OKLO RESOURCES LIMITED
ACN 121 582 607
ANNUAL REPORT
FOR THE YEAR ENDED
30 JUNE 2015
CORPORATE INFORMATION
DIRECTORS
Mr James Henderson - Non-Executive Chairman
Mr Simon Taylor - Managing Director and CEO
Mr Jeremy Bond - Non-Executive Director
COMPANY SECRETARY
Ms Louisa Martino
BANKER
National Australia Bank Ltd
South Sydney Partnership
Suite 1, Level 6, 5-13 Rosebery Avenue
Rosebery, NSW, 2018
AUDITORS
BDO Audit (WA) Pty Ltd
38 Station Street
Subiaco, WA, 6008
SOLICITORS
Steinepreis Paganin
16 Milligan Street
Perth, WA, 6000
REGISTERED OFFICE
Level 5, 56 Pitt Street
Sydney, NSW, 2000
Telephone:
Facsimile:
Website:
+61 2 8823 3100
+61 8 9252 8466
www.okloresources.com
STOCK EXCHANGE
The Company’s securities are quoted on the official list of the Australian Securities Exchange Limited
(ASX code: OKU)
SHARE REGISTRY
Computershare Investor Services Pty Ltd
Level 11,
172 St Georges Terrace
Perth, WA, 6000
Oklo Resources Limited
Page 2
2015 Annual Report
CONTENTS
Chairman’s Letter
Operations Review
Directors’ Report
Auditor’s Independence Declaration
Consolidated Statement of Profit or Loss and Other Comprehensive Income
Consolidated Statement of Financial Position
Consolidated Statement of Changes in Equity
Consolidated Statement of Cash Flows
Notes to the Financial Statements
Directors’ Declaration
Independent Audit Report
ASX Additional Information
PAGE
4
5
17
31
32
34
35
37
38
79
80
82
Oklo Resources Limited
Page 3
2015 Annual Report
CHAIRMAN’S LETTER
Dear Shareholder,
On behalf of the Board of Oklo Resources Limited, I am pleased to present our Annual Report for the
year ended 30 June 2015.
The past 12 months has seen the Company take great strides in advancing our promising gold projects in
Mali, West Africa.
We completed a solid year of exploration, having undertaken further surface geochemical and
geophysical surveys across our three priority projects, Dandoko, Socaf and Yanfolila, and completed a
program of just over 6,000m of shallow reconnaissance air core drilling at Dandoko and Yanfolila. The
drilling results were highly encouraging and highlight the prospective nature of Oklo’s extensive and
strategically located projects within the world-class gold Birimian greenstone belts of Mali, where more
than 40 million ounces of gold have been discovered to date. We are becoming increasingly confident
that we can add further to that total and progress towards our stated goal of becoming a gold producer.
We also strengthened our team considerably during the year. Simon Taylor, who joined the Board as a
Non-Executive Director in August 2014, was appointed to the role of Managing Director in March
2015. Simon is a geologist with more than 25 years’ experience in mineral exploration, project
assessment and development as well as commercial transactions and financing within the resources
sector. Simon has also previously held both Managing Director and Non-Executive Director roles with
numerous ASX listed companies. We firmly believe he has the skills necessary to lead Oklo, while we
continue the evaluation of our extensive project portfolio.
We were also pleased to have Andrew Boyd join us as a Technical Consultant. Andrew is a geophysicist
with over 20 years of exploration and mining experience and most recently was General Manager –
Geoscience for Papillion Resources before its merger in October last year with TSX listed B2 Gold.
Papillion’s key asset was the multi-million ounce Fekola discovery located some 30km to the west of
the Company’s Dandoko Project. Andrew works closely with Simon and with the Company’s
Exploration Manager Dr Madani Diallo, who has an impressive track record of significant gold
discoveries in Mali.
I would like to thank our Management team and staff, as well as my fellow Board members, for their
hard work and commitment over the past year. I also thank our shareholders for your continued support
and hope that it continues.
As we look to the year ahead, I hope it will be another busy one. We are undertaking measures to keep
our operational costs as low as possible so that our funds are funnelled towards more exploration, and
we believe that our increasing understanding of our projects will result in greater value for our
shareholders. We expect further strong news flow over the coming months as our drilling programs
resume following the wet season and I look forward to sharing it with you.
James Henderson
Chairman
Oklo Resources Limited
Page 4
2015 Annual Report
OPERATIONS REVIEW
REVIEW OF OPERATIONS
Oklo Resources Limited (“Oklo” or the “Company”) continued to make significant progress during the
year on the advancement of its Mali gold projects in West Africa (Figure 1). Located within the Keneiba
Inlier, the Company holds a large strategic land package covering 1,389km2 focused on well-endowed
gold belts that host world class deposits.
The highlights of the year included the successful completion of an initial air core (AC) drilling program
totalling 4,921m at the Dandoko Project, located 30km west of B2Gold Resources’ 5.15Moz Fekola
Project in western Mali. The program tested a combination of gold-in-soil and geophysical targets at the
Disse, Diabarou and Selingouma prospects.
The shallow reconnaissance AC program was highly successful in delineating significant alteration and
gold mineralisation at all three prospects for follow-up drilling including:
Disse – Best drill intersections included 21m at 5.67 g/t gold and 3m at 12.80 g/t gold coincident with
a line of artisanal workings that extends over 350m and is open in all directions. Drilling also
intersected a new parallel structure located approximately 500m to the north returning 3m at 4.38 g/t
gold.
Diabarou – drilling confirmed gold anomalism peripheral to the artisanal workings and along strike
from the 12m at 1.50 g/t gold and 20m at 1.44 g/t gold intersection from 2013 drilling.
Selingouma – drilling from within the northern 600 metres of the 6 km long gold-in-soil anomaly
intersected wide zones of alteration and gold anomalism, with the remainder of the anomaly still
untested. Best intersections included 18m at 1.75 g/t gold.
Subsequent to reporting date, the Company announced results from a first pass AC drilling program
totaling 1,222 metres at the Yanfolila Project, testing a new target at Solona North-West, which
intersected significant gold mineralisation including 6m at 5.29 g/t gold.
Figure 1: Oklo’s Mali Gold Project Portfolio
Oklo Resources Limited
Page 5
2015 Annual Report
OPERATIONS REVIEW
DANDOKO PROJECT – West Mali (Gold)
The Dandoko Permit (134km2) is located within the Kenieba Inlier in western Mali. It is situated in
close proximity to numerous world class gold deposits including B2Gold Resources’ 5.15Moz Fekola
gold project 30km to the east and Randgold’s 12.5Moz Loulo Gold Mine 50km to the south-southeast
(Figure 2).
Access from Bamako is via a high quality sealed road, which passes through the northern part of the
tenement. Oklo considers the tenement to be prospective for the discovery of multiple, substantial gold
deposits and places particular emphasis on the importance of NNE-trending faults as mineralising
conduits.
The permit is underlain by a Lower Proterozoic Birimian meta-volcanic and meta-sedimentary
sequence. A series of dominant NNE-trending faults, displaced by a second set of ESE-trending faults,
have been mapped or interpreted from aeromagnetic data. Oklo considers that these NNE structures are
splays emanating from the Senegal-Mali Shear Zone (“SMSZ”), a regional NNW-trending strike-slip
fault, and play an important role in controlling gold mineralisation in the region.
Previous exploration work in the area, largely undertaken by Compass Gold Corporation from 2010 to
2012, comprised mapping, soil sampling, pitting and trenching, which together with the commissioning
of an airborne magnetic and radiometric survey, delineated a number of prospects.
Figure 2: Location and Geological Setting of the Dandoko and Moussala (application) Projects in
southwest Mali
Oklo Resources Limited
Page 6
2015 Annual Report
OPERATIONS REVIEW
Dandoko was the subject of a successful reconnaissance reverse circulation (“RC”) drilling program in
late 2013 and early 2014 providing strong encouragement. Significant results included; 16m at 2.30 g/t
gold and 20m at 1.44 g/t gold at the Disse prospect, 12m at 1.50 g/t gold1 at the Diabarou prospect and
wide alteration zones with low level gold intersected at Selingouma.
Oklo completed a further 73 AC holes for 4,921m during the financial year, which tested multiple
targets at the Disse, Selingouma North and Diabarou prospects.
Figure 3: Dandoko Project – Prospect locations overlain on soil sampling geochemistry and total
magnetic intensity geophysical data
1 Refer Oklo's ASX release 22nd January 2014
Oklo Resources Limited
Page 7
2015 Annual Report
OPERATIONS REVIEW
Table 1: Drilling statistics by prospect.
Prospect
Selingouma
Disse
Diabarou
Total
No. of
holes
30
23
20
73
Metres
1,787
1,805
1,329
4,921
Disse
At Disse, artisanal workings extend for over 880m co-incident with a gold-in-soil anomaly and dump
samples of up to 16.25 g/t gold. Previous RC drilling by Oklo in 2013 along a single traverse (3 holes)
returned significant results including 16m at 2.30 g/t gold from 158m.
A program comprising 23 AC holes was completed during the financial year testing for along-strike
extensions to the previously reported gold intersections below the artisanal workings on approximately
100m spaced traverses (Figure 4).
Significant AC intersections from Disse are summarised in Table 2.
Table 2: Summary of significant intersections from Disse (above 1.0g/t Au)
Hole
No.
DIS03
DIS04
DIS09
DIS18
DIS22
Down Hole Intercept
21m at 5.67 g/t Au
incl. 6m at 8.75 g/t Au
and 3m at 20.8 g/t Au
3m at 3.75 g/t Au
3m at 12.80 g/t Au
3m at 4.38 g/t Au
1m at 1.18 g/t Au
From Depth
(Down Hole)
33m
36m
51m
3m
39m
15m
88m
Noteworthy was the high grade mineralisation intersected in hole DIS03 (21m at 5.67 g/t gold) at a
downhole depth of 33m, which was above and adjacent to the significant intersection from the 2013
drilling program at 158m depth. This result provides confidence on the continuity of mineralisation
extending to surface.
Drilling also intersected a second new parallel structure located approximately 500m to the north on a
recently opened artisanal working with 3m at 4.38 g/t gold returned from hole DIS18.
Based on these results, the Company intends to undertake a follow-up program of deeper RC drilling
upon completion of the current AC programs.
Subsequent to reporting date, further sampling and mapping was completed with a total of 21 in-situ
samples collected from the bottom of the artisanal workings, which returned further high grade results
of up to 20.2 g/t gold.
Oklo Resources Limited
Page 8
2015 Annual Report
OPERATIONS REVIEW
Figure 4: Disse prospect - Location of AC drilling results overlain on IP resistivity geophysical data
Diabarou
The Diabarou gold-in-soil anomaly covers an area of 1.2km north-east x 1.0km east-west. Artisanal
workings have revealed gold-bearing quartz veins of up to 3m in thickness extending over 600m. Up to
64 g/t gold has been previously reported from surface rock chip samples along with soil results of up to
0.89 g/t gold.
Drill rig access into the central part of the anomaly was hampered by the presence of active artisanal
workings. The recently completed AC program totalling 20 holes for 1,329m was therefore restricted to
evaluating the extent of a previous isolated RC intersection of 12m at 1.50 g/t gold and 20m at 1.44 g/t
gold from 96m. The program intersected significant gold mineralisation in hole DIA12 (6m at 1.43 g/t
gold), some 300m southwest of the previous RC hole (Figure 5).
Subsequent to the reporting date , further sampling and mapping was completed over the prospect with a
total of 45 in-situ samples collected from the bottom of the artisanal workings to assist in the
understanding of the geology and design of further drilling programs. Significant assay results are
tabulated in Table 3 and presented on Figure 5 below.
High grade gold results of up to 68.3 g/t gold were returned from within the area untested by drilling
and to the immediate east of the previous successful RC hole drilled in 2013 (refer table 3). This zone of
artisanal workings will be the focus of a drilling program scheduled to commence in the 4th quarter of
2015.
Oklo Resources Limited
Page 9
2015 Annual Report
OPERATIONS REVIEW
Figure 5: Diabarou prospect - location of 2015 pit sampling results and AC drilling overlain on IP
resistivity geophysical data
Table 3: Significant bottom of artisanal pit sample results from Diabarou
Sample No.
AKDIAP2
AKDIAP3
AKDIAP5
AKDIAP11
AKDIAP34
AKDIAP35
AKDIAP36
AKDIAP41
Gold (Au)
14.2g/t
20.3g/t
19.1g/t
9.43g/t
33.7g/t
20.6g/t
68.3g/t
40.3g/t
Sample Depth
26m
27.5m
30m
50m
17m
17m
15m
17m
Sample Description
Weathered quartz veins
Saprolite with quartz veinlets
Saprolite with quartz veinlets
Saprolite with quartz veinlets
Saprolite with quartz veinlets
Weathered quartz veins
Saprolite with quartz veinlets
Saprolite with quartz veinlets
Selingouma
The Selingouma prospect comprises a series of open ended gold-in-soil anomalies that extend over 6km
with peak values of up to 0.45 g/t gold. Previous reconnaissance auger and limited RC drilling outlined
extensive alteration over wide zones associated with elevated gold and highly elevated arsenic results.
An IP geophysical survey completed over the northern 600m extent of the Selingouma anomaly has
outlined an interpreted sinistral oriented structure with potential dilational zones associated with surface
gold anomalism.
During the financial year, Oklo completed a total of 30 vertical AC holes for 1,787m over the
geophysical anomaly and intersected encouraging gold mineralisation (Figure 6). Significant results
received from the program are summarised in Table 4.
Oklo Resources Limited
Page 10
2015 Annual Report
OPERATIONS REVIEW
Table 4: Summary of significant intersections from Selingouma (above 1.0g/t Au)
Hole No.
Down Hole Intercept
SEL17
SEL24
SEL33
SEL34
SEL38
18m at 1.75 g/t Au
3m at 1.31 g/t Au
9m at 1.38 g/t Au
9m at 1.40 g/t Au
3m at 2.42 g/t Au
From Depth
(Down Hole)
6m
51m
45m
21m
21m
The significant AC results from the broad 200m spaced traverses are spatially associated with a
pronounced IP resistivity low (Figure 6).
Figure 6: Selingouma prospect - AC drilling traverses overlain on gold-in-soil geochemistry and
IP resistivity geophysics
Oklo Resources Limited
Page 11
2015 Annual Report
OPERATIONS REVIEW
SOCAF PROJECT - Mali (Gold)
In May 2011, Oklo acquired 75% of the issued capital of Malian company SOCAF sarl which holds the
Boutounguissi South and Aourou concessions located 80km north of the regional gold mining centre of
Kayes. The concessions are located close to a major regional highway, a regional airport, power and
water.
The Socaf permit (224km2) covers a sparsely outcropping inlier of Birimian volcanics, interpreted as a
continuation of the Senegal-Mali Shear Zone (“SMSZ”). The SMSZ is widely mineralised and hosts no
fewer than six major gold deposits for an endowment >40Moz including Sadiola (13.5Moz) and Loulo
(12.5Moz, Figure 7).
Although the SMSZ is now well explored along its southern extent, manifested in the form of several
world-class gold deposits including the latest discovery of Fekola (5.15Moz), the prospectivity of the
northern extension is poorly understood. As such, the potential for additional discoveries is considered
high.
Figure 7: Socaf – Project Location and other major gold mines in the region
A total of 337 RC and 15 RAB holes were previously drilled in 2007-08 to assess three geochemical
targets within the Socaf permit. Over 94% of these holes were less than 40 metres in depth.
This drilling resulted in a small gold resource being outlined at the Nreilat prospect in late 2011. The
resource remains open in a number of directions with the drilling to a large extent restricted to shallow
depths and poorly optimised to adequately test the controlling structures.
During the financial year, a planned AC drilling program at Socaf was deferred due to harder than
expected ground conditions requiring additional equipment to be mobilised to site to complete the
testing of down dip extensions to the significant intersections from the 2007-08 drilling program. These
included 8m at 4.1 g/t gold and 8m at 3.5 g/t gold2 from an extensive gold-in-soil anomaly which
extends for over 2km (Figure 8).
Due to the onset of the wet season, this drilling is now scheduled for late 2015.
2 Refer Oklo’s ASX release 11th February 2011
Oklo Resources Limited
Page 12
2015 Annual Report
OPERATIONS REVIEW
Figure 8: Socaf Project - Plan of gold-in-soil anomalies extending over 2km, IP survey area and
previous AC drilling
YANFOLILA PROJECT – Southern Mali (Gold)
Oklo’s Yanfolila permit is located in southern Mali, 45km north of Avnel Gold’s Kalana gold mine
(2.1Moz) and 35km east of Hummingbird Resources’ Komana gold project (1.8Moz).
First pass drilling at the Solona Main prospect in 2012 returned significant intersections including
26.5m at 3.59 g/t gold and 15.6m at 2.01 g/t gold3 within an extensive gold-in-soil anomaly that
extends for over 2km and has been tested by limited drilling.
Subsequent to the reporting date, the Company completed a shallow AC drilling program testing a new
gold geochemical anomaly outlined by soil sampling and shallow auger drilling at the Solona North
West prospect, located 2.1 km to the northwest of Solona Main (Figure 9). The program comprised 28
holes totalling 1,022 metres and was designed on a nominal spacing of 50m by 100m to a maximum
depth of 50m or refusal. Infill holes were drilled on visual inspection of samples. Numerous holes
intersected wide zones (up to 16m) of quartz veining with some holes ending in gold mineralisation.
Significant drill intersections from the program are summarised in Table 5.
The program was highly successful in confirming the presence of bedrock gold mineralisation
associated with the extensive quartz veining and has provided encouragement for follow-up RC drilling
which will test the along strike and depth potential of this prospect beyond the relatively shallow
capabilities of the AC drill rig.
3 Refer Oklo’s ASX releases 29th October 2013, 16th July 2014
Oklo Resources Limited
Page 13
2015 Annual Report
OPERATIONS REVIEW
Table 5: Summary of significant intersections from Solona North West
Hole
No.
