ABN 49 151 996 566
Annual Report
30 June 2022
Dome Gold Mines Ltd
and its controlled entities
Table of Contents
Chairman’s Message ................................................................................................................... 1
Directors’ Report ........................................................................................................................ 3
Auditor’s Independence Declaration ........................................................................................ 35
Corporate Governance Statement ............................................................................................. 36
Consolidated Statement of Profit or Loss and Other Comprehensive Income ......................... 37
Consolidated Statement of Financial Position .......................................................................... 38
Consolidated Statement of Changes in Equity.......................................................................... 39
Consolidated Statement of Cash Flows .................................................................................... 40
Notes to the Consolidated Financial Statements ....................................................................... 41
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 year ended 30 June
2022.
The past year has seen further impact of the COVID-19 pandemic in disrupting lives and businesses.
Until late 2021, international travel was severely restricted interrupting the normal course of business
activity, particularly between Australia and Fiji. Fortunately, Dome was able to take strong steps forward
toward the development of a sand mining project at Sigatoka and to advance exploration on its other
special prospecting licences (SPL1451 and SPL1452) in Fiji.
During the previous financial year, Dome had completed resource update drilling at Sigatoka (see ASX
release dated November 5, 2020 for details and JORC Table 1). The drilling programme concentrated
on the Southern Kulukulu part of the Sigatoka resource area in advance of commencement of a
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.
The total of classified (116.3MT) and unclassified (73.2MT) 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 obtain processing data needed for the DFS, as soon as internal travel restrictions were relaxed in
September 2021, the Company proceeded with the collection and shipment of a 15-20 tonne bulk
sample representative of the deposit from the Kulukulu south area. Bulk material bags containing the
sample were placed into a 20-tonne shipping container for secure transport to the port of Brisbane.
Large-scale pilot plant processing of the sample commenced in November 2021 at IHC Mining’s
metallurgical laboratory at Yatala, Queensland.
Pilot plant operation confirmed that simple washing, screening, heavy mineral separation and magnetic
processing produced industry acceptable industrial sand and magnetite concentrate averaging 59.7%
Fe, 6.6% TiO2 and 0.67% V2O5.
In conjunction with the pilot plant operation, Dome contracted Flagstaff PCM Pty Ltd, based at Spring
Hill, Queensland to provide overall engineering management of the pilot plant program as well as a
Definitive Feasibility Study (DFS) on behalf of the Company. Based on competitive bidding and
recommendations from Flagstaff, Dome has engaged successful bidders for all components of the DFS.
These include the following main studies underway;
1) Plant Area Package – DRA Pacific Pty Ltd
2) Geotechnical Investigations – Entec Pte Limited
3) Mining Package – AMC Consultants Pty Ltd
4) Environmental Impact Assessment – Smith Geosciences Consultancy
5) Marketing Studies – Stratum Resources
6) Marine Studies – Royal Haskoning DHV
7) Financial Model – Flagstaff PCM Pty Ltd
Work on all DFS packages is progressing well including several new areas of investigation required by
the Fiji Government.
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Dome Gold Mines Ltd
and its controlled entities
Directors’ Report
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: 2,000,000
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
Previous Directorships (last 3 years): None
Interests in shares: 52,010,893 shares
Interests in options: None
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Dome Gold Mines Ltd
and its controlled entities
Directors’ Report
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.
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: 23,342,625 shares
Interests in options: 2,566,126 options
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 Gold Project and SPL1452, the Nadrau Gold-Copper Porphyry
Project (see Figure 1 for locations).
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and its controlled entities
Directors’ Report
Figure 1 – Dome Gold Mine’s Fiji project location map
SPL 1495 Sigatoka Iron and Industrial Sand Heavy Mineral Project
Special Prospecting Licence (SPL) 1495 was renewed for a further 3-year period on 27 April 2022
and will expire on 26 April 2025
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) had been started by IHC Robbins in December 2018 to support
an application for a Mining Lease but was suspended in mid-2019 to accommodate completion of
further drilling to upgrade the initial JORC 2012 resource estimates
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 Kulukulu North is pending
classification upon receiving 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
A 15-20 tonne bulk sample representative of the Kulukulu South area was shipped and has
undergone large scale pilot plant processing
Results show that simple washing, screening, spiral heavy mineral separation and magnetic
processes delivered industry acceptable sand and magnetite concentrate averaging 59.7% Fe,
6.6% TiO2 and 0.67% V2O5
Flagstaff PCM Pty Ltd were engaged in November 2021 to provide overall management of the
DFS program
Qualified engineering and environmental consultants have been appointed and all parts of the DFS
were underway during the June quarter of 2022
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 2 - 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 3 and 4). Its presence strongly supports Kulukulu
South as being the ideal location to commence mining operations.
The next step to advance the Sigatoka Project was collection of a 15-20 tonne bulk sand sample that
was shipped to Australia for pilot plant processing as part of the resumed DFS (see Figure 5).
Figure 3 - Kulukulu South area, showing location of cross-section in Figure 5
Figure 4 - Kulukulu South cross-section 9660mN, hot colours showing highest HM results.
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Dome Gold Mines Ltd
and its controlled entities
Directors’ Report
Sigatoka Large Scale Pilot Plant Results
Figure 5 – Red star images mark approximate locations of bulk sample sites on an image of part of the Sigatoka deposit
Plate 1 – “Run of mine” bulk sample prepared for pilot plant processing
The 2019-2020 sonic drilling program focused on the southern part of the Inferred Kulukulu Resource
(see Figure 3). 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”).
Results of recent and 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 (see Plate 1). This area was selected for collection of the 15-20 tonne bulk sample for large
scale pilot plant processing to generate data required for process design and production of industrial
sand and magnetite concentrate samples for marketing studies (see Figure 5 and Plates 2 and 3)
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Dome Gold Mines Ltd
and its controlled entities
Directors’ Report
Plate 2 – Industrial sand from large scale pilot plant operation
Plate 3 – Magnetite concentrate from large scale pilot plant operation
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and its controlled entities
Directors’ Report
The final report on the pilot plant processing of the bulk sample of sand from Sigatoka was issued by
IHC Mining in June. The conclusions from the IHC report are as follows;
“… Sigatoka average grade DFS metallurgical test work sample processed readily through
the DFS process presented herein. The process was simple, utilised standard mineral
sands separation equipment and demonstrated process consistency and robustness.
