10)(cid:13)(cid:23)(cid:2)(cid:19)(cid:10)(cid:14)(cid:8)(cid:4)(cid:2)(cid:7)(cid:20)(cid:2)(cid:11)(cid:3)(cid:4)(cid:2)(cid:10)(cid:12)(cid:12)(cid:4)(cid:11))(cid:2)
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Ardea Resources Limited & controlled entities - Annual Report 2018
55
Independent Auditor’s Report continued
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(cid:6)(cid:4)(cid:12)(cid:9)(cid:4)(cid:17)(cid:11)(cid:2)(cid:11)(cid:7)(cid:2)(cid:11)(cid:3)(cid:4)(cid:2)(cid:10)(cid:12)(cid:12)(cid:8)(cid:18)(cid:9)(cid:11)(cid:10)(cid:7)(cid:13)(cid:12)(cid:2)(cid:8)(cid:12)(cid:4)(cid:16)(cid:2)(cid:10)(cid:13)(cid:2)(cid:11)(cid:3)(cid:4)(cid:2)(cid:17)(cid:10)(cid:14)(cid:17)(cid:8)(cid:14)(cid:10)(cid:11)(cid:10)(cid:7)(cid:13)(cid:2)
(cid:7)(cid:20)(cid:2)(cid:16)(cid:4)(cid:20)(cid:4)(cid:6)(cid:6)(cid:4)(cid:16)(cid:2)(cid:11)(cid:10)7(cid:4)(cid:12)*(cid:2)(cid:2)’(cid:8)(cid:6)(cid:2)(cid:10)(cid:8)(cid:16)(cid:10)(cid:11)(cid:2)(cid:9)(cid:6)(cid:7)(cid:17)(cid:4)(cid:16)(cid:8)(cid:6)(cid:4)(cid:12)(cid:2)(cid:10)(cid:13)(cid:17)(cid:14)(cid:8)(cid:16)(cid:4)(cid:16)((cid:2)
(cid:2)
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(cid:4)7(cid:9)(cid:4)(cid:6)(cid:10)(cid:4)(cid:13)(cid:17)(cid:4)(cid:2)(cid:7)(cid:20)(cid:2)(cid:18)(cid:10)(cid:13)(cid:10)(cid:23)(cid:4)(cid:18)(cid:4)(cid:13)(cid:11)E(cid:12)(cid:2)(cid:4)7(cid:9)(cid:4)(cid:6)(cid:11))(cid:2)
(cid:2)(cid:2) (cid:4)(cid:19)(cid:10)(cid:14)(cid:8)(cid:10)(cid:11)(cid:10)(cid:13)(cid:23)(cid:2) (cid:11)(cid:3)(cid:4)(cid:2) (cid:10)(cid:12)(cid:12)(cid:8)(cid:18)(cid:9)(cid:11)(cid:10)(cid:7)(cid:13)(cid:12) (cid:2) (cid:18)(cid:4)(cid:11)(cid:3)(cid:7)(cid:16)(cid:7)(cid:14)(cid:7)(cid:23)(cid:10)(cid:4)(cid:12)(cid:2)
(cid:10)(cid:13)(cid:16)(cid:2) (cid:17)(cid:7)(cid:13)(cid:17)(cid:14)(cid:8)(cid:12)(cid:10)(cid:7)(cid:13)(cid:12)(cid:2) (cid:8)(cid:12)(cid:4)(cid:16)(cid:2) (cid:21)(cid:15)(cid:2)
(cid:10)(cid:13)(cid:2)
(cid:9)(cid:6)(cid:4)(cid:9)(cid:10)(cid:6)(cid:10)(cid:13)(cid:23)(cid:2)(cid:11)(cid:3)(cid:4)(cid:10)(cid:6)(cid:2)(cid:4)(cid:12)(cid:11)(cid:10)(cid:18)(cid:10)(cid:11)(cid:4)(cid:2)(cid:7)(cid:20)(cid:2)(cid:16)(cid:4)(cid:20)(cid:4)(cid:6)(cid:6)(cid:4)(cid:16)(cid:2)(cid:11)(cid:10)7(cid:4)(cid:12))(cid:2)(cid:10)(cid:13)(cid:16)(cid:2)
(cid:2)(cid:2) (cid:10)(cid:12)(cid:12)(cid:4)(cid:12)(cid:12)(cid:10)(cid:13)(cid:23)(cid:2) (cid:11)(cid:3)(cid:4)(cid:2) (cid:10)(cid:16)(cid:4)*(cid:8)(cid:10)(cid:17)(cid:15)(cid:2) (cid:7)(cid:20)(cid:2) (cid:11)(cid:3)(cid:4)(cid:2) (cid:16)(cid:10)(cid:12)(cid:17)(cid:14)(cid:7)(cid:12)(cid:8)(cid:6)(cid:4)(cid:12)(cid:2)
(cid:18)(cid:10)(cid:16)(cid:4)(cid:2)(cid:21)(cid:15)(cid:2)(cid:11)(cid:3)(cid:4)(cid:2)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:2)(cid:10)(cid:13)(cid:2)(cid:11)(cid:3)(cid:4)(cid:2)(cid:20)(cid:10)(cid:13)(cid:10)(cid:13)(cid:17)(cid:10)(cid:10)(cid:14)(cid:2)(cid:6)(cid:4)(cid:9)(cid:7)(cid:6)(cid:11)*(cid:2)
(cid:2)
(cid:11)(cid:3)(cid:4)(cid:2) (cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:2)
(cid:2)
(cid:24)(cid:3)(cid:8)(cid:6)(cid:24)(cid:7)(cid:29)(cid:13)(cid:14)(cid:15)(cid:24)((cid:9)(cid:3)(cid:29)(cid:15)(cid:13)(cid:7)
(cid:2)
6(cid:3)(cid:4)(cid:2)(cid:16)(cid:10)(cid:6)(cid:4)(cid:17)(cid:11)(cid:7)(cid:6)(cid:12)(cid:2)(cid:10)(cid:6)(cid:4)(cid:2)(cid:6)(cid:4)(cid:12)(cid:9)(cid:7)(cid:13)(cid:12)(cid:10)(cid:21)(cid:14)(cid:4)(cid:2)(cid:20)(cid:7)(cid:6)(cid:2)(cid:11)(cid:3)(cid:4)(cid:2)(cid:7)(cid:11)(cid:3)(cid:4)(cid:6)(cid:2)(cid:10)(cid:13)(cid:20)(cid:7)(cid:6)(cid:18)(cid:10)(cid:11)(cid:10)(cid:7)(cid:13)*(cid:2)(cid:2)6(cid:3)(cid:4)(cid:2)(cid:7)(cid:11)(cid:3)(cid:4)(cid:6)(cid:2)(cid:10)(cid:13)(cid:20)(cid:7)(cid:6)(cid:18)(cid:10)(cid:11)(cid:10)(cid:7)(cid:13)(cid:2)(cid:17)(cid:7)(cid:18)(cid:9)(cid:6)(cid:10)(cid:12)(cid:4)(cid:12)(cid:2)(cid:11)(cid:3)(cid:4)(cid:2)(cid:10)(cid:13)(cid:20)(cid:7)(cid:6)(cid:18)(cid:10)(cid:11)(cid:10)(cid:7)(cid:13)(cid:2)
(cid:10)(cid:13)(cid:2)(cid:11)(cid:3)(cid:4)(cid:2)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)&(cid:12)(cid:2)(cid:10)(cid:13)(cid:13)(cid:8)(cid:10)(cid:14)(cid:2)(cid:6)(cid:4)(cid:9)(cid:7)(cid:6)(cid:11)(cid:2)(cid:20)(cid:7)(cid:6)(cid:2)(cid:11)(cid:3)(cid:4)(cid:2)(cid:9)(cid:4)(cid:6)(cid:10)(cid:7)(cid:16)(cid:2)(cid:4)(cid:13)(cid:16)(cid:4)(cid:16)(cid:2)"$(cid:2)%(cid:8)(cid:13)(cid:4)(cid:2)!$(cid:31)# (cid:2)(cid:21)(cid:8)(cid:11)(cid:2)(cid:16)(cid:7)(cid:4)(cid:12)(cid:2)(cid:13)(cid:7)(cid:11)(cid:2)(cid:10)(cid:13)(cid:17)(cid:14)(cid:8)(cid:16)(cid:4)(cid:2)(cid:11)(cid:3)(cid:4)(cid:2)(cid:20)(cid:10)(cid:13)(cid:10)(cid:13)(cid:17)(cid:10)(cid:10)(cid:14)(cid:2)(cid:6)(cid:4)(cid:9)(cid:7)(cid:6)(cid:11)(cid:2)
(cid:10)(cid:13)(cid:16)(cid:2)(cid:11)(cid:3)(cid:4)(cid:2)(cid:10)(cid:8)(cid:16)(cid:10)(cid:11)(cid:7)(cid:6)&(cid:12)(cid:2)(cid:6)(cid:4)(cid:9)(cid:7)(cid:6)(cid:11)(cid:2)(cid:11)(cid:3)(cid:4)(cid:6)(cid:4)(cid:7)(cid:13)*(cid:2)
(cid:2)
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(cid:4)7(cid:9)(cid:6)(cid:4)(cid:12)(cid:12)(cid:2)(cid:10)(cid:13)(cid:15)(cid:2)(cid:20)(cid:7)(cid:6)(cid:18)(cid:2)(cid:7)(cid:20)(cid:2)(cid:10)(cid:12)(cid:12)(cid:8)(cid:6)(cid:10)(cid:13)(cid:17)(cid:4)(cid:2)(cid:17)(cid:7)(cid:13)(cid:17)(cid:14)(cid:8)(cid:12)(cid:10)(cid:7)(cid:13)(cid:2)(cid:11)(cid:3)(cid:4)(cid:6)(cid:4)(cid:7)(cid:13)*(cid:2)
(cid:2)
-(cid:13)(cid:2)(cid:17)(cid:7)(cid:13)(cid:13)(cid:4)(cid:17)(cid:11)(cid:10)(cid:7)(cid:13)(cid:2)(cid:29)(cid:10)(cid:11)(cid:3)(cid:2)(cid:7)(cid:8)(cid:6)(cid:2)(cid:10)(cid:8)(cid:16)(cid:10)(cid:11)(cid:2)(cid:7)(cid:20)(cid:2)(cid:11)(cid:3)(cid:4)(cid:2)(cid:20)(cid:10)(cid:13)(cid:10)(cid:13)(cid:17)(cid:10)(cid:10)(cid:14)(cid:2)(cid:6)(cid:4)(cid:9)(cid:7)(cid:6)(cid:11) (cid:2)(cid:7)(cid:8)(cid:6)(cid:2)(cid:6)(cid:4)(cid:12)(cid:9)(cid:7)(cid:13)(cid:12)(cid:10)(cid:21)(cid:10)(cid:14)(cid:10)(cid:11)(cid:15)(cid:2)(cid:10)(cid:12)(cid:2)(cid:11)(cid:7)(cid:2)(cid:6)(cid:4)(cid:10)(cid:16)(cid:2)(cid:11)(cid:3)(cid:4)(cid:2)(cid:7)(cid:11)(cid:3)(cid:4)(cid:6)(cid:2)(cid:10)(cid:13)(cid:20)(cid:7)(cid:6)(cid:18)(cid:10)(cid:11)(cid:10)(cid:7)(cid:13)(cid:2)(cid:10)(cid:13)(cid:16) (cid:2)
(cid:10)(cid:13)(cid:2)(cid:16)(cid:7)(cid:10)(cid:13)(cid:23)(cid:2)(cid:12)(cid:7) (cid:2)(cid:17)(cid:7)(cid:13)(cid:12)(cid:10)(cid:16)(cid:4)(cid:6)(cid:2)(cid:29)(cid:3)(cid:4)(cid:11)(cid:3)(cid:4)(cid:6)(cid:2)(cid:11)(cid:3)(cid:4)(cid:2)(cid:7)(cid:11)(cid:3)(cid:4)(cid:6)(cid:2)(cid:10)(cid:13)(cid:20)(cid:7)(cid:6)(cid:18)(cid:10)(cid:11)(cid:10)(cid:7)(cid:13)(cid:2)(cid:10)(cid:12)(cid:2)(cid:18)(cid:10)(cid:11)(cid:4)(cid:6)(cid:10)(cid:10)(cid:14)(cid:14)(cid:15)(cid:2)(cid:10)(cid:13)(cid:17)(cid:7)(cid:13)(cid:12)(cid:10)(cid:12)(cid:11)(cid:4)(cid:13)(cid:11)(cid:2)(cid:29)(cid:10)(cid:11)(cid:3)(cid:2)(cid:11)(cid:3)(cid:4)(cid:2)(cid:20)(cid:10)(cid:13)(cid:10)(cid:13)(cid:17)(cid:10)(cid:10)(cid:14)(cid:2)(cid:6)(cid:4)(cid:9)(cid:7)(cid:6)(cid:11)(cid:2)(cid:7)(cid:6)(cid:2)
