ANNUAL REPORT 30 JUNE 2017
DOME GOLD MINES LIMITED ABN 49 151 996 566
FIJI
Figure 1 – Tenement Location Map
Yasawa
Islands
Yadua
Vanua Levu
Qamea
Laucala Tavenui
LABASA
Rabi
Yacata
Koro
LOMA LOMA
Mamanuca
Islands
Viti Levu
NADI SPL1452
SIGATOKA
Batiki
SPL1495
SUVA
Beqa
Vatulele
SPL1451
VUNISEA
Ono
Kadavu
Makogai
Wakaya
Vatu Vara
Nairai
Gau
Koro Sea
Moala
Cicia
Tuvuca
Nayau
Lakeba
Oneata Moce
Namuka-i-lau
Totoya
Kabara
FIJI
New
Caledonia
Australia
South Pacific Ocean
New Zealand
Dome Gold Mines Ltd Annual Report 30 June 2016
3
CONTENTS
1
3
23
24
25
26
27
28
29
51
52
56
58
CHAIRMAN’S MESSAGE
DIRECTORS’ REPORT
AUDITOR’S INDEPENDENCE DECLARATION
CORPORATE GOVERNANCE STATEMENT
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
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
DIRECTORS’ DECLARATION
INDEPENDENT AUDITOR’S REPORT
ASX ADDITIONAL INFORMATION
CORPORATE DIRECTORY
2
Dome Gold Mines Ltd Annual Report 30 June 2016
CHAIRMAN’S MESSAGE
Dear Shareholder
I am pleased to present the Dome Gold Mines Annual Report for the year ended 30 June 2017. After many
delays, with a variety of causes, Dome’s work programme in Fiji is finally gathering significant momentum.
At Sigatoka, a new round of sonic drilling has commenced, aimed at extending and infilling previous drilling to
enlarge and upgrade the already substantial resources outlined within our exploration tenement (SPL1495).
Upon completion, this new work will provide the basis for a Final Feasibility Study for proposed sand mining
operations at Sigatoka, producing magnetite iron ore and industrial sand, among other products. An
application for a mining lease (ML) at Sigatoka is being processed by the Fijian Government’s Mineral Resources
Department. We have been advised that grant of the ML will not occur until Dome completes and submits to
the Government a full feasibility study for mining, including the expression of costs and revenues in Fijian currency
(FJD). The programme now underway will enable us to meet that requirement in a timely manner and we
anticipate proceeding with development at Sigatoka soon after the grant of the ML. We continue to be
encouraged by the robust economics of the sand mining project, whose commercial strength has only
improved with the recent recovery in iron ore prices. Added to that, is an increasing awareness across Asia and
the Southwest Pacific (including Australia) of a looming and serious shortage of good quality industrial sand.
Dome is one of the few companies listed on the ASX that has significant potential to deliver into this demand
and we expect the simple dredging and processing operation at Sigatoka to generate strong and stable
revenues for many years to come.
While new work is underway at Sigatoka, we have mobilised a field crew onto Ono Island, where the Company
holds an exploration tenement (SPL1451) over two adjacent gold prospects of high sulphidation epithermal type.
This licence was renewed during the past year for a further three years. Dome’s geologists believe that there is
excellent potential for the discovery of a substantial gold deposit at Ono and this interpretation was very much
enhanced during the period by the results of a major geophysical survey (involving the induced polarisation, or
IP, method). The IP survey showed strong chargeability and resistivity zones at depth below the surface outcrops
of veined, altered and geochemically anomalous rocks that characterise both prospects. Such zones will be the
targets for a diamond drilling programme planned to commence on Ono shortly. Tenders have been called for
the provision of a diamond drill rig capable of drilling HQ core to a depth of 500 metres, together with
competent drillers and off-siders and all ancillary equipment and personnel required to drill up to 10 drill holes of
up to 500m depth each. Acceptance of a tender and signing of a contract for the planned drilling is expected
to be completed very soon. In preparation for this procedure, Dome personnel have been constructing a field
camp and operations base at Ono, as well as preparing drill rig access tracks and pad from which to conduct
the drilling. Three sites have been selected initially, with a minimum of two holes to be drilled from the first two of
them. Later holes will be sited to take account of the results from the initial holes.
I am pleased to report that Dome’s exploration tenement at Nadrau on Fiji’s main island of Viti Levu (SPL1452)
was also renewed during the year for a further two years. An IP survey, similar to that carried out successfully at
Ono, is scheduled to take place at Nadrau’s main target area of Namoli-Wainivau in the first half of 2018.
Dome takes its social responsibility very seriously and over the past year we have once again provided financial
and material support for the Fijian communities in which we work. Ms Jean White has led that process and her
expertise in this area is much appreciated.
All at Dome were deeply saddened in March 2017 by the passing of our director, Mr Allen Jay, after a long
illness. Allen was much admired, both by his colleagues within the Company and by those he interacted with at
a professional and personal level elsewhere. His knowledge and experience of Fiji were of great value to Dome
and he is very much missed. Allen was a firm believer in the geological potential of Fiji and a strong advocate
for its people.
1
At the end of June 2017, Mr Andrew Skinner retired as a director of Dome, after many years of service, with a
particular emphasis on the commercial aspects of the Company's operations in Fiji. I thank him for that service
and wish him well in his continuing endeavours. Ms Sarah Harvey was appointed as a director in July. Ms Harvey
is a lawyer and her wise counsel will be welcomed by the Board as we proceed in Fiji.
As Dome gathers new momentum it is a pleasure for me to once again acknowledge the continuing and very
substantial contribution made by my fellow director, Mr Tadao Tsubata. A resident of Japan, Mr Tsubata has
been very instrumental in raising capital for Dome and in building the investor support that has put us in a strong
position to move forward now that the broader business environment is looking much better.
Finally, I would like to thank the staff and contractors of Dome, whose loyalty and hard work have been
unstinting. Mr Jack McCarthy, as CEO, has provided strong leadership and firm control of our programme. He
has been well backed up by a small but effective staff in Sydney and a very keen team in Fiji, who are now
enjoying the opportunity to build wealth for their company, their country and themselves by applying their skills
to the discovery and development of Fiji's mineral resource endowment.
G. G. LOWDER
Chairman
Dome Gold Mines Ltd
2
DIRECTORS’ REPORT
The Directors of Dome Gold Mines Ltd present their report, together with the financial statements of the
consolidated entity, being Dome Gold Mines Ltd ('Dome' or 'the Company') and its controlled entities (‘the
Group’) for the financial year ended 30 June 2017.
DIRECTORS’ DETAILS
The following persons were Directors of Dome during or since the end of the financial year.
DR GARRY LOWDER
Bachelor of Science with 1st Class Honours in Geology
(University of Sydney)
Doctor of Philosophy (University of California, Berkeley)
Advanced Management Program (Harvard University)
Fellow, Australasian Institute of Mining and Metallurgy
Member, Australian Institute of Company Directors
Chairman
Independent Non-Executive Director
Member of Audit and Risk Committee
Director since 1 March 2012
Other current Directorships: None
Previous Directorships (last 3 years):
None
Interests in shares: 570,000 shares
Interests in options: None
in
the Australian and
Dr Garry Lowder is a geologist who has spent over 45
years
international mining
industries. As an exploration geologist, Garry has worked
in Australia, Indonesia and Papua New Guinea, playing
key roles in the discovery of several mineral deposits,
including the Northparkes copper, Cowal gold and
Conrad silver deposits in NSW, the Paddington gold and
Wodgina tantalum deposits in WA and the North
Sulawesi porphyry copper deposits in Indonesia.
Over
the past 30 years Garry has held senior
management positions with Australian mining
companies and also spent four years in government as
Director General of Mineral Resources in NSW. In 1997
he founded Malachite Resources Limited, listing it on the
ASX (MAR) in 2002 and retiring as managing director
late in 2011; he retired from the position of non-
executive Chairman at the end of November, 2012.
Garry was also an independent, non-executive director
(and for three years, chairman) of ASX- listed Straits
Resources Limited from 1997 until he retired from that
Board in mid-2011.
3
MR TADAO TSUBATA
Bachelor of Arts in Economics (Kokushikan University,
Tokyo)
Non-Executive Director
Director since 8 July 2011
Mr Tadao Tsubata studied at Kokushikan University,
Tokyo, in the Department of Politics and Economics,
graduating in 1991 with a B.A. in Economics.
From 1991 to 1997, Tadao worked in corporate finance
at a large Japanese securities company. From this role
he moved to a major international life insurance and
investment company where he was involved in retail
offerings and distribution of the business in Japan.
Establishing his first business in life insurance distribution
and agencies in 2001, this formed the basis of a new
business being a Japanese focused asset management
company.
In early 2010 the activities of both the insurance business
and the asset management company grew to the
extent that a private investment advisory firm was
established
international
investments in mining exploration, primary production
and other growth industries. Tadao continues in the role
of Chief Executive Officer of this business and its
international operations including in Australia.
specifically
target
to
MS SARAH HARVEY
Bachelor of Arts (University of Adelaide)
Bachelor of Laws (University of Adelaide)
Master of Laws (College of Law, Sydney)
Certificate
in Governance Practice
Governance)
(Institute of
Alternate Director (appointed 8
December 2015, resigned 21 July 2016)
Non Executive Director & Chair of Audit
Committee
Director since 27 July 2017
Ms Sarah Harvey has worked for 15 years, in both
private practice and in the corporate sector.
In recent years Sarah has been focused on company
secretariat services, providing board and director
advice in strategic planning and review, due diligence,
risk compliance and corporate governance. She holds
a BA, LLB.MA (Law) and is a member of the Institute of
Governance.
4
Other current Directorships: None
Previous Directorships (last 3 years):
None
Interests in shares: 7,342,393 shares
Interests in options: None
Other current Directorships: None
Previous Directorships (last 3 years):
None
Interests in shares: 20,776,499 shares
Interests in options: None
MR ALLEN JAY
Bachelor of Earth Science (Geology) (Macquarie University)
Chemistry Certificate - Inorganic Analytical Chemistry (Newcastle Technical College)
Non-Executive Director
Director from 29 March 2012 until 12 March 2017
Mr Allen Jay had extensive experience as a geologist and analytical chemist, working in Australia, Fiji, the
Philippines and Indonesia in the mining industry in roles ranging from regional exploration to project
management. For five years, Allen led the exploration team in the evaluation of Fiji’s Namosi porphyry copper
deposits. These are located on tenements now owned by Newcrest that are adjacent to Dome’s Central Viti
Levu Project.
Allen had been a Geologist/Geochemist for the last 40 years and is a member of AusIMM. Previously Allen
worked for Placer Dome Asia Pacific as Exploration Manager, Projects, Philippines and then became its Regional
Exploration Manager overseeing project work in the Philippines, Indonesia, New South Wales and Western
Australia.
He held a Bachelor of Earth Science (Geology) from Macquarie University and a Chemistry Certificate –
Inorganic Analytical Chemistry from the Newcastle Technical College, Newcastle.
Allen Jay passed away on 12 March 2017 after a long illness.
Other current Directorships: None
Previous Directorships (last 3 years):
None
Interests in shares: 350,000 shares
Interests in options: None
MR ANDREW SKINNER
Master of Economics - Professional Accounting (Macquarie University)
Master of Corporate Governance (Macquarie University)
Diploma Property Development Distinction (UTS)
Bachelor of Philosophy (Macquarie University)
Member, CPA Australia
Non-Executive Director and Chair of Audit Committee
Director from 8 July 2011 until 30 June 2017
Mr Andrew Skinner qualified as a Chartered Accountant in 1986 with Price Waterhouse Coopers and
commenced a specialisation in superannuation law and practice. He works extensively in business structuring
and tax advice. Currently, Andrew is Principal of Andrew Skinner & Associates Pty Ltd a CPA Public Practice
based in Chatswood. Andrew is also a Justice of the Peace and a Registered Tax Agent.
Andrew Skinner resigned as a Non-Executive Director of Dome on 30 June 2017.