Ultimately, a Magnetite Product containing 59.7% Fe was produced from the average grade
DFS metallurgical test work sample, with an overall mass yield of 11.8%. This represented
a target magnetite/titano-magnetite mineral recovery of 83.2% (QEMSCAN) or 86.9%
(magnetic fractionation).
A tailings stream, representing a further 54.6% mass yield, was identified to be suitable for
construction sand applications including fine concentrate aggregate, graded asphalt
aggregate and unbound pavement.
Additionally, the Dome Gold magnetic fractionation method has again been proven to be
an inexpensive, fast and effective method for estimating magnetite/titano magnetite grade
and recovery.”
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.
Dome has filled and restored the bulk sample holes and there are no further rehabilitation obligations
as at the reporting date.
Sigatoka Project Definitive Feasibility Study Update
During the December quarter, Dome reported that the Company had engaged Flagstaff PCM Pty Ltd
(Flagstaff) to oversee, coordinate and manage the IHC pilot plant and DFS programs. Based on
competitive bidding and recommendations from Flagstaff, Dome through its wholly owned subsidiary,
Magma Mines Pte Ltd has engaged successful bidders for all components of the DFS. These include
the following main studies now underway;
1) Plant Area Package – DRA Pacific Pty Ltd
2) Geotechnical Investigations – Entec Pte Limited
3) Mining Package – AMC Consultants Pty Ltd
4) Environmental Impact Assessment – Smith Geosciences Consultancy
5) Marketing Studies – Stratum Resources
6) Marine Studies – Royal Haskoning DHV
7) Financial Model – Flagstaff PCM Pty Ltd
Work on all of the DFS packages is progressing well including several new areas of investigation
recently required by the Fiji Government.
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Dome Gold Mines Ltd
and its controlled entities
Directors’ Report
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 6 – 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 6) 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 7 & 8 – 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 7 & 8 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 9. Table 2 presents the GPS collar co-
ordinates and other relevant details for each hole completed in the program.
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Figure 9 – 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 1 – Details of exploration diamond drill holes completed on Ono Island
Holes were designed to test the strongest IP chargeability anomalies at depth (see Figure 10). These
IP chargeability anomalies lie directly below IP resistivity anomalies (see Figure 11).
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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 10 – 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 11 – IP resistivity cross-section, section showing the trace of drill holes ONODDH001 and 7.
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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.
In June 2022, Dome has entered into a Non-Disclosure Agreement with a major multi-national mining
group who have expressed an interest in examining Dome’s Ono Island project in Fiji. The work involved
site inspections, and collection of rock samples), and examination and sampling of drill core (11
samples). If results warrant Dome may negotiate a joint venture exploration agreement with the major
company to accelerate exploration of SPL1451.
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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.
SPL 1452 Nadrau Project
• SPL 1452 has expired on 25 August 2022. An application to renew SPL1452 for a further 3-year
period was submitted to the Mineral Resources Department with an estimated commitment of
$800,000 on 26 August 2022, the expiry date of the current licence. While the renewal application is
being processed the licence remains in force.
• 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
on Fiji’s main island of Viti Levu. Dome found the copper minerals (malachite and chalcopyrite)
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Dome Gold Mines Ltd
and its controlled entities
Directors’ Report
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 12 - 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.
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,
18
Dome Gold Mines Ltd
and its controlled entities
Directors’ Report
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 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 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.
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Dome Gold Mines Ltd
and its controlled entities
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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.
Dome’s own geochemical surveys using modern laboratories and analytical techniques have verified
the historical results.
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Dome Gold Mines Ltd
and its controlled entities
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Figure 13 - Map showing the stream sediment copper assay results from Namoli-Wainivau
prospect.
Figure 14 - Map showing the stream sediment gold assay results from Namoli-Wainivau prospect.
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and its controlled entities
Directors’ Report
As reported in the December 2021 quarterly report, in November 2021, local villagers reported to the
Company that an area of mineralisation had been exposed during road upgrades in an area within
SPL1452.
Dome geologists undertook a field inspection and chip sampled outcrop exposures of silicified porphyry
and quartz diorite porphyry intrusives containing disseminated pyrite and hematite oxidation after pyrite
(see Plate 5).
A total of nine rock chip grab samples were collected and submitted to ALS Laboratories for assay.
Below, Table 2 presents analytical results for gold (Au), silver (Ag), copper (Cu), Zinc (Zn), Molybdenum
(Mo) and Vanadium (V). The results that are anomalous (red font) are worthy of follow-up surveys as
they may be indicative of a mineralised porphyry intrusive.
Table 2
(Source: ALS Certificate of Analysis BR22037428)
Sample No. Au (ppm)
Ag (ppm)
Cu (ppm)
101311
101312
101313
101314
101315
101316
101317
101318
101319
<0.005
<0.005
0.009
0.022
0.059
<0.005
0.008
<0.005
<0.005
<0.5
<0.5
<0.5
1.2
0.6
<0.5
<0.5
<0.5
0.7
2
5
45
171
643
131
869
118
341
Zn (ppm) Mo (ppm) V (ppm)
2
<1
121
1
160
3
31
20
14
1
228
2
132
3
58
1
62
1
5
34
87
256
227
37
37
1005
348
Analytical Methods: For gold – Au -AA24; Other elements – ME-ICP61
Note: See JORC 2012 Table 1 in ASX release dated 29 January 2022
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Dome Gold Mines Ltd
and its controlled entities
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Figure 15 – Satellite image showing GPS locations of nine rock chip grab samples collected from
outcrops on SPL1452
(Scale 1cm = approx. 100m)
Dome in June entered into a Non-Disclosure Agreement with a major multi-national mining group who
expressed an interest in examining Dome’s two hardrock projects in Fiji. The work involved site
inspection of SPL1452, and collection of rock (9 samples) and stream geochemical (5 samples) by
senior geologists of the major company. If results warrant Dome may negotiate a joint venture
exploration agreement to accelerate exploration of prospects already identified on SPL1452.
Implications of Covid-19 Pandemic
The pandemic has disrupted international travel and the normal course of business activity world-wide
has been impacted. Virus outbreaks in Fiji and parts of Australia prevented or delayed field activities.
During this period, some of the key Dome staff worked from home while planning the collection and
shipment of the large bulk sample from Sigatoka proceeded uninterrupted and was completed in
September 2021 as soon as health restrictions in Fiji were lifted.
Much of 2021-22 was focused on completion of the DFS following the final upgrade of the JORC 2012
mineral resource estimate announced in November 2020. Collection and shipment the bulk sample to
the IHC Mining pilot plant facility in Queensland saw the large scale pilot plant processing to commence
during the December quarter of 2021. At the same time Flagstaff engineering consultants were
appointed to oversee the pilot plant program and manage all aspects of the DFS. In the first half of
2022, engineering, environmental and marketing experts had commenced work on the DFS.
