19
ANNUAL
REPORT
ACN 121 582 607
DIRECTORS
Mr Mark Connelly - Non-Executive Chairman
Mr Simon Taylor - Managing Director
Dr Madani Diallo - Executive Director, Country Manager
Mr Simon O’Loughlin - Non-Executive Director
SOLICITORS
Steinepreis Paganin
16 Milligan Street
Perth, WA, 6000
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
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 2019 CONTENTS
4 Chairman’s Letter
6 Operations Overview
25 Corporate
27 Directors’ Report
41 Auditor’s Independence Declaration
FINANCIAL STATEMENTS
42
Consolidated statement of profit or loss and
other comprehensive income
44 Consolidated statement of financial position
45 Consolidated statement of changes in equity
46 Consolidated statement of cash flows
47 Notes to the consolidated financial statements
80 Directors’ Declaration
81
Independent Auditor’s Report to the Members
85 ASX Additional Information
3
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2019
Chairman’s
Letter
Dear Fellow Shareholders,
AS YOUR RECENTLY APPOINTED CHAIRMAN, IT GIVES ME GREAT PLEASURE TO PRESENT OKLO
RESOURCES LIMITED’S 2019 ANNUAL REPORT. THE PAST YEAR HAS SEEN YOUR COMPANY
CONTINUE TO AGGRESSIVELY EXPLORE ITS STRATEGICALLY LOCATED LANDHOLDING IN
WEST MALI AND MAKE GREAT STRIDES TOWARDS ACHIEVING ITS CORPORATE OBJECTIVE OF
DISCOVERING THE NEXT MAJOR GOLD DEPOSIT IN WEST AFRICA.
Ongoing work at Seko within the Dandoko Project
assisted us in developing a better understanding of
the gold mineralisation and structural controls of this
extensive gold system. Results to date have returned
excellent widths and grades of gold mineralisation
mostly from surface which is highly favourable for
potential extraction by open cut mining. There is
significant upside from continued drilling as the project
is still at an early stage within the context of a discovery
with over 80% of drilling testing less than 100 metres
deep and only 2% of holes having tested below 200
metres.
Importantly we also started unlocking the potential of
the 12km-long Dandoko gold corridor, with new bedrock
gold discoveries already confirmed at the nearby Sory
and Dabia targets which will be followed up with further
drilling in the oncoming field season beginning in
October 2019.
During the past year, work to earn our interest at the
Kouroufing Project located to the east of Dandoko
successfully identified a 6km-long gold auger
geochemical anomaly. Follow-up drilling along this
gold corridor intersected significant bedrock gold
mineralisation, confirming our second gold discovery
in the past 24 months and bolstering your Company’s
exploration pipeline.
Oklo continued to grow its land position adjoining
Kouroufing following the acquisition of the largely
unexplored but highly prospective Kossaya and
Sari Projects. Through exploration programs on all
three of these projects we have met our expenditure
4
commitments and subsequently announced to the
market that your Company has exercised its option to
acquire 100% of each project.
Oklo anticipates the grant of the License over the highly
prospective but underexplored Kandiole Project located
less than 10 kilometres from B2Gold’s Fekola mine
(7.1Moz) and IAMGold’s advanced Boto resource (2.6Moz).
We continue to review other acquisition opportunities as
they are presented.
I would like to thank my fellow Board members and
management as well as our in-country team for their
ongoing efforts and positive outcomes during the past
year. Oklo’s exemplary corporate and technical track
record to date has largely been achieved under the
leadership of Simon Taylor (Managing Director) working
collaboratively with Oklo’s in-country team, headed by
Dr Madani Diallo (Executive Director) and Mr Andrew
Boyd (General Manager Exploration).
Finally, thank you for your continuing support and we
look forward to updating you on our progress during
the forthcoming field season as we move forward in
our quest to delivering a JORC resource centred around
Seko early in 2020.
Yours sincerely,
Mark Connelly
Chairman
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2019
“
Ongoing work at Seko
within the Dandoko
Project assisted us in
developing a better
understanding of the
gold mineralisation and
structural controls of this
extensive gold system.