SAC005
SAC007
SAC013
SAC014
SAC016
SAC023
SAC025
SAC027
Down Hole Intercept
21m at 0.57 g/t Au
including 3m at 2.22 g/t
Au
3m at 1.23 g/t Au
3m at 0.66 g/t Au
3m at 1.13 g/t Au
6m at 5.29 g/t Au
3m at 0.85 g/t Au
3m at 0.96 g/t Au
3m at 0.70 g/t Au
From Depth
(Down Hole)
9m, ended in mineralisation
3m, ended in mineralisation
27m, ended in mineralisation
9m, ended in mineralisation
6m
27m
0m
27m
Solana North West 6m @
5.29g/t gold
Figure 9: Solona Main and Solona North West prospects showing drill hole locations overlain on
magnetic geophysical data
Oklo Resources Limited
Page 14
2015 Annual Report
OPERATIONS REVIEW
SAMIT NORD – Mali (Phosphate)
In 2011, Oklo’s wholly owned Malian subsidiary, La Société Oklo Uranium Limited Mali sarl was
granted under the Malian Mining Code, a 30 year mining concession over the Samit Nord area for the
exploration and mining of phosphate and other Group 2 minerals.
Covering an area of 530km2, Samit Nord is located in eastern Mali, in close proximity to the regional
centre of Gao.
A program of surface sampling and mapping conducted on part of the granted area in late 2009, which
amongst other phosphate occurrences, identified a phosphate deposit referred to as the “Plateau
Deposit”. The deposit occurring at or within a few metres of surface is currently known to extend over
7.8 km in length and varies in width from 150 m and 1.3 km wide in places.
A Scoping Study completed in August 2010 by GEOS Mining Mineral Consultants concluded that the
project warranted further investigation. It was noted the initial exploration area constituted only a small
part of the granted area and there are numerous other targets within this extensive area.
The Samit Nord project concept comprises conventional shallow strip mining, mobile crushing and
screening, with transport to a fixed plant at Gao for cone crush, mill grind, granulation and bagging.
Due to a continuing security situation in this part of Mali, the Company in 2013 made application to
invoke the Force Majeure provisions of the Malian Mining Code.
No work was completed on the project during the financial year.
KIDAL - Mali (Uranium and Base Metals)
In November 2009, Oklo was granted, through a wholly owned Malian subsidiary, two mining
concessions over its Kidal project. Due to ongoing social disruption in this remote area of Mali,
applications for invoking the Force Majeure provisions of the conventions have been lodged with the
Malian Government. Accordingly no work has been carried out on this project in the past 4 years.
This tenement package represents a large land holding with a significant number of targets for uranium,
as well as other base and precious metals, for future evaluation and is viewed as a strategically
important long-term holding of the Group.
No work was completed on the project during the financial year.
Harts Range (Australia) Base Metals, Gold, Uranium
During the March 2015 quarter, Mithril Resources Ltd notified Oklo that it was withdrawing from the
Harts Range joint venture. Oklo also made the decision not to renew the tenements EL’s 25453 and
30005 which formed the Harts Range Project during the quarter so it could concentrate its technical staff
and expenditure on its priority gold projects in Mali.
Oklo Resources Limited
Page 15
2015 Annual Report
OPERATIONS REVIEW
CORPORATE
During the financial year, the Company successfully completed the following capital management
initiatives:
A share placement of 180,000,000 (9,000,000 shares on a post-consolidation basis) ordinary
shares at an issue price of $0.003 ($0.06 post consolidation) per share to raise $540,000 (before
costs) in August and September 2014
an underwritten, non-renounceable rights issue of 1 new ordinary share for every 5 existing
ordinary shares held at a price of $0.003 ($0.06 post consolidation) per ordinary security to raise
up to $1,007,824 (before costs) through the issue of 335,941,431 (16,797,076 post
consolidation) ordinary shares completed in December 2014
a consolidation of the Company’s share capital on a 1 for 20 basis in December 2014
the issue of 3,000,000 ordinary shares (post consolidation) in satisfaction of the debt owed by
the Company’s wholly owned Malian subsidiary, Africa Mining sarl, to Dr Madani Diallo in
December 2014
A share placement of 9,314,615 ordinary shares at $0.065 per share to raise $605,450 (before
costs) in March 2015 and finalized in May 2015
The issue of 500,000 shares to Dr Madani Diallo in March 2015 pursuant to a consulting
agreement entered into in March 2013.
Competent Person’s Declaration
The information in this report that relates to Exploration Results is based on information compiled by
geologists employed by Africa Mining (a wholly owned subsidiary of Oklo Resources) and reviewed by
Mr Simon Taylor, who is a member of the Australian Institute of Geoscientists. Mr Taylor is the
Managing Director of Oklo Resources Limited. Mr Taylor is considered to have sufficient experience
deemed relevant to the style of mineralisation and type of deposit under consideration, and to the
activity that 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” (the
2012 JORC Code). Mr Taylor consents to the inclusion in this report of the matters based on this
information in the form and context in which it appears.
Oklo Resources Limited
Page 16
2015 Annual Report
DIRECTORS REPORT
The Board of Directors present their report on the Consolidated entity (referred to hereafter as the Group)
consisting of Oklo Resources Ltd and the entities it controlled at the end of, or during the year ended 30
June 2015.
DIRECTORS
The names and details of the Company’s Directors in office during the financial year and until the date of
this report, unless as otherwise stated, are as follows:
Mr James Henderson B.Com, CA
Non-Executive Chairman (appointed 3 November 2009)
Mr Henderson is currently Executive Chairman of Transocean Group Pty Ltd, a corporate advisory and
private equity group focused on the emerging company market. His expertise is in the area of corporate
strategy and structuring, capital raising and commercial negotiation.
Mr Henderson has led teams on a variety of transactions including mergers, acquisitions, dispositions,
takeovers, and capital raisings particularly in Australia, Canada, the USA and Africa.
Current External Directorships:
Actus Mineral Corporation (TSX-V)
Compass Gold Corporation (TSX-V)
Past Directorships in last 3 years:
Sherwin Iron Limited (ASX)
Mr Simon Taylor B.Sc, MAIG,Gcert AppFin
Managing Director from 5 March 2015, Non-Executive Director from 28 August 2014 to 5 March 2015
Mr Taylor is a geologist with over 25 years’ experience in exploration, project assessment and development
in the resources sector. He has had a diversified career as a resources professional providing services to
resource companies and financial corporations. His experience spans a range of commodities including gold,
fertilisers (phosphate and potash), base metals, nickel, uranium, coal and coal seam methane. Whilst his
experience includes Australia a majority of his projects have been in international countries including Brazil,
Turkey, Uganda, Tanzania, Mali, China, UK and North America.
His experience includes providing consulting services to resource companies and financial
corporations as a resource analyst. His analytical and technical expertise, combined with his corporate
experience have given him an ability to advise companies at a corporate and Board level including fund
raising, acquisitions, promotion and recognising value opportunities to add shareholder value.
Current External Directorships
Past Directorships in last 3 years:
Chesser Resources Limited (ASX)
King Solomon Mines (ASX)
TW Holdings Limited (ASX)
Aguia Resources Limited (ASX)
Bondi Mining Limited (ASX)
Probiomics Limited (ASX)
Oklo Resources Limited
Page 17
2015 Annual Report
DIRECTORS REPORT
Mr Jeremy Bond B. Com, B. Econ., B. A
Non-Executive Director (appointed 11 September 2014)
Mr Bond is an investment manager of Terra Capital, an Australian based resource fund. He previously
worked as a resource analyst at RAB Special Institutions Fund at RAB Capital Plc based in London.
Prior to joining RAB, Mr Bond was an associate at Azure Capital, a boutique investment bank based in
Perth, WA. There he worked on numerous mergers and acquisitions as well as being involved in a number
of capital raisings in the resources sector.
Current External Directorships
XTD Limited (ASX)
Past Directorships in last 3 years:
Orecorp Limited (ASX)
Mr Michael Pixley B. Bus.
Non-Executive Director (appointed 14 March 2013, resigned 25 November 2014)
Mr Pixley has many years’ experience in private banking, biotechnology and mining exploration, having
been based in both Singapore and now Perth.
Current External Directorships
Panasia Corporation Limited (ASX)
Past Directorships in last 3 years:
Holista Colltech Limited (ASX)
Mr Marshall Auerback BA
Non-Executive Director (appointed 27 January 2011 and resigned 28 August 2014)
Mr Auerback is a dual Canadian and British national and is resident in Denver, Colorado, USA. With a BA
from Queens University, Kingston, Ontario and a BA (Jurisprudence) from Oxford University, United
Kingdom, Mr. Auerback has been in the investment management world for over 27 years, with postings
including, Hong Kong, Tokyo and New York.
Mr Auerback is a director of Pinetree Capital Limited, a diversified investment firm based in Toronto
Canada and listed on the TSX.
Current External Directorships:
Pinetree Capital Limited (TSX)
Past Directorships in last 3 years:
Compass Gold Corporation (TSX)
COMPANY SECRETARY
Ms Louisa Martino B.Com, CA, SA Fin
Company Secretary (appointed 5 January 2015)
Ms Martino is an experienced company secretary with a substantial background in accounting, finance,
company compliance (ASIC and ASX) and corporate finance, including IPOs and mergers and acquisitions.
Ms Martino has a Bachelor of Commerce from the University of Western Australia, is a member of the
Institute of Chartered Accountants in Australia and a member of the Financial Services Institute of
Australasia (FINSIA).
Mr Alan Boys B.Com, CA
Company Secretary (appointed 14 August 2007, resigned 5 January 2015)
Mr. Boys is a Chartered Accountant with over 29 years’ experience in public accounting and corporate
advisory services.
Oklo Resources Limited
Page 18
2015 Annual Report
DIRECTORS REPORT
PRINCIPAL ACTIVITIES
The principal activities of the Group during the year were identification of potential mining resource assets
for acquisition, acquiring same, conducting mineral exploration in Australia and the Republic of Mali.
FINANCIAL POSITION
The Group’s net assets at 30 June 2015 were $9,870,979 (30 June 2014: $7,583,832).
The Directors consider that the Group is in a strong and stable financial position to continue and grow its
existing activities.
REVIEW OF OPERATIONS
The Group’s operations are reviewed from pages 5 to 16 of the Annual Report.
SIGNIFICANT CHANGES IN STATE OF AFFAIRS
There were no significant changes in the state of affairs of the Group other than those referred to elsewhere
in this report of the financial statements or notes thereto.
During the year the Company undertook a share consolidation (refer Note 11) and all share and per share
disclosures have been re-states to reflect a post consolidation number of shares, unless otherwise stated.
EVENTS SUBSEQUENT TO REPORTING DATE
On 22 September 2015, the Company announced that Mr Andrew Boys had agreed to renew his contact
with the Company as a technical consultant for a further 12 months.
Other than the above, there has not been any matter or circumstance that has arisen since the end of the
financial year, that has 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.
DIVIDENDS
No dividends were declared or paid during the year.
FUTURE DEVELOPMENTS
Likely future developments in the operations of the Group are referred to in the Chairman’s Letter,
Operations Review and Note on subsequent events.
INDEMNIFICATION OF DIRECTORS AND OFFICERS
During the year, the Company paid an insurance premium to insure certain directors and officers including
Directors named in this report.
The Directors and Officers Liability insurance provides cover against all costs and expenses that may be
incurred in defending civil or criminal proceedings that fall within the scope of the indemnity and that may
be brought against the officers in their capacity as officers of the Group. The insurance policy does not
contain details of the premium paid in respect of individual officers of the Group. Disclosure of the nature of
the liability cover and the amount of the premium is subject to a confidentiality clause under the insurance
policy.
The Company has not provided any insurance for an auditor of the group.
Oklo Resources Limited
Page 19
2015 Annual Report
DIRECTORS REPORT
ENVIRONMENTAL REGULATION
The Group is aware of its environmental obligations and acts to ensure that its environmental commitments
are met.
The Group is not currently subject to significant environmental regulation in respect of its activities. The
Directors have considered compliance with the National Greenhouse and Energy Reporting Act 2007 which
requires entities to report annual greenhouse gas emissions and energy use. For the measurement period
from 1 July 2014 to 30 June 2015 the Directors have assessed that the Company has no current reporting
requirements, but may be required to report in the future.
PROCEEDINGS ON BEHALF OF THE GROUP
No person has applied for leave of Court to bring proceedings on behalf of the Group or intervene in any
proceedings to which the Group is a party for the purpose of taking responsibility on behalf of the Group for
all or any part of those proceedings.
The Group was not a party to any such proceedings during the year.
NON-AUDIT SERVICES
An amount of $Nil (2014: $2,448) was paid to the external auditor during the year for non-audit services.
The Directors are satisfied that any non-audit services provided during the year ended 30 June 2015 did not
compromise the general principles relating to auditor independence in accordance with APES 110:Code of
Ethics for Professional Accountants set by the Accounting Professional and Ethical Standards Board.
GENDER DIVERSITY
The company has the following appointments by gender:
Position
Directors
Senior executives
Other employees
Male
3
-
-
Female
-
-
-
Total
3
-
-
DIRECTORS’ INTERESTS IN SECURITIES OF THE GROUP
At the date of this report the relevant interests of the Directors in shares or options over shares of the Group
are:
DIRECTOR
ORDINARY SHARES
James Henderson
Simon Taylor
Jeremy Bond
4,824,932
1,057,200
2,051,668
OPTIONS
2,568,720
2,000,000
1,000,000
Oklo Resources Limited
Page 20
2015 Annual Report
DIRECTORS REPORT
Unissued ordinary shares of the Company under option at the date of this report are as follows:
DATE OPTIONS
GRANTED
EXPIRY DATE
ISSUE PRICE
OF SHARES*
NUMBER UNDER
OPTION*
21 May 2013
20 May 2016
20 December 2013 and 12
February 2014
20 December 2016
20 December 2013
31 December 2016
12 February 2014 and 17
February 2014
12 February 2017
5 May 2014
4 May 2017
23 September 2014
22 September 2017
8 December 2014
8 December 2017
25 March 2015
25 March 2018
18 May 2015
18 May 2015
18 May 2018
18 May 2018
* - Reflects post-consolidation position
$0.15
$0.10
$0.20
$0.10
$0.20
$0.10
$0.10
$0.10
$0.10
$0.15
350,000
581,000
2,500,000
468,950
1,000,000
540,000
4,007,825
500,000
500,000
500,000
At the date of this report the Group had on issue 113,597,173 ordinary shares and 10,947,775 options over
ordinary shares.
REMUNERATION REPORT (Audited)
The information provided in this remuneration report has been audited as required under Section 308(3C) of
the Corporations Act 2001.
This report details the nature and amount of remuneration for each director of Oklo Resources Limited and
key management personnel.
For the purposes of this report, Key Management Personnel (“KMP”) of the Group are defined as those
persons having authority and responsibility for planning, directing and controlling the major activities of the
Company and the Group, directly or indirectly, including any Director (whether Executive or otherwise) of
the parent company.
The names and positions of the KMP of the company and the Group during the financial year were:
Name
Mr. James Henderson
Mr Simon Taylor (Appointed 28 August 2014 as a Non-Executive
Director and 5 March 2015 as Managing Director)
Mr Jeremy Bond (Appointed 11 September 2014)
Mr Michael Pixley (Resigned 25 November 2014)
Mr. Marshall Auerback (Resigned 28 August 2014)
Mr Ian Spence (Resigned 1 February 2015)
Mr. Alan Boys (Resigned 5 January 2015)
Position
Chairman
Managing Director
Non-executive Director
Non- executive Director
Non-executive Director
Chief Executive Officer
Company Secretary
Oklo Resources Limited
Page 21
2015 Annual Report
DIRECTORS REPORT
REMUNERATION REPORT (Audited) (Cont.)
Remuneration Policy
The nature and amount of remuneration for the Non-executive Directors and executives depends on the
nature of the role and market rates for the position, with the assistance of external surveys and reports,
taking into account the experience and qualifications of each individual. The Board ensures that the
remuneration of key management personnel is competitive and reasonable. Fees and payments to the Non-
executive Directors reflect the demands which are made on, and the responsibilities of the Directors. Non-
executive Director’s fees and payments are reviewed annually by the Board.
In undertaking a review of the performance of both directors and executives, consideration is given to the
respective performance of person during the review period; however there are no prescribed performance
measures or hurdles connected with the level of remuneration.
Given the current size, nature and risks of the Company, incentive options have been used to attract and
retain Non-executive Directors and executives. The grant of such options is at the discretion of the Board
and subject, as appropriate, to shareholder approval.
The group has not engaged the services of external remuneration consultants to advise them on Director and
executive remuneration policy. At the Company’s 2014 Annual General Meeting, the Remuneration Report
was passed by way of show of hands and no comment was made on this matter by any attendees.
Employment Contracts of Directors and Executives
The directors do not have formal contracts as at the completion of the 30 June 2015 financial year. The
directors are paid director’s fees under the terms agreed to by a directors’ resolution. By way of a directors’
resolution dated 23 December 2013, it was resolved that with effect from 1 July 2013, the current
remuneration of directors be at the rate of $60,000 per annum for the Chairman and $30,000 per annum for
Non-Executive Directors.
By way of a directors’ resolution dated 17 November 2014, it was resolved that with effect from 1
September 2014, the current remuneration of the Chairman be at the rate of $48,000 per annum.
By way of a directors’ resolution dated 26 March 2015, it was resolved that with effect from 1 March 2015,
the current remuneration of the Managing Director be at the rate of $196,200 per annum
The terms during the past year and as at the date of this report are set out as follows:
Name
Mr. James Henderson
Mr. Simon Taylor
Mr. Jeremy Bond
Mr Michael Pixley
Mr. Marshall Auerback
Position
Chairman
Non-executive Director
Managing Director
Non-executive Director
Non- executive Director
Non-executive Director
Annual Remuneration
From 1/7/2014
$60,000 (to December 2014)
$48,000 (from January 2015)
$30,000 (to January 2015)
$196,200 (from February 2015)
$30,000
$30,000
$30,000
The payment of statutory employment entitlements (such as superannuation contributions) is in addition to
the above amounts.
The non-executive directors’ fees are determined within an aggregate directors’ fee pool limit, which is
periodically recommended for approval by shareholders. The maximum currently stands at $300,000, which
was approved by shareholders at the Annual General Meeting on 23 November 2006.
Oklo Resources Limited
Page 22
2015 Annual Report
DIRECTORS REPORT
REMUNERATION REPORT (Audited) (Cont.)
