ABN 49 151 996 566
Annual Report
30 June 2024
Dome Gold Mines Ltd
and its controlled entities
Table of Contents
Chairman’s Message ................................................................................................................... 1
Directors’ Report ........................................................................................................................ 2
Auditor’s Independence Declaration ........................................................................................ 28
Corporate Governance Statement ............................................................................................. 29
Consolidated Statement of Profit or Loss and Other Comprehensive Income ......................... 30
Consolidated Statement of Financial Position .......................................................................... 31
Consolidated Statement of Changes in Equity.......................................................................... 32
Consolidated Statement of Cash Flows .................................................................................... 33
Notes to the Consolidated Financial Statements ....................................................................... 34
Consolidated Entity Disclosure Statement................................................................................ 65
Directors’ Declaration ............................................................................................................... 66
Independent Auditor’s Report ................................................................................................... 67
ASX Additional Information .................................................................................................... 73
Corporate Directory .................................................................................................................. 76
Dome Gold Mines Ltd
and its controlled entities
1
Chairman’s Message
Dear Shareholder,
I am pleased to present the Annual Report of Dome Gold Mines Limited for the year ended 30 June
2024.
In the past year, Dome continued to advance toward the development of a magnetite and construction
sand/gravel mining project at Sigatoka. Engineering work on the Feasibility Study reached the final
stage with a four-month completion plan now in place and the Environmental Impact Assessment has
been compiled and submitted to the Department of Environment for review before being lodged to the
Mineral Resources Department. On completion of the Feasibility Study Report, Dome will be positioned
to obtain Special Mining Lease for the Sigatoka Ironsands Project.
Another very important achievement during the year was the signing of a non-binding Memorandum of
Understanding (MOU) with Dayals Steel Pte Limited for the purchase of magnetite concentrate from
the Sigatoka project when mining commences (see ASX release dated December 13, 2023 for details).
As previously reported, laboratory tests on Sigatoka construction sand confirmed that it is excellent for
use in mixes for asphalt and specialty concretes and will meet or exceed all engineering specifications
for these materials, even in applications in direct contact with seawater.
In May 2023, the Company, through its wholly owned subsidiary Magma Mines Pte Ltd (Magma)
submitted a proposal to undertake a desilting dredging project to mitigate annual flooding of the
Sigatoka River to the Ministry of Agriculture and Waterways (MAW). As proposed, dredged material
would be processed to recover magnetite concentrate, construction sand and gravel for sale.
During this financial year, the Fiji Government expanded the number of ministries or departments
involved in the Desilting Project to also include the Department of Environment (DOE), the Mineral
Resources Department (MRD) and Lands Department (LD) of the Ministry of Lands and Mineral
Resources (MLMR), the Ministry of iTaukei and Cultural Affairs (MiTCA) and the Ministry of Rural and
Maritime Development (MRMD). In compliance with Government regulations, the project was
advertised on August 24, 2024, seeking Expressions of Interest (EOI) in the national project, not just
the Sigatoka River, but also another 113 rivers and creeks subject to periodic flooding. Dome has re-
submitted its Expression of Interest (EOI) and as at the date of this letter, the Company’s proposal is
under assessment.
The Company’s applications for renewal of Special Prospecting Licences (SPL) 1451 (gold) and
SPL1452 (copper-gold porphyry) were both approved by MRD post June 2024. Each SPL renewal is
for three-year terms. During the period the renewal applications were being processed, both gold and
copper prices have shown substantial increases, enhancing the exploration potential of the properties.
I thank my fellow Directors, Mr Tadao Tsubata and Ms Sarah Harvey for their continued support. On
behalf of the Board, I also sincerely thank the employees and contractors of Dome, who have continued
to serve the Company with loyalty and diligence as well as our shareholders whose investment,
encouragement and patience are essential to the Company’s success.
In closing, Dome is the sole owner of three very valuable mineral assets in Fiji. I am confident that those
assets will soon yield real returns to our shareholders. I look forward to a rewarding year as our
trajectory toward development of a sand mining operation in Fiji is realised.
J. V. McCarthy
Chairman
Dome Gold Mines Ltd
and its controlled entities
2
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 47 years in mineral exploration. He has worked in Canada, Southern
Africa, Indonesia, Vietnam, Fiji and Australia and has previously held senior executive positions in junior
exploration companies, both listed and unlisted.
Mr McCarthy worked for Dome initially as a consultant and later as CEO for eight years until May 2019,
when he retired to pursue personal interests. During his earlier time with Dome, he took an active role
in the listing of the Company on the ASX and its subsequent growth, including Dome’s acquisition of
Magma Mines Ltd, holder of the Sigatoka Iron Sands Project in Fiji (SPL1495).
Mr John V. McCarthy was appointed as an independent, non-executive Director of the Company on 13
January 2021, and assumed the role of non-executive Chairman from 1 February 2021.
Other current Directorships: None
Previous Directorships (last 3 years): None
Interests in shares: 260,000 shares
Interests in options: None
Mr Tadao Tsubata
Bachelor of Arts in Economics (Kokushikan University, Tokyo)
Non-Executive Director
Director since 8 July 2011
Mr Tadao Tsubata studied at Kokushikan University, Tokyo, in the Department of Politics and
Economics, graduating in 1991 with a B.A. in Economics.
From 1991 to 1997, Tadao worked in corporate finance at a large Japanese securities company. From
this role, he moved to a major international life insurance and investment company where he was
involved in retail offerings and distribution of the business in Japan.
Establishing his first business in life insurance distribution and agencies in 2001, this formed the basis
of a new business being a Japanese focused asset management company.
In early 2010, the activities of both the insurance business and the asset management company grew
to the extent that a private investment advisory firm was established to specifically target international
investments in mining exploration, primary production and other growth industries. Tadao continues in
the role of Chief Executive Officer of this business and its international operations including in Australia.
Other current Directorships: None
Previous Directorships (last 3 years): None
Interests in shares: 50,457,938 shares
Interests in options: None
Dome Gold Mines Ltd
and its controlled entities
Directors’ Report
3
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
Director from 27 July 2017 until 21 January 2021, reappointed on 24 September 2021
Ms Sarah Harvey is a lawyer and has worked for over 20 years across multiple industries in both private,
corporate and government environments. She has experience in providing board advice in strategic
planning, due diligence, and government regulatory 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: None
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 35 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 Pte Ltd and Magma Mines Pte Ltd
holds 100% interest in 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).
Dome Gold Mines Ltd
and its controlled entities
Directors’ Report
4
Figure 1 –
Dome Gold Mine’s Fiji project location map
SPL 1495 Sigatoka Iron and Construction Sand/Gravel and Desilting Projects
Sigatoka Construction Sand Laboratory Test Results
As previously reported, Dome completed laboratory testwork on construction/industrial sand produced
during Pilot Plant processing of a bulk sample from the Sigatoka Project. The tests were conducted
under the direction of Mr Ion Dimitru, Technical Manager, Boral Construction Materials Laboratory in
Sydney as part of a Definitive Feasibility Study on the Sigatoka Project (see ASX release dated April
12, 2023).
Plate 1 – “Run of mine” magnetite bearing construction sand sample
from Kulukulu South resource area
Dome Gold Mines Ltd
and its controlled entities
Directors’ Report
5
Plate 2 – Construction sand from large scale pilot plant operation tested for asphalt and concrete applications
Construction sand (fine aggregate) is a critical material used in construction, being a key ingredient in
concrete, asphalt, base and the sub-base of flexible and rigid pavements. About 50 billion tonnes of
sand is extracted annually worldwide, being the second most exploited natural resource after water.
The consumption of sand, which has tripled over the last 20 years is currently faster than its replacement
by natural geological processes and a worldwide sand supply crisis is emerging.
The investigations carried out involved assessment of Sigatoka magnetite mining sand tailings, for use
as fine aggregates in concrete mixes, including analysis of physical and chemical properties such as
Particle Size Distribution (PSD), water absorption, density, presence or absence of deleterious
materials, shape, texture and durability.
Tests completed included: content as well as clay-type analysis of the minus 2 micron fraction,
methylene blue adsorption (MBV), sodium sulphate soundness, chloride and sulphate content, Micro
Deval and Alkali Silica Reaction (ASR).
Performance of the magnetite mining tailings as fine aggregate in high performance concrete was also
tested. This work included fresh and hardened concrete properties of a 50 MPa concrete mix, including
slump, density, bleeding, air content, setting time, compressive strength and drying shrinkage at 56
days.
Furthermore, concrete durability tests such as sorptivity, water permeability under pressure, volume of
permeable voids, chloride penetration/diffusion, etc. were completed. The impact of “low percentage
diopside” addition to the concrete mix was also, assessed since diopside is a major non-magnetic heavy
mineral in the Sigatoka sand deposit.
Based on these comprehensive results it is concluded that the magnetite mining tailings conform to fine
aggregate requirements to be used for engineering processes in Australia. The magnetite mining
tailings have a good abrasion, disintegration and abrasion resistance, being non-reactive for ASR.
Dome Gold Mines Ltd
and its controlled entities
Directors’ Report
6
In conclusion:
-
Sigatoka construction sand as fine aggregates in high performance concrete mixes,
conforms to the requirements of AS 3600 – Concrete structures for B2 exposure
classification (surface member above-ground in coastal area and in any climate zone and
surface in maritime structures in sea water- permanently submerged);
-
With proper concrete mix designs, Sigatoka construction sand is suitable to be used, as
fine aggregates, in high performance concretes, including:
a. Concrete for bridges
b. Concrete in marine environments
c. Shotcrete in tunnelling and underground mining operations
d. Concrete pavements
e. Precast concrete panels, etc.
Sigatoka Magnetite Concentrate
Plate 3 – Magnetite concentrate from large scale pilot plant operation
Detrital magnetite is present with the sand and gravel at Sigatoka and will be recovered during
processing. The quality of this product for use in production of steel has been shown in both small and
bulk sample pilot plant operations.
Dome Gold Mines Ltd
and its controlled entities
Directors’ Report
7
During November-December 2023 the Company was approached by Dayals Steel Pte operators of a
steel production facility at the town of Ba, Fiji. These discussions resulted in the signing of a non-
binding MOU about potential purchase of up to 30,000 tonnes of Sigatoka magnetite concentrate per
year should the project reach the operational stage. Although there is no guarantee that the MOU will
eventuate into a formal agreement it is encouraging that a potential customer for the product is located
in Fiji.
Dayals Steels Pte Limited is an expanding steel company located at Ba on Fiji’s main island of Viti Levu.
It is the only Fijian steel company to achieve ISO9001 Quality Management System, ISO14001
Environmental Management System and ISO45001 Occupational Health and Safety Management
System accreditations. As part of the MR Dayal Group of companies which was founded over 80 years
ago, Dayals Steels employs over 200 staff and is a major contributor to the Fijian economy and local
community. Dayals manufactures Reinforcement Bars, Corrugated and Ribbing Roofing products,
Purlins and both Galvanised and Reinforcement Mesh to serve the growing demand across Fiji and the
Pacific Islands.
Both companies believe that the conversion of the magnetite concentrate mined in Fiji to steel products
produced in Fiji will greatly benefit the Country’s people and economy.
Sigatoka Project Feasibility and Environmental Assessment Study Updates
An expert’s review of the draft feasibility study nominated several additional study programs that
required completion before the Sigatoka Feasibility Study could be finalised. Work on these outstanding
items is expected to be completed in early 2025.
The review determined since removal of the non-magnetic heavy minerals was no longer required, a
less complicated and lower capital cost process plant recovering magnetite concentrate followed by a
standard sand-gravel washing and screening plant would be the best option for the project. The
processing change involves not only simplification of process plant but also significant savings in both
capital and operating costs.
