Dome Gold Mines Ltd
and its controlled entities
Table of Contents
Chairman’s Message ................................................................................................................... 1
Directors’ Report ........................................................................................................................ 3
Auditor’s Independence Declaration ........................................................................................ 36
Corporate Governance Statement ............................................................................................. 37
Consolidated Statement of Profit or Loss and Other Comprehensive Income ......................... 38
Consolidated Statement of Financial Position .......................................................................... 39
Consolidated Statement of Changes in Equity.......................................................................... 40
Consolidated Statement of Cash Flows .................................................................................... 41
Notes to the Consolidated Financial Statements ....................................................................... 42
Directors’ Declaration ............................................................................................................... 73
Independent Auditor’s Report ................................................................................................... 74
ASX Additional Information .................................................................................................... 78
Corporate Directory .................................................................................................................. 81
Dome Gold Mines Ltd
and its controlled entities
Chairman’s Message
Dear Shareholder
I am pleased to present the Annual Report of Dome Gold Mines Limited for the first time as your
Chairman for the year ended 30 June 2021.
The past twenty-four months have been unlike any other period in your Company’s history, as the
COVID-19 pandemic has continued to disrupt lives and businesses throughout this financial year. The
pandemic has severely restricted international travel and interrupted the normal course of business
activity worldwide. We are hopeful that increasing vaccination numbers will reduce the threat of the
virus to the point where some normalcy to our lives returns.
Dome has adopted a conservative approach, in accordance with protocols recommended by
governments, with the health and wellbeing of our employees and their communities foremost in our
minds. The major impact for Dome is the strict constraints on movement that have been imposed by
the Fiji and Australian Governments. Fortunately, we have found means to minimise this impact.
Dome completed the resource update drilling at Sigatoka in April 2020. The drilling programme
concentrated on the Southern Kulukulu part of the Sigatoka resource area and was undertaken on the
recommendation of engineering consultants completing the Definitive Feasibility Study (DFS). Based
on the Sigatoka drilling results obtained, Dome commissioned an update of the mineral resource
estimate by its JORC 2012 resource consultants. This updated resource estimate was published on
November 5, 2020 (see ASX release of that date for JORC 2012 Table 1).
The total of classified and unclassified resources increased to 189.5 million tonnes. Very importantly at
Kulukulu South a new indicated resource of 34 million tonnes with an average Heavy Mineral grade of
19.7% as well as an Inferred Resource of 0.61 million tonnes at 48.3% Heavy Minerals was defined.
This is very significant as it this area of the deposit where mining is proposed to commence.
To advance toward completion of the DFS, plans were established during the June quarter of 2021 to
collect a 15-20 tonne sample representative of the deposit from the recently sonic drilled Kulukulu south
area. Bulk material bags containing the sample will be placed into a 20-tonne shipping container for
secure transport to the port of Brisbane. A large-scale pilot plant will then process the sample to record
data required for commercial plant design as well as produce samples of the magnetite concentrate
and industrial sand for market testing purposes.
While the pilot plant work is being undertaken, consulting engineers will resume work on the DFS and
environmental consultants will be appointed to update the existing Environmental Impact report. Sand
mining at Sigatoka will apply fresh water and gravity-magnetic heavy mineral processes for magnetite
concentrate and industrial sand recovery that will not introduce any damaging emissions to the local
environment. Mined areas will be rehabilitated to their natural state or for uses not currently possible.
It is pleasing to note that international iron ore prices continued to be firm during the year adding much
value to Sigatoka. We also note that demand for industrial sand, such as Sigatoka can produce,
continues to be strong. Worldwide, industrial sand for concrete and related uses is the most abundantly
consumed raw material, with approximately 30 billion tonnes of such sand used annually. This provides
Dome an outstanding opportunity to make Sigatoka a substantial, multi-commodity mining operation,
further enhancing already strong indicative economics.
1
2
Chairman
J. V. McCarthy
pandemic subsides and our momentum toward development of a mining operation in Fiji is realised.
those assets will soon yield real returns to our shareholders. I look forward to a rewarding future as the
In closing, Dome is the sole owner of three very valuable mineral assets in Fiji and I am confident that
our shareholders whose investment, encouragement and patience is essential to our success.
the company with loyalty and belief under what has been very difficult circumstances. I also thank all
Finally, on behalf of the Board, I thank the staff and contractors of Dome, who have continued to serve
We wish them both the very best for the future.
Lowder and Ms Harvey whose diligent work and sound advice was integral to the success of Dome.
On behalf of the Board and our shareholders I offer our sincere thanks and appreciation to both Dr
therefore resigned her position after 3.5 years of service.
years. Our previous non-executive Director, Ms Sarah Harvey, started an exciting new legal career and
Dr Lowder decided he had reached retirement age after faithfully and successfully serving Dome for 9
Director, Mr Tadao Tsubata for his strong support. Sadly, during the year, Dome’s previous Chairman
The Dome Board has continued to function effectively throughout 2020-21 and I thank my fellow
projects during the coming year.
$US1800 per ounce. Your Company expects to announce plans for advancing exploration on these
year driven by projected demand by green energy applications and the gold price averaged above
very valuable and important for Dome’s future. Copper prices achieved new record highs during the
imposed by the pandemic. Regardless of this interruption, the Nadrau and Ono Island assets remain
Dome’s other exploration activities in Fiji over the past year have been curtailed due to restrictions
Chairman’s Message
and its controlled entities
Dome Gold Mines Ltd
Dome Gold Mines Ltd
and its controlled entities
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 2021.
DIRECTORS’ DETAILS
The following persons were Directors of Dome during or since the end of the financial year.
Mr John V. McCarthy
Bachelor of Science (St. Francis Xavier University)
Member, Australasian Institute of Mining and Metallurgy
Chairman
Independent Non-Executive Director
Director since 13 January 2021
Mr John V. McCarthy is a Geologist, with extensive knowledge and experience in the resources sector,
built up over a career spanning 46 years in mineral exploration. He has worked in Canada, Southern
Africa, Indonesia, Vietnam, Fiji and Australia and has previously held senior executive positions in junior
exploration companies, both listed and unlisted.
Mr McCarthy worked for Dome initially as a consultant and later as CEO for eight years until May 2019,
when he retired to pursue personal interests. During his earlier time with Dome, he took an active role
in the listing of the Company on the ASX and its subsequent growth, including Dome’s acquisition of
Magma Mines Ltd, holder of the Sigatoka Iron Sands Project in Fiji (SPL1495).
Mr John V. McCarthy was appointed as an independent, non-executive Director of the Company on 13
January 2021, and assumed the role of non-executive Chairman from 1 February 2021.
Other current Directorships: None
Previous Directorships (last 3 years): None
Interests in shares: 260,000 shares
Interests in options: None
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 to specifically target 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.
Other current Directorships: None
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and its controlled entities
Directors’ Report
Previous Directorships (last 3 years): None
Interests in shares: 52,342,393 shares
Interests in options: None
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
Independent Non-Executive Director
Member of Audit Committee
Director from 1 March 2012 until 28 February 2021
Dr Garry Lowder is a geologist who has spent over 50 years in the Australian and 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 of Malachite 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.
Dr Garry Lowder stepped down from the role of Chairman of the Company from 1 February 2021, and
continued to serve as an independent, non-executive Director of the Company until 28 February 2021
before he retired from the Dome Board.
Other current Directorships: None
Previous Directorships (last 3 years): None
Interests in shares: 570,000 shares*
Interests in options: None*
*Balance as at the date of resignation
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 Australia)
Independent Non-Executive Director
Chair of Audit Committee
Director from 27 July 2017 until 21 January 2021, reappointed on 24 September 2021
Ms Sarah Harvey is a solicitor and has worked for almost 20 years across multiple industries in both
private practice and corporate environments. She specialises in providing board advice in strategic
planning and review, due diligence, and risk compliance. She is also a nationally accredited mediator
and Family Dispute Resolution Practitioner.
She holds a BA, LLB, Master of Law (In-house Practice), and Certificate in Governance Practice from
the Governance Institute of Australia (GIA). She is a member of the Law Society of NSW and the
Australian Disputes Resolution Association.
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Dome Gold Mines Ltd
and its controlled entities
Directors’ Report
Ms Sarah Harvey resigned as a non-executive Director of the Company on 21 January 2021 and she
was reappointed as a non-executive Director of the Company on 24 September 2021.
Other current Directorships: None
Previous Directorships (last 3 years): None
Interests in shares: 20,776,499 shares*
Interests in options: None*
*Balance as at the date of resignation
COMPANY SECRETARY
Mr Marcelo Mora holds a Bachelor of Business degree and Graduate Diploma of Applied Corporate
Governance. Mr Mora has been a Company Secretary and 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.
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, the Sigatoka Iron and Industrial
Sand Project, SPL1451, the Ono Island Project and SPL1452, the Nadrau Gold-Copper Porphyry
Project (see Figure 1 for locations).
Figure 1 – Dome Gold Mine’s Fiji project location map
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Dome Gold Mines Ltd
and its controlled entities
Directors’ Report
SPL 1495 Sigatoka Iron and Industrial Sand Heavy Mineral Project
Special Prospecting Licence (SPL) 1495 was renewed for a further 3-year period on 11 February
2019 and will expire on 10 February 2022
The tenement of 2,522.69 ha is located on the south coast of Viti Levu and covers the plains at the
mouth of the Sigatoka River, the river itself and an area offshore
It is Dome’s most advanced project
Pre-feasibility Study report completed early 2015
A Definitive Feasibility Study (DFS) commenced by IHC Robbins in December 2018 to support an
application for a Mining Lease was suspended in mid-2019 to complete further drilling to upgrade
the initial JORC 2012 resource estimates
Environmental Impact Assessment report produced in December 2014 will be updated during the
DFS
An Initial JORC 2012 resource estimate of 131.4 MT was published in October 2014 and an update
of the resource estimate of an additional 52.7 MT was published on December 11, 2019
A third update of the JORC 2012 resource estimate was published on 5 November 2020 that
increased the total resource estimate to 189.5 MT1, of which 73.2 MT at North Kulukulu is pending
classification upon achieving land access to this portion of the resource
Of significance the November 5th update reported a high grade Indicate Resource in the South
Kulukulu area of 34 million tonnes containing 19.7% HM including 610,000 tonnes containing
48.3% HM
A report by IHC Robbins on pilot plant scale metallurgical test programs on 3 x 850kg samples
was completed in June 2019
The pilot plant produced titano-magnetite with between 56.9 and 57.9% Fe, 6.5 and 6.6% Ti and
0.4% V by standard wet gravity methods
Washed sand also produced in the pilot plant meets Australian Standards for construction sand
based on independent engineering analyses
Plans are in place to resume the DFS program during the second half of 2021 with the pilot plant
processing of the bulk sample being the first part
Figure 2 – Special Prospecting Licence (SPL) 1495 map showing known extent of sand deposit
1 see ASX release dated November 5, 2020 for JORC 2012 Table 1
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Dome Gold Mines Ltd
and its controlled entities
Directors’ Report
Revised Mineral Resources on Sigatoka SPL1495
The total mineral resources at Sigatoka are now estimated at 189.5 million tonnes (MT) at 12.7% heavy
minerals (HM), with a cut-off of 8% HM. This is made up of the following:
Kulukulu South:
A combined Indicated and Inferred Resource of 34.6 MT at an average grade of 20.2% Heavy
Minerals and 12.9% Clay containing 7 MT of Heavy Minerals, which includes:
An Indicated Resource of 34 MT at an average grade of 19.7% Heavy Minerals and
13.1% Clay containing 6.7 MT of Heavy Minerals of which 25% is MAG1 (300 Gauss)
Heavy Minerals.
An Inferred Resource of 0.61 MT at an average grade of 48.3% Heavy Minerals and
4.2% Clay containing 295kt of Heavy Minerals of which 25% is MAG1 (300 Gauss)
Heavy Minerals.
Koroua Island:
An Indicated Resource of 52.5 MT, at an average grade of 13.2% Heavy Minerals and 13%
Clay, containing 6.9 MT of Heavy Minerals of which 23% is MAG1 (300 Gauss) Heavy
Minerals.
Sigatoka River:
A combined Indicated and Inferred Resource of 29.4 MT at an average grade of 11.4% Heavy
Minerals and 6.7% Clay containing 3.3 MT of Heavy Minerals, which includes:
An Indicated Resource of 23.9 MT at an average grade of 11.5% Heavy Minerals and
6.6% Clay containing 2.8 MT of Heavy Minerals of which 15% is MAG1 (300 Gauss)
Heavy Minerals.
An Inferred Resource of 5.3 MT at an average grade of 10.8% Heavy Minerals and
7.0% Clay containing 570,000 T of Heavy Minerals of which 14% is MAG1 (300 Gauss)
Heavy Minerals.
Kulukulu North:
The unclassified resource for the Kulukulu North area is now:
A total of 73.2 MT at an average grade of 17.4% Heavy Minerals and 6.0% Clay
containing 12.7 MT of Heavy Minerals of which 14.8% is MAG1 (300 Gauss) Heavy
Minerals.
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and its controlled entities
Directors’ Report
Figure 3 - Resource domains of the Sigatoka sand deposit
Table 1: Comparative Sigatoka Project Resource Inventory, November 2020
RESOURCE
SUB-CATEGORY
PREVIOUS
CURRENT
DIFFERENCE
Inferred Indicated Unclassified Inferred Indicated Unclassified Inferred Indicated
Kulukulu
(2014)
Kulukulu
North
Kulukulu
South
Sigatoka
River
Koroua
Island
TOTALS
Tonnes (Mt)
Average HM%
HM tonnes (kt)
MAG1 Tonnes (kt)
Tonnes (Mt)
Average HM%
HM tonnes (kt)
MAG1 Tonnes (kt)
Tonnes (Mt)
Average HM%
HM tonnes (kt)
MAG1 Tonnes (kt)
Tonnes (Mt)
Average HM%
HM tonnes (kt)
MAG1 Tonnes (kt)
Tonnes (Mt)
Average HM%
HM tonnes (kt)
MAG1 Tonnes (kt)
Tonnes (Mt)
Average HM%
HM tonnes (kt)
MAG1 Tonnes (kt)
100.1
17%
17,239
2,637
5.9
11%
631
91
106.0
17%
17,870
2,728
25.3
12%
2,923
443
52.7
13%
6,981
1,607
78.0
13%
9,904
2,050
Subdivided into Kulukulu North & South (2020)
73.2
17%
12,708
1,885
73.2
17%
12,708
1,885
0.6
48%
295
74
5.3
11%
570
81
5.9
15%
865
155
34.0
20%
6,710
1,707
23.9
12%
2,755
416
52.5
13%
6,935
1,595
110.4
15%
16,400
3,718
73.2
-
12,708
1,885
-
-
0.6
34.0
295
74
0.6
-
6,710
1,707
1.4
-
-
-
61
10
73.2
12,708
1,885
0.0
234
64
-
-
-
168
27
0.2
-
-
46
12
32.4
6,496
1,668
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Dome Gold Mines Ltd
and its controlled entities
Directors’ Report
The newly identified relatively small but very high-grade resource at Kulukulu South (610,000 tonnes
@ 48.3% HM) sits mostly above sea level (Figures 4 and 5). Its presence strongly supports Kulukulu
South as being the ideal location to commence mining operations.