In addition, during the year additional monies were paid to Transocean Securities Pty Ltd, Geeland Pty Ltd
and Nepix Pty Ltd, related parties of Mr Henderson, Mr Taylor and Mr Pixley respectively with respect to
consultancy services provided. These amounts are included salaries and fees in the following schedule
By way of a directors’ resolution dated 7 April 2014, it was resolved that with effect from 1 January 2014
that monthly consulting fees of $3,500 per month would be paid to Transocean Securities Pty Ltd. This
arrangement ceased on 30 September 2014.
By way of a board resolution dated 26 August 2015, it was resolved that with effect from September 2015
that monthly consulting fees of $2,000 per month would be paid to Geeland Pty Ltd. This arrangement was
varied in February 2015 when Mr Taylor was appointed Managing Director. See above for details.
By way of resolution dated 7 April 2014, it was resolved that Nepix Pty Ltd would be paid consulting fees
of $1,000 per month for the period 1 January 2013 to 31 December 2013 and with effect from I January
2014, an amount of $3,380 per month. This arrangement ceased in September 2014.
By way of directors’ resolution dated 7 April 2014 it was confirmed that the fee payable to Lotus Australian
Holding Pty Ltd would be an amount of $10,925 per month. By way of directors’ resolution dated 17
November 2014, it was confirmed that the fee payable to Lotus Australian Holding Pty Ltd would be an
amount of $6,000 per month applicable from 1 October 2015.
The former Company Secretary, Mr Alan Boys, is an employee of Dubois Group Pty Ltd, which provides
the services of Mr Boys and other of its staff to undertake accounting and secretarial roles for the Group.
The contract with Dubois Group Pty Ltd provides for the payment of fees on an hourly as needs basis and no
period of prior notice of termination is required of either party. This arrangement ceased in January 2015.
Remuneration of Key Management Personnel
Details of the remuneration provided to the Key Management Personnel of the Group are set out in the
following tables.
Key Management Personnel of the Group 2015
SHORT-
TERM
Cash salary &
fees
$
69,0001
106,2502
25,000
14,9063
5,000
220,156
POST
EMPLOYMENT
Superannuation
Contribution
$
-
1,188
2,375
1,188
-
4,751
59,2504
41,3055
100,555
-
-
-
SHARE BASED
PAYMENTS
Options
$
15,110
75,980
15,110
-
-
106,200
-
-
-
Shares
$
-
-
-
-
-
-
-
-
-
TOTAL
TOTAL
$
84,110
183,418
42,485
16,094
5,000
331,107
59,250
41,305
100,555
DIRECTORS
J Henderson1
S Taylor
J Bond
M Pixley
M Auerback
Total
OTHERS
I. Spence
A. Boys
Total
Note 1: Fees paid to Transocean Securities Pty Ltd
Note 2: Of this amount $12,500 was paid to Simon Taylor directly and $93,750 was paid to Geeland Pty Ltd
Note 3: Of this amount $4,766 was paid to Michael Pixley directly and $10,140 was paid to Nepix Pty Ltd
Note 4: Fees paid to Lotus Australian Holding Pty Ltd
Note 5: Company Secretary fees paid to Dubois Group Pty Ltd
Oklo Resources Limited
Page 23
2015 Annual Report
DIRECTORS REPORT
REMUNERATION REPORT (Audited) (Cont.)
Key Management Personnel of the Group 2014
SHORT-
TERM
Cash salary
& fees
$
77,5001
60,2802
30,000
167,780
65,5503
93,2634
158,813
POST
EMPLOYMENT
Superannuation
Contribution
$
-
2,775
2,775
-
-
-
SHARE BASED
PAYMENTS
Options
$
58,000
29,000
29,000
116,000
40,000
29,000
69,000
Shares
$
-
-
-
-
-
-
-
TOTAL
TOTAL
$
135,500
92,055
59,000
286,555
105,550
122,263
227,813
DIRECTORS
J Henderson
M Pixley
M Auerback
Total
OTHERS
I. Spence
A. Boys
Total
Note 1: Fees paid to Transocean Group Pty Ltd
Note 2: Includes fees of $30,280 paid to Nepix Pty Ltd
Note 3: Fees paid to Lotus Australian Holding Pty Ltd
Note 4: Company Secretary fees paid to Dubois Group Pty Ltd
Share–based compensation
The Company has engaged in share-based remuneration with the Directors during the year. During the year
ended 30 June 2015, the Company granted the following persons or their nominees, options.
Grant
Date
Vesting
Date
Expiry
Date
Exercise
Price
Number
J. Henderson
S Taylor
S Taylor
S Taylor
J Bond
27 Nov 14
27 Nov 14
18 May 15
18 May 15
27 Nov 14
8 Dec 14
8 Dec 14
18 May 15
18 May 15
8 Dec 14
8 Dec 17
8 Dec 17
18 May 18
18 May 18
8 Dec 17
$0.10
$0.10
$0.10
$0.15
$0.10
1,000,000
1,000,000
500,000
500,000
1,000,000
Value Per
Option at
Grant Date
$0.015
$0.015
$0.066
$0.056
$0.015
At a meeting of Members of the Company held on 27 November 2014, approval was granted for the issue of
3,000,000 options to the Directors with a strike price of $0.10 with an expiry date of 3 years after the date of
issue (8 December 2017).
At a meeting of Members of the Company held on 15 May 2015, approval was granted for the issue of
500,000 options to the Managing Director with a strike price of $0.10 with an expiry date of 3 years after the
date of issue (18 May 2018) and a further 500,000 options with a strike price of $0.15 with an expiry date of
3 years after the date of issue (18 May 2018)
The grant of options to the Managing Director has not been linked to performance; however the Board
considered the issue of the options to be reasonable in the circumstances given the Company’s size, stage of
development and need to attract directors and key management personnel of a high calibre while still
maintaining cash reserves.
Oklo Resources Limited
Page 24
2015 Annual Report
DIRECTORS REPORT
REMUNERATION REPORT (Audited) (Cont.)
Options granted carry no dividend or voting rights. When exercisable, each option is convertible into one
ordinary share. The assessed fair value at grant date of options granted to the individuals is allocated equally
over the period from the grant date to vesting date and the amount is included in the remuneration tables
above. Fair values at grant date are independently determined using a Binomal Methodology option pricing
model that takes into account the exercise price, the terms of the option, the impact of dilution, the share
price at grant date and expected price volatility of the underlying share, the expected dividend yield and the
risk-free rate for the term of the option.
The model inputs for the options granted during the year ended 30 June 2015 included:
$0.10 Options Expiring
8 Dec 17
(a) Options granted for nil
consideration
$0.10 Options Expiring
18 May 18
Options granted for nil
consideration
Exercise price of $0.10
(b) Exercise price of $0.10
(c) Grant date of 27 November 2014 Grant date of 18 May 2015
Expiry date of 18 May 2018
(d) Expiry date of 8 Dec 2017
Share price at grant date $0.11
(e) Share price at grant date $0.04
Expected price volatility being
(f) Expected price volatility being
90%
Expected dividend yield of nil
Risk-free rate of 2.00%
(g) Expected dividend yield of nil
(h) Risk-free rate of 2.52%
90%
$0. 15 Options Expiring
18 May 18
Options granted for nil
consideration
Exercise price of $0.15
Grant date of 18 May 2015
Expiry date of 18 May 2018
Share price at grant date $0.11
Expected price volatility being
90%
Expected dividend yield of nil
Risk-free rate of 2.00%
Other transactions with Key Management Personnel
Transactions with other related parties are made on normal commercial terms and conditions and at market
rates. Outstanding balances are unsecured and are repayable in cash.
(i)
Transocean Securities Pty Ltd (Mr.James Henderson – Executive Chairman)
Transocean Securities Pty Ltd, a company of which Mr James Henderson is a director, provides the
Group with the services of Mr Henderson as director, office accommodation, capital advisory and
underwriting services.
A summary of the total fees paid to Transocean Securities Pty Ltd for the year ended 30 June 2015
is as follows
Director and Consulting fees
Underwriting and capital raising services
Recoverable expenses
Office rent and costs
Consolidated
2015
$
69,0001
-
9,447
38,371
$116,818
2014
$
77,5001
125,000
9,692
27,505
$239,697
Note 1: These amounts are included in the key management personnel remuneration.
The total amount due to Transocean Securities Pty Ltd as at 30 June 2015 was $2,519 (2014 :
$27,948).
Oklo Resources Limited
Page 25
2015 Annual Report
DIRECTORS REPORT
REMUNERATION REPORT (Audited) (Cont.)
(ii) Geeland Pty Ltd (Mr Simon Taylor – Non-executive Director from 28 August 2014 to 5 January
2015. Managing Director from 5 January 2015))
Geeland Pty Ltd, a company of which Mr. Simon Taylor is a director, provides consulting services
to the Group.
Director and Consulting fees
Recoverable expenses
Consolidated
2015
$
93,7501
37,873
131,623
2014
$
-
-
-
Note 1: This amount is included in the key management personnel remuneration
The total amount due to Geeland Pty Ltd as at 30 June 2015 was $nil (2014: nil).
(iii) Nepix Pty Ltd (Mr Michael Pixley – Non-executive Director – resigned 25 November 2014)
Nepix Pty Ltd, a company of which Mr. Michael Pixley is a director, provides consulting services to
the Group.
Consulting fees
Consolidated
2015
$
10,1401
2014
$
30,2801
Note 1: This amount is included in the key management personnel remuneration
The total amount due to Nepix Pty Ltd as at 30 June 2014 was $Nil (2014: $10,140).
(iv) Dubois Group Pty Ltd (Mr Alan Boys –Company Secretary – resigned 5 January 2015)
Dubois Group Pty Ltd a company of which Mr. Alan Boys is a director provides secretarial services
and accounting services of Mr Alan Boys and his staff to the Group. For the period 1 July 2013,
Dubois Group Pty Ltd sublet an office from the Company. On 1 September 2013 Dubois Group Pty
Ltd assumed the office lease formerly held by the Company and rent was paid by the Company from
that date to Dubois Group Pty Ltd for provision of the registered office and office premises
Payments for Goods and Services
Secretarial and accounting fees
Rent
Recoverable Expenses
Total
Receivables for goods and services provided
Rent
Consolidated
2015
$
41,305
6,000
14,975
62,280
2014
$
93,2621
10,500
-
103,762
-
3,000
Note 1: This amount is included in the key management personnel remuneration
The total amount due to Dubois Group Pty Ltd as at 30 June 2015 was $Nil (2014: $9,020).
Oklo Resources Limited
Page 26
2015 Annual Report
DIRECTORS REPORT
REMUNERATION REPORT (Audited) (Cont.)
(v)
Lotus Australian Holding Pty Ltd (Mr Ian Spence- Chief Executive Officer)
Lotus Australian Holding Pty Ltd a company of which Mr. Ian Spence is a director provided
CEO services during the year.
Fees
Consolidated
2015
$
59,2501
2014
$
65,550
Note 1: This amount is included in the key management personnel remuneration
(vi)
Aggregate amounts of each of the above types of other transactions with key management
personnel of Oklo Resources Limited:
(i) Amounts recognised as revenue
Rent
Amounts recognised as expense
(ii)
Director and consulting fees
Company secretarial and accounting fees
Underwriting and capital raising services
Recoverable expenses
Office rent and costs
Consolidated
2015
$
2014
$
-
3,000
232,1401
41,305
-
62,295
44,371
380,111
173,3301
93,2621
125,000
9,692
38,005
439,289
Note 1: This amount is included in the key management personnel remuneration
Equity Instruments Held by Key Management Personnel
a) Shareholdings - Number of shares held by key management personnel:
2015
Directors
James Henderson
Simon Taylor
Jeremy Bond
Michael Pixley
Marshall Auerback
Total
Others
Alan Boys
Ian Spence
Total
Balance
30 Jun 20143
Acquisitions3
Disposals
4,544,932
7,5001
833,3341
7,500
98,557
5,491,823
435,550
386,405
821,955
-
1,049,700
1,218,334
-
-
2,268,034
-
-
-
Balance
30 Jun
2015
4,544,932
1,057,200
2,051,668
7,5002
98,5572
7,759,857
435,5502
386,4052
821,955
-
-
-
-
-
-
-
-
-
Note 1: At date of appointment
Note 2: At date of resignation
Note 3: During the year the company completed a 1 for 20 share consolidation and all share
numbers have been adjusted to reflect post-consolidation numbers of shares.
Oklo Resources Limited
Page 27
2015 Annual Report
DIRECTORS REPORT
REMUNERATION REPORT (Audited) (Cont.)
(b) Options and Rights Holdings - Number of Options held by key management personnel
Options to expire on 20 December 2016 at an exercise price of $0.10
2015
Directors
James
Henderson
Total
Balance
01.07.14
Granted as
compensation
Lapsed Disposals/
Acquired
Vested &
Exercisable
Unvested Balance
30.06.15
294,500
294,500
-
-
-
-
-
-
294,500
294,500
-
-
294,500
294,500
Options to expire on 12 February 2017 at an exercise price of $0.10
2015
Directors
James
Henderson
Total
Balance
01.07.14
Granted as
compensation
Lapsed Disposals/
Acquired
Vested &
Exercisable
Unvested Balance
30.06.15
269,715
269,715
-
-
-
-
-
-
269,715
269,715
-
-
269,715
269,715
Options to expire on 31 December 2016 at an exercise price of $0.20
2015
Directors
James
Henderson
Directors
James
Henderson
Simon
Taylor
Jeremy
Bond
Total
Balance
01.07.14
Granted as
compensation
Lapsed Disposals/
Acquired
Vested and
Exercisable
1,000,000
Total
1,000,000
-
-
-
-
-
-
1,000,000
1,000,000
Unvested Balance
30.06.15
1,000,00
0
1,000,00
0
-
-
2015
Options to expire on 8 December 2017 at an exercise price of $0.10
Lapsed Disposals/
Acquired
Granted as
compensation
Balance
01.07.14
-
-
-
-
1,000,000
1,000,000
1,000,000
3,000,000
-
-
-
-
-
-
-
-
Vested and
Exercisable
1,000,000
1,000,000
1,000,000
3,000,000
-
Unvested Balance
30.06.15
1,000,00
0
1,000,00
0
1,000,00
0
3,000,00
0
-
-
-
Oklo Resources Limited
Page 28
2015 Annual Report
DIRECTORS REPORT
REMUNERATION REPORT (Audited) (Cont.)
2015
Options to expire on 18 May 2018 at an exercise price of $0.10
Directors
Simon
Taylor
Total
Balance
01.07.14
Granted as
compensation
Lapsed Disposals Vested and
Exercisable
Unvested Balance
30.06.15
-
-
500,000
500,000
-
-
-
-
500,000
500,000
-
-
500,000
500,000
2015
Options to expire on 18 May 2018 at an exercise price of $0.15
Directors
Simon
Taylor
Total
Balance
01.07.14
Granted as
compensation
Lapsed Disposals Vested and
Exercisable
Unvested Balance
30.06.15
-
-
500,000
500,000
-
-
-
-
500,000
500,000
-
-
500,000
500,000
Securities Trading Policy
The Company’s security trading policy provides guidance on acceptable transactions in dealing in the
Company’s various securities, including shares, debt notes and options. The Company’s security trading
policy defines dealing in company securities to include:
(a) Subscribing for, purchasing or selling Company Securities or entering into an agreement to do
any of those things;
(b) Advising, procuring or encouraging another person (including a family member, friend,
associate, colleague, family company or family trust) to trade in Company Securities; and
(c) Entering into agreements or transactions which operate to limit the economic risk of a person’s
holdings in Company Securities.
The securities trading policy details acceptable and unacceptable times for trading in Company Securities
including detailing potential civil and criminal penalties for misuse of “inside information”. The Directors
must not deal in Company Securities without providing written notification to the Chairman. The Chairman
must not deal in Company Securities without the prior approval of the Chief Executive Officer. The
Directors are responsible for disclosure to the market of all transactions or contracts involving the
Company’s shares.
This is the end of the Audited Remuneration Report.
Oklo Resources Limited
Page 29
2015 Annual Report
DIRECTORS REPORT
DIRECTORS’ MEETINGS
The table below sets out the number of Directors’ meetings held during the period and the number of
meetings attended by each as a Director.
DIRECTOR
J. Henderson
S. Taylor1
J. Bond2
M. Pixley3
M. Auerback4
1. Appointed 28 August 2014
2. Appointed 11 September 2014
3. Resigned 25 November 2014
4. Resigned 28 August 2014
NUMBER OF MEETINGS
ELIGIBLE TO ATTEND
7
4
4
5
3
NUMBER OF MEETINGS
ATTENDED
7
4
4
5
0
AUDITOR’S INDEPENDENCE DECLARATION
The auditor’s independence declaration as required under Section 307C of the Corporations Act 2001 for the
year ended 30 June 2015 has been received and can be found on page 31.
This report has been made in accordance with a resolution of the Board of Directors pursuant to s.298 (2) of
the Corporations Act 2001.
Signed
James Henderson
Chairman, Sydney: 30 September 2015
Oklo Resources Limited
Page 30
2015 Annual Report
Tel: +61 8 6382 4600
Fax: +61 8 6382 4601
www.bdo.com.au
38 Station Street
Subiaco, WA 6008
PO Box 700 West Perth WA 6872
Australia
DECLARATION OF INDEPENDENCE BY DEAN JUST TO THE DIRECTORS OF OKLO RESOURCES LIMITED
As lead auditor of Oklo Resources Limited for the year ended 30 June 2015, I declare that, to the best
of my knowledge and belief, there have been:
1. No contraventions of the auditor independence requirements of the Corporations Act 2001 in
relation to the audit; and
2. No contraventions of any applicable code of professional conduct in relation to the audit.
This declaration is in respect of Oklo Resources Limited and the entities it controlled during the period.
Dean Just
Director
BDO Audit (WA) Pty Ltd
Perth, 30 September 2015
BDO Audit (WA) Pty Ltd ABN 79 112 284 787 is a member of a national association of independent entities which are all members of BDO Australia Ltd ABN
77 050 110 275, an Australian company limited by guarantee. BDO Audit (WA) Pty Ltd and BDO Australia Ltd are members of BDO International Ltd, a UK
company limited by guarantee, and form part of the international BDO network of independent member firms. Liability limited by a scheme approved under
Professional Standards Legislation (other than for the acts or omissions of financial services licensees) in each State or Territory other than Tasmania.
