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Major Drilling Group InternationalA N N U A L
R E P O R T
2018
ABN 61 154 262 978
TABLE OF
CONTENTS
Chairman’s Letter to Shareholders
Review of Operations
2018 Mineral Resources &
Ore Reserves Statement
Directors’ Report
1
2
13
17
Auditor’s Independence Declaration 31
Consolidated Statement of Profit
or Loss and Other Comprehensive
Income
Consolidated Statement of
Financial Position
Consolidated Statement of
Changes in Equity
Consolidated Statement of
Cash Flows
32
33
34
35
Notes to the Financial Statements
36
Directors’ Declaration
Independent Auditor’s Report
ASX Additional Information
Tenement Schedule
67
68
72
74
CORPORATE GOVERNANCE
Please refer to the Company’s website
www.daciangold.com.au for the 2018
Corporate Governance Statement and
Policies.
CORPORATE
DIRECTORY
DIRECTORS
Rohan Williams
Barry Patterson
Robert Reynolds
Ian Cochrane
Executive Chairman & CEO
Non-Executive Director
Non-Executive Director
Non-Executive Director
COMPANY SECRETARY
Kevin Hart
REGISTERED OFFICE AND
PRINCIPAL PLACE OF
BUSINESS
Level 2
1 Preston Street
Como WA 6152
AUDITOR
Grant Thornton Audit Pty Ltd
Level 43, Central Park
152-158 St Georges Terrace
Perth WA 6000
SHARE REGISTRY
Computershare Investor Services Pty Ltd
Level 11
172 St Georges Terrace
Perth WA 6000
STOCK EXCHANGE LISTING
The Company’s shares are quoted on the
Australian Securities Exchange. The home
exchange is Perth, Western Australia.
ASX CODE
DCN – Ordinary shares
COMPANY INFORMATION
The Company was incorporated and registered
under the Corporations Act 2001 in Western
Australia on 23 November 2011.
The Company is domiciled in Australia.
CONTACT
Telephone: 08 6323 9000
Facsimile: 08 6323 9099
Email:
Website:
info@daciangold.com.au
www.daciangold.com.au
DACIAN GOLD | ANNUAL REPORT 2018 CHAIRMAN’S LETTER TO SHAREHOLDERS
Dear Fellow Shareholder,
It is with much pleasure that I present to you Dacian Gold’s sixth Annual Report.
It seems each year I write the Chairman’s Letter to Shareholders I start by saying the latest financial year was busier
than the preceding year. And so it was again with FY2018, where the Company made many significant milestones,
none more so than Dacian Gold joining the ranks of the Australian gold producers on 29 March 2018.
Producing the first bar of gold for any aspiring gold company is a very significant achievement. Few companies
get to experience it, and for those of you that have shared the journey from our exploration IPO in late 2012, to
today, where your Company has a Mineral Resource base of over 3.5 million ounces of gold and has just completed
building, on time and on budget, Australia’s largest new gold mine in over 6 years, it has been one of dramatic and
exciting changes from year to year.
In addition to the A$200 million project construction at Mt Morgans, the following pages also detail several other key
advancements the Company has made during the year, including:
• Confirming Cameron Well as a new gold discovery with a maiden Mineral Resource of 245,000 ounces.
Ongoing drilling at Cameron Well throughout the year confirmed the presence of at least four mineralised
bedrock structures beneath the large 6km² surface oxide gold anomaly defined by Dacian over the
previous 18 months. Open-ended intersections like 97m @ 3.1g/t gold and 49.3m @ 2.6g/t gold confirm
the excellent potential Cameron Well has to become the third major gold mining centre at Mt Morgans;
• Significantly improving our understanding of the major Westralia ore deposit, now developing as one of
Western Australia’s largest new underground gold mines. A new Mineral Resource upgraded Measured
and Indicated to almost 1 million ounces at 5.2g/t gold. Following a geological breakthrough, which
confirmed the orientation of high grade trends seen in the mine are likely to continue into areas never
previously drill tested, it provides the Company with an opportunity to grow the resource base beyond the
current 1.5 million ounces;
• A $48M equity capital raising designed to finance both the extinguishment of a life-of-mine royalty at the
Jupiter open pit and bring forward asset value through the drill bit by accelerating exploration efforts at
Cameron Well and Westralia in the next 12-18 months.
The immediate focus of your Company is to continue the ramp-up of gold production at Mt Morgans from the
underground mine at Westralia and the open pit at Jupiter. The effort and expertise to ramp-up the operations from
start-up, to significant levels of steady-state gold production from a new and large underground gold mine with
three production declines; plus commence mining a new and large 1.8km long open pit, all feeding a new 2.5Mtpa
treatment plant cannot be understated.
It is our plan to reach steady-state levels, or Commercial Production, at the end of 2018. We have told the market that
we are targeting our first full year of production in the range of 180,000 – 210,000 ounces, after which we expect
to be producing 200,000 ounces per annum at an average all-in-sustaining-cost of around A$1,000 per ounce. We
believe the Mt Morgans gold field still has outstanding prospectivity and consequently we have a targeted production
life greater than 10 years. The exploration programs outlined above will go a long way to unlocking the ultimate
endowment of the Mt Morgans goldfield and the production levels it can sustain.
Maintaining the very high levels of activity and expertise that mark the achievements of the last 12 months has only
come about through the extraordinary efforts of hundreds of dedicated employees, contractors and consultants.
What Dacian Gold has achieved over the last 12 months is a testament to them, and on behalf of all Shareholders I
would like to say to them very well done and thank you.
Of course none of this happens without the Shareholders. On behalf of the Directors of the Company and all of those
stakeholders who have benefited from working at Mt Morgans, I would like to extend a very warm thank you to all
Shareholders for their continued support and interest in the Company.
Rohan Williams
Executive Chairman
DAC I A N G O L D | ANNUAL REPORT 2018
1
REVIEW OF OPERATIONS
INTRODUCTION AND DACIAN GOLD’S CORPOR ATE OBJECTIVE
Dacian Gold Limited’s Mt Morgans Gold Operation
(MMGO) is located 25km west of Laverton, being
approximately 750km north-east of Perth in Western
Australia (see Figure 1). The MMGO is a 520 km²
tenement package comprising predominantly granted
mining leases. It is situated in the Laverton gold district,
which is known to contain approximately 30 million
ounces of gold, making it the second highest endowed
gold district in Western Australia, behind Kalgoorlie.
The MMGO has been the Company’s sole focus since its
IPO on the ASX in November 2012. In less than six years
since the Company’s IPO, Dacian Gold has advanced the
project towards mid-tier producer status, and following
the 2017 financial year where the Company delivered a
bankable Feasibility Study, the 2018 financial year was
spent realising that value through achievement of the
following key milestones at the MMGO:
• Completed infrastructure construction on time and
on budget, and commenced mining operations;
• Achieved its first gold milestone in March 2018;
• Provided guidance in its first full-year of production
of 180,000-210,000 ounces in FY2019;
• Developed a newly formed geological interpretation
•
at Westralia;
Increased Measured and Indicated Resources at
Westralia, and updated total Mineral Resource for the
MMGO;
• Released a maiden resource of 245,000 ounces at its
potential third mining centre, Cameron Well; and
• Raised $48 million in equity funding to advance an
accelerated exploration program at Cameron Well
and Westralia.
Each of the key achievements completed during FY2018
is described in more detail in the following pages under
the headings: Mt Morgans Gold Operation and Mine
Development; Maiden Production Guidance of 180,000-
210,000 ounces in FY2019; July 2018 Equity Financing;
and Exploration, Drilling and Mineral Resources. Also
included in this Annual Report is an updated Mineral
Resource and Ore Reserve statement.
is to become
Dacian Gold’s corporate objective
through
Australia’s next mid-tier gold producer
successfully executing the ramp-up of the MMGO
towards steady-state production rates of +200,000
ounces per annum over a mine life in excess of 10
years. Coupled with a strong focus on exploration, the
Company intends to test its belief that the potential
undiscovered gold endowment of its gold field is
significant.
Figure 1 Location of Dacian Gold’s Mt Morgans Gold Operation
area in Western Australia
Figure 2 Location map showing Dacian Gold’s 100%-owned MMGO tenure
(orange), including the Westralia, Jupiter and Cameron Well Deposits. Also
shown is the location of key infrastructure, as well as proximal multi-million
ounce gold deposits.
2
DAC I A N G O L D | ANNUAL REPORT 2018
REVIEW OF OPERATIONS
MT MORGANS GOLD OPER ATION AND MINE DE VELOPMENT
2.5Mtpa CIL Treatment Plant
During financial year 2018, construction of the MMGO
2.5Mtpa CIL
treatment facility was successfully
completed and commissioned, culminating in the mine
achieving its first gold pour milestone on 29 March 2018.
Associated infrastructure including the tailings storage
facility, the permanent power station, the main site
administration complex and the Jupiter mine workshop
were also completed. The construction, together with
underground and open pit development, was completed
on time and on budget, at a total capital cost of $200
million. The treatment plant component was completed
by GR Engineering Services.
Figure 3 Aerial view of the 2.5Mtpa treatment facility at MMGO
Figure 4 SAG mill and ball mill assembly with CIL tanks of the new 2.5Mtpa treatment plant at MMGO.
Note the treatment plant ponds and power station behind the mills and tanks.`
DAC I A N G O L D | ANNUAL REPORT 2018
3
REVIEW OF OPERATIONS
MT MORGANS GOLD OPER ATION AND MINE DE VELOPMENT
Jupiter Mine Area
The Jupiter mine area is located adjacent the MMGO
treatment facility. The mine commenced open pit mining
operations during the year following clearing and grade
control activities with Heffernans the primary source of
ore mining. The open pit mine has advanced strongly
through the year, now operating near steady state levels
of 5,000 ore tonnes per day.
During the year, the Jupiter open pit mining contract was
awarded to Macmahon Contractors Pty Ltd (Refer ASX
release, 1 December 2017). The award of this major
mining contract followed the award of the Westralia
underground mining contract to RUC Cementation
Mining Contractors Pty Ltd last year (Refer ASX release,
13 April 2017). All material mining contracts have now
been awarded.
Figure 5 Aerial view of mining operations at the Jupiter mine area. The foreground is current activities at
Heffernans open pit while the past-producing Doublejay pit is in the background.
Westralia Mine Area
The Westralia mine area is located immediately below
the Westralia open pit from which the access portals
to the Beresford and Allanson underground mines
are located. At the time of this report, underground
mining activities have progressed towards steady-state
run rates with stoping and development occurring at
Beresford South and North mines, with Allanson decline
development underway. Stoping at Allanson is planned
to commence later in calendar year 2018.
4
DAC I A N G O L D | ANNUAL REPORT 2018
REVIEW OF OPERATIONS
MT MORGANS GOLD OPER ATION AND MINE DE VELOPMENT
Figure 6 High-grade 33 g/t ore heading at Beresford South
Figure 7 Good stoping conditions at Beresford South
DAC I A N G O L D | ANNUAL REPORT 2018
5
REVIEW OF OPERATIONS
MT MORGANS GOLD OPER ATION AND MINE DE VELOPMENT
Figure 8 Mine plan layout of the Beresford (left hand side of image) and Allanson (right hand side of image) underground mines below the
Westralia open pit. The blue shading represents the underground Ore Reserve, totalling 493,000oz and the green shading is potential
underground mining associated with Inferred Mineral Resources considered in the Westralia PFS (Refer ASX release, 21 November 2016).
6
DAC I A N G O L D | ANNUAL REPORT 2018
REVIEW OF OPERATIONS
MAIDEN PRODUCTION GUIDANCE OF 180,000-210,000 OUNCES
FOR F Y2019
During the year, the Company announced its maiden
production guidance for FY2018 and FY2019. For
FY2018, 30,000‐40,000 ounces was guided which was
MMGO’s first quarter of its ramp‐up phase. In July 2018,
the Company reported actual production of 34,155
ounces (Refer ASX release, 6 July 2018), an excellent
result and within the aforementioned guidance.
For FY2019, the Company has guided for 180,000‐
210,000 ounces, consistent with the Company’s stated
goal of becoming a +10 year, +200,000oz per year gold
producer. The guidance allows for a conservative 6‐9
month ramp‐up period during calendar year 2018 at
MMGO and incorporates the following:
• the Jupiter open pit to reach a steady‐state production
of 5,000 tonnes of ore per day with open pit ores the
primary source of feed in the initial quarters until
underground tonnages increase during FY2019;
• the Beresford and Allanson underground mines
to reach steady‐state operations of a combined
3,000 tonnes of ore mined per day. Steady‐state ore
JULY 2018 EQUIT Y FINANCING
In July, the Company successfully completed an
Institutional Placement for $40 million (Refer ASX
release, 11 July 2018) and a Shareholder Purchase
Plan for $8.3 million (before costs) (Refer ASX release,
28 August 2018) with the proceeds earmarked to fund
accelerated exploration programs at Westralia and
Cameron Well and extinguish a Jupiter life of mine
royalty obligation.
The accelerated exploration programs at both Westralia
and Cameron Well (and referred to in below sections)
are designed to bring forward asset value by focusing on
the down plunge extension at Westralia and potentially
unlocking Cameron Well as a third mining hub at
development of approximately 1,000 tonnes per day
and stoping of approximately 2,000 tonnes of ore per
day is the designed combined production rate from
the underground mines. The underground operations
continue to build in line with expectations through
2018 and are set to underpin the MMGO 2HFY2019
weighted production as higher‐grade underground
ore increases the contribution to production;
• throughput, reagent consumption and recovery
optimisations for the new 2.5Mtpa treatment plant;
and
• to provide a meaningful period for grade reconciliation
analysis.
As noted above, FY2019 production guidance
is
it
expected to be 2HFY2019 weighted, however,
excludes any incremental production from a potential
third mining centre at MMGO, being Cameron Well.
MMGO. The objective for the Company is to test across
MMGO’s extensive tenement position the collective
potential to increase mine life and/or production rates
at the operation.
The removal of the Jupiter life of mine royalty for $12
million unencumbers the mine of an additional royalty
cost.
The Institutional Placement saw approximately 17.9
million new shares issued at A$2.70 per share to a broad
range of new institutional funds and existing holders as
well as several new offshore investors.
DAC I A N G O L D | ANNUAL REPORT 2018
7
REVIEW OF OPERATIONS
E XPLOR ATION, DRILLING AND MINER AL RESOURCES
Cameron Well Exploration Activity
The Company first commenced exploration at
Cameron Well in September 2016 with wide‐spaced
reconnaissance RAB and aircore drilling. Follow‐up infill
drilling led to the delineation of a large and coherent
oxide gold anomaly over an area measuring 6km² in
size (Refer ASX release, 21 June 2017). An outcropping
syenite body with an associated 1.1km diameter
magnetic anomaly (called the Cameron Well Syenite
Complex) underlies part of the oxide gold anomaly.
The Company announced numerous high‐grade results
from a 312 RC drill hole oxide Mineral Resource drilling
campaign within the Cameron Well Syenite Complex
(Refer ASX releases, 14 February 2018 and 22 May
2018). Many of these intersections are shown in Figure
9 below.
Figure 9 Plan showing the Mineral Resource classification at Cameron Well underlying RC and diamond infill drilling results
(Refer ASX releases, 22 May 2018 and 9 July 2018).
The Company has also drilled 16 diamond drill holes
within the Cameron Well Syenite Complex testing for
mineralised bedrock structures below certain areas of
the oxide gold anomaly. Better intersections from this
reconnaissance diamond drilling include 2.3m @ 311.3
g/t gold from 140m (Refer ASX release, 8 August 2017).
Combining the results from the 16 reconnaissance
diamond drill holes and several of the RC drill holes
has confirmed the presence of at least four mineralised
bedrock structures within the Cameron Well Syenite
Complex (Refer ASX releases, 14 February 2018 and 22
May 2018).
Importantly, each of the four confirmed mineralised
bedrock structures has a different orientation:
1. Steep‐dipping, north‐west striking;
2. Shallow dipping to north‐west, north‐east striking;
3. Sub‐vertical, north‐south striking; and
4. Shallow east‐north‐east dipping, north‐north‐west
striking.
8
DAC I A N G O L D | ANNUAL REPORT 2018
REVIEW OF OPERATIONS
E XPLOR ATION, DRILLING AND MINER AL RESOURCES
The Company is highly encouraged that it has identified
four separate and differently oriented primary gold
lodes in the bedrock below the oxide mineralisation. As
such, an array of mineralised lodes is a strong indication
of a significant mineralised system at Cameron Well.
During the year the Company reported its thickest high-
grade intersection yet from Cameron Well with 97m @
3.1 g/t gold which was drilled to infill to 20m spacing,
two previously reported intersections drilled 40m apart,
being:
• 74m @ 1.0 g/t gold from 86m in 17CWRC0118, and
• 24m @ 5.3 g/t gold from 62m in 18CWRC0315 (Refer
ASX release, 22 May 2018)
Also reported was 49.3m @ 2.6 g/t gold intersection
from a diamond drill hole that was drilled in an opposite
direction to the hole that intersected 97m @ 3.1 g/t
gold. The two new intersections referred to above were
designed to test one of the four known mineralised
bedrock structures.
Figure 10 shows the location of the two thick and high‐
grade intersections lying on the northern margin of the
circular Cameron Well Syenite Complex.
RC drill hole 18CWRC0374 intersected 97m @ 3.1 g/t
gold from 59m down hole. The intersection comprised
the following continuous sections:
• 12m @ 3.4 g/t gold as oxide mineralisation from 59m;
• 29m @ 3.3 g/t gold as ‘transitional’ or weathered
mineralisation from 71m; and
• 56m @ 2.9 g/t gold as fresh or bedrock mineralisation
from 100m. The drill hole ended in an 8m run
averaging 4.8 g/t gold.
Diamond drill hole 18CWDD0037
following mineralised sections:
intersected the
• 5.3m @ 1.0 g/t gold as oxide mineralisation from
58.5m;
• 13.2m @ 0.7 g/t gold as ‘transitional’ or weathered
mineralisation from 76.8m; and
• 49.3m @ 2.6 g/t gold as bedrock mineralisation from
96.2m including 24m @ 4.3 g/t gold.
Figure 10 is cross section 6818680N that shows the
location of the new intersections are part of a broad and
highly mineralised oxide anomaly.
All drilling referred to above was included within the
maiden Resource estimate for Cameron Well (see
following section).
Figure 10 Cross Section 6818680N through the northern margin of the Cameron Well Syenite Complex showing thick high grade mineralisation
developed over a steeply east‐dipping bedrock structure (refer to Figure 9 for section line). Note the flat blankets of oxide gold mineralisation
developed over 500m, which is supergene or oxide gold development as commonly observed in the Eastern Goldfields of Western Australia.
DAC I A N G O L D | ANNUAL REPORT 2018
9
REVIEW OF OPERATIONS
E XPLOR ATION, DRILLING AND MINER AL RESOURCES
Cameron Well Maiden Resource Estimate
The maiden Mineral Resource estimate at Cameron
Well reporting above a 0.4g/t cut‐off grade, is:
6.3M tonnes at 1.2g/t gold for 245,000 ounces.
Table 1 below shows the breakdown of the Cameron
Well Mineral Resource and Figure 9 is a plan view
showing the classification location of the Indicated and
Inferred Mineral Resource outlines.
Over 70% of the ounces from the total Mineral Resource
estimate at Cameron Well lies within 100m of the
surface, with limited drilling testing below this level.
The Cameron Well Deposit has an Indicated Mineral
Resource estimate of 3.5M tonnes @ 1.1g/t gold
for 117,000 ounces, which will underpin the maiden
Cameron Well Ore Reserve due for release later in 2018.