(cid:7)(cid:8)(cid:6)(cid:2)9(cid:13)(cid:7)(cid:29)(cid:14)(cid:4)(cid:16)(cid:23)(cid:4)(cid:2)(cid:7)(cid:21)(cid:11)(cid:10)(cid:10)(cid:13)(cid:4)(cid:16)(cid:2)(cid:10)(cid:13)(cid:2)(cid:11)(cid:3)(cid:4)(cid:2)(cid:10)(cid:8)(cid:16)(cid:10)(cid:11)(cid:2)(cid:7)(cid:6)(cid:2)(cid:7)(cid:11)(cid:3)(cid:4)(cid:6)(cid:29)(cid:10)(cid:12)(cid:4)(cid:2)(cid:10)(cid:9)(cid:9)(cid:4)(cid:10)(cid:6)(cid:12)(cid:2)(cid:11)(cid:7)(cid:2)(cid:21)(cid:4)(cid:2)(cid:18)(cid:10)(cid:11)(cid:4)(cid:6)(cid:10)(cid:10)(cid:14)(cid:14)(cid:15)(cid:2)(cid:18)(cid:10)(cid:12)(cid:12)(cid:11)(cid:10)(cid:11)(cid:4)(cid:16)*(cid:2)
(cid:2)
-(cid:20) (cid:2)(cid:21)(cid:10)(cid:12)(cid:4)(cid:16)(cid:2)(cid:7)(cid:13)(cid:2)(cid:11)(cid:3)(cid:4)(cid:2)(cid:29)(cid:7)(cid:6)9(cid:2)(cid:29)(cid:4)(cid:2)(cid:3)(cid:10)(cid:19)(cid:4)(cid:2)(cid:9)(cid:4)(cid:6)(cid:20)(cid:7)(cid:6)(cid:18)(cid:4)(cid:16) (cid:2)(cid:29)(cid:4)(cid:2)(cid:17)(cid:7)(cid:13)(cid:17)(cid:14)(cid:8)(cid:16)(cid:4)(cid:2)(cid:11)(cid:3)(cid:10)(cid:11)(cid:2)(cid:11)(cid:3)(cid:4)(cid:6)(cid:4)(cid:2)(cid:10)(cid:12)(cid:2)(cid:10)(cid:2)(cid:18)(cid:10)(cid:11)(cid:4)(cid:6)(cid:10)(cid:10)(cid:14)(cid:2)(cid:18)(cid:10)(cid:12)(cid:12)(cid:11)(cid:10)(cid:11)(cid:4)(cid:18)(cid:4)(cid:13)(cid:11)(cid:2)(cid:7)(cid:20)(cid:2)(cid:11)(cid:3)(cid:10)(cid:12)(cid:2)
(cid:7)(cid:11)(cid:3)(cid:4)(cid:6)(cid:2)(cid:10)(cid:13)(cid:20)(cid:7)(cid:6)(cid:18)(cid:10)(cid:11)(cid:10)(cid:7)(cid:13) (cid:2)(cid:29)(cid:4)(cid:2)(cid:10)(cid:6)(cid:4)(cid:2)(cid:6)(cid:4)*(cid:8)(cid:10)(cid:6)(cid:4)(cid:16)(cid:2)(cid:11)(cid:7)(cid:2)(cid:6)(cid:4)(cid:9)(cid:7)(cid:6)(cid:11)(cid:2)(cid:11)(cid:3)(cid:10)(cid:11)(cid:2)(cid:20)(cid:10)(cid:17)(cid:11)*(cid:2)(cid:2)(cid:26)(cid:4)(cid:2)(cid:3)(cid:10)(cid:19)(cid:4)(cid:2)(cid:13)(cid:7)(cid:11)(cid:3)(cid:10)(cid:13)(cid:23)(cid:2)(cid:11)(cid:7)(cid:2)(cid:6)(cid:4)(cid:9)(cid:7)(cid:6)(cid:11)(cid:2)(cid:10)(cid:13)(cid:2)(cid:11)(cid:3)(cid:10)(cid:12)(cid:2)(cid:6)(cid:4)(cid:23)(cid:10)(cid:6)(cid:16)*(cid:2)
(cid:2)
(cid:2)
(cid:21)(cid:29)(cid:24)(cid:6)(cid:5)(cid:3)(cid:15)(cid:24)(cid:10)(cid:25)(cid:7)(cid:24)(cid:6)(cid:10)(cid:11)(cid:15)(cid:13)(cid:10)(cid:29)+(cid:29) (cid:29)(cid:3)(cid:29)(cid:6)(cid:10)(cid:7)(cid:14)(cid:15)(cid:24)(cid:7)(cid:3)(cid:8)(cid:6)(cid:7)(cid:14)(cid:29)(cid:13)(cid:9)(cid:13)(cid:5)(cid:29)(cid:9) (cid:7)(cid:24)(cid:6)(cid:11)(cid:15)(cid:24)(cid:3)(cid:7)
(cid:2)
6(cid:3)(cid:4)(cid:2)(cid:16)(cid:10)(cid:6)(cid:4)(cid:17)(cid:11)(cid:7)(cid:6)(cid:12)(cid:2)(cid:7)(cid:20)(cid:2)(cid:11)(cid:3)(cid:4)(cid:2).(cid:7)(cid:18)(cid:9)(cid:10)(cid:13)(cid:15)(cid:2)(cid:10)(cid:6)(cid:4)(cid:2)(cid:6)(cid:4)(cid:12)(cid:9)(cid:7)(cid:13)(cid:12)(cid:10)(cid:21)(cid:14)(cid:4)(cid:2)(cid:20)(cid:7)(cid:6)(cid:2)(cid:11)(cid:3)(cid:4)(cid:2)(cid:9)(cid:6)(cid:4)(cid:9)(cid:10)(cid:6)(cid:10)(cid:11)(cid:10)(cid:7)(cid:13)(cid:2)(cid:7)(cid:20)(cid:2)(cid:11)(cid:3)(cid:4)(cid:2)(cid:20)(cid:10)(cid:13)(cid:10)(cid:13)(cid:17)(cid:10)(cid:10)(cid:14)(cid:2)(cid:6)(cid:4)(cid:9)(cid:7)(cid:6)(cid:11)(cid:2)(cid:11)(cid:3)(cid:10)(cid:11)(cid:2)(cid:23)(cid:10)(cid:19)(cid:4)(cid:12)(cid:2)(cid:10)(cid:2)(cid:11)(cid:6)(cid:8)(cid:4)(cid:2)
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(cid:10)(cid:13)(cid:16)(cid:2)(cid:20)(cid:7)(cid:6)(cid:2)(cid:12)(cid:8)(cid:17)(cid:3)(cid:2)(cid:10)(cid:13)(cid:11)(cid:4)(cid:6)(cid:13)(cid:10)(cid:14)(cid:2)(cid:17)(cid:7)(cid:13)(cid:11)(cid:6)(cid:7)(cid:14)(cid:2)(cid:10)(cid:12)(cid:2)(cid:11)(cid:3)(cid:4)(cid:2)(cid:16)(cid:10)(cid:6)(cid:4)(cid:17)(cid:11)(cid:7)(cid:6)(cid:12)(cid:2)(cid:16)(cid:4)(cid:11)(cid:4)(cid:6)(cid:18)(cid:10)(cid:13)(cid:4)(cid:2)(cid:10)(cid:12)(cid:2)(cid:13)(cid:4)(cid:17)(cid:4)(cid:12)(cid:12)(cid:10)(cid:6)(cid:15)(cid:2)(cid:11)(cid:7)(cid:2)(cid:4)(cid:13)(cid:10)(cid:21)(cid:14)(cid:4)(cid:2)(cid:11)(cid:3)(cid:4)(cid:2)(cid:9)(cid:6)(cid:4)(cid:9)(cid:10)(cid:6)(cid:10)(cid:11)(cid:10)(cid:7)(cid:13)(cid:2)(cid:7)(cid:20)(cid:2)(cid:11)(cid:3)(cid:4)(cid:2)
(cid:20)(cid:10)(cid:13)(cid:10)(cid:13)(cid:17)(cid:10)(cid:10)(cid:14)(cid:2)(cid:6)(cid:4)(cid:9)(cid:7)(cid:6)(cid:11)(cid:2)(cid:11)(cid:3)(cid:10)(cid:11)(cid:2)(cid:23)(cid:10)(cid:19)(cid:4)(cid:12)(cid:2)(cid:10)(cid:2)(cid:11)(cid:6)(cid:8)(cid:4)(cid:2)(cid:10)(cid:13)(cid:16)(cid:2)(cid:20)(cid:10)(cid:10)(cid:6)(cid:2)(cid:19)(cid:10)(cid:4)(cid:29)(cid:2)(cid:10)(cid:13)(cid:16)(cid:2)(cid:10)(cid:12)(cid:2)(cid:20)(cid:6)(cid:4)(cid:4)(cid:2)(cid:20)(cid:6)(cid:7)(cid:18)(cid:2)(cid:18)(cid:10)(cid:11)(cid:4)(cid:6)(cid:10)(cid:10)(cid:14)(cid:2)(cid:18)(cid:10)(cid:12)(cid:12)(cid:11)(cid:10)(cid:11)(cid:4)(cid:18)(cid:4)(cid:13)(cid:11) (cid:2)(cid:29)(cid:3)(cid:4)(cid:11)(cid:3)(cid:4)(cid:6)(cid:2)(cid:16)(cid:8)(cid:4)(cid:2)(cid:11)(cid:7)(cid:2)
(cid:20)(cid:6)(cid:10)(cid:8)(cid:16)(cid:2)(cid:7)(cid:6)(cid:2)(cid:4)(cid:6)(cid:6)(cid:7)(cid:6)*(cid:2)
(cid:2)
-(cid:13)(cid:2)(cid:9)(cid:6)(cid:4)(cid:9)(cid:10)(cid:6)(cid:10)(cid:13)(cid:23)(cid:2)(cid:11)(cid:3)(cid:4)(cid:2)(cid:20)(cid:10)(cid:13)(cid:10)(cid:13)(cid:17)(cid:10)(cid:10)(cid:14)(cid:2)(cid:6)(cid:4)(cid:9)(cid:7)(cid:6)(cid:11) (cid:2)(cid:11)(cid:3)(cid:4)(cid:2)(cid:16)(cid:10)(cid:6)(cid:4)(cid:17)(cid:11)(cid:7)(cid:6)(cid:12)(cid:2)(cid:10)(cid:6)(cid:4)(cid:2)(cid:6)(cid:4)(cid:12)(cid:9)(cid:7)(cid:13)(cid:12)(cid:10)(cid:21)(cid:14)(cid:4)(cid:2)(cid:20)(cid:7)(cid:6)(cid:2)(cid:10)(cid:12)(cid:12)(cid:4)(cid:12)(cid:12)(cid:10)(cid:13)(cid:23)(cid:2)(cid:11)(cid:3)(cid:4)(cid:2).(cid:7)(cid:18)(cid:9)(cid:10)(cid:13)(cid:15)&(cid:12)(cid:2)(cid:10)(cid:21)(cid:10)(cid:14)(cid:10)(cid:11)(cid:15)(cid:2)(cid:11)(cid:7)(cid:2)
(cid:17)(cid:7)(cid:13)(cid:11)(cid:10)(cid:13)(cid:8)(cid:4)(cid:2)(cid:10)(cid:12)(cid:2)(cid:10)(cid:2)(cid:23)(cid:7)(cid:10)(cid:13)(cid:23)(cid:2)(cid:17)(cid:7)(cid:13)(cid:17)(cid:4)(cid:6)(cid:13) (cid:2)(cid:16)(cid:10)(cid:12)(cid:17)(cid:14)(cid:7)(cid:12)(cid:10)(cid:13)(cid:23) (cid:2)(cid:10)(cid:12)(cid:2)(cid:10)(cid:9)(cid:9)(cid:14)(cid:10)(cid:17)(cid:10)(cid:21)(cid:14)(cid:4) (cid:2)(cid:18)(cid:10)(cid:11)(cid:11)(cid:4)(cid:6)(cid:12)(cid:2)(cid:6)(cid:4)(cid:14)(cid:10)(cid:11)(cid:4)(cid:16)(cid:2)(cid:11)(cid:7)(cid:2)(cid:23)(cid:7)(cid:10)(cid:13)(cid:23)(cid:2)(cid:17)(cid:7)(cid:13)(cid:17)(cid:4)(cid:6)(cid:13)(cid:2)(cid:10)(cid:13)(cid:16)(cid:2)(cid:8)(cid:12)(cid:10)(cid:13)(cid:23)(cid:2)(cid:11)(cid:3)(cid:4)(cid:2)
(cid:23)(cid:7)(cid:10)(cid:13)(cid:23)(cid:2)(cid:17)(cid:7)(cid:13)(cid:17)(cid:4)(cid:6)(cid:13)(cid:2)(cid:21)(cid:10)(cid:12)(cid:10)(cid:12)(cid:2)(cid:7)(cid:20)(cid:2)(cid:10)(cid:17)(cid:17)(cid:7)(cid:8)(cid:13)(cid:11)(cid:10)(cid:13)(cid:23)(cid:2)(cid:8)(cid:13)(cid:14)(cid:4)(cid:12)(cid:12)(cid:2)(cid:11)(cid:3)(cid:4)(cid:2)(cid:16)(cid:10)(cid:6)(cid:4)(cid:17)(cid:11)(cid:7)(cid:6)(cid:12)(cid:2)(cid:4)(cid:10)(cid:11)(cid:3)(cid:4)(cid:6)(cid:2)(cid:10)(cid:13)(cid:11)(cid:4)(cid:13)(cid:16)(cid:2)(cid:11)(cid:7)(cid:2) (cid:14)(cid:10)*(cid:8)(cid:10)(cid:16)(cid:10)(cid:11)(cid:4)(cid:2)(cid:11)(cid:3)(cid:4)(cid:2).(cid:7)(cid:18)(cid:9)(cid:10)(cid:13)(cid:15)(cid:2)(cid:7)(cid:6)(cid:2)(cid:11)(cid:7)(cid:2)
