OKLO RESOURCES LIMITED
ACN 121 582 607
ANNUAL REPORT
FOR THE YEAR ENDED
30 JUNE 2016
CORPORATE INFORMATION
DIRECTORS
Mr Michael Fotios – Non-Executive Chairman (Appointed 29 July 2016)
Mr Simon Taylor - Managing Director
Mr Jeremy Bond - Non-Executive Director
Dr Madani Diallo – Non-Executive Director (Appointed 29 July 2016)
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 and its Controlled Entities
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2016 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
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Oklo Resources Limited and its Controlled Entities
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2016 Annual Report
CHAIRMAN’S LETTER
Dear Shareholder,
It gives me great pleasure to present Oklo Resources Limited’s (“Oklo” or the “Company”) Annual
Report for the year ended 30 June 2016, my first as Oklo’s Chairman after accepting the role in July of
this year.
The past year has seen Oklo achieve a number of important steps in its quest to build a significant gold
company in Mali, managed by a highly experienced team with a proven track record of large gold
discoveries in West Africa.
Oklo has assembled a large landholding covering more than 1,300km2 in Mali’s prolific gold belts,
which are host to world-class, multi-million-ounce gold mines. During the reporting year we embarked
on an aggressive exploration program and to date this has produced some notable results, particularly
from the Diabarou prospect at our high-priority Dandoko Project in west Mali, which yielded some
spectacular drill intersections.
Elsewhere, auger and RC drilling at the Socaf Project confirmed the presence of significant gold
mineralisation under shallow sand cover, but has only tested a limited portion of an extensive
geochemical anomaly. Drilling at the Solona North West prospect, which forms part of the Yanfolila
Project, was also successful in confirming the presence of bedrock gold mineralisation. Further drilling
will be undertaken at both projects during the forthcoming field season.
The highly promising Moussala project permit, located 15km west of Dandoko and 15km east of
B2Gold’s 5.15Moz Fekola gold discovery, was granted during the year. While there has been limited
modern-day exploration over the project, Oklo has identified a number of promising geochemical,
geological and structural targets for first-pass drill testing.
After two strongly supported capital raisings during the year, we are in a sound financial position with
circa $10m in cash to support our drilling initiatives over the forthcoming year and to build on our
longer term plans for the Company. We are grateful to our shareholders for their continued support
and belief that we can achieve what we set out to do.
The past year has seen a significant increase in Oklo’s market capitalisation and the introduction of new
domestic and international institutional investors to our share register largely through the determined
efforts of our Managing Director, Simon Taylor. This has been incredibly pleasing and we hope this
momentum continues.
As the new Chairman of Oklo, I am looking forward to contributing my industry expertise to the
Company as we progress from explorer to developer and hopefully to producer. I am also looking
forward to the opportunity to work alongside esteemed geochemist Madani Diallo, who recently joined
the Board as a Non-Executive Director. Madani has an outstanding track record in gold exploration in
West Africa and has assembled a highly capable in-country team for Oklo.
I am optimistic that we can build on our exploration success over the next 12 months, and I look
forward to sharing the journey with you.
Yours sincerely,
Michael Fotios
Chairman
Oklo Resources Limited and its Controlled Entities
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2016 Annual Report
OPERATIONS REVIEW
REVIEW OF OPERATIONS
Oklo’s landholding in Mali, West Africa presently covers more than 1,300km2, with its flagship gold
projects concentrated in two key areas: West Mali (Dandoko, Moussala and Socaf) and South Mali
(Yanfolila). Both groups of permits are located over highly prospective Proterozoic Birimian greenstone
belts in the vicinity of multi-million-ounce gold mining operations and recent noteworthy discoveries
(Figure 1).
The Company continued to make significant progress in advancing its projects during the year.
Highlights included:
- A high-grade gold discovery at the Diabarou prospect within the Dandoko Project;
- Granting of the highly prospective Moussala Project permit;
- Confirmation of significant bedrock gold mineralisation at the Socaf Project; and
- Encouraging bedrock gold intersections at Solona North West within the Yanfolila project.
Figure 1: Location of Oklo’s Gold Projects in West and South Mali
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OPERATIONS REVIEW
DANDOKO PROJECT – West Mali (100% interest)
The Dandoko permit (134km2) is located within the Kenieba Inlier of western Mali close to several
world-class gold deposits, including B2Gold’s 5.15Moz Fekola gold project 30km to the west and
Randgold’s 12.5Moz Loulo Gold Mine, 50km to the north-northwest (Figure 2). Access from the capital
city of Bamako is via a high quality sealed road, which passes through the northern part of the project.
The tenement 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. The NNE-trending structures are
interpreted as splays emanating from the Senegal Mali Shear Zone (“SMSZ”), a regional scale NNW-
trending strike-slip fault, which plays an important role in controlling gold mineralisation in the region.
The SMSZ hosts no fewer than six major gold deposits for an endowment estimated at greater than
40Moz, including Sadiola (13.5Moz) and Loulo (12.5Moz). Oklo therefore considers the Dandoko Project
to be highly prospective for the discovery of significant gold deposits and places particular emphasis on
the importance of NNE-trending faults as mineralising conduits.
Figure 2: Location and Geological Setting of the Dandoko and Moussala Projects in west Mali
Diabarou
The Diabarou prospect is contained within a gold-in-soil anomaly that covers an area of 1.2km north-
east x 1.0km east-west (Figure 3). Artisanal workings have revealed gold-bearing quartz veins of up to
3m in thickness extending over 600m.
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OPERATIONS REVIEW
Figure 3: Dandoko Project – Prospect locations overlain on soil geochemistry and regional structures
interpreted from airborne magnetics
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OPERATIONS REVIEW
Up to 64g/t gold was previously reported by Oklo from surface rock-chip samples, along with soil
results of up to 0.89g/t gold. Further sampling and mapping was completed over the prospect during
the year with a total of 45 in-situ samples collected from the base of the artisanal workings to assist in
the understanding of the geology (Figure 4).
High grade gold results of up to 68.3g/t gold were also returned from within the area untested by
drilling and to the immediate east of previous successful reverse circulation (RC) hole (RCDK013-19)
drilled in 2013 that intersected 12m at 1.50g/t gold from 49m and 20m at 1.44g/t gold from 96m.
During December 2015, the Company completed 6 RC holes totalling 884m focused on the immediate
strike extensions to the zone of artisanal workings in the vicinity of hole RCDK013-19. Hole RCDK015-
28 from this program returned 29m at 5.62g/t gold (including 8m at 12.58g/t gold) by fire assay from a
down hole depth of 109 metres, with the hole ending in mineralisation at a vertical depth of
approximately 105m below surface. Due to the presence of coarse visible gold, the corresponding
interval was re-analysed by the bottle roll cyanide leach method and returned 29 metres at 10.42g/t
gold (including 9 metres at 28.18g/t gold).
Drilling was also undertaken on a newly developed artisanal trend located approximately 100 metres to
the north. The first holes drilled into this zone returned 7m at 1.54g/t gold in hole RCDK015-26 and 1m
at 49.80g/t gold in hole RCDK015-27.
The Company viewed these results as a highly promising start to Oklo’s 2016 field season as they
confirmed the high grades obtained from sampling of the artisanal workings and reinforced the open
pit resource potential of the prospect.
During the March 2016 quarter, the Company completed a further 7 RC holes totalling 1,146m at
Diabarou. Five of the holes were designed to further evaluate the spectacular intersection from hole
RCDK015-028 and increase confidence in the geological controls to this high-grade zone (Figure 4).
Significant bottle roll cyanide leach intersections from this program included:
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3 metres at 110.30g/t gold from 120 metres, including 1 metre at 280.00g/t gold in hole
RCDK016-033;
28 metres at 3.90g/t gold from 88 metres, including and 9 metres at 8.36g/t gold in hole
RCDK016-035; and
21 metres at 2.00g/t gold from 45 metres, including 2 metres at 7.63g/t gold in hole RCDK016-
032.
The 2 other holes were of an exploratory ‘wildcat’ nature testing outlying artisanal workings within the
gold-in-soil anomaly. One of the wildcat holes returned the following highly promising intersection
associated with quartz veining and visible gold:
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6 metres at 53.77g/t gold from 36 metres, including 2 metres at 153.50g/t gold in hole
RCDK016-037.
This intersection lies 100m to the northeast of the main Diabarou high-grade zone associated with
quartz veining immediately below the artisanal workings and demonstrated potential for multiple
mineralised zones within the prospect (Figure 4).
Oklo completed a further 43 holes for 4,166m at Diabarou during the June 2016 quarter, comprising 3
diamond core (DD) holes for 482.2m (DDDK16-001 to DDDK16-003), 7 RC holes for 1,019m (RCK016-
041 to RCK016-047) and 33 aircore (AC) holes for 2,665m.
The DD and RC holes were designed to further evaluate the open pit resource potential of the
previously defined zones of bedrock gold mineralisation at Diabarou, whilst the AC holes provided
first-pass coverage over the southern extension of the large gold-in-soil anomaly (Figure 4).
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Significant intersections1 from the DD and RC holes included:
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8m at 12.07g/t gold from 130m, including 4m at 22.08g/t gold in hole DDDK16-002;
19m at 3.22g/t gold from 89m, including 3m at 11.40g/t gold in hole DDDK16-003;
7m at 19.82g/t gold from 43m, including 3m at 38.00g/t gold, and 4m at 10.01g/t gold from
115m, including 1m at 37.90g/t gold in hole RCK016-044;
7m at 12.27g/t gold from 116m and 1m at 45.10g/t gold from 128m in hole RCK016-045; and
5m at 24.15g/t gold from 110m, including 1m at 98.80g/t gold in hole RCK016-046.
Figure 4: Diabarou prospect RC, DD and AC hole locations
The DD holes, which twinned previous RC holes, were successful in providing valuable structural and
geological information on the gold mineralisation, which is interpreted to be associated with multiple
phases of fluid flow within a well-developed fault structure reverse circulation. All holes intersected a
sequence comprising volcaniclastic tuff and graphitic greywacke intruded by diorite and dolerite. The
mineralised zones in holes DDDK16-002 and DDDK16-003 corresponded with extensive brecciation and
hydrothermal alteration associated with an interpreted fault structure (Figure 5).
1 Reported by fire assay except hole DDDK16-002
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OPERATIONS REVIEW
Figure 5: Drill cross section showing location of DDDK16-002 and DDDK16-003 twinning RC holes
RCDK015-28 and RCDK016-35 along with +0.1g/t gold halo and significant past intersections
Two phases of alteration were observed: an early phase comprising sericite-silica-pyrite-hematitic
carbonate, and a later phase characterised by quartz-carbonate-pyrite-arsenopyrite-albite-tourmaline
associated with visible gold. Importantly, the alteration assemblages are similar to those observed and
documented at the nearby significant gold discoveries of Gounkoto2 and Fekola3, located approximately
40km northwest and 30km west of Diabarou respectively.
The 7 RC holes were completed on two section lines located ~40m to the east and to the west of the DD
section line (Figure 4) and were designed to further test the immediate strike extensions to the high
grade structures in a more optimal direction.
The DD and RC drilling program successfully outlined high-grade gold mineralisation of variable
widths on three section lines spaced over a ~80m strike. These new results will provide the focus for
planning of the next campaign of drilling.