In Sydney and Fiji, the Company observed the recommended protocols, including suspension of
international and domestic travel. In Sydney the office, Dome staff worked as usual most of the months
throughout the year. Since December 2021, most travel restrictions were removed and the Company
has returned to normal operations in Australia and Fiji.
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Dome Gold Mines Ltd
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Directors’ Report
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.
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 2021 to 2022
The company's most recent resource estimate was reported on 5 November 2020 and no update to
this resource estimate has been made, and hence no material change has occurred since its original
publication.
24
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.
Statement of Compliance
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.
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 a 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.
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 2022 were as follows:
Issue of share capital
For the year ended 30 June 2022, Dome has raised $8,745,380 by private placements. The funds were
used for exploration, general working capital and loan repayment. Details of share issues are as follows:
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.
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.
On 13 September 2021 the Company completed a placement of 1,000,000 fully paid ordinary shares
at $0.20 per share to raise $200,000.
On 18 October 2021 the Company completed a placement of 1,000,000 fully paid ordinary shares
at $0.20 per share to raise $200,000.
On 6 December 2021 the Company completed a placement of 1,000,000 fully paid ordinary shares
at $0.20 per share to raise $200,000.
On 31 December 2021 the Company completed a placement of 15,000,000 fully paid ordinary
shares at $0.20 per share to raise $3,000,000.
On 20 April 2022 the Company completed a placement of 12,500,000 fully paid ordinary shares at
$0.20 per share to raise $2,500,000.
On 29 June 2022 the Company completed a placement of 520,000 fully paid ordinary shares at
$0.20 per share to raise $104,000.
Issue of unlisted options
On 15 July 2021 the Company issued 6,000,000 unquoted options exercisable at $0.10 each and
expiring on 15 July 2024.
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Dome Gold Mines Ltd
and its controlled entities
Directors’ Report
On 18 August 2021 the Company issued 1,706,900 unquoted options exercisable at $0.10 each and
expiring on 18 August 2024.
On 13 September 2021 the Company issued 1,000,000 unquoted options exercisable at $0.10 each
and expiring on 13 September 2024.
On 24 November 2021 the Company issued 2,000,000 unquoted options exercisable at $0.20 each
and expiring on 24 November 2023.
On 24 November 2021 the Company issued 18,706,900 unquoted options exercisable at $0.10 each
and expiring on 24 November 2024.
On 26 November 2021 the Company issued 2,000,000 unquoted options exercisable at $0.10 each
and expiring on 26 November 2024.
On 6 December 2021 the Company issued 2,000,000 unquoted options exercisable at $0.10 each
and expiring on 6 December 2024.
On 31 December 2021 the Company issued 30,000,000 unquoted options exercisable at $0.10 each
and expiring on 31 December 2024.
On 20 April 2022 the Company issued 31,250,000 unquoted options exercisable at $0.10 each and
expiring on 20 April 2025.
On 29 June 2022 the Company issued 520,000 unquoted options exercisable at $0.10 each and
expiring on 29 June 2025.
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.
On 1 November 2021, 3,457,807 unquoted options of the Company expired unexercised.
On 10 December 2021, 400,000 unquoted options of the Company expired unexercised.
On 31 January 2022, 650,000 unquoted options of the Company expired unexercised.
On 31 March 2022, 960,000 unquoted options of the Company expired unexercised.
DIVIDENDS
No dividends were declared or paid during the financial year (2021: $nil).
EVENTS ARISING SINCE THE END OF THE REPORTING PERIOD
Subsequent to the end of the financial year:
Renewal of SPL1452
An application to renew SPL1452 for a further 3-year period was submitted to the Mineral Resources
Department on 26 August 2022, the expiry date of the current licence. While the renewal application is
being processed the licence remains in force. The remaining commitment of $1,075,306 lapsed on the
renewal date of 26 August 2022.The renewal application included an estimated commitment of
$800,000.
Sigatoka Iron and Industrial Sand Heavy Mineral Project
From 1 July 2022, the Group entered into the following agreements for the Definitive Feasibility Study
of Sigatoka Iron Sand Project.
Company
Flagstaff PCM Pty Ltd
AMC Consultants Pty Ltd
DRA Pacific Pty Ltd
Haskoning Australia Pty Ltd
Smith Geoscience Consultancy
(Fiji)
Scope of work
DFS project management
Mine planning
Process and non-process packages A$1,115,320
Marine study
Environmental Impact Assessment
A$86,110
F$610,863
Estimated contract value $
A$998,000
A$128,390
26
Dome Gold Mines Ltd
and its controlled entities
Directors’ Report
Bank Guarantees to MRD
Bank guarantees of $143,582 have been provided to MRD since the end of the financial year. Bonds
for all tenements are up to date as at the reporting date.
No other matters or circumstances have arisen since the end of the year that have significantly affected
or may significantly affect the operations of the Group, the results of those operations, or the state of
affairs of the Group in future financial years.
LIKELY DEVELOPMENTS, BUSINESS STRATEGIES AND PROSPECTS
The Group will continue to explore and evaluate the Company's exploration projects with the aim of
identifying potential mineral resources and will continue to seek and assess new opportunities in the
Fiji mineral sector with the objective of adding significant shareholder value to Dome.
The Directors are unable to comment on the likely results from the Group’s planned exploration activities
due to the speculative nature of such activities.
DIRECTORS’ MEETINGS
The number of Directors’ Meetings (including meetings of Committees of Directors) held during the
year, and the number of meetings attended by each Director is as follows:
Director
John V McCarthy
Tadao Tsubata
Sarah E Harvey (appointed on 24 September 2021)
BOARD MEETINGS
AUDIT COMMITTEE
MEETINGS*
Entitled
to attend
3
3
3
Attended
3
2
3
Entitled
to attend
-
-
-
Attended
-
-
-
*Audit Committee discontinued since the end of January 2021 and the Board took over the responsibilities to
oversee the financial reports.