(cid:17)(cid:4)(cid:10)(cid:12)(cid:4)(cid:2)(cid:7)(cid:9)(cid:4)(cid:6)(cid:10)(cid:11)(cid:10)(cid:7)(cid:13)(cid:12) (cid:2)(cid:7)(cid:6)(cid:2)(cid:3)(cid:10)(cid:19)(cid:4)(cid:2)(cid:13)(cid:7)(cid:2)(cid:6)(cid:4)(cid:10)(cid:14)(cid:10)(cid:12)(cid:11)(cid:10)(cid:17)(cid:2)(cid:10)(cid:14)(cid:11)(cid:4)(cid:6)(cid:13)(cid:10)(cid:11)(cid:10)(cid:19)(cid:4)(cid:2)(cid:21)(cid:8)(cid:11)(cid:2)(cid:11)(cid:7)(cid:2)(cid:16)(cid:7)(cid:2)(cid:12)(cid:7)*(cid:2)
(cid:2)
(cid:2)
56
Ardea Resources Limited & controlled entities - Annual Report 2018
Independent Auditor’s Report continued
(cid:2)
(cid:17)(cid:4)%(cid:29)(cid:3)(cid:15)(cid:24)(cid:25)(cid:10)(cid:7)(cid:24)(cid:6)(cid:10)(cid:11)(cid:15)(cid:13)(cid:10)(cid:29)+(cid:29) (cid:29)(cid:3)(cid:29)(cid:6)(cid:10)(cid:7)(cid:14)(cid:15)(cid:24)(cid:7)(cid:3)(cid:8)(cid:6)(cid:7)(cid:9)(cid:4)%(cid:29)(cid:3)(cid:7)(cid:15)(cid:14)(cid:7)(cid:3)(cid:8)(cid:6)(cid:7)(cid:14)(cid:29)(cid:13)(cid:9)(cid:13)(cid:5)(cid:29)(cid:9) (cid:7)(cid:24)(cid:6)(cid:11)(cid:15)(cid:24)(cid:3)(cid:7)
(cid:2)
’(cid:8)(cid:6)(cid:2)(cid:7)(cid:21)(cid:25)(cid:4)(cid:17)(cid:11)(cid:10)(cid:19)(cid:4)(cid:12)(cid:2)(cid:10)(cid:6)(cid:4)(cid:2)(cid:11)(cid:7)(cid:2)(cid:7)(cid:21)(cid:11)(cid:10)(cid:10)(cid:13)(cid:2)(cid:6)(cid:4)(cid:10)(cid:12)(cid:7)(cid:13)(cid:10)(cid:21)(cid:14)(cid:4)(cid:2)(cid:10)(cid:12)(cid:12)(cid:8)(cid:6)(cid:10)(cid:13)(cid:17)(cid:4)(cid:2)(cid:10)(cid:21)(cid:7)(cid:8)(cid:11)(cid:2)(cid:29)(cid:3)(cid:4)(cid:11)(cid:3)(cid:4)(cid:6)(cid:2)(cid:11)(cid:3)(cid:4)(cid:2)(cid:20)(cid:10)(cid:13)(cid:10)(cid:13)(cid:17)(cid:10)(cid:10)(cid:14)(cid:2)(cid:6)(cid:4)(cid:9)(cid:7)(cid:6)(cid:11)(cid:2)(cid:10)(cid:12)(cid:2)(cid:10)(cid:2)(cid:29)(cid:3)(cid:7)(cid:14)(cid:4)(cid:2)(cid:10)(cid:12)(cid:2)(cid:20)(cid:6)(cid:4)(cid:4)(cid:2)
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(cid:7)(cid:8)(cid:6)(cid:2)(cid:7)(cid:9)(cid:10)(cid:13)(cid:10)(cid:7)(cid:13)*(cid:2)
(cid:2)
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(cid:4)7(cid:10)(cid:12)(cid:11)(cid:12)*(cid:2)(cid:2)B(cid:10)(cid:12)(cid:12)(cid:11)(cid:10)(cid:11)(cid:4)(cid:18)(cid:4)(cid:13)(cid:11)(cid:12)(cid:2)(cid:17)(cid:10)(cid:13)(cid:2)(cid:10)(cid:6)(cid:10)(cid:12)(cid:4)(cid:2)(cid:20)(cid:6)(cid:7)(cid:18)(cid:2)(cid:20)(cid:6)(cid:10)(cid:8)(cid:16)(cid:2)(cid:7)(cid:6)(cid:2)(cid:4)(cid:6)(cid:6)(cid:7)(cid:6)(cid:2)(cid:10)(cid:13)(cid:16)(cid:2)(cid:10)(cid:6)(cid:4)(cid:2)(cid:17)(cid:7)(cid:13)(cid:12)(cid:10)(cid:16)(cid:4)(cid:6)(cid:4)(cid:16)(cid:2)(cid:18)(cid:10)(cid:11)(cid:4)(cid:6)(cid:10)(cid:10)(cid:14)(cid:2)(cid:10)(cid:20) (cid:2)(cid:10)(cid:13)(cid:16)(cid:10)(cid:19)(cid:10)(cid:16)(cid:8)(cid:10)(cid:14)(cid:14)(cid:15)(cid:2)(cid:7)(cid:6)(cid:2)(cid:10)(cid:13)(cid:2)(cid:11)(cid:3)(cid:4)(cid:2)
(cid:10)(cid:23)(cid:23)(cid:6)(cid:4)(cid:23)(cid:10)(cid:11)(cid:4) (cid:2)(cid:11)(cid:3)(cid:4)(cid:15)(cid:2)(cid:17)(cid:7)(cid:8)(cid:14)(cid:16)(cid:2)(cid:6)(cid:4)(cid:10)(cid:12)(cid:7)(cid:13)(cid:10)(cid:21)(cid:14)(cid:15)(cid:2)(cid:21)(cid:4)(cid:2)(cid:4)7(cid:9)(cid:4)(cid:17)(cid:11)(cid:4)(cid:16)(cid:2)(cid:11)(cid:7)(cid:2)(cid:10)(cid:13)(cid:20)(cid:14)(cid:8)(cid:4)(cid:13)(cid:17)(cid:4)(cid:2)(cid:11)(cid:3)(cid:4)(cid:2)(cid:4)(cid:17)(cid:7)(cid:13)(cid:7)(cid:18)(cid:10)(cid:17)(cid:2)(cid:16)(cid:4)(cid:17)(cid:10)(cid:12)(cid:10)(cid:7)(cid:13)(cid:12)(cid:2)(cid:7)(cid:20)(cid:2)(cid:8)(cid:12)(cid:4)(cid:6)(cid:12)(cid:2)(cid:11)(cid:10)9(cid:4)(cid:13)(cid:2)(cid:7)(cid:13)(cid:2)
(cid:11)(cid:3)(cid:4)(cid:2)(cid:21)(cid:10)(cid:12)(cid:10)(cid:12)(cid:2)(cid:7)(cid:20)(cid:2)(cid:11)(cid:3)(cid:4)(cid:2)(cid:20)(cid:10)(cid:13)(cid:10)(cid:13)(cid:17)(cid:10)(cid:10)(cid:14)(cid:2)(cid:6)(cid:4)(cid:9)(cid:7)(cid:6)(cid:11)*(cid:2)
(cid:2)
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(cid:25)(cid:8)(cid:16)(cid:23)(cid:4)(cid:18)(cid:4)(cid:13)(cid:11)(cid:2)(cid:10)(cid:13)(cid:16)(cid:2)(cid:18)(cid:10)(cid:10)(cid:13)(cid:11)(cid:10)(cid:10)(cid:13)(cid:2)(cid:9)(cid:6)(cid:7)(cid:20)(cid:4)(cid:12)(cid:12)(cid:10)(cid:7)(cid:13)(cid:10)(cid:14)(cid:2)(cid:12)(cid:17)(cid:4)(cid:9)(cid:11)(cid:10)(cid:17)(cid:10)(cid:12)(cid:18)(cid:2)(cid:11)(cid:3)(cid:6)(cid:7)(cid:8)(cid:23)(cid:3)(cid:7)(cid:8)(cid:11)(cid:2)(cid:11)(cid:3)(cid:4)(cid:2)(cid:10)(cid:8)(cid:16)(cid:10)(cid:11)*(cid:2)(cid:2)(cid:26)(cid:4)(cid:2)(cid:10)(cid:14)(cid:12)(cid:7)((cid:2)
(cid:2)
(cid:2)(cid:2)
-(cid:16)(cid:4)(cid:13)(cid:11)(cid:10)(cid:20)(cid:15)(cid:2)(cid:10)(cid:13)(cid:16)(cid:2)(cid:10)(cid:12)(cid:12)(cid:4)(cid:12)(cid:12)(cid:2)(cid:6)(cid:10)(cid:12)9(cid:12)(cid:2)(cid:7)(cid:20)(cid:2)(cid:18)(cid:10)(cid:11)(cid:4)(cid:6)(cid:10)(cid:10)(cid:14)(cid:2)(cid:18)(cid:10)(cid:12)(cid:12)(cid:11)(cid:10)(cid:11)(cid:4)(cid:18)(cid:4)(cid:13)(cid:11)(cid:2)(cid:7)(cid:20)(cid:2)(cid:11)(cid:3)(cid:4)(cid:2)(cid:20)(cid:10)(cid:13)(cid:10)(cid:13)(cid:17)(cid:10)(cid:10)(cid:14)(cid:2)(cid:6)(cid:4)(cid:9)(cid:7)(cid:6)(cid:11) (cid:2)(cid:29)(cid:3)(cid:4)(cid:11)(cid:3)(cid:4)(cid:6)(cid:2)(cid:16)(cid:8)(cid:4)(cid:2)(cid:11)(cid:7)(cid:2)(cid:20)(cid:6)(cid:10)(cid:8)(cid:16)(cid:2)(cid:7)(cid:6)(cid:2)
(cid:4)(cid:6)(cid:6)(cid:7)(cid:6) (cid:2)(cid:16)(cid:4)(cid:12)(cid:10)(cid:23)(cid:13)(cid:2)(cid:10)(cid:13)(cid:16)(cid:2)(cid:9)(cid:4)(cid:6)(cid:20)(cid:7)(cid:6)(cid:18)(cid:2)(cid:10)(cid:8)(cid:16)(cid:10)(cid:11)(cid:2)(cid:9)(cid:6)(cid:7)(cid:17)(cid:4)(cid:16)(cid:8)(cid:6)(cid:4)(cid:12)(cid:2)(cid:6)(cid:4)(cid:12)(cid:9)(cid:7)(cid:13)(cid:12)(cid:10)(cid:19)(cid:4)(cid:2)(cid:11)(cid:7)(cid:2)(cid:11)(cid:3)(cid:7)(cid:12)(cid:4)(cid:2)(cid:6)(cid:10)(cid:12)9(cid:12) (cid:2)(cid:10)(cid:13)(cid:16)(cid:2)(cid:7)(cid:21)(cid:11)(cid:10)(cid:10)(cid:13)(cid:2)(cid:10)(cid:8)(cid:16)(cid:10)(cid:11)(cid:2)(cid:4)(cid:19)(cid:10)(cid:16)(cid:4)(cid:13)(cid:17)(cid:4)(cid:2)
(cid:11)(cid:3)(cid:10)(cid:11)(cid:2)(cid:10)(cid:12)(cid:2)(cid:12)(cid:8)(cid:20)(cid:20)(cid:10)(cid:17)(cid:10)(cid:4)(cid:13)(cid:11)(cid:2)(cid:10)(cid:13)(cid:16)(cid:2)(cid:10)(cid:9)(cid:9)(cid:6)(cid:7)(cid:9)(cid:6)(cid:10)(cid:10)(cid:11)(cid:4)(cid:2)(cid:11)(cid:7)(cid:2)(cid:9)(cid:6)(cid:7)(cid:19)(cid:10)(cid:16)(cid:4)(cid:2)(cid:10)(cid:2)(cid:21)(cid:10)(cid:12)(cid:10)(cid:12)(cid:2)(cid:20)(cid:7)(cid:6)(cid:2)(cid:7)(cid:8)(cid:6)(cid:2)(cid:7)(cid:9)(cid:10)(cid:13)(cid:10)(cid:7)(cid:13)*(cid:2)(cid:2)6(cid:3)(cid:4)(cid:2) (cid:6)(cid:10)(cid:12)9(cid:2)(cid:7)(cid:20)(cid:2)(cid:13)(cid:7)(cid:11)(cid:2)(cid:16)(cid:4)(cid:11)(cid:4)(cid:17)(cid:11)(cid:10)(cid:13)(cid:23)(cid:2)(cid:10)(cid:2)
(cid:18)(cid:10)(cid:11)(cid:4)(cid:6)(cid:10)(cid:10)(cid:14)(cid:2)(cid:18)(cid:10)(cid:12)(cid:12)(cid:11)(cid:10)(cid:11)(cid:4)(cid:18)(cid:4)(cid:13)(cid:11)(cid:2)(cid:6)(cid:4)(cid:12)(cid:8)(cid:14)(cid:11)(cid:10)(cid:13)(cid:23)(cid:2)(cid:20)(cid:6)(cid:7)(cid:18)(cid:2)(cid:20)(cid:6)(cid:10)(cid:8)(cid:16)(cid:2)(cid:10)(cid:12)(cid:2)(cid:3)(cid:10)(cid:23)(cid:3)(cid:4)(cid:6)(cid:2)(cid:11)(cid:3)(cid:10)(cid:13)(cid:2)(cid:20)(cid:7)(cid:6)(cid:2)(cid:7)(cid:13)(cid:4)(cid:2)(cid:6)(cid:4)(cid:12)(cid:8)(cid:14)(cid:11)(cid:10)(cid:13)(cid:23)(cid:2)(cid:20)(cid:6)(cid:7)(cid:18)(cid:2)(cid:4)(cid:6)(cid:6)(cid:7)(cid:6) (cid:2)(cid:10)(cid:12)(cid:2)(cid:20)(cid:6)(cid:10)(cid:8)(cid:16)(cid:2)(cid:18)(cid:10)(cid:15)(cid:2)