As mentioned above, laboratory tests completed on the Sigatoka construction sand determined it can
be used in both asphalt and concrete mixes that satisfy engineering standards even for high
compressive strength and specialty concretes. Importantly, based on its content of the pyroxene mineral
diopside, the concrete produced demonstrates resistance to concrete cancer and can be used in direct
contact with seawater in marine environments.
The final draft of the comprehensive Sigatoka Environmental Impact Assessment (EIA) study in
compliance with Terms of Reference (TOR) issued by the Department of Environment (DOE) was
reviewed by management and has subsequently been submitted to DOE for assessment. In conjunction
with the Feasibility Study the EIA will support an application for a Special Mining Lease at Sigatoka.
Sigatoka Desilting Project
Discussions continued during the financial year with the five Ministries and Departments involved in the
Desilting Project, namely, the Ministry of Agriculture and Waterways (MAW), the Ministry of Lands and
Mineral Resources (MLMR), the Ministry of iTaukei and Cultural Affairs (MiTCA), the Department of
Environment (DOE) and the Ministry of Rural and Maritime Development (MRMD) about implementation
of the Flood Mitigation project.
The Company had already prepared its formal proposal to undertake the desilting work at Sigatoka and
has again submitted its Expression of Interest (EOI) to MAW.
Desilting is proposed to alleviate annual floods of the Sigatoka River valley due to the large deposits of
sand and gravel filling the riverbed. In return for conducting the desilting, the dredged material will be
washed and screened to produce construction sand/gravel as well as magnetite concentrate products
for sale.
Dome Gold Mines Ltd
and its controlled entities
Directors’ Report
8
The Desilting Project can commence very quickly, while the Sigatoka Feasibility studies are completed
and the application for a Special Mining Lease to mine and process other parts of the Sigatoka resource
is being processed. Management expects to shortly finalise a contract with MAW to proceed with the
project and in preparation is engaging in discussions with equipment financing institutions and suppliers
of a dredge and processing plant needed for the project.
Director Site Visits and Meetings in Fiji
During May, the Company’s Chairman and fellow Director Mr Tadao Tsubata from Japan undertook a
visit to Fiji for meetings with a potential customer for magnetite concentrate from the Sigatoka Project
and with Ministers and other Government officials about the proposed river Flood Mitigation program
and the Company’s SPL’s. The Dome Directors were cordially received by all parties and received
strong support for continued investment in its Fiji projects (see photos below). On behalf of my fellow
Director Mr Tsubata and Dome management, I gratefully extend our thanks for the hospitality we
received while in Fiji.
Plate 4 – Meeting with the owners of Dayals Steel, a potential customer
for magnetite concentrate from the Sigatoka Project – from left
Mr Tsubata, Mr Jay Dayal, Mrs Ashika Dayal, Mr McCarthy
and Mr Semi Luvuiwai (Dome senior geologist/Community
Liaison).
Dome Gold Mines Ltd
and its controlled entities
Directors’ Report
9
Plate 5 – Dayals Steel refinery. From left Mrs Ashika Dayal, Mr Jay Dayal, Mr
Tsubata, Mr McCarthy and Mr Semi Luvuiwai
Plate 6 – Meeting Minister of Lands and Resources. From left Mr McCarthy, the
Honourable Minister Vosarogo, Mr Tsubata and Mr Darren Grant (Country
Manager)
Dome Gold Mines Ltd
and its controlled entities
Directors’ Report
10
Plate 7 – Meeting MRD officials. From left Mr Tsubata, Mr McCarthy, Mrs
Natasha Divia, Mr Semi Luvuiwai, MRD Secretary Margreet Ravuca,
Permanent Secretary MLR Dr Raijieli Taga, Director MRD Dr Apete
Soro, Mr Darren Grant.
Sigatoka community engagement
During December 2023 the Company was invited to participate as one of the sponsors of the “Coral
Coast 7’s” rugby tournament, a highly popular event held at Sigatoka. Magma was privileged to sponsor
Jarell Luafalealo, a very talented player from the all-star team.
Plate 8 – Photo of jersey presentation with from left Samuela
Ratulevu (Magma), Jarell Luafalealo and Sir Gordon
Tietjens (Guest of Honour)
Dome Gold Mines Ltd
and its controlled entities
Directors’ Report
11
JORC 2012 Mineral Resource estimates on Sigatoka SPL1495
The total mineral resources at Sigatoka are 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.
Figure 2 - Resource domains of the Sigatoka sand deposit
Dome Gold Mines Ltd
and its controlled entities
Directors’ Report
12
Table 1: Comparative Sigatoka Project Resource Inventory, November 2020
The 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.
Figure 3 - Kulukulu South area, indicating the location of the cross-section shown
in Figure 4. Also note the sand and gravel deposits filling the Sigatoka
riverbed that will be dredged during the Desilting Project.
Inferred Indicated Unclassified Inferred Indicated Unclassified Inferred Indicated
Tonnes (Mt)
100.1
Average HM%
17%
HM tonnes (kt)
17,239
MAG1 Tonnes (kt)
2,637
Tonnes (Mt)
73.2
73.2
-
Average HM%
17%
HM tonnes (kt)
12,708
12,708
-
MAG1 Tonnes (kt)
1,885
1,885
-
Tonnes (Mt)
0.6
34.0
0.6
34.0
Average HM%
48%
20%
HM tonnes (kt)
295
6,710
295
6,710
MAG1 Tonnes (kt)
74
1,707
74
1,707
Tonnes (Mt)
5.9
25.3
5.3
23.9
0.6
-
1.4
-
Average HM%
11%
12%
11%
12%
HM tonnes (kt)
631
2,923
570
2,755
61
-
168
-
MAG1 Tonnes (kt)
91
443
81
416
10
-
27
-
Tonnes (Mt)
52.7
52.5
0.2
-
Average HM%
13%
13%
HM tonnes (kt)
6,981
6,935
46
-
MAG1 Tonnes (kt)
1,607
1,595
12
-
Tonnes (Mt)
106.0
78.0
73.2
5.9
110.4
73.2
0.0
32.4
Average HM%
17%
13%
17%
15%
15%
HM tonnes (kt)
17,870
9,904
12,708
865
16,400
12,708
234
6,496
MAG1 Tonnes (kt)
2,728
2,050
1,885
155
3,718
1,885
64
1,668
Kulukulu
North
Kulukulu
South
Sigatoka
River
Koroua
Island
TOTALS
Subdivided into Kulukulu North & South (2020)
RESOURCE
SUB-CATEGORY
PREVIOUS
CURRENT
DIFFERENCE
Kulukulu
(2014)
Dome Gold Mines Ltd
and its controlled entities
Directors’ Report
13
Figure 4 - Kulukulu South cross-section 9660mN, hot colours showing highest HM results.
SPL 1451 Ono Island Gold Project
During the financial year an application for renewal of SPL1451 was being processed by MRD. On 11
July 2024 the Company was formally notified that the SPL had been renewed for a further 3-year period
from 28 June 2024 to 27 June 2027.
The Company completed an initial diamond drilling program on 3 July 2018 for a total of 2,276 m (see
Figure 5). The drilling program tested several epithermal gold targets at two prospects on the Ono Island
(Naqara East and Naqara West).
Figure 5 – Exploration drill hole location map of the Naqara East and Naqara West prospects
Dome Gold Mines Ltd
and its controlled entities
Directors’ Report
14
The photo below in Plate 9 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 9 –
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 on
Ono Island. 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.
To date exploration has been conducted only on the northern half of the volcanic system. In the next
stage the southern half of the island will be assessed using soil geochemistry, geological mapping,
geophysical surveys and rock chip sampling.
Dome Gold Mines Ltd
and its controlled entities
Directors’ Report
15
SPL 1452 Nadrau Project
SPL 1452 had expired on 25 August 2022 and after an extended period the renewal of the SPL was
approved on 13 August 2024 for a further 3-year period from 3 July 2024 to 2 July 2027. The total
renewal fees need to be paid by 2 October 2024.
The tenement area of 32,930 ha is located on Fiji’s main island, Viti Levu and adjacent to the world class
Namosi Porphyry copper-gold Project that reportedly contains approximately 2.1 billion tonnes grading
0.37% Copper (Cu) and 0.12g/t Gold (Au).
Dome’s tenement contains two large copper-gold-silver ionic leach geochemical anomalies (Namoli and
Wainivau prospects) interpreted to be related to intrusive centres. Geological mapping and rock chip
sampling 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.
Stream sediment gold and copper plots are shown below on Figures 6 and 7 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). The data shows very encouraging signs that a Cu-Au porphyry systems similar to those at
Namosi have potential to be discovered in the Namoli-Wainivau area.
The next stage of exploration stage at Namoli and Wainivau will involve magnetometer and geophysical
surveys to detect and map the extent of mineralised porphyry intrusives that warrant exploration drilling.
The Company is confident that systematic exploration has potential to discover porphyry copper-gold
systems on SPL1452.
Dome Gold Mines Ltd
and its controlled entities
Directors’ Report
16
Figure 6 -
Map showing the stream sediment copper assay results from Namoli-Wainivau prospect.
Dome Gold Mines Ltd
and its controlled entities
Directors’ Report
17
Figure 7 -
Map showing the stream sediment gold assay results from Namoli-Wainivau prospect.
Dome Gold Mines Ltd
and its controlled entities
Directors’ Report
18
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
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 comparison 2023 to 2024
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.
Inferred Indicated Unclassified Inferred Indicated Unclassified Inferred Indicated
Tonnes (Mt)
100.1
Average HM%
17%
HM tonnes (kt)
17,239
MAG1 Tonnes (kt)
2,637
Tonnes (Mt)
73.2
73.2
-
Average HM%
17%
HM tonnes (kt)
12,708
12,708
-
MAG1 Tonnes (kt)
1,885
1,885
-
Tonnes (Mt)
0.6
34.0
0.6
34.0
Average HM%
48%
20%
HM tonnes (kt)
295
6,710
295
6,710
MAG1 Tonnes (kt)
74
1,707
74
1,707
Tonnes (Mt)
5.9
25.3
5.3
23.9
0.6
-
1.4
-
Average HM%
11%
12%
11%
12%
HM tonnes (kt)
631
2,923
570
2,755
61
-
168
-
MAG1 Tonnes (kt)
91
443
81
416
10
-
27
-
Tonnes (Mt)
52.7
52.5
0.2
-
Average HM%
13%
13%
HM tonnes (kt)
6,981
6,935
46
-
MAG1 Tonnes (kt)
1,607
1,595
12
-
Tonnes (Mt)
106.0
78.0
73.2
5.9
110.4
73.2
0.0
32.4
Average HM%
17%
13%
17%
15%
15%
HM tonnes (kt)
17,870
9,904
12,708
865
16,400
12,708
234
6,496
MAG1 Tonnes (kt)
2,728
2,050
1,885
155
3,718
1,885
64
1,668
Kulukulu
North
Kulukulu
South
Sigatoka
River
Koroua
Island
TOTALS
Subdivided into Kulukulu North & South (2020)
RESOURCE
SUB-CATEGORY
PREVIOUS
CURRENT
DIFFERENCE
Kulukulu
(2014)
Dome Gold Mines Ltd
and its controlled entities
Directors’ Report
19
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 consents to the inclusion in this report of the matters based on the information in the form
and context in which it appears.
No Material Changes
Dome Gold Mines Ltd confirms that it is not aware of any new information or data that would materially
affect the information included in the quarterly activities report dated 30 July 2024 and that all material
assumptions and technical parameters in the market announcements continue to apply and have not
materially changed.
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 2024 were as follows:
Issue of share capital
For the year ended 30 June 2024, Dome has raised $1,702,495 by share issues. The funds were used
for exploration and general working capital. Details of share issues are as follows:
On 6 December 2023, the Company completed an option conversion of 1,834,560 fully paid ordinary
shares at $0.10 per share as a result of options being exercised and raised $183,456.
