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7
ANNUAL
REPORT
Oklo Resources Limited ASX:OKU | Level 5, 56 Pitt Street, Sydney NSW 2000, Australia
T: +61 2 8319 9233 | F: +61 2 9252 8466 | info@okloresources.com
okloresources.com
ACN 121 582 607
DIRECTORS
Mr Michael Fotios – Non-Executive Chairman
Mr Simon Taylor – Managing Director
(Appointed 29 July 2016)
Dr Madani Diallo – Executive Director, Country Manager
(Appointed 29 July 2016)
COMPANY SECRETARY
Ms Louisa Martino
BANKER
National Australia Bank Ltd
South Sydney Partnership
Level 20 Tower 1
520 Oxford Street
Bondi Junction NSW 2022
AUDITORS
BDO Audit (WA) Pty Ltd
38 Station Street
Subiaco, WA, 6008
SOLICITORS
Steinepreis Paganin
16 Milligan Street
Perth, WA, 6000
REGISTERED OFFICE AND PRINCIPAL
PLACE OF BUSINESS
Level 5, 56 Pitt Street
Sydney, NSW, 2000
Telephone: +61 2 8823 3100
Facsimile: +61 8 9252 8466
Website: www.okloresources.com
Email :
info@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
2
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2017
Chairman’s Letter
Operations Review
Directors’ Report
Auditor’s Independence Declaration
Financial Statements
PAGE
4
6
21
38
- Consolidated statement of profit or loss and
other comprehensive income
39
- Consolidated statement of financail position 41
- Consolidated statement of changes in equity 42
- Consolidated statement of cash flows
44
- Notes to the consolidated financial statements 45
Directors’ Declaration
75
Independent Auditor’s Report to the Members 76
ASX Additional Information
80
3
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2017
CHAIRMAN’S LETTER
Dear Fellow Shareholders,
Once again, it gives me great pleasure to present Oklo Resources Limited’s (“Oklo” or the “Company”, ASX:
OKU) 2017 Annual Report. The past year has seen our Company make great strides towards achieving its
goal of discovering the next major gold deposit in Mali, West Africa.
We started to see real evidence of this in late 2016 with the first results from shallow auger geochemistry
drilling outlining an extensive zone of bedrock gold anomalism at Seko within the Dandoko Project. Our
aggressive exploration work to date has shown Seko to comprise at least five coherent gold trends of up to
2km in strike length with significant widths of low to medium grade, oxide gold mineralisation intersected
in aircore drilling in early 2017. The drill results to date demonstrate excellent potential for a significant
oxide gold system at Seko, and possibly elsewhere along the 12km-long gold trend outlined by auger
geochemistry within Dandoko.
Dear Fellow Shareholders,
Once again, it gives me great pleasure to present Oklo Resources Limited’s (“Oklo” or the “Company”,
ASX: OKU) 2017 Annual Report. The past year has seen our Company make great strides towards
We have already commenced planning for the 2017-18 field season and look forward to reporting further
positive developments on our quest to build a significant gold company in Mali.
achieving its goal of discovering the next major gold deposit in Mali, West Africa.
We started to see real evidence of this in late
2016 with the first results from shallow auger
geochemistry drilling outlining an extensive zone
of bedrock gold anomalism at Seko within the
Dandoko Project. Our aggressive exploration work
to date has shown Seko to comprise at least five
coherent gold trends of up to 2km in strike length
with significant widths of low to medium grade,
oxide gold mineralisation intersected in aircore
drilling in early 2017. The drill results to date
demonstrate excellent potential for a significant
oxide gold system at Seko, and possibly elsewhere
along the 12km-long gold trend outlined by auger
geochemistry within Dandoko.
We have already commenced planning for the
2017-18 field season and look forward to reporting
further positive developments on our quest to build
a significant gold company in Mali.
Our impressive project portfolio strategically
located amongst several world-class gold deposits
Our impressive project portfolio strategically located amongst several world-class gold deposits and mining
operations coupled with our recent exploration success is attracting increasing investor awareness from
funding its aggressive exploration programs, with
within the gold mining industry and also from global fund managers, with the BlackRock Group and Resolute
$8.7 million raised through an oversubscribed share
Mining Ltd emerging as substantial shareholders during the year. This new investor interest has also
placement and a further $2.9 million through the
enabled Oklo to continue funding its aggressive exploration programs, with $8.7 million raised through an
conversion of listed options, meaning that we will
be able to start the forthcoming field season in a
oversubscribed share placement and a further $2.9 million through the conversion of listed options,
strong financial position with cash reserves of circa
meaning that we will be able to start the forthcoming field season in a strong financial position with cash
$13 million.
reserves of circa $13 million.
Oklo’s Board and management team collectively
Oklo’s Board and management team collectively has vast experience in gold exploration and has
has vast experience in gold exploration and has
demonstrated this by uncovering further discoveries
demonstrated this by uncovering further discoveries within our vast Malian holdings. I would therefore like
within our vast Malian holdings. I would therefore
to thank my fellow Board members and management as well as our in-country team for all their effort and
like to thank my fellow Board members and
success during the past year.
management as well as our in-country team for all
their effort and success during the past year.
We have clear objectives set for the 2017-18 field season including outlining a maiden resource at our
Dandoko Project and particularly at Seko. I thank you for your support throughout 2017 and hope that our
We have clear objectives set for the 2017-18 field
season including outlining a maiden resource at our
progress during the forthcoming year will continue to add value to your investment in Oklo.
Dandoko Project and particularly at Seko. I thank
you for your support throughout 2017 and hope
that our progress during the forthcoming year will
Yours sincerely,
continue to add value to your investment in Oklo.
and mining operations coupled with our recent
Yours sincerely,
exploration success is attracting increasing investor
awareness from within the gold mining industry and
also from global fund managers, with the BlackRock
Group and Resolute Mining Ltd emerging as
substantial shareholders during the year. This new
investor interest has also enabled Oklo to continue
Michael Fotios
Chairman
Michael Fotios
Chairman
4
Oklo Resources Limited and its Controlled Entities
Page 4
2017 Annual Report
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2017
“Our recent exploration success is
attracting increasing investor awareness
from within the gold mining industry
and also from global fund managers.”
MICHAEL FOTIOS
CHAIRMAN
$13m
CASH RESERVES
$8.7m
raised through
oversubscribed
share placement
5
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2017 OPERATIONS REVIEW
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, Kolondieba, Sirakourou and Solabougouda).
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).
FIGURE 1: LOCATION OF OKLO PROJECTS IN WEST AND SOUTH MALI
6
SenegalMaliGuinée BissauGuinéeBamakoCôte d’Ivoire75 KilometresGranitoid RocksCover SequenceBirimian Volcanic RocksPre-Birimian BasementYounger CoverGold MineAdvanced ProjectOklo ProjectsMALI GOLD PROJECTSCountry BorderMap AreaKolondiebaYanfolilaDandokoMoussalaSocafSolabougoudaSirakourouResolute MiningSyama 7.9MozEndeavour MiningKalana 2.0MozWassoul'Or SAKodieran 2.0MozHummingbird Yanfolila 1.8Moz B2 Gold Fekola 5.15MozRandgoldGounkoto 5.4MozEndeavour MiningTabakoto 3.8MozRandgoldLoulo 12.5MozIAMGOLDSadiola 13.5MozIAMGOLDYatela 4.5MozIAMGOLDBoto 1.4MozRandgoldMorila 8.5MozOKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2017 During the reporting year, the Company completed several
exploration campaigns focused on the discovery of additional
shallow gold mineralisation within the Dandoko and Moussala
projects (Figure 2).
Highlights of this work included:
12km gold-anomalous corridor
outlined within the Dandoko Project from auger
geochemistry
a new, shallow oxide-gold
discovery at Seko within this corridor
further positive results from RC
and diamond drilling at the Disse and Diabarou
prospects
7
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2017 DANDOKO & MOUSSALA PROJECTS
– WEST MALI (100% INTEREST)
Oklo’s Dandoko Project (134km2) and adjoining Moussala Project (64km2) are located within
the Kenieba Inlier of western Mali and lie within 30km to the east of B2Gold’s 5.15Moz
Fekola Project and 50km to the south-southeast of Randgold’s 12.5Moz Loulo Mine.
During the reporting year highly encouraging results were received from reconnaissance auger geochemistry coverage over the
Dandoko and Moussala project areas (Figure 2). At Dandoko, results delineated a 12km long gold corridor with the resultant follow-
up aircore (AC) drilling leading to the discovery of significant oxide gold mineralisation at Seko. At the Disse and Diabarou prospects
further encouraging results were received from AC, reverse circulation (RC) and diamond drill (DD) programs.
FIGURE 2:
A) LOCATION OF OKLO’S DANDOKO AND MOUSSALA GOLD PROJECTS IN WEST MALI.
B) LOCATION OF SEKO TRENDS WITHIN 12KM LONG DANDOKO GOLD CORRIDOR..........
8
MaliSenegal25 KilometresEndeavour MiningTabakoto 3.8MozRandgoldLoulo 12.5MozSenegal Mali Shear Zone (SMSZ)RandgoldGounkoto 5.4MozDandokoMoussalaB2 Gold Fekola 5.15MozIAMGOLDBoto 1.4 MozPhanerozoic/QuaternaryCoverNeoproterozoicSandstone and DoleritePalaeoproterozoic (Birimian)Undifferentiated SedimentsUndifferentiated VolcanicsGranitesOklo ProjectsStructuresLocal StructureCountry BorderAdvanced ProjectRegional StructuresSMSZMALI GOLD PROJECTSMap AreaGold mineOKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2017 At Dandoko, results
delineated a 12km
long gold corridor
with the resultant
follow-up aircore
(AC) drilling leading
to the discovery of
significant oxide
gold mineralisation
at Seko.
9
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2017 SEKO PROSPECT
At the commencement of the 2016-17 field season, Oklo launched a 40,000m reconnaissance auger geochemical program
with 4 auger drill rigs operating within the Dandoko Project.
Initial auger drilling concentrated on extensions to the gold discoveries at Diabarou and Disse before stepping out to test other
potential targets on a 400m x 100m spacing within the remainder of the project area.
The first batch of assay results received in late 2016 were highly encouraging, with a strong, coherent gold trend outlined
over 1.2km at the newly named Seko area to the northeast of Disse prospect. Follow-up and infill auger drilling increased the
program to over 74,000m. At Seko results subsequently confirmed five extensive, coherent gold anomalies with individual
anomalies of up to 2.0km in length and with individual bedrock sample grades of up to 4.26g/t gold (Figure 3).
FIGURE 3: LOCATION AND RESULTS OF AUGER DRILLING OVER THE SEKO ANOMALIES
10
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2017
A first pass 62 hole AC drilling program totalling 5,250m was carried out in March along nine broad traverses testing the five
main Seko gold anomalies below the shallow auger holes to provide confirmation of the significant bedrock gold mineralisation.
The angled holes (-55°) were completed in a ‘heel-to-toe’ manner at a nominal 50m drill spacing and achieved a maximum
downhole depth of 102m (vertical depth ~83m) with an average downhole depth of 86m (70m vertical). The holes generally
encountered saprolitic clays with the majority terminating within weathered bedrock. Only a small number of holes ended
in fresh rock (greywacke with a strong carbonate component), indicating a deep and extensive weathering profile had been
encountered at Seko.
The first pass AC drilling program at Seko was highly successful in confirming the presence of substantial widths of bedrock
gold mineralisation at all five anomalies tested. Significant intersections from this program are shown in Figure 4 summarised in
Table 1.
FIGURE 4: LOCATION OF PHASE 1 COMPLETED AC DRILL TRAVERSES OVER THE SEKO ANOMALIES
11
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2017 TABLE 1: SIGNIFICANT FIRST PASS AC INTERSECTIONS
ANOMALY
HOLE ID
FROM
TO
WIDTH (m)
GRADE (g/t Au)
ACSEK17-018
ACSEK17-009
ACSEK17-010
ACSEK17-010
ACSEK17-009
ACSEK17-019
ACSEK17-003
ACSEK17-019
ACSEK17-014
ACSEK17-024
ACSEK17-030*
includes
includes
ACSEK17-035
ACSEK17-051*
includes
includes
includes
ACSEK17-052
includes
includes
includes
includes
includes
ACSEK17-055
ACSEK17-046
ACSEK17-040
ACSEK17-041
23
8
51
66
35
77
26
14
42
32
0
12
25
19
40
55
64
64
82
0
4
12
12
25
50
32
27
5
22
11
44
1
2
3
4
5
36
22
62
67
43
84
28
17
45
37
54
36
33
23
41
90
79
69
(EOH) 90
60
31
23
14
31
55
35
35
18
26
14
46
13
14
11
1
8
7
2
3
3
5
54
24
8
4
1
35
15
5
8*
60
27
11
2
6
5
3
8
13
4
3
2
2.27
1.96
2.38
8.39
1.02
1.01
2.46
1.49
1.44
1.44
1.37
2.02
2.82
0.50
1.11
1.86
3.02
5.43
1.36*
0.79
1.21
1.82
4.30
1.02
1.42
0.84
1.30
1.22
1.11
2.36
1.21
*hole ended in mineralisation
The initial drill hole spacing of approximately 400m x 50m was considered too broad to confidently
define the configuration of the mineralised envelope or resolve any internal controls to the higher grade
intersections. As such, a follow-up infill AC drilling program (182 holes for 11,517m) on nominal 100m spaced
lines along the interpreted strike extents of the five anomalies in combination with a stratigraphic DD
program testing four of the anomalies commenced late in the reporting year.
At the time of compiling this report after the reporting period, assay results from all 182 AC holes and all
6 DD holes had been received with further wide zones of low to medium grade, shallow gold mineralisation
encountered. Significant AC intersections are summarised in Figures 5, 6 & Table 2.
12
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2017
FIGURE 5: LOCATION OF ALL COMPLETED AC AND DD HOLES WITH RESULTS
OVER THE SEKO ANOMALIES..................................................................................................
FIGURE 6: LOCATION OF SEKO GOLD TRENDS
IMAGE
13
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2017 TABLE 2: SIGNIFICANT INTERSECTIONS - 2017 AC AND DD DRILLING
ANOMALY
HOLE ID
FROM
TO
WIDTH (m)
GRADE (g/t Au)
ACSEK17-018
ACSEK17-009
ACSEK17-010
ACSEK17-010
ACSEK17-009
ACSEK17-019
ACSEK17-003
ACSEK17-019
ACSEK17-024
ACSEK17-162
ACSEK17-162
ACSEK17-197
includes
ACSEK17-209
ACSEK17-212*
ACSEK17-237*
ACSEK17-238
ACSEK17-187
ACSEK17-030*
includes
includes
ACSEK17-178*
includes
ACSEK17-182*
includes
ACSEK17-215
ACSEK17-051*
includes
includes
includes
ACSEK17-052
includes
includes
includes
includes
ACSEK17-064
ACSEK17-065
ACSEK17-068*
ACSEK17-081
ACSEK17-102*
includes
ACSEK17-161*
DDSEK17-003
DDSEK17-005
ACSEK17-046
ACSEK17-040
ACSEK17-041
23
8
51
66
35
77
26
14
32
4
4
11
13
10
16
1
92
6
16
8
0
12
25
2
2
0
6
31
48
55
64
64
82
0
4
12
25
50
33
69
83
44
12
30
65
86
85
27
5
11
1
2
3
4
5
36
22
69
67
43
84
28
17
37
15
15
45
35
15
33
10
96
11
24
14
54
36
33
30
19
40
31
36
52
90
79
69
90
60
31
14
31
55
36
72
96
50
56
36
96
161
159
35
18
14
13
14
18
1
8
7
2
3
5
11
11
34
22
5
17
9
4
5
8
6
54
24
8
28
17
40
25
5
4
35
15
5
8*
60
27
2
6
5
3
3
13
6
44
6
31
73
74
8
13
3
2.27
1.96
2.01
8.39
1.02
1.01
2.46
1.49
1.44
1.13
1.13
1.92
2.05
10.25
4.04
1.21
1.38
1.29
2.69
2.19
1.37
2.02
2.82
3.38
5.04
1.51
2.15
2.76
1.10
1.86
3.02
5.43
1.36*
0.79
1.21
4.30
1.02
1.42
2.16
3.46
2.29
2.58
0.69
1.18
1.02
1.02
2.12
1.30
1.22
2.36
* hole ended in mineralisation.
Intervals are reported using a threshold where the interval has a 1.0g/t Au average or greater over the sample
interval and selects all material greater than 0.10g/t Au allowing for up to 2 samples of included dilution.
14
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2017 The stratigraphic DD program was designed to provide valuable geological and structural information on the primary zone
mineralisation with all holes angled at -55° and achieving a maximum downhole depth of 221m (vertical depth ~180m), except
for one hole that was abandoned prematurely in poor ground at a down hole depth of 45m.
All of the deeper holes intersected wide alteration zones in fresh rock variously characterised by silicification and carbonatation
(ankerite), and sulphide and quartz mineralisation. Significant assay results from the DD holes (including pre-collars) are
summarised in Table 3 and shown in cross section Figure 7.
TABLE 3: SIGNIFICANT RC PRE-COLLAR AND DDH INTERSECTIONS FROM SEKO.
HOLE ID
FROM
DDSEK17-001
DDSEK17-003
DDSEK17-005
DDSEK17-006
inc.
inc.
inc.
inc.
inc.
inc.
inc.
inc.