The AC program successfully extended the main mineralised zone by a further 100m to a total length of
220m, which remains open along strike in both directions, and outlined a new broad, mineralised trend
to the south hosting numerous zones of gold mineralisation with grades up to 21.2g/t gold in shallow
oxide material (Figure 6).
2 Harbidge, P and Holliday, J (2011): Gounkoto: A new multimillion ounce gold discovery in the Loulo District of Western
Mali. NewGenGold 2011 Case Histories of discovery.
3 Boyd, A., Dahl R., Dorling S. (2013): The Fekola Gold Deposit: A new multi-million ounce gold discovery in the Kenieba
District of Western Mali. NewGenGold 2013 Case Histories of discovery.
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OPERATIONS REVIEW
Figure 6: Location of all DD, RC and AC drill holes at Diabarou with 2015 artisanal pit sampling
results
Significant fire assay intersections from the AC program included:
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8m at 3.80g/t gold from 54m, including 1m at 21.20g/t gold;
4m at 2.54g/t gold from 53m, including 1m at 9.80g/t gold;
6m at 1.51g/t gold from 41m, including 3m at 2.73g/t gold;
6m at 1.21g/t gold from 60m, including 3m at 2.27g/t gold (hole ended in mineralisation);
8m at 1.10g/t gold from 45m, including 6m at 2.11g/t gold;
3m at 2.89g/t gold from 20m and 5m at 1.40g/t gold from 19m; and
11m at 0.55g/t gold from 46m, including 2m at 1.02g/t gold.
Disse
At Disse, artisanal workings extend for more than 880m co-incident with a gold-in-soil anomaly
(Figure 3).
A program of 23 AC holes completed during the 2015 reporting year tested the artisanal workings on
approximately 100m spaced traverses. Significant intersections included 21m at 5.67g/t Au and 3m at
12.80g/t Au. Drilling also intersected a second parallel structure located approximately 500m to the
north on a recently opened artisanal trend, with 3m at 4.38g/t gold returned from one hole.
Further sampling and mapping was completed during the current year, with a total of 21 in-situ
samples collected from the base of the artisanal workings. Significant assay results of up to 20.2g/t gold
were recorded. Importantly the gold mineralisation is hosted within highly altered sediments with
associated tourmaline and traces of pyrite and quartz stringers similar to other large gold deposits in
the region.
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OPERATIONS REVIEW
A single diamond core hole was completed late in the year to obtain further geological and structural
information on the gold mineralisation. Assay results were outstanding at the time of reporting.
Selingouma
The Selingouma prospect comprises a series of open ended gold-in-soil anomalies that extend over 6km
(Figure 3). Previous reconnaissance auger and limited RC drilling outlined extensive alteration over
wide zones associated with elevated gold and highly elevated arsenic results.
A further 30 vertical AC holes completed over an induced polarisation (IP) geophysical anomaly in the
north of the prospect intersected encouraging bedrock gold mineralisation including 18m at 1.75g/t Au.
An extensive program of reconnaissance drilling to provide initial coverage over the southern portion
of the prospect is planned for the forthcoming field season.
MOUSSALA PROJECT – West Mali (100% interest)
During the year, the strategically located exploration permit 2015-4606 of 66km2 in area covering the
Moussala Project was granted (Figure 2).
Moussala is located approximately 15km west of the Dandoko Project and 15km east of B2Gold’s
5.15Moz Fekola gold discovery over Lower Proterozoic Birimian meta-volcanic and metasedimentary
rocks intruded by felsic and mafic igneous rocks. The Company considers the project to be highly
prospective for the discovery of gold mineralisation associated with NNE-trending splay faults
interpreted from the aeromagnetic data emanating from the regional-scale SMSZ.
There has been limited modern day exploration completed within the project area and no drilling.
Results from two programs of soil sampling in 1997 by Ashanti Mali (492 samples on a 200m x 100m
grid spacing) and 2011 by Africa Mining (249 samples on a 500m x 200m grid spacing) delineated a
number of gold-in-soil anomalies with a peak value of 542ppb gold (equivalent to 0.542g/t Au).
Initial desktop studies by Oklo identified numerous, large geochemical, geological and structural
targets considered prospective for gold mineralisation.
Exploration work completed during the reporting year included mapping and infill soil geochemical
surveys on 500m x 200m and 200m x 40m grids covering several target areas. A total of 1,424 samples
were collected for gold analysis.
The results from this work has prioritised the Famakanla, Dakadia, Dakadia E, Daladia SE and
Brundoto anomalies for first pass auger and AC drilling (Figure 7).
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OPERATIONS REVIEW
Figure 7: Moussala Project with interpreted geology and gold-in soil anomalies
SOCAF PROJECT – West Mali (Boutounguissi Sud - 75% interest, Aite Sud – 100% interest)
The Socaf Project covers 224km2 of a sparsely outcropping inlier of Birimian volcanics interpreted as a
northern continuation of the regional scale SMSZ (Figure 8).
Although the SMSZ is now well explored along its southern extent, manifested in the form of several
world-class gold deposits including Sadiola (13.5Moz), Loulo (12.5Moz) and the recent discovery of Fekola
(5.15Moz), the prospectivity of the northern extension is poorly understood. As such, the potential for
additional discoveries is considered high.
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OPERATIONS REVIEW
Figure 8: Socaf Project – Location and other major gold mines in the region
In early 2016, two drilling programs were successfully completed, comprising:
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Shallow bedrock auger drilling (248 holes for 1,141m) designed to test for extensions to the
gold-in-soil anomalism previously outlined under shallow sand cover; and
- Limited RC drilling (13 holes for 1,099m) designed to test the down dip extensions to the
significant intersections previously reported from 2007-08 drilling, which included 8m at 4.1g/t
gold and 8m at 3.5g/t gold.
Results received from both programs confirmed the presence of significant gold mineralisation under
shallow sand cover.
Auger Drilling Results
The auger drilling program was undertaken on a nominal 50m by 20m grid spacing to refusal (average
hole depth of 6m) and targeted structural zones identified from IP geophysical surveys completed
during 2015. These structural zones are located to the immediate south and west of the previously
defined gold-in-soil geochemical anomaly and are mostly concealed under sand cover.
Three zones of coherent gold anomalism were outlined by the auger drilling associated with the
interpreted IP structures. Nine of the reconnaissance auger holes intersected >0.5g/t gold including
peak results of 3m at 1.58g/t gold, 3m at 1.49g/t gold, 3m at 1.64g/t and 3m at 1.36g/t gold. The Socaf
gold geochemical anomaly now covers an area of approximately 2.0km by 1.0km and remains lightly
tested by drilling (Figure 9).
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OPERATIONS REVIEW
Figure 9: Socaf gold-in-soil anomaly and location of first-pass auger drilling and RC drill holes
RC Drilling Results
The RC drilling program tested the continuation of gold mineralisation intersected in previous drilling
and also targeted high resistivity anomalies outlined from the IP geophysical survey. Drilling mostly
encountered andesite and porphyry andesite with 1-2% disseminated pyrite and intercalated, strongly
sheared meta-greywacke and schists.
The gold mineralisation is associated with strongly weathered schists indicating a structural control, as
in hole RCAR015-002 that intersected 13m at 2.58g/t gold, and with silicified, quartz-veined porphyry
andesite, as in hole RCAR015-011 that returned 4m at 1.31g/t gold and 6m at 1.33g/t gold (Figure 10).
The results received to date from this relatively underexplored window of Birimian greenstones are
considered highly promising given the project’s close proximity to several large gold deposits spatially
associated with the SMSZ.
The RC drilling has only tested a limited portion of the extensive gold geochemical anomaly. Further
drilling is planned to firm up the geological controls to the known zones of bedrock mineralisation and
test the potential of the soil, auger and IP anomalies.
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OPERATIONS REVIEW
Figure 10: Location of Socaf RC drill holes and assay results >1g/t gold
YANFOLILA PROJECT – South Mali (100% interest)
The Yanfolila Project 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, Figure 11).
First pass drilling at the Solona Main prospect during 2012 returned significant intersections including
26.5m at 3.59g/t gold and 15.6m at 2.01g/t gold within an extensive gold-in-soil anomaly that extends
for over 2km and has been tested by limited drilling (Figure 12).
During the reporting year, Oklo completed an AC drilling program (28 holes totalling 1,022m) testing a
new gold geochemical anomaly at the Solona North West prospect, located 2.1km to the northwest of
Solona Main (Figure 12). Numerous holes intersected wide zones (up to 16m) of quartz veining, with
some holes ending in gold mineralisation. Significant drill intersections from the program included 6m
at 5.29g/t Au.
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Figure 11: Location of Yanfolila Project in South Mali
Figure 12: a) Solona Main and Solona North- West prospects with drill holes overlain on magnetics,
b) Solona North- West auger, AC and RC drill hole location plan
A 5 hole RC program for 760m was completed at Solona North West in early 2016 returning a best
result of 4m at 2.75g/t gold (including 1m at 8.48g/t gold).
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The drilling programs at Solona North West were successful in confirming the presence of bedrock gold
mineralisation associated with the extensive quartz veining and provided encouragement for follow-up
RC drilling which will test the along strike and depth potential of this prospect.
SAMIT NORD – Mali (Phosphate, 100% interest)
In 2011, Oklo’s wholly owned Malian subsidiary, La Société Oklo Uranium Limited Mali sarl was
granted a 30-year mining concession over the Samit Nord area for the exploration and mining of
phosphate and other Group 2 minerals. Samit Nord covers an area of 530 km2 and is located in eastern
Mali in close proximity to the regional centre of Gao.
No work was completed on the project during the reporting period as this project is subject to a force
majeure event.
KIDAL - Mali (Uranium and Base Metals, 100% interest)
In November 2009, Oklo was granted, through a wholly owned Malian subsidiary, two mining
concessions over the Kidal Project. Due to ongoing instability in this remote area of Mali, applications
for invoking the Force Majeure provisions of the conventions were lodged with the Malian
Government. Accordingly, no work has been carried out on this project over the past three years.
This tenement package represents a large landholding with a significant number of targets for uranium,
as well as other base and precious metals, and is viewed as a strategically important long-term holding
of the Company.
CORPORATE
Share Placements
During the September 2015 quarter, the Company announced a share placement of 46,666,667 shares at
7.5 cents per share with a free attaching option (exercisable at $0.125 on or before 30 June 2017) for every
two new shares subscribed to raise $3.5 million (before costs). The Share Placement was completed in 2
tranches:
- Tranche 1 – 28,399,293 shares were issued pursuant to the Company’s available placement
capacity under Listing Rules 7.1 and 7.1A;
- Tranche 2 – 18,267,374 shares and 23,333,333 options issued after shareholder approval at the
Company’s Annual General Meeting held on 30 November 2015.
In May 2016, the Company announced a share placement of 80 million ordinary shares at an issue price
of $0.125 per share to raise $10.0 million (before costs). The Share Placement was completed in 2
tranches:
- Tranche 1 – 40,065,960 shares issued pursuant to the Company’s available placement capacity
under Listing Rules 7.1 and 7.1A;
- Tranche 2 – 39,934,040 shares issued following shareholder approval at the Company’s General
Meeting held on 14 June 2016.
Issue of Options
In December 2015, the Company issued 500,000 7 December 2018 unlisted options with an exercise
price of $0.125 to a consultant of the Company.