The mineral assemblage test work performed on Koroua Island samples indicates that around two thirds
of the MAG1 (300 Gauss) magnetic fraction comprises iron minerals (dominantly magnetite, but with
significant goethite and hematite).
This would be a conservative estimate of the mineral assemblage of the MAG1 heavy mineral
component at the high-grade Kulukulu South resource. There the heavy mineral assemblage is
expected to contain the highest concentration of iron minerals as a result of secondary coastal
fractionation (i.e. concentration).
The next step to advance the Sigatoka Project is to collect a 15-20 tonne bulk sand sample that will be
shipped to Australia for pilot plant processing as part of the resumed definitive feasibility study. These
new drilling results allow a properly informed decision about where to extract the bulk sample. Given its
potential to supply ore to a processing plant for the first five or six years of production, the Kulukulu
South area will feature prominently in the bulk sampling process.
Figure 4 - Kulukulu South area, showing location of cross-section in Figure 5
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Dome Gold Mines Ltd
and its controlled entities
Directors’ Report
Figure 5 - Kulukulu South cross-section 9660mN, hot colours showing highest HM results.
Kulukulu South Resource Update Sonic Drilling Program
To provide the data required for the JORC 2012 resource estimate update described above Dome
completed a sonic drilling program on the Kulukulu area extending westward from the mouth of the
Sigatoka River (see Figures 3 & 5). This program commenced on 10 September 2019 and was
completed on 3 April 2020. The program consisted of 55 holes for a total advance of 1441.7 m (see
Figure 6).
A topographic aerial drone survey was flown in the last quarter of 2019 over the Sigatoka resource
areas. The digital deliverables from this survey were supplied to Dome in the first quarter of 2020. This
aerial drone survey has provided Dome with a very detailed elevation map across the main resource
areas within SPL 1495, accurate to within 5 cm.
This new dataset allowed the precise JORC 2012 resource modelling work to be completed. An aerial
image over the drone survey area is included as Figure 6.
Figure 6 – Aerial image of the southern Kulukulu area showing recently completed sonic drill holes
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and its controlled entities
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The 2019-2020 sonic drilling program was conducted on a 70 m x 140 m grid and focused on the
southern part of the Inferred Kulukulu Resource (see Figures 4 & 6). This area was targeted by Dome
as it contains higher grade heavy mineral mineralisation and is recommended as the starting point for
sand mining, pursuant to recommendations of the Definitive Feasibility Study (“DFS”).
Initial observations from the recent drilling, combined with results from earlier reconnaissance drilling
by Dome at Kulukulu, indicate that the southern Kulukulu area contains abundant sand which is both
thick (greater than 30 m) and visually rich in magnetite.
It therefore represents an ideal starting point for mining, especially if the present expectation of using
IHC-branded TT sand pumps, instead of dredges, receives full endorsement in the final DFS report.
Sigatoka Project Definitive Feasibility Study Update
On 30 July 2018 Dome announced that a binding Heads of Agreement (“HoA”) had been entered into
between Dome and IHC Robbins, a wholly owned subsidiary of Royal IHC of the Netherlands (“IHC”).
The HoA established a strategic relationship between Dome and IHC that initially involved completion
of a DFS on the Sigatoka Iron Sand project.
Assuming the DFS concludes that mining is viable, IHC may, subject to documentation at the time,
assume the role of Engineering, Procurement and Construction manager.
IHC is a major international corporation that has been in the marine vessel and dredge building industry
since the mid-17th century and has “in-depth expertise in the engineering and manufacture of high-
performance integrated vessels and equipment”, particularly for use in sensitive marine environments.
Importantly to Dome and its wholly owned subsidiary Magma Mines Ltd., which holds title at Sigatoka,
IHC is committed to social responsibility and environmental accountability in every aspect of its
operations and ensures their principles apply to suppliers, sub-contractors and society as a whole.
In the first phase of the DFS, three bulk samples were prepared from retained half drill core stored
onsite at Sigatoka. The samples, of approximately 850 kilograms each, represented the riverbed, the
southern part of Koroua Island and the foreshore sand deposits. They were processed in pilot plant
scale mineral processing equipment (see Plates 1, 2 and 3 below) to produce titano-magnetite, washed
sand and gravel.
The preliminary results indicated that a simple process, combining fresh water, gravity and magnetic
separation methods, can efficiently recover magnetite and washed sand and gravel as commercial
products. An analysis of development options has identified a staged development program as the
best approach and this option will undergo detailed engineering and costing studies in the next phase
of the DFS, which is large scale pilot plant processing of a 15-20 tonne representative sample of the
area where mining will commence.
The metallurgical pilot test work included a series of steps (see Plates 1 – 3). These included:
1. Feed Characterisation Stage (preparation of a representative head sample)
2. Feed Preparation Process (sample screening plus sand analyses)
3. Wet Concentration Process (spiral and table tests to produce heavy mineral concentrates,
plus sand and heavy mineral concentrate analyses)
4. Concentrate Upgrade Process (low intensity magnetic separator tests, plus sand and heavy
mineral concentrate analyses)
5. Construction Sand Process (up current classifier and screening optimisation tests as well as
sand analyses)
The final report on results from the metallurgical pilot test program completed by IHC Robbins was
delivered to Dome on 12 June 2019. This report has been reviewed by Dome’s Staff and Consultants,
and further evaluation of the results is on-going.
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The report concluded based on the test results that a simple sand washing process flowsheet will
produce:
1. Titano-magnetite concentrate; and
2. Construction sand and gravel products that comply with Australian standards.
The bulk sample pilot plant will refine the processes of the metallurgical scale plant to replicate mine
development processes that combine gravity and magnetic separation methods to efficiently recover
magnetite and washed construction sand (plus minor gravel), as commercial products to undertake
market analysis of sales to export and Fiji consumers.
Plate 1 – Spirals used to separate heavy minerals from bulk sand
samples, during metallurgical testing at IHC Robbins
metallurgical facility in Brisbane.
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Plate 2 – Darker heavy minerals (including magnetite) are concentrated toward the
centre of the spirals, where they are separated for recovery.
Plate 3 – Titano-magnetite from Sigatoka bulk samples being recovered in a Low Intensity
Magnetic Separator test (LIMS).
The project development options study completed by IHC Robbins identified that the most favourable
development approach at Sigatoka is a multi-stage strategy with on-land mining as a first stage. This
development strategy will undergo more detailed evaluation, engineering studies and detailed costing
analysis, during the next phase of the DFS.
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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.
SPL 1451 Ono Island Project
• SPL1451 was renewed for a three-year period on 25 June 2020.
• 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 justified testing.
• A 7-hole exploration diamond drill program commenced in March 2018 and was completed in early
July 2018 for a total of 2276m of drilling. Inspection of drill core showed strong sulphide mineralised
zones coincident with the Induced Polarisation conductive anomalies, confirming the veracity of
the IP interpretations.
• Further review of all data and 3-D modelling of exploration results to date will be undertaken before
proceeding with the next phase of drilling.
Figure 7 – Naqara East and West Prospects on Ono Island showing the extent of hydrothermal
alteration, pole-diploe Induced Polarisation (IP) survey lines and nominal drill sites
Prior to undertaking exploration diamond drilling, an offset pole-dipole IP survey involving 4 arrays, 2
over each prospect (see Figure 7) was completed. 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. Receiver electrodes were placed at 100m intervals along the two
survey lines either side of the transmitter line (34 points).
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Figures 8 & 9 – 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.
Two 32 channel IP receivers were used to take 3 to 4 readings at each electrode. Figures 8 & 9 are
compilations of surface alteration and the processed IP data for the East and West Naqara prospects.
The area had previously been covered by soil sampling and geological mapping campaigns that
identified locations of intense argillic alteration and zones of silicification and anomalous geochemistry.
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 SW Pacific.
The Company completed an initial diamond drilling program on 3 July 2018 for a total of 2276 m. The
drilling program tested several epithermal gold targets at two prospects on the Ono Island (Naqara East
and Naqara West). Five drill holes were initially proposed (Targets A to E), and another two targets (F
and G) were added during the drilling program.
Seven diamond holes (ONODDH001 to 7) were drilled to test the Naqara East and Naqara West
prospects. A drill hole location map is included as Figure 10. Table 2 presents the GPS collar co-
ordinates and other relevant details for each hole completed in the program.
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Figure 10 – Exploration drill hole location map of the Naqara East and Naqara West prospects
The drilling was problematical at times due to the high degree of fracturing and hydrothermal clay
alteration causing some holes to collapse. Cementing was carried out to secure the holes in areas of
poor ground conditions and reach deeper levels.
Hole
Site
ONODDH001
ONODDH002
ONODDH002A
C
E
E
Collar
East
WGS84
658082
Collar
Nth
WGS84
7911718
658343
7911380
658345
7911382
Collar
RL
(m)
175
218
218
ONODDH003
E Alt
658270
7911359
182
ONODDH004
ONODDH005
ONODDH006
ONODDH007
TOTAL
G
B
A
F
656695
7911979
48
656121
7911774
163
656127
7911777
160
657444
7911679
35
Azimuth
(Mag)
Azimuth
(Grid)
Dip
Depth
(m)
Total
Samples
57
237
237
347
237
257
77
77
70
250
250
-60 431.55
215
-65
131.6
-66
117.5
0
11
0
-90
548.8
169
250
270
90
90
-60
350.5
-60
151.1
-70
251.3
-70
293.7
2276.1
59
58
69
159
740
Table 2 – Details of exploration diamond drill holes completed on Ono Island
Holes were designed to test the strongest IP chargeability anomalies at depth (see Figure 11). These
IP chargeability anomalies lie directly below IP resistivity anomalies (see Figure 12).
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Dome Gold Mines Ltd
and its controlled entities
Directors’ Report
Drill hole ONODDH001 returned wide zones of clay-magnetite alteration with zones of sulphide
mineralisation up to 5% in places (dominantly pyrite) within the host andesitic volcanic rocks. Drill hole
ONODDH007 also returned zones of clay alteration within andesitic host rocks, with zones of stronger
sulphide mineralisation up to 7% in places (dominantly pyrite).
Figure 11 – IP chargeability cross-section, section showing the trace of drill holes ONODDH001 and
7. These holes tested the high chargeability anomalies (red/purple zones) in the lower part
of the hole.
Figure 12 – IP resistivity cross-section, section showing the trace of drill holes ONODDH001 and 7.
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Dome Gold Mines Ltd
and its controlled entities
Directors’ Report
A photo below in Plate 4 shows typical sulphide-bearing rock in drill core from ONODDH007 (from
225.7m depth). The presence of sulphide in the lower part of holes ONODDH001 and 7 explains the IP
chargeability responses. This provides Dome with a high degree of confidence that the IP geophysical
technique has worked well and is able to detect zones of sulphide mineralisation at depth.
Plate 4 – Altered and mineralized volcanic host rock with up to 7% metallic sulphide in drill hole
ONODDH007, HQ core from 225.7 m depth - Ono Island Project, Fiji
Assays for all holes ONODDH001 to ONODDH007 were carried out by ALS Laboratories. Drill hole
ONODDH001 (Naqara East), returned anomalous copper assays (to 0.3% Cu) and anomalous
molybdenum assays (to 0.2% Mo). The best Mo intercept is 5.05 m @ 0.0643% (643 ppm Mo), from
323 to 328.05 m. This intercept comprises 5 contiguous one metre samples ranging from 110 ppm to
2040 ppm Mo.
The gold-silver assay results are slightly anomalous within areas of strong alteration and sulphide
mineralisation, but are well below economic levels, with maximum assay values of 0.036 g/t Au and 3.6
g/t Ag.
The elevated Cu and Mo and weakly anomalous Au and Ag indicates a metal-bearing epithermal
system is present at Naqara, and that further exploration drilling could define gold mineralisation nearby.
In summary, a large sulphide-bearing system weakly anomalous in several metals has been defined at
Naqara prospect on Ono Island, SPL 1451. This system has many similarities to other Pacific Rim gold-
copper deposits. The strong epithermal alteration, sulphide mineralisation, elevated Cu-Mo and weakly
anomalous Au-Ag in drill core samples is encouraging. Additional systematic drilling is recommended
to discover anomalous gold zones within these large sulphide bodies.
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and its controlled entities
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Rehabilitation, Community Work and Safety
A comprehensive rehabilitation program was completed as part of the Ono Island drill program. Access
track preparation was carried out by a 12 tonne Hitachi excavator mobilised from Suva. Pre-existing
historical tracks through the Pine Forests were re-established (total of 2812 m), and new tracks to the
drill pads were also constructed (total of 2967 m).
Many of these access roads were left open at the end of the program as they will help Naqara Village
to remove pine logs to the sawmill in the village.
The excavator and several casual workers from Naqara were used to carry out rehabilitation on all drill
pads and along drill tracks. The sumps were filled back in and all rubbish was removed after drilling.
The collar for each hole was capped with a cement block, with the hole name labelled into the cement.
Pine trees and grasses were planted on the drill pads and access tracks areas. Two weeks were spent
completing the rehabilitation work associated with the program. Just one week after planting, the pine
trees and grasses had already started growing back.