Based on the following observations at Cameron Well,
the Company is confident that with ongoing drilling there
is excellent potential for the discovery of additional
Mineral Resources:
• Large areas of the significant 6km² oxide gold
anomaly at Cameron Well still require RC drill testing;
and
• Despite the general paucity of bedrock drill testing at
Cameron Well, there has been the early identification
of at least four bedrock mineralised structures.
The Company plans to commit $12 million of the recent
equity raising of $48 million to aggressively pursue
Mineral Resource growth at Cameron Well over the next
12‐18 months.
Type
Alluvial
Oxide
Saprolite
Saprock
Fresh
Total
Indicated
Inferred
Total
Tonnes
t
141,000
449,000
728,000
1,527,000
619,000
3,465,000
Au
g/t
0.6
1.1
0.9
0.9
1.7
1.1
Au
ounces
Tonnes
t
3,000
16,000
20,000
45,000
33,000
115,000
450,000
581,000
907,000
756,000
117,000
2,808,000
Au
g/t
1.0
1.2
1.1
1.0
2.3
1.4
Au
ounces
Tonnes
t
4,000
18,000
255,000
900,000
21,000
1,309,000
29,000
2,434,000
57,000
1,375,000
129,000
6,273,000
Au
g/t
0.8
1.2
1.0
1.0
2.0
1.2
Au
ounces
7,000
34,000
42,000
74,000
90,000
245,000
Table 1 Cameron Well Maiden Mineral Resource – 31 July 2018 (0.4g/t Au Cut-off)
Westralia Exploration Activity
Over the last six years, the Company has undertaken a
significant body of work to determine the key controls
to the high‐grade mineralisation observed at Westralia.
During this period, and by using a combination of the
following, the Company has confirmed its understanding
of the control of high‐grade gold mineralisation at
Westralia:
• Careful geological documentation of the underground
geology observed from mining the mineralised
banded iron formation (BIF) at Beresford South;
• The results and information collected from 400
close‐spaced underground diamond drill holes drilled
by the Company and used for grade control ahead of
mining at Beresford South;
• Historic mining records associated with the early
mining at Westralia;
• Geological
and
documentation
structural
interpretation of over 125,000m of diamond drilling
(296 surface drill holes) completed by Dacian Gold
since 2013 targeting the infill and extensions of
the Beresford South, Beresford North and Allanson
Mineral Resources; and
• Using the above data, interpreting the 3‐dimensional
structural architecture of the large Westralia ore
system.
Importantly, this new development has provided the
Company with an improved understanding of the likely
strike and depth extensions of the larger Westralia
mineralised system into large tracts of the ore‐hosting
BIF stratigraphy that has never previously been drilled.
10
DAC I A N G O L D | ANNUAL REPORT 2018
REVIEW OF OPERATIONS
E XPLOR ATION, DRILLING AND MINER AL RESOURCES
Figure 11 below is a long section spanning what the
Company now refers to as the 5km long Westralia
Ore System. Over 3km of the Westralia ore system
comprises known mines and existing Ore Reserves
and Mineral Resources, including that of Beresford
Underground, Westralia Pit, Allanson Underground and
Morgans North Pit. The known pre‐mined endowment
of this 3km strike of mineralisation at Westralia is over
2.5 million ounces to an average vertical depth of only
450m.
The key geological elements to understanding the 5km
long Westralia Ore System are (Refer ASX release, 25
June 2018):
• The high‐grade trends of steep, south‐plunging and
flat, north‐plunging shoots;
• The Celia Tectonic Zone (CTZ); and
• The undrilled BIF stratigraphy that is interpreted to
contain the extensions of the high grade shoot trends
referred above (pink areas shown in Figure 11).
By combining the recently understood importance of
the major offsetting structure below Westralia (CTZ)
with the confirmed high‐grade shoot trends above it,
the Company now has identified clear and exciting new
target areas to test for extensions of the Westralia Ore
System into areas not previously drilled.
Figure 11 The 5km long section of the mineralised Westralia Ore System. The Celia Tectonic Zone is interpreted to be the principal controlling
structure above which the BIF is developed and mineralised according to steep, south‐ plunging and flat, north‐plunging high‐grade shoot domains.
Shown from left to right are the known ore deposits of Beresford Underground, Westralia Pit, Allanson Underground and Morgans North Pit; all
controlled by the high‐grade shoots and their intersections. The areas to the south (left) of Beresford Underground and north (right) of Allanson
Underground and Morgans North Pit (all shaded pink); and above the Celia Tectonic Zone, represent the large tracts of highly prospective BIF where
Dacian Gold has interpreted the undrilled extensions of the Westralia Ore System lie. Red dots are drill intersection pierce-points that intersect
>10g/t gold, yellow 4-lOg/t gold and blue 2-4g/t gold.
DAC I A N G O L D | ANNUAL REPORT 2018
11
REVIEW OF OPERATIONS
E XPLOR ATION, DRILLING AND MINER AL RESOURCES
Westralia Updated Resource Estimate
The updated Westralia Mineral Resource estimate as at 31 July 2018 is shown below as Table 2.
Mine
Area
Beresford
South
Beresford
North
Allanson
Morgans
North
Measured
Indicated
Inferred
Tonnes
t
Au
g/t
Au
Ounces
Tonnes
t
Au
g/t
Au
Ounces
Tonnes
t
Au
g/t
Au
Ounces
Tonnes
t
Total
Au
g/t
Au
Ounces
817,000 5.2
137,000
1,775,000 5.3
304,000
243,000 4.8
38,000
2,835,000 5.3
479,000
451,000 5.4
79,000
1,442,000 4.0
186,000
3,182,000 3.4
350,000
5,075,000 3.8
615,000
1,181,000 6.5
248,000
439,000 7.5
105,000
1,619,000 6.8
353,000
36,000 4.9
6,000
265,000 3.6
30,000
154,000 7.0
35,000
455,000 4.8
71,000
Total
1,304,000 5.3
222,000 4,662,000 5.1
767,000 4,018,000 4.1
528,000 9,985,000 4.7
1,518,000
Table 2 Westralia Mineral Resource, 31 July 2018 (2.0g/t Au Cut-off)
Figure 12 is a long section of the Westralia gold
deposit showing the classification of the 1.52 million
ounce Mineral Resource. Significantly, the deposit is
continuously mineralised over a near‐surface strike
distance of 3km, with little corresponding drill testing
at depth.
Figure 12 Long section showing the Mineral Resource classification of the 3km of continuous mineralisation at Westralia
12
DAC I A N G O L D | ANNUAL REPORT 2018
2018 MINERAL RESOURCES AND
ORE RESERVES STATEMENT
Cut-off
Grade
Measured
Indicated
Inferred
Total Mineral Resource
Au
g/t
Tonnes
t
Au
g/t
Au
Oz
Tonnes
t
Au
g/t
Au
Oz
Tonnes
t
Au
g/t
Au
Oz
Tonnes
t
Au
g/t
Au
Oz
1,304,000 5.3
222,000
4,662,000 5.1
767,000
4,018,000 4.1
528,000
9,985,000 4.7
1,518,000
2,363,000 1.3
101,000 21,979,000 1.3
954,000
5,353,000 1.1
188,000 29,695,000 1.3
1,242,000
-
-
-
3,494,000 0.5
58,000
-
-
-
-
-
-
525,000 2.0
34,000
525,000 2.0
34,000
-
-
-
3,494,000 0.5
58,000
-
-
-
3,465,000 1.1
117,000
2,808,000 1.4
127,000
6,273,000 1.2
245,000
367,000 5.8
68,000
404,000 5.3
69,000
482,000 4.7
73,000
1,253,000 5.2
210,000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
160,000 4.1
21,000
422,000 4.0
55,000
582,000 4.1
413,000 1.2
16,000
309,000 0.9
9,000
722,000 1.1
69,000 8.2
18,000
120,000 7.1
27,000
189,000 7.5
-
-
-
532,000 2.0
33,000
532,000 2.0
76,000
25,000
46,000
33,000
151,000 0.9
4,000
-
-
-
1,276,000 0.7
30,000
-
-
-
-
-
-
1,276,000 0.7
30,000
151,000 0.9
4,000
Deposit
Westralia
Jupiter
Jupiter UG
Jupiter LG
Stockpile
Cameron
Well
Transvaal
Ramornie
Maxwells
Craic*
King St*
Low Grade
Stockpiles
Mine
Stockpiles
Total
2.0
0.5
1.5
0.5
0.4
2.0
2.0
0.5
2.0
0.5
0.5
0.5
7,678,000 1.8
453,000
1.9
1,992,000
2.3
1,075,000
2.0
3,520,000
*JORC (2004)
Table 3 Mt Morgans Gold Operation Mineral Resources as at 31 July 2018
Total Mineral Resources stated in the 2017 Mineral
Resources and Ore Reserves Statement (MROR)
for MMGO was 44,688,000 tonnes at 2.3 g/t Au for
3,315,000 ounces (refer 2017 Annual Report).
The changes between the 2017 and 2018 MROR
statement were due to revised Mineral Resource
estimates occurring at the Company’s 100% owned
Westralia, Jupiter and Ramornie; and the maiden Mineral
Resource estimates for Cameron Well, Maxwells, Mine
and Low Grade stockpiles.
The Westralia Mineral Resource was updated from
8,626,000t at 5.8 g/t Au for 1,621,000 ounces, to
9,985,000t at 4.7 g/t Au for 1,518,000 ounces (Refer
ASX release, 6 August 2018).
The Jupiter Mineral Resource was updated from
29,623,000t at 1.3g/t Au for 1,257,000 ounces, to
29,695,000t at 1.3 g/t Au for 1,242,000 ounces (open
pit) and 530,000t at 2.0 g/t Au for 34,000 ounces to
525,000t at 2.0 g/t Au for 34,000 ounces (underground).
This Mineral Resource for Jupiter includes a split of
open pit and underground resources reported (Refer
ASX release, 6 August 2018).
increased from
The Ramornie Mineral Resource
442,000t at 4.0 g/t Au for 57,000 ounces, to 582,000t
at 4.1 g/t Au for 76,000 ounces (Refer ASX release, 6
August 2018).
The maiden Cameron Well Mineral Resource was
estimated at 6,273,000t at 1.2 g/t Au for 245,000 ounces
(Refer ASX release, 6 August 2018).
The maiden Maxwells Mineral Resource was estimated
at 722,000t at 1.1 g/t Au for 25,000 ounces (Refer ASX
release, 6 August 2018).
The MROR includes the addition of Mineral Resources
for Low Grade stockpiles of 1,276,000t at 0.7 g/t Au for
30,000 ounces and Mine Stockpiles of 151,000t at 0.9
g/t Au for 4,000 ounces (Refer ASX release, 6 August
2018).
There is no change to the previously reported Mineral
Resources for the King Street, Craic, Jupiter LG stockpile
and Transvaal deposits.
Since 30 June 2018, the Mineral Resource estimates for
MMGO have increased from 44,688,000 tonnes at 2.3
g/t Au for 3,315,000 ounces to 54,676,000 tonnes at 2.0
g/t Au for 3,520,000 ounces (Table 3) due to revisions of
Mineral Resource estimates occurring at the Company’s
100% owned Westralia, Jupiter and Ramornie; and the
maiden Mineral Resource estimates for Cameron Well,
Maxwells, Mine and Low Grade stockpiles (Refer ASX
release, 6 August 2018).
Total Mineral Resources stated in the 2018 MROR
for MMGO was 54,700,000 tonnes at 2.0 g/t Au for
3,520,000 ounces (Refer ASX release, 6 August 2018).
DAC I A N G O L D | ANNUAL REPORT 2018
13
2018 MINERAL RESOURCES AND
ORE RESERVES STATEMENT
There has been no change to the previously reported
Ore Reserve (Table 4) for MMGO since the 2017 MROR
Statement.
The Company expects to update the MMGO Ore Reserve
in late 2018.
Cut off
Grade
Au
g/t
2.0
2.0
2.0
0.5
Proved
Probable
Tonnes
t
Au
g/t
Au
oz
Tonnes
t
Au
g/t
Au
oz
Tonnes
t
Total
Au
g/t
Au
oz
50,000
4.9
8,000
2,383,000
4.2
323,000
2,433,000
4.2
331,000
-
-
-
882,000
5.7
162,000
882,000
5.7
162,000
193,000
4.7
29,000
325,000
3.4
36,000
518,000
3.9
65,000
867,000
1.7
48,000
13,884,000
1.3
595,000
14,751,000
1.4
643,000
1,110,000
2.4
85,000 17,475,000
2.0
1,115,000 18,585,000
2.0
1,200,000
Table 4 Mt Morgans Gold Operation Ore Reserves as at 30 June 2017
Deposit
Beresford UG
Allanson UG
Transvaal UG
Jupiter OP
Initial Ore
Reserve
Governance
Dacian Gold maintains strong governance and internal
controls in respect of its estimates of Mineral Resources
and Ore Reserves and the estimation process.
Dacian Gold ensures its sampling techniques, data
collection, data veracity and the application of the
collected data is at a high level of industry standard.
Contract RC and diamond drilling with QA/QC controls
approved by Dacian Gold, are used routinely. All
completed holes are subject to downhole gyro or EMS
surveys and collar coordinates surveyed with DGPS.
All drill holes are logged by Dacian Gold geologists.
Diamond core is oriented and photographed. Dacian
Gold employs field QC procedures, including addition
of standards, blanks and duplicates ahead of assaying
which is undertaken using industry standards including
fire assay at Intertek and Bureau Veritas laboratories in
Perth and Kalgoorlie.
Assay data is continually validated and stored in
DataShed. Geological models and wireframes are
built using careful geological documentation and
interpretations, all of which are validated by peer review.
Resource estimation is undertaken by independent
consultants and reported under JORC 2012. Estimation
techniques are industry standard and include block
modelling using Ordinary Kriging. Application of other
parameters including cut off grades, top cuts and
classification are all dependent on the style and nature
of mineralisation being assessed.
Ore Reserve estimation is overseen by in-house mining
engineers using third party consultants to complete
feasibility studies in mining, metallurgical, geotechnical,
environmental and social matters. Results are verified
independent third party ore reserve specialist
by
consultancies.
14
DAC I A N G O L D | ANNUAL REPORT 2018
2018 MINERAL RESOURCES AND
ORE RESERVES STATEMENT
Competent Person Statement
Exploration
The information in this report that relates to Exploration
Results is based on information compiled by Mr
Rohan Williams who is a Member of the Australasian
Institute of Mining and Metallurgy. Mr Williams holds
shares and options in, and is a director and full time
employee of, Dacian Gold Limited. Mr Williams has
sufficient experience which is relevant to the style
of mineralisation under consideration 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 Williams
consents to the inclusion in the report of the matters
based on the information compiled by him, in the form
and context in which it appears.
Mineral Resources
The information in this report that relates to Mineral
Resources
for Westralia, Jupiter, Cameron Well,
Ramornie, Mine and Low Grade Stockpiles (Refer ASX
release, 6 August 2018), and Transvaal (Refer ASX
release, 16 September 2015) is based on information
compiled by Mr Shaun Searle who is a Member of
the Australian Institute of Geoscientists and a full‐
time employee of Ashmore Advisory. Mr Searle 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. Mr Searle
consents to the inclusion in the report of the matters
based on his information in the form and context in
which it appears.
The information in this report that relates to Mineral
Resources for Craic and King Street is based on
information compiled by Mr Rohan Williams, who is a
Member of The Australasian Institute of Mining and
Metallurgy. Mr Williams holds shares and options
in, and is a Director and full time employee of Dacian
Gold Ltd. Mr Williams 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 2004 Edition of the Australasian Code for
Reporting of Exploration Results, Mineral Resources and
Ore Reserves. Mr Williams consents to the inclusion in
the report of the matters based on his information in the
form and context in which it appears.
Where the Company refers to the Mineral Resources
and Ore Reserves in this report (referencing previous
releases made to the ASX), it confirms that it is not
aware of any new information or data that materially
affects the information included in that announcement
and all material assumptions and technical parameters
underpinning the Mineral Resource estimate and Ore
Reserve estimate with that announcement continue to
apply and have not materially changed. The Company
confirms that the form and context in which the
Competent Persons’ findings are presented have not
materially changed from the original announcement.
All information relating to Mineral Resources and Ore
Reserves (other than the King Street and Craic) were
prepared and disclosed under the JORC Code 2012.
The JORC Code 2004 King Street and Craic Mineral
Resource has not been updated since to comply with
the JORC Code 2012 on the basis that the information
has not materially changed since it was last updated.
DAC I A N G O L D | ANNUAL REPORT 2018
15
2018 MINERAL RESOURCES AND
ORE RESERVES STATEMENT
Ore Reserves
The information in this report that relates to Ore
Reserves for the Westralia Mining Area and Transvaal
Mining Area (Refer ASX release, 21 November 2016)
is based on information compiled or reviewed by Mr
Matthew Keenan and Mr Shane McLeay. Messrs Keenan
and McLeay have confirmed that they have read and
understood the requirements of the 2012 Edition of the
Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves (JORC Code 2012
Edition). They are Competent Persons as defined
by the JORC Code 2012 Edition, having more than
five years’ experience which is relevant to the style of
mineralisation and type of deposit under consideration
and to the activity for which they are accepting
responsibility. Messrs Keenan and McLeay are both
Members of The Australasian Institute of Mining and
Metallurgy and full time employees of Entech Pty Ltd
and consent to the inclusion in the report of the matters
based on information in the form and context in which
it appears.
The information in this report that relates to Ore
Reserves for the Jupiter Mining Area (Refer ASX release,
21 November 2016) is based on information compiled
or reviewed by Mr Ross Cheyne. Mr Cheyne confirmed
that he has read and understood the requirements of
the 2012 Edition of the Australasian Code for Reporting
of Exploration Results, Mineral Resources and Ore
Reserves (JORC Code 2012 Edition). He is a Competent
Person as defined by the JORC Code 2012 Edition,
having more than five years of experience which is
relevant to the style of mineralisation and type of deposit
under consideration and to the activity for which he is
accepting responsibility. Mr Cheyne is a Fellow of The
Australasian Institute of Mining and Metallurgy and a
full-time employee of Orelogy Consulting Pty Ltd and
consents to the inclusion in the report of the matters
based on his information in the form and context in
which it appears.
16
DAC I A N G O L D | ANNUAL REPORT 2018
DIRECTORS’ REPORT
The Directors present the financial statements of Dacian Gold Limited (“the Company”) and its controlled subsidiaries
(“the Group”) for the year ended 30 June 2018. In order to comply with the provisions of the Corporations Act 2001,
the Directors’ Report is as follows:
DIRECTORS
The following persons were Directors of Dacian Gold Limited during or since the end of the year and up to the date
of this report, were in office for this entire period unless stated otherwise:
Rohan Williams BSc (Hons), MAusIMM
(Executive Chairman & CEO)
Mr Williams was founding CEO and Managing Director of Avoca Resources Ltd, and led
that company from its $7 million exploration IPO in 2002 until its merger with Anatolia
Minerals in 2011 to form Alacer Gold Corp, which valued Avoca at $1 billion. At the time of
the merger, Avoca Resources Ltd was the third largest ASX listed Australian gold producer.
Serving as the merged group’s Chief Strategic Officer until the end of 2011, Mr Williams resigned as a Non-Executive
Director of Alacer Gold Corp on 10 September 2013.
Prior to his time with Avoca Resources Ltd, Mr Williams worked with WMC Resources Limited where he held Chief
Geologist positions at St Ives Gold Mines and the Norseman Gold Operation. He has 30 years of experience,
including over 19 years in the world class Kalgoorlie-Norseman gold belt.