37
59
64
86
94
98
117
142
85
85
86
130
150.6
63
TO
48
61
66
161
111
101
126
161
159
150.6
115
150.6
159
70
WIDTH
GRADE
11
2
2
73
17
3
9
19
74
65.6
29
20.6
8.4
7
0.27
1.49
2.00
1.02
2.01
4.13
1.13
1.10
2.12
2.20
3.07
2.48
1.50
0.22
RC & DD
RC Only
RC Only
RC Only
DD Only
FIGURE 7: SEKO ANOMALY THREE DD & AC DRILL SECTION - 1396800N
15
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2017 DIABAROU PROSPECT
Two campaigns of drilling were completed at Diabarou during the year; a step-out RC program to test for strike extensions to
the main, high grade vein discovery and a reconnaissance AC program to explore for further repetitions within the remaining
prospect area.
The step-out RC drilling program, comprising 46 RC holes for 6,540m, to further test the strike extents of the main high grade,
east-west trending gold zone was completed on 100m-spaced lines over a total strike length of 900m. Significant results
included:
- 2m at 50.00g/t gold from 76m
- 5m at 4.36g/t gold from 114m
- 5m at 3.65g/t gold from 127m
- 2m at 9.08g/t gold from 119m
- 8m at 2.08g/t gold from 92m
- 10m at 1.28g/t gold from 117m
The reconnaissance AC program was designed to:
- provide first pass coverage over the southern portion of the Diabarou prospect area; and
-
to test for extensions to the immediate east of the main zone of high grade mineralisation previously outlined in the north of
the prospect.
The program, comprising three 100m-spaced traverses, was successful in outlining further gold mineralisation at both targets.
AC drilling over the southern portion of the Diabarou prospect encountered numerous zones of gold mineralisation along a
broad, northeast trend. Significant intersections from the central traverse included 8m at 3.80g/t gold from 54m and 8m at
1.60g/t gold from 45m. Significant intersections from the western traverse included 6m at 1.51g/t gold from 41m, 6m at 1.21g/t
gold from 63m with the hole ending in mineralisation, 4m at 2.54g/t gold from 55m and 11m at 0.55g/t gold from 46m.
Significant intersections from the traverse of AC holes drilled to the immediate east of the main zone of high grade gold
mineralisation included 5m at 1.40g/t gold from 19m, 3m at 2.89g/t gold from 20m and 3m at 0.60g/t gold from surface. These
results successfully extended the host structure by a further 100m to a total length of 220m.
16
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2017 DISSE PROSPECT
Seven RC holes were drilled at the Disse prospect to follow-up the previous shallow RC intersections of 21m at 5.60g/t
and 3m at 12.80g/t gold (Figure 8). Significant results from the step-out drilling along the interpreted southeast-
trending zone on 150m spaced lines included:
- 16m at 3.00g/t gold from 146m, including 3m at 10.12g/t gold
- 3m at 22.67g/t gold from 183m, including 1m at 64.80g/t gold
- 4m at 8.39g/t gold from 152m, including 2m at 15.85g/t gold
- 16m at 1.21g/t gold from 234m, including 2m at 5.10g/t gold
The holes successfully outlined gold mineralisation along a 550m strike length, which remains open along strike.
FIGURE 8: LOCATION OF RC DRILLING AT DISSE
The single diamond drill hole drilled at Disse also encountered significant gold mineralisation, with 13m at 4.69g/t gold
intersected from 163m, including 3m at 11.40g/t gold from 163m within intensely altered sediments.
Significantly, the Disse prospect is located ~2km to the southwest of Oklo’s recent Seko discovery (Figure 2).
SOUTHERN PROSPECTS
Assay results received from reconnaissance auger coverage over the southern portion of the Dandoko Project
successfully delineated further broad areas of gold anomalism and a potential north-northeast trending gold-
anomalous corridor extending over 12km from Selingouma in the south to Dabia in the north of the Project
(Figure 2). These new anomalies were spatially related to the historic Selingouma North and Selingouma South
prospects and extend for more than 1.0km with localised assay results of over 1g/t gold.
17
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2017
MOUSSALA PROJECT
The Moussala permit was granted to the Company during 2016 and is located less than 5km to the west of the Dandoko
Project. There had been limited surface geochemistry and no drilling previously completed within the strategically
located project.
During the reporting year, a 400m x 100m spaced reconnaissance auger geochemical drilling program was completed
over the entire project. The program was a cost effective and efficient means of providing geochemical coverage below
the extensive tracts of lateritic and transported cover that mask the underlying geology, and also test a number of areas
where previous soil sampling returned peak gold-in-soil results of up to 0.54g/t Au.
Numerous new gold trends were delineated from the reconnaissance auger program with maximum values up to 5.8g/t
gold returned along with further encouraging zones of gold anomalism, including the Dakadia, Dakadia South and
Brundoto prospects related to interpreted regional structures (Figure 2).
A detailed low level airborne geophysical survey was also completed over the project. The survey, of approximately
1,400 line-kilometres, was flown on a line spacing of 50m and at a 20-30m sensor height to collect detailed magnetic
and radiometric data. The survey data will be integrated with the auger geochemical data to improve the geological
understanding of the project area in advance of drill planning.
SOCAF PROJECT
– WEST MALI
YANFOLILA PROJECT
– SOUTH MALI
The Socaf Project covers a sparsely outcropping inlier
Yanfolila is located 45km north of Avnel Gold’s Kalana
of Birimian volcanics located along the interpreted
gold mine (2.15Moz) and 35km east of Hummingbird
northern continuation of the Senegal Mali Shear Zone
Resources’ Komana (Yanfolila) gold project (1.8Moz).
(SMSZ) which hosts no fewer than six major gold
deposits to the south, including Sadiola (13.5Moz) and
Loulo (12.5Moz, Figure 1).
No field work was conducted at Socaf during the year.
No field work was conducted at Yanfolila during the
year.
SAMIT NORTH PHOSPHATE PROJECT – MALI
No exploration activities were undertaken at the project during the year.
KIDAL URANIUM PROJECT - MALI
No exploration activities were undertaken at the project during the year.
18
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2017 CORPORATE
CAPITAL RAISINGS
During May 2017, Oklo announced it had completed a placement of 36,199,859 ordinary shares at an issue price of $0.24 per
share to raise gross proceeds of $8.7 million. The placement was well supported by domestic and international institutional and
sophisticated investors, including pre-eminent global resource fund BlackRock as cornerstone to the placement.
At the end of the reporting year, cash proceeds of a further $2.9million were received from the exercise of the 30 June 2017
listed options at 12.5 cents (ASX: OKUO).
The Company remained well-funded at the end of the year with cash reserves of $14.8 million.
BOARD & MANAGEMENT CHANGES
Mr Michael Fotios was appointed Non-Executive Chairman of the Company in July 2016. Mr Fotios is a highly successful
entrepreneur and company director with a proven track record through his involvement in several recent transactions in the
gold and lithium sectors.
At the same time, Dr Madani Diallo was appointed as Technical Director. Dr Diallo is an accomplished geochemist with an
outstanding track record as a team member in the discovery of numerous large gold deposits including the multi-million
ounce deposits of Syama (7.9Moz), Morila (8.5Moz), Sadiola (13Moz) and Essakane (5.3Moz) among others and has been involved
in Oklo’s projects from the start. Dr Diallo subsequently confirmed his ongoing commitment to the Company as Exploration
Director and Country Manager and agreed to a two-year contract extension.
Following these changes, Messrs Simon O’Loughlin, James Henderson and Jeremy Bond tendered their resignations as
Directors.
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.
19
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2017 FINANCIAL REPORT
20
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2017 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
2017.
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)
Horseshoe Metals Limited (ASX)
Pegasus Metals Limited (ASX)
Redbank Copper Limited (ASX)
General Mining Corporation Limited (ASX)
Galaxy Resources 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)
ARC Exploration Limited (ASX)
Bod Australia (ASX)
TW Holdings Limited (ASX)
King Solomon Mines (ASX)
Probiomics Limited (ASX)
Oklo Resources Limited and its Controlled Entities
Page 21
2017 Annual Report
21
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2017
DIRECTORS’ REPORT
Dr Madani Diallo MSc Geochem, PhD Geochem
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 and Morila Gold Mine (joint venture)
UBA Bank Burkina Faso
Past Directorships in last 3 years:
Nil
Mr Jeremy Bond B. Com, B. Econ., B. A
Non-Executive Director (resigned 28 November 2016)
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)
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
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2017 Annual Report
22
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2017
DIRECTORS’ REPORT
DIRECTORS’ REPORT
Dr Madani Diallo MSc Geochem, PhD Geochem
Executive Director (appointed 29 July 2016)
Mr Simon O’Loughlin BA (Acc), Law Society Certificate in Law.
Non-Executive Director (appointed 15 October 2015, resigned 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 and Morila Gold Mine (joint venture)
UBA Bank Burkina Faso
Past Directorships in last 3 years:
Nil
Mr Jeremy Bond B. Com, B. Econ., B. A
Non-Executive Director (resigned 28 November 2016)
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)
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)
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
Past Directorships in last 3 years:
Petratherm Ltd
Lawson Gold Ltd
Chesser Resources Ltd
Gooroo Ventures Ltd
BOD Australia Ltd
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 the 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 2017 were $33,137,636 (30 June 2016: $22,217,476).
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 13 of the Annual Report.
The Group recorded an operating loss for the period of $1,514,153 (2016: $996,630). The 2017 result is
consistent with the size and operations of the Group.
Oklo Resources Limited and its Controlled Entities
Page 22
2017 Annual Report
Oklo Resources Limited and its Controlled Entities
Page 23
2017 Annual Report
23
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2017
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 reporting date:
i) On 7 July 2017, the Company issued a total of 16,337,274 fully paid ordinary shares from the exercise
of options that expired on 30 June 2017. The funds from the exercise of these options totalling
$2,079,659 options was all received as at 30 June 2017 and is included in the balance of cash as at that
date.
ii)
In August 2017, the Company’s subsidiaries Africa Mining sarl and SOCAF sarl were awarded new
licences covering the areas known as Dandoko (replaced with 2 licences Dandoko and Gombaly covering
the same area previously held), Yanfolila and Kolondieba (held by Africa Mining) and Boutouguissi-Sud
and Aourou (held by SOCAF sarl). These licences were renewed in the ordinary course of licence
management procedures. These licences all have an initial term of 3 years and are able to be renewed
twice for additional 2 year periods (Renewal Periods). Assuming the licences are renewed for the two
Renewal Periods, the final expiry date for these licences would be August 2024. The licences all include
expenditure commitments for the first three years. Total expenditure commitments are $8,149,502,
which is split between$1,357,366 in the first 12 months and $6,792,136 in the subsequent 2 years.
iii) On 18 September 2017, the Company issued a total of 540,000 fully paid ordinary shares from the
exercise of options that had an expiry date of 22 September 2017.
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.
LIKELY DEVELOPMENTS AND EXPECTED RESULTS OF OPERATIONS
Likely future developments in the operations of the Group are referred to in the Chairman’s Letter, Operations
Review and Note on subsequent events.
INDEMNIFICATION OF DIRECTORS AND OFFICERS
During the year, the Company paid an insurance premium to insure certain directors and officers including
Directors named in this report.
The Directors and Officers Liability insurance provides cover against all costs and expenses that may be incurred
in defending civil or criminal proceedings that fall within the scope of the indemnity and that may be brought
against the officers in their capacity as officers of the Group. The insurance policy does not contain details of
the premium paid in respect of individual officers of the Group. Disclosure of the nature of the liability cover
and the amount of the premium is subject to a confidentiality clause under the insurance policy.
The Company has not provided any insurance for an auditor of the group.
Oklo Resources Limited and its Controlled Entities
Page 24
2017 Annual Report
24
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2017
DIRECTORS’ REPORT
DIRECTORS’ REPORT
SIGNIFICANT CHANGES IN STATE OF AFFAIRS
ENVIRONMENTAL REGULATION
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.
The Group is aware of its environmental obligations and acts to ensure that its environmental commitments
are met.
EVENTS SUBSEQUENT TO REPORTING DATE
Subsequent to reporting date:
i) On 7 July 2017, the Company issued a total of 16,337,274 fully paid ordinary shares from the exercise
of options that expired on 30 June 2017. The funds from the exercise of these options totalling
$2,079,659 options was all received as at 30 June 2017 and is included in the balance of cash as at that
date.
ii)
In August 2017, the Company’s subsidiaries Africa Mining sarl and SOCAF sarl were awarded new
licences covering the areas known as Dandoko (replaced with 2 licences Dandoko and Gombaly covering
the same area previously held), Yanfolila and Kolondieba (held by Africa Mining) and Boutouguissi-Sud
and Aourou (held by SOCAF sarl). These licences were renewed in the ordinary course of licence
management procedures. These licences all have an initial term of 3 years and are able to be renewed
twice for additional 2 year periods (Renewal Periods). Assuming the licences are renewed for the two
Renewal Periods, the final expiry date for these licences would be August 2024. The licences all include
expenditure commitments for the first three years. Total expenditure commitments are $8,149,502,
which is split between$1,357,366 in the first 12 months and $6,792,136 in the subsequent 2 years.
iii) On 18 September 2017, the Company issued a total of 540,000 fully paid ordinary shares from the
exercise of options that had an expiry date of 22 September 2017.
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 2016 to 30 June 2017 the Directors have assessed that the Company has no current reporting
requirements, but may be required to report in the future.
PROCEEDINGS ON BEHALF OF THE GROUP
No person has applied for leave of Court to bring proceedings on behalf of the Group or intervene in any
proceedings to which the Group is a party for the purpose of taking responsibility on behalf of the Group for all
or any part of those proceedings.
The Group was not a party to any such proceedings during the year.
NON-AUDIT SERVICES
An amount of $Nil (2016: $ 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 2017 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.
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.
GENDER DIVERSITY
The company has the following appointments by gender:
Position
Directors
Senior executives
Other employees
Male
3
1
-
Female
-
-
-
Total
3
1
-
Likely future developments in the operations of the Group are referred to in the Chairman’s Letter, Operations
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
Michael Fotios
Simon Taylor
Madani Diallo
ORDINARY SHARES
5,200,000
3,260,000
7,111,355
OPTIONS
1,000,000
5,000,000
1,500,000
DIVIDENDS
No dividends were declared or paid during the year.
LIKELY DEVELOPMENTS AND EXPECTED RESULTS OF OPERATIONS
Review and Note on subsequent events.
INDEMNIFICATION OF DIRECTORS AND OFFICERS
During the year, the Company paid an insurance premium to insure certain directors and officers including
Directors named in this report.
The Directors and Officers Liability insurance provides cover against all costs and expenses that may be incurred
in defending civil or criminal proceedings that fall within the scope of the indemnity and that may be brought
against the officers in their capacity as officers of the Group. The insurance policy does not contain details of
the premium paid in respect of individual officers of the Group. Disclosure of the nature of the liability cover
and the amount of the premium is subject to a confidentiality clause under the insurance policy.
The Company has not provided any insurance for an auditor of the group.
Oklo Resources Limited and its Controlled Entities
Page 24
2017 Annual Report
Oklo Resources Limited and its Controlled Entities
Page 25
2017 Annual Report
25
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2017
DIRECTORS’ REPORT
Unissued ordinary shares of the Company under option at the date of this report are as follows:
DATE OPTIONS GRANTED
EXPIRY DATE
8 December 2015
25 March 2016
18 May 2016
18 May 2016
17 June 2016
17 June 2016
7 December 2015
27 January 2017
28 April 2016
17 June 2016
11 August 2016
22 June 2016
11 August 2016
2 November 2016
22 December 2016
8 December 2017
25 March 2018
18 May 2018
18 May 2018
17 June 2018
17 June 2018
7 December 2018
27 January 2019
28 April 2019
17 June 2019
11 August 2019
22 June 2020
11 August 2020
2 November 2019
22 December 2019
ISSUE PRICE OF
SHARES
$0.10
$0.10
$0.10
$0.15
$0.25
$0.30
$0.15
$0.15
$0.22
$0.25
$0.25
$0.30
$0.30
$0.20
$0.20
NUMBER UNDER OPTION
4,007,825
500,000
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
250,000
1,000,000
Note: this table does not include the options that were exercised or expired on or after 30 June 2017 as referred to in Note
7.2(i) and (iii) (Events Occurring After The Reporting Period).
At the date of this report the Group had on issue 302,405,510 ordinary shares and 22,757,825 options over
ordinary shares.
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.
NUMBER OF MEETINGS
ELIGIBLE TO ATTEND
4
4
-
4
1
-
NUMBER OF MEETINGS
ATTENDED
4
4
-
4
1
-
DIRECTOR
Mr. Michael Fotios1
S. Taylor
J. Henderson2
M Diallo3
J. Bond4
S O’Loughlin5
1. Appointed 29 July 2016
2. Resigned 24 August 2016
3. Appointed 29 July 2016
4. Resigned 28 November 2016
5. Resigned 29 July 2016
Oklo Resources Limited and its Controlled Entities
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2017 Annual Report
26
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2017
DIRECTORS’ REPORT
DIRECTORS’ REPORT
Unissued ordinary shares of the Company under option at the date of this report are as follows:
AUDITED REMUNERATION REPORT
ISSUE PRICE OF
NUMBER UNDER OPTION
SHARES
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. Michael Fotios (Appointed 29 July 2017)
Mr. James Henderson (Chairman for financial year, Non-
Executive Director from 29 July 2016, resigned 24 August 2016)
Mr Simon Taylor
Dr Madani Diallo (Appointed 29 July 2016
Mr Jeremy Bond (Resigned 28 November 2016)
Mr Simon O’Loughlin (Appointed 15 October 2015, Resigned 29
July 2016)
Mr Andrew Boyd
Position
Chairman
Chairman / Non-Executive Director
Managing Director
Executive Director
Non-executive Director
Non- executive Director
General Manager - Exploration
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,
and 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 2016 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.