Compensation payments for land disturbance were paid directly to the Landowners, Lease Holders and
Lands Department. The Pine assessment fees were paid to Forestry Department in Nausori.
Community projects were also supported by Dome during the drilling program including:
Completion of the new Naqara school dormitory
Demolish old school building
Clearing house pads
Digging rubbish dumps and toilet sumps
Deepening Naqara creek and repairing the seawall at the shoreline
The drilling program was completed safely without any lost-time incidents. Prior to departure the villages
on Ono were visited to let the local people know that this phase of the exploration program had
concluded and to thank them for their assistance and cooperation.
Impact of Climate Change
There is no apparent immediate impact of climate change that negatively impacts upon the Company’s
Fiji projects. Going forward, Dome will seek to employ low to zero emission energy sources for its
exploration, mining and mineral processing activities that will meet or exceed requirements of the Fiji
Government.
SPL 1452 Nadrau Project
• SPL1452 was renewed on 26 August 2019 for a further 3-year period that will expire on August 25,
2022.
• The tenement area of 33,213ha is located on Fiji’s main island, Viti Levu and adjacent to the world
class Namosi Porphyry copper-gold Project that reportedly contains 2.1 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 have 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.
• 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
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Dome Gold Mines Ltd
and its controlled entities
Directors’ Report
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.
During the July to September 2018 quarter, Dome carried out work on its Nadrau Copper-Gold Project
on Viti Levu, Fiji. The Nadrau Project includes two key prospects, Namoli and Wainivau, which are highly
prospective for large-scale porphyry copper-gold mineralisation.
The Namoli and Wainivau prospects lie within SPL 1452, located adjacent to the very large undeveloped
Namosi porphyry copper-gold resource, held by Newcrest, which contains 8 million ounces of gold and
8.6 million tonnes of contained copper metal based on published JORC 2012 resource estimates.
Namosi is a giant undeveloped copper-gold resource that is currently in the Prefeasibility Stage. A
location map showing the regional geological setting of SPL 1452, the Namoli and Wainivau prospects,
and their proximity to Newcrest’s Namosi project, is included on Figure 13.
Figure 13 - Map showing the location of SPL1452 and the Namoli-Wainivau prospects and its
proximity to the large Namosi Cu-Au deposit majority owned and managed by
Newcrest.
The following work was completed on the Nadrau Project:
Field trips to Namoli-Wainivau prospects to review the geology, alteration and mineralisation at
surface and map bush track access points.
Continued compilation of previous exploration data over Namoli and Wainivau, completed by Amoco,
CRA and Placer Dome between 1974 and 1994.
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Dome Gold Mines Ltd
and its controlled entities
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Amoco carried out significant exploration programs at Namoli-Wainivau in the mid-1970s, including
collection of stream sediment samples, rock chip samples, ridge and spur samples, channel sampling,
ground magnetics, IP and diamond drilling (5 holes). Dome has been aware of this historical work for
some years, but a decision was made recently to digitally capture all of this data into a comprehensive
GIS database, to assist with new interpretations and anomaly targeting.
An Amoco IP survey included 25 lines at 200m spacing over an area of approximately 3.5 square km.
Several IP anomalies were defined. However, only 2 the 6 IP targets defined by Amoco were drill tested
by Amoco. Furthermore, some of the IP anomalies continue to the edge of the survey boundary,
particularly in the north and are likely to extend further north. New IP surveys would be required to test
the true extents of these IP anomalies.
The Amoco drilling program consisted of 5 diamond drill holes for a total of 1168m. The drilling returned
anomalous copper mineralisation associated with sulphide mineralisation in most of the holes. Drill core
assays were recorded up to 1740ppm Cu, with wide zones of low-grade copper in some holes (e.g. hole
SFA-74-1 returned 48.2m @ 475ppm Cu).
Higher-grade copper mineralisation could occur at depth below this relatively shallow drilling program
or could be associated with one of the other untested IP anomalies nearby.
CRA carried out regional exploration work in the Namoli-Wainivau area during 1989-1992. The CRA
reports held on file at the MRD Library in Suva (SPL1325) were reviewed by Dome personnel. The CRA
work included rock chip sampling around Namoli-Wainivau, with the best sample returning 1.1g/t Au
near Korolevu village (siliceous breccia gossanous float). Another 6 rock chip samples range from 0.1
to 0.32ppm Au.
Placer Dome also carried out regional exploration work in the Namoli-Wainivau during 1993-94. The
Placer report was reviewed at the MRD Library in Suva (SPL1356). Placer collected a number of stream
sediment BLEG samples and -80# stream sediment samples at Namoli-Wainivau. Placer’s highest
stream sediment BLEG gold assay returned 11ppb Au, and the highest-80# stream sediment assay
was 58ppb Au. The highest Placer rock chip gold assay was 0.277g/t Au, taken at the Wainivau
Prospect.
Placer geologists concluded that Namoli-Wainivau includes a very large copper-gold (Cu-Au)
geochemical anomaly, approximately 60 square km in area, and that the area is very prospective for
porphyry Cu-Au deposits similar to Namosi. Placer also noted as had Dome geologists that Amoco’s
drilling in 1975, did not adequately test the best soil and IP anomalies, and that their 5 drill holes are
largely outside the main Cu geochemical soil anomaly. Placer did not complete any further work after
1994.
A field geological program to Namoli-Wainivau was conducted by Dome geologists. A total of 46 Stream
Sediment Samples and 8 rock chip samples were collected over a period of 6 days.
The stream sediment gold and copper plots are shown below on Figures 14 and 15 and they highlight
the anomalous gold-copper in the area around Wainivau that also extends to the NW of Wainivau
towards Namoli. This trend is broadly coincident with a mapped NW-trending zone of iron-oxide breccia
observed in the field.
Rock chip samples collected by Dome around Wainivau-Namoli returned weakly anomalous copper
assays up to 157ppm and gold assays up to 0.022g/t Au. The iron in these samples is significant (up to
14.5% Fe).
This stream sediment data acquired by the Company are consistent with the historical copper-gold
geochemical data from Amoco, CRA, and Placer therefore increasing confidence in the historical data.
The data shows very encouraging signs that a Cu-Au porphyry system similar to Namosi has potential
to be discovered in the Namoli-Wainivau area. In addition, the exploration GIS dataset provides
significant new insights into this project and new geological targets.
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Dome Gold Mines Ltd
and its controlled entities
Directors’ Report
Dome’s own geochemical surveys using modern laboratories and analytical techniques have verified
the historical results.
Figure 14 - Map showing the stream sediment copper assay results from Namoli-Wainivau
prospect.
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Dome Gold Mines Ltd
and its controlled entities
Directors’ Report
Figure 15 - Map showing the stream sediment gold assay results from Namoli-Wainivau
prospect.
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Dome Gold Mines Ltd
and its controlled entities
Directors’ Report
Implications of Covid-19 Pandemic
The pandemic has disrupted international travel and the normal course of business activity world-wide
has been impacted. Recent virus outbreaks in Fiji and parts of Australia, have delayed field activities.
During this period, some of the key Dome staff have been working from home and planning for collection
and shipment of the large bulk sample from Sigatoka has proceeded uninterrupted.
Much of 2020-21 was focused on continuation of the DFS including the final upgrade of the JORC 2012
mineral resource estimate announced in November 2020. Plans are now in place to collect and ship
the bulk sample to the IHC Mining pilot plant facility in Queensland. The pilot plant processing is
anticipated to commence during the December quarter of 2021.
In Sydney and Fiji, the Company is observing all the recommended protocols, including suspension of
all international and domestic travel. In Sydney office, Dome staff worked as usual most of the months
throughout the year. Since the end of June 2021, New South Wales has been in lockdown due to the
spread of Delta variant in the community, all staff have worked from home until now. While in Fiji, the
Company temporarily stood down most staff with one admin staff working in office running daily
administration and accounts matters and one geologist working from home planning bulk sampling
work. Other staff can be called in on casual basis whenever required.
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Dome Gold Mines Ltd
and its controlled entities
Directors’ Report
Mineral Resources Statement – Attachment A
This resource estimate was prepared by independent resource consultants and issued in a report
entitled “Sigatoka Iron Sand Project, Resource Estimate Report” dated October 2020 and as announced
to the market in ASX releases dated 5 November 2020.
Table 1: Comparative Sigatoka Project JORC 2012 Resource Inventory, November 2020
RESOURCE
SUB-CATEGORY
PREVIOUS
CURRENT
DIFFERENCE
Inferred Indicated Unclassified Inferred Indicated Unclassified Inferred Indicated
Kulukulu
(2014)
Kulukulu
North
Kulukulu
South
Sigatoka
River
Koroua
Island
TOTALS
Tonnes (Mt)
Average HM%
HM tonnes (kt)
MAG1 Tonnes (kt)
Tonnes (Mt)
Average HM%
HM tonnes (kt)
MAG1 Tonnes (kt)
Tonnes (Mt)
Average HM%
HM tonnes (kt)
MAG1 Tonnes (kt)
Tonnes (Mt)
Average HM%
HM tonnes (kt)
MAG1 Tonnes (kt)
Tonnes (Mt)
Average HM%
HM tonnes (kt)
MAG1 Tonnes (kt)
Tonnes (Mt)
Average HM%
HM tonnes (kt)
MAG1 Tonnes (kt)
100.1
17%
17,239
2,637
5.9
11%
631
91
106.0
17%
17,870
2,728
25.3
12%
2,923
443
52.7
13%
6,981
1,607
78.0
13%
9,904
2,050
Subdivided into Kulukulu North & South (2020)
73.2
17%
12,708
1,885
73.2
17%
12,708
1,885
0.6
48%
295
74
5.3
11%
570
81
5.9
15%
865
155
34.0
20%
6,710
1,707
23.9
12%
2,755
416
52.5
13%
6,935
1,595
110.4
15%
16,400
3,718
73.2
-
12,708
1,885
-
-
0.6
34.0
295
74
0.6
-
6,710
1,707
1.4
-
-
-
61
10
73.2
12,708
1,885
0.0
234
64
-
-
-
168
27
0.2
-
-
46
12
32.4
6,496
1,668
Resource comparison 2020 to 2021
There has been a change due to further drilling as shown in Table 1 above with part of the Kulukulu
North resource still present, but unclassified until access is clarified and an increase of the Indicated
resource category due to drilling of the Kulukulu South area adding 34 MT and when combined with a
small reduction in the Sigatoka River Indicated resource of 1.4 MT due to flood mitigation dredging so
the Indicated Resource has increased from 77.8 MT to 110.4 MT. The Inferred Resource is now 5.9
MT and the unclassified resource is 73.2 MT for a total resource of 189.5 MT.
25
Dome Gold Mines Ltd
and its controlled entities
Directors’ Report
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 24 July 2020 and 5 November 2020,
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 report that relates to Mineral Resources is based on information compiled by Mr
Richard Stockwell, a Competent Person who is a fellow of the Australian Institute of Geoscientists. Mr
Stockwell is Managing Director of Placer Consulting Pty Ltd. Mr Stockwell has sufficient experience
that is relevant to the style of mineralisation and type of deposit under consideration at the Sigatoka
project 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 Stockwell has a beneficial interest as a shareholder of Dome Gold Mines Ltd and
consents to the inclusion in this report of the matters based on the information in the form and context
in which it appears.
The information in this Annual Report that relates to Exploration Results is based on information
compiled by John V McCarthy. Mr McCarthy is the non-executive Chairman of the Company and 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 and is paid fixed directors fees
for his services. 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
The loss of the Group for the financial year after providing for income tax amounted to $2,238,036
(2020: $2,003,468). The net asset position of the Group increased from $31,500,329 at 30 June 2020
to $31,863,697 at 30 June 2021.
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 2021 were as follows:
Issue of share capital
For the year ended 30 June 2021, Dome has raised $2,315,500 by private placements. The funds were
used for exploration, general working capital and loan repayment. Additional shares were issued during
the year relating to loan conversion and in lieu of services. Details of share issues are as follows:
On 24 July 2020 the Company completed a placement of 3,150,000 fully paid ordinary shares at
$0.17 per share to raise $535,500.
On 2 November 2020 the Company completed a placement of 272,158 fully paid ordinary shares at
$0.15 per share in lieu of geological technical services of $40,824 provided in connection with the
Sigatoka project in Fiji.
On 31 December 2020 the Company completed a placement of 1,800,000 fully paid ordinary shares
at $0.20 per share to raise $360,000.
On 2 March 2021 the Company completed a placement of 900,000 fully paid ordinary shares at
$0.20 per share to raise $180,000.
26
Dome Gold Mines Ltd
and its controlled entities
Directors’ Report
On 15 March 2021 the Company completed a placement of 2,566,126 fully paid ordinary shares at
$0.16 per share to settle an outstanding loan of $410,580.
On 10 June 2021 the Company completed a placement of 2,100,000 fully paid ordinary shares at
$0.20 per share to raise $420,000.
On 30 June 2021 Company completed a placement of 4,100,000 fully paid ordinary shares at $0.20
per share to raise $820,000.
Issue of unlisted options
On 24 July 2020 the Company issued 3,150,000 unquoted options exercisable at $0.17 each and
expiring on 24 July 2023.
On 31 December 2020 the Company issued 2,700,000 unquoted options exercisable at $0.10 each
and expiring on 31 December 2022.
On 2 March 2021 the Company issued 900,000 unquoted options exercisable at $0.10 each and
expiring on 2 March 2023.
On 2 March 2021 the Company issued 270,000 unquoted options exercisable at $0.10 each and
expiring on 2 March 2024.
On 15 March 2021 the Company issued 2,566,126 unquoted options exercisable at $0.10 each and
expiring on 15 March 2024.
On 10 June 2021 the Company issued 4,200,000 unquoted options exercisable at $0.10 each and
expiring on 10 June 2024.
On 30 June 2021 the Company issued 8,200,000 unquoted options exercisable at $0.10 each and
expiring on 30 June 2024.
Expiration of unlisted options
On 27 July 2020, 1,500,000 unquoted options of the Company expired unexercised.
On 31 December 2020, 1,000,000 unquoted options of the Company expired unexercised.
On 18 April 2021, 2,015,630 unquoted options of the Company expired unexercised.
On 4 June 2021, 1,074,806 unquoted options of the Company expired unexercised.