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UNISSUED SHARES UNDER OPTION
Unissued ordinary shares of Dome under option as at 30 June 2022 were as follows:
Number of options
3,150,000
2,700,000
900,000
270,000
2,566,126
4,200,000
8,200,000
6,000,000
1,706,900
1,000,000
2,000,000
18,706,900
2,000,000
2,000,000
30,000,000
31,250,000
520,000
Exercise price
$ 0.17
$ 0.10
$ 0.10
$ 0.10
$ 0.10
$ 0.10
$ 0.10
$ 0.10
$ 0.10
$ 0.10
$ 0.20
$ 0.10
$ 0.10
$ 0.10
$ 0.10
$ 0.10
$ 0.10
Expiry date
24 July 2023
31 December 2022
2 March 2023
2 March 2024
15 March 2024
10 June 2024
30 June 2024
15 July 2024
18 August 2024
13 September 2024
24 November 2023
24 November 2024
26 November 2024
6 December 2024
31 December 2024
20 April 2025
29 June 2025
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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Directors’ Report
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
non-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.
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 2022,
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 2022 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
2022
2021
2020
2019
2018
EPS (cents)
Dividends (cents per share)
Net loss ($)
Share price ($)
(0.60)
-
(1,989,393)
0.27
(0.75)
-
(2,238,036)
0.15
(0.70)
-
(2,003,468)
0.20
(0.65)
-
(1,770,486)
0.20
(0.66)
-
(1,704,321)
0.14
The Board considers that these indices do not have any impact on the Group’s performance.
29
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)
Sarah Harvey
(Director)*
Garry Lowder
(Director)**
2022 Total
2021 Total
Cash salary
and fees
$
96,000
45,935
66,000
60,000
51,000
35,000
-
58,448
213,000
199,383
Year
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
Other fees
$
6,075
-
-
-
-
-
-
-
6,075
-
Accrued fees
$
Superannuation
$
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
5,552
-
5,552
Fair value of
options
$
160,287
-
-
-
-
-
-
-
160,287
-
Total
$
262,362
45,935
66,000
60,000
51,000
35,000
-
64,000
379,362
204,935
Proportion of
remuneration
performance
related
%
Value of
options as a
proportion of
remuneration
%
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
No other 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 2022.
Other fees represented consulting fees for consulting services provided.
* Sarah Harvey was appointed as a non-executive Director of the Company on 24 September 2021.
**Garry Lowder retired from the Dome Board on 28 February 2021.
30
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.
Options were granted to Directors as part of their remuneration during the year ended 30 June 2022.
Options were granted for no consideration. Options granted carry no dividends or voting rights when
exercised. Details of options granted are set out in the table below.
Director
Number granted
Grant date
John McCarthy
2,000,000
24/11/2021
Value per option at grant date
$0.0801
Value of options at grant date
$160,287
Number vested
Exercise price
2,000,000
$0.20
Vesting and first exercise date
24/11/2021
Last exercise date
24/11/2023
The options were provided at no cost to the recipient. All options expire on their expiry date.
There were no options over ordinary shares of the Company exercised, forfeited or lapsed which are
related to Directors’ or key management personnel’s remuneration during the year ended 30 June 2022.
No terms of equity-settled share-based payment transactions have been altered or modified by the
issuing entity during the 2022 financial year.
d.
Other information
Options held by key management personnel
The number of options to acquire shares in the Company during the 2022 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 2022
Balance at start
of year
Granted as
remuneration
Received on
exercise
Other changes
Held at the end
of reporting
period
John McCarthy
Tadao Tsubata
Sarah Harvey
-
-
-
2,000,000
-
-
-
-
-
-
-
2,566,126*
2,000,000
-
2,566,126
*Sarah Harvey held 2,566,126 options at the date of appointment (24 September 2021).
31
Dome Gold Mines Ltd
and its controlled entities
Directors’ Report
Shares held by key management personnel
The number of ordinary shares in the Company during the 2022 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 2022
Balance at start
of year
Granted as
remuneration
Received on
exercise
Other changes
Held at the end
of reporting
period
John McCarthy
Tadao Tsubata
Sarah Harvey
260,000
52,342,393
-
-
-
-
-
-
-
-
(331,500)
23,342,625*
260,000
52,010,893
23,342,625
*Sarah Harvey held 23,342,625 shares at the date of appointment (24 September 2021).
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.
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
2,000,000
-
2,566,126
260,000
52,010,893
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.
32
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 18 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.
33
Grant Thornton Audit Pty Ltd
Level 17
383 Kent Street
Sydney NSW 2000
Locked Bag Q800
Queen Victoria Building NSW
1230
T +61 2 8297 2400
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 2022, I declare that, to the best of my knowledge and
belief, there have been:
a no contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to
the audit; and
b no contraventions of any applicable code of professional conduct in relation to the audit.
Grant Thornton Audit Pty Ltd
Chartered Accountants
C F Farley
Partner – Audit & Assurance
Sydney, 29 September 2022
www.grantthornton.com.au
ACN-130 913 594
Grant Thornton Audit Pty Ltd ACN 130 913 594 a subsidiary or related entity of Grant Thornton Australia Limited ABN 41 127 556 389 ACN 127 556 389.
‘Grant Thornton’ refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or
refers to one or more member firms, as the context requires. Grant Thornton Australia Limited 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 ACN 127 556 389 and its Australian subsidiaries and related entities. Liability limited by a scheme approved under Professional Standards
Legislation.
35w
Dome Gold Mines Ltd
and its controlled entities
Corporate Governance Statement
The Board is committed to maintaining 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. The Company has
reviewed its corporate governance practices against the Corporate Governance Principles and
Recommendations (4th edition) published by the ASX Corporate Governance Council.
The 2022 corporate governance statement is dated 29 September 2022 and reflects the corporate
governance practices throughout the 2022 financial year. The board approved the 2022 corporate
governance on 29 September 2022. A description of the Company’s current corporate governance
practices is set out in the Company’s corporate governance statement, which can be viewed at
http://www.equusmining.com/corporate-governance/.