(cid:10)(cid:13)(cid:19)(cid:7)(cid:14)(cid:19)(cid:4)(cid:2) (cid:17)(cid:7)(cid:14)(cid:14)(cid:8)(cid:12)(cid:10)(cid:7)(cid:13) (cid:2) (cid:20)(cid:7)(cid:6)(cid:23)(cid:4)(cid:6)(cid:15) (cid:2) (cid:10)(cid:13)(cid:11)(cid:4)(cid:13)(cid:11)(cid:10)(cid:7)(cid:13)(cid:10)(cid:14)(cid:2) (cid:7)(cid:18)(cid:10)(cid:12)(cid:12)(cid:10)(cid:7)(cid:13)(cid:12) (cid:2) (cid:18)(cid:10)(cid:12)(cid:6)(cid:4)(cid:9)(cid:6)(cid:4)(cid:12)(cid:4)(cid:13)(cid:11)(cid:10)(cid:11)(cid:10)(cid:7)(cid:13)(cid:12) (cid:2) (cid:7)(cid:6)(cid:2) (cid:11)(cid:3)(cid:4)(cid:2) (cid:7)(cid:19)(cid:4)(cid:6)(cid:6)(cid:10)(cid:16)(cid:4)(cid:2) (cid:7)(cid:20)(cid:2) (cid:10)(cid:13)(cid:11)(cid:4)(cid:6)(cid:13)(cid:10)(cid:14)(cid:2)
(cid:17)(cid:7)(cid:13)(cid:11)(cid:6)(cid:7)(cid:14)*(cid:2)
(cid:2)
(cid:2)(cid:2) ’(cid:21)(cid:11)(cid:10)(cid:10)(cid:13)(cid:2)(cid:10)(cid:13)(cid:16)(cid:2)(cid:8)(cid:13)(cid:16)(cid:4)(cid:6)(cid:12)(cid:11)(cid:10)(cid:13)(cid:16)(cid:10)(cid:13)(cid:23)(cid:2)(cid:7)(cid:20)(cid:2)(cid:10)(cid:13)(cid:11)(cid:4)(cid:6)(cid:13)(cid:10)(cid:14)(cid:2)(cid:17)(cid:7)(cid:13)(cid:11)(cid:6)(cid:7)(cid:14)(cid:2)(cid:6)(cid:4)(cid:14)(cid:4)(cid:19)(cid:10)(cid:13)(cid:11)(cid:2)(cid:11)(cid:7)(cid:2)(cid:11)(cid:3)(cid:4)(cid:2)(cid:10)(cid:8)(cid:16)(cid:10)(cid:11)(cid:2)(cid:10)(cid:13)(cid:2)(cid:7)(cid:6)(cid:16)(cid:4)(cid:6)(cid:2)(cid:11)(cid:7)(cid:2)(cid:16)(cid:4)(cid:12)(cid:10)(cid:23)(cid:13)(cid:2)(cid:10)(cid:8)(cid:16)(cid:10)(cid:11)(cid:2)(cid:9)(cid:6)(cid:7)(cid:17)(cid:4)(cid:16)(cid:8)(cid:6)(cid:4)(cid:12)(cid:2)
(cid:11)(cid:3)(cid:10)(cid:11)(cid:2)(cid:10)(cid:6)(cid:4)(cid:2)(cid:10)(cid:9)(cid:9)(cid:6)(cid:7)(cid:9)(cid:6)(cid:10)(cid:10)(cid:11)(cid:4)(cid:2)(cid:10)(cid:13)(cid:2)(cid:11)(cid:3)(cid:4)(cid:2)(cid:17)(cid:10)(cid:6)(cid:17)(cid:8)(cid:18)(cid:12)(cid:11)(cid:10)(cid:13)(cid:17)(cid:4)(cid:12) (cid:2)(cid:21)(cid:8)(cid:11)(cid:2)(cid:13)(cid:7)(cid:11)(cid:2)(cid:20)(cid:7)(cid:6)(cid:2)(cid:11)(cid:3)(cid:4)(cid:2)(cid:9)(cid:8)(cid:6)(cid:9)(cid:7)(cid:12)(cid:4)(cid:2)(cid:7)(cid:20)(cid:2)(cid:4)7(cid:9)(cid:6)(cid:4)(cid:12)(cid:12)(cid:10)(cid:13)(cid:23)(cid:2)(cid:10)(cid:13)(cid:2)(cid:7)(cid:9)(cid:10)(cid:13)(cid:10)(cid:7)(cid:13)(cid:2)(cid:7)(cid:13)(cid:2)(cid:11)(cid:3)(cid:4)(cid:2)
(cid:4)(cid:20)(cid:20)(cid:4)(cid:17)(cid:11)(cid:10)(cid:19)(cid:4)(cid:13)(cid:4)(cid:12)(cid:12)(cid:2)(cid:7)(cid:20)(cid:2)(cid:11)(cid:3)(cid:4)(cid:2)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)&(cid:12)(cid:2)(cid:10)(cid:13)(cid:11)(cid:4)(cid:6)(cid:13)(cid:10)(cid:14)(cid:2)(cid:17)(cid:7)(cid:13)(cid:11)(cid:6)(cid:7)(cid:14)*(cid:2)
(cid:2)
(cid:2)(cid:2) /(cid:19)(cid:10)(cid:14)(cid:8)(cid:10)(cid:11)(cid:4)(cid:2)(cid:11)(cid:3)(cid:4)(cid:2)(cid:10)(cid:9)(cid:9)(cid:6)(cid:7)(cid:9)(cid:6)(cid:10)(cid:10)(cid:11)(cid:4)(cid:13)(cid:4)(cid:12)(cid:12)(cid:2)(cid:7)(cid:20)(cid:2)(cid:10)(cid:17)(cid:17)(cid:7)(cid:8)(cid:13)(cid:11)(cid:10)(cid:13)(cid:23)(cid:2)(cid:9)(cid:7)(cid:14)(cid:10)(cid:17)(cid:10)(cid:4)(cid:12)(cid:2)(cid:8)(cid:12)(cid:4)(cid:16)(cid:2)(cid:10)(cid:13)(cid:16)(cid:2)(cid:11)(cid:3)(cid:4)(cid:2)(cid:6)(cid:4)(cid:10)(cid:12)(cid:7)(cid:13)(cid:10)(cid:21)(cid:14)(cid:4)(cid:13)(cid:4)(cid:12)(cid:12)(cid:2)(cid:7)(cid:20)(cid:2)(cid:10)(cid:17)(cid:17)(cid:7)(cid:8)(cid:13)(cid:11)(cid:10)(cid:13)(cid:23)(cid:2)
(cid:4)(cid:12)(cid:11)(cid:10)(cid:18)(cid:10)(cid:11)(cid:4)(cid:12)(cid:2)(cid:10)(cid:13)(cid:16)(cid:2)(cid:6)(cid:4)(cid:14)(cid:10)(cid:11)(cid:4)(cid:16)(cid:2)(cid:16)(cid:10)(cid:12)(cid:17)(cid:14)(cid:7)(cid:12)(cid:8)(cid:6)(cid:4)(cid:12)(cid:2)(cid:18)(cid:10)(cid:16)(cid:4)(cid:2)(cid:21)(cid:15)(cid:2)(cid:11)(cid:3)(cid:4)(cid:2)(cid:16)(cid:10)(cid:6)(cid:4)(cid:17)(cid:11)(cid:7)(cid:6)(cid:12)*(cid:2)
(cid:2)
(cid:2)(cid:2) .(cid:7)(cid:13)(cid:17)(cid:14)(cid:8)(cid:16)(cid:4)(cid:2)(cid:7)(cid:13)(cid:2)(cid:11)(cid:3)(cid:4)(cid:2)(cid:10)(cid:9)(cid:9)(cid:6)(cid:7)(cid:9)(cid:6)(cid:10)(cid:10)(cid:11)(cid:4)(cid:13)(cid:4)(cid:12)(cid:12)(cid:2)(cid:7)(cid:20)(cid:2)(cid:11)(cid:3)(cid:4)(cid:2)(cid:16)(cid:10)(cid:6)(cid:4)(cid:17)(cid:11)(cid:7)(cid:6)(cid:12)&(cid:2)(cid:8)(cid:12)(cid:4)(cid:2)(cid:7)(cid:20)(cid:2)(cid:11)(cid:3)(cid:4)(cid:2)(cid:23)(cid:7)(cid:10)(cid:13)(cid:23)(cid:2)(cid:17)(cid:7)(cid:13)(cid:17)(cid:4)(cid:6)(cid:13)(cid:2)(cid:21)(cid:10)(cid:12)(cid:10)(cid:12)(cid:2)(cid:7)(cid:20)(cid:2)(cid:10)(cid:17)(cid:17)(cid:7)(cid:8)(cid:13)(cid:11)(cid:10)(cid:13)(cid:23)(cid:2)
(cid:10)(cid:13)(cid:16) (cid:2)(cid:21)(cid:10)(cid:12)(cid:4)(cid:16)(cid:2)(cid:7)(cid:13)(cid:2)(cid:11)(cid:3)(cid:4)(cid:2)(cid:10)(cid:8)(cid:16)(cid:10)(cid:11)(cid:2)(cid:4)(cid:19)(cid:10)(cid:16)(cid:4)(cid:13)(cid:17)(cid:4)(cid:2)(cid:7)(cid:21)(cid:11)(cid:10)(cid:10)(cid:13)(cid:4)(cid:16) (cid:2)(cid:29)(cid:3)(cid:4)(cid:11)(cid:3)(cid:4)(cid:6)(cid:2)(cid:10)(cid:2)(cid:18)(cid:10)(cid:11)(cid:4)(cid:6)(cid:10)(cid:10)(cid:14)(cid:2)(cid:8)(cid:13)(cid:17)(cid:4)(cid:6)(cid:11)(cid:10)(cid:10)(cid:13)(cid:11)(cid:15)(cid:2)(cid:4)7(cid:10)(cid:12)(cid:11)(cid:12)(cid:2)(cid:6)(cid:4)(cid:14)(cid:10)(cid:11)(cid:4)(cid:16)(cid:2)(cid:11)(cid:7)(cid:2)(cid:4)(cid:19)(cid:4)(cid:13)(cid:11)(cid:12)(cid:2)
(cid:7)(cid:6)(cid:2)(cid:17)(cid:7)(cid:13)(cid:16)(cid:10)(cid:11)(cid:10)(cid:7)(cid:13)(cid:12)(cid:2)(cid:11)(cid:3)(cid:10)(cid:11)(cid:2)(cid:18)(cid:10)(cid:15)(cid:2)(cid:17)(cid:10)(cid:12)(cid:11)(cid:2)(cid:12)(cid:10)(cid:23)(cid:13)(cid:10)(cid:20)(cid:10)(cid:17)(cid:10)(cid:13)(cid:11)(cid:2)(cid:16)(cid:7)(cid:8)(cid:21)(cid:11)(cid:2)(cid:7)(cid:13)(cid:2)(cid:11)(cid:3)(cid:4)(cid:2)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)&(cid:12)(cid:2)(cid:10)(cid:21)(cid:10)(cid:14)(cid:10)(cid:11)(cid:15)(cid:2)(cid:11)(cid:7)(cid:2)(cid:17)(cid:7)(cid:13)(cid:11)(cid:10)(cid:13)(cid:8)(cid:4)(cid:2)(cid:10)(cid:12)(cid:2)(cid:10)(cid:2)(cid:23)(cid:7)(cid:10)(cid:13)(cid:23)(cid:2)(cid:17)(cid:7)(cid:13)(cid:17)(cid:4)(cid:6)(cid:13)*(cid:2)(cid:2)
-(cid:20)(cid:2)(cid:29)(cid:4)(cid:2)(cid:17)(cid:7)(cid:13)(cid:17)(cid:14)(cid:8)(cid:16)(cid:4)(cid:2)(cid:11)(cid:3)(cid:10)(cid:11)(cid:2)(cid:10)(cid:2)(cid:18)(cid:10)(cid:11)(cid:4)(cid:6)(cid:10)(cid:10)(cid:14)(cid:2)(cid:8)(cid:13)(cid:17)(cid:4)(cid:6)(cid:11)(cid:10)(cid:10)(cid:13)(cid:11)(cid:15)(cid:2)(cid:4)7(cid:10)(cid:12)(cid:11)(cid:12) (cid:2)(cid:29)(cid:4)(cid:2)(cid:10)(cid:6)(cid:4)(cid:2)(cid:6)(cid:4)*(cid:8)(cid:10)(cid:6)(cid:4)(cid:16)(cid:2)(cid:11)(cid:7)(cid:2)(cid:16)(cid:6)(cid:10)(cid:29)(cid:2)(cid:10)(cid:11)(cid:11)(cid:4)(cid:13)(cid:11)(cid:10)(cid:7)(cid:13)(cid:2)(cid:10)(cid:13)(cid:2)(cid:7)(cid:8)(cid:6)(cid:2)(cid:10)(cid:8)(cid:16)(cid:10)(cid:11)(cid:7)(cid:6)&(cid:12)(cid:2)