In January 2016, the Company issued 1,000,000 options with an exercise price of $0.15 and an expiry
date of 27 January 2019 to the Lead Manager of the share placement completed in December 2015.
In April 2016, the Company issued 1,000,000 28 April 2019 unlisted options with an exercise
price of $0.22 as share based remuneration to a Director of the Company.
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In May 2016, 250,000 options with an exercise price of $0.15 per share and an expiry date of 20 May
2016 were exercised and the remaining 100,000 options lapsed, unexercised.
In June 2016, the Company issued 2,000,000 options with an exercise price of $0.25 and 2,000,000 options
with an exercise price of $0.30 to the Lead Manager of the share placement completed in May 2015.
In June 2016, the Company issued 3,000,000 17 June 2019 unlisted options with an exercise price of
$0.25 several consultants of the Company.
In June 2016, the Company issued 1,500,000 22 June 2020 unlisted options with an exercise price of $0.30
to consultants of the Company. These options have a 12 month vesting period.
Board Changes
Post year-end, and as announced on 29 July 2016, Oklo appointed Mr Michael Fotios as Non-Executive
Chairman and Dr Madani Diallo as a Non-Executive Director. Mr Simon O’Loughlin, who was
appointed as a Non-Executive Director of the Company on 14 October 2015, stepped down from his role
at the same time. Former Chairman Mr James Henderson moved to a Non-Executive Director role from
this date and subsequently resigned as a Director on 24 August 2016.
Key Management Personnel
Mr Simon Taylor, who was previously appointed as Oklo’s Managing Director from 5 March 2015 on a
rolling 12-month contract, agreed to a three-year fixed term contract during the June 2016 quarter with
an effective date of 1 July 2016. Oklo’s Technical Consultant Mr Andrew Boyd renewed his contract
with the Company at the same time.
Competent Person’s Declaration
The information in this announcement 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.
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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 2016.
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 Michael Fotios B.Sc. (Hons. Geology)
Non-Executive Chairman (appointed 29 July 2016)
Mr Fotios is a geologist, specialising in economic geology with extensive experience in exploration
throughout Australia, taking projects from exploration to feasibility. Mr Fotios has previously held positions
with Homestake Australia Limited and Sons of Gwalia Limited and was formerly Managing Director of
Tantalum Australia NL (now ABM Resources Limited) and Galaxy Resources Limited. He is also the
founder and Executive Chairman of unlisted investment company, Investmet Limited and is currently
Executive Chairman of Eastern Goldfields Limited.
Current External Directorships:
Past Directorships in last 3 years:
Eastern Goldfields Limited (ASX)
Galaxy Resources Limited (ASX)
General Mining Corporation Limited (ASX)
Horseshoe Metals Limited (ASX)
Pegasus Metals Limited (ASX)
Redbank Copper Limited (ASX)
General Mining Corporation Limited (ASX)
Northern Star Resources Limited (ASX)
Stirling Resources Limited (ASX)
Mr Simon Taylor B.Sc, MAIG,Gcert AppFin
Managing Director
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)
TW Holdings Limited (ASX)
Aguia Resources Limited (ASX)
King Solomon Mines (ASX)
Probiomics Limited (ASX)
Oklo Resources Limited and its Controlled Entities
Page 20
2016 Annual Report
DIRECTORS’ REPORT
Mr Jeremy Bond B. Com, B. Econ., B. A
Non-Executive Director
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 Nil
Past Directorships in last 3 years: Orecorp Limited (ASX)
XTD Limited (ASX)
Dr Madani Diallo MSc Geochem, PhD Geochem
Non-Executive Director (appointed 29 July 2016)
Dr Diallo has and outstanding track record for over 30 years of successful exploration in Africa. During his
lengthy career Dr Diallo on several occasions has directly lead the teams that discovered several large gold
deposits including the multi million ounce deposits of Syama, Morila, Sadiola and Essakane. Dr Diallo is a
director of several companies focussed on precious and industrial minerals in the region. He also advises
private and government agencies involved with the financing of resource related projects. Dr Diallo is a
Director of the Sadiola Gold Mine (IamGold/AngloGold Ashanti JV).
He has also holds the position of Vice-President of the Mali Chamber of Mines, President of the Association
of Geoscientists in Mali and Director of UBA bank in Burkina Faso. He has also been honoured with the
second highest distinction in Mali “Knight of National Order” for his contribution to the development of the
Mali mining industry.
Current External Directorships
Compass Gold Corporation (TSX-V)
Sadiola Gold Mine (joint venture)
UBA Bank Burkina Faso
Past Directorships in last 3 years: Nil
Mr James Henderson B.Com, CA
Non-Executive Director (Non-Executive Chairman until 29 July 2016, resigned 24 August 2016)
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: Compass Gold Corporation (TSX-V)
Past Directorships in last 3 years: Actus Mineral Corporation (TSX-V)
Oklo Resources Limited and its Controlled Entities
Page 21
2016 Annual Report
DIRECTORS’ REPORT
Mr Simon O’Loughlin BA (Acc), Law Society Certificate in Law.
Non-Executive Director (appointed 15 October 2015, resigned 29 July 2016)
Mr O’Loughlin is the founding member of O’Loughlins Lawyers, an Adelaide based medium sized
specialist commercial law firm. He has obtained extensive experience in the corporate and commercial law
fields while practising in Sydney and Adelaide. More recently, he has been focusing on the resources sector.
Simon also holds accounting qualifications
Current External Directorships
Petratherm Ltd
Lawson Gold Ltd
Chesser Resources Ltd
Gooroo Ventures Ltd
BOD Australia Ltd
Past Directorships in last 3 years: Kibaran Resources Ltd
Reproductive Health Science Ltd
Goldminex Ltd, WCP Resources Ltd
Aura Energy Ltd
Xref Ltd
Food Revolution Group Ltd
COMPANY SECRETARY
Ms Louisa Martino B.Com, CA, SA Fin
Company Secretary
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).
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 the Republic of Mali.
FINANCIAL POSITION
The Group’s net assets at 30 June 2016 were $22,217,476 (30 June 2015: $9,870,979).
The Directors consider that the Group is in a strong and stable financial position to continue and grow its
existing activities.
REVIEW OF OPERATIONS AND FINANCIAL RESULTS
The Group’s operations are reviewed from pages 5 to 19 of the Annual Report.
The Group recorded an operating loss for the period of $996,630 (2015: $123,677). The 2016 result is
consistent with the size and operations of the Group. The 2015 result reflected the impact of a substantial
gain on debt settlement.
Oklo Resources Limited and its Controlled Entities
Page 22
2016 Annual Report
DIRECTORS’ 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.
EVENTS SUBSEQUENT TO REPORTING DATE
Subsequent to balance date:
i) On 29 July 2016, Mr Michael Fotios was appointed Chairman of the Board, Dr Madani Diallo was
appointed to the Board and Mr Simon O’Loughlin resigned from the Board.
ii) On 11 August 2016, the Company issued a total of 5,000,000 options to directors of the Company
pursuant to shareholder approval obtained on 1 August 2016. 3,500,000 options vest immediately
and have an exercise price of $0.25 per share and an expiry date of 11 August 2019. 1,500,000
options vest on 11 August 2017 and have an exercise price of $0.30 per share and an expiry date of
11 August 2020.
iii) On 24 August 2016, Mr James Henderson resigned from the Board.
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.
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 2015 to 30 June 2016 the Directors have assessed that the Company has no current reporting
requirements, but may be required to report in the future.
Oklo Resources Limited and its Controlled Entities
Page 23
2016 Annual Report
DIRECTORS’ REPORT
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 (2015: $ Nil) 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 2016 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
5
-
-
Female
-
-
-
Total
5
-
-
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
OPTIONS
Michael Fotios
Simon Taylor
Jeremy Bond
Madani Diallo
4,000,000
2,357,200
2,051,668
7,111,355
-
5,500,000
2,000,000
1,500,000
Unissued ordinary shares of the Company under option at the date of this report are as follows:
DATE OPTIONS
GRANTED
20 December 2013 and 12
February 2015
EXPIRY DATE
20 December 2016
20 December 2013
31 December 2016
12 February 2015 and 17
February 2015
5 May 2015
7 December 2015 and 23
December 2015
12 February 2017
4 May 2017
30 June 2017
23 September 2015
22 September 2017
8 December 2015
8 December 2017
25 March 2016
25 March 2018
ISSUE PRICE OF
SHARES
NUMBER UNDER
OPTION
$0.10
$0.20
$0.10
$0.20
$0.125
$0.10
$0.10
$0.10
574,000
2,500,000
468,950
1,000,000
23,333,325
540,000
4,007,825
500,000
Oklo Resources Limited and its Controlled Entities
Page 24
2016 Annual Report
DIRECTORS’ REPORT
DATE OPTIONS
GRANTED
EXPIRY DATE
ISSUE PRICE OF
SHARES
NUMBER UNDER
OPTION
18 May 2016
18 May 2016
17 June 2016
17 June 2016
18 May 2018
18 May 2018
17 June 2018
17 June 2018
7 December 2015
7 December 2018
27 January 2017
27 January 2019
28 April 2016
17 June 2016
28 April 2019
17 June 2019
11 August 2016
11 August 2019
22 June 2016
22 June 2020
11 August 2016
11 August 2020
$0.10
$0.15
$0.25
$0.30
$0.15
$0.15
$0.22
$0.25
$0.25
$0.30
$0.30
500,000
500,000
2,000,000
2,000,000
500,000
1,000,000
1,000,000
3,000,000
3,500,000
1,500,000
1,500,000
At the date of this report the Group had on issue 240,519,440 ordinary shares and 49,924,100 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 (Chairman for financial year, Non-Executive
Director from 29 July 2016, resigned 24 August 2016)
Mr Simon Taylor
Mr Jeremy Bond
Mr Simon O’Loughlin (Appointed 15 October 2015, Resigned 29 July
2016)
Position
Chairman
Managing Director
Non-executive Director
Non- executive Director
Oklo Resources Limited and its Controlled Entities
Page 25
2016 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 Board believes participation in the Company’s
Incentive Option Scheme motivates key management and executives with the long term interests of
shareholders.
The group has not engaged the services of external remuneration consultants to advise them on Director
and executive remuneration policy. At the Company’s 2015 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
Other than in respect of the Managing Director, noted below, the directors do not have formal contracts as
at the completion of the 30 June 2016 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 2015, it was resolved that with effect from 1 September
2015, the current remuneration of the Chairman be at the rate of $48,000 per annum.
By way of a directors’ resolution dated 26 March 2016, it was resolved that with effect from 1 March 2016,
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
Position
Mr. James Henderson
Mr. Simon Taylor
Mr. Jeremy Bond
Mr Simon O’Loughlin
Chairman
Managing Director
Non-executive Director
Non- executive Director
Annual Remuneration
From 1/7/2015
$48,000
$221,750
$30,000
$22,500
The payment of statutory employment entitlements (such as superannuation contributions), where
applicable 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.
In addition, during the year additional monies were paid to Transocean Securities Pty Ltd and Geeland Pty
Ltd related parties of Mr Henderson and Mr Taylor with respect to consultancy services provided. These
amounts are included salaries and fees in the following schedule.