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2019
5
Operations
Overview
SUMMARY
OKLO RESOURCES LIMITED’S (“OKLO” OR “THE COMPANY”; ASX:OKU) PRIMARY FOCUS DURING
THE REPORTING YEAR CONTINUED TO BE ON THE ADVANCEMENT OF ITS FLAGSHIP DANDOKO
AND KOUROUFING PROJECTS IN WEST MALI. IN ADDITION, FIRST-PASS EXPLORATION WAS
CARRIED OUT OVER THE ADJOINING KOSSAYA AND SARI PROJECTS. LIMITED EXPLORATION
WAS ALSO COMPLETED AT THE YANFOLILA, KOLONDIEBA AND SIRAKOUROU PROJECTS IN
SOUTH MALI (FIGURE 1).
Oklo’s gold projects are concentrated in two key areas:
(DD) programs within the Dandoko Project. This work
west Mali (Dandoko, Moussala, Kouroufing, Kandiole,
successfully tested for both strike and depth extensions
Sari, Kossaya and Socaf) and south Mali (Yanfolila,
to the significant oxide gold mineralisation previously
Kolondieba, Sirakourou and Solabougouda).
outlined at Seko anomalies SK1, SK2 and SK3, as well as
The Company continued to grow its landholding in
Mali adjoining the multi-million-ounce gold mining
evaluating other regional targets along the 12km-long
Dandoko gold corridor and nearby Kouroufing Project.
operations and recent discoveries in the highly
During November 2018, the Company commenced
prospective Proterozoic Birimian greenstone belts to
approximately 1,400km2, with approximately 500km2
now held in west Mali following exercise of the options
to acquire a 100% interest in the Kouroufing, Kossaya
and Sari Projects.
During July 2018, the Company completed its 2018
field season, comprising mostly of shallow aircore (AC),
deeper reverse circulation (RC) and diamond drilling
its 2019 field season with a fully funded $5 million
drilling program. The 35,000m program (subsequently
expanded to 42,500m), consisting of DD, RC and AC
drilling, was focused on advancing the Seko gold
discovery along with the ongoing evaluation of the
Dandoko gold corridor and Kouroufing Project. A
further 25,000m of low-cost, reconnaissance auger
drilling was allocated towards the first-pass assessment
of new regional target areas.
6
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2019 FIGURE 1: LOCATION OF OKLO PROJECTS IN WEST AND SOUTH MALI
Highlights for the reporting
year included:
• A total of 73,362m drilled
(excluding auger) with
further significant
results and discoveries
reported
• Further encouraging
gold intersections from
both the oxide and
primary zones at Seko
(Dandoko Project)
• Two new bedrock gold
discoveries confirmed
within the Dandoko gold
corridor (Dabia and Sory)
• The discovery of a 6km-
long gold corridor and
several other gold trends
from first pass, shallow
geochemical auger
drilling at the nearby
Kouroufing Project
• Significant bedrock
gold mineralisation
intersected from AC
drilling within the
Kouroufing gold
corridor, confirming the
second gold discovery
by Oklo in the past 24
months
7
TABLE 1: DRILLING SUMMARY
PROJECT
DRILLING TYPE
NO. HOLES
METRES
Auger
Aircore
Dandoko
Reverse Circulation
Diamond1
Auger
Aircore
Kouroufing
Reverse Circulation
Kossaya
Sari
Diamond1
Auger
Auger
FY19 Total
FY19 Total (excluding auger)
1 Including RC pre-collars
0
436
47
23
2,584
488
9
1
784
141
4,513
1,004
0
37,462
8,856
5,232
29,352
20,328
1,306
178
10,290
1,971
114,975
73,362
SenegalMaliGuinée BissauGuinéeBamakoCôte d’Ivoire75 KilometresGranitoid RocksCover SequenceBirimian Volcanic RocksPre-Birimian BasementYounger CoverGold MineAdvanced ProjectOklo ProjectsMALI GOLD PROJECTSCountry BorderMap Area181109KolondiebaYanfolilaSariDandokoKossayaKouroufingMoussalaKandioleSocafSolabougoudaSirakourouResolute MiningSyama 7.9MozEndeavour MiningKalana 2.0MozWassoul'Or SAKodieran 2.0MozHummingbird Yanfolila 1.8Moz B2 Gold Fekola 7.1MozBarrickGounkoto 5.4MozAlgom ResourcesTabakoto 3.8MozBarrickLoulo 12.5MozIAMGOLDSadiola 13.5MozIAMGOLDYatela 4.5MozIAMGOLDBoto 2.6MozBarrickMorila 8.5MozOKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2019 DANDOKO PROJECT
THE DANDOKO PROJECT COVERS 134KM2 WITHIN THE KENIEBA INLIER OF WEST MALI TO THE
EAST OF THE REGIONALLY SIGNIFICANT SENEGAL MALI SHEAR ZONE (“SMSZ”) AND IN CLOSE
PROXIMITY TO NUMEROUS WORLD CLASS GOLD DEPOSITS, INCLUDING B2GOLD’S 7.1MOZ
FEKOLA MINING OPERATION 30KM TO THE WEST AND BARRICK’S 12.5MOZ LOULO MINING
OPERATION 50KM TO THE NORTH-NORTHWEST. DANDOKO IS UNDERLAIN BY PROTEROZOIC
BIRIMIAN META-VOLCANIC AND META-SEDIMENTARY SEQUENCES (FIGURE 2A).