Mr Williams also serves on the Board of the Telethon Kids Institute.
On 14 March 2014, Mr Williams became Executive Chairman of the Company. Prior to this date, Mr Williams
undertook the Chairman’s role on a Non-Executive basis.
Other than as stated above, Mr Williams has not served as a Director of any other listed companies in the three years
immediately before the end of 2018 financial year.
Robert Reynolds MAICD, MAusIMM
(Non‐Executive Director)
Mr Reynolds was the Non-Executive Chairman of Avoca Resources Ltd from 2002 until it
merged with Anatolia Minerals to form Alacer Gold Corp in 2011. Mr Reynolds was Non-
Executive Chairman of Alacer Gold Corp until 23 August 2011.
With over 40 years’ commercial experience in the mining sector, Mr Reynolds has worked
on mining projects in a number of locations including Australia, Africa and across the Oceania region and has
extensive experience in mineral exploration, development and mining operations.
Mr Reynolds was a long term Director of Delta Gold Limited and was a Director of Extorre Gold Mines Limited when
it was acquired by Yamana Gold for CAD$414 million on 22 August 2012. Mr Reynolds was also previously a Director
of Canadian company Exeter Resource Corporation when it was acquired by Goldcorp Inc. on 2 August 2017 for
CAD$184 million. Mr Reynolds currently holds a Directorship with Canadian company Rugby Mining Limited. Mr
Reynolds was previously a Director of ASX listed companies Chesser Resources, Convergent Minerals Limited and
Global Geoscience Limited.
Other than as stated above, Mr Reynolds has not served as a Director of any other listed companies in the three
years immediately before the end of 2018 financial year.
DAC I A N G O L D | ANNUAL REPORT 2018
17
DIRECTORS’ REPORT
DIRECTORS
Barry Patterson ASMM, MAusIMM, FAICD
(Non‐Executive Director)
Mr Patterson is a mining engineer with over 50 years of experience in the mining industry
and is co-founder and Non-Executive Director of ASX listed GR Engineering Limited.
Mr Patterson was also a founding shareholder of leading engineering services provider JR
Engineering, which became Roche Mining after being taken over by Downer EDI in 2002. He
also co-founded contract mining companies Eltin, Australian Mine Management and National Mine Management.
Mr Patterson has served as a Director of a number of public companies across a range of industries. He was
formerly the Non-Executive Chairman of Sonic Healthcare Limited for 11 years, during which time the company’s
market capitalisation increased from $20 million to $4 billion, and Silex Systems Limited.
Other than as stated above, Mr Patterson has not served as a Director of any other listed companies in the three
years immediately before the end of 2018 financial year.
Ian Cochrane BCom LLB
(Non‐Executive Director)
Mr Cochrane is a corporate lawyer and was widely regarded as one of Australia’s leading
M&A lawyers until his retirement from the practice of law in December 2013.
Educated in South Africa where he completed degrees in Commerce and Law, he
immigrated to Australia in 1986 and joined national law firm Corrs Chambers Westgarth
and then Mallesons Stephen Jaques, specialising in Mergers & Acquisitions.
In 2006, Mr Cochrane co-established boutique law firm Cochrane Lishman, which was eventually acquired by the
global law firm Clifford Chance in early 2011.
Mr Cochrane is currently the Chairman of VOC Group Limited and Chairman of diversified ASX-listed mining services
group Ausdrill Limited. He is also a Director of Wright Prospecting Pty Ltd and Ardross Estates Pty Ltd.
He was previously Chairman of Little World Beverages Limited, which produced the Little Creatures beers and was
taken over by Lion Nathan in 2012. He was also previously a Director of Rugby WA and the West Australian Ballet.
Other than as stated above, Mr Cochrane has not served as a Director of any other listed companies in the three
years immediately before the end of the 2018 financial year.
Kevin Hart B.Comm, FCA
Company Secretary
Mr Hart is a Chartered Accountant and was appointed to the position of Company
Secretary on 27 November 2012. He has over 25 years of experience in accounting and
the management and administration of public listed entities in the mining and exploration
industry.
He is currently a partner in an advisory firm, Endeavour Corporate, which specialises in the provision of company
secretarial and accounting services to ASX listed entities.
18
DAC I A N G O L D | ANNUAL REPORT 2018
DIRECTORS’ REPORT
DIRECTORS’ REPORT
Interests in the Shares and Options of the Company
The following relevant interests in shares and options of the Company were held by the Directors as at the date
of this report:
Director
Rohan Williams
Robert Reynolds
Barry Patterson
Ian Cochrane
Number of fully paid ordinary
shares
8,317,851
2,730,555
6,954,987
265,295
Number of options over ordinary
shares
2,000,000
-
-
300,000
The Directors’ interests in options over ordinary shares as at the date of this report include the following options
that are currently vested and exercisable:
Director
Rohan Williams
Ian Cochrane
Number of options vested and exercisable
2,000,000
300,000
Further details of the vesting conditions applicable to these options are disclosed in the remuneration report
section of this Directors’ Report.
Meetings of Directors
The number of meetings of the Company’s Board of Directors and each Board Committee held during the year
ended 30 June 2018, and the number of meetings attended by each Director were:
Director
Rohan Williams
Robert Reynolds
Barry Patterson
Ian Cochrane
Board Meetings
B
A
8
8
8
8
6
8
8
8
Remuneration Committee
A
-
1
1
1
B
-
1
-
1
Audit Committee
B
-
2
2
2
A
-
2
2
2
A = the number of meetings the Director was entitled to attend
B = the number of meetings the Director attended
Securities
Shares
During or since the end of the financial year, the Company issued ordinary shares as a result of the exercise of
options and performance rights as follows (there were no amounts unpaid on the shares issued):
Date options granted
Exercise price of options
Number of shares issued
9 October 2012
28 February 2014
$0.77
$0.50
3,792,659
250,000
Date performance rights granted
17 October 2016
17 October 2016
7 April 2018
Performance right value
$3.30
$2.67
$0.47
Number of shares issued
170,000
100,000
20,250
DAC I A N G O L D | ANNUAL REPORT 2018
19
DIRECTORS’ REPORT
DIRECTORS’ REPORT
Securities (continued)
Options
At the date of this report unissued ordinary shares of the Company under option are:
Number of options
1,000,000
2,000,000
1,500,000
1,650,000
300,000
500,000
Performance Rights
Exercise price
$0.58
$0.39
$1.15
$1.16
$1.99
$3.66
Expiry date
24 September 2019
17 November 2019
30 September 2020
31 January 2021
28 February 2021
30 June 2021
On 30 August 2017 the Company issued 165,156 performance rights to employees. These performance rights
are subject to performance conditions and expire on 30 June 2024.
On 20 April 2018 the Company issued 226,526 performance rights to employees. These performance rights are
subject to performance conditions and expire on 30 June 2025.
Dividends
No dividends have been paid or declared since the start of the financial year and the Directors do not
recommend the payment of a dividend in respect of the financial year.
Principal Activities
The principal continuing activities of the Group consisted of mineral exploration and development at its 100%
owned Mt Morgans Gold Operation (“MMGO”).
During the period, the company announced it had completed construction and commenced gold production at
MMGO. It is anticipated that the commercial production milestone will be achieved during the quarter ending
December 2018.
Significant Changes in the State of Affairs
There were no significant changes in the state of affairs of the Group during the financial year, not otherwise
disclosed in this report.
Review of Operations
Operating results and financial position
The net loss after income tax for the financial year was $5,402,182 (30 June 2017: $18,857,914). Included in this
loss for the financial year is an amount of $27,444,013 (30 June 2017: $14,957,356) relating to exploration and
evaluation costs immediately expensed, offset by an income tax benefit of $27,473,135. The income tax benefit
primarily resulted from the initial recognition of the Groups carry forward tax losses at 30 June 2018.
At the end of the financial year the Group had $62,866,140 (30 June 2017: $90,163,337) in cash and had drawn
A$150 million under the syndicated debt facility.
Summary of Activities
During the period, the Group completed construction on time and on budget and achieved its first gold
production milestone at its planned +200,000ozpa MMGO, located near Laverton in Western Australia. The
operation comprises a 2.5Mtpa CIL treatment plant, the Westralia underground and the Jupiter open pit mining
areas.
The mine produced 34,155 ounces in the June quarter, in line with the stated guidance of 30,000-40,000 ounces,
and in line with key performance benchmark expectations. MMGO remains on course to complete its ramp-up
and achieve its commercial production milestone during the 2019 financial year.
20
DAC I A N G O L D | ANNUAL REPORT 2018
DIRECTORS’ REPORT
DIRECTORS’ REPORT
Review of Operations (continued)
Summary of Activities (continued)
During the construction period, the Group maintained an aggressive exploration strategy which
expects will potentially continue to yield new gold discoveries and increase mine life and production levels.
it
The strategy culminated in the announcement of an 11% increase in measured and indicated mineral resources
at MMGO on 6 August 2018. The increase included the maiden 245,000 ounce mineral resource at the Cameron
Well prospect midway between the Westralia underground and Jupiter open pit mining areas. It is located 9km
to the north-west of the CIL treatment plant.
Further details of the Company’s activities including significant drill results returned for the 2018 financial year
are included in the Review of Operations in the Annual Report.
Events Subsequent to the Reporting Date
On 11 July 2018 the Group announced an Institutional Placement of approximately A$37 million, with the ability
to take oversubscriptions to raise up to an additional A$3 million, to fund accelerated exploration programs at
Westralia and Cameron Well and terminate a Jupiter life of mine royalty obligation. This institutional placement
was completed on 13 July 2018 with A$40 million raised at A$2.70 per new share.
The Institutional Placement was accompanied by a Share Purchase Plan to raise a further A$5 million at $2.70
per new share. On 2 August 2018, the Group announced it had amended the terms of the share purchase plan
to allow and subsequently accept over subscriptions of A$3.3 million. Together with the Institutional Placement
the Group raised a total of approximately $48 million before costs.
Other than the matters noted above, there has not arisen in the interval between the end of the reporting period
and the date of this report, any item, transaction or event of a material and unusual nature likely, in the opinion
of the Directors of the Company to affect substantially the operations of the Group, the results of those
operations or the state of affairs of the Group in subsequent financial years.
Likely Developments and Expected Results
The Group intends to continue to undertake appropriate exploration and evaluation activities sufficient to
maintain tenure of its prospective mineral properties, until such time that informed decisions can be made in
order to commercially exploit or relinquish such properties.
Environmental Regulation and Performance
The Group’s production and exploration activities are subject to significant conditions and environmental
regulations under the Commonwealth and Western Australia State Governments.
So far as the Directors are aware, all activities have been undertaken in compliance with all relevant
environmental regulations.
Officer’s Indemnities and Insurance
During the year, the Company paid an insurance premium to insure certain officers of the Company. The officers
of the Company 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 Company. The insurance policy does not contain details
of the premium paid in respect of individual officers of the Company. 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 Company has not provided any insurance for an auditor of the Company.
DAC I A N G O L D | ANNUAL REPORT 2018
21
DIRECTORS’ REPORT
DIRECTORS’ REPORT
Proceedings on behalf of the Company
No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings
on behalf of the Company, or to intervene in any proceedings to which the Group is a party, for the purpose of
taking responsibility on behalf of the Group for all or part of those proceedings.
No proceedings have been brought or intervened in on behalf of the Group with leave of the Court under section
237 of the Corporations Act 2001.
Non-audit Services
During the period, the following fees were paid or payable for services provided by the auditor of the parent
entity, its related practices and non-related audit firms:
Total remuneration paid to auditors during the financial year:
Audit and review of the Company’s consolidated financial statements
Other services
Total
2018
$
2017
$
60,316
10,000
70,316
44,594
-
44,594
The Board considers any non-audit services provided during the year by the auditor and satisfies itself that the
provision of any non-audit services during the year by the auditor is compatible with, and does not compromise,
the auditor independence requirements of the Corporations Act 2001 for the following reasons:
§
§
all non-audit services are reviewed by the Board to ensure they do not impact the impartiality and
objectivity of the auditor; and
the non-audit services provided do not undermine the general principles relating to auditor
independence as set out in APES 110 Code of Ethics for Professional Accountants, as they do not involve
reviewing or auditing the auditor’s own work, acting in a management or decision making capacity for
the Group, acting as an advocate for the Group or jointly sharing risks and rewards.
22
DAC I A N G O L D | ANNUAL REPORT 2018
DIRECTORS’ REPORT
(cid:24)(cid:47)(cid:90)(cid:28)(cid:18)(cid:100)(cid:75)(cid:90)(cid:94)(cid:859)(cid:3)(cid:90)(cid:28)(cid:87)(cid:75)(cid:90)(cid:100)(cid:3)
(cid:3)
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(cid:3)
DAC I A N G O L D | ANNUAL REPORT 2018
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23
DIRECTORS’ REPORT
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24
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(cid:3)
DAC I A N G O L D | ANNUAL REPORT 2018
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DIRECTORS’ REPORT
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(cid:3)
DAC I A N G O L D | ANNUAL REPORT 2018
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(cid:3)
25
DIRECTORS’ REPORT
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26
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(cid:3)
DAC I A N G O L D | ANNUAL REPORT 2018
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(cid:3)
DIRECTORS’ REPORT
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(cid:3)
(cid:3)
DAC I A N G O L D | ANNUAL REPORT 2018
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27
DIRECTORS’ REPORT
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(cid:3)
28
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DAC I A N G O L D | ANNUAL REPORT 2018
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DIRECTORS’ REPORT
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(cid:381)(cid:449)(cid:349)(cid:374)(cid:336)(cid:3)(cid:410)(cid:381)(cid:3)(cid:381)(cid:396)(cid:3)(cid:381)(cid:449)(cid:286)(cid:282)(cid:3)(cid:271)(cid:455)(cid:3)(cid:60)(cid:286)(cid:455)(cid:3)(cid:68)(cid:258)(cid:374)(cid:258)(cid:336)(cid:286)(cid:373)(cid:286)(cid:374)(cid:410)(cid:3)(cid:87)(cid:286)(cid:396)(cid:400)(cid:381)(cid:374)(cid:374)(cid:286)(cid:367)(cid:856)(cid:3)
(cid:3)
(cid:28)(cid:374)(cid:282)(cid:3)(cid:381)(cid:296)(cid:3)(cid:90)(cid:286)(cid:373)(cid:437)(cid:374)(cid:286)(cid:396)(cid:258)(cid:410)(cid:349)(cid:381)(cid:374)(cid:3)(cid:90)(cid:286)(cid:393)(cid:381)(cid:396)(cid:410)(cid:3)
(cid:3)
DAC I A N G O L D | ANNUAL REPORT 2018
(cid:24)(cid:258)(cid:272)(cid:349)(cid:258)(cid:374)(cid:3)(cid:39)(cid:381)(cid:367)(cid:282)(cid:3)(cid:62)(cid:349)(cid:373)(cid:349)(cid:410)(cid:286)(cid:282)(cid:3)(cid:1006)(cid:1004)(cid:1005)(cid:1012)(cid:3)(cid:4)(cid:374)(cid:374)(cid:437)(cid:258)(cid:367)(cid:3)(cid:90)(cid:286)(cid:393)(cid:381)(cid:396)(cid:410)(cid:3)
(cid:3)
(cid:3)(cid:3)(cid:3)(cid:1005)(cid:1008)(cid:3)(cid:878)(cid:3)(cid:87) (cid:258) (cid:336) (cid:286) (cid:3)
(cid:3)
29
DIRECTORS’ REPORT
(cid:3)
(cid:24)(cid:47)(cid:90)(cid:28)(cid:18)(cid:100)(cid:75)(cid:90)(cid:94)(cid:859)(cid:3)(cid:90)(cid:28)(cid:87)(cid:75)(cid:90)(cid:100)(cid:3)
(cid:3)
(cid:4)(cid:437)(cid:282)(cid:349)(cid:410)(cid:381)(cid:396)(cid:859)(cid:400)(cid:3)(cid:47)(cid:374)(cid:282)(cid:286)(cid:393)(cid:286)(cid:374)(cid:282)(cid:286)(cid:374)(cid:272)(cid:286)(cid:3)(cid:24)(cid:286)(cid:272)(cid:367)(cid:258)(cid:396)(cid:258)(cid:410)(cid:349)(cid:381)(cid:374)(cid:3)
(cid:3)
(cid:4)(cid:3)(cid:272)(cid:381)(cid:393)(cid:455)(cid:3)(cid:381)(cid:296)(cid:3)(cid:410)(cid:346)(cid:286)(cid:3)(cid:4)(cid:437)(cid:282)(cid:349)(cid:410)(cid:381)(cid:396)(cid:859)(cid:400)(cid:3)(cid:47)(cid:374)(cid:282)(cid:286)(cid:393)(cid:286)(cid:374)(cid:282)(cid:286)(cid:374)(cid:272)(cid:286)(cid:3)(cid:24)(cid:286)(cid:272)(cid:367)(cid:258)(cid:396)(cid:258)(cid:410)(cid:349)(cid:381)(cid:374)(cid:3)(cid:258)(cid:400)(cid:3)(cid:396)(cid:286)(cid:395)(cid:437)(cid:349)(cid:396)(cid:286)(cid:282)(cid:3)(cid:437)(cid:374)(cid:282)(cid:286)(cid:396)(cid:3)(cid:94)(cid:286)(cid:272)(cid:410)(cid:349)(cid:381)(cid:374)(cid:3)(cid:1007)(cid:1004)(cid:1011)(cid:18)(cid:3)(cid:381)(cid:296)(cid:3)(cid:410)(cid:346)(cid:286)(cid:3)(cid:18)(cid:381)(cid:396)(cid:393)(cid:381)(cid:396)(cid:258)(cid:410)(cid:349)(cid:381)(cid:374)(cid:400)(cid:3)(cid:4)(cid:272)(cid:410)(cid:3)(cid:349)(cid:400)(cid:3)(cid:400)(cid:286)(cid:410)(cid:3)
(cid:381)(cid:437)(cid:410)(cid:3)(cid:381)(cid:374)(cid:3)(cid:410)(cid:346)(cid:286)(cid:3)(cid:296)(cid:381)(cid:367)(cid:367)(cid:381)(cid:449)(cid:349)(cid:374)(cid:336)(cid:3)(cid:393)(cid:258)(cid:336)(cid:286)(cid:856)(cid:3)
(cid:3)
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(cid:3)
(cid:3)
(cid:24)(cid:4)(cid:100)(cid:28)(cid:24)(cid:3)(cid:258)(cid:410)(cid:3)(cid:87)(cid:286)(cid:396)(cid:410)(cid:346)(cid:3)(cid:410)(cid:346)(cid:349)(cid:400)(cid:3)(cid:1010)(cid:410)(cid:346)(cid:3)(cid:282)(cid:258)(cid:455)(cid:3)(cid:381)(cid:296)(cid:3)(cid:94)(cid:286)(cid:393)(cid:410)(cid:286)(cid:373)(cid:271)(cid:286)(cid:396)(cid:3)(cid:1006)(cid:1004)(cid:1005)(cid:1012)(cid:856)(cid:3)
(cid:3)
(cid:3)
(cid:90)(cid:381)(cid:346)(cid:258)(cid:374)(cid:3)(cid:116)(cid:349)(cid:367)(cid:367)(cid:349)(cid:258)(cid:373)(cid:400)(cid:3)
(cid:28)(cid:454)(cid:286)(cid:272)(cid:437)(cid:410)(cid:349)(cid:448)(cid:286)(cid:3)(cid:18)(cid:346)(cid:258)(cid:349)(cid:396)(cid:373)(cid:258)(cid:374)(cid:3)
(cid:3)
(cid:3)
(cid:3)
(cid:3)
(cid:24)(cid:258)(cid:272)(cid:349)(cid:258)(cid:374)(cid:3)(cid:39)(cid:381)(cid:367)(cid:282)(cid:3)(cid:62)(cid:349)(cid:373)(cid:349)(cid:410)(cid:286)(cid:282)(cid:3)(cid:1006)(cid:1004)(cid:1005)(cid:1012)(cid:3)(cid:4)(cid:374)(cid:374)(cid:437)(cid:258)(cid:367)(cid:3)(cid:90)(cid:286)(cid:393)(cid:381)(cid:396)(cid:410)(cid:3)
(cid:3)
(cid:3)(cid:3)(cid:3)(cid:1005)(cid:1009)(cid:3)(cid:878)(cid:3)(cid:87) (cid:258) (cid:336) (cid:286) (cid:3)
(cid:3)
30
DAC I A N G O L D | ANNUAL REPORT 2018
AUDITOR’S INDEPENDENCE DECLARATION
Central Park, Level 43
Central Park, Level 43
152-158 St Georges Terrace
152-158 St Georges Terrace
Perth WA 6000
Perth WA 6000
Correspondence to:
Correspondence to:
PO Box 7757
PO Box 7757
Cloisters Square
Cloisters Square
Perth WA 6850
Perth WA 6850
T +61 8 9480 2000
T +61 8 9480 2000
F +61 8 9480 2050
F +61 8 9480 2050
E info.wa@au.gt.com
E info.wa@au.gt.com
W www.grantthornton.com.au
W www.grantthornton.com.au
Auditor’s Independence Declaration
Auditor’s Independence Declaration
To the Directors of Dacian Gold Limited
To the Directors of Dacian Gold Limited
In accordance with the requirements of section 307C of the Corporations Act 2001, as lead auditor for the audit of Dacian Gold
In accordance with the requirements of section 307C of the Corporations Act 2001, as lead auditor for the audit of Dacian Gold
Limited for the year ended 30 June 2018, I declare that, to the best of my knowledge and belief, there have been:
Limited for the year ended 30 June 2018, I declare that, to the best of my knowledge and belief, there have been:
a
a
b
b
no contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and
no contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and
no contraventions of any applicable code of professional conduct in relation to the audit.
no contraventions of any applicable code of professional conduct in relation to the audit.