Other current Directorships:
Zamia Metals Ltd and GPS Alliance Holdings Ltd
Previous Directorships (last 3 years): None
Interests in shares: 3,155,000 shares
Interests in options: None
5
COMPANY SECRETARY
Mr Marcelo Mora holds a Bachelor of Business degree and Graduate Diploma of Applied Corporate
Governance, and is a member of the Governance Institute of Australia. Mr Mora is a Chartered Secretary and
has been an accountant for more than 30 years and has experience in resources and mining companies both in
Australia and internationally, providing financial reporting and company secretarial services to a range of
publicly listed companies. Marcelo has been the Company Secretary since Dome was incorporated on 8 July
2011.
6
PRINCIPAL ACTIVITIES
The principal activities of the Group have been the continuing exploration and evaluation of its Projects in Fiji.
No significant changes in the nature of these activities occurred during the year.
REVIEW OF OPERATIONS AND FINANCIAL RESULTS
Projects
Dome, through its wholly owned Fijian subsidiaries, Dome Mines Ltd and Magma Mines Ltd holds 100% of three
Special Prospecting Licences (SPL) in Fiji, namely, SPL1495 (Sigatoka Iron Sand Project), SPL1451 (Ono Island
Project) and SPL1452 (Nadrau Project).
Figure 1 – Dome Gold Mine’s project locations
SPL 1495 Sigatoka Iron Sand Project
This tenement of 2,522.69ha on the south coast of Viti Levu, the largest island of Fiji, covers the plains at
the mouth of the Sigatoka River, the river itself and an area offshore.
Dome’s most advanced project with a Mining Lease applied for and Definitive Feasibility Study
planned.
Initial JORC 2012 resource estimate was published in October 2014.
Environmental Impact Assessment report produced December 2014.
Pre-feasibility Study report completed early 2015.
In October 2014 the company announced a maiden JORC 2012 Resource Estimate for its 100%-owned Sigatoka
Iron Sand Project, located on the main island of Viti Levu, Fiji (see Figure 2).
A maiden Resource Estimate of 131.6 million tonnes included Indicated Mineral Resources of 25 million tonnes
@11.6% HM at Sigatoka River, and Inferred Mineral Resources of 100.7 Mt @ 17% HM at the onshore Kulukulu
deposit and 5.9 million tonnes @ 11% HM at Sigatoka River.
The Resource consists of detrital magnetite and other heavy minerals in a coastal sand deposit. The iron sands
will be dredged from the Sigatoka river bed and processed by gravity and magnetic separation to produce
saleable products ready for export.
7
In addition to magnetite concentrate, non-magnetic heavy mineral concentrate and sand and gravel suitable
for industrial or land reclamation uses are expected to be produced during processing.
Figure 2 – Sigatoka River and Kulukulu resource area and estimates
8
In December 2014 Dome received an Environmental Impact Assessment report prepared by independent
environmental specialists, Corerega Environment Consultants. The report concluded that “(t)he proposed
mining, dredging and mineral extraction development project is likely to have significant economic benefits to
the local area, the region and the Country of Fiji and local residents are likely to benefit from the increase in
productivity of land, river and marine environment and through job opportunities”.
Dome announced the completion of a positive Pre-Feasibility Study (PFS) in March 2015. The PFS concluded that
a viable dredge mining and sand processing operation to recover industrial sand, gravel, magnetite
concentrate (iron ore) and a bulk non-magnetic heavy mineral concentrate, all products have local or
international markets. The PFS recommended completion of a Definitive Feasibility Study (DFS) that will include
the operation of a pilot processing plant to produce product samples that can be used for establishing market
prices. In addition, the DFS will generate process engineering data needed for the design and equipment
selection of a full scale process plant. The DFS will also provide support to seek funds to implement the mining
operation.
The potential to generate stable revenue by producing multiple products for sale, as well as its coastal location,
give the Sigatoka Project commercial advantages that many other iron ore projects do not possess.
The renewal of SPL1495 for a further 3-year period for the licence was granted by the Mineral Resources
Department on 13 July 2015.
SPL 1451 Ono Island Project
This tenement of 3,028ha on Ono Island, the eastern most island of the Kadavu Group, covers a
number of hydrothermally altered and mineralised areas and caldera/volcanic centres.
Two high sulphidation epithermal gold-silver targets and possible deeper porphyry copper-gold
exploration targets (Naqara East and Naqara West) have been identified by geological mapping
The prospect is spatially associated with shoshonitic volcanic centres that appear similar in alteration
style, geological formation and metal geochemical anomalism to the Lepanto gold-copper deposit in
the Philippines.
Induced Polarisation (IP) arrays were completed in October 2016 identifying anomalies that require
testing.
A 10-hole exploration diamond drill program is now underway.
Figure 3 - Naqara East and West Prospects on Ono Island showing the extent of hydrothermal
alteration and the IP survey lines. Proposed drill hole locations (A to E) are based on the IP results
and surface geology
9
The Company announced on 7 October 2016 that an offset pole-dipole IP survey has been successfully
completed on two adjacent high sulphidation epithermal gold prospects on the northern part of Ono Island.
The offset pole-dipole IP survey involved 4 arrays, 2 over each prospect (Figure 3). Transmitter electrodes were
placed along a central cut line at 100m intervals with 3 to 4 additional electrodes at the end of each receiver
line for totals of between 31 and 32 points per array (gold coloured lines on Figure 3). Receiver electrodes were
placed at 100m intervals along the two survey lines either side of the transmitter line (34 points). Two 32 channel
IP receivers were used to take 3 to 4 readings at each electrode. Figures 4 & 5 are compilations of surface
alteration and the processed IP data for the East and West Naqara prospects, known as Naqara East and
Naqara West. These had previously been covered by soil sampling and geological mapping campaigns that
identified areas of intense argillic alteration and zones of silicification and anomalous geochemistry, proximal to
the northern rim of a volcanic caldera (Figure 6).
Figures 4 & 5 – Plots of the chargeability (top) and resistivity responses at an apparent depth of 250m
with the outline of the argillic (hatch) and silicification (red) superimposed as well as locations
recommended for exploration drilling.
The offset pole-dipole survey has been successful in assisting with location of an initial exploration drilling
program on Ono Island, one of the few remaining untested epithermal targets along the so-called “Rim of Fire”
in the South West Pacific. The schematic model in Figure 6 shows how the hydrothermal alteration, anomalous
geochemistry, present land surface and IP data may indicate the presence of gold-silver bearing sulphide
mineralisation in this environment.
10
Figure 6 – Schematic model of a volcano showing the typical location of sulphide mineralisation
relative to the interpreted land surface on Ono Island.
The Company announced on 19 June 2017 that on-site preparations have commenced in advance of a drill
program designed to sample the IP anomalies detected. The preparations include modification to a large
building in Naqara village that will be used as an office and accommodation for Dome’s geological team.
Adjacent to the building core handling and logging infrastructure will also be built.
During this construction stage access tracks to the first 5 drill sites will be marked in preparation for the arrival of
an excavator. A diamond drill rig will be mobilised by self-propelled barge to Ono in the near future, subject to
rig availability. Up to 10 diamond drill holes are planned, each up to 500m deep, in the first stage of the
program.
Plate 1 – Refurbished building that will provide office and accommodation for the geological team
on Ono Island
11
Plate 2 – Core handling building being constructed in preparation for Ono Island diamond drilling
program
The renewal of SPL1451 for a further 3-year period for the licence was granted by the Mineral Resources
Department on 13 February 2017.
SPL 1452 Nadrau Project
This tenement of 33,213ha on Fiji’s main island, Viti Levu, is adjacent to the world class Namosi Porphyry
copper-gold Project that reportedly contains 1.88 billion tonnes grading 0.37% Copper (Cu) and 0.12g/t
Gold (Au).
The Dome tenement contains two large copper-gold-silver ionic leach geochemical anomalies
(Namoli and Wainivau prospects) interpreted to be related to intrusive centres that are as yet largely
untested by drilling.
Geological mapping and rock chip sampling has discovered porphyry intrusive complexes at both the
Namoli and Wainivau Prospects with alteration, mineralisation and vein types typical of mineralised
systems.
Copper-magnetite bearing veins have been discovered in outcrop at the Wainivau prospect
Also, in the eastern section of the tenement is the large Wainivalau Intrusive Complex that has yet to be
investigated for porphyry copper-gold systems analogous to those at Namosi-Wasoi to the south.
Dome announced in July 2014 that its geologists had discovered outcropping copper mineralisation during
exploration field work at the Wainivau Prospect, part of the Nadrau Porphyry Copper-Gold Project on Fiji’s main
island of Viti Levu. Dome found the copper minerals (malachite and chalcopyrite) associated with magnetite
and pyrite in veinlets within outcropping and hydrothermally altered porphyry intrusive rocks. The veins and their
geological setting are interpreted to be typical of the roof of a mineralised porphyry system.
The Company has obtained quotes to undertake three-dimensional Induced Polarisation and ground
magnetometer surveys over the two porphyry copper-gold prospects, namely Namoli and the Wainivau (see
Figures 7 & 8). The objective of this work is to provide subsurface mapping data on the intrusive systems whose
interpretation will assist with targeting of exploration diamond drill holes.
The renewal of SPL1452 for a further 2-year period for the licence was granted by the Mineral Resources
Department on 13 February 2017.
12
Figure 7 – Conceptual cross section of the Namoli porphyry intrusive system. Note the drill hole as
shown is as proposed and has not yet been drilled.
Figure 8 – Wainivau porphyry system conceptual cross section. Note the drill hole as shown is as
proposed and has not yet been drilled.
13
Mineral Resources Statement
Summarised below by JORC Classification are the resource estimates for the Sigatoka River and Kulukulu areas.
The resource estimate was prepared by independent resource consultants and issued in a report entitled
“Sigatoka Ironsand Project JORC 2012 Report Mineral Resource Estimate” dated 8 October 8 2014 and
announced to the market in an ASX release dated 10 October 2014.
Resource comparison 2017 to 2016
There has been no reduction or increase in the resource estimate during the reporting period
Governance Arrangements
Dome’s management and Board of Directors include individuals with many years’ work experience in the
mineral exploration and mining industry who monitor all exploration programs and oversee the preparation of
reports on behalf of the Company by independent consultants. The exploration data is produced by or under
the direct supervision of qualified geoscientists. In the case of drill hole data half core samples are preserved for
future studies and quality assurance and quality control. The Company uses only accredited laboratories for
analysis of samples and records the information in electronic databases that are automatically backed up for
storage and retrieval purposes.
No material changes
Dome Gold Mines Ltd confirms that it is not aware of any new information or data that would materially affect
the information included in the market announcements dated 15 August 2016, 7 October 2016, 17 February
2017, 19 June 2017, 29 June 2017 and 17 July 2017, and that all material assumptions and technical parameters
in the market announcements continue to apply and have not materially changed.
Statement of Compliance
The information in this Annual Report that relates to Mineral Resources is based on information compiled by Mr
Geoffrey Richards, a Competent Person who is a member of the Australian Institute of Geoscientists, Mr Richard
14
Stockwell, a Competent Person who is a member of the Australian Institute of Geoscientists, and Mr Gavin
Helgeland, a Competent Person who is a member of the Australian Institute of Geoscientists. Mr Richards is a
geological consultant and Director of Lionhart Consulting Services, and Mr Stockwell is Managing Director and
Mr Helgeland is Principal Geologist of Hornet Drilling and Geological Services Pty Ltd. Mr Richards, Mr Stockwell
and Mr Helgeland collectively and individually have sufficient experience that is relevant to the style of
mineralisation and type of deposit under consideration at Sigatoka and to the activity being undertaken to
qualify as Competent Persons as defined in the 2012 Edition of the ‘Australasian Code for Reporting of
Exploration Results, Mineral Resources and Ore Reserves’. Mr Richards, Mr Stockwell and Mr Helgeland consent
to the inclusion in the Annual Report of the matters based on their information in the form and context in which it
appears. They do not hold shares in Dome and have been paid normal consulting fees for provision of this
information.