In late 2016, Oklo initiated a reconnaissance auger geochemistry program over the Dandoko and Moussala
Projects to explore for new targets concealed under the extensive tracts of lateritic and transported cover. The
program delivered early success with the delineation of the 12km-long Dandoko gold corridor hosting the Seko
and more recent Sory and Dabia bedrock gold discoveries (Figure 2b). Other targets along the corridor remain
largely untested.
By conclusion of the 2018 field season, the multi-faceted drilling programs completed at Seko successfully
confirmed the presence of significant gold mineralisation within the primary zone (fresh rock) along with
extensions to the oxide gold mineralisation previously encountered in AC drilling to vertical depths of circa 80m
and deeper RC and diamond core DD drilling to vertical depths of between 180m and 200m at Seko Anomaly
2 (SK2) and Seko Anomaly 3 (SK3). Initial testing over other regional targets along the Dandoko gold corridor
resulted in the Sory and Dabia discoveries.
8
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2019 FIGURE 2: A) LOCATION OF OKLO’S DANDOKO, MOUSSALA, KOUROUFING, SARI AND KANDIOLE GOLD PROJECTS IN WEST MALI
B) LOCATION OF SEKO, SORY AND DABIA PROSPECTS
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2019
9
MaliSenegal25 KilometresPhanerozoic/QuaternaryCoverNeoproterozoicSandstone and DoleritePalaeoproterozoic (Birimian)Undifferentiated SedimentsUndifferentiated VolcanicsGranitesOklo ProjectsStructuresLocal StructureCountry BorderAdvanced ProjectRegional StructuresSMSZMALI GOLD PROJECTSMap AreaGold mineAlgom ResourcesTabakoto 3.8MozBarrickLoulo 12.5MozBarrickGounkoto 5.4MozDandokoSariKossayaMoussalaKandiole B2 Gold Fekola 7.1MozIAMGOLDBoto 2.6 MozKouroufingDANDOKO PROJECTAUGER MAX GOLDIN HOLENAuger Max Gold in Hole< 5 ppb> 5 - 10 ppb> 10 - 15 ppb> 15 - 25 ppb> 30 ppbTenement Completed Auger Drilling4 Kilometres12km DANDOKO GOLD CORRIDORGombalyDabiaSelingoumaBembalaSoryLomonaDiabarouDisseSeko GoldTrends190813SelingoumaNorth
SEKO PROSPECT
The Seko discovery comprises five coherent auger gold trends, SK1 to SK5, with a combined strike length of 7km
(Figure 3A and 3B). During the September 2018 quarter, final assay results were received from Oklo’s 2018 AC, RC and
DD drilling program at SK2 and SK3. Drilling recommenced at Seko in November 2018 as part of the 2019 field season.