DIVIDENDS
No dividends were declared or paid during the financial year (2020: $nil).
EVENTS ARISING SINCE THE END OF THE REPORTING PERIOD
Subsequent to the end of the financial year:
Board resolutions
On 2 August 2021, the Board resolved to early repay a loan in instalments. The total loan
repayments were $700,000 as at the reporting date.
Ms Sarah Harvey was reappointed as a non-executive Director of the Company on 24 September
2021.
Issue of share capital and options
On 15 July 2021 the Company completed a placement of 3,000,000 fully paid ordinary shares at
$0.20 per share to raise $600,000 and issued 6,000,000 unlisted options at $0.10 exercise price
expiring on 15 July 2024.
On 18 August 2021 the Company completed a placement of 9,706,900 fully paid ordinary shares
at $0.20 per share to raise $1,941,380 and issued 1,706,900 unlisted options at $0.10 exercise
price expiring on 18 August 2024.
Expiration of unlisted options
On 11 July 2021,1,250,000 unquoted options of the Company expired unexercised.
On 24 July 2021, 375,000 unquoted options of the Company expired unexercised.
On 26 July 2021, 1,250,000 unquoted options of the Company expired unexercised.
On 16 August 2021, 9,725,000 unquoted options of the Company expired unexercised.
27
Dome Gold Mines Ltd
and its controlled entities
Directors’ Report
Sigatoka Iron and Industrial Sand Heavy Mineral Project
Since the end of the reporting period, a budget has been prepared for Sigatoka project bulk sampling
work. A representative bulk sample of between 15 and 20 tonnes of the Sigatoka magnetite and
industrial sand deposit is being collected for shipment in the December quarter from Fiji to Australia for
processing in a pilot plant that will duplicate the processes in a commercial treatment plant. The pilot
plant at IHC Mining’s metallurgical facility will produce process engineering and performance data for
design, equipment selection and close estimation of capital and operating costs of a full scale
processing plant. It will also produce samples of magnetite concentrate, other heavy minerals and
various industrial sand and gravel products for market analysis and to seek offtake agreements. This
information is important for completion of the Definitive Feasibility Study. This work will also support an
application for renewal of SPL1495 that will be submitted to the Mineral Resources Department during
January 2022.
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:
BOARD MEETINGS
AUDIT COMMITTEE
MEETINGS*
Director
Attended
Attended
John V McCarthy (appointed on 13 January 2021)
Tadao Tsubata
Garry G Lowder (retired on 28 February 2021)
Sarah E Harvey (resigned on 21 January 2021)
-
-
1
1
*Audit Committee discontinued since the end of January 2021 and the Board took over the responsibilities to
oversee the financial reports.
1
3
2
2
Entitled
to attend
1
3
2
2
Entitled
to attend
-
-
1
1
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and its controlled entities
Directors’ Report
UNISSUED SHARES UNDER OPTION
Unissued ordinary shares of Dome under option as at 30 June 2021 were as follows:
Number of options
1,250,000
375,000
1,250,000
9,725,000
3,457,807
400,000
650,000
960,000
3,150,000
2,700,000
900,000
270,000
2,566,126
4,200,000
8,200,000
Exercise price
$ 0.20
$ 0.20
$ 0.20
$ 0.20
$ 0.20
$ 0.20
$ 0.20
$ 0.20
$ 0.17
$ 0.10
$ 0.10
$ 0.10
$ 0.10
$ 0.10
$ 0.10
Expiry date
11 July 2021
24 July 2021
26 July 2021
16 August 2021
1 November 2021
10 December 2021
31 January 2022
31 March 2022
24 July 2023
31 December 2022
2 March 2023
2 March 2024
15 March 2024
10 June 2024
30 June 2024
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.
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.
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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.
b.
c.
d.
principles used to determine the nature and amount of remuneration;
details of remuneration;
share-based remuneration; and
other information.
Principles used to determine the nature and amount of remuneration
a.
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 and the
executives. 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.
Executive remuneration includes a base salary and superannuation that is set with reference to the
market.
Fees to non-executive Directors reflect the demands which are made on, and the responsibilities of, the
Directors. Non-executive remuneration comprises only directors’ fees. Directors’ fees and payments
are reviewed annually by the Board. The Board has also drawn on external sources of information to
ensure non-executive Directors’ fees and payments are appropriate and in line with the market. 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.
There were no remuneration consultants used by the Company during the year ended 30 June 2021,
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 2021 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)
Net loss ($)
Share price ($)
2021
(0.75)
-
(2,238,036)
0.15
2020
2019
2018
2017
(0.70)
-
(2,003,468)
0.20
(0.65)
-
(1,770,486)
0.20
(0.66)
-
(1,704,321)
0.14
(0.67)
-
(1,596,892)
0.24
The Board considers that these indices do not have any impact on the Group’s performance.
30
Dome Gold Mines Ltd
and its controlled entities
Directors’ Report
b.
Details of the nature and amount of each major element of the remuneration of key management personnel of the Group are shown in the table below:
Details of remuneration
Key Management Personnel Remuneration
Short term employee benefits
Post-employment
benefits
Share-based
payments
John McCarthy
(Chairman)*
Tadao Tsubata
(Director)
Garry Lowder
(Chairman)**
Sarah Harvey
(Director)***
2021 Total
2020 Total
Cash salary
and fees
$
45,935
-
60,000
46,000
58,448
69,406
35,000
46,000
199,383
161,406
Year
2021
2020
2021
2020
2021
2020
2021
2020
2021
2020
Other fees
$
Accrued fees
$
Superannuation
$
Fair value of
options
$
-
-
-
-
-
-
-
-
-
-
-
-
-
10,000
-
16,000
-
10,000
-
36,000
-
-
-
-
5,552
6,594
-
-
5,552
6,594
-
-
-
-
-
-
-
-
-
-
Total
$
45,935
-
60,000
56,000
64,000
92,000
35,000
56,000
204,935
204,000
Proportion of
remuneration
performance
related
%
Value of
options as a
proportion of
remuneration
%
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
No bonuses or 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 2021.
*John McCarthy was appointed as a non-executive Director of the Company on 13 January 2021 and assumed the role of non-executive Chairman from 1 February 2021.
**Garry Lowder stepped down from the role of Chairman of the Company from 1 February 2021 and continued to serve as a non-executive Director of the Company until 28 February 2021 before he retired from the
Dome Board.
***Sarah Harvey resigned as a non-executive Director of the Company on 21 January 2021.
31
Dome Gold Mines Ltd
and its controlled entities
Directors’ Report
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.
On 27 July 2020 the Company advised that 1,500,000 unquoted options granted to Directors on 24
November 2017 expired unexercised.
There were no options over ordinary shares of the Company granted, exercised or forfeited which are
related to Directors’ or key management personnel’s remuneration during the year ended 30 June 2021.
No terms of equity-settled share-based payment transactions have been altered or modified by the
issuing entity during the 2021 financial year.
d.
Other information
Options held by key management personnel
The number of options to acquire shares in the Company during the 2021 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 2021
Balance at start
of year
Granted as
remuneration
Received on
exercise
Other changes
Held at the end
of reporting
period
John McCarthy
Tadao Tsubata
Garry Lowder
Sarah Harvey
-
500,000
500,000
500,000
-
-
-
-
-
-
-
-
-
(500,000)
(500,000)*
(500,000)**
-
-
-
-
*Garry Lowder didn't hold any option at the date of retirement (28 February 2021).
**Sarah Harvey didn't hold any option at the date of resignation (21 January 2021).
Shares held by key management personnel
The number of ordinary shares in the Company during the 2021 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 2021
Balance at start
of year
Granted as
remuneration
Received on
exercise
Other changes
John McCarthy
Tadao Tsubata
Garry Lowder
Sarah Harvey
-
52,342,393
570,000
20,776,449
-
-
-
-
-
-
-
-
260,000*
-
(570,000)**
(20,776,449)***
*John McCarthy held 260,000 shares at the date of appointment (13 January 2021).
**Garry Lowder held 570,000 shares as at the date of retirement (28 February 2021).
***Sarah Harvey held 20,776,499 shares at the date of resignation (21 January 2021).
Held at the end
of reporting
period
260,000
52,342,393
-
-
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.
32
Dome Gold Mines Ltd
and its controlled entities
Directors’ Report
Directors’ and Officers’ Interests and Benefits
As at the date of this report, the direct and indirect interests of the Directors and officers in the securities
of the Company are as follows:
John McCarthy
Tadao Tsubata
Sarah Harvey
Options
Ordinary Shares
-
-
2,566,126
260,000
52,342,393
23,342,625
Note that no shares or options have been resolved to be issued by way of short term and long-term
incentives to Directors.
Equity based remuneration following the end of the reporting period and up to the date of this
report
There is no proposal to issue shares to Directors as part of their remuneration.
End of audited remuneration report.
33
Dome Gold Mines Ltd
and its controlled entities
Directors’ Report
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 no other services in addition to
their statutory audit duties.
The Board may consider to employing the auditor on assignments in addition to their statutory audit
duties where the auditor’s expertise and experience with the Group are important provided the auditor
is satisfied that the provision of those non-audit services 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.
34
35
Sydney, 27 September 2021
Chairman
J. V. McCarthy
Signed in accordance with a resolution of the Directors.
2001 is included on page 36 of this financial report and forms part of this Directors’ Report.
A copy of the Auditor’s Independence Declaration as required under s307C of the Corporations Act
AUDITOR'S INDEPENDENCE DECLARATION
Directors’ Report
and its controlled entities
Dome Gold Mines Ltd
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 2021, I declare that, to the best of my knowledge and belief, there have been:
a
b
no contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and
no contraventions of any applicable code of professional conduct in relation to the audit.
Grant Thornton Audit Pty Ltd
Chartered Accountants
C F Farley
Partner – Audit & Assurance
Sydney, 27 September 2021
Grant Thornton Audit Pty Ltd ACN 130 913 594
a subsidiary or related entity of Grant Thornton Australia Ltd ABN 41 127 556 389
www.grantthornton.com.au
‘Grant Thornton’ refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients
and/or refers to one or more member firms, as the context requires. Grant Thornton Australia Ltd is a member firm of Grant Thornton International
Ltd (GTIL). GTIL and the member firms are not a worldwide partnership. GTIL and each member firm is a separate legal entity. Services are
delivered by the member firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of, and do not obligate one
another and are not liable for one another’s acts or omissions. In the Australian context only, the use of the term ‘Grant Thornton’ may refer to
Grant Thornton Australia Limited ABN 41 127 556 389 and its Australian subsidiaries and related entities. GTIL is not an Australian related entity to
Grant Thornton Australia Limited.
Liability limited by a scheme approved under Professional Standards Legislation.
36
Dome Gold Mines Ltd
and its controlled entities
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 2021 is dated as
at 30 June 2021 and was approved by the Board on 27 September 2021. 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.
37
Dome Gold Mines Ltd
and its controlled entities
Consolidated Statement of Profit or Loss and Other Comprehensive
Income
for the year ended 30 June 2021
Other income
Employee benefits expenses (including directors fees)
Other expenses
Operating loss
Depreciation
Finance costs
Gain/(loss) on foreign exchange
Loss on debt settlement
Loss before income tax expense
Income tax expense
Loss for the year
Notes
2021
$
2020
$
4
5
6
28
7
52,457
55,039
(613,380)
(1,149,825)
(1,710,748)
(149,219)
(95,329)
333
(283,073)
(2,238,036)
(658,656)
(1,049,346)
(1,652,963)
(249,202)
(100,997)
(306)
-
(2,003,468)
-
(2,238,036)
-
(2,003,468)
Other comprehensive income for the year
Items that may be reclassified subsequently to profit or
loss:
Exchange difference on translating foreign controlled
entities
(215,274)
8,085
Total comprehensive loss for the year
(2,453,310)
(1,995,383)
Earnings per share
Basic and diluted loss per share (cents per share)
8
(0.75)
(0.70)
The above consolidated statement of profit or loss and other comprehensive income should be read in
conjunction with the accompanying notes
38
Dome Gold Mines Ltd
and its controlled entities
Consolidated Statement of Financial Position
as at 30 June 2021
CURRENT ASSETS
Cash and cash equivalents
Trade and other receivables
Other assets
TOTAL CURRENT ASSETS
NON-CURRENT ASSETS
Property, plant and equipment
Right-of-use assets
Capitalised exploration and evaluation expenditure
Other assets
TOTAL NON-CURRENT ASSETS
TOTAL ASSETS
CURRENT LIABILITIES
Lease liabilities
Trade and other payables
Provisions
Borrowings
2021
$
200,568
53,614
46,569
300,751
2020
$
13,642
21,770
35,797
71,209
35,380
-
95,838
148,776
32,619,597
32,585,436
97,959
262,821
32,752,936
33,092,871
33,053,687
33,164,080
-
278,454
12,082
-
209,055
283,281
32,765
-
Notes
9
10
11
12
13
14
11
13
15
16
TOTAL CURRENT LIABILITIES
290,536
525,101
NON-CURRENT LIABILITIES
Borrowings
16
899,454
1,138,650
TOTAL NON-CURRENT LIABILITIES
899,454
1,138,650
TOTAL LIABILITIES
NET ASSETS
EQUITY
Issued capital
Foreign currency translation reserve
Share-based payment reserve
Accumulated losses
TOTAL EQUITY
1,189,990
1,663,751
31,863,697
31,500,329
17
47,261,940
45,980,034
149,660
1,534,772
364,934
103,439
(17,082,675)
(14,948,078)
31,863,697
31,500,329
The above consolidated statement of financial position should be read in conjunction with the accompanying
notes.