The information in this Annual Report that relates to Exploration Results is based on information compiled by John
V McCarthy, who is the Chief Executive Officer of the Company. Mr McCarthy is a geologist who is a Member of
the Australasian Institute of Mining and Metallurgy and has sufficient experience which is relevant to the style of
mineralisation and type of deposits under consideration and to the activities 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 McCarthy, through his family Superfund, holds shares in the
Company. He consents to the inclusion in this Annual Report of the matters based on his information in the form
and context in which it appears.
Financial Results
As at 30 June 2017, Dome held $1,182,258 cash and cash equivalents as per note 9 of the financial statements.
The loss of the Group for the financial year after providing for income tax amounted to $1,596,892 (2016:
$1,496,956). The net asset position of the Group increased from $27,116,618 at 30 June 2016 to $28,825,022 at 30
June 2017.
SIGNIFICANT CHANGES IN STATE OF AFFAIRS
In the opinion of the Directors, significant changes in the state of affairs of the Group that occurred during the
year ended 30 June 2017 were as follows:
Issue of share capital
For the year ended 30 June 2017, Dome has raised $3,771,204 by private placements. The funds are being used
for exploration and general working capital. Details of these raisings are as follows:
On 9 August 2016 the Company completed a placement of 7,500,000 fully paid ordinary shares at $0.20
per share to raise $1,500,000.
On 16 August 2016 the Company completed a placement of 1,188,058 fully paid ordinary shares at
$0.21 per share and 502,840 fully paid ordinary shares @ $0.25 to raise $375,202.
On 5 April 2017 the Company completed a placement of 1,567,500 fully paid ordinary shares at $0.215
per share to raise $337,013.
On 19 June 2017 the Company completed a placement of 3,973,976 fully paid ordinary shares at $0.20
per share to raise $794,795.
On 29 June 2017 the Company completed a placement of 3,820,969 fully paid ordinary shares at $0.20
per share to raise $764,194.
DIVIDENDS
No dividends were declared or paid during the financial year (2016: $nil).
15
EVENTS ARISING SINCE THE END OF THE REPORTING PERIOD
Subsequent to the end of the financial year:
Drilling resumed at Sigatoka
The Company announced on 17 July 2017 that sonic drilling will resume on its industrial sand-magnetite Sigatoka
Project during that week. The program is designed to drill parts of the sand deposit on Koroura Island not drilled
previously and on freehold not drilled in sufficient detail in earlier programs. Data collected will be used to
update the existing JORC 2012 report.
Options expired
7,500,000 unquoted options at an exercise price of $0.20 expired unexercised on 9 August 2017.
No other matters or circumstances have arisen since the end of the year that have significantly affected or may
significantly affect the operations of the Group, the results of those operations, or the state of affairs of the Group
in future financial years.
LIKELY DEVELOPMENTS, BUSINESS STRATEGIES AND PROSPECTS
The Group will continue to explore and evaluate the Company's exploration projects with the aim of identifying
potential mineral resources, and will continue to seek and assess new opportunities in the Fiji mineral sector with
the objective of adding significant shareholder value to Dome.
The Directors are unable to comment on the likely results from the Group’s planned exploration activities due to
the speculative nature of such activities.
DIRECTORS’ MEETINGS
The number of Directors’ Meetings (including meetings of Committees of Directors) held during the year, and the
number of meetings attended by each Director is as follows:
Director
Garry G Lowder
Andrew B Skinner (resigned 30 June 2017)
Tadao Tsubata
Allen Jay (deceased 12 March 2017
Sarah E Harvey (resigned 21 July 2016)
UNISSUED SHARES UNDER OPTION
BOARD MEETINGS
AUDIT COMMITTEE MEETINGS
Entitled to
attend
4
Attended
4
Entitled to
attend
2
Attended
2
4
4
3
-
4
4
2
-
2
-
-
-
2
-
-
-
Unissued ordinary shares of Dome under option as at 30 June 2017 were as follows:
Number of options
Exercise price
Expiry date
7,500,000
$0.20
9 August 2017
Details of options issued by the Company are set out in the share based payments note to the financial report.
The names of persons who currently hold options are entered in the register of options kept by the Company
pursuant to the Corporations Act 2011. This register may be inspected free of charge.
16
All options expired on the expiry date. The persons entitled to exercise the options did not have, by virtue of the
options, the right to participate in the share issue of any other body corporate.
SHARES ISSUED AS A RESULT OF EXERCISE
During or since the end of the financial year, the Company did not issue ordinary shares as a result of the
exercise of options.
17
REMUNERATION REPORT (AUDITED)
The Directors of Dome Gold Mines Ltd (the ‘Group’) present the Remuneration Report for Non-Executive
Directors, Executive Directors and other Key Management Personnel, prepared in accordance with the
Corporations Act 2001 and the Corporations Regulations 2001.
The Remuneration Report is set out under the following main headings:
a. principles used to determine the nature and amount of remuneration;
b. details of remuneration;
c. share-based remuneration; and
d. other information.
a.
Principles used to determine the nature and amount of remuneration
Key management personnel have authority and responsibility for planning, directing and controlling the
activities of the Group. Key management personnel comprise the Directors of the Company. No other
employees have been deemed to be key management personnel.
The remuneration policy of Directors and senior executives is to ensure the remuneration package properly
reflects the persons’ duties and responsibilities, and that remuneration is competitive in attracting, retaining and
motivating people of the highest quality. The Board is responsible for reviewing its own performance. The
evaluation process is designed to assess the Group’s business performance, whether long term strategic
objectives are being achieved, and the achievement of individual performance objectives.
Remuneration generally comprises of salary and superannuation. The remuneration disclosed below represents
the cost to the Group for services provided under these arrangements.
No Directors or senior executives received performance related remuneration.
The salary component of each Director’s remuneration is made up of fixed remuneration paid monthly.
There were no remuneration consultants used by the Company during the year ended 30 June 2017, or in the
prior year.
Vote and comments made at the Company’s last Annual General Meeting
The Remuneration Report of Dome Gold Mines Ltd for the financial year ended 30 June 2016 was approved by
shareholders on a show of hands at the Company’s Annual General Meeting.
Consequences of performance on shareholder wealth
In considering the Group’s performance and benefits for shareholder wealth, the Board has regard to the
following indices in respect of the current financial year and the previous four (4) financial years:
Item
EPS (cents)
Dividends (cents per share)
2017
(0.67)
-
2016
(0.66)
-
2015
(1.32)
-
2014
(1.39)
-
2013
(1.35)
-
Net loss ($)
Share price ($)
(1,596,892)
(1,496,956)
(2,654,043)
(1,609,834)
(1,191,769)
0.24
0.42
0.37
0.27
-
The Board considers that these indices do not have any impact on the Group’s performance.
18
b.
Details of remuneration
Details of the nature and amount of each major element of the remuneration of each Director of the Company
and other key management personnel of the Group are shown in the table below:
Director and other Key Management Personnel Remuneration
Short term employee benefits
Post-
employment
benefits
Share-
based
payments
Year
Cash
salary &
fees
$
Other
fees
$
Non-cash
benefits
$
Super-
annuation
$
Fair value
of options
$
Total
$
Proportion of
remuneration
performance
related
%
Value of
options as a
proportion of
remuneration
%
Non Executive Directors
Garry Lowder
(Chairman)
Allen Jay
(Director)
Tadao Tsubata
(Director)
Andrew Skinner
(Director)
Sarah Harvey
(Alternate
Director)
2017
2016
2017
2016
2017
2016
2017
2016
2017
17,057
14,500
15,300
39,600
19,800
39,600
-
-
-
-
-
-
72,600
24,000
39,600
2,000
2016
14,000
Other Key Management Personnel
John (Jack)
McCarthy (CEO)
2017 Total
2016 Total
2017
2016
2017
2016
180,000
180,000
306,757
24,000
327,300
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
32,443
35,000
-
-
-
-
-
-
-
-
35,000
35,000
67,443
70,000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
49,500
49,500
15,300
39,600
19,800
39,600
96,600
39,600
2,000
14,000
215,000
215,000
398,200
397,300
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
No bonuses or other performance related compensation payments were paid during the current year to
Directors or executives. The Group employed no other key management personnel.
No shares were granted to key management personnel as compensation during the year ended 30 June 2017.
In 2017 “other fees” represented consulting fees for consulting services provided.
c.
Share-based remuneration
All options refer to options over ordinary shares of the Company, which are exercisable on a one-for-one basis
under the terms of the agreement.
There were no options over ordinary shares of the Company granted, exercised, forfeited or lapsed unexercised
which are related to Directors’ or key management personnel’s remuneration during the year ended 30 June
2017.
No terms of equity-settled share based payment transactions have been altered or modified by the issuing entity
during the 2017 financial year.
19
d.
Other information
Shares held by key management personnel
The number of ordinary shares in the Company during the 2017 reporting period held by each of the Group’s
Key Management Personnel of the Group, including their related parties, is set out below.
Year ended 30 June 2017
Director
Balance at
start of year
Granted as
remuneration
Received on
exercise
Other changes
Held at the end of
reporting period
Garry Lowder
Andrew Skinner*
570,000
3,210,000
Tadao Tsubata
16,845,726
Allen Jay**
John McCarthy
350,000
260,000
Sarah Harvey***
20,776,499
-
-
-
-
-
-
-
-
-
-
-
-
-
(55,000)
(9,503,333)
-
-
-
570,000
3,155,000
7,342,393
350,000
260,000
20,776,499
* Andrew Skinner resigned on 30 June 2017 and held 3,155,000 as at the date of his resignation.
** Allen Jay passed away on 12 March 2017 and held 350,000 shares as at the date of his death.
*** Sarah Harvey resigned as an alternate director on 21 July 2016 and held 20,776,449 shares as at the date of
her resignation.
Note: None of the shares included in the table above are held nominally by key management personnel.
Service Agreements for Directors and key management personnel
Directors are engaged under contracts. Their remuneration is not fixed and fluctuates in line with the financial
situation of the Company. The terms of their engagement are unspecified, and there is no period of notice of
termination.
Mr John V McCarthy is engaged under a service agreement. His remuneration is reported in the table in section
b above. The terms of his engagement are unspecified, and there is a 3 months’ notice of termination.
Options held by key management personnel
As at 30 June 2017, no Directors or senior executives held options of the Company.
End of audited remuneration report.
20
ENVIRONMENTAL LEGISLATION
The Group is subject to state, federal and international environmental legislation. The Group has complied with
its environmental obligations and no environmental breaches have been notified by any Government agency
to the date of this Directors’ Report and the Directors do not anticipate any obstacles in complying with the
legislation.
INDEMNITIES AND INSURANCE OF OFFICERS AND AUDITORS
During the year, Dome paid a premium to insure officers of the Group. The officers of the Group covered by the
insurance policy include all Directors.
The liabilities insured are legal costs that may be incurred in defending civil or criminal proceedings that may be
brought against the officers in their capacity as officers of the Group, and any other payments arising from
liabilities incurred by the officers in connection with such proceedings, other than where such liabilities arise out
of conduct involving a wilful breach of duty by the officers or the improper use by the officers of their position or
of information to gain advantage for themselves or someone else to cause detriment to the Group.
Details of the amount of the premium paid in respect of insurance policies are not disclosed as such disclosure is
prohibited under the terms of the contract.
The Group has not otherwise, during or since the end of the financial year, except to the extent permitted by
law, indemnified or agreed to indemnify any current or former officer or auditor of the Group against a liability
incurred as such by an officer or auditor.
NON-AUDIT SERVICES
During the year, Grant Thornton, the Company’s auditors, performed certain other services in addition to their
statutory audit duties.
The Board has considered the non-audit services provided during the year by the auditor and is satisfied that the
provision of those non-audit services during the year is compatible with, and did not compromise, the auditor
independence requirements of the Corporations Act 2001 for the following reasons:
all non-audit services were subject to the corporate governance procedures adopted by the
Company to ensure they do not impact upon the impartiality and objectivity of the auditor; and
the non-audit services do not undermine the general principles relating to auditor independence as set
out in APES 110 Code of Ethics for Professional Accountants, as they did not involve reviewing or
auditing the auditor’s own work, acting in a management or decision-making capacity for the
Company, acting as an advocate for the Company or jointly sharing risks and rewards.
Details of the amounts paid to the auditors of the Company, Grant Thornton, and its related practices for audit
and non-audit services provided during the year are set out in Note 19 to the Financial Statements.