On 2 January 2024, the Company completed an option conversion of 3,000,000 fully paid ordinary
shares at $0.10 per share as a result of options being exercised and raised $300,000.
On 18 January 2024, the Company issued 2,500,000 fully paid ordinary shares at $0.20 per share
to raise $500,000.
On 7 February 2024, the Company completed an option conversionof 4,000,000 fully paid ordinary
shares at $0.10 per share as a result of options being exercised and raised $400,000.
On 14 May 2024, the Company completed an option conversion of 2,159,683 fully paid ordinary
shares at $0.10 per share as a result of options being exercised to settle an outstanding loan of
$215,968.
On 26 June 2024, the Company completed an option conversion of 1,030,707 fully paid ordinary
shares at $0.10 per share as a result of options being exercised and raised $103,071.
Dome Gold Mines Ltd
and its controlled entities
Directors’ Report
20
Issue of unlisted options
On 18 January 2024, the Company issued 3,750,000 unquoted options exercisable at $0.10 each
and expiring on 18 January 2027.
Expiration of unlisted options
On 24 July 2023, 3,150,000 unquoted options of the Company expired unexercised.
On 24 November 2023, 2,000,000 unquoted options of the Company expired unexercised.
On 15 March 2024, 2,566,126 unquoted options of the Company expired unexercised.
On 10 June 2024, 2,100,000 unquoted options of the Company expired unexercised.
On 30 June 2024, 2,575,757 unquoted options of the Company expired unexercised.
DIVIDENDS
No dividends were declared or paid during the financial year (2023: $nil).
EVENTS ARISING SINCE THE END OF THE REPORTING PERIOD
Subsequent to the end of the financial year:
Renewal of SPL1452
On 13 August 2024, the renewal of the SPL 1452 was approved for a further 3-year period from 3 July
2024 to 2 July 2027. The total renewal fees need to be paid by 2 October 2024.
Renewal of SPL1451
On 11 July 2024, the renewal of the SPL 1451 was approved for a further 3-year period from 28 June
2024 to 27 June 2027.
Issue of share capital
Subsequent to the year ended 30 June 2024, Dome has raised $940,957 by share issues. The funds
were used for exploration and general working capital. Details of share issues are as follows:
On 12 July 2024, the Company completed an option conversion of 919,663 fully paid ordinary
shares at $0.10 per share as a result of options being exercised and raised $91,966.
On 30 July 2024, the Company issued 1,750,000 fully paid ordinary shares at $0.20 per share
and raised $350,000.
On 6 August 2024, the Company completed an options conversion of 1,000,000 fully paid
ordinary shares at $0.10 per share as a result of options being exercised and raised $100,000.
On 2 September 2024, the Company issued 1,500,000 fully paid ordinary shares at $0.20 per
share and raised $300,000.
On 4 September 2024, the Company completed an option conversion 989,911 fully paid
ordinary shares at $0.10 per share as a result of options being exercised and raised $ 98,991.
Issue of unlisted options
On 30 July 2024, the Company issued 1,750,000 unquoted options exercisable at $0.20 each
and expiring on 30 July 2027.
On 02 Sep 2024, the Company issued 1,500,000 unquoted options exercisable at $0.20 each
and expiring on 02 September 2027.
Subsequent to 30 June 2024, the Group has drawn down a further $150,000 of debt against current
related party facilities in place.
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.
Dome Gold Mines Ltd
and its controlled entities
Directors’ Report
21
DIRECTORS’ MEETINGS
No Directors’ Meeting (including meetings of Committees of Directors) was held during the year. The
decisions of the Board were confirmed by circular resolutions.
Audit Committee discontinued since the end of January 2021 and the Board took over the
responsibilities to oversee the financial reports.
UNISSUED SHARES UNDER OPTION
Unissued ordinary shares of Dome under option as at 30 June 2024 were as follows:
Number of options
Exercise price
Expiry date
3,000,000
$ 0.10
15 July 2024
1,706,900
$ 0.10
18 August 2024
1,000,000
$ 0.10
13 September 2024
17,676,193
$ 0.10
24 November 2024
2,000,000
$ 0.10
26 November 2024
2,000,000
$ 0.10
6 December 2024
30,000,000
$ 0.10
31 December 2024
31,250,000
$ 0.10
20 April 2025
520,000
$ 0.10
29 June 2025
580,000
$ 0.20
21 November 2025
3,750,000
$ 0.10
18 January 2027
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 issued ordinary shares as a result of the
exercise of options as follows (there were no amounts unpaid on the shares issued):
Date options
exercised
Issue price per
share ($)
Number of
shares issued
6 December 2023
$0.10
1,834,560
2 January 2024
$0.10
3,000,000
7 February 2024
$0.10
4,000,000
14 May 2024
$0.10
2,159,683
26 June 2024
$0.10
1,030,707
12 July 2024
$0.10
919,663
6 August 2024
$0.10
1,000,000
4 September 2024
$0.10
989,911
BUSINESS RISK DISCLOSURES
The material risks which the Group is exposed to include operational risks, capital risks, environmental
risks, economic risks and human resources risks as follows:
• obtaining government approvals;
• geological and environmental issues;
• land access and community disputes;
• the ability to raise additional capital;
• commodity price and world economy;
• recruiting and retaining qualified personnel;
• sovereign risk (for Fiji).
The Board is responsible to oversee the risk management function and the CEO or if no CEO a Director
of the Company is in charge of implementing an appropriate level of control to mitigate these risks within
the Group. The Board reviews all major strategies and decisions and takes appropriate actions on a
continuous basis.
Dome Gold Mines Ltd
and its controlled entities
Directors’ Report
22
REMUNERATION REPORT (AUDITED)
The Directors of Dome Gold Mines Ltd (the ‘Group’) present the Remuneration Report for non-executive
Directors, executive Directors, and other Key Management Personnel, prepared in accordance with the
Corporations Act 2001 and the Corporations Regulations 2001.
The Remuneration Report is set out under the following main headings:
a.
principles used to determine the nature and amount of remuneration;
b.
details of remuneration;
c.
share-based remuneration; and
d.
other information.
a.
Principles used to determine the nature and amount of remuneration
Key management personnel have authority and responsibility for planning, directing and controlling the
activities of the Group. Key management personnel comprise the Directors of the Company 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 2024,
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 2023 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
2024
2023
2022
2021
2020
EPS (cents)
(0.61)
(0.85)
(0.60)
(0.75)
(0.70)
Dividends (cents per share)
-
-
-
-
-
Net loss ($)
(2,188,585)
(2,991,215)
(1,989,393)
(2,238,036)
(2,003,468)
Share price ($)
0.16
0.20
0.27
0.15
0.20
The Board considers that these indices do not have any impact on the Group’s performance.
Dome Gold Mines Ltd
and its controlled entities
Directors’ Report
23
b.
Details of remuneration
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:
Key Management Personnel Remuneration
Short term employee benefits
Post-employment
benefits
Share-based
payments
Year
Primary fees
$
Other fees
$
Superannuation
$
Fair value of options
$
Total
$
John
McCarthy
(Chairman)
2024
96,000
-
10,560
-
106,560
2023
96,000
24,200
2,520
-
122,720
Tadao
Tsubata
(Director)
2024
72,000
-
-
-
72,000
2023
72,000
-
-
-
72,000
Sarah
Harvey
(Director)
2024
72,000
-
7,920
-
79,920
2023
72,000
-
-
-
72,000
2024 Total
2024
240,000
-
18,480
-
258,480
2023 Total
2023
240,000
24,200
2,520
-
266,720
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
2024.
Other fees represented consulting fees for consulting services provided.
Dome Gold Mines Ltd
and its controlled entities
Directors’ Report
24
c.
Share-based remuneration
All options refer to options over ordinary shares of the Company, which are exercisable on a one-for-
one basis under the terms of the agreement.
On 24 November 2023 the Company advised that 2,000,000 unquoted options granted to Directors on
24 November 2021 expired unexercised.
There were no options over ordinary shares of the Company granted, exercised or forfeited which are
related to Directors’ or key management personnel’s remuneration during the year ended 30 June 2024.
No terms of equity-settled share-based payment transactions have been altered or modified by the
issuing entity during the 2024 financial year.
d.
Other information
Options held by key management personnel
The number of options to acquire shares in the Company during the 2024 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 2024
Balance at start
of year
Granted as
remuneration
Acquired
Expired
unexercised
Held at the end
of reporting
period
John McCarthy
2,000,000
-
-
(2,000,000)
-
Tadao Tsubata
-
-
4,000,000
-
4,000,000
Sarah Harvey
2,566,126
-
-
(2,566,126)
-
Shares held by key management personnel
The number of ordinary shares in the Company during the 2024 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 2024
Balance at start
of year
Granted as
remuneration
Received on
exercise
Other changes
Held at the end
of reporting
period
John McCarthy
260,000
-
-
-
260,000
Tadao Tsubata
49,369,689
-
3,994,243
(3,339,657)
50,024,275
Sarah Harvey
23,342,625
-
-
-
23,342,625
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.
Related Party transactions
The Group has a loan facility with a company which is a related party of Mr Tadao Tsubata. There is no
outstanding loan payable on the related party facility as at 30 June 2024 (2023: Nil). The total facility of
the Company with this related party is $3,500,000 as at 30 June 2024. The facility is not secured. The
agreed interest rate on the unsecured loan is 5%. The facility will expire on 31 December 2025.
The Group has another loan facility with a company which is a related party of Ms Sarah Harvey. The
outstanding loan payable on the related party facility as at 30 June 2024 is $429,073 (2023: Nil). The
total facility was increased from $500,000 to $1,000,000 during the year ended 30 June 2024.. The
facility is also unsecured. The agreed interest rate on the unsecured loan is 10%. The facility will expire
on 31 December 2025.
Dome Gold Mines Ltd
and its controlled entities
Directors’ Report
25
The Group entered a loan facility with Mr Tadao Tsubata during the year ended 30 June 2024. The
outstanding loan payable on the facility as at 30 June 2024 is $739 (2023: Nil). The total facility is
$100,000 as at 30 June 2024. The facility is unsecured. The agreed interest rate on the unsecured loan
is 5%. The facility will expire on 31 December 2025.
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:
Options
Ordinary Shares
John McCarthy
-
260,000
Tadao Tsubata
-
50,457,938
Sarah Harvey
-
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.
Dome Gold Mines Ltd
and its controlled entities
Directors’ Report
26
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, KPMG, the Company’s auditor, performed tax consulting and other compliance services
in addition to their statutory audit duties.
It is important to note that all non-audit services performed by KPMG were approved by our Board of
Directors. The Board confirm that 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 auditor of the Company, KPMG, and its related practices for audit and
non-audit services provided during the year are set out in Note 19 to the Financial Statements.
PROCEEDINGS OF BEHALF OF THE COMPANY
No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring
proceedings on behalf of the Company, or to intervene in any proceedings to which the Company is a
party, for the purpose of taking responsibility on behalf of the Company for all or part of those
proceedings.
Dome Gold Mines Ltd
and its controlled entities
Directors’ Report
27
AUDITOR'S INDEPENDENCE DECLARATION
A copy of the Auditor’s Independence Declaration as required under s307C of the Corporations Act
2001 is included on page 28 of this financial report and forms part of this Directors’ Report.
Signed in accordance with a resolution of the Directors.
J. V. McCarthy
Chairman
Sydney, 27 September 2024
28
KPMG, an Australian partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG
International Limited, a private English company limited by guarantee. All rights reserved. The KPMG name and logo are trademarks used
under license by the independent member firms of the KPMG global organisation. Liability limited by a scheme approved under
Professional Standards Legislation.