36
Dome Gold Mines Ltd
and its controlled entities
Consolidated Statement of Profit or Loss and Other Comprehensive
Income
for the year ended 30 June 2022
Other income
Employee benefits expenses (including directors fees)
Other expenses
Operating loss
Depreciation
Finance costs
Share based payments
Gain on foreign exchange
Loss on debt settlement
Loss before income tax expense
Income tax expense
Loss for the year
Notes
2022
$
2021
$
4
5
6
28
1,710
52,457
(461,907)
(613,380)
(1,355,431)
(1,815,628)
(1,149,825)
(1,710,748)
(6,651)
(11,930)
(160,287)
5,103
-
(1,989,393)
(149,219)
(95,329)
-
333
(283,073)
(2,238,036)
7
-
(1,989,393)
-
(2,238,036)
Other comprehensive income for the year
Items that may be reclassified subsequently to profit or
loss:
Exchange difference on translating foreign controlled
entities
92,297
(215,274)
Total comprehensive loss for the year
(1,897,096)
(2,453,310)
Earnings per share
Basic and diluted loss per share (cents per share)
8
(0.60)
(0.75)
The above consolidated statement of profit or loss and other comprehensive income should be read in
conjunction with the accompanying notes
37
Dome Gold Mines Ltd
and its controlled entities
Consolidated Statement of Financial Position
as at 30 June 2022
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
TOTAL CURRENT LIABILITIES
NON-CURRENT LIABILITIES
Borrowings
TOTAL NON-CURRENT LIABILITIES
TOTAL LIABILITIES
NET ASSETS
EQUITY
Issued capital
Foreign currency translation reserve
Share-based payment reserve
Accumulated losses
TOTAL EQUITY
Notes
9
10
11
12
13
14
11
13
15
16
2022
$
4,131,270
48,851
57,483
4,237,604
2021
$
200,568
53,614
46,569
300,751
70,920
22,387
35,380
-
33,919,537
32,619,597
100,736
97,959
34,113,580
32,752,936
38,351,184
33,053,687
22,662
404,327
12,938
439,927
-
-
-
278,454
12,082
290,536
899,454
899,454
439,927
1,189,990
37,911,257
31,863,697
17
48,809,155
47,261,940
241,957
149,660
7,498,662
1,534,772
(18,638,517)
(17,082,675)
37,911,257
31,863,697
The above consolidated statement of financial position should be read in conjunction with the accompanying
notes.
38
Dome Gold Mines Ltd
and its controlled entities
Consolidated Statement of Changes in Equity
for the year ended 30 June 2022
Foreign
currency
translation
reserve
$
Share-
based
payment
reserve
$
Issued
capital
$
Accumulated
losses
$
Total
equity
$
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
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
Balance at 1 July 2021
47,261,940
149,660
1,534,772
(17,082,675)
31,863,697
Transaction with owners
Ordinary shares issued
Transaction costs on issue of shares
Share-based payments – equity
transaction costs (note 28)
Employee share-based payments
Transfer between expiry of share
options
8,745,380
(961,011)
(6,237,154)
-
-
Total transactions with owners
1,547,215
-
-
-
-
-
-
-
-
6,237,154
160,287
-
-
-
-
8,745,380
(961,011)
-
160,287
(433,551)
433,551
-
5,963,890
433,551
7,944,656
Other comprehensive income
Loss for the year
Total comprehensive loss for the
year
-
-
-
92,297
-
92,297
-
-
-
-
92,297
(1,989,393)
(1,989,393)
(1,989,393)
(1,897,096)
Balance at 30 June 2022
48,809,155
241,957
7,498,662
(18,638,517)
37,911,257
The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes.
39
Dome Gold Mines Ltd
and its controlled entities
Consolidated Statement of Cash Flows
for the year ended 30 June 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Interest received
Cash received from government grant / other income
Cash paid to suppliers and employees
Interest paid
Other tax received/(paid)
Notes
2022
$
1,638
-
2021
$
2,317
63,570
(1,836,565)
(1,907,375)
(11,930)
3,591
(5,445)
(37,921)
Net cash used in operating activities
18
(1,843,266)
(1,884,854)
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
(1,029)
-
-
-
(60,170)
(880,837)
(942,036)
(8,764)
(2,157)
693
500
(542)
(164,703)
(174,973)
Proceeds from issue of share capital, net of costs
7,620,217
2,247,657
Proceeds from borrowings
Repayment of lease liabilities
Repayment of borrowings
Net cash provided by financing activities
-
(5,322)-
(899,453)
6,715,442
81,500
(82,119)
-
2,247,038
Net increase in cash and cash equivalents
3,930,140
187,211
Cash and cash equivalents at the beginning of the
financial year
Exchange differences on cash and cash equivalents
200,568
562
13,642
(285)
Cash and cash equivalents at the end of the financial
year
9
4,131,270
200,568
The above consolidated statement of cash flows should be read in conjunction with the accompanying notes.
40
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 2022 were approved and authorised for
issue by the Board of Directors on 29 September 2022.
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.
41
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 2022. 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.
42
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.
43
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.
44
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.
45
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.
46
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.
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)
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 23 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.
48
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 ($33,919,537 on 30 June 2022) (2021: $32,619,597)
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 $1,989,393 (2021: $2,238,036), used $2,847,586 (2021:
$2,049,557) of net cash in operations including payments for exploration during the year ended 30 June
2022, and has a cash balance of $4,131,270 at 30 June 2022 (2021: $200,568), and current assets exceed
current liabilities by $3,797,677 (2021: $10,215). While the Group cash position has improved, given the
Group is going ahead with the DFS of SPL1495 as well as other exploration work, the ongoing operation
of the Group remains dependent upon:
the Group raising additional funding from shareholders or other parties; and/or
the Group reducing expenditure in-line with available funding;
extension of the borrowing facilities.
The directors confirm the Group is solvent as at the reporting date. Furthermore, there exists facilities of
$4,460,000 which are unused as at the reporting date. $960,000 of the loan facilities have been extended
to 31 December 2022, and $3,500,000 of the loan facilities have been extended to 31 December 2024 as
at the reporting date. 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, a material uncertainty would exist pertinent to the going concern assumption it may not
be able to continue its operations 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.
49
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.
50
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 were 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).
51
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
2022
$
1,710
-
1,710
967,197
-
237,908
57,926
92,400
1,355,431
424
11,506
-
-
11,930
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
52
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 25% (2021: 26%)
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
2022
$
-
-
-
2021
$
-
-
-
(1,989,393)
(2,238,036)
(497,348)
(581,889)
44,369
445,936
6,451
592
-
115,487
507,339
(41,957)
1,020
-
4,145,786
18,766
(1,140,649)
3,023,903
3,884,363
14,027
(1,082,452)
2,815,938
(1,989,393)
(2,238,036)
No of Shares
Weighted average number of shares at the end of
the year used in basic and diluted loss per share
329,706,352
296,707,395
Basic and diluted loss per share (cents)
(0.60)
(0.75)
As the Group is loss making, none of the potentially dilutive securities are currently dilutive.
53
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
Bond deposit (refer to note below)
Other
Total other non-current assets
2022
$
4,131,270
4,131,270
26
48,825
48,851
7,500
49,983
57,483
97,698
3,038
100,736
2021
$
200,568
200,568
26
53,588
53,614
7,500
39,069
46,569
94,974
2,985
97,959
Bond deposits are held as security against tenements held by the Group. These are restricted until
exploration licenses are relinquished or transferred to a separate license.