(cid:6)(cid:4)(cid:9)(cid:7)(cid:6)(cid:11)(cid:2)(cid:11)(cid:7)(cid:2)(cid:11)(cid:3)(cid:4)(cid:2)(cid:6)(cid:4)(cid:14)(cid:10)(cid:11)(cid:4)(cid:16)(cid:2)(cid:16)(cid:10)(cid:12)(cid:17)(cid:14)(cid:7)(cid:12)(cid:8)(cid:6)(cid:4)(cid:12)(cid:2)(cid:10)(cid:13)(cid:2)(cid:11)(cid:3)(cid:4)(cid:2)(cid:20)(cid:10)(cid:13)(cid:10)(cid:13)(cid:17)(cid:10)(cid:10)(cid:14)(cid:2)(cid:6)(cid:4)(cid:9)(cid:7)(cid:6)(cid:11)(cid:2)(cid:7)(cid:6) (cid:2)(cid:10)(cid:20)(cid:2)(cid:12)(cid:8)(cid:17)(cid:3)(cid:2)(cid:16)(cid:10)(cid:12)(cid:17)(cid:14)(cid:7)(cid:12)(cid:8)(cid:6)(cid:4)(cid:12)(cid:2)(cid:10)(cid:6)(cid:4)(cid:2)(cid:10)(cid:13)(cid:10)(cid:16)(cid:4)*(cid:8)(cid:10)(cid:11)(cid:4) (cid:2)(cid:11)(cid:7)(cid:2)
(cid:18)(cid:7)(cid:16)(cid:10)(cid:20)(cid:15)(cid:2)(cid:7)(cid:8)(cid:6)(cid:2)(cid:7)(cid:9)(cid:10)(cid:13)(cid:10)(cid:7)(cid:13)*(cid:2)(cid:2)’(cid:8)(cid:6)(cid:2)(cid:17)(cid:7)(cid:13)(cid:17)(cid:14)(cid:8)(cid:12)(cid:10)(cid:7)(cid:13)(cid:12)(cid:2)(cid:10)(cid:6)(cid:4)(cid:2)(cid:21)(cid:10)(cid:12)(cid:4)(cid:16)(cid:2)(cid:7)(cid:13)(cid:2)(cid:11)(cid:3)(cid:4)(cid:2)(cid:10)(cid:8)(cid:16)(cid:10)(cid:11)(cid:2)(cid:4)(cid:19)(cid:10)(cid:16)(cid:4)(cid:13)(cid:17)(cid:4)(cid:2)(cid:7)(cid:21)(cid:11)(cid:10)(cid:10)(cid:13)(cid:4)(cid:16)(cid:2)(cid:8)(cid:9)(cid:2)(cid:11)(cid:7)(cid:2)(cid:11)(cid:3)(cid:4)(cid:2)(cid:16)(cid:10)(cid:11)(cid:4)(cid:2)(cid:7)(cid:20)(cid:2)
(cid:7)(cid:8)(cid:6)(cid:2) (cid:10)(cid:8)(cid:16)(cid:10)(cid:11)(cid:7)(cid:6)&(cid:12)(cid:2) (cid:6)(cid:4)(cid:9)(cid:7)(cid:6)(cid:11)*(cid:2) (cid:2) F(cid:7)(cid:29)(cid:4)(cid:19)(cid:4)(cid:6) (cid:2) (cid:20)(cid:8)(cid:11)(cid:8)(cid:6)(cid:4)(cid:2) (cid:4)(cid:19)(cid:4)(cid:13)(cid:11)(cid:12)(cid:2) (cid:7)(cid:6)(cid:2) (cid:17)(cid:7)(cid:13)(cid:16)(cid:10)(cid:11)(cid:10)(cid:7)(cid:13)(cid:12)(cid:2) (cid:18)(cid:10)(cid:15)(cid:2) (cid:17)(cid:10)(cid:8)(cid:12)(cid:4)(cid:2) (cid:11)(cid:3)(cid:4)(cid:2) (cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:2) (cid:11)(cid:7)(cid:2) (cid:17)(cid:4)(cid:10)(cid:12)(cid:4)(cid:2) (cid:11)(cid:7)(cid:2)
(cid:17)(cid:7)(cid:13)(cid:11)(cid:10)(cid:13)(cid:8)(cid:4)(cid:2)(cid:10)(cid:12)(cid:2)(cid:10)(cid:2)(cid:23)(cid:7)(cid:10)(cid:13)(cid:23)(cid:2)(cid:17)(cid:7)(cid:13)(cid:17)(cid:4)(cid:6)(cid:13)*(cid:2)
(cid:2)
(cid:2)(cid:2) /(cid:19)(cid:10)(cid:14)(cid:8)(cid:10)(cid:11)(cid:4)(cid:2) (cid:11)(cid:3)(cid:4)(cid:2) (cid:7)(cid:19)(cid:4)(cid:6)(cid:10)(cid:14)(cid:14)(cid:2) (cid:9)(cid:6)(cid:4)(cid:12)(cid:4)(cid:13)(cid:11)(cid:10)(cid:11)(cid:10)(cid:7)(cid:13) (cid:2) (cid:12)(cid:11)(cid:6)(cid:8)(cid:17)(cid:11)(cid:8)(cid:6)(cid:4)(cid:2) (cid:10)(cid:13)(cid:16)(cid:2) (cid:17)(cid:7)(cid:13)(cid:11)(cid:4)(cid:13)(cid:11)(cid:2) (cid:7)(cid:20)(cid:2) (cid:11)(cid:3)(cid:4)(cid:2) (cid:20)(cid:10)(cid:13)(cid:10)(cid:13)(cid:17)(cid:10)(cid:10)(cid:14)(cid:2) (cid:6)(cid:4)(cid:9)(cid:7)(cid:6)(cid:11) (cid:2) (cid:10)(cid:13)(cid:17)(cid:14)(cid:8)(cid:16)(cid:10)(cid:13)(cid:23)(cid:2) (cid:11)(cid:3)(cid:4)(cid:2)
(cid:16)(cid:10)(cid:12)(cid:17)(cid:14)(cid:7)(cid:12)(cid:8)(cid:6)(cid:4)(cid:12) (cid:2)(cid:10)(cid:13)(cid:16)(cid:2)(cid:29)(cid:3)(cid:4)(cid:11)(cid:3)(cid:4)(cid:6)(cid:2)(cid:11)(cid:3)(cid:4)(cid:2)(cid:20)(cid:10)(cid:13)(cid:10)(cid:13)(cid:17)(cid:10)(cid:10)(cid:14)(cid:2)(cid:6)(cid:4)(cid:9)(cid:7)(cid:6)(cid:11)(cid:2)(cid:6)(cid:4)(cid:9)(cid:6)(cid:4)(cid:12)(cid:4)(cid:13)(cid:11)(cid:12)(cid:2)(cid:11)(cid:3)(cid:4)(cid:2)(cid:8)(cid:13)(cid:16)(cid:4)(cid:6)(cid:14)(cid:15)(cid:10)(cid:13)(cid:23)(cid:2)(cid:11)(cid:6)(cid:10)(cid:13)(cid:12)(cid:10)(cid:17)(cid:11)(cid:10)(cid:7)(cid:13)(cid:12)(cid:2)(cid:10)(cid:13)(cid:16)(cid:2)(cid:4)(cid:19)(cid:4)(cid:13)(cid:11)(cid:12)(cid:2)(cid:10)(cid:13)(cid:2)
(cid:10)(cid:2)(cid:18)(cid:10)(cid:13)(cid:13)(cid:4)(cid:6)(cid:2)(cid:11)(cid:3)(cid:10)(cid:11)(cid:2)(cid:10)(cid:17)(cid:3)(cid:10)(cid:4)(cid:19)(cid:4)(cid:12)(cid:2)(cid:20)(cid:10)(cid:10)(cid:6)(cid:2)(cid:9)(cid:6)(cid:4)(cid:12)(cid:4)(cid:13)(cid:11)(cid:10)(cid:11)(cid:10)(cid:7)(cid:13)*(cid:2)
(cid:2)
(cid:2)(cid:2) ’(cid:21)(cid:11)(cid:10)(cid:10)(cid:13)(cid:2)(cid:12)(cid:8)(cid:20)(cid:20)(cid:10)(cid:17)(cid:10)(cid:4)(cid:13)(cid:11)(cid:2)(cid:10)(cid:9)(cid:9)(cid:6)(cid:7)(cid:9)(cid:6)(cid:10)(cid:10)(cid:11)(cid:4)(cid:2)(cid:10)(cid:8)(cid:16)(cid:10)(cid:11)(cid:2)(cid:4)(cid:19)(cid:10)(cid:16)(cid:4)(cid:13)(cid:17)(cid:4)(cid:2) (cid:6)(cid:4)(cid:23)(cid:10)(cid:6)(cid:16)(cid:10)(cid:13)(cid:23)(cid:2)(cid:11)(cid:3)(cid:4)(cid:2)(cid:20)(cid:10)(cid:13)(cid:10)(cid:13)(cid:17)(cid:10)(cid:10)(cid:14)(cid:2)(cid:10)(cid:13)(cid:20)(cid:7)(cid:6)(cid:18)(cid:10)(cid:11)(cid:10)(cid:7)(cid:13)(cid:2)(cid:7)(cid:20)(cid:2)(cid:11)(cid:3)(cid:4)(cid:2)(cid:4)(cid:13)(cid:11)(cid:10)(cid:11)(cid:10)(cid:4)(cid:12)(cid:2)(cid:7)(cid:6)(cid:2)
(cid:21)(cid:8)(cid:12)(cid:10)(cid:13)(cid:4)(cid:12)(cid:12)(cid:2) (cid:10)(cid:17)(cid:11)(cid:10)(cid:19)(cid:10)(cid:11)(cid:10)(cid:4)(cid:12)(cid:2) (cid:29)(cid:10)(cid:11)(cid:3)(cid:10)(cid:13)(cid:2) (cid:11)(cid:3)(cid:4)(cid:2) (cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:2) (cid:11)(cid:7)(cid:2) (cid:4)7(cid:9)(cid:6)(cid:4)(cid:12)(cid:12)(cid:2) (cid:10)(cid:13)(cid:2) (cid:7)(cid:9)(cid:10)(cid:13)(cid:10)(cid:7)(cid:13)(cid:2) (cid:7)(cid:13)(cid:2) (cid:11)(cid:3)(cid:4)(cid:2) (cid:20)(cid:10)(cid:13)(cid:10)(cid:13)(cid:17)(cid:10)(cid:10)(cid:14)(cid:2) (cid:6)(cid:4)(cid:9)(cid:7)(cid:6)(cid:11)*(cid:2) (cid:2) (cid:26)(cid:4)(cid:2) (cid:10)(cid:6)(cid:4)(cid:2)
(cid:6)(cid:4)(cid:12)(cid:9)(cid:7)(cid:13)(cid:12)(cid:10)(cid:21)(cid:14)(cid:4)(cid:2)(cid:20)(cid:7)(cid:6)(cid:2)(cid:11)(cid:3)(cid:4)(cid:2)(cid:16)(cid:10)(cid:6)(cid:4)(cid:17)(cid:11)(cid:10)(cid:7)(cid:13) (cid:2)(cid:12)(cid:8)(cid:9)(cid:4)(cid:6)(cid:19)(cid:10)(cid:12)(cid:10)(cid:7)(cid:13)(cid:2)(cid:10)(cid:13)(cid:16)(cid:2)(cid:9)(cid:4)(cid:6)(cid:20)(cid:7)(cid:6)(cid:18)(cid:10)(cid:13)(cid:17)(cid:4)(cid:2)(cid:7)(cid:20)(cid:2)(cid:11)(cid:3)(cid:4)(cid:2)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:2)(cid:10)(cid:8)(cid:16)(cid:10)(cid:11)*(cid:2)(cid:2)(cid:26)(cid:4)(cid:2)(cid:6)(cid:4)(cid:18)(cid:10)(cid:10)(cid:13)(cid:2)(cid:12)(cid:7)(cid:14)(cid:4)(cid:14)(cid:15)(cid:2)
(cid:6)(cid:4)(cid:12)(cid:9)(cid:7)(cid:13)(cid:12)(cid:10)(cid:21)(cid:14)(cid:4)(cid:2)(cid:20)(cid:7)(cid:6)(cid:2)(cid:7)(cid:8)(cid:6)(cid:2)(cid:10)(cid:8)(cid:16)(cid:10)(cid:11)(cid:2)(cid:7)(cid:9)(cid:10)(cid:13)(cid:10)(cid:7)(cid:13)*(cid:2)
(cid:2)
(cid:26)(cid:4)(cid:2)(cid:17)(cid:7)(cid:18)(cid:18)(cid:8)(cid:13)(cid:10)(cid:17)(cid:10)(cid:11)(cid:4)(cid:2)(cid:29)(cid:10)(cid:11)(cid:3)(cid:2)(cid:11)(cid:3)(cid:4)(cid:2)(cid:16)(cid:10)(cid:6)(cid:4)(cid:17)(cid:11)(cid:7)(cid:6)(cid:12)(cid:2)(cid:6)(cid:4)(cid:23)(cid:10)(cid:6)(cid:16)(cid:10)(cid:13)(cid:23) (cid:2)(cid:10)(cid:18)(cid:7)(cid:13)(cid:23)(cid:2)(cid:7)(cid:11)(cid:3)(cid:4)(cid:6)(cid:2)(cid:18)(cid:10)(cid:11)(cid:11)(cid:4)(cid:6)(cid:12) (cid:2)(cid:11)(cid:3)(cid:4)(cid:2)(cid:9)(cid:14)(cid:10)(cid:13)(cid:13)(cid:4)(cid:16)(cid:2)(cid:12)(cid:17)(cid:7)(cid:9)(cid:4)(cid:2)(cid:10)(cid:13)(cid:16)(cid:2)(cid:11)(cid:10)(cid:18)(cid:10)(cid:13)(cid:23)(cid:2)(cid:7)(cid:20)(cid:2)