GRANT THORNTON AUDIT PTY LTD
GRANT THORNTON AUDIT PTY LTD
Chartered Accountants
Chartered Accountants
C A Becker
C A Becker
Partner – Audit & Assurance
Partner – Audit & Assurance
Perth, 6 September 2018
Perth, 6 September 2018
Grant Thornton Audit Pty Ltd ACN 130 913 594
Grant Thornton Audit Pty Ltd ACN 130 913 594
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a subsidiary or related entity of Grant Thornton Australia Ltd ABN 41 127 556 389
www.grantthornton.com.au
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‘Grant Thornton’ refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients
and/or refers to one or more member firms, as the context requires. Grant Thornton Australia Ltd is a member firm of Grant Thornton International
and/or refers to one or more member firms, as the context requires. Grant Thornton Australia Ltd is a member firm of Grant Thornton International
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another and are not liable for one another’s acts or omissions. In the Australian context only, the use of the term ‘Grant Thornton’ may refer to
Grant Thornton Australia Limited ABN 41 127 556 389 and its Australian subsidiaries and related entities. GTIL is not an Australian related entity to
Grant Thornton Australia Limited ABN 41 127 556 389 and its Australian subsidiaries and related entities. GTIL is not an Australian related entity to
Grant Thornton Australia Limited.
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Liability limited by a scheme approved under Professional Standards Legislation.
Liability limited by a scheme approved under Professional Standards Legislation.
DAC I A N G O L D | ANNUAL REPORT 2018
31
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND
OTHER COMPREHENSIVE INCOME
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER
COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2018
FOR THE YE AR ENDED 30 JUNE 2018
Revenue
Total Revenue
Employee expenses
Share‐based employee expense
Depreciation and amortisation expenses
Financing expenses
Exploration costs expensed and written off
Other expenses
Loss before income tax
Note
3
3
17
10
11
Consolidated
30 June
2018
$
1,442,734
1,442,734
30 June
2017
$
822,252
822,252
(2,634,472)
(1,775,505)
(1,368,370)
(1,769,234)
(527,939)
(335,896)
(274,910)
(1,038)
(27,444,013)
(14,957,356)
(2,068,347)
(1,773,737)
(32,875,317)
(19,790,514)
Income tax benefit
Net loss for the period attributable to the members of
the parent entity
4
27,473,135
932,600
(5,402,182)
(18,857,914)
Other comprehensive income for the period, net of tax
‐
‐
Total comprehensive loss for the period attributable to
the members of the parent entity
Loss per share
Basic and diluted loss per share (cents)
18
5
(5,402,182)
(18,857,914)
(2.6)
(11.9)
The above statement of profit or loss and other comprehensive income should be read in conjunction with the
accompanying notes.
Dacian Gold Limited 2018 Annual Report
17 | P a g e
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DAC I A N G O L D | ANNUAL REPORT 2018
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2018
AS AT 30 JUNE 2018
Current assets
Cash and cash equivalents
Trade and other receivables
Inventories
Total current assets
Non‐current assets
Other financial assets
Property, plant and equipment
Exploration and evaluation assets
Mine properties
Deferred tax assets
Total non‐current assets
Total assets
Current liabilities
Trade and other payables
Borrowings
Total current liabilities
Non‐current liabilities
Trade and other payables
Borrowings
Provisions
Total non‐current liabilities
Total liabilities
Net assets
Equity
Issued capital
Share‐based payments reserve
Accumulated losses
Total equity
Note
7
8
9
10
11
12
4
13
14
13
14
15
16
18
18
Consolidated
30 June
2018
$
62,866,140
3,724,143
13,095,480
30 June
2017
$
90,163,337
3,417,086
265,345
79,685,763
93,845,768
‐
150,072,643
4,163,562
103,004,037
28,143,381
36,722
1,406,018
4,163,562
60,959,305
‐
285,383,623
66,565,607
365,069,386
160,411,375
51,082,336
76,655,667
16,634,856
1,513,375
127,738,003
18,148,231
173,845
89,464,916
14,827,784
104,466,545
104,090
‐
7,846,408
7,950,498
232,204,548
26,098,729
132,864,838
134,312,646
195,187,027
191,783,216
3,515,785
2,965,222
(65,837,974)
(60,435,792)
132,864,838
134,312,646
The above statement of financial position should be read in conjunction with the accompanying notes.
Dacian Gold Limited 2018 Annual Report
DAC I A N G O L D | ANNUAL REPORT 2018
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YE AR ENDED 30 JUNE 2018
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2018
Note
Issued capital
Share reserve
Accumulated
losses
Consolidated
$
$
$
Attributable to
owners of the
parent
$
Balance at 1 July 2016
53,515,696
1,321,449
(41,577,878)
13,259,267
Reported loss for the period
Other comprehensive income
Total comprehensive loss for the year
Capital raising
Issue of shares – royalty termination
Costs of capital raising
Options exercised
-
-
-
136,290,970
6,000,002
(5,002,913)
-
-
-
-
-
-
979,461
(125,461)
Share-based payments expense
-
1,769,234
(18,857,914)
(18,857,914)
-
-
(18,857,914)
(18,857,914)
-
-
-
-
-
136,290,970
6,000,002
(5,002,913)
854,000
1,769,234
Balance at 30 June 2017
191,783,216
2,965,222
(60,435,792)
134,312,646
Reported loss for the period
Other comprehensive income
Total comprehensive loss for the year
Cost of capital raising (i)
Options exercised
-
-
-
1,075,004
-
-
-
-
2,097,807
(586,807)
Performance rights exercised
231,000
(231,000)
Share-based payments expense
-
1,368,370
(5,402,182)
(5,402,182)
-
-
(5,402,182)
(5,402,182)
-
-
-
-
1,075,004
1,511,000
-
1,368,370
Balance at 30 June 2018
16
195,187,027
3,515,785
(65,837,974)
132,864,838
(i) Relates to tax effect of prior period equity raising costs first brought to account at 30 June 2018. Refer note 4
for further discussion.
The above statement of changes in equity should be read in conjunction with the accompanying notes.
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34
DAC I A N G O L D | ANNUAL REPORT 2018
CONSOLIDATED STATEMENT OF CASH FLOWS
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2018
FOR THE YE AR ENDED 30 JUNE 2018
Cash flows from operating activities
Interest received
Other income
Research & development tax concession income
Interest paid
Consolidated
30 June
2018
$
30 June
2017
$
Note
1,479,457
819,741
(6,728)
501,977
(242,742)
‐
835,381
(1,038)
Payments for exploration and evaluation
(17,195,740)
(13,501,585)
Payments to suppliers and employees
(2,074,150)
(4,716,749)
Net cash used in operating activities
7
(17,537,926)
(16,564,250)
Cash flows from investing activities
Payments for development expenditure (net of pre‐
production revenue)
(156,816,405)
(31,443,454)
Payments for plant and equipment
(194,648)
(1,031,748)
Payments for capitalised interest during development
(3,221,864)
‐
Net cash used in investing activities
(160,232,917)
(32,475,202)
Cash flows from financing activities
Proceeds from issue of share capital
1,511,000
137,144,970
Share issue transaction costs
Proceeds from borrowings
‐
(5,010,612)
150,000,000
‐
Transaction costs associated with borrowings
(1,037,354)
(2,579,994)
Net cash provided by financing activities
150,473,646
129,554,364
Net (decrease) / increase in cash held
(27,297,197)
80,514,912
Cash at the beginning of the period
Cash at the end of the period
7
7
90,163,337
9,648,425
62,866,140
90,163,337
The above statement of cash flows should be read in conjunction with the accompanying notes.
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35
NOTES TO THE FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YE AR ENDED 30 JUNE 2018
FOR THE YEAR ENDED 30 JUNE 2018
Note 1 Summary of Significant Accounting Policies
(a)
Basis of Preparation of Financial Report
These financial statements are general purpose financial statements, which have been prepared in accordance
with requirements of the Corporations Act 2001 and comply with other requirements of the law. The accounting
policies below have been consistently applied to all of the years presented unless otherwise stated. Dacian Gold
Limited is a for‐profit entity for the purpose of preparing the financial statements.
The financial statements have been prepared on a historical cost basis, except for available for sale investments
and derivative financial instruments which have been measured at fair value. Cost is based on the fair values of
consideration given in exchange for assets.
The financial statements are presented in Australian dollars.
These financial statements have been prepared on the going concern basis.
The financial report of the Company was authorised for issue in accordance with a resolution of Directors on 6th
September 2018.
Statement of Compliance
The financial report of the Group complies with Australian Accounting Standards, and other authoritative
pronouncements of the Australian Accounting Standards Board. Compliance with Australian Accounting
Standards results in full compliance with International Financial Reporting Standards (IFRS) as issued by the
International Accounting Standards Board. The Company is a for profit entity for the purpose of preparing the
financial statements.
Going Concern Basis for Preparation of Financial Statements
These financial statements have been prepared on the going concern basis, which contemplates the continuity
of normal business activities and the realisation of assets and discharge of liabilities in the normal course of
business.
As at 30 June 2018, the Group had a working capital deficiency of $48,052,240 (2017: $75,697,537 surplus). This
deficit is due to:
Current liabilities for pre‐production and construction costs in relation to the Mt Morgans Gold
Operation (“MMGO”) capitalised to non‐current assets;
The reclassification of the syndicated project debt facility repayments from non‐current borrowings to
current borrowings totalling $75.0M; and
An $11.5M accrual for the termination of the Jupiter life of mine royalty obligation.
Based on the Company’s operational plans, the Company is forecasting to generate and have access to sufficient
operating cash flows from MMGO to settle this amount. In addition, the Company announced on the 2nd of
August 2018 that it had successfully raised $48.0M before costs to fund the Jupiter royalty termination and
accelerate the exploration program at MMGO.
Material accounting policies adopted in the presentation of these financial statements are presented below:
(b)
Revenue
Revenue is measured at the fair value of the consideration received or receivable. Amounts disclosed as revenue
are net of returns, allowances and amounts collectable on behalf of third parties.
Revenue from pre‐production gold sales has been credited against the mine properties in development.
Interest income
Interest income is recognised on a time proportion basis and is recognised as it accrues.
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DAC I A N G O L D | ANNUAL REPORT 2018
NOTES TO THE FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YE AR ENDED 30 JUNE 2018
FOR THE YEAR ENDED 30 JUNE 2018
Note 1 Summary of Significant Accounting Policies (continued)
(c)
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 national income tax rate for each jurisdiction adjusted by changes in deferred tax assets and
liabilities attributable to the 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 timing 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 or
substantially enacted for each jurisdiction. 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 tax
asset or liability is recognised in relation to those timing 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.
Deferred tax liabilities and assets are not recognised for temporary differences between the carrying amount
and tax bases of investments in controlled entities where the parent is able to control the timing of the reversal
of the temporary differences and it is probable that the differences will not reverse in the foreseeable future.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets
and liabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets and
liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net
basis, or to realise the asset and settle the liability simultaneously.
Current and deferred tax balances attributable to amounts recognised directly in equity are also recognised
directly in equity.
Amounts receivable from the Australian Tax Office in respect of research and development tax concession claims
are recognised when management have a reasonable basis to estimate claim proceeds.
(d)
Other Taxes
Revenues, expenses and assets are recognised net of the amount of GST except:
when the GST incurred on a purchase of goods and services is not recoverable from the taxation authority,
in which case the GST is recognised as part of the cost of acquisition of the asset or as part of the expense
item as applicable; and
receivables and payables, which are stated with the amount of GST included.
The net amount of GST recoverable from, or payable to, the taxation authority is included as part of receivables
or payables in the statement of financial position.
(e)
Borrowing Costs
General and specific borrowing costs that are directly attributable to the acquisition, construction or production
of a qualifying asset are capitalised during the period of time that is required to complete and prepare the asset
for its intended use or sale. Qualifying assets are assets that necessarily take a substantial period of time to get
ready for their use or sale.
Other borrowing costs are expensed in the period in which they are incurred.
Dacian Gold Limited 2018 Annual Report
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37
NOTES TO THE FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YE AR ENDED 30 JUNE 2018
FOR THE YEAR ENDED 30 JUNE 2018
Note 1 Summary of Significant Accounting Policies (continued)
(f)
Borrowings
Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently
measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption
amount is recognised in profit or loss over the period of borrowings using the effective interest rate method.
Fees paid on establishment of loan facilities are recognised as transaction costs of the loan to the extent that it
is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw
down occurs and amortised over the period of the remaining facility
(g)
Cash and Cash Equivalents
Cash and short‐term deposits in the statement of financial position comprise cash at bank and in hand. Cash
equivalents are short term, highly liquid investments that are readily convertible to known amounts of cash and
which are subject to an insignificant risk of changes in value. For the purposes of the statement of cash flows,
cash and cash equivalents consist of cash and cash equivalents as defined above, net of outstanding bank
overdrafts.
(h)
Trade and Other Receivables
Trade receivables, which generally have 30–90 day terms, are recognised and carried at original invoice amount
less an allowance for any uncollectible amounts. An allowance for doubtful debts is made when there is objective
evidence that the Group will not be able to collect the debts. Bad debts are written off when identified.
(i)
Inventories
Inventories, comprising gold dore, gold in circuit and ore stockpiles, are valued at the lower of weighted average
cost and net realisable value. Costs include fixed direct costs, variable direct costs and an appropriate portion of
fixed overhead costs. A portion of the related depreciation and amortisation charge is included in the cost of
inventory.
Inventories of consumable supplies and spare parts are valued at the lower of cost and net realisable value. Cost
is assigned on a weighted average basis. Net realisable value is the estimated selling price in the ordinary course
of business less estimated costs of completion, and the estimated costs necessary to make the sale.
The recoverable amount of surplus items is assessed regularly on an ongoing basis and written down to its net
realisable value when an impairment indicator is present.
(j)
Property, Plant and Equipment
Property, plant and equipment are stated at cost, less accumulated depreciation and any accumulated
impairment losses. Such cost includes the cost of replacing parts that are eligible for capitalisation when the cost
of replacing the parts is incurred. Similarly, when each major inspection is performed, its cost is recognised in
the carrying amount of the asset as a replacement only if it is eligible for capitalisation. The assets' residual values,
useful lives and amortisation methods are reviewed, and adjusted if appropriate, at each financial year end.
Depreciation is calculated on a straight‐line basis or written down value over the estimated useful life of the
assets as follows:
Class of Fixed Asset
Office equipment and fixtures
Computer equipment & software
Motor Vehicles
Plant and equipment
Useful Life
3 ‐ 4 years
2 ‐ 4 years
3 years
3 ‐ 10 years / units of production
Impairment
The carrying values of property, plant and equipment are reviewed for impairment at each reporting date, with
recoverable amount being estimated when events or changes in circumstances indicate that the carrying value
may be impaired. This assessment for impairment is discussed further in note 1(m).
Dacian Gold Limited 2018 Annual Report
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NOTES TO THE FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YE AR ENDED 30 JUNE 2018
FOR THE YEAR ENDED 30 JUNE 2018
Note 1 Summary of Significant Accounting Policies (continued)
(j)
Property, Plant and Equipment (continued)
De‐recognition and Disposal
An item of property, plant and equipment is de‐recognised upon disposal or when no further future economic
benefits are expected from its use or disposal. Any gain or loss arising on de‐recognition of the asset (calculated
as the difference between the net disposal proceeds and the carrying amount of the asset) is included in profit
or loss in the year the asset is de‐recognised.
(k)
Exploration and Evaluation Expenditure
Exploration and evaluation costs are written off in the year they are incurred, apart from acquisition costs and
those costs that are incurred on an area of interest that contains a JORC reserve.
Capitalised exploration and evaluation expenditures in relation to specific areas of interest are recognised as an
exploration and evaluation asset in the year in which they are incurred where the following conditions are
satisfied:
(i)
the rights to tenure of the area of interest are current; and
(ii) at least one of the following conditions is also met:
(a)
(b)
the exploration and evaluation expenditures are expected to be recouped through successful
development and exploration of the area of interest, or alternatively, by its sale; or
exploration and evaluation activities in the area of interest have not at the reporting date reached
a stage which permits a reasonable assessment of the existence or otherwise of economically
recoverable reserves, and active and significant operations in, or in relation to, the area of interest
are continuing.
Exploration and evaluation assets are initially measured at cost and include acquisition of rights to explore,
studies, exploratory drilling, trenching and sampling and associated activities and an allocation of depreciation
and amortisation of assets used in exploration and evaluation activities. General and administrative costs are
only included in the measurement of exploration and evaluation costs where they are related directly to
operational activities in a particular area of interest.
Exploration and evaluation assets are assessed for impairment when facts and circumstances suggest that the
carrying amount of an exploration and evaluation asset may exceed its recoverable amount. The recoverable
amount of the exploration and evaluation asset (for the cash generating unit(s) to which it has been allocated
being no larger than the relevant area of interest) is estimated to determine the extent of the impairment loss
(if any). Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the
revised estimate of its recoverable amount, but only to the extent that the increased carrying amount does not
exceed the carrying amount that would have been determined had no impairment loss been recognised for the
asset in previous years.
Where a decision has been made to proceed with development in respect of a particular area of interest, the
relevant exploration and evaluation asset is tested for impairment and the balance is then reclassified to mine
properties in development.
(l)
Mine Properties
Mine properties represent the accumulation of all acquisition, exploration, evaluation and development
expenditure incurred by or on behalf of the Group in relation to areas of interest in which mining of the mineral
resource has commenced.