39
Dome Gold Mines Ltd
and its controlled entities
Consolidated Statement of Changes in Equity
for the year ended 30 June 2021
Foreign
currency
translation
reserve
$
Share-
based
payment
reserve
$
Issued
capital
$
Accumulated
losses
$
Total
equity
$
Balance at 1 July 2019
43,378,192
356,849
103,439
(12,944,610)
30,893,870
Transaction with owners
Ordinary shares issued
3,037,591
Transaction costs on issue of shares
(435,749)
Total transactions with owners
2,601,842
Other comprehensive income
Loss for the year
Total comprehensive loss for the
year
-
-
-
-
-
-
8,085
-
8,085
-
-
-
-
-
-
-
-
-
-
3,037,591
(435,749)
2,601,842
8,085
(2,003,468)
(2,003,468)
(2,003,468)
(1,995,383)
Balance at 30 June 2020
45,980,034
364,934
103,439
(14,948,078)
31,500,329
Balance at 1 July 2020
45,980,034
364,934
103,439
(14,948,078)
31,500,329
Transaction with owners
Ordinary shares issued
Transaction costs on issue of shares
Share-based payments – equity
transaction costs (note 28)
Share-based payments – loan
conversion (note 28)
Transfer between expiry of share
options
2,766,904
(233,299)
(1,251,699)
-
Total transactions with owners
1,281,906
-
-
-
-
-
-
-
1,251,699
283,073
-
-
-
2,766,904
(233,299)
-
283,073
(103,439)
103,439
-
1,431,333
103,439
2,816,678
Other comprehensive income
Loss for the year
Total comprehensive loss for the
year
-
-
-
(215,274)
-
(215,274)
-
-
-
-
(215,274)
(2,238,036)
(2,238,036)
(2,238,036)
(2,453,310)
Balance at 30 June 2021
47,261,940
149,660
1,534,772
(17,082,675)
31,863,697
The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes.
40
Dome Gold Mines Ltd
and its controlled entities
Consolidated Statement of Cash Flows
for the year ended 30 June 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Interest received
Cash received from government grant / other income
Cash paid to suppliers and employees
Interest paid
Other tax paid
Notes
2021
$
2,317
63,570
2020
$
4,874
50,000
(1,907,375)
(1,634,458)
(5,445)
(37,921)
(72,295)
(31,587)
Net cash used in operating activities
18
(1,884,854)
(1,683,466)
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 on 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, net of costs
Proceeds from borrowings
Repayment of lease liabilities
Repayment of borrowings
Net cash provided by financing activities
(8,764)
(2,157)
693
500
(542)
(164,703)
(174,973)
2,247,657
81,500
(82,119)
-
2,247,038
(1,461)
-
3,173
-
(19,875)
(781,958)
(800,121)
2,558,752
130,000
(184,930)
(26,438)
2,477,384
Net increase/(decrease) in cash and cash equivalents
187,211
(6,203)
Cash and cash equivalents at the beginning of the
financial year
Exchange differences on cash and cash equivalents
13,642
(285)
19,809
36
Cash and cash equivalents at the end of the financial
year
9
200,568
13,642
The above consolidated statement of cash flows should be read in conjunction with the accompanying notes.
41
Dome Gold Mines Ltd
and its controlled entities
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 2021 were approved and authorised for
issue by the Board of Directors on 27 September 2021.
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
Level 46, 680 George Street, Sydney 2000.
Dome Gold Mines Ltd is the parent company with 100% ownership of:
Magma Mines Pty Ltd;
Dome Mines Pte Ltd (a company limited by shares incorporated in Fiji); and
Magma Mines Pte Ltd (a company limited by shares incorporated in Fiji).
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 and adopted by the Group
The Group has adopted all of the new or amended Accounting Standards and Interpretations issued by the
Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period. Any
new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early
adopted.
42
Dome Gold Mines Ltd
and its controlled entities
Notes to the Consolidated Financial Statements
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 2021. 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.
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.
43
Dome Gold Mines Ltd
and its controlled entities
Notes to the Consolidated Financial Statements
3 SUMMARY OF ACCOUNTING POLICIES (CONTINUED)
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.
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.
44
Dome Gold Mines Ltd
and its controlled entities
Notes to the Consolidated Financial Statements
3 SUMMARY OF ACCOUNTING POLICIES (CONTINUED)
3.7 Exploration and evaluation expenditure (Continued)
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.
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
2.5-4.2 years
Prime cost
Exploration furniture and fittings
3-8.3 years
Exploration plant and equipment
2.5-8.3 years
Office equipment
2-20 years
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.
45
Dome Gold Mines Ltd
and its controlled entities
Notes to the Consolidated Financial Statements
3 SUMMARY OF ACCOUNTING POLICIES (CONTINUED)
3.9 Income tax
The income tax expense or benefit for the period is the tax payable on that period's taxable income based
on the applicable income tax rate for each jurisdiction, adjusted by the changes in deferred tax assets and
liabilities attributable to temporary differences, unused tax losses and the adjustment recognised for prior
periods, where applicable.
Deferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to be
applied when the assets are recovered or liabilities are settled, based on those tax rates that are enacted
or substantively enacted, except for:
When the deferred income tax asset or liability arises from the initial recognition of goodwill or an asset
or liability in a transaction that is not a business combination and that, at the time of the transaction,
affects neither the accounting nor taxable profits; or
When the taxable temporary difference is associated with interests in subsidiaries and the timing of the
reversal can be controlled and it is probable that the temporary difference will not reverse in the
foreseeable future.
Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is
probable that future taxable amounts will be available to utilise those temporary differences and losses.
The carrying amount of recognised and unrecognised deferred tax assets are reviewed at each reporting
date. Deferred tax assets recognised are reduced to the extent that it is no longer probable that future
taxable profits will be available for the carrying amount to be recovered. Previously unrecognised deferred
tax assets are recognised to the extent that it is probable that there are future taxable profits available to
recover the asset.
Deferred tax assets and liabilities are offset only where there is a legally enforceable right to offset current
tax assets against current tax liabilities and deferred tax assets against deferred tax liabilities; and they
relate to the same taxable authority on either the same taxable entity or different taxable entities which
intend to settle simultaneously.
3.10 Revenue
Revenue from contracts with customers
The Group currently does not have any revenue. The SPL licenses of the Group only permit the Group to
carry out exploration activities. Once the Group reaches the production phase, revenue will be recognised
using the 5-step process:
1 Identifying the contract with a customer
2 Identifying the performance obligations
3 Determining the transaction price
4 Allocating the transaction price to the performance obligations
5 Recognising revenue when/as performance obligation(s) are satisfied.
The total transaction price for a contract is allocated amongst the various performance obligations based
on their relative stand-alone selling prices. The transaction price for a contract excludes any amounts
collected on behalf of third parties.
Interest
Interest revenue is recognised as interest accrues using the effective interest method. This is a method of
calculating the amortised cost of a financial asset and allocating the interest income over the relevant period
using the effective interest rate, which is the rate that exactly discounts estimated future cash receipts
through the expected life of the financial asset to the net carrying amount of the financial asset.
46
Dome Gold Mines Ltd
and its controlled entities
Notes to the Consolidated Financial Statements
3 SUMMARY OF ACCOUNTING POLICIES (CONTINUED)
3.11 Government grants
Government grants are recognised where there is reasonable assurance that the grant will be received and
all attached conditions will be complied with. When the grant relates to an expense item, it is recognised as
income on a systematic basis over the periods that the related costs, for which it is intended to compensate,
are expensed. When the grant relates to an asset, it is recognised against the asset released to profit or
loss over the expected useful life of the related asset as a reduced depreciation charge.
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
Recognition and derecognition
Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual
provisions of the financial instrument.
Financial assets are derecognised when the contractual rights to the cash flows from the financial asset
expire, or when the financial asset and substantially all the risks and rewards are transferred. A financial
liability is derecognised when it is extinguished, discharged, cancelled or expires.
Classification and initial measurement of financial assets
Except for those trade receivables that do not contain a significant financing component and are measured
at the transaction price in accordance with AASB 15, all financial assets are initially measured at fair value
adjusted for transaction costs (where applicable).
Financial assets, other than those designated and effective as hedging instruments, are classified into the
following categories:
• amortised cost
• fair value through profit or loss (FVTPL)
• fair value through other comprehensive income (FVOCI).
In the periods presented the corporation does not have any financial assets categorised as FVOCI. The
classification is determined by both:
• the entity’s business model for managing the financial asset
• the contractual cash flow characteristics of the financial asset.
All income and expenses relating to financial assets that are recognised in profit or loss are presented
within finance costs, finance income or other financial items, except for impairment of trade receivables
which is presented within other expenses.
47
Dome Gold Mines Ltd
and its controlled entities
Notes to the Consolidated Financial Statements
3 SUMMARY OF ACCOUNTING POLICIES (CONTINUED)
3.14 Financial instruments (Continued)
Subsequent measurement of financial assets
Financial assets at amortised cost
Financial assets are measured at amortised cost if the assets meet the following conditions (and are not
designated as FVTPL):
• they are held within a business model whose objective is to hold the financial assets and collect its
contractual cash flows
• the contractual terms of the financial assets give rise to cash flows that are solely payments of principal
and interest on the principal amount outstanding
After initial recognition, these are measured at amortised cost using the effective interest method.
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.
Financial assets at fair value through profit or loss (FVTPL)
Financial assets that are held within a different business model other than ‘hold to collect’ or ‘hold to collect
and sell’ are categorised at fair value through profit and loss. Further, irrespective of business model
financial assets whose contractual cash flows are not solely payments of principal and interest are
accounted for at FVTPL. All derivative financial instruments fall into this category.
Assets in this category are measured at fair value with gains or losses recognised in profit or loss. The fair
values of financial assets in this category are determined by reference to active market transactions or
using a valuation technique where no active market exists.
Impairment of financial assets
AASB 9’s impairment requirements use more forward-looking information to recognise expected credit
losses – the ‘expected credit loss (ECL) model’. This replaced AASB 139’s ‘incurred loss model’.
Instruments within the scope of the new requirements included loans and other debt-type financial assets
measured at amortised cost and FVOCI, trade receivables, contract assets recognised and measured
under AASB 15 and loan commitments and some financial guarantee contracts (for the issuer) that are not
measured at fair value through profit or loss.
Recognition of credit losses is no longer dependent on the Group first identifying a credit loss event. Instead
the Group considers a broader range of information when assessing credit risk and measuring expected
credit losses, including past events, current conditions, reasonable and supportable forecasts that affect
the expected collectability of the future cash flows of the instrument.
In applying this forward-looking approach, a distinction is made between:
• financial instruments that have not deteriorated significantly in credit quality since initial recognition or
that have low credit risk (‘Stage 1’) and
• financial instruments that have deteriorated significantly in credit quality since initial recognition and
whose credit risk is not low (‘Stage 2’).
‘Stage 3’ would cover financial assets that have objective evidence of impairment at the reporting date.
‘12-month expected credit losses’ are recognised for the first category while ‘lifetime expected credit losses’
are recognised for the second category.
48
Dome Gold Mines Ltd
and its controlled entities
Notes to the Consolidated Financial Statements
3 SUMMARY OF ACCOUNTING POLICIES (CONTINUED)
3.14 Financial instruments (continued)
Measurement of the expected credit losses is determined by a probability-weighted estimate of credit losses
over the expected life of the financial instrument.
Classification and measurement of financial liabilities
The Group’s financial liabilities include borrowings, trade and other payables and derivative financial
instruments.
Financial liabilities are initially measured at fair value, and, where applicable, adjusted for transaction costs
unless the Group designated a financial liability at fair value through profit or loss.
Subsequently, financial liabilities are measured at amortised cost using the effective interest method except
for derivatives and financial liabilities designated at FVTPL, which are carried subsequently at fair value
with gains or losses recognised in profit or loss (other than derivative financial instruments that are
designated and effective as hedging instruments).
All interest-related charges and, if applicable, changes in an instrument’s fair value that are reported in
profit or loss are included within finance costs or finance income.
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) Coronavirus (COVID-19) pandemic
Judgement has been exercised in considering the impacts that the Coronavirus (COVID-19) pandemic has
had, or may have, on the Group based on known information. This consideration extends to the nature of
the products and services offered, customers, supply chain, staffing and geographic regions in which the
Group operates. The potential impact has been detailed on page 24 of Directors’ Report.
(ii) Income tax
The Group is subject to income taxes in the jurisdictions in which it operates. Significant judgement is
required in determining the provision for income tax. There are many transactions and calculations
undertaken during the ordinary course of business for which the ultimate tax determination is uncertain.
The Group recognises liabilities for anticipated tax audit issues based on the Group's current understanding
of the tax law. Where the final tax outcome of these matters is different from the carrying amounts, such
differences will impact the current and deferred tax provisions in the period in which such determination is
made.
49
Dome Gold Mines Ltd
and its controlled entities
Notes to the Consolidated Financial Statements
3 SUMMARY OF ACCOUNTING POLICIES (CONTINUED)
3.15 Significant accounting judgments and key estimates (Continued)
(iii) Exploration and evaluation expenditure (Note 14)
All capitalised exploration and evaluation expenditure ($32,619,597 on 30 June 2021) (2020: $32,585,436)
has been capitalised on the basis that:
acquisition of rights to explore; or
topographical or geological costs; or
drilling and/or trenching; or
sampling and assaying; or
feasibility studies; or
Indirect costs associated with above mentioned costs
Expenditure relates to:
-
-
-
-
-
-
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 approval of the consolidated financial
statements, all licences have been renewed and are up to date.
(iv) 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 $2,238,036 (2020: $2,003,468), used $2,049,557 (2020:
$2,465,424) of net cash in operations including payments for exploration during the year ended 30 June
2021, and has a cash balance of $200,568 at 30 June 2021 (2020: $13,642), and current assets exceed
current liabilities by $10,215 (2020: $-453,892). However, subsequent to 30 June 2021, the Group has
received $2,541,380 in addition from shareholders via capital raising. 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.
50
Dome Gold Mines Ltd
and its controlled entities
Notes to the Consolidated Financial Statements
3 SUMMARY OF ACCOUNTING POLICIES (CONTINUED)
3.17 Impairment testing of non- financial 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. 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 assets’ 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
Share-based payment reserve – comprises fair value of options granted to the Company’s Directors
and contractor, the issue of options in lieu of services provided as part of equity transactions, and the
issue of options to extinguish debt; 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.
51
Dome Gold Mines Ltd
and its controlled entities
Notes to the Consolidated Financial Statements
3 SUMMARY OF ACCOUNTING POLICIES (CONTINUED)
3.19 Employee benefits (Continued)
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.
3.20 Right-of-use assets
A right-of-use asset is recognised at the commencement date of a lease. The right-of-use asset is measured
at cost, which comprises the initial amount of the lease liability, adjusted for, as applicable, any lease
payments made at or before the commencement date net of any lease incentives received, any initial direct
costs incurred, and, except where included in the cost of inventories, an estimate of costs expected to be
incurred for dismantling and removing the underlying asset, and restoring the site or asset.