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
AND OTHER COMPREHENSIVE INCOME
For the year ended 30 June 2015
Continuing Operations
Other income
Employee benefits expense
Share based payments expense
Professional fee expense
Exploration expense
Legal expense
Administration expense
Business Development
Travel and accommodation expense
Occupancy expense
Foreign exchange
Loss on sale of available for sale investment
Results from continuing operations
Finance income
Finance costs
Net finance income
Loss before income tax
Income tax expense
Loss after income tax
Net loss for the year
Other comprehensive income
Foreign currency translation differences for foreign
operations
Other comprehensive income for the year,
net of income tax
Note
2
24
2
3
Consolidated
Group
2015
$
Consolidated
Group
2014
$
656,684
3,000
(192,266)
(106,200)
(220,727)
(8,000)
(13,019)
(77,529)
(61,811)
(35,621)
(42,737)
100
(32,015)
(133,141)
9,464
-
9,464
(112,011)
(215,000)
(253,812)
(4,611)
(13,180)
(84,822)
-
(62,048)
(49,717)
-
-
(792,201)
3,402
-
3,402
(123,677)
(788,799)
-
-
(123,677)
(788,799)
(123,677)
(788,799)
88,037
88,037
(320,546)
(320,546)
Total comprehensive loss for the year
(35,640)
(1,109,345)
Oklo Resources Limited
Page 32
2015 Annual Report
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
AND OTHER COMPREHENSIVE INCOME (Cont.)
For the year ended 30 June 2015
Loss attributable to:
Owners of the Company
Non-Controlling Interest
Total Comprehensive Loss attributable to:
Owners of the Company
Non-Controlling Interest
Loss per share for loss attributable to the ordinary
equity holders of the company:
Diluted loss per share for loss attributable to the
ordinary equity holders of the company:
Note
Consolidated
Group
2015
Consolidated
Group
2014
$
$
13
14
4
4
(123,677)
-
(123,677)
(788,799)
-
(788,799)
(35,640)
-
(1,123,645)
14,300
(35,640)
(1,109,345)
(0.001)
(0.016)*
(0.001)
(0.016)*
* 2014 comparative has been restated due to share consolidation during the year. Refer Note 4.
The above Consolidated Statement of Profit or Loss and Other Comprehensive Income should be read
in conjunction with the accompanying notes
Oklo Resources Limited
Page 33
2015 Annual Report
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 30 June 2015
CURRENT ASSETS
Cash and cash equivalents
Trade and other receivables
Financial assets available for sale
TOTAL CURRENT ASSETS
NON-CURRENT ASSETS
Property, plant and equipment
Exploration and evaluation expenditure
Note
15(a)
5
6
Consolidated
Group
Consolidated
Group
2015
$
2014
$
871,871
19,256
-
891,127
285,786
8,660
40,000
334,446
7
8
95,893
9,128,431
191,633
8,016,414
TOTAL NON-CURRENT ASSETS
9,224,324
8,208,047
TOTAL ASSETS
CURRENT LIABILITIES
Trade and other payables
10,115,451
8,542,493
9
244,472
TOTAL CURRENT LIABILITIES
244,472
NON-CURRENT LIABILITIES
Borrowings
10
TOTAL NON-CURRENT LIABILITIES
158,354
158,354
800,307
800,307
958,661
-
-
244,472
9,870,979
7,583,832
11
12
13
14
21,740,846
(484,126)
(11,925,958)
540,217
19,575,543
(729,647)
(11,802,281)
540,217
9,870,979
7,583,832
TOTAL LIABILITIES
NET ASSETS
EQUITY
Contributed equity
Reserves
Accumulated losses
Non-controlling interest
TOTAL EQUITY
The above Consolidated Statement of Financial Position should be read in conjunction with the
accompanying notes.
Oklo Resources Limited
Page 34
2015 Annual Report
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 30 June 2015
Consolidated Group
Contributed
Equity
Accumulated
losses
($)
($)
Foreign
Currency
Translation
Reserve
($)
Share Option
Reserve
Total Reserve
($)
Non-
Controlling
Interest
Total
($)
($)
($)
Balance at 30 June 2013
Loss for year
Other comprehensive
income
Exchange differences on
translation of foreign
operation
Total other comprehensive
income
Total comprehensive loss
for the year
Transactions with owners
in their capacity of owners
Non-controlling interest
Contributions of equity, net
of transaction costs
Share based payments
14,012,620
-
(11,013,482)
(788,799)
(933,261)
-
288,360
-
(644,901)
-
525,917
-
2,880,154
(788,799)
-
-
-
-
5,562,923
-
-
(334,846)
(788,799)
(334,846)
(788,799)
(334,846)
-
-
-
-
-
-
-
-
-
-
-
250,100
(334,846)
14,300
(320,546)
(334,846)
14,300
(1,109,345)
(334,846)
14,300
(1,109,345)
-
-
250,100
-
-
-
-
5,562,923
250,100
Balance at 30 June 2014
19,575,543
(11,802,281)
(1,268,107)
538,460
(729,647)
540,217
7,583,832
The above Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes.
Oklo Resources Limited
Report
Page 35
2015 Annual
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 30 June 2015
Consolidated Group
Contributed
Equity
Accumulated
losses
($)
($)
Foreign
Currency
Translation
Reserve
($)
Share Option
Reserve
Total Reserve
($)
Non-
Controlling
Interest
Total
($)
($)
($)
Balance at 30 June 2014
Loss for year
Other comprehensive
income
Exchange differences on
translation of foreign
operation
Total other comprehensive
income
Total comprehensive loss
for the year
Transactions with owners
in their capacity of owners
Non-controlling interest
Contributions of equity, net
of transaction costs
Share based payments
19,575,543
-
(11,802,281)
(123,677)
(1,268,107)
-
538,460
-
(729,647)
540,217
-
7,583,832
(123,677)
-
-
-
-
2,165,303
-
-
-
(123,677)
-
-
-
88,037
88,037
88,037
-
-
-
-
-
-
-
88,037
88,037
88,037
-
-
157,484
157,484
-
-
-
-
-
-
88,037
88,037
(35,640)
-
2,165,303
157,484
Balance at 30 June 2015
21,740,846
(11,925,958)
(1,180,070)
695,944
(484,126)
540,217
9,870,979
The above Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes.
Oklo Resources Limited
Report
Page 36
2015 Annual
CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended 30 June 2015
Consolidated
Group
Consolidated
Group
Note
2015
$
2014
$
CASH FLOW FROM OPERATING ACTIVITIES
Payments to suppliers and employees
Interest received
Other receipts
Net cash outflow in operating activities
15(a)
CASH FLOW FROM INVESTING ACTIVITIES
Payments for investment in Compass Gold
Payments for investment in listed shares
Loan to Compass Gold pre acquisition
Cash acquired on acquisition of Compass Gold
Proceeds from sale Investments
Payments for exploration
Net cash outflow in investing activities
CASH FLOW FROM FINANCING ACTIVITIES
(670,590)
9,464
-
(661,126)
-
-
-
-
7,895
(731,812)
(723,917)
(575,613)
3,402
3,000
(569,211)
(534,456)
(40,000)
(95,000)
97,777
-
(675,588)
(1,247,267)
Proceeds from share issue (net of share issue costs)
Net cash provided by financing activities
1,970,990
1,970,990
1,365,983
1,365,983
Net increase/ (decrease) in cash held
585,947
(450,495)
Cash at beginning of the year
Foreign exchange variances on cash
285,786
138
Cash at end of the year
15(a)
871,871
739,061
(2,780)
285,786
The above Consolidated Statement of Cash Flows should be read in conjunction with the accompanying
notes.
Oklo Resources Limited
Page 37
2015 Annual Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2015
1.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The principal accounting policies adopted in the preparation of these financial statements are
set out below. These policies have been consistently applied to all the years presented, unless
otherwise stated. The financial statements for the consolidated entity consist of Oklo
Resources Limited and its subsidiaries.
Statement of compliance
The financial statements are general purpose financial statements which have been prepared in
accordance with the Corporations Act 2001, Accounting Standards and Australian Accounting
Interpretations and complies with other requirements of the law. The financial statements and
notes of the consolidated entity comply with International Financial Reporting Standards
(‘IFRS’).
Oklo Resources Limited is a for-profit entity for the purposes of preparing the financial
statements.
The financial statements were authorised for issue by the Directors on 30 September 2015.
Basis of preparation
The financial statements have been prepared on the basis of historical cost. Cost is based on
the fair values of the consideration given in exchange for assets.
In the application of IFRS, management is required to make judgments, estimates and
assumptions about carrying values of assets and liabilities that are not readily apparent from
other sources. The estimates and associated assumptions are based on historical experience
and various other factors that are believed to be reasonable under the circumstance, the results
of which form the basis of making the judgments. Actual results may differ from these
estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to
accounting estimates are recognised in the period in which the estimate is revised if the
revision affects only that period or in the period of the revision and future periods if the
revision affects both current and future periods.
Judgments made by management in the application of IFRS that have significant effects on the
financial statements and estimates with a significant risk of material adjustments in the next
period are disclosed, where applicable, in the relevant notes to the financial statements.
New and amended standards adopted by the group
The group has applied the following standards and amendments for the first time for the
annual reporting period commencing 1 July 2014:
Interpretation 21 Accounting for Levies
AASB 2013-3 Amendments to AASB 136 – Recoverable Amount Disclosures for Non-
Financial Assets
AASB 2013-4 Amendments to Australian Accounting Standards – Novation of Derivatives
and Continuation of Hedge Accounting
AASB 2014-1 Amendments to Australian Accounting Standards.
The adoption of these standards has not resulted in changes in accounting policies that have
resulted in adjustments to the amounts recognised in the financial statements.
Oklo Resources Limited
Page 38
2015 Annual Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2015
1.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont).
New standards and interpretations not yet adopted
The Group’s assessment of the new and amended pronouncements that are relevant to the
Group but applicable in future accounting periods is set out below:
Effective
Date
1/1/2018
1/1/2018
Standard
Title
Summary
AASB 9
Financial
Instruments
AASB 15
Revenue
from
Contracts
with
Customers
Replaces the requirements of AASB 139 for the
classification and measurements of financial assets.
This is the result of the first part of Phase 1 of the
IASB’s project to replace IAS 39.
The AASB has issued a new standard for the
recognition of revenue. This will replace AASB
118 which covers contracts for goods and services
and AASB111 which covers construction contracts.
The new standard is based on the principle that
revenue is recognised when control of a good or
service transfers to a customer, so the notion of
control replaces the existing notion of risks and
rewards.
The standard permits a modified retrospective
approach for the adoption. Under this approach
entities will recognise any applicable transitional
adjustments in retained earnings on the date of the
initial application (i.e. 1 July 2017) without
restating the comparative period.
Entities will only need to apply the new rules to
contracts that are not completed as of the date of
initial application
The Group has elected not to early adopt any of the new and amended pronouncements. These
are not expected to have significant on the financial performance or position of the Group
upon adoption.
Going concern
This report has been prepared on the going concern basis, which contemplates the continuity
of normal business activity and the realisation of assets and the settlement of liabilities in the
normal course of business.
The consolidated entity has incurred a net loss after tax for the year ended 30 June 2015 of
$123,677 (June 2014: $788,799) and experienced net cash outflows from operating activities
of $661,126 (June 2014: $569,211). As at 30 June 2015, the consolidated entity had net
current assets of $646,655 (June 2014: $176,092).
The Directors believe that there are sufficient funds to meet the consolidated entity’s working
capital requirements. However the Directors recognize that the ability of the consolidated
entity to continue as a going concern and to fund its planned exploration programs is
dependent on the ability of the consolidated entity to secure additional funding.
Oklo Resources Limited
Page 39
2015 Annual Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2015
1.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont).
The Directors have reviewed the business outlook and are of the opinion that the use of the
going concern basis of accounting is appropriate as they believe the consolidated entity will
achieve the matters set out above. As such, the Directors believe that they will continue to be
successful in securing additional funds through debt or equity issues as and when the need to
raise working capital arises.
However, should the consolidated entity be unsuccessful in securing additional funds, there is
a material uncertainty that may cast significant doubt on the consolidated entity’s ability to
continue as a going concern, and therefore the consolidated entity may be unable to realise its
assets and discharge its liabilities in the normal course of business.
Asset Acquisition
On 11 December 2013, Oklo Resources Limited acquired 100% of the issued shares of
Compass Gold BVI Mali Corp by the payment of $436,568 cash and the issue of 800,000,000
shares
its shareholder, Compass Gold Corporation
(TSXV:CVB).
in Oklo Resources Limited
to
Given commonality of management and the nature of the assets acquired, it is not deemed a
business acquisition and is an asset acquisition.
Subsequent to settlement, Compass Gold Corporation distributed the settlement shares to its
shareholders as a return of capital. A significant number of the shareholders of Oklo
Resources Limited were also shareholders of Compass Gold Corporation such that following
the acquisition, control of Oklo Resources Limited remained unchanged and therefore does
not constitute a reverse acquisition.
As the acquisition of Compass Gold BVI Mali Corp is not deemed a business acquisition, nor
a reverse acquisition, the transaction must be accounted for as a share based payment for the
net assets acquired.
When an asset acquisition does not constitute a business combination, the assets and liabilities
are assigned a carrying amount based on their relative fair values in an asset purchase
transaction and no deferred tax will arise in relation to the acquired assets and assumed
liabilities as the initial recognition exemption for deferred tax under AASB 112 applies. No
goodwill will arise on the acquisition and transaction costs of the acquisition will be included
in the capitalised cost of the asset.
Significant accounting estimates and assumptions include:-
(i)
Impairment of capitalised exploration and evaluation expenditure
The future recoverability of capitalised exploration and evaluation expenditure is
dependent upon a number of factors including, whether the Company decides to exploit
the related lease itself or, if not whether it successfully recovers the related exploration
and evaluation asset through sale.
Factors that could impact future recoverability include the level of reserves and
resources, future technological changes which could impact the cost of mining, future
legal changes (including changes to environmental restoration obligations) and changes
to commodity prices.
Oklo Resources Limited
Page 40
2015 Annual Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2015
1.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont.)
To the extent that capitalised exploration and evaluation expenditure is determined not
to be recoverable in the future, profits and net assets will be reduced in the period in
which the determination is made.
In addition, exploration and evaluation expenditure is capitalised if activities in an area
of interest have not yet reached a stage that permits a reasonable assessment of the
existence or otherwise of economically recoverable reserves. To the extent that it is
determined in the future that this capitalised expenditure should be written off, profits
and net assets will be reduced in the period to which the determination is made.
(ii) Share-based payments
The Company measures the cost of equity-settled share-based payment transactions
with employees by reference to the fair value of the equity instruments at the grant date.
The fair value is determined by using a valuation model, the basis of which is set out in
note 24. The accounting estimates and assumptions relating to equity-settled share-
based payments would have no impact on the carrying amounts of assets and liabilities
within the next annual reporting period but may impact expenses and equity.
Accounting policies are selected and applied in a manner which ensures that the resulting
financial information satisfies the concepts of relevance and reliability, thereby ensuring that
the substance of the underlying transactions or other events is reported.
The accounting policies set out below have been applied in preparing the financial statements
for the year ended 30 June 2015.
(a)
Principles of consolidation
The consolidated financial statements incorporate the assets and liabilities of all subsidiaries
of Oklo Resources Limited ('company' or 'parent entity') as at 30 June 2015 and the results of
all subsidiaries for the year then ended. Oklo Resources Limited and its subsidiaries together
are referred to in these financial statements as the 'consolidated entity'.
Subsidiaries are all those entities over which the consolidated entity has control. The
consolidated entity controls an entity when the consolidated entity is exposed to, or has rights
to, variable returns from its involvement with the entity and has the ability to affect those
returns through its power to direct the activities of the entity. Subsidiaries are fully
consolidated from the date on which control is transferred to the consolidated entity. They are
de-consolidated from the date that control ceases.
Intercompany transactions, balances and unrealised gains on transactions between entities in
the consolidated entity are eliminated. Unrealised losses are also eliminated unless the
transaction provides evidence of the impairment of the asset transferred. Accounting policies
of subsidiaries have been changed where necessary to ensure consistency with the policies
adopted by the consolidated entity.
The acquisition of subsidiaries is accounted for using the acquisition method of accounting. A
change in ownership interest, without the loss of control, is accounted for as an equity
transaction, where the difference between the consideration transferred and the book value of
the share of the non-controlling interest acquired is recognised directly in equity attributable
to the parent.
Oklo Resources Limited
Page 41
2015 Annual Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2015
1.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont.)
Non-controlling interest in the results and equity of subsidiaries are shown separately in the
statement of profit or loss and other comprehensive income, statement of financial position
and statement of changes in equity of the consolidated entity. Losses incurred by the
consolidated entity are attributed to the non-controlling interest in full, even if that results in a
deficit balance.
Where the consolidated entity loses control over a subsidiary, it derecognises the assets
including goodwill, liabilities and non-controlling interest in the subsidiary together with any
cumulative translation differences recognised in equity. The consolidated entity recognises
the fair value of the consideration received and the fair value of any investment retained
together with any gain or loss in profit or loss.
(b)
Segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided
to the chief operating decision maker. The chief operating decision maker who is responsible
for allocating resources and assessing performance of the operating segments, has been
identified as the Board of Directors of Oklo Resources Limited.
(c)
Cash and cash equivalents
For the purpose of the statement of cash flows, cash includes cash on hand and in banks and
at call deposits with banks or financial institutions.
(d)
Investments and other financial assets
Investments and other financial assets are initially measured at fair value. Transaction costs
are included as part of the initial measurement, except for financial assets at fair value through
profit or loss. They are subsequently measured at either amortised cost or fair value
depending on their classification. Classification is determined based on the purpose of the
acquisition and subsequent reclassification to other categories is restricted.
Financial assets are derecognised when the rights to receive cash flows from the financial
assets have expired or have been transferred and the consolidated entity has transferred
substantially all the risks and rewards of ownership.