PROCEEDINGS OF 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 Company is a party,
for the purpose of taking responsibility on behalf of the Company for all or part of those proceedings.
21
AUDITOR'S INDEPENDENCE DECLARATION
A copy of the Auditor’s Independence Declaration as required under s307C of the Corporations Act 2001 is
included on page 23 of this financial report and forms part of this Directors’ Report.
Signed in accordance with a resolution of the Directors.
G. G. Lowder
Chairman
Sydney, 14 September 2017
22
Level 17, 383 Kent Street
Sydney NSW 2000
Correspondence to:
Locked Bag Q800
QVB Post Office
Sydney NSW 1230
T +61 2 8297 2400
F +61 2 9299 4445
E info.nsw@au.gt.com
W www.grantthornton.com.au
Auditor’s Independence Declaration
To the Directors of Dome Gold Mines Limited
In accordance with the requirements of section 307C of the Corporations Act 2001, as lead auditor
for the audit of Dome Gold Mines Limited for the year ended 30 June 2017, I declare that, to the
best of my knowledge and belief, there have been:
a
no contraventions of the auditor independence requirements of the Corporations Act 2001 in
relation to the audit; and
b
no contraventions of any applicable code of professional conduct in relation to the audit.
GRANT THORNTON AUDIT PTY LTD
Chartered Accountants
M D Dewhurst
Partner - Audit & Assurance
Sydney, 14 September 2017
Grant Thornton Audit Pty Ltd ACN 130 913 594
a subsidiary or related entity of Grant Thornton Australia Ltd ABN 41 127 556 389
‘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.
CORPORATE GOVERNANCE STATEMENT
The Board is committed to achieving and demonstrating the highest standards of corporate governance.
Corporate Governance is about having a set of core values and behaviours that underpin the Company’s
activities and ensure transparency, fair dealing and protection of the interests of stakeholders. Dome Gold Mines
Ltd and its Controlled Entities (‘the Group’) have adopted the third edition of the Corporate Governance
Principles and Recommendations which was released by the ASX Corporate Governance Council on 27 March
2014 and became effective for financial years beginning on or after 1 July 2014.
The Group’s Corporate Governance Statement for the financial year ending 30 June 2017 is dated as at 30 June
2017 and was approved by the Board on 14 September 2017. A description of the Company’s current
corporate governance practices is set out in the Company’s Corporate Governance Statement, which is
available on the Company’s website at www.domegoldmines.com.au.
24
CONSOLIDATED STATEMENT OF PROFIT OR
LOSS & OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2017
Other income
Employee benefits expenses (including directors fees)
Other expenses
Operating loss
Depreciation
Finance costs
Gain/(loss) on foreign exchange
Loss before income tax expense
Income tax expense
Loss for the year
Notes
2017
$
2016
(restated)
$
4
5
6
7
16,004
318,467
(523,260)
(1,026,849)
(1,534,105)
(9,742)
(52,952)
(93)
(655,726)
(1,089,439)
(1,426,698)
(16,053)
(53,786)
(419)
(1,596,892)
(1,496,956)
-
-
(1,596,892)
(1,496,956)
Other comprehensive income for the year
Items that may be reclassified subsequently to profit or loss:
Exchange difference on translating foreign controlled entities
(62,691)
89,507
Total comprehensive loss for the year
(1,659,583)
(1,407,449)
Earnings per share
Basic and diluted loss per share (cents per share)
8
(0.67)
(0.66)
The above consolidated statement of profit or loss and other comprehensive income should be read in
conjunction with the accompanying notes
25
CONSOLIDATED STATEMENT
OF FINANCIAL POSITION
AS AT 30 JUNE 2017
CURRENT ASSETS
Cash and cash equivalents
Trade and other receivables
Other assets
TOTAL CURRENT ASSETS
NON-CURRENT ASSETS
Property, plant and equipment
Capitalised exploration and evaluation expenditure
Other assets
TOTAL NON-CURRENT ASSETS
TOTAL ASSETS
CURRENT LIABILITIES
Trade and other payables
TOTAL CURRENT LIABILITIES
NON-CURRENT LIABILITIES
Notes
2017
$
2016
(restated)
$
9
10
11
12
14
11
15
1,182,258
40,609
76,191
1,299,058
319,028
68,118
28,109
415,255
282,739
374,100
28,395,904
27,689,854
211,718
192,367
28,890,361
28,256,321
30,189,419
28,671,576
146,438
146,438
111,028
111,028
Borrowings
16
1,217,959
1,443,930
TOTAL NON-CURRENT LIABILITIES
1,217,959
1,443,930
TOTAL LIABILITIES
NET ASSETS
EQUITY
Issued capital
Foreign currency translation reserve
Accumulated losses
TOTAL EQUITY
1,364,397
1,554,958
28,825,022
27,116,618
17
38,120,421
34,752,434
174,404
237,095
(9,469,803)
(7,872,911)
28,825,022
27,116,618
The above consolidated statement of financial position should be read in conjunction with the accompanying
notes.
26
CONSOLIDATED STATEMENT
OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2017
Foreign
currency
translation
reserves
$
Issued
capital
$
Accumulated
losses
$
Total
equity
$
Balance at 1 July 2015 (restated)
33,769,580
147,588
(6,375,955)
27,541,213
Transaction with owners
Ordinary shares issued
Transaction costs on issue of shares
Total transactions with owners
Other comprehensive income
Loss for the year
Total comprehensive loss for the year
1,047,417
(64,563)
982,854
-
-
-
-
-
-
89,507
-
-
-
-
1,047,417
(64,563)
982,854
89,507
-
(1,496,956)
(1,496,956)
89,507
(1,496,956)
(1,407,449)
Balance at 30 June 2016 (restated)
34,752,434
237,095
(7,872,911)
27,116,618
Balance at 1 July 2016 (restated)
Transaction with owners
Ordinary shares issued
Transaction costs on issue of shares
Total transactions with owners
Other comprehensive income
Loss for the year
Total comprehensive loss for the year
34,752,434
10,925
(7,646,741)
27,116,618
3,771,204
(403,217)
3,367,987
-
-
-
237,095
(7,872,911)
27,116,618
-
-
-
(62,691)
-
-
-
-
3,771,204
(403,217)
3,367,987
(62,691)
-
(1,596,892)
(1,596,892)
(62,691)
(1,596,892)
(1,659,583)
Balance at 30 June 2017
38,120,421
174,404
(9,469,803)
28,825,022
The above consolidated statement of changes in equity should be read in conjunction with the accompanying
notes.
27
CONSOLIDATED STATEMENT
OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2017
CASH FLOWS FROM OPERATING ACTIVITIES
Interest received
Cash received from other income
Cash paid to suppliers and employees
Interest paid
Other tax (paid)/received
Notes
2017
$
2016
$
15,931
37,111
24,180
254,236
(1,588,907)
(1,754,864)
-
(17,516)
(82,164)
11,952
Net cash used in operating activities
18
(1,553,381)
(1,546,660)
CASH FLOWS FROM INVESTING ACTIVITIES
Cash paid on deposit/advance payment
Cash paid on other investment activities
Cash received on release of bond/deposit
Cash received from disposal of property, plant & equipment
Purchase of property, plant & equipment
Exploration cost payments capitalised
Net cash used in investing activities
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issue of share capital
Proceeds from borrowings
Cash paid on share issue costs
Repayment of borrowings
Net cash provided by financing activities
(115,966)
-
94,009
200
(9,293)
(697,969)
(729,019)
3,771,204
-
(345,893)
(278,924)
3,146,387
(5,869)
(5,292)
10,545
-
(617)
(490,527)
(491,760)
635,293
100,000
(148,206)
(475,970)
111,117
Net increase/(decrease) in cash and cash equivalents
863,987
(1,927,303)
Cash and cash equivalents at the beginning of the financial year
Exchange differences on cash and cash equivalents
319,028
(757)
Cash and cash equivalents at the end of the financial year
9
1,182,258
2,245,950
381
319,028
The above consolidated statement of cash flows should be read in conjunction with the accompanying notes.
28
NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS
The Financial Report includes the consolidated financial statements and notes of Dome Gold Mines Ltd and
controlled entities (‘Group’).
1
GENERAL INFORMATION AND STATEMENT OF COMPLIANCE
The consolidated general purpose financial statements of the Group have been prepared in accordance with
the requirements of the Corporations Act 2001, Australian Accounting Standards and other authoritative
pronouncements of the Australian Accounting Standards Board. Compliance with Australian Accounting
Standards results in full compliance with the International Financial Reporting Standards (IFRS) as issued by the
International Accounting Standards Board (IASB).The Group is a for-profit entity for the purpose of preparing the
financial statements.
The consolidated financial statements for the year ended 30 June 2017 were approved and authorised for issue
by the board of directors on 14 September 2017 (see note 29).
Dome Gold Mines Limited is the Group’s ultimate parent company. Dome Gold Mines Ltd is a public company
limited by shares incorporated and domiciled in Australia on 8 July 2011. The registered office is Suite 2, Level 8,
17-19 Bridge Street, Sydney 2000.
Dome Gold Mines Ltd is the parent company with 100% ownership of:
Magma Mines Pty Ltd;
Magma Mines Ltd (a company limited by shares incorporated in Fiji).
Dome Mines Ltd (a company limited by shares incorporated in Fiji); and
The principal activities of the Group during the financial year have been the continuing exploration and
evaluation of the following projects in Fiji:
SPL1451 Ono Island,
SPL1452 Nadrau; and
SPL1495 Sigatoka Ironsands.
2
CHANGES IN ACCOUNTING POLICIES
2.1 New and revised standards that are effective for these financial statements
The Group has adopted all of the new, revised or amended Accounting Standards and Interpretations issued by
the Australian Accounting Standards Board (AASB) that are mandatory for the current reporting period. The
adoption of these Accounting Standards and Interpretations did not have any significant impact on the
financial performance or position of the Group.
2.2 Accounting Standards issued but not yet effective and have not been early
adopted by the Group
AASB 9 Financial Instruments (effective from 1 January 2018)
AASB 9 introduces new requirements for the classification and measurement of financial assets and liabilities.
These requirements improve and simplify the approach for classification and measurement of financial assets
compared with the requirements of AASB 139.
The Group is yet to undertake a detailed assessment of the impact of AASB 9. However, based on the entity’s
preliminary assessment, the Standard is not expected to have a material impact on the transactions and
balances recognised in the financial statements when it is first adopted for the year ending 30 June 2019.
29
AASB 15 Revenue from Contracts with Customers (effective from 1 January 2018)
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
The Group is yet to undertake a detailed assessment of the impact of AASB 15. However, based on the Group’s
preliminary assessment, the Standard is not expected to have a material impact on the transactions and
balances recognised in the financial statements when it is first adopted for the year ending 30 June 2019.
AASB 16 Leases (effective from 1 January 2019)
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 new guidance on the application of the definition of lease and on sale and lease back
accounting
Largely retains the existing lessor accounting requirements in AASB 117
Requires new and different disclosures about leases
The Group is yet to undertake a detailed assessment of the impact of AASB 16. Based on the Group’s
preliminary assessment, the Standard is expected to have a material impact on the transactions and balances
recognised in the financial statements when it is first adopted for the year ending 30 June 2020.
In addition to the AASB 9, AASB 15 and AASB 16 discussed above, a number of additional amendments have
also been issued but are not effective for the current year end, which will be applicable to the Group, but are
unlikely to have a material impact on the financial statements, based on management’s initial consideration.
3
SUMMARY OF ACCOUNTING POLICIES
3.1 Overall considerations
The significant accounting policies that have been used in the preparation of these consolidated financial
statements are summarised below.
The consolidated financial statements have been prepared using the measurement bases specified by
Australian Accounting Standards for each type of asset, liability, income and expense. The measurement bases
are more fully described in the accounting policies below.
3.2
Basis of consolidation
The Group financial statements consolidate those of the parent company and all of its subsidiary undertakings
drawn up to 30 June 2017. The parent controls a subsidiary if it is exposed, or has rights, to variable returns from its
investment with the subsidiary and has the ability to affect those returns through its power over the subsidiary.