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. An impairment exists when the carrying value of mine properties
exceeds its estimated recoverable amount. The asset is then written down to its recoverable amount and the
impairment losses are recognised in profit or loss.
DAC I A N G O L D | ANNUAL REPORT 2018
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39
NOTES TO THE FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YE AR ENDED 30 JUNE 2018
FOR THE YEAR ENDED 30 JUNE 2018
Note 1 Summary of Significant Accounting Policies (continued)
(m)
Impairment of Assets
The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any
such indication exists, or when annual impairment testing for an asset is required, the Group makes an estimate
of the asset’s recoverable amount. An asset’s recoverable amount is the higher of its fair value less costs to sell
and its value in use and is determined for an individual asset, unless the asset does not generate cash inflows
that are largely independent of those from other assets or groups of assets and the asset's value in use cannot
be estimated to be close to its fair value. In such cases the asset is tested for impairment as part of the cash‐
generating unit to which it belongs. When the carrying amount of an asset or cash‐generating unit exceeds its
recoverable amount, the asset or cash‐generating unit is considered impaired and is written down to its
recoverable amount.
In assessing value in use, the estimated future cash flows are discounted to their present value using a pre‐tax
discount rate that reflects current market assessments of the time value of money and the risks specific to the
asset. Impairment losses relating to continuing operations are recognised in those expense categories consistent
with the function of the impaired asset unless the asset is carried at re‐valued amount (in which case the
impairment loss is treated as a re‐valuation decrease).
An assessment is also made at each reporting date as to whether there is any indication that previously
recognised impairment losses may no longer exist or may have decreased. If such indication exists, the
recoverable amount is estimated. A previously recognised impairment loss is reversed only if there has been a
change in the estimates used to determine the asset’s recoverable amount since the last impairment loss was
recognised. If that is the case the carrying amount of the asset is increased to its recoverable amount.
That increased amount cannot exceed the carrying amount that would have been determined, net of
depreciation, had no impairment loss been recognised for the asset in prior years. Such reversal is recognised in
profit or loss unless the asset is carried at the re‐valued amount, in which case the reversal is treated as a re‐
valuation increase.
After such a reversal the depreciation charge is adjusted in future periods to allocate the asset’s revised carrying
amount, less any residual value, on a systematic basis over its remaining useful life.
(n)
Trade and Other Payables
Trade and other payables are carried at amortised costs and represent liabilities for goods and services provided
to the Group prior to the end of the financial year that are unpaid and arise when the Group becomes obliged to
make future payments in respect of the purchase of these goods and services.
(o)
Provisions
Rehabilitation and Restoration
Long‐term environmental obligations are based on the Group’s environmental management plans, in compliance
with current environmental and regulatory requirements.
Full provision is made based on the net present value of the estimated cost of restoring the environmental
disturbance that has occurred up to the reporting date. To the extent that future economic benefits are expected
to arise, these costs are capitalised and amortised over the remaining lives of mines.
Annual increases in the provision relating to the change in the net present value of the provision are recognised
as finance costs. The estimated costs of rehabilitation are reviewed annually and adjusted as appropriate for
changes in legislation, technology or other circumstances. Cost estimates are not reduced by the potential
proceeds from the sale of assets or from plant clear‐up closure.
40
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NOTES TO THE FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YE AR ENDED 30 JUNE 2018
FOR THE YEAR ENDED 30 JUNE 2018
Note 1 Summary of Significant Accounting Policies (continued)
(o)
Provisions (continued)
Employee Benefits
The provision for employee benefits represents annual leave and long service leave entitlements accrued by
employees.
Short‐term obligations
Liabilities for wages and salaries, including non‐monetary benefits and accumulating sick leave that are expected
to be settled wholly within 12 months after the end of the period in which the employees render the related
service are recognised in respect of the employees’ services up to the end of the reporting period and are
measured at the amounts expected to be paid when the liabilities are settled.
Long service leave
The liability for long service leave is recognised and measured as the present value of the expected future
payments to be made in respect of services provided by employees up to the reporting date. Consideration is
given to the expected future wage and salary levels, experience of employee departures, and period of services.
Expected future payments are discounted using market yields at the reporting date on high quality corporate
bonds with terms to maturity and currencies that match, as closely as possible, the estimated future cash
outflows.
(p)
Interest Bearing Liabilities
All loans and borrowings are initially recognised at the fair value of the consideration received less directly
attributable transaction costs.
After initial recognition, interest‐bearing loans and borrowings are subsequently measured at amortised cost
using the effective interest method. Gains and losses are recognised in profit or loss when the liabilities are
derecognised.
(q)
Leased Assets
Finance leases
The economic ownership of a leased asset is transferred to the lessee if the lessee bears substantially all the risks
and rewards of ownership of the leased asset. Where the Group is a lessee in this type of arrangement, the
related asset is recognised at the inception of the lease at the fair value of the leased asset or, if lower, the
present value of the lease payments plus incidental payments, if any. A corresponding amount is recognised as
a finance lease liability. Leases of land and buildings are classified separately and are split into a land and a
building element, in accordance with the relative fair values of the leasehold interests at the date the asset is
recognised initially.
See note (j) for the depreciation methods and useful lives for assets held under finance lease. The corresponding
finance lease liability is reduced by lease payments net of finance charges. The interest element of lease
payments represents a constant proportion of the outstanding capital balance and is charged to profit or loss, as
finance costs over the period of the lease.
DAC I A N G O L D | ANNUAL REPORT 2018
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NOTES TO THE FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YE AR ENDED 30 JUNE 2018
FOR THE YEAR ENDED 30 JUNE 2018
Note 1 Summary of Significant Accounting Policies (continued)
(r)
Share‐Based Payments
Equity Settled Transactions:
The Group provides benefits to employees (including senior executives) of the Group in the form of share‐based
incentives, whereby employees render services in exchange for options and shares (equity‐settled transactions).
There is currently a plan in place to provide these benefits, the Dacian Gold Limited Employee Option Plan, which
provides benefits to Executive Directors and other employees.
The cost of these equity‐settled transactions with employees is measured by reference to the fair value of the
equity instruments at the date at which they are granted. The fair value is determined by using an appropriate
valuation model.
In valuing equity‐settled transactions, no account is taken of any performance conditions, other than conditions
linked to the price of the underlying Shares to which the equity instrument relates (market conditions) if
applicable. The cost of equity‐settled transactions is recognised, together with a corresponding increase in
equity, over the period in which the performance and/or service conditions are fulfilled, ending on the date on
which the relevant employees become fully entitled to the award (the vesting period).
The cumulative expense recognised for equity‐settled transactions at each reporting date until vesting date
reflects:
(i)
(ii)
the extent to which the vesting period has expired; and
the Group’s best estimate of the number of equity instruments that will ultimately vest.
No adjustment is made for the likelihood of market performance conditions being met as the effect of these
conditions is included in the determination of fair value at grant date. The statement of profit or loss charge or
credit for a period represents the movement in cumulative expense recognised as at the beginning and end of
that period.
No expense is recognised for share‐based incentives that do not ultimately vest, except for incentives where
vesting is only conditional upon a market condition.
If the terms of a share‐based incentive are modified, as a minimum an expense is recognised as if the terms had
not been modified. In addition, an expense is recognised for any modification that increases the total fair value
of the incentive, or is otherwise beneficial to the employee, as measured at the date of modification.
If a share‐based incentive is cancelled, it is treated as if it had vested on the date of cancellation, and any expense
not yet recognised for the award is recognised immediately. However, if a new award is substituted for the
cancelled incentive and designated as a replacement award on the date that it is granted, the cancelled incentive
and new awards are treated as if they were a modification of the incentive, as described in the previous
paragraph.
(s)
Share Capital
Shares are classified as equity. Incremental costs directly attributable to the issue of shares pursuant to the offer
or options are shown in equity as a deduction, net of tax, from the proceeds of issue.
42
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NOTES TO THE FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YE AR ENDED 30 JUNE 2018
FOR THE YEAR ENDED 30 JUNE 2018
Note 1 Summary of Significant Accounting Policies (continued)
(t)
Basis of Consolidation
The financial statements consolidate those of Dacian Gold Limited and all of its subsidiaries as at 30 June 2018.
The parent controls a subsidiary if it is exposed, or has rights to variable returns from its involvement with the
subsidiary and has the ability to affect those returns through its power over the subsidiary. All subsidiaries have
a reporting date of 30 June.
All transactions and balances between controlled entities are eliminated on consolidation, including unrealised
gains and losses resulting from intra‐group transactions. Where unrealised losses on intra‐group asset sales are
reversed on consolidation, the underlying asset is also tested for impairment from a group perspective. Amounts
reported in the financial statements of subsidiaries have been adjusted where necessary to ensure consistency
with accounting policies adopted by the Company.
Profit or loss and other comprehensive income of subsidiaries acquired or disposed of during the year are
recognised from the effective date of acquisition, or up to the effective date of disposal, as applicable.
Non‐controlling interests, presented as part of equity, represent the portion of a subsidiaries profit or loss and
net assets that is not held by the Company. The Company attributes total comprehensive income or loss of
subsidiaries between the owners of the parent and the non‐controlling interests based on their respective
ownership interests.
(u)
Critical Accounting Estimates and Judgements
Estimates and judgements are continually evaluated and are based on historical experience and other factors,
including expectations of future events that may have a financial impact on the Group and that are believed to
be reasonable under the circumstances.
Accounting for capitalised mineral exploration and evaluation expenditure
The Group’s accounting policy is stated at note 1(k). A regular review is undertaken of each area of interest to
determine the reasonableness of the continuing carrying forward of costs in relation to that area of interest.
Mine restoration provisions estimates
The provision for rehabilitation and restoration costs is based on the net present value of the estimated cost of
restoring the environmental disturbance that has occurred up to the reporting date. Significant estimates and
assumptions are made in determining the provision for mine rehabilitation as there are numerous factors that
will affect the ultimate liability payable. These factors include an estimate of the extent and costs of
rehabilitation activities, technological changes, regulatory changes, costs increases as compared to the inflation
rates and changes in discount rates. These uncertainties may result in future actual expenditure differing from
the amounts currently provided. The provision at reporting date represents management’s best estimate of the
present value of the future rehabilitation costs required.
Measurement of share‐based payments
The Group measures the cost of equity settled transactions with employees by reference to the fair value of the
equity instruments at the date at which they are granted. The fair value is determined using an appropriate
valuation model. The valuation basis and related assumptions are detailed in note 17. The accounting estimates
and assumptions relating to the equity settled transactions would have no impact on the carrying value of assets
and liabilities within the next annual reporting period but may impact expenses and equity.
Recognition of deferred tax assets
The extent to which deferred tax assets can be recognised is based on an assessment of the probability of the
Group’s future taxable income against which the deferred tax assets can be utilised. In addition, significant
judgement is required in assessing the impact of any legal or economic limits or uncertainties in various tax
jurisdictions (see note 4).
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43
NOTES TO THE FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YE AR ENDED 30 JUNE 2018
FOR THE YEAR ENDED 30 JUNE 2018
Note 1 Summary of Significant Accounting Policies (continued)
(u)
Critical Accounting Estimates and Judgements (continued)
Impairment
In assessing impairment, management estimates the recoverable amount of each asset or cash‐generating unit
based on expected future cash flows and uses an interest rate to discount them. Estimation uncertainty relates
to assumptions about future operating results and the determination of a suitable discount rate.
Provide and probable ore reserves
The Group uses the concept of life of mine as an accounting value to determine the amortisation of mine
properties. In determining life of mine, the Group prepares ore reserve estimates in accordance with JORC Code
2012, guidelines prepared by the Joint Ore Reserves Committee of the Australasian Institute of Mining and
Metallurgy, Australian Institute of Geoscientists and Minerals Council of Australia. The estimate of these proved
and probable ore reserves, by their very nature, require judgements, estimates and assumptions.
Where the proved and probable reserve estimates need to be modified, the amortisation expense is accounted
for prospectively from the date of the assessment until the end of the revised mine life (for both the current and
future years).
Inventories
Management estimates the net realisable values of inventories, taking into account the most reliable evidence
available at each reporting date. The future realisation of these inventories may be affected by future technology
or other market‐driven changes that may reduce future selling prices.
Pre‐commencement of commercial production – Mt Morgans Gold Operation
The Group at 30 June 2018 assessed the progress of the Mt Morgans Gold Operation to determine if the
commercial production stage has commenced. The criteria used to assess this is based on the unique nature of
the mine including its complexity and location.
The assessment considered the following: (1) all major capital expenditures to bring the mine to the condition
necessary for it to be capable of operating in the manner intended by the Company have been completed; (2)
the treatment plant and other surface infrastructure has been transferred to the control of the operations team
from the commissioning team; (3) the power station is capable of delivering the required electricity; (4) the
treatment plant’s crushing and milling circuits are capable of running at design capacity; (5) gold recoveries are
at or near expected production levels; and (6) underground and open pit mining operations have achieved their
required production levels and have the ability to sustain the ongoing production of ore at the required volumes.
The assessment concluded that the commercial production stage had not commenced at 30 June 2018 as mining
operations had not yet achieved the require production levels.
During the commissioning phase (before commencement of commercial production) expenditures of an
operating nature are capitalised to mine development costs. Revenue (totalling $45.6M) from the sale of gold
during the year has been treated as pre‐production income and is credited to capitalised mine development
costs.
44
Dacian Gold Limited 2018 Annual Report
DAC I A N G O L D | ANNUAL REPORT 2018
29 | P a g e
NOTES TO THE FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018
FOR THE YE AR ENDED 30 JUNE 2018
Note 1 Summary of Significant Accounting Policies (continued)
(v)
Adoption of New and Revised Accounting Standards
Certain new accounting standards and interpretations have been published that are not mandatory for 30 June
2018 reporting period and have not been early adopted by the Group. The Group’s assessment of the impact of
these new standards and interpretations is set out below
New/revised
pronouncement
AASB 9 Financial
Instruments
AASB 15 Revenue
from Contracts with
Customers
AASB 16 Leases
Nature of change
AASB introduces new requirements for the
classification and measurement of financial
assets and liabilities and includes a forward‐
looking ‘expected loss’ impairment model and
a substantially‐changed approach to hedge
accounting.
These requirements improve and simplify the
approach for classification and measurement
of
financial assets compared with the
requirements of AASB 139.
requirements
AASB 9
regarding hedge
accounting represent a substantial overhaul
of hedge accounting that enable entities to
better reflect their risk management activities
in the financial statements.
Furthermore, AASB 9
introduces a new
impairment model based on expected credit
losses. This model makes use of more
forward‐looking information and applies to all
financial instruments that are subject to
impairment accounting.
AASB 15 replaces AASB 118 Revenue, AASB
111 Construction Contracts and
some
revenue‐related interpretations:
‐
Establishes a new revenue recognition
model.
Changes the basis for deciding whether
revenue is to be recognised over time or
at a point in time.
Provides new and more detailed
guidance on specific topics (e.g. multiple
element arrangements, variable pricing,
rights of
return, warranties and
licensing).
Expands and improves disclosures about
revenue.
AASB 16:
‐
Replaces AASB 117 Leases and some
lease‐related interpretations.
Requires all leases to be accounted for
‘on‐balance sheet’ by lessees, other than
short‐term and low value asset leases.
Provides
the
application of the definition of lease and
on sale and lease back accounting.
Largely
accounting requirements in AASB 117.
Requires new and different disclosures
about leases.
the existing
guidance
retains
lessor
new
on
‐
‐
‐
‐
‐
‐
‐
Effective
Date
1 January
2018
1 January
2018
Likely impact on initial application
Based on the Group’s preliminary
assessment, the Standard is not
expected to have a material impact
on the transactions and balances
recognised
financial
statements when it is first adopted
for the year ending 30 June 2019.
the
in
Based on the Group’s preliminary
assessment, the Standard is not
expected to have a material impact
on the transaction and balances
recognised
financial
statements when it is first adopted
for the year ended 30 June 2019.
the
in
1 January
2019
impact of
The estimated
this
impending change as at 30 June 2018
follows:
can be summarised as
introduction of a right‐of‐use asset of
$0.7 million and an increase in lease
liabilities of $0.7 million.
Dacian Gold Limited 2018 Annual Report
DAC I A N G O L D | ANNUAL REPORT 2018
30 | P a g e
45
NOTES TO THE FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018
FOR THE YE AR ENDED 30 JUNE 2018
Note 2 Segment Information
The Group has identified its operating segments based on the internal reports that are reviewed and used by the
Board of Directors in assessing performance and determining the allocation of resources.
Reportable segments disclosed are based on aggregating operating segments, where the segments have similar
characteristics. The Group’s sole activity is mineral production, exploration and development at MMGO wholly
within Australia, therefore it has aggregated all operating segments into the one reportable segment being
mineral production exploration and development.
The reportable segment is represented by the primary statements forming these financial statements.
Note 3 Revenue and Expenses
Loss for the year includes the following specific income
and expenses:
Interest income
Legal expenses
Insurance
Office rent
Other office occupancy expenses
Employee expenses:
Salaries and wages
Director fees and consulting expenses
Defined contribution superannuation
Other employment expenses
Less: allocation to exploration & construction project costs
Year ended
30 June
2018
$
Year ended
30 June
2017
$
1,442,734
1,265
269,088
209,715
144,725
12,985,850
240,000
1,246,692
1,570,619
(13,408,689)
2,634,472
822,252
36,251
95,617
226,971
161,889
4,615,499
180,000
436,643
703,998
(4,160,635)
1,775,505
Dacian Gold Limited 2018 Annual Report
31 | P a g e
46
DAC I A N G O L D | ANNUAL REPORT 2018
NOTES TO THE FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YE AR ENDED 30 JUNE 2018
FOR THE YEAR ENDED 30 JUNE 2018
Note 4
Income Tax
a) Income statement
Current income tax:
Current income tax charge (benefit)
Current income tax not recognised
Research and development tax concession (i)
Deferred income tax:
Tax losses brought to account for the first time
Relating to origination and reversal of timing differences
Deferred income tax benefit not recognised
Income tax expense/(benefit) reported in the Statement of
Profit or Loss and Other Comprehensive Income
b) Statement of changes in equity
Deferred income tax
Capital raising costs
30 June
2018
$
30 June
2017
$
(12,363,978)
(5,076,889)
‐
(404,758)
5,076,889
(932,600)
(18,203,712)
3,499,313
‐
‐
6,820,206
(6,820,206)
(27,473,135)
(932,600)
(1,075,004)
‐
(i) The Research and Development tax concession benefit recognised in the year ended 30 June 2017 relates to
applications made in respect of qualifying expenditure incurred during the 2015 and 2016 financial years and
lodged with AusIndustry.
c) Reconciliation of consolidated income tax expense to prima
facie tax payable
Loss from continuing operations before income tax expense
(32,875,314)
(19,790,514)
Tax at the Australian rate of 30% (2017: 30%)
Tax effect of permanent differences:
Non‐deductible expenses
Research and development tax concession
Capital raising costs claimed
Tax effect of other differences:
Net deferred tax asset benefit now brought to account
Net deferred tax asset benefit not recognised
At effective income tax rate of 83.6% (2017: 4.7%)
(9,862,594)
(5,937,154)
413,841
(404,758)
(388,098)
(17,231,526)
‐
(27,473,135)
533,980
(932,600)
(467,909)
‐
5,871,083
(932,600)
Income tax expense/(benefit) reported in profit or loss
(27,473,135)
(932,600)
Tax consolidation
The company and its 100% owned controlled entities have formed a tax consolidated group. Members of the
Consolidated Entity have entered into a tax sharing arrangement in order to allocate income tax expense to the
wholly owned controlled entities on a pro‐rate basis. The agreement provides for the allocation of income tax
liabilities between the entities should the head entity default on its tax payment obligations. At reporting date,
the possibility of default is remote. The head entity of the tax consolidated group is Dacian Gold Limited.