Oklo Resources Limited and its Controlled Entities
Page 26
2016 Annual Report
DIRECTORS’ REPORT
REMUNERATION REPORT (Audited) (Cont.)
By way of a board resolution dated 7 December 2015, it was resolved that with effect from December 2015
that monthly consulting fees paid to Geeland Pty Ltd would increase from $16,350 per month to $20,000 per
month for Mr Taylor in his role as Managing Director. See above for details.
On 15 June 2016 the Company and Geeland Pty Ltd entered into a services agreement for the provision of
services by Mr Simon Taylor as Managing Director of the Company (“MD Agreement”). The MD
Agreement has an effective date of 1 July 2016 and a three (3) year term, which auto renews for successive
12 month periods. The MD Agreement provides for a monthly retainer of $23,000 and this issue of a total of
3,000,000 incentive options. These options were issued in August 2016. The MD Agreement can be
terminated with either party giving four (4) months’ notice or on a change of control event. If a change of
control event occurs, the MD Agreement provides that any unvested options will immediately vest, and for
the payment of a total of twelve (12) months’ severance pay from the date of the change of control event.
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 2016
SHORT-TERM
Cash salary &
fees
$
48,0001
221,7502
30,000
22,500
322,250
POST
EMPLOYMENT
Superannuation
Contribution
$
-
-
2,850
2,137
4,987
SHARE BASED
PAYMENTS
Options
$
-
-
-
90,010
90,010
Shares
$
-
-
-
-
-
TOTAL
TOTAL
$
48,000
221,750
32,850
114,647
417,247
DIRECTORS
J Henderson
S Taylor
J Bond
S O’Loughlin
Total
OTHERS
Total
322,250
4,987
90,010
-
417,247
Note 1: Fees paid to Transocean Securities Pty Ltd
Note 2: Fees paid to Geeland Pty Ltd
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 Henderson
S Taylor
J Bond
M Pixley
M Auerback
Total
OTHERS
I. Spence
A. Boys
Total
REMUNERATION REPORT (Audited) (Cont.)
Oklo Resources Limited and its Controlled Entities
Page 27
2016 Annual Report
DIRECTORS’ REPORT
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
Share–based compensation
The Company has engaged in share-based remuneration with the Directors during the year. During the
year ended 30 June 2016, the Company granted the following persons or their nominees, options.
Grant
Date
Vesting Date
Expiry
Date
Exercise
Price
Number
S O’Loughlin
28 April
2016
28 April
2016
28 April
2019
$0.22
1,000,000
Value Per
Option at
Grant Date
$90,010
At a meeting of Members of the Company held on 28 April 2016, approval was granted for the issue of
1,000,000 options to Mr O’Loughlin with a strike price of $0.22 with an expiry date of 3 years after the date
of issue (28 April 2016)
The grant of options to Mr O’Loughlin, a Non-Executive Director was not 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.
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 Binomial 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 2016 included:
• Options granted for nil consideration
• Exercise price of $0.10
• Grant date of 28 April 2016
• Expiry date of 28 April 2019
•
Share price at grant date $0.16
• Expected price volatility being 100%
• Expected dividend yield of nil
• Risk-free rate of 2.00%
Oklo Resources Limited and its Controlled Entities
Page 28
2016 Annual Report
DIRECTORS’ REPORT
REMUNERATION REPORT (Audited) (Cont.)
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 – Non-Executive Chairman until 29 July 2016,
resigned 24 August 2016)
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, and office accommodation, capital raising
services.
A summary of the total fees paid to Transocean Securities Pty Ltd for the year ended 30 June 2016 is
as follows
Director and Consulting fees
Underwriting and capital raising services
Recoverable expenses
Office rent and costs
2016
$
48,0001
20,000
-
28,200
96,200
2015
$
69,0001
-
9,447
38,371
$116,818
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 2016 was $2,398 (2015 - $2,519).
(ii) Geeland Pty Ltd (Mr Simon Taylor –Managing Director)
Geeland Pty Ltd, a company of which Mr. Simon Taylor is a director, provides consulting services
to the Group.
Director and Consulting fees
Recoverable (travel and accommodation) expenses
221,7501
102,832
324,582
Note 1: This amount is included in the key management personnel remuneration
2016
$
2015
$
93,7501
37,873
131,623
The total amount due to Geeland Pty Ltd as at 30 June 2016 was $101,310 (2015: nil).
(iii) O’Loughlins Lawyers (Mr Simon O’Loughlin –Non-executive Director – appointed 15 October 2015,
resigned 29 July 2016)
O’Loughlins Lawyers, a partnership in which Mr. Simon O’Loughlin is a founding partner,
provided legal services to the Group.
Legal services
2016
$
3,388
3,388
2015
$
-
-
The total amount due to O’Loughlins Lawyers as at 30 June 2016 was $2,772 (2015: nil).
Oklo Resources Limited and its Controlled Entities
Page 29
2016 Annual Report
DIRECTORS’ REPORT
REMUNERATION REPORT (Audited) (Cont.)
(iv) 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
2016
$
-
2015
$
10,1401
Note 1: This amount is included in the key management personnel remuneration
The total amount due to Nepix Pty Ltd as at 30 June 2016 was $Nil (2015: $ Nil).
(v) 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
2016
$
-
-
-
-
2015
$
41,305
6,000
14,975
62,280
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 2016 was $Nil (2015: $ Nil).
(vi) Lotus Australian Holding Pty Ltd (Mr Ian Spence- Chief Executive Officer resigned January 2015)
Lotus Australian Holding Pty Ltd a company of which Mr. Ian Spence is a director provided CEO
services during the year.
Fees
2016
$
-
2015
$
59,2501
Note 1: This amount is included in the key management personnel remuneration
Oklo Resources Limited and its Controlled Entities
Page 30
2016 Annual Report
DIRECTORS’ REPORT
REMUNERATION REPORT (Audited) (Cont.)
(vii)
Aggregate amounts of each of the above types of other transactions with key management
personnel of Oklo Resources Limited:
Amounts recognised as expense
Director and consulting fees1
Company secretarial and accounting fees
Capital raising services
Recoverable expenses
Office rent and costs
2016
$
2015
$
269,7501
-
20,000
102,832
28,200
420,782
232,1401
41,305
-
62,295
44,371
380,111
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:
2016
Acquisitions
Disposals
Directors
James Henderson
Simon Taylor
Jeremy Bond
Simon O’Loughlin
Total
Others
Total
Note 1: At date of appointment
Balance
30 Jun 20151
4,544,932
1,057,200
2,051,668
500,0001
280,000
1,300,000
-
300,000
8,153,800
1,880,000
8,153,800
1,880,000
Balance
30 Jun 2016
4,824,932
2,357,200
2,051,668
800,000
10,033,800
10,033,800
-
-
-
-
-
(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
2016
Directors
James
Henderson
Total
Balance
01.07.15
Granted as
compensation
Lapsed Disposals
/
Acquired
Vested &
Exercisable
Unvested Balance
30.06.16
299,000
299,000
-
-
-
-
-
-
299,000
299,000
-
-
299,000
299,000
Options to expire on 12 February 2017 at an exercise price of $0.10
2016
Directors
James
Henderson
Total
Balance
01.07.15
Granted as
compensation
Lapsed Disposals
/
Acquired
Vested &
Exercisable
Unvested Balance
30.06.16
269,720
269,720
-
-
-
-
-
-
269,720
269,720
-
-
269,720
269,720
Oklo Resources Limited and its Controlled Entities
Page 31
2016 Annual Report
DIRECTORS’ REPORT
REMUNERATION REPORT (Audited) (Cont.)
Options to expire on 31 December 2016 at an exercise price of $0.20
2016
Directors
James
Henderson
Total
Balance
01.07.15
Granted as
compensation
Lapsed Disposals/
Acquired
Vested and
Exercisable
Unvested
Balance
30.06.16
1,000,000
1,000,000
-
-
-
-
-
-
1,000,000
1,000,000
-
-
1,000,000
1,000,000
2016
Options to expire on 8 December 2017 at an exercise price of $0.10
Directors
James
Henderson
Simon
Taylor
Jeremy
Bond
Total
Balance
01.07.15
1,000,000
1,000,000
1,000,000
3,000,000
Granted as
compensation
Lapsed Disposals/
Acquired
Vested and
Exercisable
Unvested
-
-
-
-
-
-
-
-
-
-
-
-
1,000,000
1,000,000
1,000,000
3,000,000
-
-
-
-
2016
Options to expire on 18 May 2018 at an exercise price of $0.10
Directors
Simon
Taylor
Total
Balance
01.07.15
Granted as
compensation
Lapsed Disposals Vested and
Exercisable
Unvested
500,000
500,000
-
-
-
-
-
-
500,000
500,000
-
-
2016
Options to expire on 18 May 2018 at an exercise price of $0.15
Directors
Simon
Taylor
Total
Balance
01.07.15
Granted as
compensation
Lapsed Disposals Vested and
Exercisable
Unvested
500,000
500,000
-
-
-
-
-
-
500,000
500,000
-
-
2016
Options to expire on 28 April 2019 at an exercise price of $0.22
Directors
Simon
O’Loughlin
Total
Balance
01.07.15
Granted as
compensation
Lapsed Disposals Vested and
Exercisable
Unvested
-
-
1,000,000
1,000,000
-
-
-
-
1,000,000
1,000,000
-
-
Balance
30.06.16
1,000,000
1,000,000
1,000,000
3,000,000
Balance
30.06.16
500,000
500,000
Balance
30.06.16
500,000
500,000
Balance
30.06.16
1,000,000
1,000,000
Oklo Resources Limited and its Controlled Entities
Page 32
2016 Annual Report
DIRECTORS’ REPORT
REMUNERATION REPORT (Audited) (Cont.)
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.
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. Taylor
J. Bond
S O’Loughlin1
1. Appointed 15 October 2015
NUMBER OF MEETINGS
ELIGIBLE TO ATTEND
5
5
5
3
NUMBER OF MEETINGS
ATTENDED
5
5
5
3
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 2016 has been received and can be found on page 34.
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
Simon Taylor
Managing Director, Sydney: 30 September 2016
Oklo Resources Limited and its Controlled Entities
Page 33
2016 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 NEIL SMITH TO THE DIRECTORS OF OKLO RESOURCES LIMITED
As lead auditor of Oklo Resources Limited for the year ended 30 June 2016, 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 year.
Neil Smith
Director
BDO Audit (WA) Pty Ltd
Perth, 30 September 2016
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 2016
Note
2
23
2
3
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
Loss on forward foreign exchange contracts
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
Total comprehensive loss for the year
2016
$
-
-
(327,237)
(140,322)
(73,500)
(464)
(7,651)
(152,130)
(57,750)
(103,675)
(27,947)
(8,520)
-
(121,774)
(1,020,970)
24,382
(42)
24,340
2015
$
656,684
(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
(996,630)
(123,677)
-
-
(996,630)
(123,677)
(996,630)
(123,677)
798,332
798,332
(198,298)
88,037
88,037
(35,640)
Oklo Resources Limited and its Controlled Entities
Page 35
2016 Annual Report
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
AND OTHER COMPREHENSIVE INCOME (Cont.)