All transactions and balances between Group companies are eliminated on consolidation, including unrealised
gains and losses on transactions between Group companies. 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 the accounting policies adopted by the Group.
30
Profit or loss and other comprehensive income of subsidiaries acquired or disposed of during the period are
recognised from the effective date of acquisition, or up to the effective date of disposal, as applicable.
3.3
Business combination
The Group applies the acquisition method in accounting for business combinations.
The consideration transferred by the Group to obtain control of a subsidiary is calculated as the sum of the
acquisition-date fair values of assets transferred, liabilities incurred and the equity interests issued by the Group,
which includes the fair value of any asset or liability arising from a contingent consideration arrangement.
Acquisition costs are expensed as incurred.
The Group recognises identifiable assets acquired and liabilities assumed in a business combination regardless of
whether they have been previously recognised in the acquiree’s financial statements prior to the acquisition.
Assets acquired and liabilities assumed are generally measured at their acquisition-date fair values.
Goodwill is stated after separate recognition of identifiable intangible assets. It is calculated as the excess of the
sum of (a) fair value of consideration transferred, (b) the recognised amount of any non-controlling interest in
the acquiree and (c) acquisition-date fair value of any existing equity interest in the acquiree, over the
acquisition-date fair values of identifiable net assets. If the fair values of identifiable net assets exceed the sum
calculated above, the excess amount (i.e. gain on a bargain purchase) is recognised in profit or loss
immediately.
3.4
Basis of measurement
The consolidated financial statements have been prepared on the historical cost basis.
3.5
Foreign currency transactions and balances
Functional and presentation currency
The consolidated financial statements are presented in Australian dollars (AUD), which is also the functional
currency of the parent company.
Foreign currency transactions and balances
Foreign currency transactions are translated into the functional currency of the respective Group entity, using
the exchange rates prevailing at the dates of the transactions (spot exchange rate). Foreign exchange gains
and losses resulting from the settlement of such transactions and from the re-measurement of monetary items at
period end exchange rates are recognised in profit or loss.
Non-monetary items are not retranslated at period-end and are measured at historical cost (translated using the
exchange rates at the date of the transactions), except for non-monetary items measured at fair value which
are translated using the change rates at the date when fair value was determined.
Foreign operations
In the Group's financial statements, all assets, liabilities and transactions of Group entities with a functional
currency other than the AUD are translated into AUD upon consolidation. The functional currency of the entities
in the Group has remained unchanged during the reporting period.
On consolidation, assets and liabilities have been translated into AUD at the closing rate at the reporting date.
Goodwill and fair value adjustments arising on the acquisition of a foreign entity have been treated as assets
and liabilities of the foreign entity and translated into AUD at the closing rate. Income and expenses have been
translated into AUD at the average rate over the reporting period. Exchange differences are charged/credited
to other comprehensive income and recognised in the currency translation reserve in equity. On disposal of a
foreign operation the cumulative translation differences recognised in equity are reclassified to profit or loss and
recognised as part of the gain or loss on disposal.
31
3.6
Segment Reporting
Determination and presentation of operating segments
The Group determines and presents operating segments based on the information that is provided internally to
the management.
An operating segment is a component of the Group that engages in business activities from which it may earn
revenues and incur expenses, including revenues and expenses that relate to transactions with any of the
Group’s other components. All operating segments’ operating results are regularly reviewed by the Group’s
management to make decisions about resources to be allocated to the segment and assess its performance,
and for which discrete financial information is available.
Segment results that are reported to the management include items directly attributable to a segment as well as
those that can be allocated on a reasonable basis. Unallocated items comprise mainly corporate assets
(primarily the Company’s headquarter), head office expenses, and income tax assets and liabilities.
Segment capital expenditure is the total costs incurred during the period to acquire property, plant and
equipment, and intangible assets other than goodwill.
3.7
Exploration and evaluation expenditure
Exploration and evaluation costs, including the costs of acquiring licences, are capitalised as exploration and
evaluation assets on an area of interest basis.
Exploration and evaluation assets are only recognised if the rights of the area of interest are current and either:
the expenditures are expected to be recouped through successful development and exploitation of
the area of interest; or
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 assessed for impairment if sufficient data exists to determine technical
feasibility and commercial viability and facts and circumstances suggest that the carrying amount exceeds the
recoverable amount. For the purposes of impairment testing, exploration and evaluation assets are allocated to
cash generating units to which the exploration activity relates. The cash generating unit shall not be larger than
the area of interest.
Once the technical feasibility and commercial viability of the extraction of mineral resources in an area of
interest are demonstrable, exploration and evaluation assets attributable to that area of interest are first tested
for impairment and then reclassified from exploration and evaluation expenditure to mining property and
development assets within property, plant and equipment.
3.8
Property, plant and equipment
Plant and equipment and computer equipment
Plant and equipment (comprising fittings and furniture) and computer equipment are initially recognised at
acquisition cost or manufacturing cost, including any costs directly attributable to bringing the assets to the
location and condition necessary for it to be capable of operating in the manner intended by the Group’s
management.
Plant and equipment and computer equipment are measured on the cost basis less subsequent depreciation
and impairment losses.
32
Depreciation
The depreciable amount of all fixed assets is recognised on a straight-line basis to write down the cost over the
assets' estimated useful lives to the Group commencing from the time the asset is ready for use.
The depreciation rates and useful lives used for each class of depreciable assets are:
Class of fixed asset
Useful Lives
Depreciation basis
Exploration computer equipment
Exploration furniture and fittings
Exploration plant and equipment
Office equipment
2.5-4.2 years
3-8.3 years
2.5-8.3 years
2-20 years
Prime cost
Prime cost
Prime cost
Prime cost
Gains or losses arising on the disposal of property, plant and equipment are determined as the difference
between the disposal proceeds and the carrying amount of the assets and are recognised in profit or loss within
other income or other expenses.
3.9 Leased assets
Operating leases
All other leases are treated as operating leases. Where the Group is a lessee, payments on operating lease
agreements are recognised as an expense on a straight-line basis over the lease term. Associated costs, such as
maintenance and insurance, are expensed as incurred.
3.10
Income tax
The charge for current income tax expense is based on the profit for the period adjusted for any non-assessable
or disallowed items. It is calculated using tax rates that have been enacted or are substantively enacted by the
date of the statement of financial position.
Deferred tax is accounted for using the balance sheet liability method in respect of temporary differences
arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. No
deferred income tax will be recognised from the initial recognition of an asset or liability, excluding a business
combination, where there is no effect on accounting or taxable profit or loss.
Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or
liability is settled. Deferred tax is credited in the income statement except where it relates to items recognised
directly to equity, in which case the deferred tax is adjusted directly against equity.
Deferred income tax assets are recognised to the extent that it is probable that future tax profits will be available
against which deductible temporary differences can be utilised.
The amount of benefits brought to account or which may be realised in the future is based on the assumption
that no adverse change will occur in income taxation legislation and the anticipation that the economic entity
will derive sufficient future assessable income to enable the benefit to be realised and comply with the
conditions of deductibility imposed by the law.
3.11 Revenue
Interest income is reported on an accruals basis using the effective interest method.
Refundable research and development costs are reported as a government grant through other income.
33
3.12 Goods and services tax (GST)
Revenues, expenses and assets are recognised exclusive of the amount of GST, except where the amount of
GST incurred is not recoverable from the Australian or Fiji Taxation Office. In these circumstances, the GST is
recognised as part of the cost of acquisition of the asset or as part of an item of the expense. Receivables and
payables in the balance sheet are shown inclusive of GST.
Cash flows are presented in the cash flow statement on a gross basis, except for the GST component of investing
and financing activities, which are disclosed as operating cash flows.
3.13 Cash and cash equivalents
Cash and cash equivalents comprise cash balances and call deposits with a maturity of three months or less.
3.14 Financial instruments
Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual
provisions of the financial instrument, and are measured initially at fair value adjusted by transactions costs,
except for those carried at fair value through profit or loss, which are measured initially at fair value. Subsequent
measurement of financial assets and financial liabilities are described below.
Financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire,
or when the financial asset and all substantial risks and rewards are transferred. A financial liability is
derecognised when it is extinguished, discharged, cancelled or expires.
Classification and subsequent measurement of financial assets
Financial assets in the scope of AASB 139 Financial Instruments: Recognition and Measurement are classified as
either financial assets at fair value through profit or loss, loans and receivables, held-to-maturity investments, or
available-for-sale investments, as appropriate. The Group determines the classification of its financial assets after
initial recognition and, when allowed and appropriate, re-evaluates this designation at each financial period
end.
Loans and other receivables are non-derivative financial assets with fixed or determinable payments that
are not quoted in an active market. After initial recognition, these are measured at amortised cost using the
effective interest method, less provision for impairment. Discounting is omitted where the effect of discounting is
immaterial. The Group’s cash and cash equivalents, trade and most other receivables fall into this category of
financial instruments.
Individually significant receivables are considered for impairment when they are past due or when other
objective evidence is received that a specific counterparty will default. Receivables that are not considered to
be individually impaired are reviewed for impairment in groups, which are determined by reference to the
industry and region of a counterparty and other credit risk characteristics. The impairment loss estimate is then
based on recent historical counterparty default rates for each identified group.
Classification and subsequent measurement of financial liabilities
The Group’s financial liabilities include borrowings and trade and other payables, which are measured
subsequently at amortised cost using the effective interest method.
Trade and other payables, including accruals for goods received but not yet billed, are recognised when the
Group becomes obliged to make future payments principally as a result of the purchase or goods and services.
Trade payables are initially measured at fair value, and are subsequently measured at amortised cost, using the
effective interest rate method.
34
3.15 Significant accounting judgments and key estimates
The preparation of financial reports requires management to make judgements, estimates and assumptions that
affect the application of accounting policies and the reported amounts of assets, liabilities, income and
expense. Estimates and assumptions are continuously evaluated and are based on management’s experience
and other factor, including expectations of future events that are believed to be reasonable under the
circumstances. However, actual outcomes would differ from these estimates if different assumptions were used
and different conditions existed.
In particular, the Group has identified the following areas where significant judgements, estimates and
assumptions are required, and where actual results were to differ, may materially affect the financial position or
financial results reported in future periods.
(i)
Exploration and evaluation expenditure (Note 14)
All capitalised exploration and evaluation expenditure ($28,395,904 at 30 June 2017) (2016: $27,689,854) has
been capitalised on the basis that:
the expenditures are expected to be recouped through successful development and exploitation of
the area of interest; or
activities in the area of interest have not at the reporting date, reached a stage which permits a
reasonable assessment of the existence or other wise of economically recoverable reserves and active
and significant operations in, or in relation to, the area of interest are continuing.
The renewal of exploration licences is expected to be a routine process up until such a point as the
entity is able to apply for a mining licence. As at the date of reporting, all licences have been renewed
and are up to date.
(ii)
Going concern (Note 3.16)
3.16 Going concern
The consolidated financial statements have been prepared on a going concern basis which contemplates the
realisation of assets and settlement of liabilities in the ordinary course of business.
The Group has incurred a trading loss of $1,596,892 (2016: $1,496,956), used $2,251,350 (2016: $2,036,768) of net
cash in operations including payments for exploration during the year ended 30 June 2017, and has a cash
balance of $1,182,258 at 30 June 2017 (2016: $319,028). These conditions give rise to a material uncertainty that
may cast significant doubt upon the Group's ability to continue as a going concern. The ongoing operation of
the Group is dependent upon:
the Group raising additional funding from shareholders or other parties; and/or
the Group reducing expenditure in-line with available funding.
The Directors have prepared cash flow projections that support the ability of the Group to continue as a going
concern. These cash flow projections assume the Group obtains sufficient additional funding from shareholders
or other parties. If such funding is not achieved, the Group plans to reduce expenditures significantly.
In the event that the Group does not obtain additional funding and/or reduce expenditure in-line with available
funding, it may not be able to continue its operations as a going concern and therefore may not be able to
realise its assets and extinguish its liabilities in the ordinary course of operations and at the amounts stated in the
financial report.