DATE OPTIONS GRANTED
EXPIRY DATE
8 December 2015
25 March 2016
8 December 2017
25 March 2018
18 May 2016
18 May 2016
17 June 2016
17 June 2016
7 December 2015
27 January 2017
28 April 2016
17 June 2016
11 August 2016
22 June 2016
11 August 2016
2 November 2016
22 December 2016
18 May 2018
18 May 2018
17 June 2018
17 June 2018
7 December 2018
27 January 2019
28 April 2019
17 June 2019
11 August 2019
22 June 2020
11 August 2020
2 November 2019
22 December 2019
$0.10
$0.10
$0.10
$0.15
$0.25
$0.30
$0.15
$0.15
$0.22
$0.25
$0.25
$0.30
$0.30
$0.20
$0.20
4,007,825
500,000
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
250,000
1,000,000
Note: this table does not include the options that were exercised or expired on or after 30 June 2017 as referred to in Note
7.2(i) and (iii) (Events Occurring After The Reporting Period).
At the date of this report the Group had on issue 302,405,510 ordinary shares and 22,757,825 options over
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.
NUMBER OF MEETINGS
ELIGIBLE TO ATTEND
NUMBER OF MEETINGS
ATTENDED
4
4
-
4
1
-
4
4
-
4
1
-
ordinary shares.
DIRECTORS’ MEETINGS
DIRECTOR
Mr. Michael Fotios1
S. Taylor
J. Henderson2
M Diallo3
J. Bond4
S O’Loughlin5
1. Appointed 29 July 2016
2. Resigned 24 August 2016
3. Appointed 29 July 2016
4. Resigned 28 November 2016
5. Resigned 29 July 2016
Oklo Resources Limited and its Controlled Entities
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2017 Annual Report
Oklo Resources Limited and its Controlled Entities
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2017 Annual Report
27
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2017
DIRECTORS’ REPORT
Employment Contracts of Directors and Executives
Other than in respect of the Managing Director, of Dr Madani Diallo and Mr Andrew Boyd noted below, the
directors do not have formal contracts as at the completion of the 30 June 2017 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 remuneration of the Chairman be at the rate of $48,000 per annum.
By way of a directors’ resolution dated 27 July 2017, it was resolved that with effect from 1 July 2017, the
remuneration of the Chairman be at the rate of $50,000 per annum.
By way of a directors’ resolution dated 26 March 2016, it was resolved that with effect from 1 March 2016,
the remuneration of the Managing Director be at the rate of $196,200 per annum.
By way of a contract dated 16 June 2016, it was agreed that with effect from 1 July 2016, the remuneration
of the Managing Director be at the rate of $276,000 per annum.
By way of a directors’ resolution dated 27 July 2017, it was resolved that with effect from 1 July 2017, the
remuneration of the Managing Director be at the rate of $300,000 per annum.
Prior to being appointed a director of the Company, Dr Diallo had entered into an agreement for provisions
of consulting services to the Company at a rate of €8,850 (A$13,154) per month / €106,200 (A$157,848)
per annum. This arrangement continued when Dr Diallo was appointed a Director.
By way of a contract dated 16 October 2016, it was agreed that with effect from 1 October 2016, the
remuneration for Dr Diallo would be at the rate of €12,500 (A$18,570) per month / €150,000 (A$222,949)
per annum.
By way of a directors’ resolution dated 27 July 2017, it was resolved that with effect from 1 July 2017, the
remuneration of the Dr Diallo be at the rate of €13,500 (A$20,065) per month / €162,000 (A$240,785) per
annum.
By way of a contract dated 16 June 2016, it was agreed that with effect from 1 July 2016, the remuneration
of Mr Andrew Boyd be at the rate of USD60,000 per annum assuming approximately 5 days work a month,
with additional days being at the rate of USD1,000 per day.
By way of a directors’ resolution dated 27 July 2017, it was resolved that with effect from 1 July 2017, the
remuneration of the Mr Boyd be at the rate of USD132,000 per annum assuming approximately 10 days
work a month, with additional days being at the rate of USD1,100 per day.
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DIRECTORS’ REPORT
Employment Contracts of Directors and Executives
Other than in respect of the Managing Director, of Dr Madani Diallo and Mr Andrew Boyd noted below, the
directors do not have formal contracts as at the completion of the 30 June 2017 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 remuneration of the Chairman be at the rate of $48,000 per annum.
By way of a directors’ resolution dated 27 July 2017, it was resolved that with effect from 1 July 2017, the
remuneration of the Chairman be at the rate of $50,000 per annum.
By way of a directors’ resolution dated 26 March 2016, it was resolved that with effect from 1 March 2016,
the 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. Michael Fotios
Mr. Simon Taylor
Dr Madani Diallo
Mr. James Henderson
Mr. Jeremy Bond
Mr Simon O’Loughlin
Mr Andrew Boyd
Notes:
Chairman
Managing Director
Executive Director
Chairman/Non-Executive Director
Non-executive Director
Non- executive Director
General Manager - Exploration
1. Represents fees paid from the date of appointment
2. Mr Diallo is paid in Euro. Total amount paid in Euro was €117,700
3. Represents fees paid to the date of resignation
4. Mr Boyd is paid in USD. Total amount paid in USD was USD161,000
Annual Remuneration
FY 2017
$44,0001
$276,000
$168,1781,2
$6,5003
$12,5003
$2,5003
$213,3784
By way of a contract dated 16 June 2016, it was agreed that with effect from 1 July 2016, the remuneration
of the Managing Director be at the rate of $276,000 per annum.
The payment of statutory employment entitlements (such as superannuation contributions), where
applicable is in addition to the above amounts.
By way of a directors’ resolution dated 27 July 2017, it was resolved that with effect from 1 July 2017, the
remuneration of the Managing Director be at the rate of $300,000 per annum.
Prior to being appointed a director of the Company, Dr Diallo had entered into an agreement for provisions
of consulting services to the Company at a rate of €8,850 (A$13,154) per month / €106,200 (A$157,848)
per annum. This arrangement continued when Dr Diallo was appointed a Director.
By way of a contract dated 16 October 2016, it was agreed that with effect from 1 October 2016, the
remuneration for Dr Diallo would be at the rate of €12,500 (A$18,570) per month / €150,000 (A$222,949)
per annum.
annum.
By way of a directors’ resolution dated 27 July 2017, it was resolved that with effect from 1 July 2017, the
remuneration of the Dr Diallo be at the rate of €13,500 (A$20,065) per month / €162,000 (A$240,785) per
By way of a contract dated 16 June 2016, it was agreed that with effect from 1 July 2016, the remuneration
of Mr Andrew Boyd be at the rate of USD60,000 per annum assuming approximately 5 days work a month,
with additional days being at the rate of USD1,000 per day.
By way of a directors’ resolution dated 27 July 2017, it was resolved that with effect from 1 July 2017, the
remuneration of the Mr Boyd be at the rate of USD132,000 per annum assuming approximately 10 days
work a month, with additional days being at the rate of USD1,100 per day.
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 Delta Resource Management Pty Ltd, Geeland
Pty Ltd, Makly SA, Transocean Securities Pty Ltd and Cairn Geoscience Limited related parties of Mr Fotios,
Mr Taylor, Dr Diallo, Mr Henderson and Mr Boyd and with respect to consultancy services provided. These
amounts are included salaries and fees in the following schedule.
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 the 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. On constructive termination, the MD Agreement provides that
any unvested options will immediately vest, and for the payment of a total of twelve (12) months’ severance
pay.
On 19 October 2016, the Company and Makly SA entered into a services agreement for the provision of
services by Dr Madani Diallo as Exploration Director and Country Manager of the Company (“Makly
Agreement”). The Makly Agreement has an effective date of 1 October 2016 and a two (2) year term. The
Makly Agreement provides for a monthly retainer of €12,500 per. The Makly Agreement can be terminated
with either party giving 60 days’ notice. On constructive termination, the Makly Agreement provides that
in addition to the notice period, any unvested options will immediately vest.
On 15 June 2016, the Company and Cairn Geoscience Limited entered into a services agreement for the
provision of services by Andrew Boyd as a consultant of the Company (“Cairn Agreement”). The Cairn
Agreement has an effective date of 1 July 2016 and a two (2) year term. The Cairn Agreement provides for
a monthly retainer of USD5,000 per month assuming approximately 5 days work a month, with additional
days being at the rate of USD1,000 per day, and the issue of a total of 2,000,000 incentive options. These
options were issued in June 2016. The Cairn Agreement can be terminated with either party giving 60 days’
Oklo Resources Limited and its Controlled Entities
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Oklo Resources Limited and its Controlled Entities
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OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2017
DIRECTORS’ REPORT
notice. On constructive termination, the Cairn Agreement provides that in addition to the notice period,
any unvested options will immediately vest.
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 2017
SHORT-TERM
POST
EMPLOYMENT
Superannuation
Contribution
$
-
-
-
-
1,188
237
1,425
Cash salary &
fees
$
44,0001
276,0002
168,1783
6,5004
12,500
2,500
509,678
DIRECTORS
M Fotios
S Taylor
M Diallo
J Henderson
J Bond
S O’Loughlin
Total
OTHERS
Andrew Boyd
Total
Note 1: Fees paid to Delta Resource Management Pty Ltd
Note 2: Fees paid to Geeland Pty Ltd
Note 3 Fees paid to Makly SA
Note 4: Fees paid to Transocean Securities Pty Ltd
Note 5: Fees paid to Cairn Geoscience Limited
213,3785
723,056
-
1,425
Key Management Personnel of the Group 2016
SHORT-TERM
Cash salary &
fees
$
48,0001
221,7502
30,000
22,500
322,250
DIRECTORS
J Henderson
S Taylor
J Bond
S O’Loughlin
Total
OTHERS
Nil
Total
Note 1: Fees paid to Transocean Securities Pty Ltd
Note 2: Fees paid to Geeland Pty Ltd
322,250
POST
EMPLOYMENT
Superannuation
Contribution
$
-
-
2,850
2,137
4,987
4,987
SHARE BASED
PAYMENTS
TOTAL
Options
$
48,263
303,596
-
118,375
118,375
-
588,609
-
588,609
Shares
$
-
-
-
-
-
-
-
-
TOTAL
$
92,263
579,596
168,178
124,875
132,063
2,737
1,099,712
213,378
1,313,090
SHARE BASED
PAYMENTS
Options
$
-
-
-
90,010
90,010
Shares
$
-
-
-
-
-
TOTAL
TOTAL
$
48,000
221,750
32,850
114,647
417,247
90,010
-
417,247
Oklo Resources Limited and its Controlled Entities
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DIRECTORS’ REPORT
notice. On constructive termination, the Cairn Agreement provides that in addition to the notice period,
Details of the remuneration provided to the Key Management Personnel of the Group are set out in the
any unvested options will immediately vest.
Remuneration of Key Management Personnel
following tables.
Key Management Personnel of the Group 2017
SHORT-TERM
POST
Cash salary &
Superannuation
EMPLOYMENT
SHARE BASED
PAYMENTS
TOTAL
Contribution
Options
Shares
TOTAL
$
-
-
-
-
1,188
237
1,425
-
1,425
$
48,263
303,596
118,375
118,375
588,609
-
-
-
588,609
$
92,263
579,596
168,178
124,875
132,063
2,737
1,099,712
213,378
1,313,090
Note 1: Fees paid to Delta Resource Management Pty Ltd
Note 2: Fees paid to Geeland Pty Ltd
Note 3 Fees paid to Makly SA
Note 4: Fees paid to Transocean Securities Pty Ltd
Note 5: Fees paid to Cairn Geoscience Limited
Key Management Personnel of the Group 2016
fees
$
44,0001
276,0002
168,1783
6,5004
12,500
2,500
509,678
213,3785
723,056
fees
$
48,0001
221,7502
30,000
22,500
322,250
DIRECTORS
M Fotios
S Taylor
M Diallo
J Henderson
J Bond
S O’Loughlin
Total
OTHERS
Andrew Boyd
Total
DIRECTORS
J Henderson
S Taylor
J Bond
S O’Loughlin
Total
OTHERS
Nil
Total
SHORT-TERM
POST
Cash salary &
Superannuation
EMPLOYMENT
SHARE BASED
PAYMENTS
TOTAL
Contribution
Options
Shares
TOTAL
$
-
-
2,850
2,137
4,987
$
-
-
-
90,010
90,010
$
48,000
221,750
32,850
114,647
417,247
Note 1: Fees paid to Transocean Securities Pty Ltd
Note 2: Fees paid to Geeland Pty Ltd
322,250
4,987
90,010
417,247
$
-
-
-
-
-
-
-
-
$
-
-
-
-
-
-
Share–based compensation
The Company has engaged in share-based remuneration with the Directors during the year. During the
year ended 30 June 2017, the Company granted the following persons or their nominees, options.
Grant
Date
Vesting
Date
Expiry
Date
Exercise
Price
Number
Michael Fotios
Simon Taylor
Simon Taylor
James Henderson1
Jeremy Bond2
22 Dec 16
11 Aug 16
11 Aug 16
11 Aug 16
11 Aug 16
22 Dec 16
11 Aug 16
11 Aug 17
11 Aug 16
11 Aug 16
22 Dec 19
11 Aug 19
11 Aug 20
11 Aug 19
11 Aug 19
$0.20
$0.25
$0.30
$0.25
$0.25
1,000,000
1,500,000
1,500,000
1,000,000
1,000,000
1. Resigned 24 August 2016
2. Resigned 28 November 2017
Value Per
Option at
Grant Date
$0.04826
$0.11837
$0.09466
$0.11837
$0.11837
At a meeting of Members of the Company held on 1 August 2016, approval was granted for the issue of a
total of 3,500,000 options to the Directors (1,500,000 to Mr Taylor and 1,000,000 to each of Mr Henderson
and Mr Bond) with a strike price of $0.25 with an expiry date of 3 years after the date of issue (11 August
2019)
At a meeting of Members of the Company held on 1 August 2016, approval was granted for the issue of a
of 1,500,000 options to the Mr Taylor with a strike price of $0.30, a 12 month vesting period with an expiry
date of 3 years after the date of vesting (11 August 2020)
At a meeting of Members of the Company held on 28 November 2016, approval was granted for the issue
of a total of 1,000,000 options to Mr Fotios with a strike price of $0.20 with an expiry date of 3 years after
the date of issue (22 December 2019)
The grants of options to the Directors were not linked to performance; however, the Board considered the
issues 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.
Oklo Resources Limited and its Controlled Entities
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OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2017
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The options were issued for Nil consideration and the model inputs for the options granted during the year
ended 30 June 2017 included:
Options with Expiry
Date of 11 Aug 19
Options with Expiry
Date of 11 Aug 20
Options with Expiry
Date of 22 Dec 19
Exercise price
Grant date
Expiry date
Share price at grant date
Expected price volatility
Risk-free rate
Discount for 12 month
vesting period
$0.25
11 Aug 16
11 Aug 19
$0.225
85%
1.75%
N/A
$0.30
11 Aug 16
11 Aug 20
$0.225
85%
1.75%
25%
$0.20
22 Dec 196
22 Dec 19
$0.115
85%
1.50%
N/A
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)
Delta Resource Management Pty Ltd (Mr Michael Fotios –Chairman)
Delta Resource Management Pty Ltd, a company of which Mr. Michael Fotios is a director, provides
consulting services to the Group.
Director fees
2017
$
44,0001
44,000
2016
$
-
-
Note 1: This amount is included in the key management personnel remuneration
The total amount due to Delta Resource Management Pty Ltd as at 30 June 2017 was $Nil.
(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 fees
2017
$
276,0001
276,000
2016
$
221,7501
221,750
Note 1: This amount is included in the key management personnel remuneration
The total amount due to Geeland Pty Ltd as at 30 June 2017 was $46,000 (2016: $101,310).
Oklo Resources Limited and its Controlled Entities
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DIRECTORS’ REPORT
The options were issued for Nil consideration and the model inputs for the options granted during the year
(iii) Makly SA and M-Consulting sarl (Dr Madani Diallo – Executive Director appointed 29 July 2016)
ended 30 June 2017 included:
Options with Expiry
Options with Expiry
Options with Expiry
Date of 11 Aug 19
Date of 11 Aug 20
Date of 22 Dec 19
Exercise price
Grant date
Expiry date
Share price at grant date
Expected price volatility
Risk-free rate
Discount for 12 month
vesting period
$0.25
11 Aug 16
11 Aug 19
$0.225
85%
1.75%
N/A
$0.30
11 Aug 16
11 Aug 20
$0.225
85%
1.75%
25%
$0.20
22 Dec 196
22 Dec 19
$0.115
85%
1.50%
N/A
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)
Delta Resource Management Pty Ltd (Mr Michael Fotios –Chairman)
Delta Resource Management Pty Ltd, a company of which Mr. Michael Fotios is a director, provides
consulting services to the Group.
Note 1: This amount is included in the key management personnel remuneration
The total amount due to Delta Resource Management Pty Ltd as at 30 June 2017 was $Nil.
(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
2017
$
44,0001
44,000
2016
$
-
-
2017
$
276,0001
276,000
2016
$
221,7501
221,750
Director fees
the Group.