Right-of-use assets are depreciated on a straight-line basis over the unexpired period of the lease or the
estimated useful life of the asset, whichever is the shorter. Where the Group expects to obtain ownership
of the leased asset at the end of the lease term, the depreciation is over its estimated useful life. Right-of
use assets are subject to impairment or adjusted for any remeasurement of lease liabilities.
The Group has elected not to recognise a right-of-use asset and corresponding lease liability for short-term
leases with terms of 12 months or less and leases of low-value assets. Lease payments on these assets
are expensed to profit or loss as incurred.
3.21 Lease liabilities
A lease liability is recognised at the commencement date of a lease. The lease liability is initially recognised
at the present value of the lease payments to be made over the term of the lease, discounted using the
interest rate implicit in the lease or, if that rate cannot be readily determined, the Group’s incremental
borrowing rate. Lease payments comprise of fixed payments less any lease incentives receivable, variable
lease payments that depend on an index or a rate, amounts expected to be paid under residual value
guarantees, exercise price of a purchase option when the exercise of the option is reasonably certain to
occur, and any anticipated termination penalties.
Lease liabilities are measured at amortised cost using the effective interest method. The carrying
amounts are remeasured if there is a change in the following: future lease payments arising from a
change in an index or a rate used; residual guarantee; lease term; certainty of a purchase option and
termination penalties. When a lease liability is remeasured, an adjustment is made to the corresponding
right-of use asset, or to profit or loss if the carrying amount of the right-of-use asset is fully written down.
3.22 Share-based payments
The Group operates equity-settled share-based payments for its directors, contractors and brokers in
exchange for the rendering of services. Equity-settled share-based payments are also provided for a loan
settlement. None of the Group’s plans feature any options for a cash settlement.
All compensation or goods and services received in exchange for the grant of any share-based payment
are measured at their fair values. Where the Company’s Directors, contractors and brokers are rewarded
using share-based payments, the fair values are determined indirectly by reference to the fair value of the
equity instruments granted. This fair value is appraised at the grant date and excludes the impact of non-
market vesting conditions (for example profitability and sales growth targets and performance conditions).
52
Dome Gold Mines Ltd
and its controlled entities
Notes to the Consolidated Financial Statements
3 SUMMARY OF ACCOUNTING POLICIES (CONTINUED)
3.22 Share-based payments (Continued)
The cost of equity-settled share-based payments provided for directors’ remuneration or loan settlement is
ultimately recognised as an expense in profit or loss with a corresponding credit to share-based payment
reserve. If vesting periods or other vesting conditions apply, the expense is allocated over the vesting
period, based on the best available estimate of the number of share options expected to vest.
The cost of equity-settled share-based payments provided for brokers rendering fund raising services is
recognised as issue costs under equity with a corresponding credit to share-based payment reserve. If
vesting periods or other vesting conditions apply, the expense is allocated over the vesting period, based
on the best available estimate of the number of share options expected to vest.
Upon exercise of share options, the proceeds received net of any directly attributable transaction costs are
allocated to share capital.
4 OTHER INCOME
Interest income
Government grant – cash boost
Total other income
5 OTHER EXPENSES
Consultant expenses
Loss on disposal of property, plant & equipment
Office expenses
Other expenses
Short-term lease expenses
Total other expenses
6
FINANCE COSTS
Interest expenses for borrowings at amortised cost
- Related party
- Third party
Interest on lease liabilities
Other
2021
$
2,457
50,000
52,457
787,117
8,874
285,560
30,774
37,500
1,149,825
43,619
46,264
3,757
1,689
95,329
2020
$
5,039
50,000
55,039
704,237
-
222,489
122,620
-
1,049,346
63,535
12,078
25,384
-
100,997
53
Dome Gold Mines Ltd
and its controlled entities
Notes to the Consolidated Financial Statements
7
INCOME TAX
(a) Income tax expense/(benefit)
Current tax
Deferred tax
(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 26% (2020: 27.5%)
Increase/(decrease) in income tax expense due to:
Assessable income/ non-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
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
2021
$
-
-
-
2020
$
-
-
-
(2,238,036)
(2,003,468)
(581,889)
(550,954)
115,487
507,339
(41,957)
1,020
-
10,354
489,754
49,511
1,335
-
3,884,363
14,027
(1,082,452)
2,815,938
3,607,942
6,287
(1,111,559)
2,502,670
(2,238,036)
(2,003,468)
No of Shares
Weighted average number of shares at the end of
the year used in basic and diluted loss per share
296,707,395
287,980,571
Basic and diluted loss per share (cents)
(0.75)
(0.70)
As the Group is loss making, none of the potentially dilutive securities are currently dilutive.
54
Dome Gold Mines Ltd
and its controlled entities
Notes to the Consolidated Financial Statements
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 trade and other receivables
11 OTHER ASSETS
Current
Bond deposit
Prepayments
Total other current assets
Non-current
Bank guarantee deposit
Bond deposit (refer to note below)
Other
Total other non-current assets
2021
$
200,568
200,568
26
53,588
53,614
7,500
39,069
46,569
-
94,974
2,985
97,959
2020
$
13,642
13,642
27
21,743
21,770
-
35,797
35,797
159,874
102,084
863
262,821
The expiration of the previous office lease in Australia resulted in the release of bank guarantee deposit
(refer to note 13).
Bond deposits are held in banks as security against tenements held by the Group. These are restricted
until exploration licenses are relinquished or transferred to a separate license.
55
Dome Gold Mines Ltd
and its controlled entities
Notes to the Consolidated Financial Statements
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
2021
$
5,620
(4,749)
871
14,080
(12,552)
1,528
494,340
(472,663)
21,677
51,647
(40,343)
11,304
35,380
2020
$
6,373
(3,965)
2,408
14,669
(11,857)
2,812
514,513
(454,644)
59,869
63,571
(32,822)
30,749
95,838
56
Dome Gold Mines Ltd
and its controlled entities
Notes to the Consolidated Financial Statements
12 PROPERTY, PLANT AND EQUIPMENT (CONTINUED)
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:
Exploration
computer
equipment
$
Exploration
furniture and
fittings
$
Exploration
plant and
equipment
$
Office
equipment
Total
$
$
Gross carrying amount
Balance at 1 July 2019
Additions
Disposals
Net exchange difference
6,350
14,384
498,458
61,209
580,401
-
-
23
216
-
69
16,665
(2,936)
2,326
2,994
(632)
-
19,875
(3,568)
2,418
Balance at 30 June 2020
6,373
14,669
514,513
63,571
599,126
Depreciation and impairment
Balance at 1 July 2019
Depreciation
Disposals
Net exchange difference
(1,880)
(2,081)
-
(4)
(9,945)
(1,865)
-
(47)
(375,248)
(21,864)
(408,937)
(80,019)
(11,590)
(95,555)
2,359
(1,736)
632
-
2,991
(1,787)
Balance at 30 June 2020
(3,965)
(11,857)
(454,644)
(32,822)
(503,288)
Carrying amount as at 30
June 2020
2,408
2,812
59,869
30,749
95,838
Exploration
computer
equipment
$
Exploration
furniture and
fittings
$
Exploration
plant and
equipment
$
Office
equipment
Total
$
$
Gross carrying amount
Balance at 1 July 2020
Additions
Disposals
Net exchange difference
Balance at 30 June 2021
Depreciation and impairment
Balance at 1 July 2020
Depreciation
Disposals
Net exchange difference
6,373
-
(562)
(191)
5,620
(3,965)
(1,450)
562
104
14,669
514,513
63,571
599,126
-
-
(589)
14,080
-
-
542
542
(12,466)
(13,028)
(20,173)
494,340
-
(20,953)
51,647
565,687
(11,857)
(1,172)
-
477
(454,644)
(32,822)
(503,288)
(35,784)
(10,612)
(49,018)
-
17,765
3,091
-
3,653
18,346
Balance at 30 June 2021
(4,749)
(12,552)
(472,663)
(40,343)
(530,307)
Carrying amount as at 30
June 2021
871
1,528
21,677
11,304
35,380
57
Dome Gold Mines Ltd
and its controlled entities
Notes to the Consolidated Financial Statements
13 LEASES
The Group had long-term operating lease commitments of 1 motor vehicle in Fiji and office leases in both
Fiji and Australia, which expired during the year ended 30 June 2021. Each lease is reflected on the balance
sheet as a right-of-use asset and a lease liability.
The Group has short-term operating lease commitments of office leases in both Fiji and Australia. The
Group elects to apply the recognition exemptions of AASB 16 to each lease and recognises lease payments
as an expense on a straight-line basis.
Right-of-use Assets
the amount of the initial measurement of lease liability
Right-of-use assets are measured at cost comprising the following:
any lease payments made at or before the commencement date less any lease incentives received
any initial direct costs, and
restoration costs.
Right-of-use assets are generally depreciated over the shorter of the asset's useful life and the lease term
on a straight-line basis. If the Group is reasonably certain to exercise a purchase option, the right-of-use
asset is depreciated over the underlying asset’s useful life.
Right-of-use assets are presented in the statement of financial position as follows:
Non-current assets
Right-of-use assets
Less: Accumulated depreciation
Consolidated
2021
$
2020
$
-
-
-
428,502
(279,726)
148,776
The previous long-term office leases and motor vehicle leases of the Group expired during the year ended
30 June 2021. The Group has no long-term operating lease commitment as at 30 June 2021.
As at the reporting date, the consolidated entity has one short-term leased office premises in Australia
expiring within six months and one month-to-month leased office premises in Fiji.
58
Dome Gold Mines Ltd
and its controlled entities
Notes to the Consolidated Financial Statements
13 LEASES (CONTINUED)
Reconciliations
Reconciliations of the written down values at the beginning and end of the current and previous financial
year are set out below:
Consolidated
Balance at 30 June 2020
Other adjustment of depreciation capitalised
Depreciation expense
Balance at 30 June 2021
Right-of-use assets
Office
Motor vehicles
Total right-of-use assets
Lease Liabilities
$
148,776
(10,169)
(138,607)
-
30 June 2021
$
30 June 2020
$
-
-
-
146,214
2,562
148,776
Lease liabilities include the net present value of the following lease payments:
variable lease payment that are based on an index or a rate, initially measured using the index or rate
fixed payments (including in-substance fixed payments), less any lease incentives receivable;
as at the commencement date;
amounts expected to be payable by the Group under residual value guarantees;
the exercise price of a purchase option if the group is reasonably certain to exercise that option; and
payments of penalties for terminating the lease, if the lease term reflects the group exercising that option.
Lease payments to be made under reasonably certain extension options are also included in the
measurement of the liability. The lease payments are discounted using the interest rate implicit in the lease.
If that rate cannot be readily determined, the entity’s incremental borrowing rate is used, being the rate that
the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value
to the right-of-use asset in a similar economic environment with similar terms, security and conditions.
To determine the incremental borrowing rate, the Group uses recent arm's length borrowing rate received
as a starting point, adjusted to reflect changes in financing conditions since borrowing was received, making
adjustments specific to the lease (e.g. term, country, currency and security).
Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or
loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of
the liability for each period.
Lease liabilities are presented in the statement of financial position as follows:
Current
Non-current
Total lease liabilities
-
-
-
209,055
-
209,055
59
Dome Gold Mines Ltd
and its controlled entities
Notes to the Consolidated Financial Statements
13 LEASES (CONTINUED)
The lease liabilities are secured by the related underlying assets. Future minimum lease payments at 30
June 2021 were as follows:
30 June 2021
Lease payments
Finance charges
Net present value
30 June 2020
Lease payments
Finance charges
Net present value
Minimum lease payments due
Within one year
$
-
-
-
One to two years
$
-
-
-
212,945
(3,890)
209,055
-
-
-
Total
$
-
-
-
212,945
(3,890)
209,055
Additional profit or loss and cash flow information
Amounts recognised in the statement of profit or loss and other comprehensive income:
Depreciation
Interest expenses on lease
Short-term lease expenses
Amounts recognised in the statement of cash flows:
Repayment of lease liabilities
Interest paid
Short-term lease payments
Amount recognised as part of exploration cost
payments capitalised
Total cash outflow in respect of leases in the year
30 June 2021
$
138,607
3,757
37,500
30 June 2020
$
237,612
25,384
-
82,119
3,757
45,000
13,608
144,484
184,930
25,384
-
54,926
265,240
60
Dome Gold Mines Ltd
and its controlled entities
Notes to the Consolidated Financial Statements
14 CAPITALISED EXPLORATION AND EVALUATION EXPENDITURE
Balance at 1 July 2019
Expenditure capitalised during the year
Balance at 30 June 2020
Balance at 1 July 2020
Expenditure capitalised during the year
Balance at 30 June 2021
$
31,705,357
880,079
32,585,436
32,585,436
34,161
32,619,597
The Directors have considered the requirements of AASB 6: Exploration for and Evaluation of Mineral
Resources including requirements pertinent to impairment indicators for each area of interest. Based on
this review, the Directors have confirmed that there are no indicators of impairment for each area of interest
as at 30 June 2021.
15 TRADE AND OTHER PAYABLES
Current
Accruals
Trade creditors
Other payables
Total trade and other payables
16 BORROWINGS
Current
Loan from third party
Total borrowings
Non-current
Loan from third party
Loan from related party
Total borrowings
2021
$
215,019
44,685
18,750
278,454
-
-
899,454
-
899,454
2020
$
196,213
68,323
18,745
283,281
-
-
377,133
761,517
1,138,650
The Company has no loan facilities with related parties and four loan facilities with third parties as at the
reporting date.
The outstanding loan payable to the first third party as at 30 June 2021 is $153,958 (2020: $Nil). The agreed
interest rate on this unsecured loan is 10%. The facility is not secured. The remaining facility with this third
party available as at 30 June 2021 is $6,042. The facility was increased to $160,000 and extended to 31
December 2022 during the reporting period.
The outstanding loan payable to the second third party as at 30 June 2021 is $745,496 (2020: $Nil). The
agreed interest rate on the unsecured loan is 10%. The facility is not secured. The remaining facility with
the third party available as at 30 June 2021 is $54,504. The facility was increased to $800,000 and extended
to 31 December 2022 during the reporting period.