3.17
Impairment testing of non-current assets
For impairment assessment purposes, assets are grouped at the lowest levels for which there are largely
independent cash inflows (cash-generating units). As a result, some assets are tested individually for impairment
and some are tested at cash-generating unit level.
35
All other individual assets or cash-generating units are tested for impairment whenever events or changes in
circumstances indicate that the carrying amount may not be recoverable.
An impairment loss is recognised for the amount by which the asset’s or cash-generating unit's carrying amount
exceeds its recoverable amount, which is the higher of fair value less costs to sell and value-in-use. To determine
the value-in-use, management estimates expected future cash flows from each cash-generating unit and
determines a suitable interest rate in order to calculate the present value of those cash flows. The data used for
impairment testing procedures are directly linked to the Group's latest approved budget, adjusted as necessary
to exclude the effects of future reorganisations and asset enhancements. Discount factors are determined
individually for each cash-generating unit and reflect management’s assessment of respective risk profiles, such
as market and asset-specific risks factors.
With the exception of goodwill, all assets are subsequently reassessed for indications that an impairment loss
previously recognised may no longer exist. An impairment charge is reversed if the cash-generating unit’s
recoverable amount exceeds its carrying amount.
3.18 Equity and reserves
Share capital represents the fair value of shares that have been issued. Any transaction costs associated with
the issuing of shares are deducted from share capital, net of any related income tax benefits.
Other components of equity include the following:
Foreign currency translation reserve – comprises foreign currency translation differences arising on the
translation of financial statements of the Group's foreign entities into AUD; and
Retained earnings include all current and prior period retained losses.
3.19 Employee benefits
Short-term employee benefits
Short-term employee benefits are benefits, other than termination benefits, that are expected to be settled
wholly within twelve (12) months after the end of the period in which the employees render the related service.
Examples of such benefits include wages and salaries, non-monetary benefits and accumulating sick leave.
Short-term employee benefits are measured at the undiscounted amounts expected to be paid when the
liabilities are settled.
Other long-term employee benefits
The Group’s liabilities for annual leave are included in other long term benefits as they are not expected to be
settled wholly within twelve (12) months after the end of the period in which the employees render the related
service. They are measured at the present value of the expected future payments to be made to employees.
The expected future payments incorporate anticipated future wage and salary levels, experience of employee
departures and periods of service, and are discounted at rates determined by reference to market yields at the
end of the reporting period on high quality corporate bonds that have maturity dates that approximate the
timing of the estimated future cash outflows. Any re-measurements arising from experience adjustments and
changes in assumptions are recognised in profit or loss in the periods in which the changes occur.
The Group presents employee benefit obligations as current liabilities in the statement of financial position if the
Group does not have an unconditional right to defer settlement for at least twelve (12) months after the
reporting period, irrespective of when the actual settlement is expected to take place.
36
4
OTHER INCOME
R&D refund
Interest income
Total other income
5
OTHER EXPENSES
Consultant expenses
Loss on disposal of property, plant & equipment
Office expenses
Other expenses
Tenement related costs
Total other expenses
6
FINANCE COSTS
Interest expenses for borrowings at amortised cost
-
-
7
Related party
Third party
INCOME TAX
(a) Income tax expense/(benefit)
Current tax
Deferred tax
2017
$
-
16,004
16,004
2017
$
625,309
3,572
279,913
118,055
-
2016
$
291,347
27,120
318,467
2016
$
687,672
-
312,050
77,230
12,487
1,026,849
1,089,439
2017
$
4,726
48,226
52,952
2017
$
-
-
-
-
(b) Reconciliation of income tax expense to prima facie tax
payable:
Loss before tax
Prima facie income tax benefit at the Australian tax rate of
27.5% (2016: 28.5%)
Increase/(decrease) in income tax expense due to:
Assessable income/ non-deductible expenses
Non-assessable income/ deductible expenses
Tax loss not recognised
Effect of net deferred tax assets/(liabilities) not recognised
Impact of overseas tax differential
Income tax expense/(benefit)
(c) Unrecognised deferred tax assets
Deferred tax balances have not been recognised in
respect of the following items:
Tax loss
Other deferred tax assets
Deferred tax liability in relation to exploration costs
Net deferred tax assets not recognised
37
(1,596,892)
(439,145)
10,724
-
441,320
(20,235)
7,336
-
2,237,637
634,043
(1,407,515)
1,464,165
2016
$
219
53,567
53,786
2016 (restated)
$
-
-
(1,496,956)
(426,633)
7,167
-
481,294
(70,915)
9,087
-
2,623,423
542,743
(1,267,775)
1,898,391
8
LOSS PER SHARE
Basic and diluted loss per share have been calculated using:
Loss for the year attributable to equity holders of the
Company
2017
$
2016 (restated)
$
(1,596,892)
(1,496,956)
No of Shares
Weighted average number of shares at the end of the
year used in basic and diluted loss per share
236,975,726
227,638,654
Basic and diluted loss per share (cents)
(0.67)
(0.66)
As the Group is loss making, none of the potentially dilutive securities are currently dilutive.
9
CASH AND CASH EQUIVALENTS
For the purpose of the Statement of Cash Flows, cash includes cash on hand, cash at bank and short term
deposits at call, net of any outstanding bank overdraft, if any. Cash at the end of the year as shown in the
Statement of Cash Flows is reconciled to the related items in the Statement of Financial Position as follows
Cash at bank
Total cash and cash equivalents
10
TRADE AND OTHER RECEIVABLES
Other receivables
Other tax receivables
Total other receivables
11
OTHER ASSETS
Current
Prepayments
Total other current assets
Non-current
Bank guarantee deposit
Bond deposit
Other capital costs
Total other non-current assets
2016
$
319,028
319,028
2016
$
2016
$
28,109
28,109
94,009
97,523
835
192,367
2017
$
1,182,258
1,182,258
2017
$
797
39,812
40,609
9,119
58,999
68,118
2017
$
76,191
76,191
114,543
96,356
819
211,718
38
12
PROPERTY, PLANT AND EQUIPMENT
Exploration computer equipment
At cost
Less accumulated depreciation (depreciation is
capitalised as deferred expenditure)
Total exploration computer equipment
Exploration furniture and fittings
At cost
Less accumulated depreciation (depreciation is
capitalised as deferred expenditure)
Total exploration furniture and fittings
Exploration plant and equipment
At cost
Less accumulated depreciation (depreciation is
capitalised as deferred expenditure)
Total exploration plant and equipment
Office equipment
At cost
Less accumulated depreciation
Total office equipment
Total
2017
$
7,435
(2,992)
4,443
12,832
(6,409)
6,423
495,271
(230,954)
264,317
24,744
(17,188)
7,556
282,739
2016
$
6,131
(4,841)
1,290
12,580
(4,966)
7,614
502,543
(156,061)
346,482
50,425
(31,711)
18,714
374,100
39
Movements in carrying amounts
Movements in the carrying amounts for each class of property, plant and equipment between the beginning
and the end of the current financial year:
Gross carrying amount
Balance at 1 July 2015
Additions
Disposals
Exploration
computer
equipment
$
Exploration
furniture
and fittings
$
Exploration
plant and
equipment
$
Office
equipment
$
Total
$
6,028
12,132
486,765
49,957
554,882
-
-
-
-
8,934
(10,661)
617
(149)
-
9,551
(10,810)
18,056
Net exchange difference
103
448
17,505
Balance at 30 June 2016
6,131
12,580
502,543
50,425
571,679
Depreciation and impairment
Balance at 1 July 2015
Depreciation
Disposals
Net exchange difference
(3,270)
(1,507)
-
(64)
(2,218)
(2,666)
-
(82)
(74,529)
(15,807)
(95,824)
(80,888)
(16,053)
(101,114)
1,727
(2,371)
149
-
1,876
(2,517)
Balance at 30 June 2016
(4,841)
(4,966)
(156,061)
(31,711)
(197,579)
Carrying amount as at 30 June
2016
1,290
7,614
346,482
18,714
374,100
Gross carrying amount
Balance at 1 July 2016
Additions
Disposals
Net exchange difference
Balance at 30 June 2017
Depreciation and impairment
6,131
4,564
(3,206)
(54)
7,435
12,580
502,543
487
-
1,885
50,425
2,357
-
(28,038)
(235)
(9,157)
-
12,832
495,271
24,744
571,679
9,293
(31,244)
(9,446)
540,282
Balance at 1 July 2016
(4,841)
(4,966)
(156,061)
(31,711)
(197,579)
Depreciation
Disposals
Net exchange difference
(644)
2,443
50
(1,536)
(77,581)
-
93
-
2,688
(9,743)
24,266
-
(89,504)
26,709
2,831
Balance at 30 June 2017
(2,992)
(6,409)
(230,954)
(17,188)
(257,543)
Carrying amount as at 30 June
2017
4,443
6,423
264,317
7,556
282,739
40
13
LEASES
Operating leases as lessee
The Group leases 3 motor vehicles in Fiji under an operating lease. The future minimum lease payments are as
follows:
30 June 2017
30 June 2016
Minimum Lease Payments Due
Within 1 year
$
1-3years
$
After 3 years
$
24,281
32,725
42,653
3,011
1,939
-
Total
$
68,873
35,736
Lease expenses during the year amounted to $35,824 (2016: $39,614) representing the minimum lease payments.
The rental contract has a non-cancellable term of three years.
14
CAPITALISED EXPLORATION AND EVALUATION EXPENDITURE
Balance at 1 July 2015
Expenditure capitalised during the year
Balance at 30 June 2016
Balance at 1 July 2016
Expenditure capitalised during the year
Balance at 30 June 2017
$
27,037,069
652,785
27,689,854
27,689,854
706,050
28,395,904
The Directors have considered the requirements of AASB 6: Exploration for and Evaluation of Mineral Resources,
and reviewed the carrying value of capitalised exploration and evaluation expenditure. Based on this review,
the Directors consider the carrying value of each area of interest is supported by the anticipated future value.
Furthermore, there are no indicators that the carrying values are impaired as at 30 June 2017.
15
TRADE AND OTHER PAYABLES
Current
Accruals
Trade creditors
Other payables
Provisions
Total other payables
16
BORROWINGS
Non-current
Loan from third party
Loan from related party
Total borrowings
2017
$
100,692
12,689
12,683
20,374
146,438
2017
$
2016
$
39,929
6,873
47,172
17,054
111,028
2016
$
1,119,938
98,021
1,217,959
1,343,711
100,219
1,443,930
41
The outstanding loan payable to a third party as at 30 June 2017 is $1,119,938 (2016: $1,343,711). The agreed
interest rate on the unsecured loan is 5%. The facility is not secured. There is no further facility with a third party
available as at 30 June 2017 (2016: $Nil).
The outstanding loan payable to a related party as at 30 June 2017 is $98,021 (2016: $100,219), refer to Note 20.
The total facility of the Company with a related party is $3,500,000 as at 30 June 2017 (2016: $3,500,000), which
expires on 31 December 2018. The facility is not secured. The agreed interest rate on the unsecured loan is 5%.
17
ISSUED CAPITAL
Ordinary shares fully paid
246,827,429
38,120,421
228,274,086
34,752,434
2017
2016
Shares
$
Shares
$
Movements in ordinary share capital
Ordinary shares
Balance at 1 July 2015
Fully paid ordinary shares issued 1 July 2015 at $0.36
Fully paid ordinary shares issued 15 July 2015 at $0.20
Fully paid ordinary shares issued 13 August 2015 at $0.20
Fully paid ordinary shares issued 16 September 2015 at $0.20
Fully paid ordinary shares issued 1 October 2015 at $0.20
Fully paid ordinary shares issued 12 November 2015 at $0.38
Less costs of issue
No. of
shares
224,746,947
1,144,791
166,666
166,666
166,666
1,000,000
882,350
-
$
33,769,580
412,125
33,333
33,333
33,333
200,000
335,293
(64,563)
Balance at 30 June 2016
228,274,086
34,752,434
Balance at 1 July 2016
Fully paid ordinary shares issued 9 August 2016 at $0.20
Fully paid ordinary shares issued 16 August 2016 at $0.21
Fully paid ordinary shares issued 16 August 2016 at $0.25
Fully paid ordinary shares issued 5 April 2017 at $0.215
Fully paid ordinary shares issued 19 June 2017 at $0.20
Fully paid ordinary shares issued 29 June 2017 at $0.20
Less costs of issue
228,274,086
7,500,000
1,188,058
502,840
1,567,500
3,973,976
3,820,969
-
34,752,434
1,500,000
249,492
125,710
337,013
794,795
764,194
(403,217)
Balance at 30 June 2017
246,827,429
38,120,421
The share capital of Dome Gold Mines consists only of fully paid ordinary shares. All shares are equally eligible to
receive dividends and the repayment of capital and represent one vote at the shareholders' meeting of Dome
Gold Mines.