(cid:11)(cid:3)(cid:4)(cid:2)(cid:10)(cid:8)(cid:16)(cid:10)(cid:11)(cid:2)(cid:10)(cid:13)(cid:16)(cid:2)(cid:12)(cid:10)(cid:23)(cid:13)(cid:10)(cid:20)(cid:10)(cid:17)(cid:10)(cid:13)(cid:11)(cid:2)(cid:10)(cid:8)(cid:16)(cid:10)(cid:11)(cid:2)(cid:20)(cid:10)(cid:13)(cid:16)(cid:10)(cid:13)(cid:23)(cid:12) (cid:2)(cid:10)(cid:13)(cid:17)(cid:14)(cid:8)(cid:16)(cid:10)(cid:13)(cid:23)(cid:2)(cid:10)(cid:13)(cid:15)(cid:2)(cid:12)(cid:10)(cid:23)(cid:13)(cid:10)(cid:20)(cid:10)(cid:17)(cid:10)(cid:13)(cid:11)(cid:2)(cid:16)(cid:4)(cid:20)(cid:10)(cid:17)(cid:10)(cid:4)(cid:13)(cid:17)(cid:10)(cid:4)(cid:12)(cid:2)(cid:10)(cid:13)(cid:2)(cid:10)(cid:13)(cid:11)(cid:4)(cid:6)(cid:13)(cid:10)(cid:14)(cid:2)(cid:17)(cid:7)(cid:13)(cid:11)(cid:6)(cid:7)(cid:14)(cid:2)(cid:11)(cid:3)(cid:10)(cid:11)(cid:2)(cid:29)(cid:4)(cid:2)
(cid:10)(cid:16)(cid:4)(cid:13)(cid:11)(cid:10)(cid:20)(cid:15)(cid:2)(cid:16)(cid:8)(cid:6)(cid:10)(cid:13)(cid:23)(cid:2)(cid:7)(cid:8)(cid:6)(cid:2)(cid:10)(cid:8)(cid:16)(cid:10)(cid:11)*(cid:2)
(cid:2)
(cid:26)(cid:4)(cid:2)(cid:10)(cid:14)(cid:12)(cid:7)(cid:2)(cid:9)(cid:6)(cid:7)(cid:19)(cid:10)(cid:16)(cid:4)(cid:2)(cid:11)(cid:3)(cid:4)(cid:2)(cid:16)(cid:10)(cid:6)(cid:4)(cid:17)(cid:11)(cid:7)(cid:6)(cid:12)(cid:2)(cid:29)(cid:10)(cid:11)(cid:3)(cid:2)(cid:10)(cid:2)(cid:12)(cid:11)(cid:10)(cid:11)(cid:4)(cid:18)(cid:4)(cid:13)(cid:11)(cid:2)(cid:11)(cid:3)(cid:10)(cid:11)(cid:2)(cid:29)(cid:4)(cid:2)(cid:3)(cid:10)(cid:19)(cid:4)(cid:2)(cid:17)(cid:7)(cid:18)(cid:9)(cid:14)(cid:10)(cid:4)(cid:16)(cid:2)(cid:29)(cid:10)(cid:11)(cid:3)(cid:2)(cid:6)(cid:4)(cid:14)(cid:4)(cid:19)(cid:10)(cid:13)(cid:11)(cid:2)(cid:4)(cid:11)(cid:3)(cid:10)(cid:17)(cid:10)(cid:14)(cid:2)(cid:6)(cid:4)*(cid:8)(cid:10)(cid:6)(cid:4)(cid:18)(cid:4)(cid:13)(cid:11)(cid:12)(cid:2)
(cid:6)(cid:4)(cid:23)(cid:10)(cid:6)(cid:16)(cid:10)(cid:13)(cid:23)(cid:2)(cid:10)(cid:13)(cid:16)(cid:4)(cid:9)(cid:4)(cid:13)(cid:16)(cid:4)(cid:13)(cid:17)(cid:4) (cid:2)(cid:10)(cid:13)(cid:16)(cid:2)(cid:11)(cid:7)(cid:2)(cid:17)(cid:7)(cid:18)(cid:18)(cid:8)(cid:13)(cid:10)(cid:17)(cid:10)(cid:11)(cid:4)(cid:2)(cid:29)(cid:10)(cid:11)(cid:3)(cid:2)(cid:11)(cid:3)(cid:4)(cid:18)(cid:2)(cid:10)(cid:14)(cid:14)(cid:2)(cid:6)(cid:4)(cid:14)(cid:10)(cid:11)(cid:10)(cid:7)(cid:13)(cid:12)(cid:3)(cid:10)(cid:9)(cid:12)(cid:2)(cid:10)(cid:13)(cid:16)(cid:2)(cid:7)(cid:11)(cid:3)(cid:4)(cid:6)(cid:2)(cid:18)(cid:10)(cid:11)(cid:11)(cid:4)(cid:6)(cid:12)(cid:2)(cid:11)(cid:3)(cid:10)(cid:11)(cid:2)(cid:18)(cid:10)(cid:15)(cid:2)
(cid:6)(cid:4)(cid:10)(cid:12)(cid:7)(cid:13)(cid:10)(cid:21)(cid:14)(cid:15)(cid:2)(cid:21)(cid:4)(cid:2)(cid:11)(cid:3)(cid:7)(cid:8)(cid:23)(cid:3)(cid:11)(cid:2)(cid:11)(cid:7)(cid:2)(cid:21)(cid:4)(cid:10)(cid:6)(cid:2)(cid:7)(cid:13)(cid:2)(cid:7)(cid:8)(cid:6)(cid:2)(cid:10)(cid:13)(cid:16)(cid:4)(cid:9)(cid:4)(cid:13)(cid:16)(cid:4)(cid:13)(cid:17)(cid:4) (cid:2)(cid:10)(cid:13)(cid:16)(cid:2)(cid:29)(cid:3)(cid:4)(cid:6)(cid:4)(cid:2)(cid:10)(cid:9)(cid:9)(cid:14)(cid:10)(cid:17)(cid:10)(cid:21)(cid:14)(cid:4) (cid:2)(cid:6)(cid:4)(cid:14)(cid:10)(cid:11)(cid:4)(cid:16)(cid:2)(cid:12)(cid:10)(cid:20)(cid:4)(cid:23)(cid:8)(cid:10)(cid:6)(cid:16)(cid:12)*(cid:2)
(cid:2)
:(cid:6)(cid:7)(cid:18)(cid:2) (cid:11)(cid:3)(cid:4)(cid:2) (cid:18)(cid:10)(cid:11)(cid:11)(cid:4)(cid:6)(cid:12)(cid:2) (cid:17)(cid:7)(cid:18)(cid:18)(cid:8)(cid:13)(cid:10)(cid:17)(cid:10)(cid:11)(cid:4)(cid:16)(cid:2) (cid:29)(cid:10)(cid:11)(cid:3)(cid:2) (cid:11)(cid:3)(cid:4)(cid:2) (cid:16)(cid:10)(cid:6)(cid:4)(cid:17)(cid:11)(cid:7)(cid:6)(cid:12) (cid:2) (cid:29)(cid:4)(cid:2) (cid:16)(cid:4)(cid:11)(cid:4)(cid:6)(cid:18)(cid:10)(cid:13)(cid:4)(cid:2) (cid:11)(cid:3)(cid:7)(cid:12)(cid:4)(cid:2) (cid:18)(cid:10)(cid:11)(cid:11)(cid:4)(cid:6)(cid:12)(cid:2) (cid:11)(cid:3)(cid:10)(cid:11)(cid:2) (cid:29)(cid:4)(cid:6)(cid:4)(cid:2) (cid:7)(cid:20)(cid:2) (cid:18)(cid:7)(cid:12)(cid:11)(cid:2)
(cid:12)(cid:10)(cid:23)(cid:13)(cid:10)(cid:20)(cid:10)(cid:17)(cid:10)(cid:13)(cid:11)(cid:2)(cid:10)(cid:13)(cid:2)(cid:11)(cid:3)(cid:4)(cid:2)(cid:10)(cid:8)(cid:16)(cid:10)(cid:11)(cid:2)(cid:7)(cid:20)(cid:2)(cid:11)(cid:3)(cid:4)(cid:2)(cid:20)(cid:10)(cid:13)(cid:10)(cid:13)(cid:17)(cid:10)(cid:10)(cid:14)(cid:2)(cid:6)(cid:4)(cid:9)(cid:7)(cid:6)(cid:11)(cid:2)(cid:7)(cid:20)(cid:2)(cid:11)(cid:3)(cid:4)(cid:2)(cid:17)(cid:8)(cid:6)(cid:6)(cid:4)(cid:13)(cid:11)(cid:2)(cid:9)(cid:4)(cid:6)(cid:10)(cid:7)(cid:16)(cid:2)(cid:10)(cid:13)(cid:16)(cid:2)(cid:10)(cid:6)(cid:4)(cid:2)(cid:11)(cid:3)(cid:4)(cid:6)(cid:4)(cid:20)(cid:7)(cid:6)(cid:4)(cid:2)9(cid:4)(cid:15)(cid:2)(cid:10)(cid:8)(cid:16)(cid:10)(cid:11)(cid:2)(cid:18)(cid:10)(cid:11)(cid:11)(cid:4)(cid:6)(cid:12)*(cid:2)(cid:2)
(cid:26)(cid:4)(cid:2)(cid:16)(cid:4)(cid:12)(cid:17)(cid:6)(cid:10)(cid:21)(cid:4)(cid:2)(cid:11)(cid:3)(cid:4)(cid:12)(cid:4)(cid:2)(cid:18)(cid:10)(cid:11)(cid:11)(cid:4)(cid:6)(cid:12)(cid:2)(cid:10)(cid:13)(cid:2)(cid:7)(cid:8)(cid:6)(cid:2)(cid:10)(cid:8)(cid:16)(cid:10)(cid:11)(cid:7)(cid:6)&(cid:12)(cid:2)(cid:6)(cid:4)(cid:9)(cid:7)(cid:6)(cid:11)(cid:2)(cid:8)(cid:13)(cid:14)(cid:4)(cid:12)(cid:12)(cid:2)(cid:14)(cid:10)(cid:29)(cid:2)(cid:7)(cid:6)(cid:2)(cid:6)(cid:4)(cid:23)(cid:8)(cid:14)(cid:10)(cid:11)(cid:10)(cid:7)(cid:13)(cid:2)(cid:9)(cid:6)(cid:4)(cid:17)(cid:14)(cid:8)(cid:16)(cid:4)(cid:12)(cid:2)(cid:9)(cid:8)(cid:21)(cid:14)(cid:10)(cid:17)(cid:2)(cid:16)(cid:10)(cid:12)(cid:17)(cid:14)(cid:7)(cid:12)(cid:8)(cid:6)(cid:4)(cid:2)
(cid:10)(cid:21)(cid:7)(cid:8)(cid:11)(cid:2)(cid:11)(cid:3)(cid:4)(cid:2)(cid:18)(cid:10)(cid:11)(cid:11)(cid:4)(cid:6)(cid:2)(cid:7)(cid:6)(cid:2)(cid:29)(cid:3)(cid:4)(cid:13) (cid:2)(cid:10)(cid:13)(cid:2)(cid:4)7(cid:11)(cid:6)(cid:4)(cid:18)(cid:4)(cid:14)(cid:15)(cid:2)(cid:6)(cid:10)(cid:6)(cid:4)(cid:2)(cid:17)(cid:10)(cid:6)(cid:17)(cid:8)(cid:18)(cid:12)(cid:11)(cid:10)(cid:13)(cid:17)(cid:4)(cid:12) (cid:2)(cid:29)(cid:4)(cid:2)(cid:16)(cid:4)(cid:11)(cid:4)(cid:6)(cid:18)(cid:10)(cid:13)(cid:4)(cid:2)(cid:11)(cid:3)(cid:10)(cid:11)(cid:2)(cid:10)(cid:2)(cid:18)(cid:10)(cid:11)(cid:11)(cid:4)(cid:6)(cid:2)(cid:12)(cid:3)(cid:7)(cid:8)(cid:14)(cid:16)(cid:2)(cid:13)(cid:7)(cid:11)(cid:2)(cid:21)(cid:4)(cid:2)
(cid:17)(cid:7)(cid:18)(cid:18)(cid:8)(cid:13)(cid:10)(cid:17)(cid:10)(cid:11)(cid:4)(cid:16)(cid:2) (cid:10)(cid:13)(cid:2) (cid:7)(cid:8)(cid:6)(cid:2) (cid:6)(cid:4)(cid:9)(cid:7)(cid:6)(cid:11)(cid:2) (cid:21)(cid:4)(cid:17)(cid:10)(cid:8)(cid:12)(cid:4)(cid:2) (cid:11)(cid:3)(cid:4)(cid:2) (cid:10)(cid:16)(cid:19)(cid:4)(cid:6)(cid:12)(cid:4)(cid:2) (cid:17)(cid:7)(cid:13)(cid:12)(cid:4)*(cid:8)(cid:4)(cid:13)(cid:17)(cid:4)(cid:12)(cid:2) (cid:7)(cid:20)(cid:2) (cid:16)(cid:7)(cid:10)(cid:13)(cid:23)(cid:2) (cid:12)(cid:7)(cid:2) (cid:29)(cid:7)(cid:8)(cid:14)(cid:16)(cid:2) (cid:6)(cid:4)(cid:10)(cid:12)(cid:7)(cid:13)(cid:10)(cid:21)(cid:14)(cid:15)(cid:2) (cid:21)(cid:4)(cid:2)