FIGURE 3A: LOCATION OF SEKO AUGER GOLD TRENDS (SK1-SK5) ALONG WITH GRADE
THICKNESS ANNOTATIONS FOR AC, RC AND DD DRILL HOLES DRILLHOLES
FIGURE 3B: PLAN VIEW OF SEKO PROSPECT WITHIN THE DANDOKO PROJECT
10
Source: Esri, DigitalGlobe, GeoEye, Earthstar Geographics, CNES/Airbus DS, USDA, USGS, AeroGRID, IGN, and the GIS User Community2670002680002690002700001396000139600013970001397000SK 2SK 2 NORTHSK 3SK 1SK 4SK 5FIGURE 3B EXTRACT DANDOKO PROJECT SEKO PROSPECTAC, RC AND DDDRILLING RESULTS190905N500 MetresAircore and RC gold trendSignificant Interval Grade Thickness = g/t X mSignificant Grade Thisckness Intervals are reported using a threshold where the interval has a 0.5g/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 every 10m, then calculating the grade thickness product of each of these intersections on a per interval basis.1 - 5 5 - 10 10 - 2020 - 50>50 AC/RC previous results (g/t Au)Xm @ Xg/tDD previous results (g/t Au)Xm @ Xg/tImage 3B extract10m @ 1.37g/tinc 2m @ 4.47g/t10m @ 2.33g/tinc 4m @ 4.25g/t17m @ 0.80g/tinc 6m @ 1.33g/t4m @ 14.12g/tinc 2m @ 27.40g/t3m @ 2.41g/t16m @ 0.82g/tinc 4m @ 1.38g/t2m @ 9.15g/t74m @ 2.12g/t30m @ 2.63g/tinc 15m @ 4.49g/t40m @ 3.85g/t20m @ 3.02g/t44m @ 0.69g/t42m @ 6.14g/tinc 7m @ 15.10g/t40m @ 10.66g/tinc 10m @ 23.82g/t45m @ 4.38g/t33m @ 4.97g/tinc 10m @ 9.69g/t29m @ 1.59g/tinc 7m @ 2.45g/t40m @ 1.41g/tinc12m @ 2.39g/t76m @ 1.65g/tinc 52m @ 2.23g/t34m @ 1.37g/tinc 15m @ 2.26g/t190903DANDOKO PROJECT SEKO PROSPECTLEAPFROG GOLD ISOSURFACESAu mineralisation (ppm)< 0.20.2 - 0.50.5 -0.750.75 - 1.01.0 - 2.0 > 2.0 N500 metresSK 2SK 2 NORTHSK 3SK 1500m300mOKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2019 SK2
The SK2 anomaly extends over 1km, with widespread bedrock gold mineralisation intersected at depth from previous
shallow AC and limited RC and DD drilling (Figure 3A and 3B). Deeper drilling to date has been focused on the central
400m-long portion of the anomaly to improve the geological understanding of the previously reported high-grade gold
mineralisation. This drilling has successfully confirmed a coherent, steep south-easterly plunging, high-grade shoot over
a strike length of 80m, extending from surface to a vertical depth of 195m and remains open down-plunge. The gold
mineralisation is associated with a broad albite-carbonate-pyrite alteration zone and a turbiditic unit within a carbonate
and greywacke sequence similar to SK3 to the immediate west.
Highlights from the work completed during the reporting year included:
• Exceptional widths of high-grade gold mineralisation from a metallurgical DD hole:
-
-
7m at 16.24g/t gold from 0m; including 2m at 46.75g/t gold from 4m; and
49m at 12.83g/t gold from 16m; including 10m at 23.82g/t gold from 25m and 9m at 11.51g/t gold
from 43m.
• Discovery of a new gold zone by AC drilling 400m to the north of SK2:
-
11m at 1.79g/t gold from 31m (hole ending in mineralisation); including 2m at 5.01g/t gold from 39m.
Assay results received post year-end from 2 RC holes confirmed the new gold zone. Both holes intersected a significant
zone of altered breccia with sulphide mineralisation hosting gold mineralisation grading up to 4.61g/t gold over 1m
along with wider zones of anomalous gold mineralisation (up to 17m at 0.80g/t gold).
A summary of selected significant intersections reported during the year from SK2 is provided in Table 2.
SK3
The SK3 anomaly extends over 1.2km, with drilling to date confirming a continuous west-dipping gold mineralised zone
extending over 600m from surface to a vertical depth of 245m.
Deeper RC and DD drilling completed during the year was focused on the northern portion of SK3, testing for depth
extensions to the previously reported shallow oxide gold mineralisation. Numerous +20m wide intersections were
returned within the main SK3 trend including:
•
a significant new intersection on the most northern line of drilling, offset 100m to the east of the main
trend:
- 20m at 3.03g/t gold from 209m; including 3m at 10.24g/t gold from 226m with the hole ending in
mineralisation at 229m.