54
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
2022
$
6,159
(4,583)
1,576
13,501
(12,904)
597
549,049
(486,260)
62,789
52,952
(46,994)
5,958
70,920
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
55
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 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
Exploration
computer
equipment
$
Exploration
furniture and
fittings
$
Exploration
plant and
equipment
$
Office
equipment
Total
$
$
Gross carrying amount
Balance at 1 July 2021
Additions
Disposals
Net exchange difference
Balance at 30 June 2022
Depreciation and impairment
Balance at 1 July 2021
Depreciation
Disposals
Net exchange difference
5,620
1,433
(966)
72
6,159
(4,749)
(745)
966
(55)
14,080
-
(830)
251
13,501
494,340
68,629
(22,519)
8,599
549,049
51,647
565,687
1,305
71,367
-
-
(24,315)
8,922
52,952
621,661
(12,552)
(472,663)
(40,343)
(530,307)
(959)
830
(223)
(19,003)
(6,651)
(27,358)
13,620
(8,214)
-
-
15,416
(8,492)
Balance at 30 June 2022
(4,583)
(12,904)
(486,260)
(46,994)
(550,741)
Carrying amount as at 30
June 2022
1,576
597
62,789
5,958
70,920
56
Dome Gold Mines Ltd
and its controlled entities
Notes to the Consolidated Financial Statements
13 LEASES
The Group entered a long-term operating lease commitment of office lease in Fiji on 1 April 2022. The lease
is reflected on the balance sheet as a right-of-use asset and a lease liability.
The table below describes the nature of the Group’s leasing activities recognised on the balance sheet.
Right-of-use
assets
No of right-
of-use
assets
leased
Remaining
lease term
No of
leases with
extension
options
No of
leases with
options to
purchase
No of
leases with
termination
options
No of
leases with
variable
payments
linked to an
index
Office
1
12 months
-
-
-
-
The Group has a short-term operating lease commitment of office lease in Australia, expiring within one
month. The Group elects to apply the recognition exemptions of AASB 16 to the lease and recognises lease
payments as an expense on a straight-line basis.
The Group had a short-term office lease in Fiji prior to April 2022. The lease expired during the year ended
30 June 2022, and the lease payments were recognised 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
2022
$
27,984
(5,597)
22,387
2021
$
-
-
-
As at the reporting date, the consolidated entity has one leased office premise under operating leases
expiring in one year, with in certain instances options to extend. On renewal, the terms of the lease are
renegotiated.
57
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 2021
Additions
Other adjustment of depreciation capitalised
Balance at 30 June 2022
Right-of-use assets
Office
Total right-of-use assets
Lease Liabilities
$
-
27,984
(5,597)
22,387
30 June 2022
$
30 June 2021
$
22,387
22,387
-
-
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
22,662
-
22,662
-
-
-
58
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 2022 were as follows:
30 June 2022
Lease payments
Finance charges
Net present value
30 June 2021
Lease payments
Finance charges
Net present value
Minimum lease payments due
Within one year
$
23,711
(1,049)
22,662
One to two years
$
-
-
-
-
-
-
-
-
-
Total
$
23,711
(1,049)
22,662
-
-
-
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 2022
$
-
-
92,400
30 June 2021
$
138,607
3,757
37,500
5,322-
-
92,700
9,497
107,519
82,119
3,757
45,000
13,608
144,484
*Depreciation of $5,597 and Interest of $606 on lease were capitalised as at 30 June 2022.
14 CAPITALISED EXPLORATION AND EVALUATION EXPENDITURE
Balance at 1 July 2020
Expenditure capitalised during the year
Balance at 30 June 2021
Balance at 1 July 2021
Expenditure capitalised during the year
Balance at 30 June 2022
$
32,585,436
34,161
32,619,597
32,619,597
1,299,940
33,919,537
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 2022.
59
Dome Gold Mines Ltd
and its controlled entities
Notes to the Consolidated Financial Statements
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
2022
$
282,757
115,120
6,450
404,327
-
-
-
-
-
2021
$
215,019
44,685
18,750
278,454
-
-
899,454
-
899,454
The Company has one loan facility with related party and two loan facilities with third parties as at the
reporting date.
The outstanding loan payable on the first third party loan facility as at 30 June 2022 is Nil (2021: $153,958).
The agreed interest rate on this unsecured loan is 10%. The facility is not secured. The facility available is
$160,000 and extended to 31 December 2022 prior to the reporting period.
The outstanding loan payable to the second third party loan facility as at 30 June 2022 is Nil (2021:
$745,496). The agreed interest rate on the unsecured loan is 10%. The facility is not secured. The facility
available is $800,000 and extended to 31 December 2022 prior to the reporting period.
There is no outstanding loan payable on the related party facility as at 30 June 2022 (2021: Nil). The total
facility of the Company with this related party is $3,500,000 as at 30 June 2022. The agreed interest rate
on the unsecured loan is 5%. The facility is not secured. The facility has been extended to 31 December
2024 during the reporting period.
60
Dome Gold Mines Ltd
and its controlled entities
Notes to the Consolidated Financial Statements
17 ISSUED CAPITAL
2022
2021
Shares
$
Shares
$
Ordinary shares fully paid
350,104,136
48,809,155
306,377,236
47,261,940
Movements in ordinary share capital
Ordinary shares
No. of
shares
$
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
Balance at 30 June 2021
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)
306,377,236
47,261,940
Balance at 1 July 2021
306,377,236
47,261,940
Fully paid ordinary shares issued 15 July 2021 at $0.20
3,000,000
600,000
Fully paid ordinary shares issued 18 August 2021 at $0.20
Fully paid ordinary shares issued 13 September 2021 at $0.20
Fully paid ordinary shares issued 18 October 2021 at $0.20
Fully paid ordinary shares issued 6 December 2021 at $0.20
Fully paid ordinary shares issued 13 December 2021 at $0.20
Fully paid ordinary shares issued 20 April 2022 at $0.20
Fully paid ordinary shares issued 29 June 2022 at $0.20
Less costs of issue**
Balance at 30 June 2022
9,706,900
1,000,000
1,000,000
1,000,000
15,000,000
12,500,000
520,000
-
1,941,380
200,000
200,000
200,000
3,000,000
2,500,000
104,000
(7,198,165)
350,104,136
48,809,155
**Included in costs of issue are cash payments of $961,011 and $6,237,154 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.