Dacian Gold Limited 2018 Annual Report
DAC I A N G O L D | ANNUAL REPORT 2018
32 | P a g e
47
NOTES TO THE FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YE AR ENDED 30 JUNE 2018
FOR THE YEAR ENDED 30 JUNE 2018
Note 4
Income Tax (continued)
Tax effect accounting by members of the tax consolidated group
Members of the tax consolidated group have entered into a tax funding agreement. The tax funding agreement
provides for the allocation of current taxes to members of the tax consolidated group. Deferred taxes are
allocated to members of the tax consolidated group in accordance with a group allocation approach which is
consistent with the principles of AASB 112 Income Taxes. The allocation of taxes under the tax funding
agreement is recognised as an increase/decrease in the controlled entities intercompany accounts with the tax
consolidated group head company, Dacian Gold Limited.
In this regard the Company has assumed the benefit of tax losses from controlled entities of $32,364,453 (2017:
$10,061,199) as of the reporting date. The nature of the tax funding agreement is such that no tax consolidation
contributions by or distributions to equity participants are required.
d) Recognised deferred tax assets and liabilities
Deferred tax assets and liabilities are attributable to the following:
Assets
30 June
2018
$
‐
‐
30 June
2017
$
‐
‐
Liabilities
30 June
2018
$
184,376
266,815
30 June
2017
$
‐
‐
Net
30 June
2018
$
184,376
266,815
30 June
2017
$
‐
‐
Trade & other receivables
Inventories
Property, plant &
equipment
Exploration & evaluation
Mine properties in
development
Trade & other payables –
Current
Trade & other payables –
Non‐Current
Provisions
Borrowing costs
Capital raising costs – Profit
& Loss
Capital raising costs – Equity
Tax Losses
‐
(15,389,273)
(1,170,069)
(259,180)
(52,154)
(4,448,335)
(245,218)
(6,303)
(1,075,004)
(30,567,690)
Tax (assets)/liabilities
(53,213,226)
Set off of tax
25,069,845
Net tax (assets)/liabilities
(28,143,381)
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
1,029,412
12,172,147
11,417,095
‐
‐
‐
‐
‐
‐
‐
25,069,845
(25,069,845)
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
1,029,412
(3,217,126)
10,247,026
(259,180)
(52,154)
(4,448,335)
(245,218)
(6,303)
(1,075,004)
(30,567,690)
(28,143,381)
‐
(28,143,381)
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
Dacian Gold Limited 2018 Annual Report
48
33 | P a g e
DAC I A N G O L D | ANNUAL REPORT 2018
NOTES TO THE FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YE AR ENDED 30 JUNE 2018
FOR THE YEAR ENDED 30 JUNE 2018
Note 4
Income Tax (continued)
e) Movement in temporary differences during the year
Trade and other receivables
Inventories
Property, plant & equipment
Exploration & evaluation
Mine properties in development
Trade & other payables – Current
Trade & other payables – Non‐Current
Provisions
Borrowing costs
Capital raising costs – Profit & Loss
Capital raising costs – Equity
Tax losses
Balance
30 June 2017
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
Recognised in
income
184,376
266,815
1,029,412
(3,217,126)
10,247,026
(259,180)
(52,154)
(4,448,335)
(245,218)
(6,303)
‐
(30,567,690)
(27,068,377)
Recognised in
Equity
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
(1,075,004)
‐
(1,075,004)
Balance
30 June 2018
184,376
266,815
1,029,412
(3,217,126)
10,247,026
(259,180)
(52,154)
(4,448,335)
(245,218)
(6,303)
(1,075,004)
(30,567,690)
(28,143,381)
f) Deferred tax – Consolidated statement of Financial Position
Unrecognised deferred tax assets and liabilities:
Liabilities
Prepaid expenses
Accrued income
Inventories
Mine Development
Assets
Tax losses
Rehabilitation provision
Employee leave provisions
Capitalised exploration expenditure
Business related costs
Net deferred tax asset/(liability)
30 June
2018
$
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
30 June
2017
$
(30,768)
(29,166)
(79,604)
(2,078,007)
(2,217,545)
18,601,101
582,910
129,940
874,937
1,464,950
21,653,838
19,436,293
Dacian Gold Limited 2018 Annual Report
DAC I A N G O L D | ANNUAL REPORT 2018
34 | P a g e
49
NOTES TO THE FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YE AR ENDED 30 JUNE 2018
FOR THE YEAR ENDED 30 JUNE 2018
Note 4
Income Tax (continued)
g) Deferred tax – Statement of Profit or Loss and Other
Comprehensive Income
Movements in unrecognised deferred tax assets and liabilities
Liabilities
(Increase)/decrease in prepaid expenses
(Increase)/decrease in accrued income
(Increase)/decrease in inventories
(Increase)/decrease in mine development
(Increase)/decrease in capitalised exploration expenditure
Assets
Increase/(decrease) in tax losses
Increase/(decrease) in rehabilitation provision
Increase/(decrease) in employee leave provisions
Increase/(decrease) in other financial assets
Increase/(decrease) in accruals
Increase/(decrease) in deductible equity raising costs
Deferred tax (expense)/benefit
Note 5 Earnings per Share
a) Basic earnings per share
30 June
2018
$
30 June
2017
$
30,768
29,166
79,604
2,078,007
(874,937)
(18,601,101)
(582,910)
(129,940)
‐
‐
(1,464,950)
(19,436,293)
(30,768)
(29,166)
(79,604)
(2,078,007)
2,990,394
4,967,272
(7,093)
69,846
(8,874)
(9,069)
1,035,275
6,820,206
30 June
2018
Cents
30 June
2017
Cents
Loss attributable to ordinary equity holders of the Company
(2.6)
(11.9)
b) Diluted earnings per share
Loss attributable to ordinary equity holders of the Company
c) Loss used in calculation of basic and diluted loss per share
(2.6)
$
(11.9)
$
Loss after tax from continuing operations
(5,402,182)
(18,857,914)
d) Weighted average number of shares used as the
No.
No.
denominator
Weighted average number of shares used as the denominator
in calculating basic and dilutive loss per share
205,046,640
158,264,131
At 30 June 2018, the Company has on issue 6,950,000 (2017: 12,000,000) unlisted options over ordinary shares
that are not considered to be dilutive as the potential increase in shares on issue would decrease the loss per
share.
Dacian Gold Limited 2018 Annual Report
50
35 | P a g e
DAC I A N G O L D | ANNUAL REPORT 2018
NOTES TO THE FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YE AR ENDED 30 JUNE 2018
FOR THE YEAR ENDED 30 JUNE 2018
Note 6 Dividends
No dividends were paid or proposed during the financial year ended 30 June 2018 (2017: Nil).
The Company has no franking credits available as at 30 June 2018 (2017: Nil).
Note 7 Cash and Cash Equivalents
Cash at bank
30 June
2018
$
30 June
2017
$
62,866,140
90,163,337
Cash at bank earns interest at floating rates based on daily deposit rates.
At 30 June 2018, the Group had a A$150M syndicated project development facility and a A$10M cost overrun
facility. Refer to note 14 for further discussion.
Reconciliation to the Statement of Cash Flows:
For the purposes of the Statement of Cash Flows, cash and cash equivalents comprise cash on hand and at bank
and investments in money market instruments, net of any outstanding bank overdrafts.
Cash and cash equivalents as shown in the Statement of Cash Flows is reconciled to the related items in the
Statement of Financial Position as follows:
Cash and cash equivalents
30 June
2018
$
30 June
2017
$
62,866,140
90,163,337
Non‐cash financing and investing activities:
Finance leases entered into during the period are detailed at note 20. There have been no other non‐cash
financing and investing activities for the year ended 30 June 2018 (2017: Nil).
Cash balances held in reserve:
An amount of $15,000,000 (30 June 2017: $15,000,000) was reserved on deposit in respect of contingency
funding for the development of MMGO. The purpose of the reserved cash is to fund future unplanned
development costs and to provide funding support for debt service obligations under the syndicated project
development debt facility. At 30 June 2018, the Group forecasts indicate there are no future requirements to
use this reserved cash.
An amount of $281,250 (30 June 2017: nil) was reserved on deposit with Australia and New Zealand Banking
Group Limited in respect of a cash backed bond facility. There were no other amounts included in cash and cash
equivalents that are held in reserve as at 30 June 2018.
Dacian Gold Limited 2018 Annual Report
DAC I A N G O L D | ANNUAL REPORT 2018
36 | P a g e
51
NOTES TO THE FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YE AR ENDED 30 JUNE 2018
FOR THE YEAR ENDED 30 JUNE 2018
Note 7 Cash and Cash Equivalents (continued)
Reconciliation of loss after tax to net cash outflow from
operating activities:
Loss from ordinary activities after income tax
Depreciation
Net loss on sale of assets
Share‐based payments expense
Exploration expense for termination of royalty deed
Deferred exploration expense for tenements surrendered
Capitalised exploration expenditure
Movement in assets and liabilities:
(Increase)/decrease in financial assets
(Increase)/decrease in other receivables
Increase/(decrease) in deferred tax assets
Increase/(decrease) in employee leave provisions
Increase/(decrease) in trade and other payables
Increase/(decrease) in deferred tax liabilities
Net cash flow used in operating activities
Note 8 Trade and Other Receivables
Current assets
R&D Concession tax benefit receivable
GST receivable
Prepayments
Other receivables
30 June
2018
$
(5,402,182)
527,939
46,818
1,368,370
‐
‐
(2,037,665)
36,722
(239,817)
(31,573,827)
82,136
15,148,130
4,505,450
(17,537,926)
30 June
2018
$
‐
1,944,606
1,109,678
669,859
3,724,143
30 June
2017
$
(18,857,914)
335,896
‐
1,769,234
6,000,002
84,159
(2,536,174)
‐
(1,384,828)
‐
128,975
(2,103,600)
‐
(16,564,250)
30 June
2017
$
97,219
1,204,603
2,012,705
102,559
3,417,086
The Group has no trading activity and as such has no trading receivables. The Group does not consider any of its
current receivables to be subject to impairment.
Note 9
Inventories
ROM inventory – at cost
Crushed ore – at cost
Gold in circuit– at cost
Gold dore – at cost
Mine spares and stores – at cost
30 June
2018
$
1,547,284
648,959
2,145,259
6,085,373
2,668,605
13,095,480
30 June
2017
$
‐
‐
‐
‐
265,345
265,345
Dacian Gold Limited 2018 Annual Report
52
37 | P a g e
DAC I A N G O L D | ANNUAL REPORT 2018
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D
NOTES TO THE FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YE AR ENDED 30 JUNE 2018
FOR THE YEAR ENDED 30 JUNE 2018
Note 11 Exploration and Evaluation Expenditure
Deferred exploration costs at the start of the financial year
Exploration and evaluation costs incurred
Royalty termination costs (i)
Transfers to mine properties in development
Exploration and evaluation costs expensed and written off (ii)
30 June
2018
$
4,163,562
17,961,356
11,520,322
(2,037,665)
(27,444,013)
4,163,562
30 June
2017
$
8,131,847
11,394,620
6,014,752
(6,420,301)
(14,957,356)
4,163,562
(i) On 21 June 2018, the Company entered into an agreement to terminate the life of mine Jupiter royalty for $11.5
million. Transactions costs incurred in respect of preparing the Deed of Settlement and Release to terminate the
Jupiter Mine Royalty Deed amounted to $20,322.
In 2017, the Company issued 1,780,416 ordinary shares to Macquarie Bank Limited (“MBL”) being settlement for
the termination of the MBL Royalty Deed over certain tenements held by the company. The Royalty termination
costs disclosed include $14,750 in transaction costs.
(ii) Exploration and Evaluation costs expensed and written off includes no deferred write‐off for tenements
surrendered during the period (30 June 2017: $84,159).
The recoupment of costs carried forward in relation to areas of interest in the exploration and evaluation phase is
dependent upon the successful development or commercial exploitation of the respective areas.
Note 12 Mine Properties
Mine properties in development
Opening Balance
Additions
Transfers to property, plant and equipment
Transfers from exploration
Change in rehabilitation provision
Borrowing costs capitalised
Note 13 Trade and Other Payables
Current liabilities
Trade and other payables
Accrued expenses (i)
Employee leave liabilities
Non‐current liabilities
Employee leave liabilities
30 June
2018
$
60,959,305
74,080,226
(43,390,841)
2,037,665
6,981,376
2,336,306
103,004,037
30 June
2018
$
22,282,885
28,015,307
784,144
51,082,336
30 June
2017
$
‐
46,103,677
‐
6,420,301
5,903,376
2,531,951
60,959,305
30 June
2017
$
639,270
15,666,542
329,044
16,634,856
173,845
104,090
(i) Includes $11.5M for the termination of a life of mine Jupiter Royalty. Refer note 11 for further discussion.
Trade payables are non‐interest bearing and normally settled on 30 day terms. See note 19 for financial instrument
disclosures relating to trade and other payables.
Dacian Gold Limited 2018 Annual Report
54
39 | P a g e
DAC I A N G O L D | ANNUAL REPORT 2018
NOTES TO THE FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YE AR ENDED 30 JUNE 2018
FOR THE YEAR ENDED 30 JUNE 2018
Note 14 Borrowings
Current
Insurance premium funding liability
Lease Liabilities(i)
Bank Loans
Non‐Current
Lease Liabilities(i)
Bank Loans
30 June
2018
$
1,020,787
2,011,475
73,623,405
76,655,667
15,554,993
73,909,923
89,464,916
30 June
2017
$
1,513,375
‐
‐
1,513,375
‐
‐
‐
(i) Further information relating to Leases entered into during the period is set out in note 20.
a) Corporate loan facility
On 21 December 2016, the Company announced entry into an $A150 million Syndicated Project Development Debt
Facility Agreement (“Facility”) with Westpac Banking Corporation, Australia and New Zealand Banking Group
Limited and BNP Paribas. The Facility comprises A$140 million tranche for project development and working capital
during the construction, commissioning and ramp up stages of the Project and a cost overrun tranche of A$10
million.
On 4 December 2017, the Company amended the above Facility agreement to incorporate an additional A$10
million working capital facility to fund drilling programmes at Westralia and Cameron Well.
The key terms of the Facility are:
‐
‐
‐
‐
A five year tenor with a fixed schedule of repayments starting September 2018 through to December 2021;
The Facility can be repaid early at any time without restriction or financial penalty;
Security is provided via a fixed and floating charge over the assets of Dacian Gold’s operating subsidiary, Mt
Morgans WA Mining Pty Ltd; and
The facility can be drawn down in stages when needed with interest payable only on the amounts drawn.
At 30 June 2018 the $150 million facility was fully drawn, no amounts were drawn from the $10 million cost overrun
facility.
Total capitalised transaction costs to 30 June 2018 are $3,505,800 (2017: Nil). Transaction costs are accounted for
under the effective interest rate method. These costs are incremental costs that are directly attributable to the
loan and include loan origination fees, interest payments, commitment fees and legal fees.
b) Financing facilities
Total Facilities
Project Debt Facility
Cost Overrun Facility
Working Capital Facility
Bank Guarantee Facility
30 June
2018
$
140,000,000
10,000,000
10,000,000
150,000
160,150,000
30 June
2017
$
140,000,000
10,000,000
‐
150,000
150,150,000
Dacian Gold Limited 2018 Annual Report
DAC I A N G O L D | ANNUAL REPORT 2018
40 | P a g e
55
NOTES TO THE FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YE AR ENDED 30 JUNE 2018
FOR THE YEAR ENDED 30 JUNE 2018
Note 14 Borrowings (continued)
b) Financing facilities (continued)
Facilities used at reporting date
Project Debt Facility
Cost Overrun Facility
Working Capital Facility
Bank Guarantee Facility
Facilities unused at reporting date
Project Debt Facility
Cost Overrun Facility
Working Capital Facility
Bank Guarantee Facility
30 June
2018
$
140,000,000
‐
10,000,000
110,938
150,110,938
‐
10,000,000
‐
39,062
10,039,062
30 June
2017
$
‐
‐
‐
110,938
110,938
140,000,000
10,000,000
‐
39,062
150,039,062
In addition to the above, the Company has a cash backed bond facility of $281,250 (2017: Nil).
See note 19 for financial instrument disclosures relating to borrowings.
Note 15 Provisions
Non‐current liabilities
Rehabilitation provision
30 June
2018
$
30 June
2017
$
14,827,784
7,846,408
The rehabilitation provision relates to the estimated obligations in relation to the environmental rectification
works at MMGO.
Reconciliation of movements in Rehabilitation Provision:
Balance at the start of the financial year
Increase in rehabilitation provision during the financial year
Balance at the end of the financial year
7,846,408
6,981,376
14,827,784
1,966,676
5,879,732
7,846,408
Note 16 Issued Capital
a) 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 entitle the holder to participate in dividends and the proceeds on winding up of the Company in
proportion to the number of and amounts paid on the shares held. On a show of hands every holder of ordinary
shares present at a meeting in person or by proxy, is entitled to one vote, and upon a poll each share is entitled to
one vote.
Ordinary shares have no par value. There is no limit to the authorised share capital of the Company.
Dacian Gold Limited 2018 Annual Report
56
41 | P a g e
DAC I A N G O L D | ANNUAL REPORT 2018
NOTES TO THE FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YE AR ENDED 30 JUNE 2018
FOR THE YEAR ENDED 30 JUNE 2018
Note 16 Issued Capital (continued)
b) Share capital
Issued share capital
c) Share movements during the year
Balance at the start of the financial year
Share issue
Exercise of options
Exercise of performance rights
Less share issue costs (i)
2018
No.
2017
No.
2018
$
2017
$
205,844,814
201,732,155
195,187,027
191,783,216
201,732,155
‐
4,042,659
70,000
‐
133,306,254
67,275,901
1,150,000
‐
‐
191,783,216
‐
2,097,807
231,000
1,075,004
53,515,696
142,290,972
979,461
‐
(5,002,913)
Balance at the end of the financial year
205,844,814
201,732,155
195,187,027
191,783,216
(i) Relates to tax effect of prior period equity raising costs first brought to account at 30 June 2018. Refer note 4
for further discussion
d) Option plan
Information relating to the Dacian Gold Limited Employee Option Plan is set out in note 17.
Note 17 Share Based Payments
The Group provides benefits to employees (including Executive Directors) of the Group through share‐based
incentives. Information relating to these schemes is set out below.
Dacian Gold Limited Employee Option Plan
The establishment of the Dacian Gold Limited Employee Option Plan (“the Plan”) was last approved by a resolution
of the shareholders of the Company on 16 November 2015. All eligible Directors, executive officers and employees
of Dacian Gold Limited who have been continuously employed by the Company are eligible to participate in the
Plan. The Plan allows the Company to issue free options or performance rights to eligible persons.
Options over Unissued Shares
The options can be granted free of charge and are exercisable at a fixed price in accordance with the Plan. Options
issued under the Plan have vesting periods prior to exercise, except under certain circumstances whereby options
may be capable of exercise prior to the expiry of the vesting period. The performance rights are granted free of
charge and vest subject to certain operational and market performance conditions being met.
During the financial year no options over unissued shares were issued pursuant to the Company’s Employee Share
Option Plan (30 June 2017: Nil). These options have been valued and included in the financial statements over the
periods that they vest. The share based payments expense for the period of $422,926 (30 June 2017: $818,302)
relates to the fair value of options apportioned over their respective vesting periods.
a) Reconciliation of movement of options over unissued shares during the period including weighted average
exercise price (WAEP)
Options outstanding at the start of the year
Options granted during the year
Options exercised during the year
Options outstanding at the end of the year
2018
2017
No.