Lead Auditor’s Independence Declaration under
Section 307C of the Corporations Act 2001
To the Directors of Dome Gold Mines Limited
I declare that, to the best of my knowledge and belief, in relation to the audit of Dome Gold Mines
Limited for the financial year ended 30 June 2024 there have been:
i.
no contraventions of the auditor independence requirements as set out in the
Corporations Act 2001 in relation to the audit; and
ii.
no contraventions of any applicable code of professional conduct in relation to the audit.
KPMG
Adam Twemlow
Partner
Brisbane
27 September 2024
Dome Gold Mines Ltd
and its controlled entities
29
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 2024 corporate governance statement is dated 27 September 2024 and reflects the corporate
governance practices throughout the 2024 financial year. The board approved the 2024 corporate
governance on 27 September 2024. 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
https://domegoldmines.com.au/corporate-governance/.
Dome Gold Mines Ltd
and its controlled entities
30
Consolidated Statement of Profit or Loss and Other Comprehensive
Income
for the year ended 30 June 2024
2024
2023
Notes
$
$
Other income
4
1,131
9,064
Employee benefits expenses (including directors fees)
(535,838)
(473,969)
Other expenses
5
(1,563,380)
(1,627,603)
Depreciation
(4,388)
(5,981)
Finance costs
6
(71,278)
(1,566)
Loss on foreign exchange
(16)
(831)
Impairment loss
14
(3,007)
(890,329)
Loss before income tax expense
(2,176,776)
(2,991,215)
Income tax expense
7
(11,809)
-
Loss for the year
(2,188,585)
(2,991,215)
Other comprehensive income for the year
Items that may be reclassified subsequently to profit or
loss:
Exchange difference on translating foreign controlled
entities
(63,236)
218,766
Total comprehensive loss for the year
(2,251,821)
(2,772,449)
Earnings per share
Basic and diluted loss per share (cents per share)
8
(0.61)
(0.85)
The above consolidated statement of profit or loss and other comprehensive income should be read in
conjunction with the accompanying notes.
Dome Gold Mines Ltd
and its controlled entities
31
Consolidated Statement of Financial Position
as at 30 June 2024
2024
2023
Notes
$
$
CURRENT ASSETS
Cash and cash equivalents
9
996
100,465
Trade and other receivables
10
88,720
49,597
Other assets
11
56,283
55,679
TOTAL CURRENT ASSETS
145,999
205,741
NON-CURRENT ASSETS
Property, plant and equipment
12
40,091
63,884
Right-of-use assets
13
48,152
39,379
Capitalised exploration and evaluation expenditure
14
36,052,487
35,555,802
Other assets
11
244,459
246,155
TOTAL NON-CURRENT ASSETS
36,385,189
35,905,220
TOTAL ASSETS
36,531,188
36,110,961
CURRENT LIABILITIES
Lease liabilities
13
44,938
16,272
Trade and other payables
15
667,396
236,593
Provisions
22,671
11,223
TOTAL CURRENT LIABILITIES
735,005
264,088
NON-CURRENT LIABILITIES
Lease liabilities
13
6,360
24,377
Borrowings
16
869,394
286,523
TOTAL NON-CURRENT LIABILITIES
875,754
310,900
TOTAL LIABILITIES
1,610,759
574,988
NET ASSETS
34,920,429
35,535,973
EQUITY
Issued capital
17
50,659,480
49,149,196
Foreign currency translation reserve
397,487
460,723
Share-based payment reserve
6,270,900
7,469,137
Accumulated losses
(22,407,438)
(21,543,083)
TOTAL EQUITY
34,920,429
35,535,973
The above consolidated statement of financial position should be read in conjunction with the accompanying
notes.
Dome Gold Mines Ltd
and its controlled entities
32
Consolidated Statement of Changes in Equity
for the year ended 30 June 2024
Issued
capital
$
Foreign
currency
translation
reserve
$
Share-
based
payment
reserve
$
Accumulated
losses
$
Total
equity
$
Balance at 1 July 2022
48,809,155
241,957
7,498,662
(18,638,517)
37,911,257
Transaction with owners
Ordinary shares issued
456,000
-
-
-
456,000
Transaction costs on issue of shares
(58,835)
-
-
-
(58,835)
Share-based payments – equity
transaction costs (note 28)
(57,124)
-
57,124
-
-
Transfer between expiry of share
options
-
-
(86,649)
86,649
-
Total transactions with owners
340,041
-
(29,525)
86,649
397,165
Other comprehensive income
-
218,766
-
-
218,766
Loss for the year
-
-
-
(2,991,215)
(2,991,215)
Total comprehensive loss for the
year
-
218,766
-
(2,991,215)
(2,772,449)
Balance at 30 June 2023
49,149,196
460,723
7,469,137
(21,543,083)
35,535,973
Balance at 1 July 2023
49,149,196
460,723
7,469,137
(21,543,083)
35,535,973
Transaction with owners
Ordinary shares issued
1,702,495
-
-
-
1,702,495
Transaction costs on issue of shares
(66,218)
-
-
-
(66,218)
Share-based payments – equity
transaction costs (note 28)
(125,993)
-
125,993
-
-
Transfer between expiry of share
options
-
-
(1,324,230)
1,324,230
-
Total transactions with owners
1,510,284
-
(1,198,237)
1,324,230
1,636,277
Other comprehensive income
-
(63,236)
-
-
(63,236)
Loss for the year
-
-
-
(2,188,585)
(2,188,585)
Total comprehensive loss for the
year
-
(63,236)
-
(2,188,585)
(2,251,821)
Balance at 30 June 2024
50,659,480
397,487
6,270,900
(22,407,438)
34,920,429
The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes.
Dome Gold Mines Ltd
and its controlled entities
33
Consolidated Statement of Cash Flows
for the year ended 30 June 2024
2024
2023
Notes
$
$
CASH FLOWS FROM OPERATING ACTIVITIES
Interest received
1,234
9,064
Cash paid to suppliers and employees
(1,764,453)
(2,016,688)
Interest paid
(8)
(43)
Other tax (paid)/received
(27,527)
6,207
Net cash used in operating activities
18
(1,790,754)
(2,001,460)
CASH FLOWS FROM INVESTING ACTIVITIES
Cash paid on deposit/advance payment
-
(143,125)
Purchase of property, plant & equipment
(1,290)
(17,377)
Exploration cost payments capitalised
(418,156)
(2,549,955)
Net cash used in investing activities
(419,446)
(2,710,457)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issue of share capital
1,499,055
456,000
Proceeds from borrowings
977,453
285,000
Repayment of lease liabilities
(38,318)
(9,982)
Repayment of borrowings
(266,088)
-
Cash paid on share issue costs
(61,383)
(50,620)
Net cash provided by financing activities
2,110,719
680,398
Net decrease in cash and cash equivalents
(99,481)
(4,031,519)
Cash and cash equivalents at the beginning of the
financial year
100,465
4,131,270
Exchange differences on cash and cash equivalents
12
714
Cash and cash equivalents at the end of the financial
year
9
996
100,465
The above consolidated statement of cash flows should be read in conjunction with the accompanying notes.
Dome Gold Mines Ltd
and its controlled entities
34
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 2024 were approved and authorised for
issue by the Board of Directors on 27 September 2024.
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.
AASB 2021-2: Amendments to Australian Accounting Standards – Disclosure of Accounting Policies and
Definition of Accounting Estimates
The Group has adopted AASB 2021-2 from 1 July 2023. Although the amendments did not result in any
changes to the accounting policies themselves, they impacted the accounting policy information disclosed
in the financial statements.
Dome Gold Mines Ltd
and its controlled entities
Notes to the Consolidated Financial Statements
35
2 CHANGES IN ACCOUNTING POLICIES (CONTINUED)
2.1 New and revised standards that are effective and adopted by the Group (continued)
This Standard amends:
- AASB 7, to clarify that information about measurement bases for financial instruments is expected to be
material to an entity’s financial statements;
-AASB 101, to require entities to disclose their material accounting policy information rather than their
significant accounting policies;
- AASB 108, to clarify how entities should distinguish changes in accounting policies and changes in
accounting estimates;
- AASB 134, to identify material accounting policy information as a component of a complete set of financial
statements; and
- AASB Practice Statement 2, to provide guidance on how to apply the concept of materiality to accounting
policy disclosures.
The Group has reviewed the amendments and concluded that none of the changes are likely to have a
material impact on the Group.
3
MATERIAL ACCOUNTING POLICIES
3.1 Overall considerations
The material 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 2024. 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.
Dome Gold Mines Ltd
and its controlled entities
Notes to the Consolidated Financial Statements
36
3
MATERIAL ACCOUNTING POLICIES (CONTINUED)
3.3 Basis of measurement
The consolidated financial statements have been prepared on the historical cost basis.
3.4 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 exchange 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.
3.5 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.
Dome Gold Mines Ltd
and its controlled entities
Notes to the Consolidated Financial Statements
37
3
MATERIAL ACCOUNTING POLICIES (CONTINUED)
3.6 Exploration and evaluation expenditure
Exploration and evaluation costs, including the costs of acquiring licences, are capitalised as exploration
and evaluation assets on an area of interest basis.
Exploration and evaluation assets are only recognised if the rights of the area of interest are current and
either:
the expenditures are expected to be recouped through successful development and exploitation of the
area of interest; or
activities in the area of interest have not at the reporting date, reached a stage which permits a
reasonable assessment of the existence or otherwise of economically recoverable reserves and active
and significant operations in, or in relation to, the area of interest are continuing.
Exploration and evaluation assets are assessed for impairment if sufficient data exists to determine
technical feasibility and commercial viability and facts and circumstances suggest that the carrying amount
exceeds the recoverable amount. For the purposes of impairment testing, exploration and evaluation assets
are allocated to cash generating units to which the exploration activity relates. The cash generating unit
shall not be larger than the area of interest.
Once the technical feasibility and commercial viability of the extraction of mineral resources in an area of
interest are demonstrable, exploration and evaluation assets attributable to that area of interest are first
tested for impairment and then reclassified from exploration and evaluation expenditure to mining property
and development assets within property, plant and equipment.
3.7 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
Prime cost
Exploration plant and equipment
4-8.3 years
Prime cost
Office equipment
2-20 years
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.
Dome Gold Mines Ltd
and its controlled entities
Notes to the Consolidated Financial Statements
38
3
MATERIAL ACCOUNTING POLICIES (CONTINUED)
3.8 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.
3.9 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.
Dome Gold Mines Ltd
and its controlled entities
Notes to the Consolidated Financial Statements
39
3
MATERIAL ACCOUNTING POLICIES (CONTINUED)
3.10 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.
3.11 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.
3.12 Cash and cash equivalents
Cash and cash equivalents comprise cash balances and call deposits with a maturity of three months or
less.
3.13 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.
Dome Gold Mines Ltd
and its controlled entities
Notes to the Consolidated Financial Statements
40
3
MATERIAL ACCOUNTING POLICIES (CONTINUED)
3.13 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.
Dome Gold Mines Ltd
and its controlled entities
Notes to the Consolidated Financial Statements
41
3 MATERIAL ACCOUNTING POLICIES (CONTINUED)
3.13 Financial instruments (continued)
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.
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.
3.14 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.
Dome Gold Mines Ltd
and its controlled entities
Notes to the Consolidated Financial Statements
42
3
MATERIAL ACCOUNTING POLICIES (CONTINUED)
3.14 Significant accounting judgments and key estimates (Continued)
(i) 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.
(ii) Exploration and evaluation expenditure (Note 14)
All exploration and evaluation expenditure ($36,052,487 on 30 June 2024) (2023: $35,555,802) has been
capitalised on the basis that:
Expenditure relates to:
-
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
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.
(iii) Going concern (Note 3.15)
3.15 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.