Financial assets at fair value through profit or loss
Financial assets at fair value through profit or loss are either: i) held for trading, where they
are acquired for the purpose of selling in the short-term with an intention of making a profit;
or ii) designated as such upon initial recognition, where they are managed on a fair value
basis or to eliminate or significantly reduce an accounting mismatch. Except for effective
hedging instruments, derivatives are also categorised as fair value through profit or loss. Fair
value movements are recognised in profit or loss.
Available-for-sale financial assets
Available-for-sale financial assets are non-derivative financial assets, principally equity
securities that are either designated as available-for-sale or not classified as any other
category. After
in other
comprehensive income through the available-for-sale reserve in equity. Cumulative gain or
loss previously reported in the available-for-sale reserve is recognised in profit or loss when
the asset is derecognised or impaired.
initial recognition, fair value movements are recognised
Oklo Resources Limited
Page 42
2015 Annual Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2015
1.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont.)
Impairment of financial assets
The consolidated entity assesses at the end of each reporting period whether there is any
objective evidence that a financial asset or group of financial assets is impaired. Objective
evidence includes significant financial difficulty of the issuer or obligor; a breach of contract
such as default or delinquency in payments; the lender granting to a borrower concessions due
to economic or legal reasons that the lender would not otherwise do; it becomes probable that
the borrower will enter bankruptcy or other financial reorganisation; the disappearance of an
active market for the financial asset; or observable data indicating that there is a measurable
decrease in estimated future cash flows.
The amount of the impairment allowance for financial assets carried at cost is the difference
between the asset's carrying amount and the present value of estimated future cash flows,
discounted at the current market rate of return for similar financial assets.
Available-for-sale financial assets are considered impaired when there has been a significant
or prolonged decline in value below initial cost. Subsequent increments in value are
recognised in other comprehensive income through the available-for-sale reserve.
(e)
Financial instruments issued by the Company
Debt and equity instruments
Debt and equity instruments are classified as either liabilities or as equity in accordance with
the substance of the contractual arrangement.
Transaction costs on the issue of equity instruments
Transaction costs arising on the issue of equity instruments are recognised directly in equity as
a reduction of the proceeds of the equity instruments to which the costs relate. Transaction
costs are the costs that are incurred directly in connection with the issue of those equity
instruments and which would not have been incurred had those instruments not been issued.
Interest and dividends
Interest and dividends are classified as expenses or as distributions of profit consistent with the
statement of financial position classification of the related debt or equity instruments or
component parts of compound instruments.
(f)
Impairment of assets
At each reporting date, the entity reviews the carrying amounts of its tangible and intangible
assets to determine whether there is any indication that those assets have suffered an
impairment loss. If any such indication exists, the recoverable amount of the asset is estimated
in order to determine the extent of the impairment loss (if any). Where the asset does not
generate cash flows that are independent from other assets, the consolidated entity estimates
the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing
value in use, the estimated future cash flows are discounted to their present value using a pre-
tax discount rate that reflects current market assessments of the time value of money and the
risks specific to the asset for which the estimates of future cash flows have not been adjusted.
Oklo Resources Limited
Page 43
2015 Annual Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2015
1.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont.)
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its
carrying amount, the carrying amount of the asset (cash-generating unit) is reduced to its
recoverable amount. An impairment loss is recognised in profit or loss immediately, unless the
relevant asset is carried at fair value, in which case the impairment loss is treated as a
revaluation decrease.
Where an impairment loss subsequently reverses, the carrying amount of the asset (cash-
generating unit) is increased to the revised estimate of its recoverable amount, but only to the
extent that the increased carrying amount does not exceed the carrying amount that would have
been determined had no impairment loss been recognised for the asset (cash-generating unit) in
prior periods. A reversal of an impairment loss is recognised in profit or loss immediately,
unless the relevant asset is carried at fair value, in which case the reversal of the impairment
loss is treated as a revaluation increase.
(g)
Property, plant and equipment
Each class of property, including land, buildings, plant and equipment is carried at cost less,
where applicable, any accumulated depreciation.
Depreciation
Depreciation is provided on a straight line basis on all property, plant and equipment, other
than freehold land. This is done over the useful lives of the asset to the Company commencing
from the time the asset is held ready for use.
The depreciation periods used for each class of depreciable assets are:
Class of fixed asset
Plant and equipment
Software
Office equipment
Motor vehicles
Buildings
Depreciation period
5 years
3 years
5 years
5 years
10 years
(h)
Trade and other payables
Trade payables and other accounts payable are recognised when the consolidated entity
becomes obliged to make future payments resulting from the purchase of goods and services.
(i)
Provisions
Provisions are recognised when the entity has a present obligation, the future sacrifice of
economic benefits is probable, and the amount of the provision can be measured reliably.
The amount recognised as a provision is the best estimate of the consideration required to
settle the present obligation at reporting date, taking into account the risks and uncertainties
surrounding the obligation. Where a provision is measured using the cashflows estimated to
settle the present obligation, its carrying amount is the present value of those cashflows.
When some or all of the economic benefits required to settle a provision are expected to be
recovered from a third party, the receivable is recognised as an asset if it is virtually certain
that recovery will be received and the amount of the receivable can be measured reliably.
Oklo Resources Limited
Page 44
2015 Annual Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2015
1.
(j)
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont.)
Revenue recognition
Dividend and interest revenue
Dividend revenue is recognised on a receivable basis. Interest revenue is recognised on a time
proportionate basis that takes into account the effective yield on the financial asset.
(k)
Income tax
Current tax
Current tax is calculated by reference to the amount of income taxes payable or recoverable in
respect of the taxable profit or tax loss for the period. It is calculated using tax rates and tax
laws that have been enacted or substantively enacted by reporting date. Current tax for current
and prior periods is recognised as a liability (or asset) to the extent that it is unpaid (or
refundable).
Deferred tax
Deferred tax is accounted for using the comprehensive liability method in respect of
temporary differences arising from differences between the carrying amount of assets and
liabilities in the financial statements and the corresponding tax base of those items.
In principle, deferred tax liabilities are recognised for all taxable temporary differences.
Deferred tax assets are recognised to the extent that it is probable that sufficient taxable
amounts will be available against which deductible temporary differences or unused tax losses
and tax offsets can be utilised. However, deferred tax assets and liabilities are not recognised
if the temporary differences giving rise to them arise from the initial recognition of assets and
liabilities (other than as a result of a business combination) which affects neither taxable
income nor accounting profit. Furthermore, a deferred tax liability is not recognised in
relation to taxable temporary differences arising from goodwill.
Deferred tax liabilities are recognised for taxable temporary differences arising on
investments in subsidiaries, branches, associates and joint ventures except where the
consolidated entity is able to control the reversal of the temporary differences and it is
probable that the temporary differences will not reverse in the foreseeable future. Deferred tax
assets arising from deductible temporary differences associated with these investments and
interests are only recognised to the extent that it is probable that there will be sufficient
taxable profits against which to utilise the benefits of the temporary differences and they are
expected to reverse in the foreseeable future.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to
the period(s) when the asset and liability giving rise to them are realised or settled, based on
tax rates (and tax laws) that have been enacted or substantively enacted by reporting date. The
measurement of deferred tax liabilities and assets reflects the tax consequences that would
follow from the manner in which the consolidated entity expects, at the reporting date, to
recover or settle the carrying amount of its assets and liabilities.
Deferred tax assets and liabilities are offset when they relate to income taxes levied by the
same taxation authority and the company intends to settle its current tax assets and liabilities
on a net basis.
Oklo Resources Limited
Page 45
2015 Annual Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2015
1.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont.)
Current and deferred tax for the year
Current and deferred tax is recognised as an expense or income in the profit and loss, except
when it relates to items credited or debited in other comprehensive income or directly to
equity, in which case the deferred tax is also recognised in other comprehensive income or
directly in equity, or where it arises from the initial accounting for a business combination, in
which case it is taken into account in the determination of goodwill or excess.
(l)
Goods and services tax
Revenues, expenses and assets are recognised net of the amount of goods and services tax
(GST), except where the amount of GST incurred is not recoverable from the Australian Tax
Office (ATO). 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 are stated with the amount of GST included.
The net amount of GST recoverable from, or payable to, the ATO is included as a current
asset or liability in the statement of financial position.
Cash flows are included in the statement of cash flows on a gross basis. The GST
components of cash flows arising from investing and financing activities which are
recoverable from, or payable to, the ATO are classified as operating cash flows.
(m)
Employee benefits
Short-term employee benefits
Liabilities for wages and salaries, including non-monetary benefits, annual leave and long
service leave expected to be settled within 12 months of the reporting date are recognised in
current liabilities in respect of employees' services up to the reporting date and are measured
at the amounts expected to be paid when the liabilities are settled.
Other long-term employee benefits
The liability for annual leave and long service leave not expected to be settled within 12
months of the reporting date are recognised in non-current liabilities, provided there is an
unconditional right to defer settlement of the liability. The liability is measured as the present
value of expected future payments to be made in respect of services provided by employees
up to the reporting date using the projected unit credit method. Consideration is given to
expected future wage and salary levels, experience of employee departures and periods of
service. Expected future payments are discounted using market yields at the reporting date on
national government bonds with terms to maturity and currency that match, as closely as
possible, the estimated future cash outflows.
Defined contribution superannuation expense
Contributions to defined contribution superannuation plans are expensed in the period in
which they are incurred.
Share-based payments
Equity-settled and cash-settled share-based compensation benefits are provided to employees.
Oklo Resources Limited
Page 46
2015 Annual Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2015
1.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont.)
Equity-settled transactions are awards of shares, or options over shares that are provided to
employees in exchange for the rendering of services. Cash-settled transactions are awards of
cash for the exchange of services, where the amount of cash is determined by reference to the
share price.
The costs of equity-settled transactions are measured at fair value on grant date. Fair value is
independently determined using either the Binomial or Black-Scholes option pricing model
that takes into account the exercise price, the term of the option, the impact of dilution, the
share price at grant date and expected price volatility of the underlying share, the expected
dividend yield and the risk free interest rate for the term of the option, together with non-
vesting conditions that do not determine whether the consolidated entity receives the services
that entitle the employees to receive payment. No account is taken of any other vesting
conditions.
The costs of equity-settled transactions are recognised as an expense with a corresponding
increase in equity over the vesting period. The cumulative charge to profit or loss is calculated
based on the grant date fair value of the award, the best estimate of the number of awards that
are likely to vest and the expired portion of the vesting period. The amount recognised in
profit or loss for the period is the cumulative amount calculated at each reporting date less
amounts already recognised in previous periods.
The cost of cash-settled transactions is initially, and at each reporting date until vested,
determined by applying either the Binomial or Black-Scholes option pricing model, taking
into consideration the terms and conditions on which the award was granted. The cumulative
charge to profit or loss until settlement of the liability is calculated as follows:
during the vesting period, the liability at each reporting date is the fair value of the
award at that date multiplied by the expired portion of the vesting period.
from the end of the vesting period until settlement of the award, the liability is the full
fair value of the liability at the reporting date.
All changes in the liability are recognised in profit or loss. The ultimate cost of cash-settled
transactions is the cash paid to settle the liability.
Market conditions are taken into consideration in determining fair value. Therefore any
awards subject to market conditions are considered to vest irrespective of whether or not that
market condition has been met provided all other conditions are satisfied.
If equity-settled awards are modified, as a minimum an expense is recognised as if the
modification has not been made. An additional expense is recognised, over the remaining
vesting period, for any modification that increases the total fair value of the share-based
compensation benefit as at the date of modification.
If the non-vesting condition is within the control of the consolidated entity or employee, the
failure to satisfy the condition is treated as a cancellation. If the condition is not within the
control of the consolidated entity or employee and is not satisfied during the vesting period,
any remaining expense for the award is recognised over the remaining vesting period, unless
the award is forfeited.
If equity-settled awards are cancelled, it is treated as if it has vested on the date of
cancellation, and any remaining expense is recognised immediately. If a new replacement
award is substituted for the cancelled award, the cancelled and new award is treated as if they
were a modification.
Oklo Resources Limited
Page 47
2015 Annual Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2015
1.
(n)
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont.)
Leases
Leases are classified at their inception as either operating or finance leases based on the
economic substance of the agreement so as to reflect the risks and benefits incidental to
ownership.
Finance leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all
the risks and rewards of ownership to the lessee. Assets held under a finance lease are initially
recognised at their fair value or, if lower, the present value of the minimum lease payments
each determined at the inception of the lease. The corresponding liability is included in the
statement of financial position as a finance lease obligation.
Lease payments are apportioned between finance charges and reduction of the lease obligation
so as to achieve a constant rate of interest on the remaining balance of the liability. Finance
charges are charged directly against income, unless they are directly attributable to qualifying
assets, in which case they are capitalised in accordance with the general policy on borrowing
costs.
Operating leases
The minimum lease payments of operating leases, where the lessor effectively retains
substantially all of the risks and benefits or ownership of the leased item, are recognised as an
expense on a straight line basis.
(o)
Earnings per share
Basic earnings per share is determined by dividing the profit from ordinary activities after
related income tax expense and after preference dividends by the weighted average number of
ordinary shares outstanding during the year.
Diluted earnings per share
Diluted earnings per share adjusts the figures used in the determination of basic earnings per
share to take into account the after income tax effect of interest and other financing costs
associated with dilutive potential ordinary shares and the weighted average number of shares
assumed to have been issued for no consideration in relation to dilutive potential ordinary
shares.
(p)
Foreign currency translation
Functional and presentation currency
Items included in the financial statements of each of the Group’s entities are measured using
the currency of the primary economic environment in which the entity operates (‘the
functional currency’). The consolidated financial statements are presented in Australian
dollars, which is Oklo Resources Limited’s functional and presentation currency.
Oklo Resources Limited
Page 48
2015 Annual Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2015
1.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont.)
Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange
rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting
from the settlement of such transactions and from the translation at year end exchange rates
are of monetary assets and liabilities denominated in foreign currencies are recognised in the
statement of comprehensive income, except when they are deferred in equity as qualifying
cash flow hedges and qualifying net investment hedges or are attributable to part of the net
investment in a foreign operation.
Group companies
The results and financial position of all the Group entities that have a functional currency
different from the presentation currency are translated into the presentation currency as
follows:
assets and liabilities for each statement of financial position presented are translated at
the closing rate at the date of that statement of financial position;
income and expenses for each statement of comprehensive income are translated at
average exchange rates; and
all resulting exchange differences are recognised in other comprehensive income.
On consolidation, exchange differences arising from the translation of any net investment in
foreign entities, and of borrowings and other financial instruments designated as hedges of such
investments, are taken to other comprehensive income. When a foreign operation is sold or any
borrowings forming part of the net investment are repaid, a proportionate share of such
exchange differences are recognised in profit and loss, as part of the gain or loss on sale where
applicable.
(q)
Mine properties
Exploration and evaluation expenditures in relation to separate areas of interest are capitalised
in the year in which they are incurred and are carried at cost less accumulated impairment losses
where the following conditions are satisfied:
i)
ii)
rights to tenure of the area of interest are current; and
at least one of the following conditions is also met:
a)
the exploration and evaluation expenditures are expected to be recouped through
successful development and exploration of the area of interest, or alternatively by
its sale; or
b) exploration and evaluation activities in the area of interest have not at the
reporting date reached a stage which permits a reasonable assessment of the
existence or otherwise of economically recoverable reserves and active and
significant operations in, or in relation to the area of interest are continuing.
Capitalised exploration costs are reviewed each reporting date to test whether an indication of
impairment exists. If any such indication exists, the recoverable amount of the capitalised
exploration costs is estimated to determine the extent of the impairment loss (if any). Where an
impairment loss subsequently reverses, the carrying amount of the asset is increased to the
revised estimate of its recoverable amount, but only to the extent that the increased carrying
amount does not exceed the carrying amount that would have been determined had no
impairment loss been recognised for the asset in previous years.
Oklo Resources Limited
Page 49
2015 Annual Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2015
1.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont.)
Where a decision is made to proceed with development, accumulated expenditure is tested for
impairment and transferred to capitalised development and then amortised over the life of the
reserve associated with the area of interest once mining operations have commenced.
Development expenditure is recognised at cost less any impairment of losses. Where
commercial production in an area of interest has commenced, the associated costs are amortised
over the life of reserves associated with the area of interest. Changes in factors such as
estimates of proved and probable reserves that affect unit of production calculations are dealt
with on a prospective basis.
(r)
Fair value measurement
When an asset or liability, financial or non-financial, is measured at fair value for recognition or
disclosure purposes, the fair value is based on the price that would be received to sell an asset or
paid to transfer a liability in an orderly transaction between market participants at the
measurement date; and assumes that the transaction will take place either: in the principle
market; or in the absence of a principal market, in the most advantageous market.
Fair value is measured using the assumptions that market participants would use when pricing
the asset or liability, assuming they act in their economic best interest. For non-financial assets,
the fair value measurement is based on its highest and best use. Valuation techniques that are
appropriate in the circumstances and for which sufficient data are available to measure fair
value, are used, maximising the use of relevant observable inputs and minimising the use of
unobservable inputs.
Assets and liabilities measured at fair value are classified, into three levels, using a fair value
hierarchy that reflects the significance of the inputs used in making the measurements.
Classifications are reviewed each reporting date and transfers between levels are determined
based on a reassessment of the lowest level input that is significant to the fair value
measurement.
For recurring and non-recurring fair value measurements, external valuers may be used when
internal expertise is either not available or when the valuation is deemed to be significant.
External valuers are selected based on market knowledge and reputation. Where there is a
significant change in fair value of an asset or liability from one period to another, an analysis is
undertaken, which includes a verification of the major inputs applied in the latest valuation and
a comparison, where applicable, with external sources of data.
(s)
Contributed equity
Ordinary shares are classified as equity
Incremental costs directly attributable to the issue of new shares or options are shown in equity
as a deduction net of tax, from the proceeds. Incremental costs directly attributable to the issue
of new shares or options for the acquisition of a business are not included in the cost of
acquisition as part of the purchase consideration.
If the entity reacquires its own equity instruments, e.g. as the result of a share buyback, those
instruments are deducted from equity and the associated shares are cancelled. No gain or loss is
recognised in the profit or loss and the consideration paid including any directly attributable
incremental costs (net of income taxes) is recognised directly in equity.
Oklo Resources Limited
Page 50
2015 Annual Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2015
1.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont.)