(cid:4)7(cid:9)(cid:4)(cid:17)(cid:11)(cid:4)(cid:16)(cid:2)(cid:11)(cid:7)(cid:2)(cid:7)(cid:8)(cid:11)(cid:29)(cid:4)(cid:10)(cid:23)(cid:3)(cid:2)(cid:9)(cid:8)(cid:21)(cid:14)(cid:10)(cid:17)(cid:2)(cid:10)(cid:13)(cid:11)(cid:4)(cid:6)(cid:4)(cid:12)(cid:11)(cid:2)(cid:21)(cid:4)(cid:13)(cid:4)(cid:20)(cid:10)(cid:11)(cid:12)(cid:2)(cid:7)(cid:20)(cid:2)(cid:12)(cid:8)(cid:17)(cid:3)(cid:2)(cid:17)(cid:7)(cid:18)(cid:18)(cid:8)(cid:13)(cid:10)(cid:17)(cid:10)(cid:11)(cid:10)(cid:7)(cid:13)*(cid:2)
Ardea Resources Limited & controlled entities - Annual Report 2018
57
Independent Auditor’s Report continued
(cid:2)
28 to 30
(cid:2)
(cid:12)(cid:21)(cid:22)(cid:23)(cid:24)(cid:25)(cid:7)(cid:23)(cid:26)(cid:7)(cid:25)(cid:27)(cid:21)(cid:7)(cid:24)(cid:21)(cid:26)$(cid:26)(cid:21)(cid:24)(cid:30)(cid:25)(cid:29)(cid:23)(cid:26)(cid:7)(cid:24)(cid:21)(cid:22)(cid:23)(cid:24)(cid:25)(cid:7)
(cid:2)
(cid:11)(cid:22)(cid:29)(cid:26)(cid:29)(cid:23)(cid:26)(cid:7)
(cid:2)
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(cid:3)(cid:10)(cid:8)(cid:3)(cid:8)(cid:2)(cid:29)(cid:30)(cid:2)(cid:31)(cid:7)(cid:10)(cid:3)(cid:2) (cid:30)!"*(cid:2)
(cid:2)
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(cid:11)(cid:15)(cid:20)(cid:14)(cid:14)(cid:10)(cid:3)(cid:18)(cid:2) (cid:10)(cid:11)(cid:4)(cid:2)(cid:18)(cid:3)(cid:11)(cid:11)(cid:10)(cid:15)(cid:10)(cid:2)(cid:29)(cid:30)(cid:30)(cid:27)(cid:2)(cid:15)(cid:9)(cid:2)(cid:11)(cid:4)(cid:3)(cid:2)(cid:23)(cid:15)(cid:13)(cid:14)(cid:15)(cid:13)(cid:5)(cid:11)(cid:10)(cid:15)(cid:10)(cid:18)(cid:2)(cid:27)(cid:11)(cid:11)(cid:2) (cid:30)(cid:30)!*(cid:2)
(cid:2)
(cid:12)(cid:21)!(cid:22)(cid:23)(cid:26)!(cid:29)(cid:27)(cid:29) (cid:29)(cid:25)(cid:29)(cid:21)!(cid:7)
(cid:2)
6(cid:4)(cid:3)(cid:2)(cid:8)(cid:10)(cid:13)(cid:3)(cid:11)(cid:11)(cid:15)(cid:13)(cid:18)(cid:2)(cid:15)(cid:9)(cid:2)(cid:11)(cid:4)(cid:3)(cid:2)(cid:23)(cid:15)(cid:20)(cid:14)(cid:5)(cid:10)(cid:24)(cid:2)(cid:5)(cid:13)(cid:3)(cid:2)(cid:13)(cid:3)(cid:18)(cid:14)(cid:15)(cid:10)(cid:18)(cid:10)+(cid:14)(cid:3)(cid:2)(cid:9)(cid:15)(cid:13)(cid:2)(cid:11)(cid:4)(cid:3)(cid:2)(cid:14)(cid:13)(cid:3)(cid:14)(cid:5)(cid:13)(cid:5)(cid:11)(cid:10)(cid:15)(cid:10)(cid:2)(cid:5)(cid:10)(cid:8)(cid:2)(cid:14)(cid:13)(cid:3)(cid:18)(cid:3)(cid:10)(cid:11)(cid:5)(cid:11)(cid:10)(cid:15)(cid:10)(cid:2)(cid:15)(cid:9)(cid:2)(cid:11)(cid:4)(cid:3)(cid:2)(cid:13)(cid:3)(cid:20)(cid:7)(cid:10)(cid:3)(cid:13)(cid:5)(cid:11)(cid:10)(cid:15)(cid:10)(cid:2)
(cid:13)(cid:3)(cid:14)(cid:15)(cid:13)(cid:11)(cid:2)(cid:10)(cid:10)(cid:2)(cid:5)(cid:11)(cid:11)(cid:15)(cid:13)(cid:8)(cid:5)(cid:10)(cid:11)(cid:3)(cid:2) (cid:10)(cid:11)(cid:4)(cid:2)(cid:18)(cid:3)(cid:11)(cid:11)(cid:10)(cid:15)(cid:10)(cid:2)(cid:29)(cid:30)(cid:30)(cid:27)(cid:2)(cid:15)(cid:9)(cid:2)(cid:11)(cid:4)(cid:3)(cid:2)(cid:23)(cid:15)(cid:13)(cid:14)(cid:15)(cid:13)(cid:5)(cid:11)(cid:10)(cid:15)(cid:10)(cid:18)(cid:2)(cid:27)(cid:11)(cid:11)(cid:2) (cid:30)(cid:30)!*(cid:2)
(cid:2)
*(cid:7)(cid:13)(cid:2)(cid:13)(cid:3)(cid:18)(cid:14)(cid:15)(cid:10)(cid:18)(cid:10)+(cid:10)(cid:14)(cid:10)(cid:11)(cid:24)(cid:2)(cid:10)(cid:18)(cid:2)(cid:11)(cid:15)(cid:2)(cid:3)7(cid:14)(cid:13)(cid:3)(cid:18)(cid:18)(cid:2)(cid:5)(cid:10)(cid:2)(cid:15)(cid:14)(cid:10)(cid:10)(cid:10)(cid:15)(cid:10)(cid:2)(cid:15)(cid:10)(cid:2)(cid:11)(cid:4)(cid:3)(cid:2)(cid:13)(cid:3)(cid:20)(cid:7)(cid:10)(cid:3)(cid:13)(cid:5)(cid:11)(cid:10)(cid:15)(cid:10)(cid:2)(cid:13)(cid:3)(cid:14)(cid:15)(cid:13)(cid:11)(cid:28)(cid:2)+(cid:5)(cid:18)(cid:3)(cid:8)(cid:2)(cid:15)(cid:10)(cid:2)(cid:15)(cid:7)(cid:13)(cid:2)(cid:5)(cid:7)(cid:8)(cid:10)(cid:11)(cid:2)(cid:11)(cid:15)(cid:10)(cid:8)(cid:7)(cid:11)(cid:11)(cid:3)(cid:8)(cid:2)(cid:10)(cid:10)(cid:2)
(cid:5)(cid:11)(cid:11)(cid:15)(cid:13)(cid:8)(cid:5)(cid:10)(cid:11)(cid:3)(cid:2) (cid:10)(cid:11)(cid:4)(cid:2)(cid:27)(cid:7)(cid:18)(cid:11)(cid:13)(cid:5)(cid:14)(cid:10)(cid:5)(cid:10)(cid:2)(cid:27)(cid:7)(cid:8)(cid:10)(cid:11)(cid:10)(cid:10)#(cid:2))(cid:11)(cid:5)(cid:10)(cid:8)(cid:5)(cid:13)(cid:8)(cid:18)*(cid:2)
(cid:2)
.G6(cid:28)/(cid:17)(cid:2))/66-8/(cid:17)-(cid:2)(cid:21)(cid:27)G1-62(cid:2),6H(cid:2)(cid:28)61(cid:2)
(cid:2)
(cid:28)G(cid:23)H(cid:2),(cid:2)(cid:27)(cid:27)(cid:17)18/(cid:17)(cid:2)
1(cid:10)(cid:13)(cid:3)(cid:11)(cid:11)(cid:15)(cid:13)(cid:2)
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,(cid:3)(cid:13)(cid:11)(cid:4)(cid:2)
1(cid:5)(cid:11)(cid:3)’(cid:2)(cid:2)(cid:2)(cid:2)(cid:2) 3(cid:2))(cid:3)(cid:14)(cid:11)(cid:3)(cid:20)+(cid:3)(cid:13)(cid:2) (cid:30)!"(cid:2)
58
Ardea Resources Limited & controlled entities - Annual Report 2018
Shareholder Information
The following additional information was applicable at 9 October 2018
1. Distribution of Fully Paid Ordinary Shareholders is as follows:
Size of Holding Number of Holders Shares Held
%
1 - 1,000 1,755 778,205 0.74
1,001 - 5,000 1,351 3,485,512 3.32
5,001 - 10,000 465 3,602,746 3.43
10,001 - 100,000 688 20,057,550 19.10
100,001 - 110 77,066,400 73.40
4,369 104,990,413 100.00
a) There were 1,422 shareholders who held less than a marketable parcel.
b) 5,050,551 Fully Paid Ordinary Shares have been classified by ASX as restricted until 9 February 2017.
c) The twenty largest shareholders hold 55.44% of the issued fully paid capital of the Company.
2. Substantial Shareholders of Fully Paid Ordinary Shareholders are as follows:
Holder Number of Shares %
Ian Buchhorn and Associates 11,851,440 11.29
B O’Shannassy and Associates 8,926,335 8.50
3. Voting Rights
In accordance with the Company's constitution, voting rights are on the basis of a show of hands, one vote for every
registered holder and on a poll, one vote for each share held by registered holders.
4. Top 20 Shareholders of Fully Paid Ordinary Shares
Number of Shares %
1 Citicorp Nom PL 9,104,183 8.67%
2 Josco PL 6,833,921 6.51%
3 Hazurn PL 6,785,020 6.46%
4 BNP Paribas Nom PL 5,627,574 5.36%
5 J P Morgan Nom Aust Ltd 4,400,595 4.19%
6 Kurana PL 3,197,564 3.05%
7 BNP Paribas Noms PL 2,747,486 2.62%
8 HSBC Custody Nom Aust Ltd 2,384,061 2.27%
Jones Iwan + Joyce C 2,300,000 2.19%
9
10 Spadaro Martin + K 2,288,000 2.18%
11 Merrill Lynch Aust Nom PL 2,257,096 2.15%
12 B & J O'Shannassy Mgnt PL 2,092,414 1.99%
13 Dupuy Olivier + Julie 1,880,000 1.79%
14 Buchhorn Pamela Jean 1,248,244 1.19%
15 Ecapital Nom PL 1,200,123 1.14%
16 Harris Michael Andrew 855,000 0.81%
17 HSBC Custody Nom Aust Ltd 826,363 0.79%
18 Patterson A L + E E 775,270 0.74%
19 Morgan Stanley Aust Sec N 721,668 0.69%
20 Fremont Cat PL 685,243 0.65%
TOTAL 58,209,825 55.44%
Ardea Resources Limited & controlled entities - Annual Report 2018
59
Shareholder Information continued
5. Unlisted Options
Number of Options on Issue Exercise Price Expiry Date No. of Holders
12,310,022 a) 25 cents each 9 February 2020 3
a) The Unlisted Options are subject to ASX restrictions until 9 February 2019. The largest holder is Heron Resources
Limited with 10,000,000 options held.
6. Share Buy-Backs
There is no current on-market buy-back scheme.
7. Business Objectives
Ardea Resources Limited has used cash and cash equivalents held at the time of listing in a way consistent with its
stated business objectives.
8. Stock Exchanges
The Securities of the Company are not quoted on any other stock exchanges.