There is no outstanding loan payable to the third party as at 30 June 2021 (2020: $377,133). The loan with
this third party was settled by share-based payment (refer to note 28). The agreed interest rate on the
unsecured loan is 5%. The facility is not secured. The remaining facility with the third party available as at
30 June 2021 is $500,000 (2020: $122,867). The facility was extended to 31 December 2022.
61
Dome Gold Mines Ltd
and its controlled entities
Notes to the Consolidated Financial Statements
16 BORROWINGS (CONTINUED)
There is no outstanding loan payable to the fourth third party as at 30 June 2021 (2020: $Nil). The total
facility of the Company with this third party is $3,500,000 as at 30 June 2021 (2020: $3,500,000). The
agreed interest rate on the unsecured loan is 5%. The facility is not secured. The facility was extended to
31 December 2022.
17
ISSUED CAPITAL
2021
2020
Ordinary shares fully paid
306,377,236
47,261,940
291,488,952
45,980,034
Shares
$
Shares
$
Movements in ordinary share capital
Ordinary shares
Balance at 1 July 2019
Fully paid ordinary shares issued 11 July 2019 at $0.20
Fully paid ordinary shares issued 24 July 2019 at $0.20
No. of
shares
$
276,300,997
43,378,192
2,500,000
750,000
500,000
150,000
Fully paid ordinary shares issued 16 August 2019 at $0.20
6,500,000
1,300,000
Fully paid ordinary shares issued 1 November 2019 at $0.20
2,659,853
Fully paid ordinary shares issued 10 December 2019 at $0.20
Fully paid ordinary shares issued 19 December 2019 at $0.20
Fully paid ordinary shares issued 31 January 2020 at $0.20
500,000
578,102
500,000
Fully paid ordinary shares issued 31 March 2020 at $0.20
1,200,000
531,971
100,000
115,620
100,000
240,000
Less costs of issue
Balance at 30 June 2020
-
(435,749)
291,488,952
45,980,034
Balance at 1 July 2020
291,488,952
45,980,034
Fully paid ordinary shares issued 24 July 2020 at $0.17
3,150,000
535,500
Fully paid ordinary shares issued 2 November 2020 at $0.15
Fully paid ordinary shares issued 31 December 2020 at $0.20
Fully paid ordinary shares issued 2 March 2021 at $0.20
Fully paid ordinary shares issued 15 March 2021 at $0.16
Fully paid ordinary shares issued 10 June 2021 at $0.20
Fully paid ordinary shares issued 30 June 2021 at $0.20
Less costs of issue*
272,158
1,800,000
900,000
2,566,126
2,100,000
4,100,000
-
40,824
360,000
180,000
410,580
420,000
820,000
(1,484,998)
Balance at 30 June 2021
306,377,236
47,261,940
*Included in costs of issue are cash payments of $233,299 and $1,251,699 in respect of the fair value of options issued to brokers in
lieu of service (see note 28).
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.
62
Dome Gold Mines Ltd
and its controlled entities
Notes to the Consolidated Financial Statements
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
Loss from ordinary activities after income tax
Non-cash flows in loss from ordinary activities
Depreciation and amortisation
Loss on sale of property, plant & equipment
Loss on debt settlement
Changes in other assets and liabilities
Increase in trade receivables and other assets
Increase in trade and other payables
2021
$
2020
$
200,568
13,642
(2,238,036)
(2,003,468)
149,219
8,874
283,073
(4,217)
(138,563)
54,796
249,202
-
-
(2,282)
(251)
73,333
Net cash used in operating activities
(1,884,854)
(1,683,466)
Non-cash financing activities includes share-based payments issued to brokers in lieu of services provided
of $1,251,699.
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
Total remuneration of auditor
65,000
65,000
61,500
61,500
20 RELATED PARTY TRANSACTIONS
(a) The Group has loans from related parties as described below.
Loan from related parties
Beginning of the year
Loans advanced
Loan repayments
Interest charged
Transferred to loan from third parties
End of period
761,517
61,500
-
43,619
(866,636)
-
624,893
120,000
(46,912)
63,536
-
761,517
The agreed interest on the loans is 10%. The loans are unsecured and repayable in full by 31 December
2022 respectively.
63
Dome Gold Mines Ltd
and its controlled entities
Notes to the Consolidated Financial Statements
20 RELATED PARTY TRANSACTIONS (CONTINUED)
(b) Transactions with key management personnel
Key management of the Group are Dome’s members of Board of Directors. Key management personnel
remuneration is shown in the table below:
Short term employee benefits
Cash salaries and fees
Accrued fees
Total short-term employee benefits
Post-employment benefits
Superannuation
Total post-employment benefits
2021
$
199,383
-
199,383
5,552
5,552
2020
$
161,406
36,000
197,406
6,594
6,594
Total remuneration
204,935
204,000
There are no other related party transactions during the year ended 30 June 2021.
21 CONTINGENCIES AND COMMITMENTS
Minimum tenement expenditure requirements
Within one year
Between one to five years
Total
2021
$
2,589,598
431,388
3,020,986
2020
$
1,135,556
2,236,005
3,371,561
The minimum tenement expenditure requirements are guidelines only by the Mineral Resources
Department in Fiji.
SPL 1451 is valid until 24 June 2023, SPL 1495 is valid until 10 February 2022, and SPL 1452 is valid until
26 August 2022.
Additional bond requirements
Within one year
Between one to five years
Total
135,887
-
135,887
101,126
50,563
151,689
Additional bond is only required by the Mineral Resources Department if a proposed work program may
cause increased risk of environmental damage. Since Dome is not proposing any exploration programs
that have a high impact on the environment, there is no reason that the additional bond will be required.
Bond deposits
The Group has bond deposits totalling $102,474 (2020: 102,084) as at 30 June 2021.
There are no other contingent assets or liabilities as at the date of this financial report.
64
Dome Gold Mines Ltd
and its controlled entities
Notes to the Consolidated Financial Statements
22 SEGMENT REPORTING
Segment information is presented in respect of the Group’s management and internal reporting structure.
Transactions with business segments are 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.
Business segments
For the year ended 30 June 2021 the Group principally operated in Fiji in the mineral exploration sector.
The Group has two reportable segments, as described below.
Operating Segment
Ironsand Project Gold Projects
$
$
Corporate Consolidated total
$
$
30 June 2020
Segment revenue
External revenue
Finance income
Total revenue
Depreciation
-
942
942
-
-
703
703
50,000
3,394
53,394
50,000
5,039
55,039
-
(249,202)
(249,202)
Segment profit/(loss)
(10,161)
(8,467)
(1,984,840)
(2,003,468)
Segment assets
29,680,687
3,098,342
385,051
33,164,080
Segment liabilities
3,185,181
2,568,246
(4,089,676)
1,663,751
30 June 2021
Segment revenue
External revenue
Finance income
Total revenue
Depreciation
-
918
918
-
-
489
489
50,000
1,050
51,050
50,000
2,457
52,457
-
(149,219)
(149,219)
Segment profit/(loss)
(8,411)
(9,069)
(2,220,556)
(2,238,036)
Segment assets
29,729,112
3,022,621
301,954
33,053,687
Segment liabilities
3,129,167
2,470,437
(4,409,614)
1,189,990
65
Dome Gold Mines Ltd
and its controlled entities
Notes to the Consolidated Financial Statements
22 SEGMENT REPORTING (CONTINUED)
Reconciliation of reportable segment profit & loss, assets and liabilities
Loss before tax
Loss before tax for reportable segment
Other loss before tax unallocated
Consolidated loss before tax
Assets
Total assets for reportable segments
Intercompany eliminations
Other corporate assets
Consolidated assets
Liabilities
Total liabilities for reportable segments
Intercompany eliminations
Other corporate liabilities
Consolidated liabilities
23 PARENT ENTITY DISCLOSURES
2021
$
2020
$
(17,480)
(2,220,556)
(2,238,036)
32,751,733
(5,921,536)
6,223,490
33,053,687
5,599,604
(5,921,536)
1,511,922
1,189,990
(18,628)
(1,984,840)
(2,003,468)
32,779,029
(6,055,931)
6,440,982
33,164,080
5,753,427
(6,055,931)
1,966,255
1,663,751
As at and throughout the financial year ended 30 June 2021 the parent entity of the Group was Dome
Gold Mines Ltd.
Statement of profit or loss and other comprehensive income
Net loss for the year
Other comprehensive income
Total comprehensive loss
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
Share-based payment reserve
Total equity
2021
$
(2,220,568)
(232,184)
(2,452,752)
5,876,286
27,045,822
32,922,108
277,257
899,453
1,176,710
31,745,398
2020
$
(1,984,374)
9,742
(1,974,632)
5,776,050
27,242,725
33,018,775
498,653
1,138,650
1,637,303
31,381,472
47,261,940
(16,962,763)
(88,551)
1,534,772
31,745,398
45,980,034
(14,845,634)
143,633
103,439
31,381,472
The Directors are of the opinion that no contingencies existed at, or subsequent to year end.
66
Dome Gold Mines Ltd
and its controlled entities
Notes to the Consolidated Financial Statements
24 POST-REPORTING DATE EVENTS
Subsequent to the end of the financial year:
Board resolutions
On 2 August 2021, the Board resolved to early repay a loan in instalments. The total loan repayments
were $700,000 as at the reporting date.
Ms Sarah Harvey was reappointed as a non-executive Director of the Company on 24 September 2021.
Issue of share capital and options
On 15 July 2021 the Company completed a placement of 3,000,000 fully paid ordinary shares at $0.20
per share to raise $600,000 and issued 6,000,000 unlisted options at $0.10 exercise price expiring on
15 July 2024.
On 18 August 2021 the Company completed a placement of 9,706,900 fully paid ordinary shares at
$0.20 per share to raise $1,941,380 and issued 1,706,900 unlisted options at $0.10 exercise price
expiring on 18 August 2024.
Expiration of unlisted options
On 11 July 2021,1,250,000 unquoted options of the Company expired unexercised.
On 24 July 2021, 375,000 unquoted options of the Company expired unexercised.
On 26 July 2021, 1,250,000 unquoted options of the Company expired unexercised.
On 16 August 2021, 9,725,000 unquoted options of the Company expired unexercised.
Sigatoka Iron and Industrial Sand Heavy Mineral Project
Since the end of the reporting period, a budget has been prepared for Sigatoka project bulk sampling work.
A representative bulk sample of between 15 and 20 tonnes of the Sigatoka magnetite and industrial sand
deposit is being collected for shipment in the December quarter from Fiji to Australia for processing in a
pilot plant that will duplicate the processes in a commercial treatment plant. The pilot plant at IHC Mining’s
metallurgical facility will produce process engineering and performance data for design, equipment
selection and close estimation of capital and operating costs of a full scale processing plant. It will also
produce samples of magnetite concentrate, other heavy minerals and various industrial sand and gravel
products for market analysis and to seek offtake agreements. This information is important for completion
of the Definitive Feasibility Study. This work will also support an application for renewal of SPL1495 that
will be submitted to the Mineral Resources Department during January 2022. There is no reason in the
opinion of Dome’s management that this renewal application will not be approved to extend the SPL1495
for a further 3-year period.
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.
25 SUBSIDIARIES
Particulars in relation to controlled entities:
Controlled entities
Dome Mines Pte Limited
Magma Mines Pty Ltd
Magma Mines Pte Limited
Country of
incorporation
Company interest in
ordinary shares
2021
%
100
100
100
2020
%
100
100
100
Fiji
Australia
Fiji
67
Dome Gold Mines Ltd
and its controlled entities
Notes to the Consolidated Financial Statements
26 FINANCIAL INSTRUMENT RISK
26.1 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.
26.2 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 2021. 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% (2020: 5%) then this would have had the following
impact:
30 June 2021
30 June 2020
Profit for the year
$
-
-
Equity
$
265,994
272,299
If the AUD had weakened against the FJD by 5% (2020: 5%) then this would have had the following impact:
30 June 2021
30 June 2020
Profit for the year
$
-
-
Equity
$
(265,994)
(272,299)
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.
68
Dome Gold Mines Ltd
and its controlled entities
Notes to the Consolidated Financial Statements
26 FINANCIAL INSTRUMENT RISK (CONTINUED)
26.2 Market risk analysis (continued)
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).
The Group's policy is to minimise interest rate cash flow risk exposures on financing. Borrowings are
therefore usually at fixed rates. On 30 June 2021, the Group is not exposed to changes in market interest
rates through borrowings as all borrowings are at fixed interest rates.
On 30 June 2021, 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:
2021
Weighted
average
interest rate
%
Balance
$
2020
Weighted
average
interest rate
%
Balance
$
Cash and cash equivalents
0
200,568
0
13,642
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).
2021
+0.5%
$
-0.5%
$
2020
+0.5%
$
-0.5%
$
Profit/(loss) for the year
-
-
68
(68)
26.3 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:
Cash and cash equivalents
Trade and other receivables
Bank guarantee deposit
Bond deposit
Carrying amount
2021
$
200,568
53,614
-
102,474
356,656
2020
$
13,642
21,770
159,874
102,084
297,370
69
Dome Gold Mines Ltd
and its controlled entities
Notes to the Consolidated Financial Statements
26 FINANCIAL INSTRUMENT RISK (CONTINUED)
26.3 Credit risk analysis (continued)
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.
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.
26.4 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.
The carrying amount of financial liabilities recognised at the reporting date, as summarised below:
30 June 2021
Carrying value
Contractual amount
Borrowings
Trade and other payables
Total
$
899,454
278,453
1,177,907
Total Within one year
$
-
278,453
278,453
$
1,016,647
278,453
1,295,100
30 June 2020
Carrying value
Contractual amount
Borrowings
Trade and other payables
Lease liability
Total
$
1,138,650
316,046
209,055
1,663,751
Total Within one year
$
-
316,046
209,055
525,101
$
1,274,014
316,046
209,055
1,799,115
Between one to
five years
$
1,016,647
-
1,016,647
Between one to
five years
$
1,274,015
-
-
1,274,015
70
Dome Gold Mines Ltd
and its controlled entities
Notes to the Consolidated Financial Statements
27 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.