42
18
CASH FLOW INFORMATION
Cash at the end of the financial year as shown in the Statement of Cash Flows is reconciled to the related items
in the Statement of Financial Position as follows:
Reconciliation of cash
Cash and cash equivalents
Reconciliation of cash flow from operations with loss from
ordinary activities after income tax
2017
$
2016 (restated)
$
1,182,258
319,028
Loss from ordinary activities after income tax
(1,596,892)
(1,496,956)
Non-cash flows in loss from ordinary activities
Depreciation and amortisation
(Gain)/loss on sale of property, plant & equipment
Changes in other assets and liabilities
Trade receivables and other assets
Trade and other payables
9,742
3,572
(29,898)
35,345
24,750
16,053
-
450,181
(28,802)
(487,136)
Net cash used in operating activities
(1,553,381)
(1,546,660)
19
REMUNERATION OF AUDITORS
During the year, the following services were paid or payable for services provided by the auditor of the
company:
Grant Thornton Audit Pty Ltd
Audit services
Taxation services
Total remuneration of auditor
20
RELATED PARTY TRANSACTIONS
The Group has a loan from a related party as described below.
Loan from related party
Beginning of the year
Loans advanced
Loan repayments
Interest charged
End of period
2017
$
50,000
-
50,000
2017
$
100,219
-
(6,924)
4,726
98,021
2016
$
60,000
8,250
68,250
2016
$
-
100,000
-
219
100,219
The agreed interest on the loans is 5%. It is not secured and repayable in full by 31 December 2020.
43
21
COMMITMENTS AND CONTINGENCIES
Minimum tenement expenditure requirements
Within one year
Between one to five years
Total
2017
$
-
1,698,408
1,698,408
2016
$
1,677,350
779,921
2,457,271
There are no contingent assets or liabilities as at the date of this financial report. The minimum tenement
expenditure requirements are guidelines only by the Mineral Resources Department in Fiji.
SPL 1451 is valid until 12 February 2020, SPL 1452 is valid until 12 February 2019, and SPL 1495 is valid until 12 July
2018.
22
SEGMENT REPORTING
Segment information is presented in respect of the Group’s management and internal reporting structure.
Inter-segment pricing is determined on an arm’s length basis.
Segment results, assets and liabilities include items directly attributable to a segment as well as those that can be
allocated on a reasonable basis. Unallocated items comprise mainly income earning assets and revenue,
interest bearing loans, borrowings and expenses, and corporate assets and expenses.
Segment capital expenditure is the total cost incurred during the year to acquire segment assets that are
expected to be used for more than one year.
Geographical segments
For the financial year ended 30 June 2017 the Company principally operated in Fiji in the mineral exploration
sector.
The Group has one reportable segment, as described below:
Operating Segment
30 June 2016 (restated)
Segment revenue
Revenue – external
Finance income
Total revenue
Depreciation
Segment loss
Fiji
$
Unallocated
$
Consolidated total
$
-
730
730
-
(33,508)
291,347
26,390
317,737
(16,053)
(1,463,448)
291,347
27,120
318,467
(16,053)
(1,496,956)
Segment assets
26,254,331
2,417,245
28,671,576
Segment liabilities
3,176,150
(1,621,192)
1,554,958
44
Operating Segment
Fiji
$
Unallocated
$
Consolidated total
$
30 June 2017
Segment revenue
Revenue – external
Finance income
Total revenue
Depreciation
-
725
725
-
Segment profit/(loss)
(19,948)
-
15,279
15,279
-
16,004
16,004
(9,742)
(1,576,944)
(9,742)
(1,596,892)
Segment assets
26,611,433
3,577,986
30,189,419
Segment liabilities
3,547,105
(2,182,708)
1,364,397
Reconciliation of reportable segment profit & loss, assets and liabilities
Loss before tax
Loss before tax for reportable segment
Other loss before tax unallocated
Prepayments
Consolidated loss before tax
Assets
Total assets for reportable segments
Intercompany eliminations
Prepayments
Other assets unallocated
Consolidated assets
Liabilities
Total liabilities for reportable segments
Intercompany eliminations
Prepayments
Other liabilities unallocated
Consolidated liabilities
2017
$
2016 (restated)
$
(19,948)
(1,576,944)
(1,596,892)
26,611,433
(3,877,282)
7,455,268
30,189,419
3,547,105
(3,877,282)
1,694,574
1,364,397
(33,508)
(1,463,448)
(1,496,956)
26,254,331
(3,523,020)
5,940,265
28,671,576
3,176,150
(3,523,020)
1,901,828
1,554,958
23
PARENT ENTITY DISCLOSURES
As at and throughout the financial year ended 30 June 2017 the parent entity of the Group was Dome Gold
Mines Ltd.
Statement of profit or loss & other comprehensive income
Net loss for the year
Other comprehensive income
Total comprehensive loss
2017
$
(1,571,625)
(68,786)
(1,640,411)
2016
$
(2,101,194)
2,346
(2,098,848)
45
Statement of financial position
Current assets
Non-current assets
Total assets
Current liabilities
Non-current liabilities
Total liabilities
Net assets
Equity
Issued capital
Accumulated losses
Foreign currency translation reserve
Total equity
2017
$
5,090,469
25,220,542
30,311,011
142,739
1,217,959
1,360,698
2016
$
3,880,851
24,893,486
28,774,337
107,670
1,443,930
1,551,600
28,950,313
27,222,737
38,120,421
(9,103,668)
(66,440)
28,950,313
34,752,434
(7,532,043)
2,346
27,222,737
The directors are of the opinion that no contingencies existed at, or subsequent to year end.
24
RESTATEMENT
It has been identified that the gains and losses arising from translation of the intercompany loans the parent has
made to its Fijian subsidiaries had been recorded as part of the profit or loss for the period. This is inconsistent
with the requirements of AASB 121, which states that such exchange differences shall be recognised in other
comprehensive income. These financial statements have been restated to present the comparatives for the
year ended 30 June 2016, and the balances as at 30 June 2016 to reflect the correct treatment, of taking the
translation gains or losses on the group loans through other comprehensive income to the “Foreign currency
translation reserve”.
The impacts of this restatement on the comparatives presented in the financial statements are as summarised
below:
Statement of Profit or Loss and Other Comprehensive Income
For the year ended 30 June 2016
Loss for the period
Exchange difference on translating
foreign controlled entities
As previously
presented
$
Restatement
adjustment
$
Restated
$
1,393,340
103,616
1,496,956
14,109
(103,616)
(89,507)
Total comprehensive income
1,407,449
-
1,407,449
46
Statement of Financial Position
As at 30 June 2016
Net assets
Equity
Issued capital
Foreign currency translation reserve
Accumulated losses
Total equity
As previously
presented
$
27,116,618
34,752,434
10,925
(7,646,741)
27,116,618
Restatement
adjustment
$
-
-
226,170
(226,170)
-
Restated
$
27,116,618
34,752,434
237,095
(7,872,911)
27,116,618
25
POST-REPORTING DATE EVENTS
Subsequent to the end of the financial year:
Drilling resumed at Sigatoka
The Company announced on 17 July 2017 that sonic drilling will resume on its industrial sand-magnetite Sigatoka
Project during that week. The program is designed to drill parts of the sand deposit on Koroura Island not drilled
previously and on freehold not drilled in sufficient detail in earlier programs. Data collected will be used to
update the existing JORC 2012 report.
Options expired
7,500,000 unquoted options at an exercise price of $0.20 expired unexercised on 9 August 2017.
No other matters or circumstances have arisen since the end of the year that have significantly affected or may
significantly affect the operations of the Group, the results of those operations, or the state of affairs of the Group
in future financial years.
26
SUBSIDIARIES
Particulars in relation to controlled entities:
Controlled entities
Dome Mines Limited
Magma Mines Pty Ltd
Magma Mines Limited
Country of
incorporation
Company interest in ordinary
shares
2017 %
2016 %
Fiji
Australia
Fiji
100
100
100
100
100
100
47
27
FINANCIAL INSTRUMENT RISK
27.1 Risk management objectives and policies
The Group is exposed to various risks in relation to financial instruments. The Group's financial assets and liabilities
by category are summarised in note 3.14. The main types of risks are market risk, credit risk and liquidity risk.
The Group's risk management is coordinated by management, in close co-operation with the board of directors,
and focuses on actively securing the Group's short to medium term cash flows by minimising the exposure to
financial markets.
The Group does not actively engage in the trading of financial assets for speculative purposes nor does it write
options. The most significant financial risks to which the Group is exposed are described below.
The Group is exposed to market risk through its use of financial instruments and specifically to currency risk and
certain other price risks, which result from both its operating and investing activities.
27.2 Market risk analysis
The Group is exposed to market risk through its use of financial instruments and specifically to currency risk,
interest rate risk and certain other price risks, which result from both its operating and investing activities.
Foreign currency sensitivity
Most of the Group's transactions are carried out in AUD. Exposures to currency exchange rates arise from the
Group's overseas purchases, which are primarily denominated in Fijian dollars (FJD). To mitigate the Group's
exposure to foreign currency risk, non-AUD cash flows are monitored.
The following table illustrates the sensitivity of profit in regards to the Group's financial assets and financial
liabilities and the AUD/FJD exchange rate 'all other things being equal'. It assumes a +/- 5% change of the
AUD/FJD exchange rate for the year ended 30 June 2017. This percentage has been determined based on the
average market volatility in exchange rates in the previous 12 months. The sensitivity analysis is based on the
Group's foreign currency financial instruments held at each reporting date and also takes into account forward
exchange contracts that offset effects from changes in currency exchange rates.
If the AUD had strengthened against the FJD by 5% (2016: 5%) then this would have had the following impact:
30 June 2017
30 June 2016
Profit for the year
$
168,726
151,085
Equity
$
168,726
151,085
If the AUD had weakened against the FJD by 5% (2016: 5%) then this would have had the following impact:
30 June 2017
30 June 2016
Profit for the year
$
(168,726)
(151,085)
Equity
$
(168,726)
(151,085)
Exposures to foreign exchange rates vary during the year depending on the volume of overseas transactions.
Nonetheless, the analysis above is considered to be representative of the Group's exposure to currency risk.
Interest rate sensitivity
Interest risk arises from the use of interest bearing financial instruments. It is the risk that the fair value or future
cash flows of a financial instrument will fluctuate because of changes in interest rates (interest rate risk).
48
The Group's policy is to minimise interest rate cash flow risk exposures on financing. Borrowings are therefore
usually at fixed rates. At 30 June 2017, the Group is not exposed to changes in market interest rates through
borrowings as all borrowings are at fixed interest rates.
At 30 June 2017, the Group’s exposure to cash flow interest relates primarily to cash at bank of the Group which
bears floating rates. The Group is considering investing surplus cash in long term deposits at fixed rates in the
future.
As at the end of the reporting period, the Group had the following floating financial instruments:
2017
2016
Weighted
average
interest rate %
Balance
$
Weighted
average
interest rate %
Balance
$
Cash and cash equivalents
0.58
1,182,258
0.89
319,028
The following table demonstrates the sensitivity to a 0.5% change in interest rates, with all other variables held
constant, of the Group’s profit (through the impact on floating rate financial assets and financial liabilities).