61
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
Gain on exchange differences
Changes in other assets and liabilities
Decrease/(Increase) in trade receivables and other
assets
(Decrease)/increase in trade and other payables
Share based payments
2022
$
2021
$
4,131,270
200,568
(1,989,393)
(2,238,036)
6,651
-
-
(5,226)
(5,958)
39,113
(48,740)
160,287
149,219
8,874
283,073
-
(4,217)
(138,563)
54,796
-
Net cash used in operating activities
(1,843,266)
(1,884,854)
Non-cash financing activities includes share-based payments issued to brokers in lieu of services provided
of $6,237,154.
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
85,000
85,000
65,000
65,000
62
Dome Gold Mines Ltd
and its controlled entities
Notes to the Consolidated Financial Statements
20 RELATED PARTY TRANSACTIONS
(a) The Group has loans from related parties as described below.
Loan from related parties
Beginning of the year
Transferred from loan from a third party
Loans advanced
Loan repayments
Interest charged
Transferred to loan from third parties
End of period
The agreed interest on the loans is 10%.
2022
$
-
53,541
-
(53,965)
424
-
-
2021
$
761,517
-
61,500
-
43,619
(866,636)
-
(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
Share-based payments
219,075
-
219,075
-
-
160,287
199,383
-
199,383
5,552
5,552
-
Total remuneration
379,362
204,935
There are no other related party transactions during the year ended 30 June 2022.
21 CONTINGENCIES AND COMMITMENTS
Minimum tenement expenditure requirements
Within one year
Between one to five years
Total
1,720,304
2,596,774
4,317,078
2,589,598
431,388
3,020,986
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 has been renewed for another 3 years from 27th April 2022
to 26th April 2025, and SPL 1452 expired on 26 August 2022. An application to renew SPL1452 for a further
3-year period was submitted to the Mineral Resources Department with an estimated commitment of
$800,000 on 26 August 2022, the expiry date of the current licence. While the renewal application is being
processed the licence remains in force. The Company is confident that the licence will be renewed. During
the processing of the renewal application, the SPL continues as if in force and work on the project area is
not prohibited.
63
Dome Gold Mines Ltd
and its controlled entities
Notes to the Consolidated Financial Statements
21 CONTINGENCIES AND COMMITMENTS (CONTINUED)
Additional bond requirements
Within one year
Between one to five years
Total
Bond deposits
2022
$
-
65,863
65,863
2021
$
135,887
-
135,887
The Group has bond deposits totalling $105,198 (2021: $102,474) as at 30 June 2022. Bank guarantees
of $143,582 have been provided to MRD since the end of the financial year.
There are no other contingent assets or liabilities as at the date of this financial report.
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.
64
Dome Gold Mines Ltd
and its controlled entities
Notes to the Consolidated Financial Statements
22 SEGMENT REPORTING (CONTINUED)
Business segments
For the year ended 30 June 2022 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 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
30 June 2022
Segment revenue
External revenue
Finance income
Total revenue
Depreciation
Share based payments
-
715
715
-
-
-
381
381
-
-
-
614
614
-
1,710
1,710
(6,651)
(6,651)
(160,287)
(160,287)
Segment profit/(loss)
(4,453)
(8,336)
(1,976,604)
(1,989,393)
Segment assets
31,078,128
3,074,258
4,198,798
38,351,184
Segment liabilities
4,090,101
2,541,646
(6,191,820)
439,927
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
2022
$
2021
$
(12,789)
(1,976,604)
(1,989,393)
34,152,386
(6,636,455)
10,835,253
38,351,184
6,631,747
(6,636,455)
444,635
439,927
(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
As at and throughout the financial year ended 30 June 2022 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
(1,976,213)
99,852
(1,876,361)
10,491,756
27,441,226
37,932,982
119,588
-
119,588
37,813,394
48,809,155
(18,505,724)
11,301
7,498,662
37,813,394
(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
47,261,940
(16,962,763)
(88,551)
1,534,772
31,745,398
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:
Renewal of SPL1452
An application to renew SPL1452 for a further 3-year period was submitted to the Mineral Resources
Department on 26 August 2022, the expiry date of the current licence. While the renewal application is
being processed the licence remains in force. The remaining commitment of $1,075,306 lapsed on the
renewal date of 26 August 2022. The renewal application included an estimated commitment of $800,000.
Sigatoka Iron and Industrial Sand Heavy Mineral Project
From 1 July 2022, the Group entered into the following agreements for the Definitive Feasibility Study of
Sigatoka Iron Sand Project.
Company
Flagstaff PCM Pty Ltd
AMC Consultants Pty Ltd
DRA Pacific Pty Ltd
Haskoning Australia Pty Ltd
Smith Geoscience Consultancy
(Fiji)
Scope of work
DFS project management
Mine planning
Process and non-process packages A$1,115,320
Marine study
Environmental Impact Assessment
A$86,110
F$610,863
Estimated contract value $
A$998,000
A$128,390
Bank Guarantees to MRD
Bank guarantees of $143,582 have been provided to MRD since the end of the financial year. Bonds for all
tenements are up to date as at the reporting date.
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
2022
%
100
100
100
2021
%
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 2022. 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% (2021: 5%) then this would have had the following
impact:
30 June 2022
30 June 2021
Profit for the year
$
-
-
Equity
$
299,914
265,994
If the AUD had weakened against the FJD by 5% (2021: 5%) then this would have had the following impact:
30 June 2022
30 June 2021
Profit for the year
$
-
-
Equity
$
(299,914)
(265,994)
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 2022, the Group is not exposed to changes in market interest
rates through borrowings as all borrowings are at fixed interest rates.
On 30 June 2022, 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:
2022
Weighted
average
interest rate
%
Balance
$
2021
Weighted
average
interest rate
%
Balance
$
Cash and cash equivalents
0.28
4,131,270
0
200,568
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).
2022
+0.5%
$
-0.5%
$
2021
+0.5%
$
-0.5%
$
Profit/(loss) for the year
1,003
(1,003)
-
-
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
Bond deposit
Carrying amount
2022
$
4,131,270
48,851
105,198
4,285,319
2021
$
200,568
53,614
102,474
356,656
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 2022
Carrying value
Contractual amount
Trade and other payables
Lease liability
Total
$
404,327
22,662
426,989
Total Within one year
$
404,327
22,662
426,989
$
404,327
22,662
426,989
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
Between one to
five years
$
-
-
-
Between one to
five years
$
1,016,647
-
1,016,647
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 2022,49,716,900 options were issued in exchange for goods or services
provided and 2,000,00 options were granted to a non-executive Director as part of the remuneration
package.