For the year ended 30 June 2016
Note
2016
$
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:
12
13
4
4
2015
$
(123,677)
-
(123,677)
(35,640)
-
(35,640)
(996,630)
-
(996,630)
798,332
-
(198,298)
(0.007)
(0.001)
(0.007)
(0.001)
The above Consolidated Statement of Profit or Loss and Other Comprehensive Income should be read in
conjunction with the accompanying notes
Oklo Resources Limited and its Controlled Entities
Page 36
2016 Annual Report
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 30 June 2016
2016
2015
Note
$
$
CURRENT ASSETS
Cash and cash equivalents
Trade and other receivables
14
5
10,831,716
89,156
TOTAL CURRENT ASSETS
10,920,872
871,871
19,256
891,127
NON-CURRENT ASSETS
Property, plant and equipment
Exploration and evaluation expenditure
TOTAL NON-CURRENT ASSETS
TOTAL ASSETS
CURRENT LIABILITIES
Trade and other payables
Derivative Liability
TOTAL CURRENT LIABILITIES
TOTAL LIABILITIES
NET ASSETS
EQUITY
Contributed equity
Reserves
Accumulated losses
Non-controlling interest
TOTAL EQUITY
6
7
8
9
60,997
11,823,632
95,893
9,128,431
11,884,629
8,208,047
22,805,501
10,115,451
466,251
121,774
588,025
588,025
244,472
-
158,354
244,472
22,217,476
9,870,979
10
11
12
13
34,080,133
1,059,931
(12,922,588)
-
21,740,846
(484,126)
(11,925,958)
540,217
22,217,476
9,870,979
The above Consolidated Statement of Financial Position should be read in conjunction with the accompanying
notes.
Oklo Resources Limited and its Controlled Entities
Page 37
2016 Annual Report
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 30 June 2016
Contributed
Equity
Accumulated
losses
($)
($)
Foreign
Currency
Translation
Reserve
($)
Share Option
Reserve
Total Reserve
Non-
Controlling
Interest
Total
($)
($)
($)
($)
21,740,846
-
(11,925,958)
(996,630)
(1,180,070)
-
695,944
-
(484,126)
-
540,217
-
9,870,979
(996,630)
Balance at 30 June 2015
Loss for year
Other comprehensive
income
Exchange differences on
translation of foreign
operation
Total other comprehensive
income
Total comprehensive loss
for the year
Transactions with owners in
their capacity of owners
Non-controlling interest
Contributions of equity, net
of transaction costs
Share based payments
-
-
-
-
12,339,287
-
-
-
798,332
798,332
(996,630)
798,332
-
-
-
-
-
-
-
-
-
-
798,332
798,332
798,332
-
-
-
798,332
798,332
(198,298)
-
(540,217)
(540,217)
745,725
-
745,725
-
-
-
12,339,287
745,725
22,217,476
Balance at 30 June 2016
34,080,133
(12,922,588)
(381,738)
1,441,669
1,059,931
The above Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes.
Oklo Resources Limited and its Controlled Entities
Page 38
2016 Annual Report
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 30 June 2016
Contributed
Equity
Accumulated
losses
($)
($)
Foreign
Currency
Translation
Reserve
($)
Share Option
Reserve
Total Reserve
Non-
Controlling
Interest
Total
($)
($)
($)
($)
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
-
-
-
-
-
-
-
-
157,484
88,037
88,037
88,037
-
-
157,484
-
-
-
-
-
-
88,037
88,037
(35,640)
-
2,165,303
157,484
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
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 and its Controlled Entities
Page 39
2016 Annual Report
CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended 30 June 2016
2016
2015
Note
$
$
CASH FLOW FROM OPERATING ACTIVITIES
Payments to suppliers and employees
Interest received
(701,397)
24,382
(670,590)
9,464
Net cash outflow in operating activities
14
(677,015)
(661,126)
CASH FLOW FROM INVESTING ACTIVITIES
Proceeds from sale Investments
Payments for exploration
Payments for plant and equipment
Net cash outflow in investing activities
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from share issue (net of share issue costs)
Net cash provided by financing activities
Net increase in cash held
Cash at beginning of the year
Foreign exchange variances on cash
-
(2,056,365)
(22,074)
(2,078,439)
12,721,467
12,721,467
9,966,013
871,871
(6,168)
7,895
(731,812)
(731,812)
(723,917)
1,970,990
1,970,990
585,947
285,786
138
Cash at end of the year
14
10,831,716
871,871
The above Consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes.
Oklo Resources Limited and its Controlled Entities
Page 40
2016 Annual Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2016
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 2016.
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 2015:
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 2015-1 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 and its Controlled Entities
Page 41
2016 Annual Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2016
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.
Oklo Resources Limited and its Controlled Entities
Page 42
2016 Annual Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2016
1.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont.)
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.
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 23. 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 2016.
(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 2016 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.
Oklo Resources Limited and its Controlled Entities
Page 43
2016 Annual Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2016
1.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont.)
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.
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)
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.
Oklo Resources Limited and its Controlled Entities
Page 44
2016 Annual Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2016
1.
(e)
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont.)
Derivative Financial Instruments
The Group enters into derivative financial instruments to manage its exposure to foreign
exchange rate risk, including foreign exchange forward contracts. Further details of derivative
financial instruments are disclosed in note 18.
Derivatives are initially recognised at fair value at the date the derivative contract is entered
into and are subsequently remeasured to their fair value at the end of each reporting period.
The resulting gain or loss is recognised in profit or loss immediately unless the derivative is
designated and effective as a hedging instrument, in which event the timing of the recognition
in profit or loss depends on the nature of the hedge relationship.
(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.
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.
Oklo Resources Limited and its Controlled Entities
Page 45
2016 Annual Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2016
1.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont.)
(g)
Property, plant and equipment (Cont.)
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.
(j)
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.
Oklo Resources Limited and its Controlled Entities
Page 46
2016 Annual Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2016
1.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont.)
(k)
Income tax (Cont.)
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.
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.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont.)
1.
Oklo Resources Limited and its Controlled Entities
Page 47
2016 Annual Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2016
(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
employees.
to
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.
Oklo Resources Limited and its Controlled Entities
Page 48
2016 Annual Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2016
1.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont.)
(m)
Employee benefits (Cont.)
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.
(n)
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.
Oklo Resources Limited and its Controlled Entities
Page 49
2016 Annual Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2016
1.
(o)
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont.)
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.
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.
(p)
Exploration and evaluation expenditure
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.
Oklo Resources Limited and its Controlled Entities
Page 50
2016 Annual Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2016
1.
(p)
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont.)
Exploration and evaluation expenditure (Cont.)
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.
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.
(q)
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.
Oklo Resources Limited and its Controlled Entities
Page 51
2016 Annual Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2016
1.
(r)
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont.)
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.
(s)
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.
(t)
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.
Oklo Resources Limited and its Controlled Entities
Page 52
2016 Annual Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2016
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
Interest expense
Foreign exchange
2016
$
2015
$
24,382
-
24,382
(327,237)
(140,322)
(73,500)
(464)
(7,651)
(152,130)
(57,750)
(103,675)
(27,947)
(42)
(8,520)
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
Loss on sale of available for sale investments
-
(32,015)
Loss on forward foreign exchange contracts
(121,774)
-
Oklo Resources Limited and its Controlled Entities
Page 53
2016 Annual Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2016
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:
2016
$
2015
$
-
-
-
-
-
-
Accounting loss before taxation
(996,630)
(123,677)
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
(298,989)
44,807
73,157
181,025
-
73,157
-
2,572,076
2,645,232
(37,103)
(165,024)
(28,423)
230,550
-
(28,423)
333,605
2,409,959
2,715,141
The recoupment of tax losses carried forward as at 30 June 2016 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 and its Controlled Entities
Page 54
2016 Annual Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2016
4. LOSS PER SHARE
Basic loss per share – cents per share
(0.007)
(0.001)
2016
2015
The following reflects the loss and share data
used in the calculations of basic loss per
share and diluted loss per share:
Net loss
$ (996,630)
$ (123,677)
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:
150,046,167
96,260,624
N/A
N/A
(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 2016 as
potential ordinary shares. As at 30 June 2016, the company has on issue 44,931,100 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 2016.
There have not been any conversions, calls, subscriptions or other share issues after 30 June
2016, other than:
-
-
the exercise of 5,600 options at an exercise price of 10 cents per share
the issue of a total of 5,000,000 options to Directors of the Company in accordance with
shareholder approval obtained on August 1, 2016.
5. TRADE AND OTHER RECEIVABLES
Current
Other
2016
$
89,156
89,156
2015
$
19,256
19,256
Oklo Resources Limited and its Controlled Entities
Page 55
2016 Annual Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2016
6. PROPERTY, PLANT & EQUIPMENT
2016
$
2015
$
Office and field equipment:
At cost
Accumulated depreciation
Motor vehicles
At cost
Accumulated depreciation
Land and buildings:
At cost
Accumulated depreciation
Total property, plant & equipment – written
down value
Movements in carrying amounts
193,616
(166,509)
27,107
292,372
(282,692)
9,680
35,785
(11,575)
24,210
60,997
166,849
(140,226)
26,623
283,567
(240,256)
43,311
34,707
(8,748)
25,959
95,893
2016
Opening net book value
Additions
Disposals
Depreciation capitalised to
exploration and evaluation asset
Exchange differences
Balance at 30 June 2016
2015
Opening net book value
Additions
Disposals
Depreciation capitalised to
exploration and evaluation asset
Exchange differences
Balance at 30 June 2015
Office and
field
equipment
$
26,623
22,074
-
(22,423)
833
27,107
$
59,543
-
-
(33,967)
1,047
26,623
Motor
Software
Vehicles
Land and
Buildings
Total
$
43,311
-
-
(35,767)
2,136
9,680
$
99,824
-
-
(56,713)
200
43,311
$
-
-
-
-
-
-
$
3,885
-
-
$
25,959
-
-
(2,613)
864
24,210
$
28,381
-
-
(3,892)
7
-
(2,479)
57
25,959
$
95,893
22,074
-
(60,803)
3,833
60,997
$
191,633
-
-
(97,051)
1,311
95,893
Oklo Resources Limited and its Controlled Entities
Page 56
2016 Annual Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2016
7. EXPLORATION AND
EVALUATION EXPENDITURE
2016
$
2015
$
At written down value
11,935,780
9,128,431
Opening net book amount
Additions
Foreign exchange differences
Closing net book amount
9,128,431
2,467,738
227,463
11,823,632
8,016,414
1,007,490
104,527
9,128,431
The Group has recognised an impairment of $Nil (2015: Nil) with respect to the carrying value of
capitalised exploration and evaluation expenditure.
8. TRADE AND OTHER PAYABLES
Current
Trade payables
Sundry payables and accrued expenses
9. DERIVATIVE LIABILITY
Current
Derivative liability on outstanding foreign
Exchange contracts
2016
$
258,934
207,317
466,251
2016
$
121,774
121,774
2015
$
149,698
94,774
244,472
2015
$
-
-
Further information relating to derivative liabilities in included in Note 18.
Oklo Resources Limited and its Controlled Entities
Page 57
2016 Annual Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2016
2016
$
2015
$
10. CONTRIBUTED EQUITY
(a) Issued and paid up capital
Fully paid ordinary shares
34,080,133
21,740,846
Number of
shares
Number of
shares
2016
2015
2016
$
2015
$
(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)
Transaction costs on issue
End of the year
113,597,173
-
46,666,667
80,000,000
250,000
240,513,840
240,513,840
74,985,482
38,611,691
-
-
-
113,597,173
-
113,597,173
21,740,846
-
3,499,996
10,000,000
37,500
13,357,466
(1,198,180)
34,080,133
19,575,543
2,375,775
-
-
-
21,951,318
(210,472)
21,740,846
(i)
(ii)
(iii)
(iv)
Refer to 30 June 2015 annual report for details of these transactions.