Director fees
Note 1: This amount is included in the key management personnel remuneration
The total amount due to Geeland Pty Ltd as at 30 June 2017 was $46,000 (2016: $101,310).
Makly SA is a company controlled by Dr Madani Diallo and which provides consulting services to
the Group.
M-Consulting is a company controlled by Dr Madani Diallo and which provides geological consulting
services in Mali.
Exploration Director services of Dr Diallo
Exploration/Geological consulting services in Mali
2017
$
168,1781
79,1282
247,3063
2016
$
-
-
-
Note 1: This amount is included in the key management personnel remuneration.
Note 2: These amounts are not included in the key management personnel remuneration and are
incurred directly by Africa Mining sarl, a subsidiary company.
Note 3: All amounts are included recorded as part of exploration expenditure on the statement of
financial position.
The total amount due to Makly SA as at 30 June 2017 was $Nil.
The total amount due to M-Consulting sarl as at 30 June 2017 was $Nil.
(iv)
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.
A summary of the total fees paid to Transocean Securities Pty Ltd for the year ended 30 June 2017
is as follows
Director fees
Underwriting and capital raising services
Office rent and costs
2017
$
6,5001
-
2,080
8,580
2016
$
48,0001
20,000
28,200
96,200
Note 1: This amount is included in the key management personnel remuneration.
The total amount due to Transocean Securities Pty Ltd as at 30 June 2017 was $Nil (2016 - $2,398).
(v) 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
2017
$
-
-
2016
$
3,388
3,388
The total amount due to O’Loughlins Lawyers as at 30 June 2017 was $Nil (2016: $2,772).
Oklo Resources Limited and its Controlled Entities
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Oklo Resources Limited and its Controlled Entities
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OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2017
DIRECTORS’ REPORT
(vi) Cairn Geoscience Ltd (Mr Andrew Boyd – General Manager – Exploration – appointed 1 July 2016)
Cairn Geoscience a company controlled by Mr Andrew Boys and which provides consulting services
to the Group.
Consulting Fees
2017
$
213,3781
213,378
2016
$
-
-
Note 1: This amount is included in the key management personnel remuneration.
The total amount due to Cairn Geoscience Ltd as at 30 June 2017 was $39,073.
(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 fees
Capital raising services
Legal Service
Office rent and costs
Amounts capitalised as part of exploration expenditure
Director fees
Consulting fees
Geological Consulting fees
2017
$
2016
$
341,5001
-
-
2,080
343,580
168,1781
213,3781
79,128
460,684
269,7501
20,000
3,388
28,200
321,338
-
-
-
-
Note 1: These amounts are included in the key management personnel remuneration
Equity Instruments Held by Key Management Personnel
a) Shareholdings - Number of shares held by key management personnel:
2017
Directors
Michael Fotios
Simon Taylor
Madani Diallo
James Henderson
Jeremy Bond
Simon O’Loughlin
Total
Others
Andrew Boyd
Total
Note 1: At date of appointment
Note 1: At date of resignation
Balance
30 Jun 2016
4,000,0001
2,357,200
7,111,3551
4,824,932
2,051,668
800,000
21,145,155
363,333
21,508,488
Acquisitions
Disposals
200,000
402,800
-
-
198,333
-
801,133
-
801,133
-
-
-
-
-
-
-
-
-
Balance
30 Jun 2017
4,200,000
2,760,000
7,111,355
4,824,9322
2,250,0012
800,0002
21,946,288
363,333
22,309,621
Oklo Resources Limited and its Controlled Entities
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34
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2017
2017
$
213,3781
213,378
2016
$
-
-
2017
$
2016
$
341,5001
-
-
2,080
343,580
168,1781
213,3781
79,128
460,684
269,7501
20,000
3,388
28,200
321,338
-
-
-
-
(vi) Cairn Geoscience Ltd (Mr Andrew Boyd – General Manager – Exploration – appointed 1 July 2016)
Cairn Geoscience a company controlled by Mr Andrew Boys and which provides consulting services
to the Group.
Consulting Fees
Note 1: This amount is included in the key management personnel remuneration.
The total amount due to Cairn Geoscience Ltd as at 30 June 2017 was $39,073.
(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 fees
Capital raising services
Legal Service
Office rent and costs
Director fees
Consulting fees
Geological Consulting fees
Amounts capitalised as part of exploration expenditure
Note 1: These amounts are included in the key management personnel remuneration
Equity Instruments Held by Key Management Personnel
a) Shareholdings - Number of shares held by key management personnel:
Acquisitions
Disposals
2017
Directors
Michael Fotios
Simon Taylor
Madani Diallo
James Henderson
Jeremy Bond
Simon O’Loughlin
Total
Others
Total
Andrew Boyd
Note 1: At date of appointment
Note 1: At date of resignation
Balance
30 Jun 2016
4,000,0001
2,357,200
7,111,3551
4,824,932
2,051,668
800,000
200,000
402,800
198,333
-
-
-
-
21,145,155
801,133
363,333
21,508,488
801,133
Balance
30 Jun 2017
4,200,000
2,760,000
7,111,355
4,824,9322
2,250,0012
800,0002
21,946,288
363,333
22,309,621
-
-
-
-
-
-
-
-
-
DIRECTORS’ REPORT
DIRECTORS’ REPORT
(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
Balance
30.06.16
Directors
James
299,000
Henderson
Total
299,000
Note 1 – As at date of resignation
Granted as
compensatio
n
Lapsed
Disposals/
Acquired/
Exercised
Vested &
Exercisable Unvested
Balance
30.06.17
-
-
-
-
-
-
-
-
-
299,0001
299,000
Options to expire on 12 February 2017 at an exercise price of $0.10
Balance
30.06.16
Directors
James
269,720
Henderson
Total
269,720
Note 1 – As at date of resignation
Granted as
compensatio
n
Lapsed
Disposals/
Acquired/
Exercised
Vested &
Exercisable Unvested
Balance
30.06.17
-
-
-
-
-
-
-
-
-
269,7201
269,720
Options to expire on 30 June 2017 at an exercise price of $0.125
Balance
30.06.16
Granted as
compensatio
n
Lapsed
Directors
Michael Fotios
-
500,000
-
-
-
-
Simon Taylor
Simon
O’Loughlin
Total
Note 1- Acquired on-market
Note 2- Exercised on 30 June 2017, shares were allotted on 7 July 2017
Note 3 – As at date of resignation
150,000
650,000
-
-
-
-
Disposals/
Acquired/
Exercised
1,000,0001
(1,000,000)2
(500,000)2
(500,000)
-
Vested &
Exercisable Unvested
Balance
30.06.17
-
-
-
-
-
-
150,0003
150,000
Options to expire on 8 December 2017 at an exercise price of $0.10
Balance
01.07.16
1,000,000
Directors
James
Henderson
Simon Taylor
Jeremy Bond
Total
Note 1 – As at date of resignation
1,000,000
1,000,000
3,000,000
Granted as
compensation
Lapsed
Disposals/
Acquired
Vested and
Exercisable
Unvested
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Balance
30.06.17
1,000,0001
1,000,000
1,000,0001
3,000,000
Options to expire on 31 December 2017 at an exercise price of $0.20
Balance
30.06.16
Directors
James
1,000,000
Henderson
Total
1,000,000
Note 1 – As at date of resignation
Granted as
compensatio
n
Lapsed
Disposals/
Acquired/
Exercised
Vested &
Exercisable Unvested
Balance
30.06.17
-
-
-
-
-
-
-
-
-
-
1,000,0001
1,000,000
Oklo Resources Limited and its Controlled Entities
Page 34
2017 Annual Report
Oklo Resources Limited and its Controlled Entities
Page 35
2017 Annual Report
35
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2017
DIRECTORS’ REPORT
Options to expire on 18 May 2018 at an exercise price of $0.10
Directors
Simon Taylor
Total
Balance
01.07.16
500,000
500,000
Granted as
compensation
Lapsed
Disposals
-
-
-
-
-
-
Options to expire on 18 May 2018 at an exercise price of $0.15
Directors
Simon Taylor
Total
Balance
01.07.16
500,000
500,000
Granted as
compensation
Lapsed
Disposals
-
-
-
-
-
-
Options to expire on 25 March 2018 at an exercise price of $0.10
Balance
01.07.16
Directors
500,0001
Andrew Boyd
Total
500,000
Note 1 – As at date of appointment (effective 1 July 2016)
Granted as
compensation
-
-
Lapsed
Disposals
-
-
-
-
Options to expire on 7 December 2018 at an exercise price of $0.15
Vested and
Exercisable
-
-
Vested and
Exercisable
-
-
Vested and
Exercisable
-
-
Unvested
-
-
Balance
30.06.17
500,000
500,000
Unvested
-
-
Unvested
-
-
Balance
Directors
01.07.16
500,0001
Andrew Boyd
500,000
Total
Note 1 – As at date of appointment (effective 1 July 2016)
Granted as
compensation
-
-
Lapsed
Disposals
-
-
-
-
Vested and
Exercisable
-
-
Unvested
-
-
Options to expire on 28 April 2019 at an exercise price of $0.22
Directors
Simon
O’Loughlin
Total
Balance
01.07.16
1,000,000
1,000,000
Granted as
compensation
Lapsed
Disposals
Vested and
Exercisable
Unvested
-
-
-
-
-
-
-
-
-
-
Options to expire on 17 June 2019 at an exercise price of $0.25
Balance
01.07.16
Granted as
compensation
1,000,0001
Directors
Madani
Diallo
Andrew Boyd
Total
Note 1 – As at date of appointment
Note 2 - As at date of appointment (effective 1 July 2016)
1,000,0002
2,000,000
-
-
-
Lapsed
Disposals
Vested and
Exercisable
Unvested
-
-
-
-
-
-
-
-
-
-
-
-
Options to expire on 11 August 2019 at an exercise price of $0.25
Balance
01.07.16
Directors
James
Henderson
-
Simon Taylor
-
Jeremy Bond
Total
-
Note 1 – As at date of resignation
-
Granted as
compensation
Lapsed
Disposals
Vested and
Exercisable
Unvested
1,000,000
1,500,000
1,000,000
3,500,000
-
-
-
-
-
-
-
-
1,000,000
1,500,000
1,000,000
3,500,000
-
-
-
-
Balance
30.06.17
500,000
500,000
Balance
30.06.17
500,000
500,000
Balance
30.06.17
500,000
500,000
Balance
30.06.17
1,000,0001
1,000,000
Balance
30.06.17
1,000,000
1,000,000
2,000,000
Balance
30.06.17
1,000,0001
1,500,000
1,000,0001
3,500,000
Oklo Resources Limited and its Controlled Entities
Page 36
2017 Annual Report
36
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2017
-
-
-
500,0001
Balance
01.07.16
1,000,0002
1,500,000
Granted as
compensation
Balance
30.06.17
1,000,000
1,000,000
Balance
30.06.17
500,000
1,000,000
1,500,000
Lapsed
Disposals
Vested and
Exercisable
Unvested
-
-
-
-
-
-
-
-
-
-
-
-
Directors
Madani
Diallo
Andrew Boyd
Total
Note 1 – As at date of appointment
Note 2 - As at date of appointment (effective 1 July 2016)
DIRECTORS’ REPORT
DIRECTORS’ REPORT
Options to expire on 18 May 2018 at an exercise price of $0.10
Options to expire on 22 December 2019 at an exercise price of $0.20
Granted as
Lapsed
Disposals
Unvested
Options to expire on 22 June 2020 at an exercise price of $0.30
Directors
Michael
Fotios
Total
Balance
01.07.16
Granted as
compensation
Lapsed
Disposals
-
-
1,000,000
1,000,000
-
-
-
-
Vested and
Exercisable
1,000,000
1,000,000
Unvested
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Balance
01.07.16
500,000
500,000
Balance
01.07.16
500,000
500,000
Balance
01.07.16
500,0001
500,000
Balance
01.07.16
500,0001
500,000
Balance
01.07.16
1,000,000
1,000,000
Balance
01.07.16
1,000,0001
1,000,0002
2,000,000
Directors
Simon Taylor
Total
Directors
Simon Taylor
Total
Directors
Andrew Boyd
Total
Directors
Andrew Boyd
Total
Directors
Simon
O’Loughlin
Total
Directors
Madani
Diallo
Andrew Boyd
Total
Directors
James
Henderson
Simon Taylor
Jeremy Bond
Total
Granted as
Lapsed
Disposals
Unvested
Vested and
Exercisable
compensation
Options to expire on 18 May 2018 at an exercise price of $0.15
compensation
Vested and
Exercisable
Options to expire on 25 March 2018 at an exercise price of $0.10
Granted as
Lapsed
Disposals
Unvested
Vested and
Exercisable
compensation
Note 1 – As at date of appointment (effective 1 July 2016)
Options to expire on 7 December 2018 at an exercise price of $0.15
Granted as
Lapsed
Disposals
Unvested
Vested and
Exercisable
compensation
Note 1 – As at date of appointment (effective 1 July 2016)
Options to expire on 28 April 2019 at an exercise price of $0.22
Granted as
Lapsed
Disposals
Unvested
Vested and
Exercisable
compensation
Options to expire on 17 June 2019 at an exercise price of $0.25
Granted as
Lapsed
Disposals
Unvested
Vested and
Exercisable
compensation
Note 1 – As at date of appointment
Note 2 - As at date of appointment (effective 1 July 2016)
Options to expire on 11 August 2019 at an exercise price of $0.25
Balance
01.07.16
compensation
Granted as
Lapsed
Disposals
Unvested
-
-
-
-
1,000,000
1,500,000
1,000,000
3,500,000
Note 1 – As at date of resignation
Vested and
Exercisable
1,000,000
1,500,000
1,000,000
3,500,000
Balance
30.06.17
500,000
500,000
Balance
30.06.17
500,000
500,000
Balance
30.06.17
500,000
500,000
Balance
30.06.17
500,000
500,000
Balance
30.06.17
1,000,0001
1,000,000
Balance
30.06.17
1,000,000
1,000,000
2,000,000
Balance
30.06.17
1,000,0001
1,500,000
1,000,0001
3,500,000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Options to expire on 11 August 2020 at an exercise price of $0.30
Directors
Simon Taylor
Total
Balance
01.07.16
-
-
Granted as
compensation
1,500,000
1,500,000
Lapsed
Disposals
-
-
-
-
Vested and
Exercisable
-
-
Unvested
1,500,000
1,500,000
Balance
30.06.17
1,500,000
1,500,000
Securities Trading Policy
The Company’s security trading policy provides guidance on acceptable transactions in dealing in the
Company’s various securities, including shares, debt notes and options. The Company’s security trading
policy defines dealing in company securities to include:
(a) Subscribing for, purchasing or selling Company Securities or entering into an agreement to do
any of those things;
(b) Advising, procuring or encouraging another person (including a family member, friend,
associate, colleague, family company or family trust) to trade in Company Securities; and
(c) Entering into agreements or transactions which operate to limit the economic risk of a person’s
holdings in Company Securities.
The securities trading policy details acceptable and unacceptable times for trading in Company Securities
including detailing potential civil and criminal penalties for misuse of “inside information”. The Directors
must not deal in Company Securities without providing written notification to the Chairman. The Chairman
must not deal in Company Securities without the prior approval of the Chief Executive Officer. The Directors
are responsible for disclosure to the market of all transactions or contracts involving the Company’s shares.
This is the end of the Audited Remuneration Report.
Oklo Resources Limited and its Controlled Entities
Page 36
2017 Annual Report
Oklo Resources Limited and its Controlled Entities
Page 37
2017 Annual Report
37
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2017
AUDITOR’S INDEPENDENCE DECLARATION
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 2017, I declare that, to the best
of my knowledge and belief, there have been:
1. No contraventions of the auditor independence requirements of the Corporations Act 2001 in
relation to the audit; and
2. No contraventions of any applicable code of professional conduct in relation to the audit.
This declaration is in respect of Oklo Resources Limited and the entities it controlled during the period.
Neil Smith
Director
BDO Audit (WA) Pty Ltd
Perth, 29 September 2017
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
Oklo Resources Limited and its Controlled Entities
Page 38
2017 Annual Report
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2017 38
38
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2017
AUDITOR’S INDEPENDENCE DECLARATION
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2017
Note
2017
$
2016
$
8.1
1.1
1.2
Continuing Operations
Other income
Employee benefits expense
Share based payments expense
Professional fee expense
Exploration expense
Legal expense
Administration expense
Investor relations expenses
Travel and accommodation expense
Occupancy expense
Foreign exchange
Loss on forward foreign exchange contracts
Loss 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
-
-
(342,925)
(588,609)
(94,000)
-
(1,407)
(180,087)
(148,742)
(109,294)
(33,980)
(137,495)
-
(1,636,539)
122,386
-
122,386
(1,514,153)
-
(1,514,153)
(1,514,153)
290,079
290,079
(1,224,074)
-
-
(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
(996,630)
-
(996,630)
(996,630)
798,332
798,332
(198,298)
Oklo Resources Limited and its Controlled Entities
Page 38
2017 Annual Report
Oklo Resources Limited and its Controlled Entities
Page 39
2017 Annual Report
39
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2017
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
AND OTHER COMPREHENSIVE INCOME (Cont.)
FOR THE YEAR ENDED 30 JUNE 2017
Loss attributable to:
Owners of the Company
Non-Controlling Interest
Total Comprehensive Loss attributable to:
Owners of the Company
Non-Controlling Interest
Note
2017
$
2016
$
8.4
8.4
(1,514,153)
-
(1,514,153)
290,079
-
(1,224,074)
(996,630)
-
(996,630)
798,332
-
(198,298)
Loss and diluted loss per share for loss attributable
to the ordinary equity holders of the company:
1.3
(0.006)
(0.007)
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 40
2017 Annual Report
40
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2017
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
AND OTHER COMPREHENSIVE INCOME (Cont.)