(t)
Acquisition of assets and goodwill
The purchase method of accounting is used to account for all acquisitions of assets (including
business combinations) regardless of whether equity instruments or other assets are acquired.
Cost is measured as the fair value of the assets given, shares issued or liabilities incurred or
assumed at the date of exchange plus costs directly attributable to the acquisition. Where equity
instruments are issued in an acquisition, the value of the instruments is their published market
price as at the date of exchange unless, in rare circumstances, it can be demonstrated that the
published price at the date of exchange is an unreliable measure of fair value. Transaction costs
arising on the issue of equity instruments are recognised directly in equity.
Identifiable assets acquired and liabilities and contingent liabilities assumed in a business
combination are measured initially at their fair values at the acquisition date, irrespective of the
extent of any minority interest. The excess of the cost of acquisition over the fair value of the
Entity’s share of the identifiable net assets acquired is recorded as goodwill and not amortised,
but tested for impairment annually and whenever there is an indication that the goodwill may be
impaired. Any impairment is recognised immediately in profit or loss and is not subsequently
reversed. If the cost of acquisition is less than the fair value of the business combination, the
difference is recognised directly in the statement of comprehensive income.
Where settlement of any part of cash consideration is deferred, the amounts payable in the
future are discounted to their present value as at the date of exchange. The discount rate used is
the Entity’s incremental borrowing rate, being the rate at which a similar borrowing could be
obtained from an independent financier under comparable terms and conditions.
(u)
Trade receivables
Trade receivables are recognised initially at fair value. Collectability of trade receivables is
reviewed on an ongoing basis. Debts which are known to be uncollectible are written off. An
allowance for doubtful receivables is established when there is objective evidence that the
Entity will not be able to collect all amounts due according to the original terms of receivables.
The amount of the allowance is the difference between the asset’s carrying amount and the
present value of estimated future cash flows, discounted at the effective interest rate. The
movement of the allowance is recognised in the statement of comprehensive income.
(v)
Borrowings
Loans and borrowings are initially recognised at the fair value of the consideration received, net
of transaction costs. They are subsequently measured at amortised cost using the effective
interest method.
Where there is an unconditional right to defer settlement of the liability for at least 12 months
after the reporting date, the loans or borrowings are classified as non-current.
Oklo Resources Limited
Page 51
2015 Annual Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2015
2. LOSS FROM OPERATIONS
Other revenue and income from continuing
operations
Interest revenue
Other- Gain on debt settlement
Employee benefits expense
Share based payments
Professional fees expense
Exploration expense
Legal expense
Administration expense
Business development
Travel and accommodation expense
Occupancy expense
Foreign exchange
Loss on sale of available for sale investments
Consolidated
Group
Consolidated
Group
2015
$
2014
$
9,464
656,684
666,148
(192,266)
(106,200)
(220,727)
(8,000)
(13,019)
(77,529)
(61,811)
(35,621)
(42,737)
100
(32,015)
3,402
3,000
6,402
(112,011)
(215,000)
(253,812)
(4,611)
(13,180)
(84,822)
-
(62,048)
(49,717)
-
-
Oklo Resources Limited
Page 52
2015 Annual Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2015
Consolidated
Group
Consolidated
Group
2015
$
2014
$
-
-
-
-
-
-
3. INCOME TAX EXPENSE
Current income tax expense/(benefit)
Deferred income tax expense/(benefit)
Total income tax expense/(benefit)
Income tax expense differs to the standard rate
of corporation tax as follows:
Accounting loss before taxation
(123,677)
(788,799)
Tax on loss at standard rate at 30%
Tax effect of permanent differences
Previously unrecognised timing differences
Tax losses not recognised
Income tax expense
Deferred tax assets not recognised
Temporary differences – P&L
Temporary Differences - Equity
Income tax losses
(37,103)
(165,024)
(28,423)
230,550
-
(28,423)
333,605
2,409,959
2,715,141
(236,640)
64,621
(28,120)
200,139
-
12,210
104,952
2,173,311
2,290,473
The recoupment of tax losses carried forward as at 30 June 2015 are contingent upon the
company deriving assessable income of a nature and of an amount sufficient to enable the
benefit from the losses to be realised; the conditions for deductibility imposed by tax
legislation continuing to be complied with; and there being no changes in tax legislation which
would adversely affect the company from realising the benefits from the losses.
Oklo Resources Limited
Page 53
2015 Annual Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2015
Consolidated
Group
Consolidated
Group
4. LOSS PER SHARE
Basic loss per share – cents per share
(0.001)
2015
$
2014
$
(0.016)*
The following reflects the loss and share data
used in the calculations of basic loss per
share and diluted loss per share:
Net loss
(123,677)
(788,799)*
Weighted average number of shares
outstanding:
Weighted average number of ordinary shares
used in calculating basic earnings per share:
Weighted average number of ordinary shares
used in calculating diluted earnings per
share:
96,260,624
47,829,005*
100,927,270
47,829,005*
(a) Classification of securities
Diluted earnings per share is calculated after classifying all options on issue and all
ownership based remuneration scheme shares remaining uncovered at 30 June 2015 as
potential ordinary shares. As at 30 June 2015, the company has on issue 10,947,775
options over unissued capital. Diluted loss per share has not been calculated as the
Company made a loss for the year and the impact would be to reduce the loss per share.
(b) Conversions, calls, subscriptions or issues after 30 June 2015.
There have not been any conversions, calls, subscriptions or other share issues after 30 June
2015.
* – 2014 information has been restated to account for the 20:1 share consolidation that
occurred during the year ended 30 June 2015
5. TRADE AND OTHER RECEIVABLES
Current
Other
Consolidated
Group
Consolidated
Group
2015
$
2014
$
19,256
19,256
8,660
8,660
Oklo Resources Limited
Page 54
2015 Annual Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2015
6. Available for sale financial assets
Australian listed equity securities
7. PROPERTY, PLANT & EQUIPMENT
Office and field equipment:
At cost
Accumulated depreciation
Motor vehicles
At cost
Accumulated depreciation
Software:
At cost
Accumulated depreciation
Land and buildings:
At cost
Accumulated depreciation
Total property, plant & equipment – written down
value
Consolidated
Group
Consolidated
Group
2015
$
2014
$
-
-
40,000
40,000
Consolidated
Group
Consolidated
Group
2015
$
2014
$
166,849
(140,226)
26,623
283,567
(240,256)
43,311
27,612
(27,612)
0
34,707
(8,748)
25,959
95,893
165,589
(106,046)
59,543
282,997
(183,173)
99,824
27,557
(23,672)
3,885
34,637
(6,256)
28,381
191,633
Oklo Resources Limited
Page 55
2015 Annual Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2015
7. PROPERTY, PLANT & EQUIPMENT (Cont.)
Movements in carrying amounts
Consolidated Group:
2014
Opening net book value
Additions via acquisition of
subsidiary
Disposals
Accumulated depreciation
Exchange differences
Depreciation capitalised to
exploration and evaluation asset
Balance at 30 June 2014
2015
Opening net book value
Depreciation capitalised to
exploration and evaluation asset
Exchange differences
Balance at 30 June 2015
Office and
field
equipment
Furniture
Software
and
fixtures
$
7,827
157,784
$
-
295,861
$
-
28,810
Land
and
Building
s
$
-
36,212
-
(106,046)
(19,147)
-
(183,173)
(44,927)
-
(23,672)
(2,501)
-
(6,256)
(10,691)
19,125
59,543
32,063
99,824
1,248
3,885
9,116
28,381
$
59,543
(33,967)
1,047
26,623
$
99,824
(56,713)
200
43,311
$
3,885
(3,892)
$
28,381
(2,479)
7
-
57
25,959
Total
$
7,827
518,667
-
(319,147)
(77,266)
61,552
191,633
$
191,633
(97,051)
1,311
95,893
8. EXPLORATION AND
EVALUATION EXPENDITURE
Consolidated
Group
Consolidated
Group
Note
2015
$
2014
$
At written down value
9,128,431
8,016,414
Opening net book amount
Additions
Acquisitions
Foreign exchange differences
Closing net book amount
27
8,016,414
1,007,490
-
104,527
9,128,431
2,300,000
551,197
5,400,000
(234,783)
8,016,414
The Group has recognised an impairment of $Nil (2014: 5,400,000) with respect to the carrying value of
capitalised exploration and evaluation expenditure.
Oklo Resources Limited
Page 56
2015 Annual Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2015
9. TRADE AND OTHER PAYABLES
Current
Trade payables
Sundry payables and accrued expenses
10. BORROWINGS
Non-current
Loan (unsecured)
Consolidated
Group
Consolidated
Group
2015
$
2014
$
149,698
94,774
244,472
74,572
83,782
158,354
Consolidated
Group
Consolidated
Group
2015
$
2014
$
-
-
800,307
800,307
In acquiring Africa Mining sarl, as part of the Compass Gold transaction, a loan was due from
Africa Mining sarl to Dr Madani Diallo. The loan was unsecured and interest free and could not
be called upon to be repaid before 31 December 2016. On 24 September 2014 the Company
accepted the grant of an option from Dr Madani Diallo to extinguish this loan through the issue
of 3,000,000 ordinary shares in the Company. This option was exercised on 8 December 2014
(“Debt Settlement”). As a result of the Debt Settlement, a gain on debt settlement totalling
$656,684 has been recorded as other income in the statement of profit or loss and other
comprehensive income.
Oklo Resources Limited
Page 57
2015 Annual Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2015
Consolidate
d Group
Consolidated
Group
2015
$
2014
$
11. CONTRIBUTED EQUITY
(a) Issued and paid up capital
Fully paid ordinary shares
21,740,846
19,547,543
Number of
shares
Number of
shares
2015
2014
2015
$
2014
$
(b) Movements in shares on issue
Beginning of the year(i)
Issued during the year (ii)
Issued during the year (iii)
Issued during the year (iv)
Issued during the year (iv)
Issued during the year (v)
Issued during the year (vi)
Issued during the year (vii)
Issued during the year (viii)
Transaction costs on issue
End of the year
74,985,482
-
9,000,000
705,010
16,092,066
3,000,000
8,429,615
500,000
885,000
17,524,984
57,460,498
-
-
-
-
-
-
-
19,575,543
-
540,000
42,301
965,524
180,000
547,925
42,500
57,525
113,597,173
-
113,597,173
74,985,482
-
74,985,482
21,951,318
(210,472)
21,740,846
14,012,620
5,912,185
-
-
-
-
-
-
-
19,924,805
(349,262)
19,575,543
(i)
(ii)
(iii)
(iv)
(v)
(vi)
(vii)
(viii)
In December 2014, the company undertook a 20 for 1 share consolidation. All share
numbers, including comparatives, have been adjusted to reflect the post-consolidation
numbers.
Refer to 30 June 2014 annual report for details of these transactions.
Issue of shares in September 2014 pursuant to a placement.
Issue of shares on 29 October 2014 pursuant to a 1 for 5 rights issue. The right issue closed
in October 2014 and the Underwritten Shortfall was issued on 8 December 2014, following
the consolidation of the Company’s securities.
Issue of shares on 8 December 2014 in satisfaction of the debt owed by the Company’s
wholly owned Malian subsidiary, Africa Mining sarl, to Dr Madani Diallo (refer Note 10).
Issue of shares in March 2015 pursuant to a placement.
Issue of shares on 27 March 2015 pursuant to a Representation Agreement with Dr Madani
Diallo (M Consulting) of Mali.
Issue of balance shares on 18 May 2015 pursuant to a placement.
Oklo Resources Limited
Page 58
2015 Annual Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2015
11. CONTRIBUTED EQUITY (cont.)
(c) Terms and condition of contributed equity
Ordinary shares
Ordinary shares have the right to receive dividends as declared and in the event of the winding up of the
Company, to participate in the proceeds from the sale of all surplus assets in proportion to the number
of and amounts paid up on shares held. Ordinary shares entitle their holder to one vote, either in person
or by proxy, at a meeting of the Company.
(d) Share options
At 30 June 2015 there were 10,947,775 (2013: 5,200,000) unissued ordinary shares for which options
were outstanding.
During the year, the Company issued 540,000 22 September 2017 unlisted options with an exercise
price of $0.10 as consideration for underwriting a placement.
During the year, the Company issued 3,000,000 8 December 2017 unlisted options with an exercise
price of $0.10 as share based remuneration to the Directors of the Company.
During the year, the Company issued 1,007,825 8 December 2017 unlisted options with an exercise
price of $0.10 as consideration for underwriting a rights issue.
During the period, the Company issued 500,000 23 March 2018 unlisted options with an exercise price
of $0.10 to a consultant of the Company.
During the period, the Company issued 500,000 18 May 2018 unlisted options with an exercise price of
$0.10 to the Managing Director.
During the period, the Company issued 500,000 18 May 2018 unlisted options with an exercise price of
$0.15 to the Managing Director.
(e) Capital risk management
The Group’s objectives when managing capital are to safeguard their ability to continue as a going
concern, so it can continue its activities and provide returns for shareholders and other stakeholders.
It is the board’s current policy, which it has operated since the company’s inception, that given the
nature of its business, to fund its operations without the use of external borrowings. The board
undertakes the preparation of an annual budget to assess its expected capital needs and to ensure
sufficient capital is available to meet those needs. The financial performance of the company is
measured on a regular basis against this budget to ensure that the company is meeting its cash inflow
and outflow targets.
In order maintain its capital structure and to maintain its policy of no external borrowings, to support its
ongoing operations, the company may issue new shares or sell assets to provide ongoing funding of its
operations.
Oklo Resources Limited
Page 59
2015 Annual Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2015
12. RESERVES
Foreign currency translation reserve:
Balance at the beginning of year
Currency translation differences arising
During the year
Balance at the end of the year
Consolidated
Group
Consolidated
Group
2015
$
2014
$
(1,268,107)
88,037
(933,261)
(334,846)
(1,180,070)
(1,268,107)
Share option reserve:
Balance at the beginning of year
Value of option benefits granted pursuant to a capital
raising fee
Share based payments expense
Capitalised as part of exploration expenditure
Balance at the end of the year
538,460
28,188
106,200
23,096
695,944
288,360
65,100
185,000
538,460
Total reserves
(484,126)
(729,647)
The Foreign Currency Translation Reserve records exchange differences arising on the translation of a
foreign controlled subsidiary.
The Options reserve records items recognised as expenses on the issue of employee share options or in
respect of compensation for services rendered.
13. ACCUMULATED LOSSES
Consolidated
Group
Consolidated
Group
2015
$
2014
$
Balance at the beginning of year
Net loss attributable to owners of Oklo Resources
Limited
Balance at the end of the year
(11,802,281)
(11,013,482)
(123,677)
(788,799)
(11,925,958)
(11,802,281)
14. NON-CONTROLLING INTEREST
Consolidated
Group
Consolidated
Group
2015
$
2014
$
Balance at the beginning of year
Total comprehensive income attributable to non-
controlling interest
Balance at the end of the year
540,217
-
540,217
525,917
14,300
540,217
Oklo Resources Limited
Page 60
2015 Annual Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2015
15.
NOTES TO THE STATEMENT OF CASH FLOWS
(a)
Reconciliation of cash
Cash at bank
Consolidated
Group
Consolidated
Group
2015
$
2014
$
871,871
285,786
Loss after income tax
(123,677)
(788,799)
Non-cash flows from continuing operations:
Foreign exchange movements
Exploration classified as investing
Gain on debt settlement
Exploration classified as Investing
Shares issued to Madani Diallo
Shares based payments
Loss on sale of available for sale investment
Changes in assets and liabilities:
(Increase) / decrease in receivables
Increase / (decrease) in payables
(100)
-
(656,684)
8,000
-
106,200
32,015
(9,224)
(6,861)
(12,983)
4,611
-
-
30,000
215,000
-
15,362
43,771
Increase / (decrease) in other creditors
(10,795)
(76,172)
Net cash (used in)/generated by operating activities
(661,126)
(569,210)
(b) Non-Cash Investing and Financing Activities
(i)
(i)
(ii)
540,000 options with an exercise price of $0.10 per option and expiry date of 22 September
2017 were issued pursuant to an underwriting agreement for underwriting a plaecement.
1,007,825 options with an exercise price of $0.10 per option and expiry date of 8 December
2017 were issued pursuant to an underwriting agreement for underwriting a rights issue.
3,000,000 fully paid ordinary shares at were issued in satisfaction of the debt owed by the
Company’s wholly owned Malian subsidiary, Africa Mining sarl, to Dr Madani Diallo (refer
Note 10)..
(iii) 500,000 options with an exercise price of $0.10 per option and expiry date of 25 March 2018
were issued to a consultant, with the amount capitalised as part of exploration expenditure
Oklo Resources Limited
Page 61
2015 Annual Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2015
16. EXPENDITURE COMMITMENTS
(a) Capital expenditure commitments
Consolidated
Group
Consolidated
Group
2015
$
2014
$
No capital expenditure commitments were contracted
for at reporting date.
-
-
(b) Mineral tenement commitments
- Within one year
- Later than one year but not later than five years
Aggregate expenditure contracted for at reporting date
69,000
21,200
90,200
78,632
15,800
94,432
17. CONTINGENCIES
The Group’s Malian subsidiary SOCAF sarl has obligations in the event that it commences mining at either
its Boutounguissi Sud or Aourou concessions in Mali. Under the granted concessions, the Government of
Mali is entitled to a 10% interest in any mining company established to exploit a resource and may secure a
further 10% on commercial terms. Pursuant to the concessions, upon commencement of mining an amount of
$USD1,528,000 for Aourou and $USD343,735 for Boutounguissi Sud is payable to the Malian government
in respect of past exploration costs incurred by it. Pursuant to an agreement with its founder M. B Camara
an amount of FCFA 200,000,000 (approximately A$410,800) is payable from available cash-flow from
mining, after reimbursement of the Malian Government for past exploration.
18. EVENTS SUBSEQUENT TO REPORTING DATE
On 22 September 2015, the Company announced that Mr Andrew Boys had agreed to renew his contact
with the Company as a technical consultant for a further 12 months.
Other than the above, there has not been any matter or circumstance that has arisen since the end of the
financial year, that has 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.
Oklo Resources Limited
Page 62
2015 Annual Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2015
19. FINANCIAL RISK MANAGEMENT
The Group attempts to mitigate risks that may affect its future performance through a process of
identifying, assessing, reporting and managing risks of corporate significance.