During the year ended 30 June 2024 the Group incurred a trading loss of $2,188,585 (2023: $2,991,215)
and used $ 2,210,200 (2023: $4,711,917) of net cash in operations and investing activities. At 30 June 2024
the Group had a cash balance of $996 (2023: $100,465), and current liabilities exceeded current assets by
$589,006 (2023: $58,347).
Subsequent to year end, the Company has raised $940,957 from the issue of ordinary shares.
As set out in note 16, there existed debt facilities of $4,730,606 which were unused as at 30 June 2024 and
are provided by privately owned entities. The facilities expire on 31 December 2025. Subsequent to 30
June 2024, the Group has drawn down a further $150,000 of debt against these facilities.
The Directors have prepared cash flow projections for the period through to 30 September 2025 that support
the ability of the Group to continue as a going concern. These cash flow projections assume the Group
continues substantial exploration activities in the areas of interest, which will require additional funding from
shareholders or other partiers that is yet to be secured at the date of this report.
Dome Gold Mines Ltd
and its controlled entities
Notes to the Consolidated Financial Statements
43
3
MATERIAL ACCOUNTING POLICIES (CONTINUED)
3.15 Going concern (continued)
The ongoing operation of the Group is dependent upon:
• the Group raising additional funding from shareholders or other parties; and
• the Group reducing expenditure in line with available funding.
These conditions give rise to a material uncertainty that may cast significant doubt upon the Group’s ability
to continue as a going concern.
In the event that the Group does not obtain additional funding, the achievement of which is inherently
uncertain, and the Group does not reduce expenditure in line with available funding, it may not be able to
continue its operations as a going concern and therefore may not be able to realise its assets, including the
capitalised exploration and evaluation expenditure of $36,052,487 at 30 June 2024, and extinguish its
liabilities in the ordinary course of operations and at the amounts stated in the consolidated financial report.
3.16 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.
3.17 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.
Dome Gold Mines Ltd
and its controlled entities
Notes to the Consolidated Financial Statements
44
3
MATERIAL ACCOUNTING POLICIES (CONTINUED)
3.18 Employee benefits
Short-term employee benefits
Short-term employee benefits are benefits, other than termination benefits, that are expected to be settled
wholly within twelve (12) months after the end of the period in which the employees render the related
service. Examples of such benefits include wages and salaries, non-monetary benefits and accumulating
sick leave. Short-term employee benefits are measured at the undiscounted amounts expected to be paid
when the liabilities are settled.
Other long-term employee benefits
The Group’s liabilities for annual leave are included in other long-term benefits as they are not expected to
be settled wholly within twelve (12) months after the end of the period in which the employees render the
related service. They are measured at the present value of the expected future payments to be made to
employees. The expected future payments incorporate anticipated future wage and salary levels,
experience of employee departures and periods of service, and are discounted at rates determined by
reference to market yields at the end of the reporting period on high quality corporate bonds that have
maturity dates that approximate the timing of the estimated future cash outflows. Any re-measurements
arising from experience adjustments and changes in assumptions are recognised in profit or loss in the
periods in which the changes occur.
The Group presents employee benefit obligations as current liabilities in the statement of financial position
if the Group does not have an unconditional right to defer settlement for at least twelve (12) months after
the reporting period, irrespective of when the actual settlement is expected to take place.
3.19 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.
3.20 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.
Dome Gold Mines Ltd
and its controlled entities
Notes to the Consolidated Financial Statements
45
3
MATERIAL ACCOUNTING POLICIES (CONTINUED)
3.21 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).
The cost of equity-settled share-based payments provided for directors’ remuneration and other services
are 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
2024
$
2023
$
Interest income
1,131
9,064
Total other income
1,131
9,064
5
OTHER EXPENSES
Consultant expenses
1,118,572
1,153,056
Office expenses
246,313
264,760
Other expenses
98,555
113,691
Short-term lease expenses
99,940
96,096
Total other expenses
1,563,380
1,627,603
6
FINANCE COSTS
2024
$
2023
$
Interest expenses for borrowings at amortised cost
- Related party
31,556
-
- Third party
39,146
1,523
- Other
576
43
Total finance costs
71,278
1,566
Dome Gold Mines Ltd
and its controlled entities
Notes to the Consolidated Financial Statements
46
7
INCOME TAX
2024
$
2023
$
(a) Income tax expense
Current tax
11,809
-
Deferred tax
-
-
11,809
-
(b) Reconciliation of income tax expense to prima
facie tax payable:
Loss before tax
(2,176,776)
(2,991,215)
Prima facie income tax benefit at the Australian tax
rate of 25% (2023: 25%)
(544,194)
(747,804)
Increase/(decrease) in income tax expense due to:
Assessable income/ non-deductible expenses
537,769
356,566
Allowable deductions*
(223,213)
(2,056,109)
Tax loss not recognised
235,495
2,032,661
Effect of net deferred tax assets/(liabilities) not
recognised
-
1,124
Impact of overseas tax differential
-
413,562
Income tax expense adjustment for prior year
5,952
-
Income tax expense
11,809
-
(c) Unrecognised deferred tax assets
Deferred tax balances have not been recognised in
respect of the following items:
Tax loss
2,303,659
6,170,499
Other deferred tax assets
12,825
28,955
Deferred tax liability in relation to exploration costs
(2,264,071)
(2,705,002)
Net deferred tax assets not recognised
52,413
3,494,452
* From 1 Aug 2022, exploration expenditures are fully tax deductable against the gross income in Fiji and
any excess losses are carried forward to be allowed as a deduction against the gross income from mining
operations in the title area until the losses have been fully deducted.
Dome Gold Mines Ltd
and its controlled entities
Notes to the Consolidated Financial Statements
47
8
LOSS PER SHARE
2024
$
2023
$
Basic and diluted loss per share have been
calculated using:
Loss for the year attributable to equity holders of
the Company
(2,188,585)
(2,991,215)
No. of Shares
Weighted average number of shares at the end of
the year used in basic and diluted loss per share
358,749,400
351,781,999
Basic and diluted loss per share (cents)
(0.61)
(0.85)
As the Group is loss making, none of the potentially dilutive securities are currently dilutive.
9
CASH AND CASH EQUIVALENTS
For the purpose of the Statement of Cash Flows, cash includes cash on hand, cash at bank and short-term
deposits at call, net of any outstanding bank overdraft, if any. Cash at the end of the year as shown in the
Statement of Cash Flows is reconciled to the related items in the Statement of Financial Position as follows:
Cash at bank
996
100,465
Total cash and cash equivalents
996
100,465
10
TRADE AND OTHER RECEIVABLES
Other receivables
840
845
Other tax receivables
87,880
48,752
Total trade and other receivables
88,720
49,597
11
OTHER ASSETS
Current
Bond deposit
7,500
7,500
Prepayments
48,783
48,179
Total other current assets
56,283
55,679
Non-current
Bond deposit (refer to note below)
241,347
243,023
Other
3,112
3,132
Total other non-current assets
244,459
246,155
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.
Dome Gold Mines Ltd
and its controlled entities
Notes to the Consolidated Financial Statements
48
12
PROPERTY, PLANT AND EQUIPMENT
2024
$
2023
$
Exploration computer equipment
At cost
4,125
4,868
Less accumulated depreciation (depreciation is
capitalised as deferred expenditure)
(2,292)
(3,403)
Total exploration computer equipment
1,833
1,465
Exploration furniture and fittings
At cost
14,197
14,290
Less accumulated depreciation (depreciation is
capitalised as deferred expenditure)
(13,216)
(13,013)
Total exploration furniture and fittings
981
1,277
Exploration plant and equipment
At cost
556,943
569,364
Less accumulated depreciation (depreciation is
capitalised as deferred expenditure)
(528,031)
(520,976)
Total exploration plant and equipment
28,912
48,388
Office equipment
At cost
56,795
58,758
Less accumulated depreciation
(48,430)
(46,004)
Total office equipment
8,365
12,754
Total
40,091
63,884
Dome Gold Mines Ltd
and its controlled entities
Notes to the Consolidated Financial Statements
49
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 2022
6,159
13,501
549,049
52,952
621,661
Additions
1,511
874
3,465
12,777
18,627
Disposals
(2,898)
(502)
-
(6,971)
(10,371)
Net exchange difference
96
417
16,850
-
17,363
Balance at 30 June 2023
4,868
14,290
569,364
58,758
647,280
Depreciation and impairment
Balance at 1 July 2022
(4,583)
(12,904)
(486,260)
(46,994)
(550,741)
Depreciation
(377)
(213)
(19,804)
(5,981)
(26,375)
Disposals
1,648
502
-
6,971
9,121
Net exchange difference
(91)
(398)
(14,912)
-
(15,401)
Balance at 30 June 2023
(3,403)
(13,013)
(520,976)
(46,004)
(583,396)
Carrying amount as at 30
June 2023
1,465
1,277
48,388
12,754
63,884
Exploration
computer
equipment
$
Exploration
furniture and
fittings
$
Exploration
plant and
equipment
$
Office
equipment
$
Total
$
Gross carrying amount
Balance at 1 July 2023
4,868
14,290
569,364
58,758
647,280
Additions
1,271
-
-
-
1,271
Disposals
(1,987)
-
(8,757)
(1,963)
(12,707)
Net exchange difference
(27)
(93)
(3,664)
-
(3,784)
Balance at 30 June 2024
4,125
14,197
556,943
56,795
632,060
Depreciation and impairment
Balance at 1 July 2023
(3,403)
(13,013)
(520,976)
(46,004)
(583,396)
Depreciation
(893)
(289)
(19,163)
(4,388)
(24,733)
Disposals
1,987
-
8,757
1,962
12,706
Net exchange difference
17
86
3,351
-
3,454
Balance at 30 June 2024
(2,292)
(13,216)
(528,031)
(48,430)
(591,969)
Carrying amount as at 30
June 2024
1,833
981
28,912
8,365
40,091
Dome Gold Mines Ltd
and its controlled entities
Notes to the Consolidated Financial Statements
50
13 LEASES
The Group entered a long-term operating lease commitment for a motor vehicle in Fiji from 1 November
2022 to 31 October 2025. The monthly lease payment is F$2,386. The lease is reflected on the balance
sheet as a right-of-use asset and a lease liability.
The Group entered into a new long-term operating lease agreement for the commercial office in Fiji from 1
July 2023 to 30 June 2025.The monthly lease payment is set to be F$3,500. 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
variable
payments
linked to an
index
No of
leases with
termination
options
Motor
vehicle
1
16 months
-
-
-
-
Office
1
12 months
-
-
-
-
The Group has a short-term operating lease commitment of office lease in Australia, expiring within seven
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.
Right-of-use Assets
Right-of-use assets are measured at cost comprising the following:
the amount of the initial measurement of lease liability
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:
Consolidated
2024
$
2023
$
Non-current assets
Right-of-use assets
101,894
50,630
Less: Accumulated depreciation
(53,742)
(11,251)
48,152
39,379
As at the reporting date, the consolidated entity has one leased office premise under operating leases
expiring in approximately one year, with in certain instances options to extend. On renewal, the terms of
the lease are renegotiated.