Issue of shares in October and December 2015 pursuant to a placement. Part of the
placement was subject to shareholders’ approval in December 2015. The placement was for a
total for $3.5 million at an issue price of 7.5 cents per share. Placees also received a free
attaching option with an exercise price of 12.5 cents per share and an expiry date of 30 June
2017 for every 2 shares subscribed for.
Issue of shares in May and June 2016 pursuant to a placement. Part of the placement was
subject to shareholders’ approval in June 2016. The Placement was for a total of $10 million
at an issue price of 12.5 cents per share.
Exercise of options in May 2016. These options had an exercise price of 15c per share.
(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.
Oklo Resources Limited and its Controlled Entities
Page 58
2016 Annual Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2016
10. CONTRIBUTED EQUITY (cont.)
(d) Share options
At 30 June 2016 there were 44,931,100 (2014: 10,947,775) unissued ordinary shares for which options
were outstanding.
In December 2015, the Company issued 23,333,325 listed options with an exercise price of $0.125 to
placees of the placement undertaken in October and December 2015 (refer note 10(b)(ii).
In December 2015, the Company issued 500,000 unlisted options with an exercise price of $0.125 to a
consultant of the Company (refer note 23 (a).
In January 2016, the Company issued 1,000,000 unlisted options with an exercise price of $0.15 to the
lead manager of the placement completed in October and December 2015 (refer note 23 (a).
In April 2016, the Company issued 1,000,000 unlisted options with an exercise
price of $0.22 as share based remuneration to a Director of the Company (refer note 23 (a).
In May 2016, 250,000 options with an exercise price of $0.15 per share and an expiry date of 20 May
2016 were exercised and the remaining 100,000 options lapsed, unexercised.
In June 2016, the Company issued 2,000,000 unlisted options with an exercise price of $0.25 and
2,000,000 unlisted options with an exercise price of $0.30 to the lead manager of the placement
completed in May and June 2016 (refer note 23 (a).
In June 2016, the Company issued 3,000,000 unlisted options with an exercise price of $0.25 several
consultants of the Company (refer note 23 (a).
In June 2016, the Company issued 1,500,000 unlisted options with an exercise price of $0.30 to the
consultants of the Company. These options have a 12 month vesting period (refer note 23 (a).
(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 and its Controlled Entities
Page 59
2016 Annual Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2016
11. 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
2016
$
2015
$
(1,180,070)
(1,268,107)
798,332
(381,738)
88,037
(1,180,070)
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
695,944
387,982
140,322
217,421
1,441,669
538,460
28,188
106,200
23,096
695,944
Total reserves
1,059,931
(484,126)
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.
12. ACCUMULATED LOSSES
2016
$
2015
$
Balance at the beginning of year
Net loss attributable to owners of Oklo Resources
Limited
Balance at the end of the year
(11,925,958)
(11,802,281)
(996,630)
(123,677)
(12,922,588)
(11,925,958)
13. NON-CONTROLLING INTEREST
Balance at the beginning of year
Total comprehensive income attributable to non-
controlling interest
Balance at the end of the year
2016
$
540,217
(540,217)
2015
$
540,217
-
-
540,217
Oklo Resources Limited and its Controlled Entities
Page 60
2016 Annual Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2016
14.
NOTES TO THE STATEMENT OF CASH FLOWS
(a)
Reconciliation of cash
Cash at bank
Term Deposit (short term)
Total Cash at bank
2016
$
7,831,716
3,000,000
10,831,716
2015
$
871,871
-
871,871
(b)
Loss after income tax
Cash flows from Operating Activities:
(996,630)
(123,677)
Non-cash flows from continuing operations:
Foreign exchange movements
Exploration expenditure written-off
Gain on debt settlement
Exploration classified as Investing
Shares based payments
Loss on forward foreign exchange contracts
Loss on sale of available for sale investment
Changes in assets and liabilities:
(Increase) / decrease in receivables
Increase / (decrease) in payables
Increase / (decrease) in other creditors
Net cash (used in)/generated by operating
activities
8,520
464
-
-
140,322
121,774
-
(62,313)
110,848
-
(100)
-
(656,684)
8,000
106,200
-
32,015
(9,224)
(6,861)
(10,795)
(677,015)
(661,126)
(c)
Non-Cash Investing and Financing Activities
During the year, the only non-cash investing and financing activities related to the issue of
options by the Company. Full details of the options issued during the year are set out in Note
10(d) and, as it relates to share-based payments, Note 23.
15. EXPENDITURE COMMITMENTS
2016
$
2015
$
(a) Capital expenditure commitments
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
473,899
1,304,362
1,778,261
69,000
21,200
90,200
Oklo Resources Limited and its Controlled Entities
Page 61
2016 Annual Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2016
16. 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.
As part of the acquisition of Compass Gold Mali BVI Corp in December 2013, part of the contingent
liabilities acquired included an existing 2% Net Smelter Return Royalty (Royalty) over the assets of Africa
Mining sarl, one of the Company’s operating subsidiaries in Mali. This Royalty was originally granted in
2009. The Royalty covers the Dandoko, Yanfolila and Kolondieba licences held by Africa Mining sarl and is
jointly held by a company controlled by a director, James Henderson, and Dr Madani Diallo (appointed a
director of the Company on 29 July 2016).
17. EVENTS SUBSEQUENT TO REPORTING DATE
Subsequent to balance date:
i) On 29 July 2016, Mr Michael Fotios was appointed Chairman of the Board, Dr Madani Diallo was
appointed to the Board and Mr Simon O’Loughlin resigned from the Board.
ii) On 11 August 2016, the Company issued a total of 5,000,000 options to directors of the Company
pursuant to shareholder approval obtained on 1 August 2016. 3,5000,000 options vest immediately
and have an exercise price of $0.25 per share and an expiry date of 11 August 2019. 1,5000,000
options vest on 11 August 2017 and have an exercise price of $0.30 per share and an expiry date of 11
August 2020.
iii) On 24 August 2016, Mr James Henderson resigned from the Board.
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.
18. 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.
Oklo Resources Limited and its Controlled Entities
Page 62
2016 Annual Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2016
18. FINANCIAL RISK MANAGEMENT (Cont.)
The main risks arising from the Group’s financial instruments is cash flow interest rate risk and foreign
currency risk. Other minor risks include credit risk, liquidity risk and capital risk management. The
board reviews and adopts policies for each of these risks which are summarised below.
(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 or in term
deposits 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 $10,831,716
(2015: $871,871) 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
(b) Cash flow interest rate risk
2016
$
-
-
89,156
89,156
2015
$
-
-
-
19,256
19,256
10,831,716
871,871
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 2016 (2015: $Nil). 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.
Oklo Resources Limited and its Controlled Entities
Page 63
2016 Annual Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2016
18. FINANCIAL RISK MANAGEMENT (Cont.)
(b) Cash flow interest rate risk (Cont.)
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
2016
%
Floating
Interest
Rate
Fixed Interest Rate
Maturing
Within
1 Period
1-5
Periods
Non-
Interest
Bearing
Total
2016
$
2016
$
2016
$
2016
$
2016
$
1.37%
7,400,379
3,000,000
-
-
-
1.37%
7,400,379
3,000,000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
431,337
10,831,716
89,156
89,156
520,493
10,920,872
466,251
121,774
588,025
466,251
121,774
588,025
Weighted
Average
Effective
Interest
Rate %
2015
$
Floating
Interest
Rate
Fixed Interest Rate
Maturing
Within
1 Period
1-5
Periods
2015
$
2015
$
2015
$
1.6%
-
801,999
-
801,999
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Non-
Interest
Bearing
2015
$
69,872
19,256
Total
2015
$
871,871
19,256
89,128
891,127
244,472
244,472
-
-
244,472
244,472
2016
Financial assets:
Cash at bank
Trade and other
receivables
Total financial
assets
Financial liabilities:
Trade and other
payables
Derivative liabilities
Total financial
liabilities
2015
Financial assets:
Cash at bank
Trade and other
receivables
Total financial
assets
Financial liabilities:
Trade and other
payables
Borrowings
Total financial
liabilities
Oklo Resources Limited and its Controlled Entities
Page 64
2016 Annual Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2016
18. FINANCIAL RISK MANAGEMENT (cont.)
(b) Cash flow interest rate risk (Cont.)
Sensitivity Analysis
At the reporting date, the variable interest profile of the Group’s interest bearing financial instruments
were:
Financial assets
2016
$
7,400,379
2015
$
801,999
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
(c) Liquidity risk
2016
$
18,501
(18,501)
2015
$
2,005
(2,005)
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
2016
Trade and other
payables
Derivative
Liabilities
Less
than 6
months
$
466,251
6 – 12
months
$
-
47,357
74,417
Between
1 and 2
years
$
Between
2 and 5
years
$
-
-
-
-
Over 5
years
$
-
-
Total
contractual
cash flows
$
Carrying
amount
(assets)
/liabilities
$
466,251
-
121,774
Oklo Resources Limited and its Controlled Entities
Page 65
2016 Annual Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2016
18. FINANCIAL RISK MANAGEMENT (Cont.)
(c) Liquidity risk (Cont.)
Maturities of financial liabilities (Cont.)
Group – at 30 June
2015
Trade and other
payables
Borrowings
Less
than 6
months
$
244,472
-
6 – 12
months
$
-
-
Between
1 and 2
years
$
Between
2 and 5
years
$
-
-
-
-
Over 5
years
$
-
-
Total
contractual
cash flows
$
Carrying
amount
(assets)
/liabilities
244,472
$
244,472
-
-
(d) Commodity price risk
Due to the early stage of the Company’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 Company of commodities for which the Company is exploring and
developing may result in changes to the Company’s market price.
(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, with its major assets being held in Mali, West Africa and is exposed
to foreign exchange risk arising from currency exposures to the Euro, FCFA (fixed to the Euro) and US
Dollar. Historically, given the level of expenditure and available funding, the Group considered its
exposure to foreign exchange risk was minimal and hedging policies were not adopted. Following the
$10 million capital raising completed in June 2016, given the particularly volatile and uncertain position
of foreign currency markets globally at that time and knowing that a substantial exploration program
would be completed in the following 12 months, the Board and management considered it appropriate
to enter into forward foreign exchange contracts to cover some of the possible foreign currency risks of
the Group for the following 12 months.
The Board considers policies relating to foreign currency exposure from time to time and, based on
available funding, proposed exploration programs and foreign currency exposures, may or may not
decide to enter in further forward foreign exchange contracts. The Board will continue to review its
position in respect of foreign exchange risk management and will adopt suitable policies as required.
The carrying value of foreign currency denominate monetary assets and liabilities as at the reporting
date are as follows:
Assets
2016
2015
Liabilities
2016
2015
Euro/CFA
USD
206,882
137,754
74,494
-
70,966
190,112
157,025
-
Oklo Resources Limited and its Controlled Entities
Page 66
2016 Annual Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2016
18. FINANCIAL RISK MANAGEMENT (Cont.)
(e) Foreign Exchange Risk (Cont.)