FOR THE YEAR ENDED 30 JUNE 2017
Loss attributable to:
Owners of the Company
Non-Controlling Interest
Total Comprehensive Loss attributable to:
Owners of the Company
Non-Controlling Interest
Note
2017
$
2016
$
8.4
8.4
(1,514,153)
(996,630)
(1,514,153)
(996,630)
290,079
798,332
-
-
-
-
(1,224,074)
(198,298)
Loss and diluted loss per share for loss attributable
to the ordinary equity holders of the company:
1.3
(0.006)
(0.007)
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2017
CURRENT ASSETS
Cash and cash equivalents
Trade and other receivables
2017
2016
Note
$
$
2.1
2.2
14,792,611
143,615
10,831,716
89,156
TOTAL CURRENT ASSETS
14,936,226
10,920,872
NON-CURRENT ASSETS
Property, plant and equipment
Exploration and evaluation expenditure
3.1
3.2
299,688
19,042,353
60,997
11,823,632
19,342,041
11,884,629
The above Consolidated Statement of Profit or Loss and Other Comprehensive Income should be read in
TOTAL ASSETS
34,278,267
22,805,501
conjunction with the accompanying notes
CURRENT LIABILITIES
Trade and other payables
Derivative Liability
TOTAL LIABILITIES
NET ASSETS
EQUITY
Contributed equity
Reserves
Accumulated losses
Non-controlling interest
TOTAL EQUITY
2.3
5.1
1,140,631
-
466,251
121,774
1,140,631
588,025
1,140,631
588,025
33,137,636
22,217,476
4.1
4.2
8.4
45,499,491
2,074,886
(14,436,741)
-
34,080,133
1,059,931
(12,922,588)
-
33,137,636
22,217,476
The above Consolidated Statement of Financial Position should be read in conjunction with the
accompanying notes.
Oklo Resources Limited and its Controlled Entities
Page 40
2017 Annual Report
Oklo Resources Limited and its Controlled Entities
Page 41
2017 Annual Report
41
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2017
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T
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2017
CONSOLIDATED STATEMENT OF CASHFLOWS
FOR THE YEAR ENDED 30 JUNE 2017
CASH FLOW FROM OPERATING ACTIVITIES
Payments to suppliers and employees
Interest received
Note
2017
2016
$
$
(1,234,153)
122,386
(701,397)
24,382
Net cash outflow in operating activities
2.1
(1,111,767)
(677,015)
CASH FLOW FROM INVESTING ACTIVITIES
Payment for security deposit
Payments for exploration
Payments for plant and equipment
(19,140)
(5,790,604)
(270,283)
-
(2,056,365)
(22,074)
Net cash outflow in investing activities
(6,080,027)
(2,078,439)
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from share issues (net of share issue costs)
Net cash provided by financing activities
11,395,470
11,395,470
12,721,467
12,721,467
Net increase in cash held
4,203,676
9,966,013
Cash at beginning of the year
10,831,716
871,871
Foreign exchange variances on cash
(242,781)
(6,168)
Cash at end of the year
2.1
14,792,611
10,831,716
The above Consolidated Statement of Cash Flows should be read in conjunction with the accompanying
notes.
Oklo Resources Limited and its Controlled Entities
Page 44
2017 Annual Report
44
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2017
CONSOLIDATED STATEMENT OF CASHFLOWS
FOR THE YEAR ENDED 30 JUNE 2017
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017
CASH FLOW FROM OPERATING ACTIVITIES
Payments to suppliers and employees
Interest received
CASH FLOW FROM INVESTING ACTIVITIES
Payment for security deposit
Payments for exploration
Payments for plant and equipment
Note
2017
2016
$
$
(1,234,153)
122,386
(701,397)
24,382
(19,140)
(5,790,604)
(270,283)
-
(2,056,365)
(22,074)
Net cash outflow in operating activities
2.1
(1,111,767)
(677,015)
Net cash outflow in investing activities
(6,080,027)
(2,078,439)
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from share issues (net of share issue costs)
Net cash provided by financing activities
11,395,470
11,395,470
12,721,467
12,721,467
Net increase in cash held
4,203,676
9,966,013
Cash at beginning of the year
10,831,716
871,871
Foreign exchange variances on cash
(242,781)
(6,168)
Cash at end of the year
2.1
14,792,611
10,831,716
The above Consolidated Statement of Cash Flows should be read in conjunction with the accompanying
notes.
ABOUT THIS REPORT
Oklo Resources Limited is a company limited by shares incorporated and domiciled in Australia whose
shares are publicly traded on the Australian Securities Exchange. The nature of the operations and
principal activities of the Group are described in the directors' report.
The financial report of Oklo Resources Limited (the Company) and its subsidiaries (collectively, the Group)
for the year ended 30 June 2017 was authorised for issue in accordance with a resolution of the Directors
on 29 September 2017.
Basis of preparation
This financial report is a general purpose financial report, prepared by a for-profit entity, which:
Has been prepared in accordance with the requirements of the Corporations Act 2001, Australian
Accounting Standards and other authoritative pronouncements of the Australian Accounting
Standards Board (AASB) and International Financial Reporting Standards (IFRS) as issued by the
International Accounting Standards Board (IASB);
Has been prepared on a historical cost basis, as modified by the revaluation of available-for-sale
financial assets, financial assets and liabilities (including derivative instruments) at fair value
through profit or loss and certain classes of property, plant and equipment;
Is presented in Australian dollars with values rounded to the nearest thousand dollars or in
certain cases, the nearest dollar, in accordance with the Australian Securities and Investments
Commission "ASIC Corporation Legislative Instrument 2016/191";
Presents comparative information where required for consistency with the current year's
presentation;
Adopts all new and amended Accounting Standards and Interpretations issued by the AASB that
are relevant to the operations of the Group and effective for reporting periods beginning on or
after 1 July 2016; and
Does not early adopt Accounting Standards and Interpretations that have been issued or
amended but are not yet effective with the exception of AASB 9 Financial Instruments (December
2010) as amended by 2013-0 (AASB 9 (2013)) including consequential amendments to other
standards which was adopted on 1 July 2016.
This financial report has been re-designed with the aim of streamlining and improving readability. The
notes to the consolidated financial statements have been organised into logical groupings to help users
find and understand the information. Where possible, related information has been provided in the same
note.
Oklo Resources Limited and its Controlled Entities
Page 44
2017 Annual Report
Oklo Resources Limited and its Controlled Entities
Page 45
2017 Annual Report
45
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2017
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017
Key estimates and judgements
In the process of applying the Group's accounting policies, management has made a number of
judgements and applied estimates of future events. The areas involving a higher degree of judgement or
complexity, or areas where assumptions and estimates are significant to the financial statements, are
disclosed in the following notes:
Note 1.2 Income tax expense
Note 3.1 Property, plant and equipment
Note 3.2 Exploration and evaluation expenditure
Note 8.1 Share-based payments
Basis of consolidation
The consolidated financial statements comprise the financial statements of the Group. A list of controlled
entities (subsidiaries) at year end is contained in Note 6.1.
The financial statements of subsidiaries are prepared for the same reporting period as the parent entity,
using consistent accounting policies.
In preparing the consolidated financial statements, all inter-company balances and transactions, income
and expenses and profit or losses resulting from intra-Group transactions have been eliminated.
Subsidiaries are consolidated from the date on which control is obtained to the date on which control is
disposed. The acquisition of subsidiaries is accounted for using the acquisition method of accounting.
Oklo Resources Limited and its Controlled Entities
Page 46
2017 Annual Report
46
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2017
Key estimates and judgements
In the process of applying the Group's accounting policies, management has made a number of
judgements and applied estimates of future events. The areas involving a higher degree of judgement or
complexity, or areas where assumptions and estimates are significant to the financial statements, are
disclosed in the following notes:
Note 1.2 Income tax expense
Note 3.1 Property, plant and equipment
Note 3.2 Exploration and evaluation expenditure
Note 8.1 Share-based payments
Basis of consolidation
The consolidated financial statements comprise the financial statements of the Group. A list of controlled
entities (subsidiaries) at year end is contained in Note 6.1.
The financial statements of subsidiaries are prepared for the same reporting period as the parent entity,
using consistent accounting policies.
In preparing the consolidated financial statements, all inter-company balances and transactions, income
and expenses and profit or losses resulting from intra-Group transactions have been eliminated.
Subsidiaries are consolidated from the date on which control is obtained to the date on which control is
disposed. The acquisition of subsidiaries is accounted for using the acquisition method of accounting.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017
CONTENTS OF THE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
PAGE
1. FINANCIAL PERFORMANCE
1.1. FINANCE INCOME
1.2. INCOME TAX
1.3. LOSS PER SHARE
1.4. SEGMENT INFORMATION
2. WORKING CAPITAL PROVISIONS
2.1. CASH AND CASH EQUIVALENTS
2.2. TRADE AND OTHER RECEIVABLES
2.3. TRADE AND OTHER PAYABLES
3.
INVESTED CAPITAL
3.1. PROPERTY, PLANT AND EQUIPMENT
3.2. EXPLORATION AND EVALUATION
4. CAPITAL STRUCTURE AND FINANCING ACTIVITIES
4.1. CONTRIBUTED EQUITY
4.2. RESERVES
5. RISK
5.1. DERIVATIVES
5.2. FINANCIAL RISK MANAGEMENT
6. GROUP STRUCTURE
6.1. SUBSIDIARIES
7. UNRECOGNISED ITEMS
7.1. COMMITMENTS AND CONTINGENCIES
7.2. EVENTS OCCURRING AFTER THE REPORTING PERIOD
8. OTHER INFORMATION
8.1. SHARE-BASED PAYMENTS
8.2. RELATED PARTY TRANSACTIONS
8.3. PARENT ENTITY FINANCIAL INFORMATION
8.4. NON-CONTROLLING INTERESTS INSUBSIDIARY
8.5. REMUNERATION OF AUDITIORS
8.6. OTHER ACCOUNTING POLICIES
48
48
48
50
51
52
52
53
53
54
54
55
56
56
58
58
58
59
65
65
65
65
66
67
67
71
72
73
74
74
Oklo Resources Limited and its Controlled Entities
Page 46
2017 Annual Report
Oklo Resources Limited and its Controlled Entities
Page 47
2017 Annual Report
47
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2017
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017
1. FINANCIAL PERFORMANCE
1.1. FINANCE INCOME
Interest revenue
2017
$
122,386
2016
$
24,382
Accounting Policy
Interest revenue
Interest revenue is recognised on a time proportionate basis that takes into account the effective
yield on the financial asset.
1.2. INCOME TAX
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:
2017
$
2016
$
-
-
-
-
-
-
Accounting loss before taxation
(1,514,153)
(996,630)
Tax on loss at standard rate at 27.5% (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
(416,392)
274,882
(49,773)
191,283
-
49,773
-
2,365,970
2,415,743
(298,989)
44,807
73,157
181,025
-
73,157
-
2,572,075
2,645,232
The recoupment of tax losses carried forward as at 30 June 2017 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 48
2017 Annual Report
48
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2017
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017
Interest revenue is recognised on a time proportionate basis that takes into account the effective
1. FINANCIAL PERFORMANCE
1.1. FINANCE INCOME
Interest revenue
Accounting Policy
Interest revenue
yield on the financial asset.
1.2. INCOME TAX
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:
Tax on loss at standard rate at 27.5% (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
2017
$
122,386
2016
$
24,382
2017
$
2016
$
-
-
-
-
-
-
-
-
-
-
(416,392)
274,882
(49,773)
191,283
(298,989)
44,807
73,157
181,025
49,773
73,157
2,365,970
2,415,743
2,572,075
2,645,232
Accounting loss before taxation
(1,514,153)
(996,630)
The recoupment of tax losses carried forward as at 30 June 2017 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.
Accounting policy
Current tax
Current tax is calculated by reference to the amount of income taxes payable or recoverable in
respect of the taxable profit or tax loss for the period. It is calculated using tax rates and tax laws
that have been enacted or substantively enacted by reporting date. Current tax for current and
prior periods is recognised as a liability (or asset) to the extent that it is unpaid (or refundable).
Deferred tax
Deferred tax is accounted for using the comprehensive liability method in respect of temporary
differences arising from differences between the carrying amount of assets and liabilities in the
financial statements and the corresponding tax base of those items.
In principle, deferred tax liabilities are recognised for all taxable temporary differences. Deferred
tax assets are recognised to the extent that it is probable that sufficient taxable amounts will be
available against which deductible temporary differences or unused tax losses and tax offsets
can be utilised. However, deferred tax assets and liabilities are not recognised if the temporary
differences giving rise to them arise from the initial recognition of assets and liabilities (other
than as a result of a business combination) which affects neither taxable income nor accounting
profit. Furthermore, a deferred tax liability is not recognised in relation to taxable temporary
differences arising from goodwill.
Deferred tax liabilities are recognised for taxable temporary differences arising on investments
in subsidiaries, branches, associates and joint ventures except where the consolidated entity is
able to control the reversal of the temporary differences and it is probable that the temporary
differences will not reverse in the foreseeable future. Deferred tax assets arising from deductible
temporary differences associated with these investments and interests are only recognised to
the extent that it is probable that there will be sufficient taxable profits against which to utilise
the benefits of the temporary differences and they are expected to reverse in the foreseeable
future.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to
the period(s) when the asset and liability giving rise to them are realised or settled, based on tax
rates (and tax laws) that have been enacted or substantively enacted by reporting date. The
measurement of deferred tax liabilities and assets reflects the tax consequences that would
follow from the manner in which the consolidated entity expects, at the reporting date, to
recover or settle the carrying amount of its assets and liabilities.
Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same
taxation authority and the company intends to settle its current tax assets and liabilities on a
net basis.
Current and deferred tax for the year
Current and deferred tax is recognised as an expense or income in the profit or 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.
Oklo Resources Limited and its Controlled Entities
Page 48
2017 Annual Report
Oklo Resources Limited and its Controlled Entities
Page 49
2017 Annual Report
49
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2017
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017
1.3. LOSS PER SHARE
Basic loss per share – cents per share
The following reflects the loss and share data
used in the calculations of basic loss per share
and diluted loss per share:
Net loss
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:
2017
(0.006)
2016
(0.007)
$ (1,514,153)
$ (996,630)
246,786,310
150,046,167
N/A
N/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 2017 as potential ordinary
shares. As at 30 June 2017, the company has on issue 23,297,825 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.
Conversions, calls, subscriptions or issues after 30 June 2017
There have not been any conversions, calls, subscriptions or other share issues after 30 June 2017,
other than:
a) The issue of 16,637,274 shares from the exercise of options with an expiry date of 30 June
2017; and
b) The issue of 540,000 shares from the exercise of options with an expiry date of 22 September
2017
Refer Note 7.2 for further details.
Accounting Policy
Loss 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
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50
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2017
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017
1.3. LOSS PER SHARE
1.4. SEGMENT INFORMATION
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.
At 30 June 2017 the segment information reported was analysed on the basis of geographical
Region (Australia and Mali). During the year to 30 June 2017, the Group’s management reporting
has remained unchanged. Management has determined that the Company has two reportable
segments, being mineral exploration in Mali and operations 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.
N/A
N/A
The following is an analysis of the Group’s revenue and results by reportable segment:
Segment revenue
Exploration expense
Segment result
Other Expenses
Net Finance Income
Loss before tax
Australia
2017
$
2016
$
Mali
2017
$
-
-
-
-
-
-
-
-
-
-
-
Group
2016
$
-
(464)
(464)
2017
$
-
-
2016
$
-
(464)
(464)
(1,636,539)
122,386
(1,514,153)
(1,020,506)
24,340
(996,630)
b) The issue of 540,000 shares from the exercise of options with an expiry date of 22 September
The following is an analysis of the Group’s assets by reportable operating segment:
Segment
assets
Australia
Mali
Total assets
30 June
2017
30 June 2016
$
14,742,535
19,535,732
34,278,267
$
10,860,631
11,944,870
22,805,501
The following is an analysis of the Group’s liabilities by reportable operating segment:
Segment liabilities
Australia
Mali
Total liabilities
30 June 2017
$
30 June 2016
$
91,138
1,049,493
1,140,631
395,154
192,871
588,025
2017
(0.006)
2016
(0.007)
$ (1,514,153)
$ (996,630)
Basic loss per share – cents per share
The following reflects the loss and share data
used in the calculations of basic loss per share
and diluted loss per share:
Net loss
Weighted average number of shares
outstanding:
Weighted average number of ordinary shares
Weighted average number of ordinary shares
used in calculating diluted earnings per share:
used in calculating basic earnings per share:
246,786,310
150,046,167
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 2017 as potential ordinary
shares. As at 30 June 2017, the company has on issue 23,297,825 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.
Conversions, calls, subscriptions or issues after 30 June 2017
There have not been any conversions, calls, subscriptions or other share issues after 30 June 2017,
a) The issue of 16,637,274 shares from the exercise of options with an expiry date of 30 June
other than:
2017; and
2017
Accounting Policy
Loss per share
Refer Note 7.2 for further details.
shares outstanding during the year.