Dome Gold Mines Ltd
and its controlled entities
Notes to the Consolidated Financial Statements
51
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 2023
39,379
Additions
51,592
Other adjustment of depreciation capitalised
(42,563)
Net exchange difference
(256)
Balance at 30 June 2024
48,152
30 June 2024
$
30 June 2023
$
Right-of-use assets
Motor vehicle
22,356
39,379
Office
25,796
-
Total right-of-use assets
48,152
39,379
Lease Liabilities
Lease liabilities include the net present value of the following lease payments:
fixed payments (including in-substance fixed payments), less any lease incentives receivable;
variable lease payment that are based on an index or a rate, initially measured using the index or rate
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
44,938
16,272
Non-current
6,360
24,377
Total lease liabilities
51,298
40,649
Dome Gold Mines Ltd
and its controlled entities
Notes to the Consolidated Financial Statements
52
13 LEASES (CONTINUED)
The lease liabilities are secured by the related underlying assets. Future minimum lease payments as at
30 June 2024 were as follows:
Minimum lease payments due
Within one year
One to three years
Total
30 June 2024
$
$
$
Lease payments
47,649
6,439
54,088
Finance charges
(2,711)
(79)
(2,790)
Net present value
44,938
6,360
51,298
30 June 2023
Lease payments
19,442
25,923
45,365
Finance charges
(3,170)
(1,546)
(4,716)
Net present value
16,272
24,377
40,649
Additional profit or loss and cash flow information
Amounts recognised in the statement of profit or loss and other comprehensive income:
30 June 2024
$
30 June 2023
$
Depreciation*
-
-
Interest expenses on lease*
-
-
Short-term lease expenses
99,940
96,096
Amounts recognised in the statement of cash flows:
Repayment of lease liabilities
38,318
9,982
Short-term lease payments
100,264
96,408
Amount recognised as part of exploration cost
payments capitalised
9,331
27,423
Total cash outflow in respect of leases in the year
147,913
133,813
*Depreciation of $42,563 and Interest of $6,970 on lease were capitalised into exploration and evaluation
expenditure as at 30 June 2024.
14 CAPITALISED EXPLORATION AND EVALUATION EXPENDITURE
$
Balance at 1 July 2022
33,919,537
Expenditure capitalised during the year
2,526,594
Impairment
(890,329)
Balance at 30 June 2023
35,555,802
Balance at 1 July 2023
35,555,802
Expenditure capitalised during the year
553,952
Net exchange difference
(54,260)
Impairment
(3,007)
Balance at 30 June 2024
36,052,487
The ultimate recoupment of these costs is dependent on the successful development and exploitation, or
alternatively sale, of the respective areas of interest.
Dome Gold Mines Ltd
and its controlled entities
Notes to the Consolidated Financial Statements
53
14 CAPITALISED EXPLORATION AND EVALUATION EXPENDITURE (CONTINUED)
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.
On 13 August 2024, the renewal of the SPL 1452 was approved for a further 3-year period from 3 July 2024
to 2 July 2027 subject to payment of statutory fees and completion of proposed annual exploration work
program and budget as well as meeting other compliance requirements. On 11 July 2024, the renewal of
SPL 1451 was approved for a further 3-year period from 28 June 2024 to 27 June 2027.
As at 30 June 2024, the Group assessed its exploration and evaluation expenditure assets for impairment.
As the renewal was approved post June 2024 and is subject to payment of statutory fees. No reversal to
the prior period impairment charge was made as at 30 June 2024.
15
TRADE AND OTHER PAYABLES
2024
$
2023
$
Current
Accruals
260,098
109,222
Trade creditors
372,325
118,930
Other payables
34,973
8,441
Total trade and other payables
667,396
236,593
16
BORROWINGS
Non-current
Loan from related parties
429,812
-
Loan from third party
439,582
286,523
Total borrowings
869,394
286,523
The Company has three loan facilities with related parties (refer to note 20) and one loan facility with a third
party as at the reporting date.
The outstanding loan payable including principal and interest on the third party loan facility as at 30 June
2024 is $439,582 (2023: 286,523). The agreed interest rate on this unsecured loan is 10%. The facility is
not secured. As at reporting date, the facility limit is $1,000,000 and it expires on 31 December 2025. There
is an unused amount of $560,418 on this facility as at reporting date.
There is no outstanding loan payable on the first related party facility as at 30 June 2024 (2023: Nil). As at
reporting date the total facility limit with this related party is $3,500,000, and expires on 31 December 2025.
The agreed interest rate on the unsecured loan is 5%. The facility is not secured.
The outstanding loan payable including principal and interest on the second related party facility as at 30
June 2024 is $429,073 (2023: Nil). The agreed interest rate on this unsecured loan is 10%. The facility is
not secured. As at reporting date the facility limit is $1,000,000 and it expires on 31 December 2025. There
was a drawdown of $150,000 in September 2024 to bring the total facility down to $413,350 as at the
reporting date.
The outstanding loan payable including principal and interest on the third related party facility as at 30 June
2024 is $739 (2023: Nil). The agreed interest rate on this unsecured loan is 5%. The facility is not secured.
As at reporting date the facility limit is $100,000 and expires on 31 December 2025. There is an unused
amount of $99,261 on this facility as at reporting date.
Dome Gold Mines Ltd
and its controlled entities
Notes to the Consolidated Financial Statements
54
17 ISSUED CAPITAL
2024
2023
Shares
$
Shares
$
Ordinary shares fully paid
367,739,086
50,659,480
353,214,136
49,149,196
Movements in ordinary share capital
Ordinary shares
No. of
shares
$
Balance at 1 July 2022
350,104,136
48,809,155
Fully paid ordinary shares issued 21 November 2022 at $0.225
1,160,000
261,000
Fully paid ordinary shares issued 16 December 2022 on
exercise of options at $0.10
1,300,000
130,000
Fully paid ordinary shares issued 30 January 2023 on exercise
of options at $0.10
650,000
65,000
Less costs of issue*
-
(115,959)
Balance at 30 June 2023
353,214,136
49,149,196
*Included in costs of issue are cash payments of $58,835 and $57,124 in respect of the fair value of options issued to brokers
in lieu of service (see note 28).
Balance at 1 July 2023
353,214,136
49,149,196
Fully paid ordinary shares issued 6 December 2023 on exercise
of options at $0.10
1,834,560
183,456
Fully paid ordinary shares issued 2 January 2024 on exercise of
options at $0.10
3,000,000
300,000
Fully paid ordinary shares issued 18 January 2024 at $0.20
2,500,000
500,000
Fully paid ordinary shares issued 7 February 2024 on exercise
of options at $0.10
4,000,000
400,000
Fully paid ordinary shares issued 14 May 2024 on exercise of
options at $0.10
2,159,683
215,968
Fully paid ordinary shares issued 26 June 2024 on exercise of
options at $0.10
1,030,707
103,071
Less costs of issue**
-
(192,211)
Balance at 30 June 2024
367,739,086
50,659,480
**Included in costs of issue are cash payments of $66,218 and $125,993 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.
Dome Gold Mines Ltd
and its controlled entities
Notes to the Consolidated Financial Statements
55
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:
2024
$
2023
$
Reconciliation of cash
Cash and cash equivalents
996
100,465
Reconciliation of cash flow from operations
with loss from ordinary activities after income
tax
Loss from ordinary activities after income tax
(2,188,585)
(2,991,215)
Non-cash flows in loss from ordinary activities
Depreciation and amortisation
4,388
5,981
Impairment loss
3,007
890,329
Finance costs
70,702
-
Loss/(gain) on exchange differences
-
796
Changes in other assets and liabilities
(407)
(1,412)
Decrease in trade receivables and other assets
(39,122)
1,222
Increase in trade and other payables
359,263
92,839
Net cash used in operating activities
(1,790,754)
(2,001,460)
Non-cash financing activities includes share-based payments issued to brokers in lieu of services provided
of $125,993 (2023: $57,124). Refer to note 17 for further details.
19
REMUNERATION OF AUDITORS
During the year, the following services were paid or payable for services provided by the auditor of the
company:
Audit services
-KPMG
79,500
75,000
Total remuneration of auditor
79,500
75,000
Assurance services
Auditors of the Group - KPMG
-Audit and review of other financial statements
18,416
15,125
Total remuneration of auditor
18,416
15,125
Other services
Auditors of the Group - KPMG
-Taxation advice and tax compliance services
19,201
36,363
-Other – company secretarial
-
17,714
Total remuneration of auditor
19,201
54,077
Dome Gold Mines Ltd
and its controlled entities
Notes to the Consolidated Financial Statements
56
20
RELATED PARTY TRANSACTIONS
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:
2024
$
2023
$
Short term employee benefits
Cash salaries and fees
198,000
264,200
Accrued salaries and fees
42,000
-
Total short-term employee benefits
240,000
264,200
Post-employment benefits
Superannuation
13,860
2,520
Accrued superannuation
4,620
-
Total post-employment benefits
18,480
2,520
Total remuneration
258,480
266,720
The Group has loans from related parties as described below.
Loan from related parties
Beginning of the year
-
-
Loans advanced
812,573
-
Loan repayments
(198,348)
-
Interest charged
31,555
-
Converted to equity
(215,968)
-
End of period
429,812
-
The Group has a loan facility with Mr Tadao Tsubata. The outstanding loan payable including principal and
interest on the facility as at 30 June 2024 is $739 (2023: Nil). As at reporting date the remaining unused
facility with Mr Tsubata is $99,261 and expires on 31 December 2025. The agreed interest rate on the loan
is 5%. The facility is not secured.
The Group has a loan facility with a company which is a related party of Mr Tadao Tsubata. There is no
outstanding loan payable on the related party facility as at 30 June 2024 (2023: Nil). As at reporting date
the total facility limit with this related party is $3,500,000 and expires on 31 December 2025. The agreed
interest rate on the unsecured loan is 5%. The facility is not secured.
The Group has another loan facility with a company which is a related party of Ms Sarah Harvey. The
outstanding loan payable including principal and interest on the facility as at 30 June 2024 is $429,073
(2023: Nil). There was a drawdown of $150,000 in September 2024 to bring the total facility down to
$413,350 as at the reporting date. The agreed interest rate on the unsecured loan is 10%. The facility will
expire on 31 December 2025.
On 6 December 2023, the Company issued 1,834,560 fully paid ordinary shares at $0.10 per share to a
related party of Mr Tsubata as a result of options being exercised and raised $183,456. On 14 May 2024,
2,159,683 fully paid ordinary shares at $0.10 per share were issued to this related party as a result of
options being exercised to settle an outstanding loan of $215,968.
There are no other related party transactions during the year ended 30 June 2024.
Dome Gold Mines Ltd
and its controlled entities
Notes to the Consolidated Financial Statements
57
21 CONTINGENCIES AND COMMITMENTS
The minimum tenement expenditure requirements for each year are shown below.
Project
License
Expiry date
2025
$
2026
$
2027
$
Ono Island
SPL 1451
27 June 2027
67,458
337,291
337,291
Nadrau
SPL 1452
02 July 2027
134,916
337,291
337,291
Sigatoka
SPL 1495
26 April 2025
-
-
-
Total
202,374
674,582
674,582
Additional bond requirements
2024
$
2023
$
Within one year
-
67,898
Between one to five years
-
-
Total
-
67,898
Bond deposits
As at 30 June 2024, the Group has bond deposits totalling $248,847 (2023: $250,523), $236,104 out of
which were provided to MRD.
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, interest
bearing loans, borrowings and expenses, and corporate assets and expenses.