Foreign Currency Sensitivity Analysis
The Group is mainly exposed to Euro and US Dollars. The following table details the Group’s
sensitivity to a 10% increase and decrease in the Australian dollar against the relevant foreign
currencies. 10% is the sensitivity rate that represents management’s assessment of the reasonably
possible change in foreign exchange rates. The sensitivity analysis includes only outstanding foreign
currency denominated monetary items and adjusts their translation at the year end for a 10% change in
foreign currency rates. A positive number below indicates an increase in profit where the Australian
dollar strengthens 10% against the relevant currency. For a 10% weakening of the Australian dollar
against the relevant currency, there would be a comparable impact on the profit, and the
balances below would be negative.
+10% Appreciation
20,688
7,449
1,775
-
Euro
2016
2015
US Dollars
2016
2015
Forward Foreign Exchange Contracts
As noted above, In June 2016, the Board and management considered it appropriate to enter into
forward foreign exchange contracts to cover some of the possible foreign currency risks of the Group for
the following 12 months. In particular, substantial funds were forecast to be spent on the exploration
programs in Mali in the coming year. The forward foreign exchange contracts do not meet the criteria
for a hedging instrument and fair value adjustments have been reflecting in the profit and loss
statement.
The following table details the forward foreign currency contracts outstanding at the reporting date:
Outstanding Contracts
Cash Flow Hedges
Buy Euro
Average Exchange Rate
- Less than 6 months
- 6 to 12 months
Foreign Currency
- Less than 6 months
- 6 to 12 months
Notional Value
- Less than 6 months
- 6 to 12 months
Fair Value Adjustment
- Less than 6 months
- 6 to 12 months
Euro Contracts
2016
2015
0.6410
0.6410
€950,000
€850,000
$1,417,790
$1,268,549
$(64,269)
$(57,504)
$(121,774)
-
-
-
-
-
-
-
-
-
Oklo Resources Limited and its Controlled Entities
Page 67
2016 Annual Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2016
18. FINANCIAL RISK MANAGEMENT (Cont.)
(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.
19.
SEGMENT INFORMATION
At 30 June 2016 the segment information reported was analysed on the basis of geographical Region
(Australia and Mali). During the year to 30 June 2016, 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
Mali
Group
2016
$
2015
$
2016
$
2015
$
2016
$
2015
$
Segment
revenue
Exploration
expense
Segment result
Other Expenses
Net Finance
Income
Loss before tax
-
-
-
-
-
-
-
-
656,684
-
656,684
(464)
(464)
(8,000)
648,684
(464)
(464)
(8,000)
648,684
(1,020,506)
(781,825)
24,340
(996,630)
9,464
(123,677)
The following is an analysis of the Group’s assets by reportable operating segment:
Segment
assets
Australia
Mali
Total assets
30 June 2016
30 June 2015
$
10,860,631
11,944,870
22,805,501
$
816,667
9,298,784
10,115,451
Oklo Resources Limited and its Controlled Entities
Page 68
2016 Annual Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2016
19.
SEGMENT INFORMATION (Cont.)
The following is an analysis of the Group’s liabilities by reportable operating segment:
Segment liabilities
Australia
Mali
Total liabilities
20. RELATED PARTY DISCLOSURES
(a) Subsidiaries
30 June 2016
$
395,154
192,871
588,025
30 June 2015
$
100,559
143,913
244,472
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
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
2015
2016
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
2016
2,550
2,434
2,434
2,434
2,434
2,434
2,550
2,550
2,550
2015
2,550
2,434
2,434
2,434
2,434
2,434
2,434
2,434
2,550
-
4,730,592
-
4,730,592
-
-
-
-
21. 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
• Mr Jeremy Bond - Non-Executive Director
• Mr Simon O’Loughlin (appointed 15 October 2015)
Other key management personnel consisted of:
Nil
Oklo Resources Limited and its Controlled Entities
Page 69
2016 Annual Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2016
21. KEY MANAGEMENT PERSONNEL (Cont.)
(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
Capital raising Fees
Legal Fees
Recoverable (travel and accommodation) expenses
Office rent and costs
2016
$
322,250
4,987
90,010
417,247
2015
$
320,711
4,751
106,200
431,662
2016
$
2015
$
-
3,000
269,7501
-
20,000
3,388
102,832
28,200
424,170
232,1401
41,305
-
-
62,295
44,371
380,111
Note 1 – This amount is included in key management personnel remuneration.
22. REMUNERATION OF AUDITORS
Auditors remuneration
2016
$
2015
$
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
Total remuneration
26,210
-
26,210
52,042
-
52,042
Oklo Resources Limited and its Controlled Entities
Page 70
2016 Annual Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2016
23. SHARE BASED PAYMENTS
(a) Recognised share based payment expenses
Note
2016
$
2015
$
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
Recognised as expense
Fair value of issue of Options to Lead Manager
Fair value of issue of Options to Lead Manager
Fair value of issue of Options to Lead Manager
Fair Value of issue of Option to Consultant for capital
raising services
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 two consultants
Recognised as expense
Fair value of options issue to a consultant (capitalised)
Fair value of share issue to two consultants (capitalised)
Fair value of share issue to two consultants (capitalised)
Booked as Exploration and Evaluation Expenditure
(Asset)
Total
(i)
(ii)
(iii)
(iv)
(v)
(vi)
(vii)
(viii)
(ix)
90,010
106,200
387,982
50,312
217,420
745,724
90,010
-
-
90,010
29,690
161,880
146,100
50,312
-
-
387,982
50,312
50,312
13,660
210,247
2,513
217,420
745,724
28,188
-
65,595
199,983
45,330
32,875
27,995
106,200
-
-
-
-
12,960
15,228
28,188
-
-
23,095
42,500
42,500
65,595
199,983
Notes:
(i)
At a Meeting of Members held on 28 April 2016, members approved the issue of 1,000,000
options to a non-executive director with an expiry date of 28 April 2019 and a strike price of
$0.22. The options have been valued using an option pricing model and have been given a fair
value of $90,010, 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
1,000,000
$0.09001
36 months
2.00%
100%
Oklo Resources Limited and its Controlled Entities
Page 71
2016 Annual Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2016
23. SHARE BASED PAYMENTS (Cont.)
(a)
Recognised share based payment expense (Cont.)
(ii)
On 27 January 2016, the Company issued 1,000,000 Options in consideration for lead manager
services provided by Taylor Collison pursuant to a funding mandate entered into between the
Company and Taylor Collison Limited dated 24 September 2015 relating to the placement
completed in October and December 2015. The options have a strike price of $0.15 and expiry
date of 27 January 2019. The options have been valued using an option pricing model and have
been given a total market value of $29,690 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
Life of options
Risk free rate
Volatility
1,000,000
$0.02969
36 months
2.00%
100%
(iii)
On 17 June 2016, the Company issued 2,000,000 Options in consideration for lead manager
services provided by Canaccord Genuity (Australia) Limited pursuant to a funding mandate
entered into between the Company and Canaccord Genuity (Australia) Limited 4 May 2016.
The options have a strike price of $0.25 and expiry date of 17 June 2018. The options have been
valued using an option pricing model and have been given a total market value of $161,880
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
Life of options
Risk free rate
Volatility
2,000,000
$0.080904
24 months
1.75%
100%
(iv)
On 17 June 2016, the Company issued 2,000,000 Options in consideration for lead manager
services provided by Canaccord Genuity (Australia) Limited pursuant to a funding mandate
entered into between the Company and Canaccord Genuity (Australia) Limited 4 May 2016.
The options have a strike price of $0.30 and expiry date of 17 June 2018. The options have been
valued using an option pricing model and have been given a total market value of $146,100
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
Life of options
Risk free rate
Volatility
2,000,000
$0.07305
24 months
1.75%
100%
Oklo Resources Limited and its Controlled Entities
Page 72
2016 Annual Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2016
23. SHARE BASED PAYMENTS (Cont.)
(a)
Recognised share based payment expense (Cont.)
(v)
On 17 June 2016, the Company issued 500,000 Options in consideration to a consultant for
capital raising services provided to the Company.
The options have a strike price of $0.25 and expiry date of 17 June 2019. The options have been
valued using an option pricing model and have been given a total market value of $50,312 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
Life of options
Risk free rate
Volatility
500,000
$0.10062
36 months
1.75%
100%
(vi) On 17 June 2016, the Company issued a total of 500,000 Options to two consultants in
consideration for services provided to the Company.
The options have a strike price of $0.25 and expiry date of 17 June 2019. The options have been
valued using an option pricing model and have been given a total market value of $50,312 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
$0.10062
36 months
1.75%
100%
(vii) On 7 December 2015, the Company issued 500,000 Options in as part of a consultancy
agreement between Cairn Geoscience and the company dated February 2016. The options have
a strike price of $0.15 and expiry date 7 December 2018. The options have been valued using an
option pricing model and have been given a total market value of $13,660 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
Value per option
Life of options
Risk free rate
Volatility
500,000
$0.02732
36 months
2.00%
90%
(viii)
On 17 June 2016, the Company issued a total of 2,000,000 Options to two consultants in
consideration for exploration services provided to the Company.
The options have a strike price of $0.25 and expiry date of 17 June 2019. The options have been
valued using an option pricing model and have been given a total market value of $201,247
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
Value per option
Life of options
Risk free rate
Volatility
2,000,000
$0.10062
36 months
1.75%
100%
Oklo Resources Limited and its Controlled Entities
Page 73
2016 Annual Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2016
23. SHARE BASED PAYMENTS (Cont.)
(a)
Recognised share based payment expense (Cont.)
(ix)
On 22 June 2016, the Company issued a total of 1,500,000 Options to two consultants in
consideration for exploration services provided to the Company.
The options have a vesting period of 12 months, a strike price of $0.30 and expiry date of 22 June
2020. The options have been valued using an option pricing model and have been given a total
market value of $114,660, of which $2,513 has been booked as a cost of exploration and
evaluation expenditure in the year ended 30 June 2016. Assuming the vesting conditions are
met, a further $112,148 will be booked as a cost of exploration and evaluation expenditure in the
year ended 30 June 2017. 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
Discount for vesting period
1,500,000
$0.07644
12 months vesting and then 36 months
1.75%
100%
25%
(b) Summary of Options Granted
2016
2015
Outstanding at beginning of year
Issued year ending 2015 (i)
Issue (ii)
Issue (iii)
Issue (iv)
Issue (v)
Issue (vi)
Issue (vii)
Issue (viii)
Expired during the year (ix)
Outstanding at end of the year
Exercisable at end of the year
Number of
Options
10,947,775
Weighted
Average
Exercise Price
$0.14
23,333,325
500,000
1,000,000
1,000,000
4,000,000
3,000,000
1,500,000
(350,000)
44,931,100
43,431,100
$0.125
$0.15
$0.15
$0.22
$0.275
$0.25
$0.30
($0.15)
$0.16
$0.15
Number of
Options
Weighted
Average
Exercise Price
$0.22
$0.11
-
-
-
-
-
-
-
-
$0.14
$0.14
5,200,000
5,747,775
-
-
-
-
-
-
-
-
10,947,775
10,947,775
(i)
(ii)
(iii)
(iv)
(v)
(vi)
Refer to 30 June 2015 annual report for details of issues.