Diluted 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
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
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51
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2017
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017
2. WORKING CAPITAL PROVISIONS
2.1. CASH AND CASH EQUIVALENTS
Cash at bank
Term Deposit (short term)
Total Cash at bank
Reconciliation of Loss after Income Tax to net cash
flows from operating activities:
Loss after income tax
Non-cash flows from continuing operations:
Foreign exchange movements
Exploration expenditure written-off
Shares based payments
Loss on forward foreign exchange contracts
Changes in assets and liabilities:
(Increase) / decrease in receivables
Increase / (decrease) in payables
Note
2017
$
2016
$
14,792,611
-
14,792,611
5.2
7,831,716
3,000,000
10,831,716
(1,514,153)
(996,630)
-
-
588,609
(121,774)
8,520
464
140,322
121,774
3,164
(67,613)
(62,313)
110,848
Net cash (used in)/generated by operating activities
(1,111,767)
(677,015)
Accounting Policy
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.
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 4.2 and, as it
relates to share-based payments, Note 8.1.
Oklo Resources Limited and its Controlled Entities
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52
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2017
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017
2. WORKING CAPITAL PROVISIONS
2.1. CASH AND CASH EQUIVALENTS
Cash at bank
Term Deposit (short term)
Total Cash at bank
Reconciliation of Loss after Income Tax to net cash
flows from operating activities:
Loss after income tax
Non-cash flows from continuing operations:
Foreign exchange movements
Exploration expenditure written-off
Shares based payments
Loss on forward foreign exchange contracts
Changes in assets and liabilities:
(Increase) / decrease in receivables
Increase / (decrease) in payables
Note
2017
$
14,792,611
5.2
14,792,611
2016
$
7,831,716
3,000,000
10,831,716
-
-
-
(1,514,153)
(996,630)
588,609
(121,774)
8,520
464
140,322
121,774
3,164
(67,613)
(62,313)
110,848
Net cash (used in)/generated by operating activities
(1,111,767)
(677,015)
For the purpose of the statement of cash flows, cash includes cash on hand and in banks and at call
Accounting Policy
deposits with banks or financial institutions.
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 4.2 and, as it
relates to share-based payments, Note 8.1.
2.2. TRADE AND OTHER RECEIVABLES
Current
Other debtors
Security deposit
Note
5.2
2017
$
124,475
19,140
143,615
2016
$
89,156
-
89,156
Accounting Policy
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 profit or loss and other comprehensive income.
2.3. TRADE AND OTHER PAYABLES
Current
Trade payables
Sundry payables and accrued expenses
2017
$
956,371
184,260
1,140,631
2016
$
258,934
207,317
466,251
Accounting Policy
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.
Oklo Resources Limited and its Controlled Entities
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53
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2017
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017
3.
INVESTED CAPITAL
3.1. PROPERTY, PLANT AND EQUIPMENT
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
Motor Vehicles
$
9,680
-
-
(9,197)
(483)
-
$
43,311
Movements in carrying amounts
2017
Opening net book value
Additions
Disposals
Depreciation capitalised to
exploration and evaluation asset
Exchange differences
Balance at 30 June 2017
2016
Opening net book value
Additions
Disposals
Depreciation capitalised to
exploration and evaluation asset
Exchange differences
Balance at 30 June 2016
Office and field
equipment
$
27,107
137,237
-
(16,824)
3,888
151,408
$
26,623
22,074
-
(22,423)
833
27,107
-
-
-
-
(35,767)
2,136
9,680
(2,613)
864
24,210
2017
$
334,741
(183,333)
151,408
292,372
(292,372)
-
172,863
(24,583)
148,280
299,688
Land and
Buildings
$
24,210
133,053
-
(13,008)
4,025
148,280
$
25,959
2016
$
193,616
(166,509)
27,107
292,372
(282,692)
9,680
35,785
(11,575)
24,210
60,997
Total
$
60,997
270,290
-
(39,029)
7,430
299,688
$
95,893
22,074
-
(60,803)
3,833
60,997
Accounting Policy
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
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54
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2017
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017
Total property, plant & equipment – written down value
Movements in carrying amounts
Office and field
equipment
Motor Vehicles
3.
INVESTED CAPITAL
3.1. PROPERTY, PLANT AND EQUIPMENT
Office and field equipment:
At cost
Accumulated depreciation
Motor vehicles
At cost
Accumulated depreciation
Land and buildings:
At cost
Accumulated depreciation
Depreciation capitalised to
exploration and evaluation asset
(16,824)
Opening net book value
2017
Additions
Disposals
Exchange differences
Balance at 30 June 2017
2016
Opening net book value
Additions
Disposals
Depreciation capitalised to
exploration and evaluation asset
(22,423)
27,107
137,237
$
-
3,888
151,408
$
26,623
22,074
-
833
27,107
Exchange differences
Balance at 30 June 2016
Accounting Policy
Depreciation
2017
$
334,741
(183,333)
151,408
292,372
(292,372)
-
172,863
(24,583)
148,280
299,688
Land and
Buildings
24,210
133,053
$
-
(13,008)
4,025
148,280
9,680
(9,197)
(483)
$
-
-
-
-
-
$
43,311
$
25,959
-
-
(35,767)
2,136
9,680
(2,613)
864
24,210
2016
$
193,616
(166,509)
27,107
292,372
(282,692)
9,680
35,785
(11,575)
24,210
60,997
Total
60,997
270,290
$
-
(39,029)
7,430
299,688
$
95,893
22,074
-
(60,803)
3,833
60,997
Each class of property, including land, buildings, plant and equipment is carried at cost less, where
applicable, any accumulated depreciation.
Depreciation is provided on a straight line basis on all property, plant and equipment, other than
freehold land. This is done over the useful lives of the asset to the Company commencing from the time
the asset is held ready for use.
The depreciation periods used for each class of depreciable assets are:
Class of fixed asset
Plant and equipment
Software
Office equipment
Motor vehicles
Buildings
Depreciation period
5 years
3 years
5 years
5 years
10 years
3.2. EXPLORATION AND EVALUATION
At written down value
Opening net book amount
Additions
Foreign exchange differences
Closing net book amount
Note
8.1
2017
$
2016
$
19,042,353
11,935,780
11,823,632
6,941,257
277,464
19,042,353
9,128,431
2,467,738
227,463
11,823,632
The Group has recognised an impairment of $Nil (2016: Nil) with respect to the carrying value of
capitalised exploration and evaluation expenditure.
Accounting Policy
Exploration and evaluation expenditures in relation to separate areas of interest are capitalised in the
year in which they are incurred and are carried at cost less accumulated impairment losses where the
following conditions are satisfied:
i)
ii)
rights to tenure of the area of interest are current; and
at least one of the following conditions is also met:
a) the exploration and evaluation expenditures are expected to be recouped through
successful development and exploration of the area of interest, or alternatively by its
sale; or
b) exploration and evaluation activities in the area of interest have not at the reporting
date reached a stage which permits a reasonable assessment of the existence or
otherwise of economically recoverable reserves and active and significant operations
in, or in relation to the area of interest are continuing.
Capitalised exploration costs are reviewed each reporting date to test whether an indication of
impairment exists. If any such indication exists, the recoverable amount of the capitalised exploration
costs is estimated to determine the extent of the impairment loss (if any). Where an impairment loss
subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its
recoverable amount, but only to the extent that the increased carrying amount does not exceed the
carrying amount that would have been determined had no impairment loss been recognised for the
asset in previous years.
Oklo Resources Limited and its Controlled Entities
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Oklo Resources Limited and its Controlled Entities
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55
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2017
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017
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.
4. CAPITAL STRUCTURE AND FINANCING ACTIVITIES
4.1. CONTRIBUTED EQUITY
(a) Issued and paid up capital
Fully paid ordinary shares
2017
$
2016
$
45,499,491
34,080,133
Number of
shares
Number of
shares
2017
2016
2017
$
2016
$
(b) Movements in shares on issue
Beginning of the year
Issued during the year (i)
Issued during the year (ii)
Issued during the year (iii)
Issued during the year (iv)
Issued during the year (v)
Issued during the year (vi)
Transaction costs on issue
End of the year
240,513,840 113,597,173
- 126,916,667
-
-
349,600
468,950
1,000,000
36,199,859
-
-
6,695,987
44,714,396 126,916,667
-
-
285,228,236 240,513,840
34,080,133
-
34,960
46,895
200,000
8,687,966
2,916,658
11,886,479
(467,121)
45,499,491
21,740,846
13,357,466
-
-
-
-
-
13,357,466
(1,198,180)
34,080,133
(i)
(ii)
(iii)
(iv)
(v)
(vi)
Refer to 30 June 2016 annual report for details of these transactions.
Exercise of options in December 2016. These options had an exercise price of 10c per share
and an expiry date of 20 December 2016.
Exercise of options in February 2017. These options had an exercise price of 10c per share
and an expiry date of 12 February 2017.
Exercise of options in May 2017. These options had an exercise price of 20c per share and an
expiry date of 4 May 2017.
Issue of shares in May 2017 pursuant to a placement. The Placement was for a total of
$8.7 million at an issue price of 24 cents per share.
Exercise of options in May and June 2017. These options had an exercise price of 12.5c per
share and an expiry date of 30 June 2017. A total of 6,695,987 were issued prior to 30 June
2017 and are included in the number of shares above, and 16,637,274 were issued
subsequent to reporting date on 7 July 2017. Refer note 7.2.
Oklo Resources Limited and its Controlled Entities
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OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2017
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017
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.
4. CAPITAL STRUCTURE AND FINANCING ACTIVITIES
4.1. CONTRIBUTED EQUITY
(a) Issued and paid up capital
Fully paid ordinary shares
2017
$
2016
$
45,499,491
34,080,133
Number of
Number of
shares
shares
2017
2016
2017
$
2016
$
(b) Movements in shares on issue
Beginning of the year
Issued during the year (i)
Issued during the year (ii)
Issued during the year (iii)
Issued during the year (iv)
Issued during the year (v)
Issued during the year (vi)
Transaction costs on issue
End of the year
240,513,840 113,597,173
34,080,133
- 126,916,667
21,740,846
13,357,466
349,600
468,950
1,000,000
36,199,859
6,695,987
-
34,960
46,895
200,000
8,687,966
2,916,658
-
-
-
-
-
44,714,396 126,916,667
11,886,479
-
(467,121)
285,228,236 240,513,840
45,499,491
13,357,466
(1,198,180)
34,080,133
-
-
-
-
-
(i)
(ii)
(iii)
(iv)
(v)
Refer to 30 June 2016 annual report for details of these transactions.
Exercise of options in December 2016. These options had an exercise price of 10c per share
and an expiry date of 20 December 2016.
and an expiry date of 12 February 2017.
expiry date of 4 May 2017.
Exercise of options in February 2017. These options had an exercise price of 10c per share
Exercise of options in May 2017. These options had an exercise price of 20c per share and an
Issue of shares in May 2017 pursuant to a placement. The Placement was for a total of
$8.7 million at an issue price of 24 cents per share.
(vi)
Exercise of options in May and June 2017. These options had an exercise price of 12.5c per
share and an expiry date of 30 June 2017. A total of 6,695,987 were issued prior to 30 June
2017 and are included in the number of shares above, and 16,637,274 were issued
subsequent to reporting date on 7 July 2017. Refer note 7.2.
(c) Terms and condition of contributed equity
Ordinary shares
Ordinary shares have the right to receive dividends as declared and in the event of the winding up of
the Company, to participate in the proceeds from the sale of all surplus assets in proportion to the
number of and amounts paid up on shares held. Ordinary shares entitle their holder to one vote, either
in person or by proxy, at a meeting of the Company.
(d) Share options
At 30 June 2017 there were 23,297,825 (2016: 44,931,100) unissued ordinary shares for which options
were outstanding.
Further details on movements in options is during the year are set out in Note 8.1.
(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.
Accounting Policy
Ordinary shares are classified as equity
Incremental costs directly attributable to the issue of new shares or options are shown in equity as a
deduction net of tax, from the proceeds. Incremental costs directly attributable to the issue of new
shares or options for the acquisition of a business are not included in the cost of acquisition as part of
the purchase consideration.
If the entity reacquires its own equity instruments, e.g. as the result of a share buyback, those
instruments are deducted from equity and the associated shares are cancelled. No gain or loss is
recognised in the profit or loss and the consideration paid including any directly attributable
incremental costs (net of income taxes) is recognised directly in equity.
Oklo Resources Limited and its Controlled Entities
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OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2017
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017
4.2. 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
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
Total reserves
2017
$
2016
$
(381,738)
(1,180,070)
290,079
(91,659)
798,332
(381,738)
1,441,669
695,944
-
588,609
136,267
2,166,455
387,982
140,322
217,421
1,441,669
2,074,886
1,059,931
The Foreign Currency Translation Reserve records exchange differences arising on the translation of
foreign controlled subsidiaries.
The Options reserve records items recognised as expenses in the profit or loss statement, share issue
expenses or capitalised as exploration expenditure on the issue of employee share options or in
respect of compensation for services rendered.
5. RISK
5.1. DERIVIATIVES
Derivative liability on outstanding foreign
Exchange contracts
2017
$
-
-
2016
$
121,774
121,774
Further information relating to derivative liabilities in included in Note 5.2.
Accounting Policy
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 5.2.
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.
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OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2017
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017
4.2. 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
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
Total reserves
2017
$
2016
$
(381,738)
(1,180,070)
290,079
(91,659)
798,332
(381,738)
1,441,669
695,944
-
588,609
136,267
2,166,455
387,982
140,322
217,421
1,441,669
2,074,886
1,059,931
The Foreign Currency Translation Reserve records exchange differences arising on the translation of
foreign controlled subsidiaries.
The Options reserve records items recognised as expenses in the profit or loss statement, share issue
expenses or capitalised as exploration expenditure on the issue of employee share options or in
respect of compensation for services rendered.
5. RISK
5.1. DERIVIATIVES
Derivative liability on outstanding foreign
Exchange contracts
2017
$
-
-
2016
$
121,774
121,774
Further information relating to derivative liabilities in included in Note 5.2.
Accounting Policy
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 5.2.
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.
5.2. FINANCIAL RISK MANAGEMENT
The Group attempts to mitigate risks that may affect its future performance through a process of
identifying, assessing, reporting and managing risks of corporate significance.
The board considers the principal risks of our business, particularly during the strategic planning and
budget processes.
The Group’s principal financial instruments comprise cash, short-term deposits and investments in
shares. The main purpose of these financial instruments is to fund the Group’s operations.
The Group has various other financial instruments such as trade debtors, trade creditors and borrowings,
which arise directly from its operations.
The main 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 $14,792,611
(2016: $10,831,716) 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 and other receivables
Counterparties without external credit ratings
Security and other deposits
Other
Cash at bank and short-term bank deposits
AAA
2017
$
-
19,140
124,475
143,615
2016
$
-
-
-
89,156
89,156
14,792,611
10,831,716
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017
(b) Cash flow interest rate risk
The Group’s exposure to the risks of changes in market interest rates relate to its cash deposits. All other
financial assets and liabilities in the form of receivables and payables are non-interest bearing. The
Company had external borrowings amounting to $Nil as at 30 June 2017 (2016: $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.
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
2017
%
Floating
Interest
Rate
2017
$
0.5%
12,304,129
-
-
0.5%
12,304,129
-
-
-
-
-
-
2017
Financial assets:
Cash at bank
Trade and other
receivables
Total financial
assets
Financial liabilities:
Trade and other
payables
Derivative liabilities
Total financial
liabilities
Fixed Interest Rate
Maturing
Within
1 Period
2017
$
1-5
Periods
2017
$
Non-Interest
Bearing
2017
$
Total
2017
$
-
-
-
-
-
-
-
-
-
-
-
-
2,488,482
14,792,611
143,615
143,615
2,632,097
14,936,226
1,140,631
1,140,631
-
-
1,140,631
1,140,631
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OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2017
(b) Cash flow interest rate risk
The Group’s exposure to the risks of changes in market interest rates relate to its cash deposits. All other
financial assets and liabilities in the form of receivables and payables are non-interest bearing. The
Company had external borrowings amounting to $Nil as at 30 June 2017 (2016: $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.
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
2017
%
Floating
Interest
Rate
2017
$
Fixed Interest Rate
Maturing
Within
1 Period
2017
$
1-5
Periods
2017
$
Non-Interest
Bearing
2017
$
Total
2017
$
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
143,615
143,615
1,140,631
1,140,631
-
-
1,140,631
1,140,631
2017
Financial assets:
Cash at bank
Trade and other
receivables
Total financial
assets
Financial liabilities:
Trade and other
payables
Derivative liabilities
Total financial
liabilities
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017
Weighted
Average
Effective
Interest
Rate
2016
%
Fixed Interest Rate
Maturing
Floating
Interest Rate
2016
$
Within
1 Period
2016
$
1-5
Periods
2016
$
Non-Interest
Bearing
2016
$
Total
2016
$
1.37%
7,400,379
3,000,000
-
1.37%
-
7,400,379
-
3,000,000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
431,337
10,831,716
89,156
520,493
89,156
10,920,872
466,251
121,774
466,251
121,774
588,025
588,025
2016
Financial assets:
Cash at bank
Trade and other
receivables
Total financial assets
Financial liabilities:
Trade and other
payables
Derivative liabilities
Total financial
liabilities
Sensitivity Analysis
0.5%
12,304,129
2,488,482
14,792,611
At the reporting date, the variable interest profile of the Group’s interest bearing financial instruments
were:
0.5%
12,304,129
2,632,097
14,936,226
Financial assets
2017
$
12,304,129
2016
$
7,400,379
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 or 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
2017
$
30,760
(30,760)
2016
$
18,501
(18,501)
(c) Liquidity risk
The Group’s objective is to match the terms of funding sources to the terms of the assets or operations
being financed. The Group aims to hold sufficient reserves of cash or cash equivalents to help manage
the fluctuations in working capital requirements and provide the flexibility for investment into long-
term assets without the need to raise debt.