Dome Gold Mines Ltd
and its controlled entities
Notes to the Consolidated Financial Statements
58
22 SEGMENT REPORTING (CONTINUED)
Business segments
For the year ended 30 June 2024, 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
Unallocated
Consolidated total
$
$
$
$
30 June 2023
Segment revenue
External revenue
-
-
-
-
Finance income
117
127
8,820
9,064
Total revenue
117
127
8,820
9,064
Depreciation
-
-
(5,981)
(5,981)
Segment loss
(34,233)
(906,786)
(2,050,196)
(2,991,215)
Segment assets
33,638,284
2,288,865
183,812
36,110,961
Segment liabilities
85,589
7,958
481,441
574,988
30 June 2024
Segment revenue
External revenue
-
-
-
-
Finance income
651
165
315
1,131
Total revenue
651
165
315
1,131
Depreciation
-
-
(4,388)
(4,388)
Segment loss
(32,154)
(21,905)
(2,134,526)
(2,188,585)
Segment assets
34,160,756
2,287,391
83,041
36,531,188
Segment liabilities
174,232
10,154
1,426,373
1,610,759
Dome Gold Mines Ltd
and its controlled entities
Notes to the Consolidated Financial Statements
59
22 SEGMENT REPORTING (CONTINUED)
Reconciliation of reportable segment profit & loss, assets and liabilities
2024
$
2023
$
Loss before tax
Loss before tax for reportable segment
(54,059)
(941,019)
Other loss before tax unallocated
(2,134,526)
(2,050,196)
Consolidated loss before tax
(2,188,585)
(2,991,215)
Assets
Total assets for reportable segments
36,448,147
35,927,149
Other assets unallocated
83,041
183,812
Consolidated assets
36,531,188
36,110,961
Liabilities
Total liabilities for reportable segments
184,386
93,547
Other liabilities unallocated
1,426,373
481,441
Consolidated liabilities
1,610,759
574,988
23 PARENT ENTITY DISCLOSURES
As at and throughout the financial year ended 30 June 2024, 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
(1,773,135)
(2,130,401)
Other comprehensive income
(17,043)
130,770
Total comprehensive loss
(1,790,178)
(1,999,631)
Statement of financial position
Current assets
2,425,988
1,598,048
Non-current assets
35,131,205
35,135,593
Total assets
37,557,193
36,733,641
Current liabilities
615,397
219,189
Non-current liabilities
869,394
286,523
Total liabilities
1,484,791
505,712
Net assets
36,072,402
36,227,929
Equity
Issued capital
50,674,855
49,166,197
Accumulated losses
(20,873,353)
(20,407,405)
Share-based payment reserve
6,270,900
7,469,137
Total equity
36,072,402
36,227,929
The Directors are of the opinion that no contingencies existed at, or subsequent to year end.
Dome Gold Mines Ltd
and its controlled entities
Notes to the Consolidated Financial Statements
60
24 POST-REPORTING DATE EVENTS
Subsequent to the end of the financial year:
Renewal of SPL1452
On 13 August 2024, the renewal of the SPL 1452 was approved for a further 3-year period from 3 July 2024
to 2 July 2027. The total renewal fees need to be paid by 2 October 2024.
Renewal of SPL1451
On 11 July 2024, the renewal of the SPL 1451 was approved for a further 3-year period from 28 June 2024
to 27 June 2027.
Issue of share capital
Subsequent to the year ended 30 June 2024, Dome has raised $940,957 by share issues. The funds were
used for exploration and general working capital. Details of share issues are as follows:
On 12 July 2024, the Company completed an option conversion of 919,663 fully paid ordinary
shares at $0.10 per share as a result of options being exercised and raised $91,966.
On 30 July 2024, the Company issued 1,750,000 fully paid ordinary shares at $0.20 per share and
raised $350,000.
On 6 August 2024, the Company completed an options conversion of 1,000,000 fully paid ordinary
shares at $0.10 per share as a result of options being exercised and raised $100,000.
On 2 September 2024, the Company issued 1,500,000 fully paid ordinary shares at $0.20 per
share and raised $300,000.
On 4 September 2024, the Company completed an option conversion 989,911 fully paid ordinary
shares at $0.10 per share as a result of options being exercised and raised $ 98,991.
Issue of unlisted options
On 30 July 2024, the Company issued 1,750,000 unquoted options exercisable at $0.20 each and
expiring on 30 July 2027.
On 02 Sep 2024, the Company issued 1,500,000 unquoted options exercisable at $0.20 each and
expiring on 02 September 2027.
Subsequent to 30 June 2024, the Group has drawn down a further $150,000 of debt against current related
party facilities in place.
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:
Country of
incorporation
Company interest in
ordinary shares
2024
2023
%
%
Controlled entities
Dome Mines Pte Limited
Fiji
100
100
Magma Mines Pty Ltd
Australia
100
100
Magma Mines Pte Limited
Fiji
100
100
Dome Gold Mines Ltd
and its controlled entities
Notes to the Consolidated Financial Statements
61
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 3.13. 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 2024. 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% (2023: 5%) then this would have had the following
impact:
Profit for the year
Equity
$
$
30 June 2024
-
111,971
30 June 2023
-
67,957
If the AUD had weakened against the FJD by 5% (2023: 5%) then this would have had the following impact:
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.
Profit for the year
Equity
$
$
30 June 2024
-
(111,971)
30 June 2023
-
(67,957)
Dome Gold Mines Ltd
and its controlled entities
Notes to the Consolidated Financial Statements
62
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 2024, the Group is not exposed to changes in market interest
rates through borrowings as all borrowings are at fixed interest rates.
On 30 June 2024, the Group’s exposure to cash flow interest relates primarily to cash at bank of the Group
which bears floating rates. The Group will consider investing any surplus cash in long term deposits at fixed
rates when appropriate.
As at the end of the reporting period, the Group had the following floating financial instruments:
2024
2023
Weighted
average
interest rate
%
Balance
$
Weighted
average
interest rate
%
Balance
$
Cash and cash equivalents
0.00
996
0.01
100,465
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).
2024
2023
+0.5%
-0.5%
+0.5%
-0.5%
$
$
$
$
Profit/(loss) for the year
5
(5)
502
(502)
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:
2024
2023
Classes of financial assets -
$
$
Carrying amounts:
Cash and cash equivalents
996
100,465
Trade and other receivables
88,720
49,597
Bond deposit
248,847
250,523
Carrying amount
338,563
400,585
Dome Gold Mines Ltd
and its controlled entities
Notes to the Consolidated Financial Statements
63
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 and 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 bodies with high
quality external credit ratings.
26.4 Liquidity risk analysis
Liquidity risk is the risk 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 when possible.
The carrying amount of financial liabilities recognised at the reporting date, as summarised below:
30 June 2024
Carrying value
Contractual amount
Total
Within one year
Between one to
five years
$
$
$
$
Trade and other payables
667,396
667,396
667,396
-
Borrowings
869,394
869,394
-
869,394
Lease liability
51,298
51,298
44,938
6,360
Total
1,588,088
1,588,088
712,334
875,754
30 June 2023
Carrying value
Contractual amount
Total
Within one year
Between one to
five years
$
$
$
$
Trade and other payables
236,593
236,593
236,593
-
Borrowings
286,523
286,523
-
286,523
Lease liability
40,649
40,649
16,272
24,377
Total
563,765
563,765
252,865
310,900
Dome Gold Mines Ltd
and its controlled entities
Notes to the Consolidated Financial Statements
64
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 2024, 1,250,000 options were issued in exchange for goods or services
provided.
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.
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 ($)
Amount of
share issue
costs
recognised
($)
2022
3,000,000
15/07/2021
15/07/2024
$0.0917
$0.10
0.15
55.06
275,122
275,122
1,000,000
13/09/2021
13/09/2024
$0.0834
$0.10
0.18
49.11
83,351
83,351
9,706,900
24/11/2021
24/11/2024
$0.1449
$0.10
0.99
52.87
1,406,729
1,406,729
1,000,000
26/11/2021
26/11/2024
$0.1448
$0.10
0.93
52.87
144,833
144,833
1,000,000
6/12/2021
6/12/2024
$0.1447
$0.10
0.89
52.87
144,653
144,653
15,000,000
31/12/2021
31/12/2024
$0.1132
$0.10
0.96
53.11
1,698,511
1,698,511
18,750,000
20/4/2022
20/4/2025
$0.1299
$0.10
2.55
53.46
2,435,839
2,435,839
260,000
29/6/2022
29/6/2025
$0.1851
$0.10
3.24
48.78
48,116
48,116
6,237,154
6,237,154
2023
580,000
21/11/2022
21/11/2025
$0.0985
$0.20
3.20
49.29
57,124
57,124
57,124
57,124
2024
1,250,000
18/01/2024
18/01/2027
$0.0985
$0.10
3.20
49.29
125,993
125,993
125,993
125,993
Dome Gold Mines Ltd
and its controlled entities
65
Consolidated Entity Disclosure Statement
for the year ended 30 June 2024
Entity Name
Body corporate,
partnership or
trust
Place of
incorporation
% of share capital held
directly or indirectly by
the Company in the
body corporate
Australian or
Foreign tax
resident
Jurisdiction for
Foreign tax
resident
Dome Gold Mines
Limited
Body Corporate Australia
N/A
Australian
N/A
Magma Mines Pty
Limited
Body Corporate Australia
100%
Australian
N/A
Dome Mines Pte
Limited
Body Corporate Fiji
100%
Foreign
Fiji
Magma Mines Pte
Limited
Body Corporate Fiji
100%
Foreign
Fiji
Determination of Tax Residency
Section 295 (3A) of the Corporations Act 2001 requires that the tax residency of each entity which is
included in the Consolidated Entity Disclosure Statement (CEDS) be disclosed. In the context of an entity
which was an “Australian resident” has the meaning provided in the Income Tax Assessment Act 1997. The
determination of tax residency involves judgment as the determination of tax residency is highly fact
dependent and there are currently several different interpretations that could be adopted, and which could
give rise to a different conclusion on residency.
In determining tax residency – The consolidated entity has applied the following interpretations:
Australian tax residency – The consolidated entity has applied current legislation and judicial precedent,
including having regard to the Commissioner of Taxation’s public guidance in Tax Ruling TR 2018/5.
Foreign tax residency – The consolidated entity has applied current legislation and where available
judicial precedent in the determination of foreign tax residency. Where necessary, the consolidated
entity has used independent tax advisers in foreign jurisdictions to assist in its determination of tax
residency to ensure applicable foreign tax legislation has been complied with.
Dome Gold Mines Ltd
and its controlled entities
66
Directors’ Declaration
The Directors of the Company declare that:
(1) In the opinion of the Directors of Dome Gold Mines Limited:
a) The consolidated financial statements and notes set out on pages 30 to 64 and the Remuneration
report on pages 22 to 25 in the Directors’ report, are in accordance with the Corporations Act 2001,
including:
i Giving a true and fair view of its financial position as at 30 June 2024 and of its performance for the
financial year ended on that date; and
ii Complying with Australian Accounting Standards (including the Australian Accounting
Interpretations) and the Corporations Regulations 2001; and
b) The consolidated entity disclosure statement as at 30 June 2024 set out on page 65 is true and
correct; and
c) There are reasonable grounds to believe that Dome Gold Mines Limited will be able to pay its debts
as and when they become due and payable.
(2) The Directors have been given the declarations required by Section 295A of the Corporations Act 2001
from the Chief Executive Officer and Chief Financial Officer (or equivalent) for the financial year ended 30
June 2024.
(3) Note 1 confirms that the consolidated financial statements also comply with International Financial
Reporting Standards.
Signed in accordance with a resolution of the Directors
J. V. McCarthy
Chairman
Dated this 27 September 2024
Sydney
KPMG, an Australian partnership and a member firm of the KPMG global organisation of independent member firms affiliated
with KPMG International Limited, a private English company limited by guarantee. All rights reserved. The KPMG name and
logo are trademarks used under license by the independent member firms of the KPMG global organisation. Liability limited by
a scheme approved under Professional Standards Legislation.
Independent Auditor’s Report
To the shareholders 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).
In our opinion, the accompanying Financial
Report of the Company gives a true and
fair view, including of the Group’s
financial position as at 30 June 2024 and
of its financial performance for the year
then ended, in accordance with the
Corporations Act 2001, in compliance with
Australian Accounting Standards and the
Corporations Regulations 2001.
The Financial Report comprises:
•
Consolidated statement of financial position as at 30
June 2024
•
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
•
Consolidated entity disclosure statement and
accompanying basis of preparation as at 30 June
2024
•
Notes, including material accounting policies
•
Directors’ Declaration.
The Group consists of the Company and the entities it
controlled at the year-end or from time to time during
the financial year.