The board considers the principal risks of our business, particularly during the strategic planning and
budget processes.
The Group’s principal financial instruments comprise cash, short-term deposits and investments in
shares. The main purpose of these financial instruments is to fund the Group’s operations.
The Group has various other financial instruments such as trade debtors, trade creditors and borrowings,
which arise directly from its operations.
The main risk arising from the Group’s financial instruments is cash flow interest rate risk. Other minor
risks include credit risk, liquidity risk, foreign exchange risk and capital risk management. The board
reviews and adopts policies for each of these risks which are summarised
(a) Credit risk
The Group does not have any material credit risk exposure to any single debtor or group of debtors
under financial instruments entered into by the Group.
Financial instruments other than receivables that potentially subject the Group to concentrations of
credit risk consist principally of cash deposits. The Group places its cash deposits with high credit
quality financial institutions, being in Australia one of the major Australian (big four) banks. Cash
holdings in other countries are not significant. The Group’s cash deposits are all on call and attract a rate
of interest at normal short term money market rates.
The maximum amount of credit risk the Group considers it would be exposed to would be $871,871
(2014: $325,786) being the total of its carrying values of cash and cash equivalents and other financial
assets.
The credit quality of financial assets that are neither past due nor impaired can be assessed by reference
to external credit ratings (if available) or to historical information about counterparty default rates.
Trade receivables
Counterparties without external credit ratings
Security and other deposits
Other
Cash at bank and short-term bank deposits
AAA
Consolidated
Group
Consolidated
Group
2015
$
2014
$
-
-
19,256
19,256
-
-
-
8,660
8,660
871,871
285,786
Oklo Resources Limited
Page 63
2015 Annual Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2015
19. FINANCIAL RISK MANAGEMENT (cont.)
(b) Cash flow interest rate risk
The Group’s exposure to the risks of changes in market interest rates relate to its cash deposits. All other
financial assets and liabilities in the form of receivables and payables are non-interest bearing. The
Company had external borrowings amounting to $Nil as at 30 June 2015 (2014: $800,307). These
external borrowings are non-interest bearing.
The Group’s exposure to interest rate risk is the risk that a financial instrument’s value will fluctuate as
a result of changes in market interest rates. The Group does not have a formal policy in place to
mitigate such risks as the Group’s income and operating cash flows are not materially exposed to
changes in market interest rates.
The Group’s exposure to interest rate risks and the effective interest rates on its financial assets and
liabilities as at reporting date is as follows:
Weighted
Average
Effective
Interest
Rate %
2015
$
1.6%
-
-
-
-
-
Floating
Interest
Rate
Fixed Interest Rate
Maturing
Within
1 Period
1-5
Periods
Non-
Interest
Bearing
Total
2015
$
2015
$
2015
$
2015
$
2015
$
801,999
-
-
801,999
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
69,872
19,256
871,871
19,256
-
-
89,128
891,127
244,472
244,472
-
-
244,472
244,472
2015
Financial assets:
Cash at bank
Trade and other
receivables
Investments
Total financial
assets
Financial
liabilities:
Trade and other
payables
Borrowings
Total financial
liabilities
Oklo Resources Limited
Page 64
2015 Annual Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2015
19. FINANCIAL RISK MANAGEMENT (cont.)
Weighted
Average
Effective
Interest
Rate %
2014
$
0.68%
-
-
-
-
-
Floating
Interest
Rate
Fixed Interest Rate
Maturing
Within
1 Period
1-5
Periods
Non-
Interest
Bearing
Total
2014
$
2014
$
2014
$
2014
$
2014
$
216,968
-
-
216,968
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
68,817
8,660
40,000
117,477
285,786
8,660
40,000
334,446
158,354
158,354
800,307
958,661
800,307
958,661
2014
Financial assets:
Cash at bank
Trade and other
receivables
Investments
Total financial
assets
Financial
liabilities:
Trade and other
payables
Borrowings
Total financial
liabilities
Sensitivity Analysis
At the reporting date, the variable interest profile of the Group and Company’s interest bearing financial
instruments were:
Consolidated
Group
Consolidated
Group
2015
$
2014
$
Financial assets
801,999
216,968
A change of 0.25% in the variable interest rates, at the reporting date, with all other variables held
constant, would have increased/decreased the profit and loss by the amounts shown below. 0.25% is
considered reasonable in light of current market expectations of interest rate movements.
0.25% increase
0.25% decrease
Consolidated
Group
Consolidated
Group
2015
$
2,005
(2,005)
2014
$
542
(542)
Oklo Resources Limited
Page 65
2015 Annual Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2015
19. FINANCIAL RISK MANAGEMENT (cont.)
(c) Liquidity risk
The Group’s objective is to match the terms of funding sources to the terms of the assets or operations
being financed. The Group aims to hold sufficient reserves of cash or cash equivalents to help manage
the fluctuations in working capital requirements and provide the flexibility for investment into long-
term assets without the need to raise debt.
Maturities of financial liabilities
The following tables analyse the Group’s and the parent entity’s financial liabilities into relevant
maturity groupings based on the remaining period at the reporting date to the contractual maturity date.
The amounts disclosed in the table are the contracted undiscounted cash flows.
Group – at 30
June 2015
Trade and other
payables
Borrowings
Group – at 30
June 2014
Trade and other
payables
Borrowings
Less
than 6
months
$
244,472
-
Less
than 6
months
$
158,354
-
6 – 12
months
$
-
-
6 – 12
months
$
-
-
Between
1 and 2
years
$
Between
2 and 5
years
$
-
-
-
-
Between
1 and 2
years
$
Between
2 and 5
years
$
-
-
-
800,307
Over 5
years
$
-
-
Over 5
years
$
-
-
Total
contractual
cash flows
$
Carrying
amount
(assets)
/liabilities
244,472
$
244,472
-
-
Total
contractual
cash flows
$
Carrying
amount
(assets)
/liabilities
158,354
$
158,354
800,307
800,307
(d) Commodity price risk
Due to the early stage of the Group’s exploration activities and its potential exposure to a number of
different commodities, its exposure to commodity price risk is considered minimal. Increased risk is
considered to arise where the Group engages in more detailed exploration and development of mineral
commodities, changes in the price of commodities for which the Group is exploring and developing may
result in changes to the Group’s market price.
Oklo Resources Limited
Page 66
2015 Annual Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2015
19. FINANCIAL RISK MANAGEMENT (cont.)
(e) Foreign Exchange Risk
A risk arises when future commercial transactions and recognised assets and liabilities are denominated
in a currency other than the consolidated entity’s functional currency.
The Group operates internationally and is occasionally exposed to foreign exchange risk arising from
currency exposures to the US Dollar, Euro and FCFA. At this time, given the Group’s limited level of
activities outside Australia, exposure to foreign exchange risk is minimal and hedging policies have not
been adopted. It is considered that the Group’s exposure to foreign currency exchange risk is not
material. Should the Group’s activities outside Australia increase in future, the Board will look to adopt
suitable policies for foreign exchange risk management.
(f) Fair value of financial instruments
The directors consider that the carrying amount of financial assets and financial liabilities recorded in
the financial statements represents their respective net fair values, determined in accordance with
accounting policies.
The fair values and net fair values of financial assets and financial liabilities are determined as follows:
the fair value of financial assets and financial liabilities with standard terms and conditions and
traded on active liquid markets are determined with reference to quoted market prices; and
the fair value of other financial assets and financial liabilities are determined in accordance with
generally accepted pricing models based on discounted cash flow analysis.
20.
SEGMENT INFORMATION
At 30 June 2015 the segment information reported was analysed on the basis of geographical Region
(Australia and Mali). During the year to 30 June 2015, the Group’s management reporting has remained
unchanged. Management has determined that the Company has two reportable segments, being mineral
exploration in Mali and mineral exploration in Australia.
Information regarding these segments is presented below. The accounting policies of the reportable
segments are the same as the Group’s accounting policies.
The following is an analysis of the Group’s revenue and results by reportable segment:
Australia
2015
$
2014
$
Mali
2015
$
2014
$
Segment
revenue
Exploration
expense
Segment result
-
-
-
-
656,684
(4,611)
(8,000)
(4,611)
648,684
Group
2015
$
656,684
(8,000)
648,684
2014
$
-
(4,611)
(4,611)
-
-
-
Oklo Resources Limited
Page 67
2015 Annual Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2015
20.
SEGMENT INFORMATION (Cont.)
The following is an analysis of the Group’s assets by reportable operating segment:
30 June 2015
$
30 June 2014
$
Segment
assets
Australia
Mali
Total assets
816,667
9,298,784
10,115,451
260,788
8,281,705
8,542,493
The following is an analysis of the Group’s liabilities by reportable operating segment:
Segment liabilities
Australia
Mali
Total liabilities
Result
Other income
Employee benefits expense
Share based payments expense
Professional fee expense
Legal expense
Administration expense
Business Development
Travel and accommodation
expense
Occupancy expense
Foreign exchange loss
Loss on sale of available for sale investment
Finance income
Loss before income tax
30 June 2015
$
100,559
143,913
244,472
30 June 2014
$
95,068
863,593
958,661
648,684
(4,611)
-
(192,266)
(106,200)
(220,727)
(13,019)
(77,529)
(61,811)
(35,621)
(42,737)
100
(32,015)
9,464
(123,677)
3,000
(112,011)
(215,000)
(253,812)
(13,180)
(84,822)
-
(62,048)
(49,717)
-
-
3,402
(788,799)
Oklo Resources Limited
Page 68
2015 Annual Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2015
21. RELATED PARTY DISCLOSURES
(a) Subsidiaries
The consolidated financial statements include the financial statements of the ultimate parent entity
Oklo Resources Limited and the subsidiaries listed in the following table:
Name of Entity
Oklo Resources Mali sarl
Kidal Mining sarl
Essouk Mining sarl
Tessalit Mining sarl
Telabit Mining sarl
Anefis Mining sarl
Adrar Mining sarl
Tedeini Mining sarl
Oklo Uranium Mali
Limited sarl
Socaf sarl
Compass Gold (BVI) Mali
Africa Mining sarl
Compass Gold sarl
(b) Earn--in agreement
Country of
Incorporation
Republic of Mali
Republic of Mali
Republic of Mali
Republic of Mali
Republic of Mali
Republic of Mali
Republic of Mali
Republic of Mali
Republic of Mali
Republic of Mali
British Virgin
Islands
Republic of Mali
Republic of Mali
Equity Interest
2014
2015
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
75%
100%
100%
100%
75%
100%
100%
100%
Investment of Parent
2015
2,550
2,434
2,434
2,434
2,434
2,434
2,550
2,550
2,550
2014
2,550
2,434
2,434
2,434
2,434
2,434
2,434
2,434
2,550
-
4,730,592
-
4,730,592
-
-
-
-
During the year, the Company was in an agreement with Mithril Resources Limited (ASX:MTH) over
EL’s 25453 and 30005 (Oklo 40%/Mithril 60%). These tenements are located in the Harts Range area in
the Northern Territory and are within Mithril’s East Arunta Project Area.
During the March 2015 quarter, the Mithril advised the Company that it had withdrawn from the joint
venture and the earn-in agreement has now ended. The Company’s past expenditure in respect of these
tenements has been fully impaired.
Oklo Resources Limited
Page 69
2015 Annual Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2015
22. KEY MANAGEMENT PERSONNEL
(a) Directors and other key management personnel
The directors of Oklo Resources Limited during the financial year were:
Mr James Henderson –Chairman
Mr Simon Taylor - Managing Director (appointed 28 August 2014)
Mr Jeremy Bond - Non-Executive Director (appointed 11 September 2014)
Mr Marshall Auerback – Non Executive Director (resigned 28 August 2014)
Mr Michael Pixley – Non-Executive Director (resigned 25 November 2014)
Other key management personnel consisted of:
Mr Ian Spence – Chief Executive Officer (resigned 1 February 2015)
Mr Alan Boys - Company Secretary (resigned 5 January 2015)
(b) Compensation of key management personnel
Short-term employee benefits
Post-employment benefits
Share-based payments
(c) Other transactions with key management personnel
Amounts recognised as revenue
Rent
Amounts recognised as expense
Director and consulting fees
Company secretarial and accounting fees
Underwriting and capital raising services
Recoverable expenses
Office rent and costs
Consolidated
Group
Consolidated
Group
2015
$
320,711
4,751
106,200
431,662
2014
$
326,593
2,775
185,000
514,368
Consolidated
Group
Consolidated
Group
2015
$
2014
$
-
3,000
232,1401
41,305
-
62,295
44,371
380,111
173,330
93,262
125,000
9,692
38,005
439,289
Note 1 – This amount is included in key management personnel remuneration.
Oklo Resources Limited
Page 70
2015 Annual Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2015
23. REMUNERATION OF AUDITORS
Auditors remuneration
Consolidated
Group
Consolidated
Group
2015
$
2014
$
Amounts received or due and receivable by BDO Audit (WA) Pty
Ltd
-Audit and review of financial statements
-Other amounts received or due and receivable by BDO- Tax advice
Total remuneration
52,042
-
52,042
30,630
2,448
33,078
24. SHARE BASED PAYMENTS
(a) Recognised share based payment expenses
Expense recognised for director or key management
personnel services
Expense arising from equity settled share-based payment
transactions as costs of equity raising
Expense recognised for consulting services
Expense recognised for consulting services (capitalised as
exploration expenditure)
Being
Fair value of issue of Key Management Personnel options
Fair value of issue of Key Management Personnel options
Fair value of issue of Key Management Personnel shares
Fair value of issue of shares other
Recognised as expense
Fair value of issue of Underwriter options
Fair value of issue of Underwriter options
Booked as cost of equity
Fair value of options issue to a consultant (capitalised)
Fair value of share issue to a consultant (capitalised)
Booked as Exploration and Evaluation Expenditure
(Asset)
Total
Note Consolidated
Group
2015
$
Consolidated
Group
2014
$
106,200
185,000
28,188
211,150
-
30,000
65,595
-
199,983
426,150
45,330
32,875
27,995
-
106,200
12,960
15,228
28,188
23,095
42,500
65,595
145,000
40,000
-
30,000
215,000
146,050
65,100
211,150
-
-
-
199,983
426,150
(i)
(ii)
(iii)
(iv)
(v)
(vi)
(vii)
Oklo Resources Limited
Page 71
2015 Annual Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2015
24. SHARE BASED PAYMENTS (Cont.)
(i) At a Meeting of Members held on 27 November 2014, members approved the issue of
3,000,000 options to the directors with an expiry date of 8 December 2017 and a strike price of
$0.10. The options have been valued using an option pricing model and have been given a fair
value of $45,330, which has been expensed. The values and inputs used in the option pricing
model were as follows:
Options granted
Value per option
Life of options
Risk free rate
Volatility
3,000,000
$0.01511
36 months
2.52%
90%
(ii)
At a Meeting of Members held on 15 May 2015, members approved the issue of 500,000
options to the managing director with an expiry date of 18 May 2018 and a strike price of $0.10.
The options have been valued using an option pricing model and have been given a fair value of
$32,875, which has been expensed. The values and inputs used in the option pricing model were
as follows:
Options granted
Value per option
Life of options
Risk free rate
Volatility
500,000
$0.0657
36 months
2.00%
90%
(iii)
At a Meeting of Members held on 15 May 2015, members approved the issue of 500,000
options to the managing director with an expiry date of 18 May 2018 and a strike price of $0.15.
The options have been valued using an option pricing model and have been given a fair value of
$27,995, which has been expensed. The values and inputs used in the option pricing model were
as follows:
Options granted
Value per option
Life of options
Risk free rate
Volatility
500,000
$0.056
36 months
2.00%
90%
(iv)
On 22 September 2014, the Company issued 540,000 Options in consideration for underwriting
services provided by Taylor Collison pursuant to the funding mandate entered into between the
Company and Taylor Collison Limited dated 26 August 2014.
The options have a strike price of $0.10 and expiry date of 22 September 2017. The options have
been valued using an option pricing model and have been given a total market value of $12,960
which has been booked as a cost of equity. The values and inputs used in the option pricing
model were as follows:
Options granted
Value per option
Expiry date
Risk free rate
Volatility
540,000
$0.0240
22 September 2017
2.52%
90%
Oklo Resources Limited
Page 72
2015 Annual Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2015
24. SHARE BASED PAYMENTS (Cont.)
(v)
On 8 December 2014, the Company issued 1,007,825 Options in consideration for underwriting
services provided by Taylor Collison pursuant to the underwriting agreement in respect of the 1
for 5 rights issue entered into between the Company and Taylor Collison Limited dated October
2014. The options have a strike price of $0.10 and expiry date of 8 December 2017. The options
have been valued using an option pricing model and have been given a total market value of
$15,228 which has been booked as a cost of equity. The values and inputs used in the option
pricing model were as follows:
Options granted
Value per option
Expiry date
Risk free rate
Volatility
1,007,825
$0.0151
8 December 2017
2.52%
90%
(vi)
On 23 March 2015, the Company issued 500,000 Options in as part of a consultancy agreement
between Cairn Geoscience and the company dated February 2015. The options have a strike
price of $0.10 and expiry date 25 March 2018. The options have been valued using an option
pricing model and have been given a total market value of $23,095 which has been booked as a
cost of exploration and evaluation expenditure. The values and inputs used in the option pricing
model were as follows:
Options granted 500,000
Value per option
Life of options
Risk free rate
Volatility
$0.04621
36 months
2.25%
90%
(vii) On 27 March 2015, the Company issued 500,000 shares in as part of a consultancy agreement
between M-Consulting and the company dated March 2013. In accordance with the agreement,
during the year a further 500,000 shares were issued following the second anniversary of the
contract and the grant of shares has been capitalised as part of the cost of exploration and
evaluation expenditure. The shares have been valued at fair value at the date of issue of $0.085
per share being a total of $42,500.