Maturities of financial liabilities
The following tables analyse the Group’s and the parent entity’s financial liabilities into relevant
maturity groupings based on the remaining period at the reporting date to the contractual maturity
date. The amounts disclosed in the table are the contracted undiscounted cash flows.
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017
Group:
at 30 June 2017
Less than 6
months
$
6 – 12
months
$
Between
1 and 2
years
$
Between
2 and 5
years
$
Over 5
years
$
Total
contractual
cash flows
$
Carrying
amount
(assets)
/liabilities
Trade and other
payables
Derivative
Liabilities
Group:
at 30 June 2016
1,140,631
-
-
-
-
-
-
-
-
-
-
-
$
1,140,631
-
Less than 6
months
$
6 – 12
months
$
Between
1 and 2
years
$
Between
2 and 5
years
$
Trade and other
payables
Derivative
Liabilities
466,251
-
47,357
74,417
-
-
-
-
Over 5
years
$
-
-
Total
contractual
cash flows
$
Carrying
amount
(assets)
/liabilities
$
466,251
-
121,774
(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 did not enter into any new forward foreign
exchange contracts during the year.
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.
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OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2017
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017
Carrying
amount
(assets)
1,140,631
$
-
Group:
Less than 6
6 – 12
Between
Between
Over 5
Total
at 30 June 2017
months
months
1 and 2
2 and 5
years
contractual
$
years
years
cash flows
$
$
$
$
$
/liabilities
Trade and other
payables
Derivative
Liabilities
1,140,631
-
-
-
-
-
-
-
-
-
-
Group:
Less than 6
6 – 12
Between
Between
at 30 June 2016
months
months
1 and 2
2 and 5
Over 5
years
-
$
years
years
$
$
-
-
$
-
-
Total
contractual
cash flows
Carrying
amount
(assets)
$
/liabilities
$
466,251
-
121,774
$
-
-
Trade and other
payables
Derivative
Liabilities
466,251
-
47,357
74,417
(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 did not enter into any new forward foreign
exchange contracts during the year.
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
Liabilities
2017
2016
2017
2016
Euro/CFA
USD
252,276
3,214
206,882
137,754
1,001,709
39,073
70,966
190,112
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.
Euro
US Dollars
2017
2016
2017
2016
Financial Assets
+10% Appreciation
-10% Depreciation
Financial Liabilities*
+10% Appreciation
-10% Depreciation
(22,934)
28,031
(18,807)
22,987
91,064
(111,301)
6,451
(7,885)
(292)
357
3,552
(4,431)
(12,523)
15,306
17,292
(21,135)
* Note – the majority of the balance of financial liabilities relates to capitalised exploration
expenditure. Therefore, the variations in the balance as shown in the sensitivity analysis would not
impact the profit or loss, but rather the carrying value of the capitalised exploration expenditure.
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 or
loss statement. All forward foreign exchange contracts were settled during the year and as at 30 June
2017, there were no outstanding forward foreign exchange contracts.
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OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2017
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017
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
2017
2016
-
-
-
-
-
-
-
-
-
0.6410
0.6410
€950,000
€850,000
$1,417,790
$1,268,549
$(64,269)
$(57,505)
$(121,774)
(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.
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OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2017
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
(f) Fair value of financial instruments
Euro Contracts
2017
2016
-
-
-
-
-
-
-
-
-
0.6410
0.6410
€950,000
€850,000
$1,417,790
$1,268,549
$(64,269)
$(57,505)
$(121,774)
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.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017
The following table details the forward foreign currency contracts outstanding at the reporting date:
6. GROUP STRUCTURE
6.1. SUBSIDIARIES
The consolidated financial statements include the financial statements of the ultimate parent entity
Oklo Resources Limited and the subsidiaries listed in the following table:
Name of Entity
Oklo Resources Mali sarl
Kidal Mining sarl
Essouk Mining sarl
Tessalit Mining sarl
Telabit Mining sarl
Anefis Mining sarl
Adrar Mining sarl
Tedeini Mining sarl
Oklo Uranium Mali Limited
sarl
Socaf sarl
Compass Gold (BVI) Mali
Africa Mining sarl
Compass Gold sarl
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
2017
100%
100%
100%
100%
100%
100%
100%
100%
Republic of Mali
100%
Republic of Mali
British Virgin
Islands
Republic of Mali
Republic of Mali
75%
100%
100%
100%
Equity Interest
Investment of Parent
2016
100%
100%
100%
100%
100%
100%
100%
100%
100%
75%
2017
2,550
2,434
2,434
2,434
2,434
2,434
2,550
2,550
2,550
-
2016
2,550
2,434
2,434
2,434
2,434
2,434
2,434
2,434
2,550
-
100%
4,730,592
4,730,592
100%
100%
-
-
-
-
2017
$
2016
$
-
-
1,497,625
2,456,899
3,954,524
35,960
6,032
41,992
3,996,516
473,899
1,304,362
1,778,261
-
-
-
1,778,261
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.
7. UNRECOGNISED ITEMS
7.1. COMMITMENTS AND CONTINGENCIES
EXPENDITURE COMMITMENTS
(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
(c) Operating lease expenditure commitments
- Within one year
- Later than one year but not later than five years
Total all expenditure commitments
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65
Refer to Note 7.2(ii) for details of additional expenditure commitments arising subsequent to the end
of the reporting period.
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2017
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017
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. Pursuant to an agreement with the SOCAF
sarl founder, M. B Camara, an amount of FCFA 200,000,000 (approximately A$440,308) 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 former director, James Henderson (resigned as a director of
the Company on 24 August 2016), and Dr Madani Diallo (appointed a director of the Company on 29 July
2016).
Under the Malian Mining code, 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. This
contingency would only crystallise in the event the any of the current exploration licences are converted
into mining licences.
7.2. EVENTS OCCURING AFTER THE REPORTING PERIOD
Subsequent to reporting date:
i) On 7 July 2017, the Company issued a total of 16,337,274 fully paid ordinary shares from the
exercise of options that expired on 30 June 2017. The funds from the exercise of these options
totalling $2,079,659 options was all received as at 30 June 2017 and is included in the balance of
cash as at that date.
ii)
In August 2017, the Company’s subsidiaries Africa Mining sarl and SOCAF sarl were awarded new
licences covering the areas known as Dandoko (replaced with 2 licences Dandoko and Gombaly
covering the same area previously held), Yanfolila and Kolondieba (held by Africa Mining) and
Boutouguissi-Sud and Aourou (held by SOCAF sarl). These licences were renewed in the ordinary
course of licence management procedures. These licences all have an initial term of 3 years and
are able to be renewed twice for additional 2 year periods (Renewal Periods). Assuming the
licences are renewed for the two Renewal Periods, the final expiry date for these licences would
be August 2024. The licences all include expenditure commitments for the first three years. Total
expenditure commitments are $8,149,502, which is split between$1,357,366 in the first 12
months and $6,792,136 in the subsequent 2 years.
iii) On 18 September 2017, the Company issued a total of 540,000 fully paid ordinary shares from the
exercise of options that had an expiry date of 22 September 2017.
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.
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66
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2017
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. Pursuant to an agreement with the SOCAF
sarl founder, M. B Camara, an amount of FCFA 200,000,000 (approximately A$440,308) 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 former director, James Henderson (resigned as a director of
the Company on 24 August 2016), and Dr Madani Diallo (appointed a director of the Company on 29 July
2016).
Under the Malian Mining code, 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. This
contingency would only crystallise in the event the any of the current exploration licences are converted
into mining licences.
7.2. EVENTS OCCURING AFTER THE REPORTING PERIOD
Subsequent to reporting date:
i) On 7 July 2017, the Company issued a total of 16,337,274 fully paid ordinary shares from the
exercise of options that expired on 30 June 2017. The funds from the exercise of these options
totalling $2,079,659 options was all received as at 30 June 2017 and is included in the balance of
cash as at that date.
ii)
In August 2017, the Company’s subsidiaries Africa Mining sarl and SOCAF sarl were awarded new
licences covering the areas known as Dandoko (replaced with 2 licences Dandoko and Gombaly
covering the same area previously held), Yanfolila and Kolondieba (held by Africa Mining) and
Boutouguissi-Sud and Aourou (held by SOCAF sarl). These licences were renewed in the ordinary
course of licence management procedures. These licences all have an initial term of 3 years and
are able to be renewed twice for additional 2 year periods (Renewal Periods). Assuming the
licences are renewed for the two Renewal Periods, the final expiry date for these licences would
be August 2024. The licences all include expenditure commitments for the first three years. Total
expenditure commitments are $8,149,502, which is split between$1,357,366 in the first 12
months and $6,792,136 in the subsequent 2 years.
iii) On 18 September 2017, the Company issued a total of 540,000 fully paid ordinary shares from the
exercise of options that had an expiry date of 22 September 2017.
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.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017
8. OTHER INFORMATION
8.1. SHARE BASED PAYMENTS
(a) Recognised share based payment expenses
Expense recognised for director or key management
personnel services
Expense arising from equity settled share-based payment
transactions as costs of equity raising
Expense recognised for consulting services
Expense recognised for consulting services (capitalised as
exploration expenditure)
Note
2017
$
2016
$
588,609
90,010
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
(i)
(ii)
(iii)
Fair value of issue of Options to Lead Manager or
consultant for capital raising services
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
(iv)
(v)
24,119
112,148
-
136,267
724,876
-
-
136,267
724,876
414,311
126,035
48,263
588,609
-
-
-
-
387,982
50,312
217,420
745,724
90,010
-
-
90,010
387,982
387,982
50,312
50,312
13,660
2,513
201,247
217,420
745,724
Notes:
(i)
At a Meeting of Members held on 1 August 2016, members approved the issue of 3,500,000 options
to the directors with an expiry date of 11 August 2019 and an exercise price of $0.25. The options
have been valued using an option pricing model and have been given a fair value of $414,311, which
has been expensed. The values and inputs used in the option pricing model were as follows:
Options granted
Value per option
Life of options
Risk free rate
Volatility
3,500,000
$0.11837
36 months
1.75%
85%
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017
(ii)
At a Meeting of Members held on 1 August 2016, members approved the issue of 1,500,000
options to the managing director. These options have a vesting period of 12 months, a strike price
of $0.30 and expiry date of 11 August 2020. The options have been valued using an option pricing
model and have been given a total market value of $141,984, of which $126,035 has been expensed
in the current financial year. Assuming the vesting conditions are met, a further $15,949 will be
expensed in the year ended 30 June 2018. 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
$0.09466
12 months vesting and then 36 months
1.75%
85%
25%
(iii)
At a Meeting of Members held on 28 November 2016, members approved the issue of 1,000,000
options to the Chairman with an expiry date of 22 December 2019 and an exercise price of $0.20.
The options have been valued using an option pricing model and have been given a fair value of
$48,263, 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
$0.04826
36 months
1.50%
85%
(iv)
On 2 November 2016, the Company issued a total of 250,000 Options to a consultant as part of the
Employee Option Plan. The options have a strike price of $0.20 and expiry date of 2 November
2019. The options have been valued using an option pricing model and have been given a total
market value of $24,119 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
250,000
$0.09647
36 months
1.50%
100%
(v)
On 17 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 was booked as a cost of exploration and evaluation expenditure in the year ended 30 June
2016 and $112,148 recognised during current financial year. Details of the values and inputs used
in the option pricing model are set out in the 30 June 2016 annual report.
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017
(ii)
At a Meeting of Members held on 1 August 2016, members approved the issue of 1,500,000
(b)
Summary of Options Granted
2017
2016
Number of
Options
Weighted
Average
Exercise Price
Number of
Options
Weighted
Average
Exercise Price
$0.14
$0.17
-
-
-
-
-
-
-
-
-
-
-
$0.16
$0.15
10,947,775
33,983,325
-
-
-
-
-
-
-
-
-
-
-
44,931,100
43,431,100
Outstanding at beginning of year
Net issued year ending 2016 (i)
Issue (ii)
Issue (iii)
Issue (iv)
Issue (v)
Exercised (vi)
Lapsed (vi)
Lapsed (vii)
Exercised (viii)
Exercised (ix)
Exercised (x)
Lapsed (x)
Outstanding at end of the year
Exercisable at end of the year
44,931,100
$0.16
3,500,000
1,500,000
250,000
1,000,000
(349,600)
(231,400)
(2,500,000)
(468,950)
(1,000,000)
(23,333,261)
(64)
23,297,825
21,797,825
$0.25
$0.30
$0.20
$0.20
($0.10)
($0.10)
($0.20)
($0.10)
($0.20)
($0.125)
($0.125)
$0.20
$0.20
options to the managing director. These options have a vesting period of 12 months, a strike price
of $0.30 and expiry date of 11 August 2020. The options have been valued using an option pricing
model and have been given a total market value of $141,984, of which $126,035 has been expensed
in the current financial year. Assuming the vesting conditions are met, a further $15,949 will be
expensed in the year ended 30 June 2018. 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
$0.09466
1.75%
85%
25%
12 months vesting and then 36 months
(iii)
At a Meeting of Members held on 28 November 2016, members approved the issue of 1,000,000
options to the Chairman with an expiry date of 22 December 2019 and an exercise price of $0.20.
The options have been valued using an option pricing model and have been given a fair value of
$48,263, 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
$0.04826
36 months
1.50%
85%
Options granted
Value per option
Life of options
Risk free rate
Volatility
250,000
$0.09647
36 months
1.50%
100%
(iv)
On 2 November 2016, the Company issued a total of 250,000 Options to a consultant as part of the
Employee Option Plan. The options have a strike price of $0.20 and expiry date of 2 November
2019. The options have been valued using an option pricing model and have been given a total
market value of $24,119 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:
(v)
On 17 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 was booked as a cost of exploration and evaluation expenditure in the year ended 30 June
2016 and $112,148 recognised during current financial year. Details of the values and inputs used
in the option pricing model are set out in the 30 June 2016 annual report.
(i)
(ii)
(iii)
(iv)
(v)
(vi)
(vii)
(viii)
(ix)
(x)
Refer to 30 June 2016 annual report for details of issues.
In August 2016, the Company issued 3,500,000 unlisted options with an exercise price of $0.25
as share based remuneration to the Directors of the Company.
In August 2016, the Company issued 1,500,000 unlisted options with an exercise price of $0.30
as share based remuneration to a Director of the Company.
In November 2016, the Company issued 250,000 unlisted options with an exercise price of $0.20
to a l consultant of the Company as part of the Employee Option Plan.
In December 2016, the Company issued 1,000,000 unlisted options with an exercise price of
$0.20 as share based remuneration to a Director of the Company.
In December 2016, 349,600 options with an exercise price of $0.10 per share and an expiry date
of 20 December 2016 were exercised. 231,400 of the same class of options lapsed unexercised
at the same time.
In December 2016, 2,500,000 options with an exercise price of $0.20 per share and an expiry
date of 31 December 2016 lapsed unexercised.
In February 2017, 468,950 options with an exercise price of $0.10 per share and an expiry date
of 12 February 2017 were exercised.
In May 2017, 1,000,000 options with an exercise price of $0.20 per share and an expiry date of
4 May 2017 were exercised.
In May and June 2017, 23, 333,261 options with an exercise price of $0.125 per share and an
expiry date of 30 June 2017 were exercised. 64 of the same class of options lapsed unexercised
at the same time
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017
(c) Weighted average remaining contractual life
The weighted average remaining contractual life of the share options outstanding as at 30 June 2017 is
1.60 years (2016: 1.74 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 (2016: $0.10
to $0.30).
(e) Weighted fair average value
The weighted fair average value of options granted during the year was $0.07 per option (2016: $0.07).
(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.
Accounting Policy
Equity-settled and cash-settled share-based compensation benefits are provided to employees.
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.
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017
(c) Weighted average remaining contractual life
The weighted average remaining contractual life of the share options outstanding as at 30 June 2017 is
8.2. RELATED PARTY TRANSACTIONS
The range of exercise prices for options outstanding at the end of the year is $0.10 to $0.30 (2016: $0.10
1.60 years (2016: 1.74 years).
(d) Range of exercise prices
to $0.30).
(e) Weighted fair average value
Directors and other key management personnel
The directors of Oklo Resources Limited during the financial year were:
- Mr. Michael Fotios - Chairman (Appointed 29 July 2017)
- Mr Simon Taylor - Managing Director
- Dr Madani Diallo - Executive Director (Appointed 29 July 2016
- Mr Jeremy Bond - Non-executive Director (Resigned 28 November 2016)
- Mr. James Henderson - Chairman to 29 July 2017, Non-Executive Director from 29 July 2016
The weighted fair average value of options granted during the year was $0.07 per option (2016: $0.07).
(resigned 24 August 2016)
- Mr Simon O’Loughlin (Appointed 15 October 2015, Resigned 29 July 2016)
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
(f) Share option plan
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.
Accounting Policy
Options issued to directors are not issued under the Scheme but are subject to approval by shareholders.
Equity-settled and cash-settled share-based compensation benefits are provided to employees.
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.