12,000,000
‐
(5,050,000)
6,950,000
WAEP
$0.94
‐
$0.73
No.
13,150,000
‐
(1,150,000)
$1.07
12,000,000
WAEP
$0.92
‐
$0.74
$0.94
Dacian Gold Limited 2018 Annual Report
DAC I A N G O L D | ANNUAL REPORT 2018
42 | P a g e
57
NOTES TO THE FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YE AR ENDED 30 JUNE 2018
FOR THE YEAR ENDED 30 JUNE 2018
Note 17 Share Based Payments (continued)
a) Reconciliation of movement of options over unissued shares during the period including weighted average
exercise price (WAEP) (continued)
The terms of the unissued ordinary options at 30 June 2018 are as follows:
Number of options outstanding
1,000,000
2,000,000
1,500,000
1,650,000
300,000
500,000
b) Subsequent to the reporting date
Exercise price
$0.58
$0.39
$1.15
$1.16
$1.99
$3.66
Expiry date
24 September 2019
17 November 2019
30 September 2020
31 January 2021
28 February 2021
30 June 2021
No options have been granted subsequent to the reporting date and to the date of signing this report.
c) Weighted average contractual life
The weighted average contractual life for un‐exercised options is 24 months (2017: 23 months).
Performance Rights
During the financial year ended 30 June 2018, 391,682 performance rights (30 June 2017: 710,500) were issued to
employees, pursuant to the terms of the Dacian Gold Limited Employee Share Option Plan. The share‐based
payments expense for the period includes $945,444 (30 June 2017: $950,932) relating to the fair value of
performance rights apportioned over the respective vesting periods.
a) Reconciliation of movement of performance rights during the period including weighted average fair value
(WAFV)
Rights outstanding at the start of the year
Rights issued during the year
Rights vested during the year(i)
Rights forfeited during the year
Rights outstanding at the end of the year
2018
2017
No.
550,250
391,682
(220,250)
(10,614)
711,068
WAFV
$2.98
$2.24
$2.89
$2.46
$2.61
No.
‐
710,500
(70,000)
(90,250)
550,250
WAFV
‐
$2.88
$3.30
$1.94
$2.98
(i) Relates to rights that vested during the year and the shares were unissued at the reporting date.
b) Fair value of performance rights granted
The fair value of the performance rights granted during period were determined using Monte Carlo simulation, a
review of historical share price volatility and correlation of the share price of the Company to its Peer Group.
Further details of the basis of valuation appear below
During the period the Company issued 391,682 performance rights to employees of the company pursuant to the
terms and conditions of the Dacian Gold Limited Employee Option Plan (30 June 2017: 710,500). Details of the
performance rights issued are as follows:
Number
of rights
issued
82,578
82,578
113,263
113,263
Tranche
1
1
2
2
Date of grant
30 August 2017
30 August 2017
20 April 2018
20 April 2018
Date of
vesting
1 July 2019
1 July 2019
1 July 2020
1 July 2020
Share
price on
grant
date
$2.33
$2.33
$2.94
$2.94
Fair
value
at
grant
date
$2.33
$1.56
$2.94
$1.98
Expected
share
price
volatility
51%
51%
53%
53%
Expected
dividend
yield
0%
0%
0%
0%
Expected
risk free
rate
1.84%
1.84%
2.11%
1.96%
Dacian Gold Limited 2018 Annual Report
58
43 | P a g e
DAC I A N G O L D | ANNUAL REPORT 2018
NOTES TO THE FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YE AR ENDED 30 JUNE 2018
FOR THE YEAR ENDED 30 JUNE 2018
Note 17 Share Based Payments (continued)
Performance Rights (continued)
c) Vesting conditions of performance rights issued during the period
The 391,682 performance rights issued during the period are subject to the following specific vesting conditions.
Tranche
Measurement date of
performance rights
Specific vesting conditions and weighting applicable in the
calculation of performance rights vesting
1
2
1 July 2018
1 July 2019
50% ‐ First gold production at MMGO on time and budget
50% ‐ Relative Total Shareholder Return (TSR) performance to
peers above 50th percentile (measured over the 1 year period to
1 July 2018)
50% ‐ Ore reserves at MMGO exceeding 1.2 million ounces
50% ‐ Relative Total Shareholder Return (TSR) performance to
peers above 50th percentile (measured over the 1 year period to
1 July 2019)
The shares vest one year from the performance right measurement date. On vesting, each right automatically
converts to one ordinary share. If the employee ceases employment before the rights vest, the rights will be
forfeited, except in limited circumstances that are approved by the board.
The Company’s TSR performance for share rights issued during the current financial year will be assessed against
the following 10 peer group companies.
Peer Companies
1
2
3
4
5
6
7
8
9
10
St Barbara Limited
Saracen Mineral Holdings Limited
Resolute Mining Limited
Gold Road Resources Limited
Perseus Mining Limited
Beadell Resources Limited
Silver Lake Resources Limited
Doray Minerals Limited
Troy Resources Limited
Ramelius Resources Limited
Note 18 Accumulated Losses and Reserves
ASX Codes
SBM
SAR
RSG
GOR
PRU
BDR
SLR
DRM
TRY
RMS
2018
2017
Accumulated
losses
$
(60,435,792)
(5,402,182)
Share based
payments
reserve (i)
$
2,965,222
‐
Accumulated
losses
$
(41,577,878)
(18,857,914)
‐
‐
(817,807)
1,368,370
‐
‐
Balance at the beginning of the year
Loss for the period
Transfer to issued capital on exercise of
options/performance rights
Share based payments for the period
Balance at the end of the year
(65,837,974)
3,515,785
(60,435,792)
Share based
payments
reserve (i)
$
1,321,449
‐
(125,461)
1,769,234
2,965,222
(i) The share based payments reserve is used to recognise the fair value of options over unissued shares and
performance rights.
Dacian Gold Limited 2018 Annual Report
DAC I A N G O L D | ANNUAL REPORT 2018
44 | P a g e
59
NOTES TO THE FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YE AR ENDED 30 JUNE 2018
FOR THE YEAR ENDED 30 JUNE 2018
Note 19 Financial Instruments
The Group has exposure to a variety of risks arising from its use of financial instruments. This note presents
information about the Group’s exposure to the specific risks, and the policies and processes for measuring and
managing those risks. The Board of Directors has the overall responsibility for the risk management framework
and has adopted a Risk Management Policy.
(a) Credit risk
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to
meet its contractual obligations, and arises principally from transactions with customers and investments.
Gold Bullion Sales
Credit risk arising from the sale of gold bullion to the Group’s customer is low as the payment by the customer
(being The Perth Mint Australia) is guaranteed under statute by the Western Australian State Government. In
addition, sales are made to high credit quality financial institutions, hence credit risk arising from these
transactions is low.
Trade and other receivables
The nature of the business activity of the Group does not result in trading receivables. The receivables that the
Company does experience through its normal course of business are short‐term and the risk of non‐recovery of
receivables is considered to be negligible.
Other
In respect of derivative financial instruments, the Group’s exposure to credit risk arises from potential default of
the counterparty, with a maximum exposure equal to the mark to market of these instruments. The group does
not hold any credit derivatives to offset its credit exposure.
The Directors do not consider that the Group’s financial assets are subject to anything more than a negligible level
of credit risk, and as such no disclosures are made.
(b)
Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group’s
approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet
its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking
damage to the Company’s reputation.
The Group manages its liquidity risk by monitoring its cash reserves and forecast spending. Management is
cognisant of the future demands for liquid finance resources to finance the Group’s current and future operations,
and consideration is given to the liquid assets available to the Group before commitment is made to future
expenditure or investment.
The following are the contractual maturities of financial liabilities, including estimated interest payments and
excluding the impact of netting agreements:
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NOTES TO THE FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YE AR ENDED 30 JUNE 2018
FOR THE YEAR ENDED 30 JUNE 2018
Note 19 Financial Instruments (continued)
(b)
Liquidity risk (continued)
Carrying
amount
Contractual
cash flows
6 months or
less
$’000
$’000
$’000
6‐12
months
$’000
1‐2 years
2‐5 years More than 5
years
$’000
$’000
$’000
22,283
22,283
22,283
‐
‐
‐
‐
1,021
17,567
147,533
1,021
20,171
158,911
188,404
202,386
557
1,386
45,980
70,206
464
1,337
34,146
35,947
‐
2,806
39,935
42,741
‐
7,866
38,850
46,716
‐
6,776
‐
6,776
639
639
639
639
639
639
‐
‐
‐
‐
‐
‐
‐
‐
2018
Trade and other
payables
Insurance premium
funding liability
Lease liabilities
Bank Loan
2017
Trade and other
payables
(c) Market risk
Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates commodity
prices and equity prices will affect the Group’s income or the value of its holdings of financial instruments. The
objective of market risk management is to manage and control market risk exposures within acceptable
parameters, while optimising any return.
Commodity Price Risk
The Groups exposure to commodity price risk arises largely from Australian dollar gold price fluctuations. The
Groups exposure to movements in the gold price is managed through the use of Australian dollar gold forward
contracts. The gold forward sale contracts do not meet the criteria of financial instruments for accounting
purposes on the basis that they meet the normal purchase/sale exemption because physical gold will be delivered
into the contract. Further information relating to these forward sale contracts is included in note 20. No sensitivity
analysis is provided for these contracts as they are outside the scope of AASB 139 Financial Instruments:
Recognition and Measurement.
Interest rate risk
The Group’s exposure to interest rate risk is the risk that a financial instrument’s value will fluctuate as a result of
changes in market interest rates.
The Group does not have any direct contact with foreign exchange or equity risks other than their effect on the
general economy.
At the reporting date, the Group had the following exposure to interest rate risk on financial instruments
Financial assets
Cash and cash equivalents
Financial liabilities
Borrowings
Carrying amount ($)
30 June
2018
$
30 June
2017
$
62,866,140
90,163,337
147,533,328
1,513,375
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61
NOTES TO THE FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YE AR ENDED 30 JUNE 2018
FOR THE YEAR ENDED 30 JUNE 2018
Note 19 Financial Instruments (continued)
(c) Market risk (continued)
Cash flow sensitivity analysis for variable rate instruments
A change of 100 basis points in interest rates at the reporting date would have increased/(decreased) profit or loss
by the amounts shown below. This analysis assumes that all other variables remain constant.
Interest Revenue
Increase 1.0% (2017: 1.0%)
Decrease 1.0% (2017: 1.0%)
Interest Expense
Increase 1.0% (2017: 1.0%)
Decrease 1.0% (2017: 1.0%)
(d) Fair values
2018
$
628,661
(628,661)
(1,500,000)
1,500,000
2017
$
901,633
(901,633)
‐
‐
Fair values versus carrying amounts
The fair values of financial assets and liabilities, together with the carrying amounts shown in the balance sheet
are as follows:
Cash and cash equivalents
Trade and other receivables
Borrowings
Trade and other payables
2018
Carrying
amount
$
Fair value
$
62,866,140
669,859
(166,120,583)
(22,282,885)
62,866,140
669,859
(166,120,583)
(22,282,885)
2017
Carrying
amount
$
90,163,337
1,404,381
(1,513,375)
(639,270)
Fair value
$
90,163,337
1,404,381
(1,513,375)
(639,270)
Net financial (liabilities) / assets
(124,867,469)
(124,867,469)
89,415,073
89,415,073
(e)
Impairment losses
The Directors do not consider that any of the Group’s financial assets are subject to impairment at the reporting
date. No impairment expense or reversal of impairment charge has occurred during the reporting period.
Note 20 Commitments
(a) Operating lease commitments
Due within 1 year
Due after 1 year but not more than 5 years
30 June
2018
$
207,816
482,503
690,319
30 June
2017
$
242,657
690,319
932,976
The operating lease commitment relates to the lease of the Group’s Perth office and car parking for a 5 year term
from 24 October 2016. The lease includes an option to extend for an additional 3 year period following expiry of
the initial lease term on 24 October 2021.
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DAC I A N G O L D | ANNUAL REPORT 2018
NOTES TO THE FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YE AR ENDED 30 JUNE 2018
FOR THE YEAR ENDED 30 JUNE 2018
Note 20 Commitments (continued)
(b) Finance lease commitments
Mt Morgans WA Mining Pty Ltd has entered into an agreement with Zenith Pacific (JPT) Pty Ltd to build and operate
the power station located at MMGO and to supply electricity for a fixed term of eight years. A finance lease for the
power station has been recognised over the eight year contract term.
Mt Morgans WA Mining Pty Ltd has entered into an agreement with SGS Australia Pty Ltd for the provision of
laboratory services and equipment for a fixed term of five years. A finance lease for the laboratory equipment has
been recognised over the five year contract term.
A summary of finance lease commitments appears in the following table:
Within one year
Later than one year but not later than five years
Later than five years
Minimum lease payment
Future finance charges
Recognised as liability
Representing lease liabilities:
Current
Non‐Current
(c) Capital commitments
30 June
2018
$
2,722,879
10,671,820
6,776,416
20,171,115
(2,604,647)
17,566,468
‐
2,011,475
15,554,993
17,566,468
30 June
2017
$
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
Significant capital expenditure contracted for at the end of the reporting period but not recognised as liabilities is
as follows:
Mine Properties in development
5,474,895
103,228,720
(d) Exploration commitments
The Group has certain obligations for payment of tenement rent, shire rates and to perform minimum exploration
work on mineral leases held. These obligations may vary over time, depending on the Group’s exploration
programmes and priorities. At 30 June 2018, the Group had satisfied all of its exploration commitments pursuant
to the leases, which are currently approximately $4,310,420 per annum.
(e) Gold delivery commitments
Due within 1 year
Due after 1 year but not more than 5 years
Gold for physical
delivery
oz
37,300
51,999
Average contract
sale price
A$/oz
1,740
1,782
Value of
committed sales
$’000
64,901
92,664
89,299
1,764
157,565
The Group enters into gold forward contracts to manage the gold price of a proportion of anticipated gold sales.
The forward contracts are settled by the physical delivery of gold as per the contract terms. The contracts are
accounted for as gold sales contracts with revenue recognised once the gold has been delivered to the
counterparties. The physical gold delivery contracts are considered to sell a non‐financial item and therefore do
not fall within the scope of AASB 139 Financial Instruments: Recognition and Measurement.
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NOTES TO THE FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YE AR ENDED 30 JUNE 2018
FOR THE YEAR ENDED 30 JUNE 2018
Note 21 Contingencies
(a) Contingent liabilities
There are no material contingent liabilities at the reporting date.
(b) Contingent assets
There are no material contingent assets at the reporting date.
Note 22 Related Party Disclosures
(a)
Intercompany Loan Liability
The Parent has advanced the following funds to the 100% owned subsidiary Mt Morgans WA Mining Pty Ltd by
way of intercompany loan.
Borrowings
Interest
Intercompany Loan liability
30 June
2018
$
30 June
2017
$
116,688,819
6,903,869
125,008,218
1,416,783
123,592,688
126,425,001
The amounts outstanding are expected to be settled in cash. No guarantees have been given or received in respect
of the advances. Interest on the loan has been calculated on the loans daily balance using the published BBSY rate
plus a margin. Interest on the principal outstanding is calculated at the 30 day BBSY rate plus a margin.
(b) Other
Other than the key management personnel related party disclosure in the Remuneration Report and in note 23,
there are no related party transactions to report.
Note 23 Key Management Personnel
(a) Directors and key management personnel
The following persons were Directors or key management personnel of the Company during the current and prior
financial year:
Rohan Williams
Robert Reynolds
Barry Patterson
Ian Cochrane
Grant Dyker
Executive Chairman
Non‐Executive Director
Non‐Executive Director
Non‐Executive Director
Chief Financial Officer
There were no other persons employed by or contracted to the Company during the financial year, having
responsibility for planning, directing and controlling the activities of the Company, either directly or indirectly.
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DAC I A N G O L D | ANNUAL REPORT 2018
NOTES TO THE FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YE AR ENDED 30 JUNE 2018
FOR THE YEAR ENDED 30 JUNE 2018
Note 23 Key Management Personnel (continued)
(b) Key management personnel compensation
Details of key management personnel remuneration are contained in the Audited Remuneration Report in the
Directors’ Report. A summary of total compensation paid to key management personnel during the year is as
follows:
Short‐term employment benefits
Share‐based payments
Other long‐term benefits
Post‐employment benefits
Total key management personnel remuneration
Note 24 Events Subsequent to the Reporting Date
30 June
2018
$
1,555,489
926,771
16,785
67,849
2,566,894
30 June
2017
$
1,232,224
1,152,820
21,947
76,158
2,483,149
On 11 July 2018 the Group announced an Institutional Placement of approximately A$37 million, with the ability
to take oversubscriptions to raise up to an additional A$3 million, to fund accelerated exploration programs at
Westralia and Cameron Well and terminate a Jupiter life of mine royalty obligation. This institutional placement
was completed on 13 July 2018 with A$40 million raised at A$2.70 per new share.
The Institutional Placement was accompanied by a Share Purchase Plan to raise a further A$5 million at $2.70 per
new share. On 2 August 2018 the Group announced it had amended the terms of the share purchase plan to allow
and subsequently accept over subscriptions of A$3.3 million. Together with the Institutional Placement the Group
raised a total of approximately $48 million before costs.
Other than the matters noted above, there has not arisen in the interval between the end of the reporting period
and the date of this report, any item, transaction or event of a material and unusual nature likely, in the opinion
of the Directors of the Company to affect substantially the operations of the Group, the results of those operations
or the state of affairs of the Group in subsequent financial years.
Note 25 Auditors Remuneration
Total remuneration paid to auditors during the financial year:
Audit and review of the Companys financial statements
Other services
Total
Note 26 Controlled Entities
Parent Entity
Dacian Gold Limited
Subsidiaries
Dacian Gold Mining Pty Ltd
Mt Morgans WA Mining Pty Ltd
30 June
2018
$
60,316
10,000
70,316
Ownership Interest
2018
%
100
100
30 June
2017
$
44,594
‐
44,594
2017
%
100
100
Dacian Gold Limited 2018 Annual Report
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65
NOTES TO THE FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YE AR ENDED 30 JUNE 2018
FOR THE YEAR ENDED 30 JUNE 2018
Note 27 Parent Entity
(a) Summary financial information
Financial statements and notes for Dacian Gold Limited, the legal parent entity are provided below:
Financial position
Current assets
Non‐current assets
Total assets
Current liabilities
Non‐current liabilities
Total liabilities
Shareholders’ equity
Issued capital
Share‐based payments reserve
Accumulated losses
Total equity
Financial performance
Profit/(loss) for the year
Other comprehensive income/(loss)
Total comprehensive profit/(loss)
(b) Commitments
Parent
30 June
2018
$
16,213,544
156,930,951
173,144,495
714,016
123,162
837,178
195,187,027
3,515,785
(26,395,495)
172,307,317
19,045,462
‐
19,045,462
30 June
2017
$
23,167,171
128,287,175
151,454,346
2,054,203
92,662
2,146,865
191,783,216
2,965,222
(45,440,957)
149,307,481
(3,863,079)
‐
(3,863,079)
The parent entity had operating lease commitments of $690,319 at 30 June 2018 (30 June 2017: $932,976) relating
to the lease of the Group’s Perth office and car park.
The exploration commitments of the parent entity pursuant to its exploration tenements are approximately
$2,478,953 per annum.