Oklo Resources Limited
Page 73
2015 Annual Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2015
24. SHARE BASED PAYMENTS (Cont.)
(b) Summary of Options Granted
2015
2014
Number of
Options
Weighted
Average
Exercise Price
Number of
Options
Weighted
Average
Exercise
Price
Outstanding at beginning of
year(viii)
Issued year ending 2014 (i)(viii)
Issue (ii)
Issue (iii)
Issue (iv)
Issue (v)
Issue (vi)
Issue (vii)
Expired during the year
Outstanding at end of the year
5,200,000
$0.22
650,000
-
540,000
1,007,825
3,000,000
500,000
500,000
500,000
(300,050)
10,947,775
-
$0.10
$0.10
$0.10
$0.10
$0.10
$0.15
($0.80)
$0.14
4,550,000
-
-
-
-
-
-
-
5,200,000
Exercisable at end of the year
10,947,775
$0.14
5,200,000
$0.46
$0.18
-
-
-
-
-
-
-
$0.22
$0.22
(i) Refer to 30 June 2014 annual report for details of issues.
(ii)
Issue of 540,000 unlisted options with exercise prices of $0.10 and expiry date of 22 September
2017 as consideration for underwriting fees on share placement Issue.
Issue of 1,007,825 unlisted options with exercise prices of $0.10 and expiry dates of 8
December 2017 as consideration for underwriting fees on share placement.
Issue of 3,000,000 unlisted options with exercise prices of $0.10 and expiry dates of 8
December 2017 as part of remuneration of directors of the company.
Issue of 500,000 unlisted options with exercise prices of $0.10 and expiry dates of 25 March
2018 as part of consideration to a consultant of the company.
Issue of 500,000 unlisted options with exercise prices of $0.10 and expiry dates of 18 May 2018
as share based remuneration of the Managing Director.
Issue of 500,000 unlisted options with exercise prices of $0.15 and expiry dates of 18 May 2018
as share based remuneration of the Managing Director.
(iii)
(iv)
(v)
(vi)
(vii)
(viii) During the year the company completed a 1 for 20 share consolidation and all numbers of
securities have been adjusted to reflect post-consolidation number of securities.
(c) Weighted average remaining contractual life
The weighted average remaining contractual life of the share options outstanding as at 30 June 2015 is
2.55 years (2014: 2.55 years).
(d) Range of exercise prices
The range of exercise prices for options outstanding at the end of the year is $0.10 to $0.20 (2014: $0.10
to $0.80).
(e) Weighted fair average value
The weighted fair average value of options granted during the year was $0.10 per option (2014: $0.054).
The Company has not established an executive or employee share option plan as at the date of this
report.
Oklo Resources Limited
Page 74
2015 Annual Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2015
25. PARENT ENTITY DISCLOSURES
Parent entity
Assets
Current assets
Non-current assets
Total assets
Liabilities
Current liabilities
Non-current liabilities
Total liabilities
Equity
Issued capital
Accumulated losses
Share based payment reserve
Total equity
Financial performance
Loss for the year
Other comprehensive income
Total comprehensive income
Contingent liabilities
Contractual commitments:
Operating lease
Mineral properties
Total contractual commitments
2015
$
2014
$
816,633
8,410,184
9,226,817
220,788
7,458,112
7,678,900
100,560
-
100,560
95,068
-
95,068
21,740,846
(13,310,532)
695,944
9,126,258
19,547,229
(12,530,171)
566,774
7,583,832
(780,361)
-
(780,361)
(1,109,346)
-
(1,109,346)
-
-
-
-
-
-
-
-
Oklo Resources Limited
Page 75
2015 Annual Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2015
26.
NON-CONTROLLING INTERESTS IN SUBSIDIARY
Summarised financial information of SOCAF sarl, the subsidiary with non-controlling interests
that are material to the consolidated entity are set out below:
Summarised statement of financial position
Current assets
Non-current assets
Total assets
Current liabilities
Non-current liabilities
Total liabilities
Net assets
Summarised statement of profit or loss and other
comprehensive income
Revenue
Expenses
Profit /(Loss) before income tax expense
Income tax expense
Loss after income tax expense
Other comprehensive income
Total comprehensive income
Statement of cash flows
Net cash from operating activities
Net cash used in investing activities
Net cash provided by financing activities
Net increase/(decrease) in cash and cash
equivalents
Other financial information
Loss attributable to non-controlling interests
Accumulated non-controlling interests at the end of
financial year
Socaf sarl
2015
$
2014
$
20,876
2,373,376
2,394,252
36
240,417
240,453
1,142
2,316,417
2,317,559
36
168,252
168,288
2,153,799
2,149,271
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(52,431)
72,165
19,734
-
(28,431)
29,093
662
-
-
540,217
540,217
Oklo Resources Limited
Page 76
2015 Annual Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2015
27: ASSET ACQUISITION
On 11 December 2013, Oklo Resources acquired 100% of the issued shares of Compass Gold
BVI Mali Corp by the payment of up to $450,000 cash and the issue of 40,000,000 shares in
Oklo Resources Limited to its shareholder, Compass Gold Corporation (TSXV:CVB).
Details of the fair value of the assets and liabilities acquired as at 11 December 2013 are as
follows:
Purchase consideration comprises:
Cash
800,000,000 Ordinary shares
Total Consideration
Acquisition costs attributable to assets acquired
Net assets acquired
Cash and cash equivalents
Trade and other receivables
Property, plant and equipment
Exploration and evaluation assets
Trade and other payables
Borrowings
$
436,568
4,196,136
4,632, 704
97,889
4,730,593
97,777
11,931
254,039
5,400,000
(12,351)
(1,020,803)
4,730,593
Oklo Resources Limited
Page 77
2015 Annual Report
DIRECTORS’ DECLARATION
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES
ABN 53 121 582 607
DIRECTORS’ DECLARATION
The directors of the Company declare that:
1. The financial statements, comprising the consolidated statement of profit or loss and other
comprehensive income, consolidated statement of financial position, consolidated statement of
cash flows, consolidated statement of changes in equity, accompanying notes, are in accordance
with the Corporations Act 2001 and:
(a) comply with Accounting Standards and Corporations Regulations 2001 and other
mandatory professional reporting requirements; and,
(b) give a true and fair view of the financial position as at 30 June 2015 and of the
performance for the year ended on that date of the consolidated entity.
2. In the directors’ opinion, there are reasonable grounds to believe that the Company will be able
to pay its debts as and when they become due and payable.
3. The directors have been given the required declarations by the chief executive officer and chief
financial officer required by section 295A.
Note 1 confirms that the financial statements also comply with International Financial Reporting
Standards as issued by the International Accounting Standards Board.
This declaration is made in accordance with a resolution of the Board of Directors and is signed for and
on behalf of the directors by:
James Henderson
Director
Sydney:
30 September 2015
Oklo Resources Limited
Page 78
2015 Annual Report
Tel: +61 8 6382 4600
Fax: +61 8 6382 4601
www.bdo.com.au
38 Station Street
Subiaco, WA 6008
PO Box 700 West Perth WA 6872
Australia
INDEPENDENT AUDITOR’S REPORT
To the members of Oklo Resources Limited
Report on the Financial Report
We have audited the accompanying financial report of Oklo Resources Limited, which comprises the
consolidated statement of financial position as at 30 June 2015, the consolidated statement of profit or
loss and other comprehensive income, the consolidated statement of changes in equity and the
consolidated statement of cash flows for the year then ended, notes comprising a summary of
significant accounting policies and other explanatory information, and the directors’ declaration of the
consolidated entity comprising the company and the entities it controlled at the year’s end or from
time to time during the financial year.
Directors’ Responsibility for the Financial Report
The directors of the company are responsible for the preparation of the financial report that gives a
true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001
and for such internal control as the directors determine is necessary to enable the preparation of the
financial report that gives a true and fair view and is free from material misstatement, whether due to
fraud or error. In Note 1, the directors also state, in accordance with Accounting Standard AASB 101
Presentation of Financial Statements, that the financial statements comply with International
Financial Reporting Standards.
Auditor’s Responsibility
Our responsibility is to express an opinion on the financial report based on our audit. We conducted our
audit in accordance with Australian Auditing Standards. Those standards require that we comply with
relevant ethical requirements relating to audit engagements and plan and perform the audit to obtain
reasonable assurance about whether the financial report is free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in
the financial report. The procedures selected depend on the auditor’s judgement, including the
assessment of the risks of material misstatement of the financial report, whether due to fraud or error.
In making those risk assessments, the auditor considers internal control relevant to the company’s
preparation of the financial report that gives a true and fair view in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the company’s internal control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of accounting estimates made by the directors, as
well as evaluating the overall presentation of the financial report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our audit opinion.
Independence
In conducting our audit, we have complied with the independence requirements of the Corporations
Act 2001. We confirm that the independence declaration required by the Corporations Act 2001, which
has been given to the directors of Oklo Resources Limited, would be in the same terms if given to the
directors as at the time of this auditor’s report.
BDO Audit (WA) Pty Ltd ABN 79 112 284 787 is a member of a national association of independent entities which are all members of BDO Australia Ltd ABN
77 050 110 275, an Australian company limited by guarantee. BDO Audit (WA) Pty Ltd and BDO Australia Ltd are members of BDO International Ltd, a UK
company limited by guarantee, and form part of the international BDO network of independent member firms. Liability limited by a scheme approved under
Professional Standards Legislation, other than for the acts or omissions of financial services licensees.
Opinion
In our opinion:
(a)
the financial report of Oklo Resources Limited is in accordance with the Corporations Act 2001,
including:
(i)
giving a true and fair view of the consolidated entity’s financial position as at 30 June 2015
and of its performance for the year ended on that date; and
(ii) complying with Australian Accounting Standards and the Corporations Regulations 2001; and
(b)
the financial report also complies with International Financial Reporting Standards as disclosed in
Note 1.
Emphasis of matter
Without modifying our opinion, we draw attention to Note 1 in the financial report, which indicates
that the ability of the consolidated entity to continue as a going concern is dependent on the ability of
the consolidated entity to secure additional funding. This condition, along with other matters as set
out in Note 1, indicate the existence of a material uncertainty that may cast significant doubt about
the consolidated entity’s ability to continue as a going concern and therefore, the consolidated entity
may be unable to realise its assets and discharge its liabilities in the normal course of business at
amounts stated in the financial statements.
Report on the Remuneration Report
We have audited the Remuneration Report included in the directors’ report for the year ended 30 June
2015. The directors of the company are responsible for the preparation and presentation of the
Remuneration Report in accordance with section 300A of the Corporations Act 2001. Our responsibility
is to express an opinion on the Remuneration Report, based on our audit conducted in accordance with
Australian Auditing Standards.
Opinion
In our opinion, the Remuneration Report of Oklo Resources Limited for the year ended 30 June 2015
complies with section 300A of the Corporations Act 2001.
BDO Audit (WA) Pty Ltd
Dean Just
Director
Perth, 30 September 2015
ASX ADDITIONAL INFORMATION
As at 31 August 2015
The following information is required by the Australian Securities Exchange Limited in respect of listed
public companies:
1. Shareholding
(a)
Distribution of shareholders- fully paid ordinary shares
Size of Holding
1-1,000 shares
1,001 - 5,000 shares
5,001 – 10,000 shares
10,000 – 100,000 shares
100,001 shares and over
Total
Number of
Shareholders
247
201
55
173
137
813
Percentage of
Holders
30.4%
24.7%
6.8%
21.3%
16.9%
100%
Number of
Shares
106,412
508,746
443,312
6,909,148
105,629,555
113,597,173
Percentage
of Shares
0.1%
0.4%
0.4%
6.1%
93.0%
100%
(b)
Marketable Parcels
The number of shareholdings held in less than a marketable parcel is 453 holders with 641,866
shares. The required marketable parcel is $500 (5,556 shares).
(c)
Substantial Shareholders
The company has received the following details of substantial shareholdings as notified
pursuant to sections 671B of The Corporations Act.
Substantial Shareholder
Terra Capital Pty Ltd
Dr Madani Diallo
William Philip Seymour Richards
Number of
Securities
10,576,665
10,461,355
7,857,000
Voting Power
9.3%
9.2%
6.9%
(d)
Voting Rights
The Constitution of Oklo Resources Limited provides that on a show of hands every member
present or by proxy, attorney or other representative will have one vote for each fully paid
share held by that member.
Oklo Resources Limited
Page 81
2015 Annual Report
ASX ADDITIONAL INFORMATION
As at 31 August 2015
Top Twenty Shareholders of Oklo Resources Limited:
Fully Paid
Ordinary Shares
J P Morgan Nominees Australia Limited
TT Capital Nominees Pty Ltd
HSBC Custody Nominees (Australia) Limited
GP Securities Pty Ltd
Mr John Darroch + Mrs Gloria Darroch + Mr Richard Darroch
+ Ms Helen Darroch
Citicorp Nominees Pty Limited
Elliott Services Pty Ltd
Highbound Holdings Pty Ltd
Calama Holdings Pty Ltd
Octifil Pty Ltd
OFX Global Private Limited
JH & KM Pty Ltd
Mr John Darroch
Mr Donald Bedford Courtenay Poulden
Tisia Nominees Pty Ltd
Transocean Securities Pty Ltd
Fernland Holdings Pty Ltd
Mr Madani Diallo
Transocean Finance Pty Ltd
Corporate Property Services Pty Ltd
11,300,579
8,772,417
8,408,120
4,205,500
3,842,797
3,738,047
3,000,000
2,947,223
2,853,750
1,670,788
1,666,667
1,618,051
1,500,000
1,500,000
1,353,361
1,232,580
1,218,334
1,188,938
1,145,830
1,104,567
Percentage
of
Total
9.95%
7.72%
7.4%
3.7%
3.38%
3.29%
2.64%
2.59%
2.51%
1.47%
1.47%
1.42%
1.32%
1.32%
1.19%
1.09%
1.07%
1.05%
1.01%
0.97%
64,267,549
56.57%
Oklo Resources Limited
Page 82
2015 Annual Report
ASX ADDITIONAL INFORMATION
As at 31 August 2015
Unlisted options Issued by The Company
The company has the following unlisted options and option holders as detailed below:
Holder
Exercise Price
Expiry Date
Number
Aglub Investments Pty Ltd
Portafortuna Pty Ltd
Taycol Nominees Pty Ltd <211 A/C>
Compass Global Holdings Pty Ltd
Fitel Nominees Limited
Transocean Securities Pty Ltd
Wealth Enterprises Limited
Mr Philip Cawood
Mr Hamish McCathie
C G Nominees Pty Ltd
Compass Global Holdings Pty Ltd
Mr Steve Martin
Transocean Nominees Pty Ltd
Barclay Wells Limited
JH & KM Pty Ltd
Mr. Marshall Auerback
Mrs. Anne Boys
Mr Michael Pixley12/2/2017
Lotus Australian Holding Pty Ltd
Transocean Securities Pty Ltd
Wealth Enterprises Ltd
Taycol Nominees Pty Ltd <211 A/c>
Compass Global Holdings Pty Ltd
Tisia Nominees Pty Ltd
Lotus Australian Holding Pty Ltd
Taycol Nominees Pty Ltd <211 A/c>
Fernland Holdings Pty Ltd
Jalonex Investments Pty Ltd
Jimbzal Pty Ltd
Taycol Nominees Pty Ltd <211 A/c>
Ms Susan Boyd
Jimbzal Pty Ltd
Jimbzal Pty Ltd
TOTAL
$0.15
$0.15
$0.15
$0.15
$0.15
$0.10
$0.10
$0.10
$0.10
$0.10
$0.10
$0.10
$0.10
$0.10
$0.20
$0.20
$0.20
$0.20
$0.10
$0.10
$0.10
$0.10
$0.10
$0.10
$0.20
$0.10
$0.10
$0.10
$0.10
$0.10
$0.10
$0.10
$0.10
20/5/2016
20/5/2016
20/5/2016
20/5/2016
20/5/2016
20/12/2016
20/12/2016
20/12/2016
20/12/2016
20/12/2016
20/12/2016
20/12/2016
20/12/2016
20/12/2016
6,250
200,000
43,750
50,000
50,000
299,000
80,000
41,000
41,000
104,000
4,000
5,600
4,000
2.400
31/12/2016
1,000,000
31/12/2016
31/12/2016
31/12/2016
12/2/2017
12/2/2017
12/2/2017
12/2/2017
12/2/2017
12/2/2017
4/5/17
22/9/2017
8/12/2017
8/12/2017
8/12/2017
8/12/2017
25.3.2018
18/5/2018
18/5/2018
500,000
500,000
500,000
96,000
269,720
16,000
60,000
14,960
12,270
1,000,000
540,000
1,000,000
1,000,000
1,000,000
1,007,825
500,000
500,000
500,000
10,947,775
Oklo Resources Limited
Page 83
2015 Annual Report
ASX ADDITIONAL INFORMATION
As at 31 August 2015
2.
COMPANY SECRETARY
The name of the Company Secretary is Louisa Martino.
3.
REGISTERED OFFICE
Level 5, 56 Pitt Street
Sydney, NSW, AUSTRALIA, 2000
Telephone:
Facsimile:
Website:
+61 2 8823 3100
+61 2 9525 8466
www.okloresources.com
4.
REGISTERS OF SECURITIES
Computershare Investor Services Pty Ltd
Level 11,
172 St Georges Terrace
Perth, WA, 6000
5.
STOCK EXCHANGE LISTING
Australian Securities Exchange Limited
(ASX Code: OKU)
6.
RESTRICTED SECURITIES
The Company has the following restricted securities: nil
7.
ON MARKET BUY-BACK
The company does not have a current on market buy-back facility.
Oklo Resources Limited
Page 84
2015 Annual Report
ASX ADDITIONAL INFORMATION
As at 31 August 2015
8.
TENEMENT DIRECTORY
Granted tenements as at the date of this report:
Country
Location
Prospect
Tenement Number
Kidal
09/3639
Holder
La Société Oklo Uranium
Mali Ltd sarl
La Société Oklo Uranium
Mali Ltd sarl
La Société Oklo Uranium
Mali Ltd sarl
SOCAF sarl
09/3640
11/0463
08/3232
North East
Mali
Tessalit
Mali
West
Mali
Samit Nord
Boutounguissi
South
Aourou
Yanfolila
Dandoko
Solabougouda
Aite
South Mali Kolondieba
SOCAF sarl
08/2159
2012-0108/MM-SG DU Africa Mining sarl
Africa Mining sarl
10-1305/MM-SG DU
2011-0469/MM-SG DU Africa Mining sarl
2015-1279/MM-SG
2012-0109/MM-SG DU Africa Mining sarl
Oklo Resources Mali sarl
Oklo Resources Limited
Page 85
2015 Annual Report