Basis for opinion
We conducted our audit in accordance with Australian Auditing Standards. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Our responsibilities under those standards are further described in the Auditor’s responsibilities for
the audit of the Financial Report section of our report.
We are independent of the Group in accordance with the Corporations Act 2001 and the ethical
requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics
for Professional Accountants (including Independence Standards) (the Code) that are relevant to our
audit of the Financial Report in Australia. We have fulfilled our other ethical responsibilities in
accordance with these requirements.
67
68
Material uncertainty related to going concern
We draw attention to Note 3.15, “Going Concern” in the financial report. The conditions disclosed in
Note 3.15, indicate a material uncertainty exists that may cast significant doubt on the Group’s ability
to continue as a going concern and, therefore, whether it will realise its assets and discharge its
liabilities in the normal course of business, and at the amounts stated in the financial report. Our
opinion is not modified in respect of this matter.
In concluding there is a material uncertainty related to going concern we evaluated the extent of
uncertainty regarding events or conditions casting significant doubt in the Group’s assessment of
going concern. This included:
•
Analysing the cash flow projections by:
•
Evaluating the underlying data used to generate the projections for consistency with other
information tested by us, our understanding of the Group’s intentions, and past results and
practices;
•
Assessing the planned levels of operating cash inflows and outflows, including capital
expenditures, for feasibility, timing, consistency of relationships and trends to the Group’s
historical results, results since year end, and our understanding of the business, industry and
economic conditions of the Group;
•
Assessing significant non-routine forecast cash inflows and outflows including the impact of
planned capital raisings for feasibility, quantum and timing. We used our knowledge of the client,
its industry and current status of those initiatives to assess the level of associated uncertainty.
•
Reading Directors’ minutes and relevant correspondence with the Group’s advisors to understand
the Group’s ability to raise additional shareholder funds, and assess the level of associated
uncertainty;
•
Evaluating the Group’s going concern disclosures in the financial report by comparing them to our
understanding of the matter, the events or conditions incorporated into the cash flow projection
assessment, the Group’s plans to address those events or conditions, and accounting standard
requirements. We specifically focused on the principle matters giving rise to the material
uncertainty.
69
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 matter described below to be the Key Audit Matter.
Capitalised exploration and evaluation expenditure - $36,052,487
Refer to Note 14 to the Financial Report
The key audit matter
How the matter was addressed in our audit
Capitalised exploration and evaluation
expenditure (E&E) is a key audit matter due
to:
•
The significance of E&E activities to
the Group’s business, with the
balance of capitalised E&E expenditure
being 99% of total assets; and
•
The greater level of audit effort required
to evaluate the Group’s application of the
requirements of the industry specific
accounting standard AASB 6 Exploration
for and Evaluation of Mineral Resources
(AASB 6), in particular, the conditions
allowing capitalisation of relevant
expenditure and the presence of
impairment indicators. The presence of
impairment indicators would necessitate
a detailed analysis by the Group of the
value of E&E, therefore given the
criticality of this to the scope and depth
of our work, we involved senior team
members to challenge the Group’s
determination of the presence of
impairment indicators.
In assessing the conditions allowing
capitalisation of relevant expenditure,
we focused on:
•
The determination of the areas of
interest (areas);
Our procedures included:
•
We evaluated the Group’s accounting
policy to recognise exploration and
evaluation assets using the
requirements of AASB 6;
•
We assessed the Group’s determination of
its areas of interest for consistency with
the definition in the accounting standard.
This involved analysing the licenses in
which the Group holds an interest and the
exploration programs planned for those for
consistency with documentation such as
license related technical conditions and
planned work programs;
•
We assessed the Group’s current rights to
tenure for each area of interest by
corroborating the ownership of the relevant
license to underlying documentation. We
also tested for compliance with license
conditions, such as minimum expenditure
requirements;
•
We tested the Group’s additions to E&E
for the year by evaluating a statistical
sample of recorded expenditure for
consistency to underlying records, the
capitalisation requirements of the Group’s
accounting policy and the requirements of
the accounting standard;
70
•
Documentation available regarding rights
to tenure, via licensing and compliance
with relevant conditions, to maintain
current rights to an area of interest and
the Group’s intention and capacity to
continue the relevant E&E activities;
•
The Group’s determination of whether
the E&E assets are expected to be
recouped through successful
development and exploitation of the area
of interest, or alternatively, by its sale.
In assessing the presence of impairment
indicators, we focused on those that may
draw into question the commercial
continuation of E&E activities for each area of
interest where significant capitalised E&E
exists. In addition to the assessments above
and given the financial position of the Group,
we paid particular attention to:
•
The strategic direction of the Group and
their intent to continue exploration
activities in each area of interest; and
•
The ability of the Group to fund the
continuation of activities in each area
of interest.
•
We tested the completeness of exploration
and evaluation expenditure recorded in the
twelve-month period by evaluating a
sample of payments recorded since 30
June 2024 for evidence of the timing of the
transactions. For this procedure, we
selected our sample from the Group’s
payments since balance date, trade payable
schedule and unprocessed invoices post
balance date;
•
We analysed the Group’s determination of
recoupment through successful
development and exploitation of the area by
evaluating the Group’s documentation of
planned future/continuing activities, including
work program and project and corporate
budgets for each area of interest;
•
We evaluated Group documents, such as
minutes of Directors’ meetings and the
Group’s cash flow projections, for
consistency with their stated strategic
intentions for continuing exploration and
evaluation activities in certain areas. We
corroborated this through
interviews with key personnel;
•
We obtained project and corporate budgets
identifying areas with existing funding and
those requiring alternate funding sources.
We compared this for consistency with
areas with E&E, for evidence of the ability
to fund continued activities. We identified
those areas relying on alternate funding
sources and evaluated the capacity of the
Group to secure such funding.
71
Other Information
Other Information is financial and non-financial information in Dome Gold Mines Limited’s annual
report which is provided in addition to the Financial Report and the Auditor’s Report. The Directors
are responsible for the Other Information.
Our opinion on the Financial Report does not cover the Other Information and, accordingly, we do not
express an audit opinion or any form of assurance conclusion thereon, with the exception of the
Remuneration Report and our related assurance opinion.
In connection with our audit of the Financial Report, our responsibility is to read the Other
Information. In doing so, we 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.
We are required to report if we conclude that there is a material misstatement of this Other
Information, and based on the work we have performed on the Other Information that we obtained
prior to the date of this Auditor’s Report we have nothing to report.
Responsibilities of the Directors for the Financial Report
The Directors are responsible for:
•
preparing the Financial Report in accordance with the Corporations Act 2001, including giving
a true and fair view of the financial position and performance of the Group, and in compliance
with Australian Accounting Standards and the Corporations Regulations 2001
•
implementing necessary internal control to enable the preparation of a Financial Report in
accordance with the Corporations Act 2001, including giving a true and fair view of the
financial position and performance of the Group, and that is free from material misstatement,
whether due to fraud or error
•
assessing the Group and Company’s ability to continue as a going concern and whether the
use of the going concern basis of accounting is appropriate. This includes disclosing, as
applicable, matters related to going concern and using the going concern basis of accounting
unless they either intend to liquidate the Group and Company or to cease operations, or have
no realistic alternative but to do so.
72
Auditor’s responsibilities for the audit of the Financial Report
Our objective is:
•
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 Australian Auditing Standards will always detect a material misstatement when it
exists.
Misstatements can arise from fraud or error. They 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 the 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:
https://www.auasb.gov.au/admin/file/content102/c3/ar1_2020.pdf
This description forms part of our Auditor’s Report.
Report on the Remuneration Report
Opinion
In our opinion, the Remuneration Report
of Dome Gold Mines Limited for the year
ended 30 June 2024, complies with
Section 300A of the Corporations Act
2001.
Directors’ 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 responsibilities
We have audited the Remuneration Report included in
pages 22 to 25 of the Directors’ report for the year
ended 30 June 2024.
Our responsibility is to express an opinion on the
Remuneration Report, based on our audit conducted in
accordance with Australian Auditing Standards.
KPMG
Adam Twemlow
Partner
Brisbane
27 September 2024
Dome Gold Mines Ltd
and its controlled entities
73
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 2024.
SECURITIES EXCHANGE
The Company is listed on the Australian Securities Exchange. The Home Exchange is Sydney.
SUBSTANTIAL SHAREHOLDERS
The number of substantial shareholders and their associates are set out below:
Shareholder
Number of Shares
Blue Ridge Interactive Limited
46,276,949
Onizaki Corporation
30,000,000
Fleet Market Investments Pty Ltd
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 2024 was as follows:
Type of security
Number of holders
Number of securities
Ordinary shares
487
371,408,749
Unlisted options
20
90,526,193
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
17
-
1,001 - 5,000
20
-
5,001 - 10,000
156
-
10,001 - 100,000
137
-
100,001 and over
157
20
Total
487
20
Dome Gold Mines Ltd
and its controlled entities
ASX Additional Information
74
LESS THAN MARKETABLE PARCELS
On 31 August 2024, there were 34 holders of less than a marketable parcel of 4,762 ordinary shares.
TWENTY LARGEST SHAREHOLDERS
As at 31 August 2024, the twenty largest quoted shareholders held 67.37% of the fully paid ordinary
shares as follows:
Name
Ordinary Shares
Quantity
%
Blue Ridge Interactive Limited
46,276,949
12.46
Onizaki Corporation
30,000,000
8.08
Fleet Market Investments Pty Ltd
22,342,625
6.02
Citicorp Nominees Pty Limited
16,155,098
4.35
Monex Boom Securities (HK) Ltd
15,712,988
4.23
Shukikaku
13,500,000
3.63
Mr Yosuke Hitotsuyama
11,688,368
3.15
Mr Ryoji Hitotsuyama
11,407,782
3.07
Brave Top Enterprises Ltd
10,500,000
2.83
Globe Street Investments Pty Ltd
10,000,000
2.69
Globe Street Investments Pty Ltd
9,000,000
2.42
Mr Hwaeun Park
8,743,512
2.35
Cybersys Inc
8,000,000
2.15
Bowwow KK
7,000,000
1.88
BNP Paribas Nominees Pty Ltd
5,795,748
1.56
Mr Katsuji Kato
5,138,720
1.38
Ms Jean Denise White
5,000,000
1.35
Primavera
5,000,000
1.35
Yoshimi Yamamoto
4,500,000
1.21
Akio Miyashita
4,445,163
1.20
TWENTY LARGEST OPTIONOLDERS
As at 31 August 2024, there was one optionholder that held 20% or more of the unquoted options.
Name
Unlisted Options
Quantity
%
Precious Tori Limited
25,926,193
28.64
Dome Gold Mines Ltd
and its controlled entities
ASX Additional Information
75
ON MARKET BUY BACK
There is no on market buy-back.
ESCROWED SECURITIES
As at 31 August 2024, there were no escrowed securities.
TENEMENTS SCHEDULE
Tenement
Location
Holder
Area
(Ha)
Expiry Date
Interest
%
SPL 1451
Ono Island
Dome Mines Pte Ltd
3,028
27/06/2027
100
SPL 1452
Vunidawa*
Dome Mines Pte Ltd
32,930**
02/07/2027
100
SPL 1495
Sigatoka
Magma Mines Pte Ltd
2,522
26/04/2025
100
* Same area formerly known as Nadrau.
**Area adjusted by MRD on updated tenement map.
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.
Dome Gold Mines Ltd
and its controlled entities
76
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
KPMG
Level 11, Corporate Centre One
Corner Bundall Road and Slatyer Avenue
Bundall QLD 4217
Bankers
National Australia Bank
255 George Street
Sydney NSW 2000
Solicitors
Finn Roache Lawyers
Level 8, 191 Clarence Street
Sydney NSW 2000