Other key management personnel consisted of:
- Mr Andrew Boyd – General Manager - Exploration
Compensation of key management personnel
Short-term employee benefits
Post-employment benefits
Share-based payments
Other transactions with key management personnel
Amounts recognised as expense
Director and consulting fees (i)
Capital raising Fees
Legal Fees
Office rent and costs
2017
$
723,056
1,425
588,608
1,313,089
2016
$
$
322,250
4,987
90,010
417,247
2017
$
341,500
-
-
2,080
343,580
2016
$
269,7501
20,000
3,388
28,200
321,338
(i) This amount is included in key management personnel remuneration.
Amounts recognised as exploration expenditure
Director fees (ii)
Consulting fees (ii)
Geological Consulting Fees
168,178
213,378
79,128
460,684
-
-
-
-
(ii) These amounts are included in key management personnel remuneration.
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OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2017
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017
8.3. PARENT ENTITY FINANCIAL INFORMATION
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 loss
Contingent liabilities
Contractual commitments:
Operating lease
Mineral properties
Total contractual commitments
2017
$
2016
$
14,742,535
17,315,184
32,057,719
10,860,630
10,861,774
21,722,404
212,534
-
212,534
395,154
-
395,154
45,499,491
(15,820,851)
2,166,545
31,845,185
34,080,132
(14,307,162)
1,553,817
21,327,250
(1,514,153)
-
(1,514,153)
(996,166)
-
(996,166)
-
41,992
-
41,992
-
-
-
-
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OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2017
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017
8.4. 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
Loss before income tax expense
Income tax expense
Loss after income tax expense
Other comprehensive income
Total comprehensive income
SOCAF sarl
2017
$
35,841
165,656
201,497
277
427,448
427,725
2016
$
6,659
1,293
7,952
337
743,966
744,303
(226,228)
(736,351)
-
-
-
-
-
-
-
-
(2,502,297)
(2,502,297)
-
(2,502,297)
-
(2,502,297)
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
-
(100,161)
112,182
12,021
-
(263,674)
249,526
(14,148)
Other financial information
Loss attributable to non-controlling interests
Accumulated non-controlling interests at the end of
financial year
-
-
(540,217)
-
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OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2017
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017
8.5. REMUNERATION OF AUDITORS
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
2017
$
36,106
-
36,106
2016
$
26,210
-
26,210
8.6. OTHER ACCOUNTING POLICIES
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.
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OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2017
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 2017 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.
The Notes to the Consolidated Financial Statements confirm 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: 29 September 2017
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75
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2017
AUDITOR’S REPORT
AUDITOR’S REPORT
INDEPENDENT AUDITOR’S REPORT
TO THE MEMBERS OF OKLO RESOURCES LIMITED
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 Audit of the Financial Report
Opinion
We have audited the financial report of Oklo Resources Limited (the Company) and its subsidiaries (the
Group), which comprises the consolidated statement of financial position as at 30 June 2017, 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, and notes
to the financial report, including a summary of significant accounting policies and the directors’
declaration.
In our opinion:
(a) the accompanying financial report of the Group, is in accordance with the Corporations Act 2001,
including:
(i) giving a true and fair view of the Group’s financial position as at 30 June 2017 and of its
financial performance for the year ended on that date;
(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
the basis of preparation section.
Basis for opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under
those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial
Report section of our report. We are independent of the Group in accordance with the Corporations
Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s
APES 110 Code of Ethics for Professional Accountants (the Code) that are relevant to our audit of the
financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance
with the Code.
We confirm that the independence declaration required by the Corporations Act 2001, which has been
given to the directors of the Company, would be in the same terms if given to the directors as at the
time of this auditor’s report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in
our audit of the financial report of the current period. These matters were addressed in the context of
our audit of the financial report as a whole, and in forming our opinion thereon, and we do not provide
a separate opinion on these matters.
Oklo Resources Limited and its Controlled Entities
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
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Oklo Resources Limited and its Controlled Entities
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AUDITOR’S REPORT
Recoverability of Exploration and Evaluation Assets
Key audit matter
How the matter was addressed in our audit
At 30 June 2017, the carrying value of
capitalised exploration expenditure was
$19,042,353 (30 June 2016: $11,823,632), as
disclosed in Note 3.2.
In accordance with AASB 6 Exploration for and
Evaluation of Mineral Resources (AASB 6), the
recoverability of exploration and evaluation
expenditure requires significant judgment by
management in determining whether there are
any facts or circumstances that exist to suggest
that the carrying amount of this asset may
exceed its recoverable amount. As a result, this
is considered a key audit matter.
Our procedures included, but were not limited to:
- Obtaining a schedule of the areas of
interest held by the Group and assessing
whether the rights to tenure of those
areas of interest remained current at
balance date;
- Considering the status of the ongoing
exploration programmes in the respective
areas of interest by holding discussions
with management, and reviewing the
Group’s exploration budgets, ASX
announcements and directors’ minutes;
- Considering whether any such areas of
interest had reached a stage where a
reasonable assessment of economically
recoverable reserves existed;
- Considering whether any facts or
circumstances existed to suggest
impairment testing was required; and
-
Assessing the adequacy of the related
disclosures in Note 3.2 and Note 8.1 to the
financial report.
Other information
The directors are responsible for the other information. The other information comprises the
information in the Group’s annual report for the year ended 30 June 2017, but does not include the
financial report and the auditor’s report thereon.
Our opinion on the financial report does not cover the other information and we do not express any
form of assurance conclusion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information
and, in doing so, consider whether the other information is materially inconsistent with the financial
report or our knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this
other information, we are required to report that fact. We have nothing to report in this regard.
Oklo Resources Limited and its Controlled Entities
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OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2017
AUDITOR’S REPORT
Responsibilities of the directors for the Financial Report
The directors of the Company are responsible for the preparation of the financial report that gives a
true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001
and for such internal control as the directors determine is necessary to enable the preparation of the
financial report that gives a true and fair view and is free from material misstatement, whether due to
fraud or error.
In preparing the financial report, the directors are responsible for assessing the ability of the group to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the directors either intend to liquidate the Group or to cease
operations, or has no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with the Australian Auditing Standards will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material
if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of this financial report.
A further description of our responsibilities for the audit of the financial report is located at the
Auditing and Assurance Standards Board website (http://www.auasb.gov.au/Home.aspx) at:
http://www.auasb.gov.au/auditors_files/ar2.pdf
This description forms part of our auditor’s report.
Report on the Remuneration Report
Opinion on the Remuneration Report
We have audited the Remuneration Report included in pages 27 to 37 of the directors’ report for the
year ended 30 June 2017.
In our opinion, the Remuneration Report of Oklo Resources Limited, for the year ended 30 June 2017,
complies with section 300A of the Corporations Act 2001.
Oklo Resources Limited and its Controlled Entities
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AUDITOR’S REPORT
AUDITOR’S REPORT
Responsibilities
The directors of the Company are responsible for the preparation and presentation of the
Remuneration Report in accordance with section 300A of the Corporations Act 2001. Our responsibility
is to express an opinion on the Remuneration Report, based on our audit conducted in accordance with
Australian Auditing Standards.
BDO Audit (WA) Pty Ltd
Neil Smith
Director
Perth, 29 September 2017
Oklo Resources Limited and its Controlled Entities
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OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2017
ASX ADDITIONAL INFORMATION
As at 22 SEPTEMBER 2017
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
234
219
89
353
212
1,107
Percentage of
Holders
21.1%
19.8%
8.0%
31.9%
19.2%
100.0%
Number of Shares
91,624
589,114
721,570
15,323,183
285,680,019
302,405,510
Percentage
of Shares
0.0%
0.2%
0.2%
5.3%
94.3%
100.0%
(b)
Marketable Parcels
The number of shareholdings held in less than a marketable parcel is 315 holders with 207,772
shares. The required marketable parcel is $500 (2,000 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
Blackrock Group
1832 Asset Management LP
Hawkstone Group
Resolute Mining Limited
ACK Pty Ltd
44,750,531
23,020,105
19,700,000
16,529,366
16,510,331
14.8%
7.61%
6.51%
5.47%
5.46%
(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
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OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2017
ASX ADDITIONAL INFORMATION
As at 22 SEPTEMBER 2017
ASX ADDITIONAL INFORMATION
As at 22 SEPTEMBER 2017
The following information is required by the Australian Securities Exchange Limited in respect of listed
Top Twenty Shareholders of Oklo Resources Limited – Ordinary Shares:
public companies:
1. Shareholding
(a)
Distribution of shareholders- fully paid ordinary shares
Size of Holding
Percentage of
Number of Shares
Percentage
Number of
Shareholders
234
219
89
353
212
1,107
Holders
21.1%
19.8%
8.0%
31.9%
19.2%
100.0%
91,624
589,114
721,570
15,323,183
285,680,019
302,405,510
of Shares
0.0%
0.2%
0.2%
5.3%
94.3%
100.0%
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
(b)
Marketable Parcels
The number of shareholdings held in less than a marketable parcel is 315 holders with 207,772
shares. The required marketable parcel is $500 (2,000 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
Blackrock Group
1832 Asset Management LP
Hawkstone Group
Resolute Mining Limited
ACK Pty Ltd
44,750,531
23,020,105
19,700,000
16,529,366
16,510,331
14.8%
7.61%
6.51%
5.47%
5.46%
(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.
HSBC Custody Nominees (Australia) Limited
J P Morgan Nominees Australia Limited
ACK Pty Ltd
Pershing Australia Nominees PTY LTD
Hawkestone Resources PTY LTD
Citicorp Nominees Pty Limited
GP Securities PTY LTD
TT Capital Nominees PTY LTD
Capricorn Mining PTY LTD
Delta Resource Management Pty Ltd
Calama Holdings Pty Ltd
HSBC Custody Nominees (Australia) Limited - A/C 2
Darroch Family PY LTD< JN Darroch Private Super A/C>
Mr Simon Taylor + Mrs Sally Ann Taylor
Mr John Darroch
Portafortuna PTY LTD
HSBC Custody nominees ( Australia) Limited – GSCO ECA
Mrs Louise Hawke
Octifil Pty Ltd
Clarkson’s boathouse PTY LTD < Clarkson Super Fund A/C>
Totals: Top 20 Holders of ORDINARY Shares ( TOTAL )
Total Remaining Holders Balance
Fully Paid Ordinary
Shares
74,094,921
23,559,823
16,510,331
15,629,366
14,100,000
11,721,514
10,005,500
5,922,417
5,600,000
4,000,000
3,903,750
2,890,000
2,600,000
2,593,333
2,500,000
2,400,000
2,083,333
2,060,001
2,035,146
1,800,000
Percentage
of
Total
24.50%
7.79%
5.46%
5.17%
4.66%
3.88%
3.31%
1.96%
1.85%
1.32%
1.29%
0.96%
0.86%
0.86%
0.83%
0.79%
0.69%
0.68%
0.67%
0.60%
206,009,435
96,396,075
68.12%
31.88%
Oklo Resources Limited and its Controlled Entities
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Oklo Resources Limited and its Controlled Entities
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OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2017
ASX ADDITIONAL INFORMATION
As at 22 SEPTEMBER 2017
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
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
Dr Madani Diallo
Clarkson’s Boathouse Pty Ltd
Ms Louisa Martino
Portafortuna Pty Ltd
Ms Susan Boyd
Dr Madani Diallo
Fernland Holdings Pty Ltd
Jalonex Investments Pty Ltd
Jimbzal Pty Ltd
Jimbzal Pty Ltd
Djibril Diakite
Hades Corporation (WA) Pty Ltd
TOTAL
$0.10
$0.10
$0.10
$0.10
$0.10
$0.10
$0.15
$0.15
$0.15
$0.22
$0.25
$0.30
$0.25
$0.25
$0.25
$0.25
$0.25
$0.30
$0.30
$0.25
$0.25
$0.25
$0.30
$0.20
$0.20
8/12/2017
8/12/2017
8/12/2017
8/12/2017
25/3/2018
18/5/2018
18/5/2018
7/12/2018
27/1/2019
28/4/2019
17/6/2018
17/6/2018
17/6/2019
17/6/2019
17/6/2019
17/6/2019
17/6/2019
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
22/06/2020
1,000,000
22/06/2020
500,000
11/8/2019
11/8/2019
11/8/2019
11/8/2020
2/11/19
1,000,000
1,000,000
1,500,000
1,500,000
250,000
22/12/19
1,000,000
22,757,825
Oklo Resources Limited and its Controlled Entities
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OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2017
ASX ADDITIONAL INFORMATION
As at 22 SEPTEMBER 2017
2.
COMPANY SECRETARY
The name of the Company Secretary is Louisa Martino.
3.
REGISTERED OFFICE
Level 5, 56 Pitt Street
Sydney, NSW, AUSTRALIA, 2000
+61 2 8823 3100
Telephone:
+61 2 9525 8466
Facsimile:
www.okloresources.com
Website:
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
22/06/2020
1,000,000
22/06/2020
500,000
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.
The company has the following unlisted options and option holders as detailed below:
Holder
Exercise Price
Expiry Date
Number
ASX ADDITIONAL INFORMATION
As at 22 SEPTEMBER 2017
Unlisted options Issued by The Company
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
Dr Madani Diallo
Clarkson’s Boathouse Pty Ltd
Ms Louisa Martino
Portafortuna Pty Ltd
Ms Susan Boyd
Dr Madani Diallo
Fernland Holdings Pty Ltd
Jalonex Investments Pty Ltd
Jimbzal Pty Ltd
Jimbzal Pty Ltd
Djibril Diakite
Hades Corporation (WA) Pty Ltd
TOTAL
$0.10
$0.10
$0.10
$0.10
$0.10
$0.10
$0.15
$0.15
$0.15
$0.22
$0.25
$0.30
$0.25
$0.25
$0.25
$0.25
$0.25
$0.30
$0.30
$0.25
$0.25
$0.25
$0.30
$0.20
$0.20
8/12/2017
8/12/2017
8/12/2017
8/12/2017
25/3/2018
18/5/2018
18/5/2018
7/12/2018
27/1/2019
28/4/2019
17/6/2018
17/6/2018
17/6/2019
17/6/2019
17/6/2019
17/6/2019
17/6/2019
11/8/2019
11/8/2019
11/8/2019
11/8/2020
2/11/19
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
1,000,000
1,000,000
1,500,000
1,500,000
250,000
22/12/19
1,000,000
22,757,825
Oklo Resources Limited and its Controlled Entities
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OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2017
ASX ADDITIONAL INFORMATION
As at 22 SEPTEMBER 2017
8.
TENEMENT DIRECTORY
Granted tenements as at the date of this report:
Country
Location
Prospect
Tenement Number
Holder
Kidal
09-3639/MM-SG DU
North East
Mali
Tessalit
09-3640/MM-SG DU
Samit Nord
11-0463/MM-SG DU
La Société Oklo Uranium
Mali Ltd sarl
La Société Oklo Uranium
Mali Ltd sarl
La Société Oklo Uranium
Mali Ltd sarl
West
Mali
Mali
Dandoko
2017-2644/MM-SG DU
Africa Mining sarl
Moussala
16-4606/MM-SG - DU
Africa Mining sarl
Gombaly
2017-2646/MM-SG DU
Africa Mining sarl
Aite Sud
2015-1279/MM-SG
Oklo Resources Mali sarl
Aourou
2017-2648/MM-SG DU
SOCAF sarl
Boutouguissi-Sud
2017-2647/MM-SG DU
SOCAF sarl
Yanfolila
2017-2783/MM-SG DU
Africa Mining sarl
Yanfolila Est
16-4075/MM-SG DU
Compass Gold Mali sarl
South Mali
Kolondieba
2017-2645/MM-SG DU
Africa Mining sarl
Kolondieba Nord
16-2164/MM-SG DU
Compass Gold Mali sarl
Solabougouda
2011-0469/MM-SG DU
Africa Mining sarl
Sirakourou
16-4753/MM-SG -DU
Africa Mining sarl
Oklo Resources Limited and its Controlled Entities
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ASX ADDITIONAL INFORMATION
As at 22 SEPTEMBER 2017
8.
TENEMENT DIRECTORY
Granted tenements as at the date of this report:
Country
Location
Prospect
Tenement Number
Holder
Kidal
09-3639/MM-SG DU
North East
Mali
Tessalit
09-3640/MM-SG DU
Samit Nord
11-0463/MM-SG DU
La Société Oklo Uranium
Mali Ltd sarl
La Société Oklo Uranium
Mali Ltd sarl
La Société Oklo Uranium
Mali Ltd sarl
West
Mali
Mali
Dandoko
2017-2644/MM-SG DU
Africa Mining sarl
Moussala
16-4606/MM-SG - DU
Africa Mining sarl
Gombaly
2017-2646/MM-SG DU
Africa Mining sarl
Aite Sud
2015-1279/MM-SG
Oklo Resources Mali sarl
Aourou
2017-2648/MM-SG DU
SOCAF sarl
Boutouguissi-Sud
2017-2647/MM-SG DU
SOCAF sarl
Yanfolila
2017-2783/MM-SG DU
Africa Mining sarl
Yanfolila Est
16-4075/MM-SG DU
Compass Gold Mali sarl
South Mali
Kolondieba
2017-2645/MM-SG DU
Africa Mining sarl
Kolondieba Nord
16-2164/MM-SG DU
Compass Gold Mali sarl
Solabougouda
2011-0469/MM-SG DU
Africa Mining sarl
Sirakourou
16-4753/MM-SG -DU
Africa Mining sarl
Oklo Resources Limited and its Controlled Entities
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ANNUAL
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Oklo Resources Limited ASX:OKU | Level 5, 56 Pitt Street, Sydney NSW 2000, Australia
T: +61 2 8319 9233 | F: +61 2 9252 8466 | info@okloresources.com
okloresources.com
ACN 121 582 607