Issue of 23,333,325 listed options with an exercise price of $0.125 and an expiry date of 30 June 2017
in December 2015 to placees of the placement undertaken in October and December 2015 (refer note
10(b)(ii).
Issue of 500,000 unlisted options with an exercise price of $0.125 and an expiry date of 7 December
2018 in December 2015 to a to a consultant of the Company.
Issue of 1,000,000 unlisted options with an exercise price of $0.15 and an expiry date of 27 January
2019 in January 2016 to the lead manager of the placement completed in October and December
2015.
Issue of 1,000,000 unlisted options with an exercise price of $0.22 and an expiry date of 28 April 2019
in April 2016 as share based remuneration to a Director of the Company.
Issue of 2,000,000 unlisted options with an exercise price of $0.25 and an expiry date of 17 June 2018
and 2,000,000 unlisted options with an exercise price of $0.30 and an expiry date of 17 June 2018 in
June 2016 to the lead manager of the placement completed in May and June 2016.
Oklo Resources Limited and its Controlled Entities
Page 74
2016 Annual Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2016
23. SHARE BASED PAYMENTS (Cont.)
(b)
Summary of Options Granted (Cont.)
(vii)
(viii)
(ix)
Issue of 3,000,000 unlisted options with an exercise price of $0.25 and an expiry date of 17 June
2019 in June 2016 to several consultants of the Company.
Issue of 1,500,000 unlisted options with an exercise price of $0.30 and expiry date of 22 June
2020 in June 2016 to consultants of the Company. These options have a 12 month vesting
period.
Expiry of 350,000 options with an exercise price of $0.15 per share and an expiry date of 20 May
2016. Of these option, 250,000 were exercised and the remaining 100,000 options lapsed,
unexercised.
(c) Weighted average remaining contractual life
The weighted average remaining contractual life of the share options outstanding as at 30 June 2016 is
1.74 years (2015: 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 $0.30 (2015: $0.10 to
$0.20).
(e) Weighted fair average value
The weighted fair average value of options granted during the year was $0.07 per option (2015: $0.10).
(f) Share option plan
The Group has an Incentive Option Scheme (“Scheme”) for executives and employees of the Group.
In accordance with the provisions of the Scheme, as approved by the shareholders at the August 2016
annual general meeting, executives and employees may be granted options at the discretion of
the directors.
Each share option converts into one ordinary share of Oklo Resources Limited on exercise. No amounts
are paid or are payable by the recipient on receipt of the option. The options carry neither rights of
dividends nor voting rights. Options may be exercised at any time from the date of vesting to the date
of their expiry.
Options issued to directors are not issued under the Scheme but are subject to approval by
shareholders.
Oklo Resources Limited and its Controlled Entities
Page 75
2016 Annual Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2016
24. 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
2016
$
2015
$
10,860,631
10,861,774
21,722,404
395,154
-
395,154
816,633
8,410,184
9,226,817
100,560
-
100,560
34,080,132
(14,307,162)
1,553,817
21,327,250
21,740,846
(13,310,532)
695,944
9,126,258
(996,166)
-
(996,166)
(780,361)
-
(780,361)
-
-
-
-
-
-
-
-
Oklo Resources Limited and its Controlled Entities
Page 76
2016 Annual Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2016
25.
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
2016
$
6,659
1,293
7,952
337
743,966
744,303
2015
$
20,876
2,373,376
2,394,252
36
240,417
240,453
(736,351)
2,153,799
-
(2,502,297)
(2,502,297)
-
(2,502,297)
-
(2,502,297)
-
-
-
-
-
-
-
-
(263,674)
249,526
(14,148)
-
(52,431)
72,165
19,734
(540,217)
-
-
540,217
Oklo Resources Limited and its Controlled Entities
Page 77
2016 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 2016 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:
Simon Taylor
Managing Director
Sydney: 30 September 2016
Oklo Resources Limited and its Controlled Entities
Page 78
2016 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 2016, 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 2016
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.
Report on the Remuneration Report
We have audited the Remuneration Report included in pages 25 to 33 of the directors’ report for the
year ended 30 June 2016. 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 2016
complies with section 300A of the Corporations Act 2001.
BDO Audit (WA) Pty Ltd
Neil Smith
Director
Perth, 30 September 2016
ASX ADDITIONAL INFORMATION
As at 16 September 2016
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
238
200
81
320
255
1,094
Percentage of
Holders
21.8%
18.3%
7.4%
29.3%
23.3%
100%
Number of
Shares
98,520
523,066
665,054
13,808,912
225,423,888
240,519,440
Percentage
of Shares
0.0%
0.2%
0.3%
5.7%
93.7%
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
Number of Securities
Voting Power
Bank of Nova Scotia (1832 Asset Management
L.P.)
Hawkstone Group
Terra Capital Natural Resources Fund
21,125,094
12,624,448
12,616,240
8.78%
5.25%
5.25%
(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 and its Controlled Entities
Page 81
2016 Annual Report
ASX ADDITIONAL INFORMATION
As at 16 September 2016
Top Twenty Shareholders of Oklo Resources Limited – Ordinary Shares:
Fully Paid
Ordinary Shares
HSBC Custody Nominees (Australia) Limited
J P Morgan Nominees Australia Limited
Hawkestone Resources Pty Ltd
ACK Pty Ltd
GP Securities Pty Ltd
Citicorp Nominees Pty Limited
TT Capital Nominees Pty Ltd
Mr Ross Francis Stanley
Elliott Services Pty Ltd
Darroch Family Pty Ltd
Delta Resource Management Pty Ltd
Calama Holdings Pty Ltd
Merriwee Pty Ltd
Octifil Pty Ltd
Mr John Darroch
Mr James Edward Price
Sacrosanct Pty Ltd
Auralandia Pty Ltd
HSBC Custody Nominees (Australia) Limited - A/C 2
Tenbagga Resources Fund Pty Ltd
27,945,008
17,218,480
10,250,000
10,239,666
10,005,500
7,639,695
7,522,417
4,800,000
4,495,102
4,000,000
4,000,000
3,553,750
2,500,000
2,320,788
2,250,000
2,241,883
2,200,000
2,174,448
2,070,000
1,916,840
Percentage
of
Total
11.62%
7.16%
4.26%
4.26%
4.16%
3.18%
3.13%
2.00%
1.87%
1.66%
1.66%
1.48%
1.04%
0.96%
0.94%
0.93%
0.91%
0.90%
0.86%
0.80%
129,343,577
53.78%
Oklo Resources Limited and its Controlled Entities
Page 82
2016 Annual Report
ASX ADDITIONAL INFORMATION
As at 16 September 2016
Listed Options Issue by the Company
Top Twenty Shareholders of Oklo Resources Limited:
Fully Paid
Ordinary Shares
Percentage
of
Total
GP Securities Pty Ltd
Mr Ross Francis Stanley
Auralandia Pty Ltd
Yarraandoo Pty Ltd
Sulliden Mining Capital Inc
J & S Corporate Investments Pty Ltd
J P Morgan Nominees Australia Limited
Tenbagga Resources Fund Pty Ltd
Jetosea Pty Ltd
Newmix Holdings Pty Ltd
Mr Nicholas Dermott Mc Donald
Citicorp Nominees Pty Limited
Mr John Darroch
Hawkestone Resources Pty Ltd
Doman Agricultural Investments Pty Ltd
Mr David King + Mrs Jenni King
Ms Xian Xia Zeng
Mrs Louise Hawke
Yelwac Pty Ltd
Mr Jan-Per Hole
2,145,000
2,000,000
1,400,000
739,001
700,000
666,667
666,667
666,667
608,333
600,000
520,889
500,000
500,000
500,000
400,000
375,000
350,000
333,334
333,334
333,333
9.19%
8.57%
6.00%
3.17%
3.00%
2.86%
2.86%
2.86%
2.61%
2.57%
2.23%
2.14%
2.14%
2.14%
1.71%
1.61%
1.50%
1.43%
1.43%
1.43%
14,338,225
61.45%
Oklo Resources Limited and its Controlled Entities
Page 83
2016 Annual Report
ASX ADDITIONAL INFORMATION
As at 16 September 2016
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
Transocean Securities Pty Ltd
Wealth Enterprises Limited
Mr Philip Cawood
Mr Hamish McCathie
C G Nominees Pty Ltd
Compass Global Holdings Pty Ltd
Transocean Nominees Pty Ltd
Barclay Wells Limited
Jalonex Investments Pty Ltd
Mr. Marshall Auerback
Mrs. Anne Boys
Mr Michael Pixley
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
Ms Susan Boyd
Taycol Nominees Pty Ltd
Yoix Pty Ltd
C G Nominees Pty Ltd
C G Nominees Pty Ltd
Ms Susan Boyd
Mr Madani Diallo
Clarkson’s Boathouse Pty Ltd
Ms Louisa Martino
Portafortuna Pty Ltd
$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
$0.15
$0.22
$0.22
$0.25
$0.30
$0.25
$0.25
$0.25
$0.25
$0.25
20/12/2016
299,000
20/12/2016
20/12/2016
20/12/2016
80,000
41,000
41,000
20/12/2016
104,000
20/12/2016
20/12/2016
20/12/2016
4,000
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
7/12/2018
21/1/2019
28/4/2019
17/6/2018
17/6/2018
17/6/2019
17/6/2019
17/6/2019
17/6/2019
17/6/2019
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
500,000
1,000,000
1,000,000
2,000,000
2,000,000
1,000,000
1,000,000
500,000
250,000
250,000
Oklo Resources Limited and its Controlled Entities
Page 84
2016 Annual Report
ASX ADDITIONAL INFORMATION
As at 16 September 2016
Holder
Exercise Price
Expiry Date
Number
Ms Susan Boyd
Mr Madani Diallo
Fernland Holdings Pty Ltd
Jalonex Investments Pty Ltd
Jimbzal Pty Ltd
Jimbzal Pty Ltd
TOTAL
$0.30
$0.30
$0.25
$0.25
$0.25
$0.30
22/06/2020
1,000,000
22/06/2020
500,000
11/8/2019
11/8/2019
11/8/2019
11/8/2020
1,000,000
1,000,000
1,500,000
1,500,000
26,589,777
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 and its Controlled Entities
Page 85
2016 Annual Report
ASX ADDITIONAL INFORMATION
As at 16 September 2016
8.
TENEMENT DIRECTORY
Granted tenements as at the date of this report:
Country
Location
Prospect
Tenement Number
Kidal
09/3639
North East
Mali
Tessalit
Samit Nord
09/3640
11/0463
Holder
La Société Oklo Uranium
Mali Ltd sarl
La Société Oklo Uranium
Mali Ltd sarl
La Société Oklo Uranium
Mali Ltd sarl
Dandoko
10-1305/MM-SG DU
Africa Mining sarl
Mali
West
Mali
Moussala
2015-4606/MM-SG
Africa Mining sarl
Boutounguissi
Sud
08/3232
SOCAF sarl
Aite Sud
2015-1279/MM-SG
Oklo Resources Mali sarl
Yanfolila
2012-0108/MM-SG DU
Africa Mining sarl
South Mali
Kolondieba
2012-0109/MM-SG DU
Africa Mining sarl
Solabougouda
2011-0469/MM-SG DU
Africa Mining sarl
Oklo Resources Limited and its Controlled Entities
Page 86
2016 Annual Report