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DAC I A N G O L D | ANNUAL REPORT 2018
DIRECTORS’ DECLARATION
DIRECTORS’ DECLARATION
In the opinion of the Directors of Dacian Gold Limited (the ‘Company’):
a. The accompanying financial statements and notes of the Company and of the consolidated entity are
in accordance with the Corporations Act 2001, including:
i.
ii.
giving a true and fair view of the Company’s and consolidated entity’s financial position as at
30 June 2018 and of its performance for the year then ended; and
complying with Australian Accounting Standards, the Corporations Regulations 2001,
professional reporting requirements and other mandatory requirements.
b. There are reasonable grounds to believe that the Company will be able to pay its debts as and when
they become due and payable.
c. The financial statements and notes thereto are in accordance with International Financial Reporting
Standards issued by the International Accounting Standards Board.
This declaration has been made after receiving the declarations required to be made to the Directors in
accordance with Section 295A of the Corporations Act 2001 for the financial year ended 30 June 2018.
This declaration is signed in accordance with a resolution of the Board of Directors.
DATED at Perth this 6th day of September 2018.
Rohan Williams
Executive Chairman
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DAC I A N G O L D | ANNUAL REPORT 2018
67
INDEPENDENT AUDITOR’S REPORT
Central Park, Level 43
152-158 St Georges Terrace
Perth WA 6000
Correspondence to:
PO Box 7757
Cloisters Square
Perth WA 6850
T +61 8 9480 2000
F +61 8 9480 2050
E info.wa@au.gt.com
W www.grantthornton.com.au
Independent Auditor’s Report
To the Members of Dacian Gold Limited
Report on the audit of the financial report
Opinion
We have audited the financial report of Dacian Gold Limited (the Company) and its subsidiaries (the Group), which
comprises the consolidated statement of financial position as at 30 June 2018, the consolidated statement of profit or loss
and other comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows
for the year then ended, and notes to the consolidated financial statements, including a summary of significant accounting
policies, and the Directors’ declaration.
In our opinion, the accompanying financial report of the Group is in accordance with the Corporations Act 2001, including:
a giving a true and fair view of the Group’s financial position as at 30 June 2018 and of its performance for the year
ended on that date; and
b complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are
further described in the Auditor’s Responsibilities for the Audit of the Financial Report section of our report. We are
independent of the Group in accordance with the auditor independence requirements of the Corporations Act 2001 and
the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for
Professional Accountants (the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled
our other ethical responsibilities in accordance with the Code.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Grant Thornton Audit Pty Ltd ACN 130 913 594
a subsidiary or related entity of Grant Thornton Australia Ltd ABN 41 127 556 389
www.grantthornton.com.au
‘Grant Thornton’ refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients
and/or refers to one or more member firms, as the context requires. Grant Thornton Australia Ltd is a member firm of Grant Thornton International
Ltd (GTIL). GTIL and the member firms are not a worldwide partnership. GTIL and each member firm is a separate legal entity. Services are
delivered by the member firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of, and do not obligate one
another and are not liable for one another’s acts or omissions. In the Australian context only, the use of the term ‘Grant Thornton’ may refer to
Grant Thornton Australia Limited ABN 41 127 556 389 and its Australian subsidiaries and related entities. GTIL is not an Australian related entity to
Grant Thornton Australia Limited.
Liability limited by a scheme approved under Professional Standards Legislation.
68
DAC I A N G O L D | ANNUAL REPORT 2018
INDEPENDENT AUDITOR’S REPORT
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial
report of the current period. These matters were addressed in the context of our audit of the financial report as a whole, and in
forming our opinion thereon, and we do not provide a separate opinion on these matters.
Key audit matter
How our audit addressed the key audit matter
Provision for rehabilitation – Note 1(o) and Note 15
The Group held a rehabilitation provision of $14.8mill as at 30
June 2018 relating to the Mount Morgan’s Gold Project
(MMGP).
The Group reviews its rehabilitation calculations annually or as
new information becomes available. Changes in estimates
and underlying assumptions are reviewed annually including
changes to the mining operations, local regulations and
rehabilitation requirements.
The process for determining the rehabilitation provision
involves significant management judgement and subjectivity
with regard to the underlying assumptions in determining the
expected significant increase in rehabilitation provision.
The ability for the Group to determine an appropriate
rehabilitation provision based on the expected life of mine is
dependent on readily available information to support the
estimates and judgements used within the calculation in
determining the rehabilitation provision.
This area is a key audit matter due to the judgemental nature
of the estimates and assumptions used in the rehabilitation
provision assessment.
Property, Plant and Equipment and Mineral Properties
and – Note (l) and (j) Note 10 and Note 12
At 30 June 2018, the Group had Property, Plant and
Equipment of $150.0mill (2017: $1.4mill) and Mine Properties
of $103.0mill (30 June 2017: $61.0mill).
The Group is required to complete an impairment assessment
at each reporting period, in accordance with AASB 36
"Impairment of Assets”. Impairments are recognised if a
CGU’s carrying amount exceeds its recoverable amount.
As part of their annual impairment review management
prepared a value in use model to assess the recoverable
amount of the Mt Morgan’s Gold Operation. The basis of the
valuation model was management’s Life of Mine Plan, the
valuation model includes a number of judgmental estimates
and assumptions.
Our procedures included, amongst others:
Obtaining an understanding of management’s process for
determining the rehabilitation provision;
Evaluating the reasonableness of management’s estimates
and judgements to available supporting documentation,
including assessing estimates and judgements determined
by management experts;
Assessing the competencies of management’s expert in
accordance with ASA 500;
Assessing the Group’s legal obligations with respect to the
rehabilitation requirements in accordance with the Mining
Rehabilitation Fund 2012 and the associated effect on the
estimated costs;
Recalculating the rehabilitation provision calculation to
check for mathematical accuracy; and
Reviewing the appropriateness of the related disclosures
within the financial statements.
Our procedures included, amongst others:
Obtaining an understanding of management’s process for
calculating the Life of Mine plan;
Engaging the services of an independent expert to evaluate
the Life of Mine plan and its underlying assumptions
including the gold price, future sales and processing costs;
Engaging the services of a specialist to evaluate the
weighted average cost of capital;
Assessing the competencies of the experts in accordance
with ASA 620 Using the work of an Auditors Expert;
Assessing the competencies of the expert in accordance
with ASA 500 as a managements expert; and
Reviewing the appropriateness of the related disclosures
within the financial statements.
DAC I A N G O L D | ANNUAL REPORT 2018
69
INDEPENDENT AUDITOR’S REPORT
The process for determining the Life of Mine plan involves
significant management judgement and subjectivity with
regard to the underlying assumptions in determining the gold
price, future sales, associated processing costs and the
weighted average cost of capital.
This area is a key audit matter due to the key estimates and
judgements used in the assessment of impairment indicators
Income tax benefit and Deferred tax assets –Note 1 ( c )
and Note 4
Group has recognised deferred tax assets, which include
$30.5mill of prior period’s losses as at 30 June 2018.
Management have brought to account those losses that are
estimated to be probable of utilisation over the life of mine.
This area is a key audit matter due to the judgement required
by management in the calculation of future taxable profits
Our procedures included, amongst others:
Obtaining management's assessment of the ability to utilise
tax losses in the future, including identifying and assessing
the appropriateness of key assumptions utilised in the
model;
Obtaining available evidence to support the key
assumptions and compared against the life of mine model
used for AASB 136 purposes;
Testing the mathematical accuracy of the model used as a
basis for the capitalisation of deferred taxes, as well as its
inputs to supporting data;
Consulting with Grant Thornton tax specialists, who
reviewed the tax computations and undertook discussions
with management; and
Reviewing the appropriateness of the related disclosures
within the financial statements.
Information other than the financial report and auditor’s report thereon
The Directors are responsible for the other information. The other information comprises the information included in the
Group’s annual report for the year ended 30 June 2018, but does not include the financial report and our auditor’s report
thereon.
Our opinion on the financial report does not cover the other information and we do not express any form of assurance
conclusion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider
whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit or
otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are
required to report that fact. We have nothing to report in this regard.
Responsibilities of the Directors’ for the financial report
The Directors of the Company are responsible for the preparation of the financial report that gives a true and fair view in
accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the Directors
determine is necessary to enable the preparation of the financial report that gives a true and fair view and is free from material
misstatement, whether due to fraud or error.
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DAC I A N G O L D | ANNUAL REPORT 2018
INDEPENDENT AUDITOR’S REPORT
In preparing the financial report, the Directors are responsible for assessing the Group’s ability to continue as a going concern,
disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the
Directors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material
misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance
is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Australian Auditing
Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions
of users taken on the basis of this financial report.
A further description of our responsibilities for the audit of the financial report is located at the Auditing and Assurance
Standards Board website at: http://www.auasb.gov.au/auditors_responsibilities/ar1.pdf. This description forms part of our
auditor’s report.
Report on the remuneration report
Opinion on the remuneration report
We have audited the Remuneration Report included in pages 23 to 29 of the Directors’ report for the year ended 30 June
2018.
In our opinion, the Remuneration Report of Dacian Gold Limited, for the year ended 30 June 2018 complies with section
300A of the Corporations Act 2001.
Responsibilities
The Directors of the Company are responsible for the preparation and presentation of the Remuneration Report in accordance
with section 300A of the Corporations Act 2001. Our responsibility is to express an opinion on the Remuneration Report,
based on our audit conducted in accordance with Australian Auditing Standards.
GRANT THORNTON AUDIT PTY LTD
Chartered Accountants
C A Becker
Partner – Audit & Assurance
Perth, 6 September 2018
DAC I A N G O L D | ANNUAL REPORT 2018
71
ASX ADDITIONAL INFORMATION
Pursuant to the Listing Requirements of the Australian Securities Exchange, the shareholder information set out
below was applicable as at 9 October 2018.
A. DISTRIBUTION OF EQUIT Y SECURITIES
Analysis of numbers of shareholders by size of holding:
Distribution
1-1,000
1,001-5,000
5,001-10,000
10,001-100,000
More than 100,000
Total
Number of Shareholders
Securities Held
808
1,029
400
625
101
2,963
418,054
2,844,827
3,041,825
18,305,169
199,554,335
224,164,210
There are 179 shareholders holding less than a marketable parcel of ordinary shares.
B. SUBSTANTIAL SHAREHOLDERS
An extract of the Company’s Register of Substantial Shareholders (who hold 5% or more of the issued capital) is
set out below:
COMMONWEALTH BANK OF AUSTRALIA
17,267,548
7.83%
Shareholder Name
Number of Shares
% of Shares
C. T WENT Y L ARGEST SHAREHOLDERS
Shareholder Name
Number of Shares
% of Shares
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
J P MORGAN NOMINEES AUSTRALIA LIMITED
CITICORP NOMINEES PTY LIMITED
VITESSE PTY LTD
54,664,962
40,334,338
20,720,049
7,362,659
6,954,987
6,887,374
5,380,682
5,345,832
4,880,655
4,800,000
3,506,360
3,163,180
3,037,268
2,730,555
2,254,664
1,739,834
1,570,000
1,089,000
1,022,866
931,362
24.39
17.99
9.24
3.28
3.10
3.07
2.40
2.38
2.18
2.14
1.56
1.41
1.35
1.22
1.01
0.78
0.70
0.49
0.46
0.42
TOTALS
178,376,627
79.57
72
DAC I A N G O L D | ANNUAL REPORT 2018
ASX ADDITIONAL INFORMATION
D. UNQUOTED SECURITIES
Options:
Number of Options
Exercise Price
Expiry Date
Number of Holders
1,000,000
2,000,000
1,300,000
1,650,000
300,000
500,000
$0.58
$0.39
$1.15
$1.16
$1.99
$3.66
24 September 2019
17 November 2019
30 September 2020
31 January 2021
28 February 2021
30 June 2021
1
1
4
5
1
1
Performance Rights:
Number of Performance Rights
330,000
165,156
226,526
E. VOTING RIGHTS
Expiry Date
14 October 2020
30 June 2024
30 June 2025
Number of Holders
1
4
13
In accordance with the Company’s Constitution, voting rights in respect of ordinary shares are on a show of hands
whereby each member present in person or by proxy shall have one vote and upon a poll, each share will have one
vote.
F. RESTRICTED SECURITIES
The Company has no restricted securities.
DAC I A N G O L D | ANNUAL REPORT 2018
73
TENEMENT SCHEDULE
AS AT 30 SEPTEMBER 2018
Tenement Type
Tenement
Status
Location
Ownership
P
E
E
E
E
E
E
E
E
E
E
E
E
E
L
L
L
L
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
38/4451
Application
Hawks Nest
Dacian Gold Ltd (100%)
39/1950
39/1951
39/1967
39/2002
38/2951
39/1310
39/1713
39/1787
39/2004
39/2017
39/2020
39/2038
39/2057
39/0057
39/0244
39/0245
39/0246
38/0395
38/0396
38/0548
38/0595
38/0848
39/0018
39/0036
39/0208
39/0228
39/0236
39/0240
39/0248
39/0250
39/0261
39/0264
39/0272
39/0273
39/0282
39/0287
39/0291
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Lake Carey
Lake Carey
Lake Carey
Lake Carey
Mt Morgans
Mt Morgans
Mt Morgans
Mt Morgans
Mt Morgans
Mt Morgans
Mt Morgans
Dacian Gold Ltd (100%)
Dacian Gold Ltd (100%)
Dacian Gold Ltd (100%)
Dacian Gold Ltd (100%)
Dacian Gold Ltd (100%)
Dacian Gold Ltd (100%)
Dacian Gold Ltd (100%)
Dacian Gold Ltd (100%)
Dacian Gold Ltd (100%)
Dacian Gold Ltd (100%)
Dacian Gold Ltd (100%)
Application
Mt Morgans
Dacian Gold Ltd (100%)
Application
Mt Morgans
Dacian Gold Ltd (100%)
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Mt Morgans
Mt Morgans WA Mining Pty Ltd (100%)
Mt Morgans
Mt Morgans WA Mining Pty Ltd (100%)
Mt Morgans
Mt Morgans WA Mining Pty Ltd (100%)
Mt Morgans
Mt Morgans WA Mining Pty Ltd (100%)
Mt Morgans
Mt Morgans
Mt Morgans
Mt Morgans
Mt Morgans
Dacian Gold Ltd (100%)
Dacian Gold Ltd (100%)
Dacian Gold Ltd (100%)
Dacian Gold Ltd (100%)
Dacian Gold Ltd (100%)
Mt Morgans
Mt Morgans WA Mining Pty Ltd (100%)
Mt Morgans
Mt Morgans WA Mining Pty Ltd (100%)
Mt Morgans
Mt Morgans WA Mining Pty Ltd (100%)
Mt Morgans
Mt Morgans WA Mining Pty Ltd (100%)
Mt Morgans
Mt Morgans WA Mining Pty Ltd (100%)
Mt Morgans
Mt Morgans WA Mining Pty Ltd (100%)
Mt Morgans
Mt Morgans WA Mining Pty Ltd (100%)
Mt Morgans
Mt Morgans WA Mining Pty Ltd (100%)
Mt Morgans
Mt Morgans WA Mining Pty Ltd (100%)
Mt Morgans
Mt Morgans WA Mining Pty Ltd (100%)
Mt Morgans
Mt Morgans WA Mining Pty Ltd (100%)
Mt Morgans
Mt Morgans WA Mining Pty Ltd (100%)
Mt Morgans
Mt Morgans WA Mining Pty Ltd (100%)
Mt Morgans
Mt Morgans WA Mining Pty Ltd (100%)
Mt Morgans
Dacian Gold Ltd (100%)
74
DAC I A N G O L D | ANNUAL REPORT 2018
TENEMENT SCHEDULE
AS AT 30 SEPTEMBER 2018
Tenement Type
Tenement
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
P
P
P
P
39/0295
39/0304
39/0305
39/0306
39/0333
39/0380
39/0390
39/0391
39/0392
39/0393
39/0394
39/0395
39/0403
39/0441
39/0442
39/0443
39/0444
39/0497
39/0501
39/0502
39/0503
39/0504
39/0513
39/0745
39/0746
39/0747
39/0799
39/0937
39/0938
39/0993
39/1107
39/1120
39/1122
39/1129
39/5377
39/5469
39/5498
39/5823
Status
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Location
Mt Morgans
Ownership
Dacian Gold Ltd (100%)
Mt Morgans
Mt Morgans WA Mining Pty Ltd (100%)
Mt Morgans
Mt Morgans WA Mining Pty Ltd (100%)
Mt Morgans
Mt Morgans
Mt Morgans
Dacian Gold Ltd (100%)
Dacian Gold Ltd (100%)
Dacian Gold Ltd (100%)
Mt Morgans
Mt Morgans WA Mining Pty Ltd (100%)
Mt Morgans
Mt Morgans
Mt Morgans
Mt Morgans
Dacian Gold Ltd (100%)
Dacian Gold Ltd (100%)
Dacian Gold Ltd (100%)
Dacian Gold Ltd (100%)
Mt Morgans
Mt Morgans WA Mining Pty Ltd (100%)
Mt Morgans
Mt Morgans WA Mining Pty Ltd (100%)
Mt Morgans
Mt Morgans WA Mining Pty Ltd (100%)
Mt Morgans
Mt Morgans WA Mining Pty Ltd (100%)
Mt Morgans
Mt Morgans
Mt Morgans
Mt Morgans
Mt Morgans
Mt Morgans
Dacian Gold Ltd (100%)
Dacian Gold Ltd (100%)
Dacian Gold Ltd (100%)
Dacian Gold Ltd (100%)
Dacian Gold Ltd (100%)
Dacian Gold Ltd (100%)
Mt Morgans
Mt Morgans WA Mining Pty Ltd (100%)
Mt Morgans
Mt Morgans WA Mining Pty Ltd (100%)
Mt Morgans
Mt Morgans WA Mining Pty Ltd (100%)
Mt Morgans
Mt Morgans
Mt Morgans
Mt Morgans
Mt Morgans
Mt Morgans
Dacian Gold Ltd (100%)
Dacian Gold Ltd (100%)
Dacian Gold Ltd (100%)
Dacian Gold Ltd (100%)
Dacian Gold Ltd (100%)
Dacian Gold Ltd (100%)
Mt Morgans
Mt Morgans WA Mining Pty Ltd (100%)
Mt Morgans
Mt Morgans
Mt Morgans
Mt Morgans
Mt Morgans
Mt Morgans
Mt Morgans
Dacian Gold Ltd (100%)
Dacian Gold Ltd (100%)
Dacian Gold Ltd (100%)
Dacian Gold Ltd (100%)
Dacian Gold Ltd (100%)
Dacian Gold Ltd (100%)
Dacian Gold Ltd (100%)
DAC I A N G O L D | ANNUAL REPORT 2018
75
TENEMENT SCHEDULE
AS AT 30 SEPTEMBER 2018
Tenement Type
Tenement
Status
Location
Ownership
P
P
P
P
P
P
P
P
P
39/5824
39/5825
39/5826
39/5827
39/5828
39/5829
39/5830
39/5865
38/4466
Application
Mt Morgans
Dacian Gold Ltd (100%)
Granted
Granted
Granted
Granted
Granted
Granted
Mt Morgans
Mt Morgans
Mt Morgans
Mt Morgans
Mt Morgans
Mt Morgans
Dacian Gold Ltd (100%)
Dacian Gold Ltd (100%)
Dacian Gold Ltd (100%)
Dacian Gold Ltd (100%)
Dacian Gold Ltd (100%)
Dacian Gold Ltd (100%)
Application
Mt Morgans
Dacian Gold Ltd (100%)
Application
Mt Morgans
Dacian Gold Ltd (100%)
76
DAC I A N G O L D | ANNUAL REPORT 2018
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