2017
2016
+0.5%
$
5,911
-0.5%
$
(5,911)
+0.5%
$
1,595
-0.5%
$
(1,595)
Profit/(loss) for the year
27.3 Credit risk analysis
Credit risk is the risk that a counterparty fails to discharge an obligation to the Group. The Group is exposed to
this risk for various financial instruments, for example by receivables from other parties, placing deposits etc. The
Group's maximum exposure to credit risk is limited to the carrying amount of financial assets recognised at the
reporting date, as summarised below:
Classes of financial assets – carrying amounts
Carrying amounts:
Cash and cash equivalents
Trade and other receivables
Bank guarantee deposit
Bond deposit
Carrying amount
2017
$
2016
$
1,182,258
40,609
114,543
96,356
1,433,766
319,028
68,118
94,009
97,523
578,678
The Group continuously monitors defaults of other counterparties, identified either individually or by group, and
incorporates this information into its credit risk controls. Where available at reasonable cost, external credit
ratings and/or reports on other counterparties are obtained and used. The Group's policy is to deal only with
creditworthy counterparties.
The Group's management considers that all the above financial assets that are not impaired or past due for
each of the reporting dates under review are of good credit quality. The Group currently has no receivables
from trading therefore is not exposed to credit risk in relation to trade receivables.
None of the Group's financial assets are secured by collateral or other credit enhancements.
49
The credit risk for cash and cash equivalents, bank guarantee deposit, bond deposit and tax refunds is
considered negligible, since the counterparties are reputable banks and government body with high quality
external credit ratings.
27.4 Liquidity risk analysis
Liquidity risk is that the Group might be unable to meet its obligations. The Group manages its liquidity needs by
monitoring scheduled debt servicing payments for financial liabilities as well as forecast cash inflows and
outflows due in day-to-day business. The data used for analysing these cash flows is consistent with that used in
the contractual maturity analysis below. Liquidity needs are monitored in various time bands, on a day-to-day
and week-to-week basis, as well as on the basis of a rolling 30-day projection. Long-term liquidity needs for a
180-day and a 360-day lookout period are identified monthly. Net cash requirements are compared to
available borrowing facilities in order to determine headroom or any shortfalls. This analysis shows that available
borrowing facilities are expected to be sufficient over the lookout period.
The Group's objective is to maintain cash and marketable securities to meet its liquidity requirements for 90-day
periods at a minimum. This objective was met for the reporting periods. Funding for long-term liquidity needs is
additionally secured by an adequate amount of committed credit facilities.
28
CAPITAL RISK MANAGEMENT
Our objective of capital risk management is to manage capital and safeguard our ability to continue as a going
concern, and to generate returns for shareholders. The Group manages its risk exposure of its financial
instruments in accordance with the guidance of the Board of Directors. The Group uses different methods to
manage and minimise its exposure to risks. These include monitoring levels of interest rates fluctuations to
maximise the return of bank balances and the flexing of the gearing ratios. Liquidity risk is monitored through the
development of future rolling cash flow forecasts.
The final approval and monitoring of any of these policies is done by the Board which review and agrees on the
policies for managing risks.
The primary responsibility to monitor the financial risks lies with the Directors and the Company Secretary under
the authority of the Board. The Board approved policies for managing risks including the setting up of approval
limits for purchases and monitoring projections of future cash flows.
29
AUTHORISATION OF FINANCIAL STATEMENTS
The consolidated financial statements for the year ended 30 June 2017 (including comparatives) were
approved by the board of directors on 14 September 2017.
50
DIRECTORS’ DECLARATION
The directors of the Company declare that:
1
In the opinion of the Directors of Dome Gold Mines Limited:
a)
The consolidated financial statements and notes of Dome Gold Mines Limited are in accordance
with the Corporations Act 2001, including:
i Giving a true and fair view of its financial position as at 30 June 2017 and of its performance for
the financial year ended on that date; and
ii Complying with Australian Accounting Standards (including
the Australian Accounting
Interpretations) and the Corporations Regulations 2001; and
b)
There are reasonable grounds to believe that Dome Gold Mines Limited will be able to pay its debts
as and when they become due and payable.
The Directors have been given the declarations required by Section 295A of the Corporations Act 2001
2
from the Chief Executive Officer and Chief Financial Officer (or equivalent) for the financial year ended 30 June
2017.
Note 1 confirms that the consolidated financial statements also comply with International Financial
3
Reporting Standards.
Signed in accordance with a resolution of the Directors.
G. G. Lowder
Chairman
Dated 14 September 2017
Sydney
51
Level 17, 383 Kent Street
Sydney NSW 2000
Correspondence to:
Locked Bag Q800
QVB Post Office
Sydney NSW 1230
T +61 2 8297 2400
F +61 2 9299 4445
E info.nsw@au.gt.com
W www.grantthornton.com.au
Independent Auditor’s Report
To the Members of Dome Gold Mines Limited
Report on the Audit of the Financial Report
Opinion
We have audited the financial report of Dome Gold Mines Limited (the Company), and its
subsidiaries (the Group) which comprises the consolidated statement of financial position as at 30
June 2017, 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 consolidated financial report of Dome Gold Mines Limited, 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 2017 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
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.
Grant Thornton Audit Pty Ltd ACN 130 913 594
a subsidiary or related entity of Grant Thornton Australia Ltd ABN 41 127 556 389
‘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.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our opinion.
Material Uncertainty Related to Going Concern
We draw attention to Note 3.16 in the financial statements, which indicates that the Group incurred
a net loss of $1,596,892, used $2,251,350 of net cash in operations. As stated in Note 3.16, these
events or conditions, along with other matters as set forth in Note 3.16, indicate that a material
uncertainty exists that may cast doubt on the Group’s ability to continue as a going concern. Our
opinion is not modified in respect of this matter.
Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most significance
in our audit of the consolidated financial report of the current period. These matters were
addressed in the context of our audit of the consolidated 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
Exploration and Evaluation Assets – valuation
Note 3 and 14
At 30 June 2017 the carrying value of Exploration
and Evaluation Assets was $28,395,904.
In accordance with AASB 6 Exploration for and
Evaluation of Mineral Resources, the company is
required to assess at each reporting date if there are
any triggers for impairment which may suggest the
carrying value is in excess of the recoverable value.
There are a number of assumptions made when
assessing the recoverability of capitalised costs many
times it is hinged upon the future success of projects.
This area is a key audit matter due to the inherent
subjectivity that is involved in the Group making
judgements in relation to the evaluation for any
impairment indicators, in accordance with AASB 6:
Exploration for and Evaluation of Mineral Resources.
-
Our procedures included, amongst others:
Obtaining the management prepared reconciliation
of capitalised exploration and evaluation
expenditure and agreeing to the general ledger;
Reviewing management’s area of interest
considerations against AASB 6;
Conducting a detailed review of management’s
assessment of trigger events prepared in
accordance with AASB 6 including;
-
Tracing projects to statutory registers,
exploration licenses and third party
confirmations to determine whether a right of
tenure existed;
Enquiry of management regarding their
intentions to carry out exploration and
evaluation activity in the relevant exploration
area, including review of managements’
budgeted expenditure;
- Understanding whether any data exists to
suggest that the carrying value of these
exploration and evaluation assets are unlikely
to be recovered through development or sale;
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 in the Group’s annual report for the year ended 30 June 2017, but does not include the
financial report and the 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.
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 18 to 20 of the directors’ report for
the year ended 30 June 2017.
In our opinion, the Remuneration Report of Dome Gold Mines Limited, for the year ended 30 June
2017, 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
M D Dewhurst
Partner - Audit & Assurance
Sydney, 14 September 2017
ASX ADDITIONAL INFORMATION
Additional information required by the ASX Limited Listing Rules and not disclosed elsewhere in this report is set
out below. The information is effective as at 31 August 2017.
SECURITIES EXCHANGE
The Company is listed on the Australian Securities Exchange. The Home Exchange is Sydney.
SUBSTANTIAL SHAREHOLDERS
The number of substantial shareholders and their associates are set out below:
Shareholder
Number of Shares
Onizaki Corporation
Fleet Market Investments Pty Ltd
Hillside Meadows Ltd
Summerfell Investments Ltd
Long-Last Enterprises Ltd
30,000,000
19,776,499
18,750,000
17,333,333
16,823,850
CLASS AND VOTING RIGHTS
The voting rights attached to ordinary shares, as set out in the Company’s Constitution, are that every member in
person or by proxy, attorney or representative, shall have one vote on a show of hands and one vote for each
share held on a poll.
A member holding partly paid shares is entitled to a fraction of a vote equivalent to the proportion which the
amount paid up bears to the issue price for the shares.
Options don’t carry voting rights.
DISTRIBUTION OF SHAREHOLDERS
The total distribution of fully paid shareholders, being the only class of equity was as follows:
Range
1 - 1,000
1,001 - 5,000
5,001 - 10,000
10,001 - 100,000
100,001 and over
Total
Total Shareholders
Total No of Shares
5
22
175
139
93
434
1,013
65,302
1,743,400
3,406,789
241,610,925
246,827,429
LESS THAN MARKETABLE PARCELS
On 31 August 2017, there were 15 holders of less than a marketable parcel of 2,273 ordinary shares.
56
ON MARKET BUY BACK
There is no on market buy-back.
ESCROWED SECURITIES
As at 31 August 2017, there were no escrowed securities.
TWENTY LARGEST SHAREHOLDERS
As at 31 August 2017, the twenty largest quoted shareholders held 77.54% of the fully paid ordinary shares as
follows:
Name
Onizaki Corporation
Fleet Market Investments Pty Ltd
Hillside Meadows Ltd
Summerfell Investments Ltd
Long-Last Enterprises Ltd
Brave Top Enterprises Ltd
Hadeon Valley Holdings Inc.
Globe Street Investments Pty Ltd
Globe Street Investments Pty Ltd
Cybersys Inc
Tiger Ten Investment Limited
Primavera
Thamadia Nominees Pty Ltd
Mr Masayuki Kudo
Monex Boom Securities (HK) Ltd
Mr Zhengjian Xu
Miyashita Denki
Mr Katsuji Kato
SST Trading Pty Ltd
Mr Hiromitsu Tsuruta
TENEMENTS SCHEDULE
Ordinary Shares
Quantity
30,000,000
19,776,499
18,750,000
17,333,333
16,823,850
10,500,000
10,166,667
10,000,000
10,000,000
8,000,000
7,292,393
5,000,000
5,000,000
3,973,976
3,560,895
3,426,666
3,360,171
3,099,220
2,750,000
2,577,432
%
12.15
8.01
7.60
7.02
6.82
4.25
4.12
4.05
4.05
3.24
2.95
2.03
2.03
1.61
1.44
1.39
1.36
1.26
1.11
1.04
Tenement
Location
Holder
SPL 1451
SPL 1452
SPL 1495
Ono Island
Nadrau
Sigatoka
Dome Mines Ltd
Dome Mines Ltd
Magma Mines Ltd
Area
(Ha)
3,028
33,213
2,522
Expiry Date
12/02/2020
12/02/2019
13/07/2018
Interest
%
100
100
100
Note: Magma Mines Ltd and Dome Mines Ltd, both incorporated in Fiji, are wholly owned subsidiaries of
Dome Gold Mines Ltd. All tenements are located in the Republic of Fiji.
57
CORPORATE DIRECTORY
ABN 49 151 996 566
Directors
Dr Garry Lowder (Chairman)
Mr Tadao Tsubata (Non-Executive Director)
Ms Sarah Harvey (Non-Executive Director)
Company Secretary
Mr Marcelo Mora
Corporate Office
Suite 2, Level 8, 17-19 Bridge Street
Sydney NSW 2000
Australia
Registered Office
Suite 2, Level 8, 17-19 Bridge Street
Sydney NSW 2000
Australia
Auditors
Grant Thornton Audit Pty Ltd
Level 17, 383 Kent Street
Sydney NSW 2000
Bankers
National Australia Bank
255 George Street
Sydney NSW 2000
Solicitors
Websters
Level 11, 37 Bligh Street
Sydney NSW 2000
58
Dome Gold Mines Ltd
ABN 49 151 996 566
Level 8, 17-19 Bridge Street Sydney NSW 2000 Australia
GPO Box 1759 Sydney 2001 Australia
T +61 2 8203 5620 F +61 2 9241 2013
E info@domegoldmines.com.au
W www.domegoldmines.com.au