60
Ardea Resources Limited & controlled entities - Annual Report 2018
Tenement Schedule as at 30 September 2018
Tenement
Location Ardea Interest Status Note Tenement
(%)
Location Ardea Interest Status Note
(%)
Ardea Western Australia Projects
Goongarrie Nickel Cobalt Project
E24/0211 Goongarrie Nickel Cobalt 100% Pending M24/0541 Goongarrie Nickel Cobalt 100% Live
E29/0934 Goongarrie Nickel Cobalt 100% Live M24/0731 Goongarrie Nickel Cobalt 100% Live 3.7
E29/1028 Goongarrie Nickel Cobalt 100% Pending M24/0732 Goongarrie Nickel Cobalt 100% Live 3.7
E29/1038 Goongarrie Nickel Cobalt 100% Pending M24/0744 Goongarrie Nickel Cobalt 100% Live 7
E29/1039 Goongarrie Nickel Cobalt 100% Pending M24/0778 Goongarrie Nickel Cobalt 100% Live 3
E30/0500 Goongarrie Nickel Cobalt 100% Pending M29/0167 Goongarrie Nickel Cobalt 100% Live
E30/0501 Goongarrie Nickel Cobalt 100% Pending M29/0202 Goongarrie Nickel Cobalt 100% Live
E30/0502 Goongarrie Nickel Cobalt 100% Pending M29/0272 Goongarrie Nickel Cobalt 100% Live
G29/0024 Goongarrie Nickel Cobalt 100% Pending M29/0278 Goongarrie Nickel Cobalt 100% Live
L24/0239 Goongarrie Nickel Cobalt 100% Pending M29/0423 Goongarrie Nickel Cobalt 100% Live
L29/0134 Goongarrie Nickel Cobalt 100% Pending M29/0424 Goongarrie Nickel Cobalt 100% Pending
L29/0135 Goongarrie Nickel Cobalt 100% Pending M29/0426 Goongarrie Nickel Cobalt 100% Pending
L30/0067 Goongarrie Nickel Cobalt 100% Pending P29/2265 Goongarrie Nickel Cobalt 100% Live
L30/0068 Goongarrie Nickel Cobalt 100% Pending P24/5260 Goongarrie Nickel Cobalt 100% Pending
P24/5265 Goongarrie Nickel Cobalt 100% Pending
Goongarrie Nickel Cobalt Project Expansion Case
M24/0919 GNCP Expansion Siberia 100% Ni lat Live 10 M24/0797 GNCP Expansion Siberia 100% Ni lat Live 5
M24/0959 GNCP Expansion Siberia 100% Ni lat Live 10 M24/0915 GNCP Expansion Siberia 100% Ni lat Live 5
E29/1045 GNCP Expansion Siberia 100% Pending M24/0916 GNCP Expansion Siberia 100% Ni lat Live 5
E29/1048 GNCP Expansion Siberia 100% Pending P24/5235 GNCP Expansion 100% Pending
M29/0214 GNCP Expansion Highwy 100% Live P24/5236 GNCP Expansion 100% Pending
E24/0203 GNCP Expansion Siberia 100% Ni lat Live 5 P29/2484 GNCP Expansion 100% Pending
E29/0889 GNCP Expansion Siberia 100% Ni lat Live 5 P29/2485 GNCP Expansion 100% Pending
M24/0634 GNCP Expansion Siberia 100% Ni lat Live 1,5 M24/0757 GNCP Expans Black Range 100% Ni lat Live 5
M24/0660 GNCP Expansion Siberia 100% Ni lat Live 5 M24/0973 GNCP Expans Black Range 100% Ni lat Pending 5
M24/0663 GNCP Expansion Siberia 100% Ni lat Live 5 P24/4395 GNCP Expans Black Range 100% Ni lat Live 5
M24/0664 GNCP Expansion Siberia 100% Ni lat Live 5 P24/4396 GNCP Expans Black Range 100% Ni lat Live 5
M24/0665 GNCP Expansion Siberia 100% Ni lat Live 2,5 P24/4400 GNCP Expans Black Range 100% Ni lat Live 5
M24/0683 GNCP Expansion Siberia 100% Ni lat Live 5 P24/4401 GNCP Expans Black Range 100% Ni lat Live 5
M24/0686 GNCP Expansion Siberia 100% Ni lat Live 5 P24/4402 GNCP Expans Black Range 100% Ni lat Live 5
M24/0772 GNCP Expansion Siberia 100% Ni lat Live 5 P24/4403 GNCP Expans Black Range 100% Ni lat Live 5
E29/0941 GNCP Expans Ghost Rock 100% Live
Ardea Resources Limited & controlled entities - Annual Report 2018
61
Tenement Schedule continued
Tenement
Location Ardea Interest Status Note Tenement
(%)
Location Ardea Interest Status Note
(%)
Kalpini Hub GNCP Expansion Case
E27/0524
Kalpini 100% Live M25/0161 Kalpini Bulong 100% Ni lat Live 8
E27/0606
Kalpini 100% Pending M25/0171 Kalpini Bulong 100% Ni lat Live 8
E27/0607
Kalpini 100% Pending M25/0187 Kalpini Boulder Block 100% Live
E28/1224
Kalpini 100% Live M25/0209 Kalpini Bulong 100% Ni lat Live 8
E28/2807
Kalpini 100% Pending P25/2454
Kalpini Bulong 100% Pending
M27/0395 Kalpini 100% Live P25/2455
Kalpini Bulong 100% Pending
M27/0506 Kalpini 100% Pending P25/2456
Kalpini Bulong 100% Pending
M28/0199 Kalpini 100% Live P25/2457
Kalpini Bulong 100% Pending
M28/0201 Kalpini 100% Live P25/2458
Kalpini Bulong 100% Pending
M28/0205 Kalpini 100% Live P25/2459
Kalpini Bulong 100% Pending
E27/0278
Kalpini Pioneer 100% Ni lat Live 9 P25/2460
Kalpini Bulong 100% Pending
E28/1746
Kalpini Pioneer 100% Ni lat Live 9 P25/2461
Kalpini Bulong 100% Pending
E28/2483
Kalpini Pioneer 100% Ni lat Live 9 P25/2482
Kalpini Bulong 100% Pending
M31/0488 Kalpini Lake Rebecca 100% Pending P25/2483
Kalpini Bulong 100% Pending
P31/2038
Kalpini Lake Rebecca 100% Live P25/2484
Kalpini Bulong 100% Pending
P31/2039
Kalpini Lake Rebecca 100% Live P25/2559
Kalpini Bulong 100% Pending
P31/2040
Kalpini Lake Rebecca 100% Live P25/2560
Kalpini Bulong 100% Pending
E25/0578
Kalpini Bulong 100% Pending P25/2561
Kalpini Bulong 100% Pending
M25/0059 Kalpini Bulong 100% Ni lat Live 8 P28/1337
Kalpini Bulong 100% Pending
M25/0134 Kalpini Bulong 100% Ni lat Live 8
M25/0145 Kalpini Bulong 100% Ni lat Live 8
M25/0151 Kalpini Taurus 100% Live
Yerilla Hub GNCP Expansion Case
E39/1954
Yerilla Aubils 100% Live 7 M31/0475 Yerilla Jump-up Dam 100% Live 6
E31/1092
Yerilla Boyce Creek 100% Live 6 M31/0477 Yerilla Jump-up Dam 100% Live 6
E31/1169
Yerilla Boyce Creek 100% Pending M31/0479 Yerilla Jump-up Dam 100% Live 6
M31/0483 Yerilla Boyce Creek 100% Live 6
Mt Zephyr Gold-Nickel
E37/1271 Mt Zephyr 100% Live E39/1706 Mt Zephyr 100% Live
E37/1272 Mt Zephyr 100% Live E39/1757 Mt Zephyr 100% Live
E37/1273 Mt Zephyr 100% Live E39/1854 Darlot East 100% Live
E37/1274 Mt Zephyr 100% Live E39/1985 Darlot East 100% Live
Perrinvale Nickel-Gold
E29/1006
Perrinvale 100 Pending
62
Ardea Resources Limited & controlled entities - Annual Report 2018
Tenement Schedule continued
Tenement
Location Ardea Interest Status Note Tenement
(%)
Location Ardea Interest Status Note
(%)
Bedonia Nickel-Copper-PGM
E63/1827
Bedonia Ni-Cu-PGM 100% Live E63/1856
Jimberlana Ni-Cu-PGM 100% Live
E63/1828
Bedonia Ni-Cu-PGM 100% Live E63/1857
Jimberlana Ni-Cu-PGM 100% Live
Donnelly River Graphite
E70/4804 Donnelly River 100 Pending
WA Regional, Mineral Rights
M15/1101 WA Regional Premption Ni Lat Live 11 M15/1323 WA Regional Premption Ni Lat Live 11
M15/1263 WA Regional Premption Ni Lat Live 11 M15/1338 WA Regional Premption Ni Lat Live 11
M15/1264 WA Regional Premption Ni Lat Live 11 E27/0300 WA Regional 100% Ni lat Live 12
Ardea New South Wales Projects
EL5583
Lewis Ponds 15km E Orange 100% Live 4 EL8555
Calarie 5km N Forbes 100% Live
EL8323
Lewis Ponds 10km NE Orange 100% Live EL8580
Calarie 10km N Forbes 100% Live
EL8556
Copper Hill East NE Orange 100% Live ML0739
Calarie 10km N Forbes 100% Live
EL8554
Wiseman Ck 27km SE Bathurst 100% Live EL8061
Gundagai 5km S Gundagai 100% Live
EL8538
Yeoval 22km SW Wellington 100% Live EL8586
Gundagai 5km N Gundagai 100% Live
EL8532
Mt Aubery 30km NE Parkes 100% Live EL8557
Restdown 62km W of Wyalong 100% Live
Notes:
1.
2.
3.
4.
5.
6.
7.
8.
9.
Britannia Gold Ltd retained precious metal rights.
Impress Ventures Ltd has a 10% equity free-carried interest to a decision to mine.
Placer Dome Australia Limited assignee (Norton Goldfields) retains certain gold claw-back rights.
Finder’s fee to David Timm’s on EL5583 sale transaction or production commencement ($2M cap).
Eastern Goldfields owns gold-silver rights, Ardea owns all non-Au-Ag, in particular Ni-Co-PGM.
Ausjade right to tenement ownership and semi-precious minerals, Ardea owns all non- semi-precious mineral rights, in particular Ni-Co-PGM-Au.
Ausjade right to semi-precious minerals, Ardea owns all non- semi-precious mineral rights, in particular Ni-Co-PGM-Au, Ardea registered holder.
Southern Gold owns gold rights and responsible for tenement management, Ardea 100% Ni-Co laterite rights.
Pioneer-Northern Star owns gold-nickel sulphide rights and responsible for tenement management, Ardea owns 100% Ni-Co laterite rights.
10.
Intermin subsidiary Metaliko as owns gold rights and responsible for tenement management, Ardea owns 100% Ni-Co laterite rights.
11. Ramelius assignee owns all mineral rights, Ardea pre-emptive right to Ni-Co laterite.
12. Pioneer assignee owns all mineral rights, Ardea owns Ni-Co laterite
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63
Glossary
ASIC means Australian Securities and Investments Commission
ASX means ASX Limited (ABN 98 008 624 691) or the Australian Securities Exchange, as appropriate
Australian Registry means Security Transfer Registrars Pty Ltd of 770 Canning Highway, Applecross WA
Ardea or ARL means Ardea Resources Limited (ABN: 30 614 289 342) ARL : ASX is the Ardea code on ASX
Ag means Silver
Au means Gold
Anomaly means a value higher or lower than expected, which outlines a zone of potential exploration interest but not necessarily of commercial significance
Archaean means a period of geological time spanning 3.8 to 2.5 billion years before present
Co means Cobalt
Cu means Copper
Feasibility Study means a study with three progressively more detailed stages:
Scoping Study means a first pass estimate of engineering requirements and costs of a mining operation, processing plant and plant infrastructure. Included in the
cost estimates will be infrastructure, tailings disposal, power supply, and owner's costs. The plant design may change as a result of test-work analysis, optimisation
studies and engineering improvements performed during execution of the follow-up Pre-feasibility Study. Operating and capital cost estimates are to an order of
magnitude accuracy of ± 30%.
Pre-feasibility Study (PFS) means an engineering and cost study of a mining operation, processing plant and plant infrastructure. Included in the cost estimates
will be infrastructure, tailings disposal, power supply, and owner's costs. The plant design may change as a result of test-work analysis, optimisation studies and
engineering improvements performed during execution of the Pre-feasibility Study. Operating and capital cost estimates are to an accuracy of ± 25%.
Definitive Feasibility Study (DFS) means a feasibility study undertaken to a high degree of accuracy which may be used as a basis for raising finance for the
construction of a project. Typically operating and capital cost estimates are to an accuracy of +/- 15-20%. A DFS is the standard of report required by primary debt
funders to demonstrate the technical and commercial viability of a project.
GNCP means Goongarie Nickel Cobalt Project, part of the KNP
KNP means Kalgoorlie Nickel Project, a nickel laterite project located through an arc 30 to 150km north-north west to east of Kalgoorlie
m means metre and km means kilometres
Mt means Million tonnes
Mineralization means in economic geology, the introduction of valuable elements into a rock body
Ni means Nickel
Nickel Laterite means Nickel occurring as an oxidised hydrated iron oxide, ferruginous clay, smectite clay, chlorite and serpentine assemblage overlying weathered
ultramafic rock
Nickel Sulphide means nickel and copper occurring as an un-oxidised sulphide assemblage associated with fresh ultramafic rock
Project means a grouping of prospects within a specific geographic location, often with a common geological setting
Prospect means a target upon which exploration programs are planned or have commenced
Province means a grouping of projects within a geological district defined by a major mineralised crustal structure
RAB means Rotary Air Blast drilling technique in which a sample is returned to surface outside the rod string by compressed air. Sample quality is poor.
RC means Reverse Circulation drilling method employing a rotating or hammering action on a drill bit which returns a sample to the surface inside the rod string by
compressed air. Sample quality is very good, particularly if the drill hole is dry.
Sc means Scandium
V means Vanadium
Reserves or Ore Reserves or Mineral Reserves as defined by JORC Code.
Proven or Proved Ore Reserve means the economically mineable part of a Measured Mineral Resource. It includes diluting materials and allowances for losses
which may occur when the material is mined. Appropriate assessments, which may include Feasibility Studies, have been carried out, and include consideration
of and modification by realistically assumed mining, metallurgical, economic, marketing, legal, environmental, social and governmental factors. These assessments
demonstrate at the time of reporting that extraction could reasonably be justified. The term "economic" implies that extraction of the Ore Reserve has been
established or analytically demonstrated to be viable and justifiable under reasonable investment assumptions.
Probable Ore Reserve is the economically mineable part of an Indicated Mineral Resource.
Resource or Mineral Resource means a Mineral Resource as defined by JORC Cod and is a concentration or occurrence of material of intrinsic economic interest in or
on the earth’s crust in such form, quality and quantity that there are reasonable prospects for eventual economic extraction. Mineral Resources are further sub-divided,
in order of increasing geological confidence, into Inferred, Indicated and Measured categories.
Measured Resource means a ‘Measured Mineral Resource’ is that part of a Mineral Resource for which quantity, grade (or quality), densities, shape and physical
characteristics are estimated with confidence sufficient to allow the application of Modifying Factors to support detailed mine planning and final evaluation of the
economic viability of the deposit. Geological evidence is derived from detailed and reliable exploration, sampling and testing gathered through appropriate techniques
from locations such as outcrops, trenches, pits, workings and drill holes, and is sufficient to confirm geological and grade (or quality) continuity between points of
observation where data and samples are gathered. A Measured Mineral Resource has a higher level of confidence than that applying to either an Indicated Mineral
Resource or an Inferred Mineral Resource. It may be converted to a Proved Ore Reserve or under certain circumstances to a Probable Ore Reserve.
Indicated Resource means an ‘Indicated Mineral Resource’ is that part of a Mineral Resource for which quantity, grade (or quality), densities, shape and physical
characteristics are estimated with sufficient confidence to allow the application of Modifying Factors in sufficient detail to support mine planning and evaluation of
the economic viability of the deposit. Geological evidence is derived from adequately detailed and reliable exploration, sampling and testing gathered through
appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes, and is sufficient to assume geological and grade (or quality)
continuity between points of observation where data and samples are gathered. An Indicated Mineral Resource has a lower level of confidence than that applying
to a Measured Mineral Resource and may only be converted to a Probable Ore Reserve.
Inferred Resource means an ‘Inferred Mineral Resource’ is that part of a Mineral Resource for which quantity and grade (or quality) are estimated on the basis of
limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade (or quality) continuity. It is based on
exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes.
An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to an Ore Reserve.
It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continue exploration.
JORC (2012 edition) means the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves and is a professional code of
practice that sets minimum standards for Public Reporting of minerals Exploration Results, Mineral Resources and Ore Reserves. The JORC Code provides a
mandatory system for the classification of minerals Exploration Results, Mineral Resources and Ore Reserves according to the levels of confidence in geological
knowledge and technical and economic considerations in Public Reports.
64
Ardea Resources Limited & controlled entities - Annual Report 2018
Ardea local presence, global future
Kalgoorlie Office and Team
Goongarrie
Goongarrie
Ardea Resources Limited & controlled entities - Annual Report 2018
65
Supporting local groups