28 SHARE-BASED PAYMENTS
During the year ended 30 June 2021, 10,520,000 options were issued in exchange for goods or services
provided and 2,566,126 options were issued to settle the loan with a third party.
The fair values of options granted were determined using a variation of the Black-Scholes option pricing
model utilising the key inputs including the Group’s risk-free borrowing rate and volatility of the Group’s
shares. The fair value is appraised at the grant date and excludes the impact of non-market vesting
conditions.
The underling expected volatility was determined by reference to historical data of the Company’s shares
over a period of time. No special features inherent to the options granted were incorporated into
measurement of fair value.
28.1 Shares issued in lieu of brokerage fees
Awarded
during the
year
Award date
and vesting
date
Expiry date
Fair
value of
options
at
award
date
Exercise
price
Risk
free
rate
(%)
Expected
volatility
(%)
Value of
options
granted
during the
year ($)
Amount of
share issue
costs
recognised
($)
2020
1,250,000 26/07/2019 26/07/2021 $0.0558
3,225,000 16/08/2019 16/08/2021 $0.0589
1/11/2021 $0.0564
1,467,881
400,000 10/12/2019 10/12/2021 $0.0595
150,000 31/01/2020 31/01/2022 $0.0643
960,000 31/03/2020 31/03/2022 $0.0600
1/11/2019
$0.20
$0.20
$0.20
$0.20
$0.20
$0.20
0.888
0.731
0.834
0.744
0.659
0.251
2021
3,150,000 24/07/2020 24/07/2023 $0.0698
900,000 31/12/2020 31/12/2022 $0.0963
2/03/2024 $0.0884
270,000
2,100,000 10/06/2021 10/06/2024 $0.0956
4,100,000 30/06/2021 30/06/2024 $0.0700
2/03/2021
$0.17
$0.10
$0.10
$0.10
$0.10
0.278
0.074
0.139
0.245
0.427
55.44
55.49
56.13
56.09
57.66
57.24
69,778
189,884
82,856
23,803
9,643
57,586
433,550
69,778
189,884
82,856
23,803
9,643
57,586
433,550
48.66
52.66
56.76
54.58
53.43
219,968
86,649
23,867
200,703
286,961
818,148
1,251,698
219,968
86,649
23,867
200,703
286,961
818,148
1,251,698
71
Dome Gold Mines Ltd
and its controlled entities
Notes to the Consolidated Financial Statements
28 SHARE-BASED PAYMENTS (CONTINUED)
28.2 Third party loan settled during the year ended 30 June 2021
The following options were awarded together with the ordinary shares to settle the loan with a third party
(refer to note 16) during the year ended 30 June 2021:
Options
awarded
during the
year
Award date
and vesting
date
Expiry date
Fair
value of
options
at
award
date
Exercise
price
Risk
free
rate
(%)
Expected
volatility
(%)
Value of
options
granted
during the
year ($)
2,566,126 15/03/2021 15/03/2024 $0.1103
$0.10
0.102
57.48
283,073
Value of
share
Shares
awarded
during the
year
2,566,126
$0.16
Value of
shares
granted
during the
year ($)
410,580
The value of debt extinguished amounted to $410,580, as such the difference between fair value of
shares/options awarded and carrying value of debt settled, $283,073 was recognised in profit or loss on
debt settlement.
72
73
Sydney
Dated this 27 September 2021
Chairman
J. V. McCarthy
Signed in accordance with a resolution of the Directors
Reporting Standards.
3 Note 1 confirms that the consolidated financial statements also comply with International Financial
June 2021.
from the Chief Executive Officer and Chief Financial Officer (or equivalent) for the financial year ended 30
2 The Directors have been given the declarations required by Section 295A of the Corporations Act 2001
as and when they become due and payable.
b) There are reasonable grounds to believe that Dome Gold Mines Limited will be able to pay its debts
Interpretations) and the Corporations Regulations 2001; and
ii Complying with Australian Accounting Standards (including
the Australian Accounting
financial year ended on that date; and
i Giving a true and fair view of its financial position as at 30 June 2021 and of its performance for the
the Corporations Act 2001, including:
a) The consolidated financial statements and notes of Dome Gold Mines Limited are in accordance with
1 In the opinion of the Directors of Dome Gold Mines Limited:
The Directors of the Company declare that:
Directors’ Declaration
and its controlled entities
Dome Gold Mines Ltd
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 445
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 2021, the consolidated statement of profit or loss
and other comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows
for the year then ended, and notes to the consolidated financial statements, including a summary of significant accounting
policies, and the Directors’ declaration.
In our opinion, the accompanying financial report of the Group is in accordance with the Corporations Act 2001, including:
a giving a true and fair view of the Group’s financial position as at 30 June 2021 and of its performance for the year
ended on that date; and
b complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are
further described in the Auditor’s Responsibilities for the Audit of the Financial Report section of our report. We are
independent of the Group in accordance with the auditor independence requirements of the Corporations Act 2001 and
the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for
Professional Accountants (the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled
our other ethical responsibilities in accordance with the Code.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
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 $2,238,036
during the year ended 30 June 2021, and its cash outflows from operating activities including payments for exploration were
$2,049,557 for the year then ended. 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.
Grant Thornton Audit Pty Ltd ACN 130 913 594
a subsidiary or related entity of Grant Thornton Australia Ltd ABN 41 127 556 389
www.grantthornton.com.au
‘Grant Thornton’ refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients
and/or refers to one or more member firms, as the context requires. Grant Thornton Australia Ltd is a member firm of Grant Thornton International
Ltd (GTIL). GTIL and the member firms are not a worldwide partnership. GTIL and each member firm is a separate legal entity. Services are
delivered by the member firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of, and do not obligate one
another and are not liable for one another’s acts or omissions. In the Australian context only, the use of the term ‘Grant Thornton’ may refer to
Grant Thornton Australia Limited ABN 41 127 556 389 and its Australian subsidiaries and related entities. GTIL is not an Australian related entity to
Grant Thornton Australia Limited.
Liability limited by a scheme approved under Professional Standards Legislation.
74
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial
report of the current period. These matters were addressed in the context of our audit of the financial report as a whole, and in
forming our opinion thereon, and we do not provide a separate opinion on these matters.
In addition to the matter described in the Material uncertainty related to going concern section, we have determined the
matters described below to be the key audit matters to be communicated in our report.
Key audit matter
How our audit addressed the key audit matter
Exploration and evaluation assets - Notes 3.7 & 14
At 30 June 2021 the carrying value of exploration and
evaluation assets was $32,619,597.
In accordance with AASB 6 Exploration for and Evaluation of
Mineral Resources, the Group 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.
The process undertaken by management to assess whether
there are any impairment triggers in each area of interest
involves an element of management judgement.
This area is a key audit matter due to the significant
judgement involved in determining the existence of
impairment triggers.
Our procedures included, amongst others:
reviewing management’s area of interest
considerations against AASB 6;
testing a sample of expenditure capitalised by tracing
to underlying support in order to understand the nature
of the item and whether the expenditure was
attributable to an area of interest, and therefore
whether capitalisation was in accordance with the
recognition criteria of AASB 6;
conducting a detailed review of management’s
assessment of impairment 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;
– enquiring of management regarding their intentions
to carry out exploration and evaluation activity in
the relevant exploration area, including review of
management’s 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; and
assessing the appropriateness of the related financial
statement disclosures.
75
Key audit matter
How our audit addressed the key audit matter
Share based payments - Notes 3.22 & 28
During the current reporting period, the Group issued share
options in lieu of capital raising issue costs (broker fees), and
extinguished a third party loan through the issue of shares and
options.
The options issued in lieu of capital raising issues costs were
valued at $1,251,698. These were treated as a share issue
cost, and were therefore deducted against equity.
The shares and options issued to extinguish a third party loan
were valued at $693,653, and repaid a $410,580 loan. The
difference of $280,073 was recorded as a loss on settlement
of debt in the consolidated statement of profit or loss and
other comprehensive income.
This area is a key audit matter due to the inherent subjectivity
involved in the Group making judgements relating to the key
inputs and assumptions used to value the options, as well as
the judgements required relating to vesting conditions.
Our procedures included, amongst others:
agreeing the issue of options and shares to underlying
agreements;
obtaining management’s calculation of the fair value of
the share-based payments:
–
reviewing and testing the assumptions applied by
management for reasonableness and historical
accuracy;
– agreeing key inputs to the relevant terms within the
share option agreement;
– verifying the mathematical accuracy of the
valuation provided by management;
evaluating and challenging management’s judgements
regarding vesting conditions; and
assessing the adequacy of the Group’s disclosures in
respect to share-based payments.
Information other than the financial report and auditor’s report thereon
The Directors are responsible for the other information. The other information comprises the information included in the
Group’s annual report for the year ended 30 June 2021, but does not include the financial report and our auditor’s report
thereon.
Our opinion on the financial report does not cover the other information and we do not express any form of assurance
conclusion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider
whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit or
otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are
required to report that fact. We have nothing to report in this regard.
Responsibilities of the Directors’ for the financial report
The Directors of the Company are responsible for the preparation of the financial report that gives a true and fair view in
accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the Directors
determine is necessary to enable the preparation of the financial report that gives a true and fair view and is free from material
misstatement, whether due to fraud or error.
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.
76
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_2020.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 30 to 33 of the Directors’ report for the year ended 30 June
2021.
In our opinion, the Remuneration Report of Dome Gold Mines Limited, for the year ended 30 June 2021 complies with
section 300A of the Corporations Act 2001.
Responsibilities
The Directors of the Company are responsible for the preparation and presentation of the Remuneration Report in accordance
with section 300A of the Corporations Act 2001. Our responsibility is to express an opinion on the Remuneration Report,
based on our audit conducted in accordance with Australian Auditing Standards.
Grant Thornton Audit Pty Ltd
Chartered Accountants
C F Farley
Partner – Audit & Assurance
Sydney, 27 September 2021
77
Dome Gold Mines Ltd
and its controlled entities
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 2021.
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
Blue Ridge Interactive Limited
Onizaki Corporation
Fleet Market Investments Pty Ltd
Number of Shares
45,000,000
30,000,000
22,342,625
THE NUMBER OF HOLDERS IN EACH CLASS OF SECURITIES
The total distribution of fully paid shareholders and Optionholders as at 31 August 2021 was as follows:
Type of security
Ordinary shares
Unlisted options
Number of holders
Number of securities
497
18
319,084,136
35,160,833
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 AND OPTIONHOLDERS
The total distribution of fully paid shareholders and unlisted optionholders was as follows:
Range
Total
Shareholders
Total
Optionholders
1 - 1,000
1,001 - 5,000
5,001 - 10,000
10,001 - 100,000
100,001 and over
Total
20
17
166
148
136
497
-
-
-
-
18
18
78
Dome Gold Mines Ltd
and its controlled entities
ASX Additional Information
LESS THAN MARKETABLE PARCELS
On 31 August 2021, there were 30 holders of less than a marketable parcel of 3,031 ordinary shares.
TWENTY LARGEST SHAREHOLDERS
As at 31 August 2021, the twenty largest quoted shareholders held 65.96% of the fully paid ordinary
shares as follows:
Name
Blue Ridge Interactive Limited
Onizaki Corporation
Fleet Market Investments Pty Ltd
Citicorp Nominees Pty Limited
Brave Top Enterprises Ltd
Ordinary Shares
Quantity
%
45,000,000
14.10
30,000,000
22,342,625
13,620,905
10,500,000
Globe Street Investments Pty Ltd
10,000,000
Globe Street Investments Pty Ltd
10,000,000
Mr Hwaeun Park
Cybersys Inc
Tiger Ten Investment Limited
Monex Boom Securities (HK) Ltd
Primavera
Thamadia Nominees Pty Ltd
BNP Paribas Nominees Pty Ltd
Mr Katsuji Kato
Himawari Fudosan
Shukikaku
Mr Masayuki Kudo
HSBC Custody Nominees (Australia) Limited
Mr Akio Miyashita
8,743,512
8,000,000
7,292,393
6,624,934
5,000,000
5,000,000
4,687,843
4,332,720
4,000,000
4,000,000
3,973,976
3,717,779
3,639,163
9.40
7.00
4.27
3.29
3.13
3.13
2.74
2.51
2.29
2.08
1.57
1.57
1.47
1.36
1.25
1.25
1.24
1.17
1.14
TWENTY LARGEST OPTIONOLDERS
As at 31 August 2021, there was one optionholder that held 20% or more of the unquoted options.
Name
Precious Tori Limited
Unlisted Options
Quantity
%
10,370,000
29.49
79
Dome Gold Mines Ltd
and its controlled entities
ASX Additional Information
ON MARKET BUY BACK
There is no on market buy-back.
ESCROWED SECURITIES
As at 31 August 2021, there were no escrowed securities.
TENEMENTS SCHEDULE
Tenement
Location
Holder
SPL 1451
Ono Island
Dome Mines Pte Ltd
Area
(Ha)
3,028
Expiry Date
24/06/2023
SPL 1452
Nadrau
Dome Mines Pte Ltd
33,213
26/08/2022
SPL 1495
Sigatoka
Magma Mines Pte Ltd
2,522
10/02/2022
Interest
%
100
100
100
Note: Magma Mines Pte Ltd and Dome Mines Pte Ltd, both incorporated in Fiji, are wholly owned
subsidiaries of Dome Gold Mines Ltd. All the tenements are located in the Republic of Fiji.
80
Dome Gold Mines Ltd
and its controlled entities
Corporate Directory
ABN 49 151 996 566
Directors
Mr John V McCarthy (Chairman)
Mr Tadao Tsubata (Non-Executive Director)
Ms Sarah Harvey (Non-Executive Director)
Company Secretary
Mr Marcelo Mora
Corporate Office
Level 46, 680 George Street
Sydney NSW 2000
Australia
Registered Office
Level 46, 680 George 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
Bradfield & Scott Lawyers
Level 1, 20 Hunter Street
Sydney NSW 2000
81
DOME GOLD MINES LTD
ABN 49 151 996 566
Level 46, 680 George Street, Sydney NSW 2000
Australia GPO Box 1759 Sydney NSW 2001 Australia
T +61 2 8203 5620 F +61 2 9012 0041
E info@domegoldmines.com.au
W www.domegoldmines.com.au