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.
71
Dome Gold Mines Ltd
and its controlled entities
Notes to the Consolidated Financial Statements
28 SHARE-BASED PAYMENTS (CONTINUED)
28.1 Shares issued in lieu of brokerage fees
Awarded
during the
year ended
30 June
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
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
2022
3,000,000 15/07/2021 15/07/2024 $0.0917
1,000,000 13/09/2021 13/09/2024 $0.0834
9,706,900 24/11/2021 24/11/2024 $0.1449
1,000,000 26/11/2021 26/11/2024 $0.1448
1,000,000
6/12/2024 $0.1447
15,000,000 31/12/2021 31/12/2024 $0.1132
20/4/2025 $0.1299
18,750,000
29/6/2025 $0.1851
260,000
20/4/2022
29/6/2022
6/12/2021
$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
$0.10
$0.10
$0.10
$0.10
$0.10
$0.10
0.888
0.731
0.834
0.744
0.659
0.251
0.278
0.074
0.139
0.245
0.427
0.15
0.18
0.99
0.93
0.89
0.96
2.55
3.24
55.44
55.49
56.13
56.09
57.66
57.24
69,778
189,884
82,856
23,803
9,643
57,586
433,550
48.66
52.66
56.76
54.58
53.43
219,968
86,649
23,867
200,703
286,961
818,148
1,251,698
275,122
55.06
83,351
49.11
52.87 1,406,729
144,833
52.87
52.87
144,653
53.11 1,698,511
53.46 2,435,839
48,116
48.78
6,237,154
69,778
189,884
82,856
23,803
9,643
57,586
433,550
219,968
86,649
23,867
200,703
286,961
818,148
1,251,698
275,122
83,351
1,406,729
144,833
144,653
1,698,511
2,435,839
48,116
6,237,154
28.2 Options issued as part of the remuneration package
Options were granted to a non-executive Director as part of the remuneration package during the year
ended 30 June 2022. Options were granted for no consideration.
Options
awarded
during the
half-year
Award date
and vesting
date
Expiry date
Fair
value of
options
at
award
date
Exercise
price
Risk
free
rate
(%)
Expected
volatility
(%)
Value of
options
granted
during the
year ($)
2,000,000 24/11/2021 24/11/2023 $0.0801
$0.20
0.54
53.49
$160,287
Amount of
share-
based
payments
recognised
($)
$160,287
72
Grant Thornton Audit Pty Ltd
Level 17
383 Kent Street
Sydney NSW 2000
Locked Bag Q800
Queen Victoria Building NSW
1230
T +61 2 8297 2400
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 2022, 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 2022 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 (including Independence
Standards) (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.
www.grantthornton.com.au
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‘Grant Thornton’ refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or
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556 389 ACN 127 556 389 and its Australian subsidiaries and related entities. Liability limited by a scheme approved under Professional Standards
Legislation.
74w
Material uncertainty related to going concern
We draw attention to Note 3.16 in the financial statements, which indicates that the Group incurred a net loss of
$1,989,393 during the year ended 30 June 2022, and its cash outflows from operating activities including
payments for exploration were $2,847,586. As stated in Note 3.16, these events or conditions, along with other
matters as set forth in Note 3.16, indicate that a material uncertainty exists that may cast doubt on the Group’s
ability to continue as a going concern. Our opinion is not modified in respect of this matter.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of
the 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 2022, the carrying value of exploration and
evaluation assets was $33,919,537.
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 that may suggest the carrying
value is in excess of the recoverable value.
Several assumptions are made when assessing the
recoverability of capitalised costs, which are often
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 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
• evaluating the competence, capabilities and
objectivity of management's experts in the
evaluation of potential impairment triggers; and
• assessing the appropriateness of the related
financial statement disclosures.
Grant Thornton Australia Limited 75
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 2022, 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.
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 29 to 32 of the Directors’ report for the year
ended 30 June 2022.
In our opinion, the Remuneration Report of Dome Gold Mines Limited, for the year ended 30 June 2022
complies with section 300A of the Corporations Act 2001.
Grant Thornton Australia Limited 76
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, 29 September 2022
Grant Thornton Australia Limited 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 2022.
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 2022 was as follows:
Type of security
Ordinary shares
Unlisted options
Number of holders
Number of securities
505
26
350,104,136
117,169,926
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
15
17
162
159
152
505
-
-
-
-
26
26
78
Dome Gold Mines Ltd
and its controlled entities
ASX Additional Information
LESS THAN MARKETABLE PARCELS
On 31 August 2022, there were 17 holders of less than a marketable parcel of 1,924 ordinary shares.
TWENTY LARGEST SHAREHOLDERS
As at 31 August 2022, the twenty largest quoted shareholders held 66.57% of the fully paid ordinary
shares as follows:
Name
Blue Ridge Interactive Limited
Onizaki Corporation
Fleet Market Investments Pty Ltd
Citicorp Nominees Pty Limited
Shukikaku
Brave Top Enterprises Ltd
Globe Street Investments Pty Ltd
10,000,000
Globe Street Investments Pty Ltd
10,000,000
Mr Hwaeun Park
Cybersys Inc
Mr Yosuke Hitotsuyama
Mr Ryoji Hitotsuyama
Bowwow KK
Tiger Ten Investment Limited
Monex Boom Securities (HK) Ltd
BNP Paribas Nominees Pty Ltd
Primavera
Thamadia Nominees Pty Ltd
Mr Yoshimi Yamamoto
Mr Katsuji Kato
8,743,512
8,000,000
7,688,368
7,407,782
7,000,000
6,151,893
6,066,256
5,414,811
5,000,000
5,000,000
4,500,000
4,488,720
Ordinary Shares
Quantity
%
45,000,000
12.85
30,000,000
22,342,625
16,249,098
13,500,000
10,500,000
8.57
6.38
4.64
3.86
3.00
2.86
2.86
2.50
2.29
2.20
2.12
2.00
1.76
1.73
1.55
1.43
1.43
1.29
1.28
TWENTY LARGEST OPTIONOLDERS
As at 31 August 2022, there was one optionholder that held 20% or more of the unquoted options.
Name
Precious Tori Limited
Unlisted Options
Quantity
%
38,076,900
32.50
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 2022, 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
26/04/2025
Interest
%
100
100
100
*Application to renew this Special Prospecting Licence for a further 3-year period was submitted to the Mineral
Resources Department, Fiji. While the renewal application is being processed the licence remains in force.
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