The gold mineralisation, which is associated with a broad albite-carbonate-pyrite alteration zone and the presence of a
turbiditic unit within a carbonate and greywacke sequence, remains open along strike.
Ongoing AC drilling post year-end successfully intersected further gold mineralisation on the eastern side of SK3,
including a best intersection of 10m at 1.37g/t gold, including 2m at 4.47g/t gold. A further 2 RC holes drilled in the north
of SK3 encountered several narrow zones of gold mineralisation, including a best intersection of 1m at 16.40g/t gold.
A summary of selected significant intersections reported during the year from SK3 is provided in Table 2.
11
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2019
TABLE 2: SUMMARY OF SELECTED SIGNIFICANT DRILL HOLE INTERSECTIONS FROM SK1-SK3
AREA
HOLE ID
FROM (m)
TO (m)
Diamond
WIDTH (m)
GOLD (g/t)
DDSK18-035
SK2
RDSK19-046
RDSK19-046
ACSK18-458*
ACSK18-460*
ACSK18-461
ACSK18-462
ACSK18-444*
ACSK18-445
ACSK18-448
SK2
NTH
includes
includes
includes
includes
includes
includes
RDSK18-030
includes
RDSK18-031
SK3
RDSK18-036
RDSK18-037
RDSK18-039
RDSK18-040
0
4
4
7
16
25
43
274
293
296
27
25
0
15
31
39
5
6
40
127
142
178
25
63
157
209
192
178
33
37
165
20
30
36
54
59
7
6
5
16
65
35
52
288
304
298
Aircore
30
48
8
33
42
41
14
8
46
Diamond
155
148
184
31
90
159
214
193
179
35
55
169
22
31
42
56
60
7
2
1
49
10
9
14
11
2
3
23
8
18
11
2
9
2
6
28
6
6
6
27
2
5
1
1
2
18
4
2
1
6
2
1
void
16.24
46.75
79.70
12.83
23.82
11.51
0.59
0.57
1.15
1.79*
1.32*
9.80
1.43
1.79*
5.01
1.21
3.48
1.50
2.20
4.62
1.12
1.02
1.35
1.41
1.38
2.02
2.80
1.38
1.64
1.29
1.34
2.98
1.30
3.17
2.01
12
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2019
HOLE ID
RDSK18-041
FROM (m)
119
AREA
SK3
South
SK3
North
RDSK18-042
includes
includes
includes
includes
RCSK18-068
RCSK18-069
RCSK18-071
SK3
RCSK18-072
includes
includes
RCSK18-079
RCSK18-081
122
126
183
216
234
251
10
16
20
101
107
129
182
64
114
39
70
105
155
192
209
213
226
83
144
TO (m)
124
123
156
184
257
235
252
Reverse Circulation
21
21
21
104
119
136
297
65
116
41
72
112
157
197
229
218
229
86
146
WIDTH (m)
5
GOLD (g/t)
3.33
1
30
1
41
1
1
11
5
1
3
12
7
115
1
2
2
2
7
2
5
20
5
3
3
2
10.50
1.32
1.05
0.61
2.34
2.19
2.07
3.46
13.20
1.35
1.55
1.06
0.49*
2.91
1.98
1.39
1.06
1.31
1.34
1.33
3.03*
3.51
10.24*
4.77
2.85
* denotes hole ended in mineralisation.
Intervals are reported using a threshold where the interval has a 0.3g/t Au average or greater over the sample interval and selects all material greater
than 0.1g/t Au allowing for up to 2 samples of included dilution every 10m. Sampling was completed as 2m composites
13
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2019
SK1
A series of AC traverses completed post year-end returned
encountered lower grade zones of gold mineralisation,
significant results to the west, south and east of SK1. To
the immediate west, 4m at 14.12g/t gold (including 2m at
27.40g/t gold) was intersected related to a potential blind
zone of gold mineralisation that was undetected in earlier
auger geochemical drilling. To the immediate south and
southwest of SK1, the AC holes returned several medium
to high-grade intersections, including 2m at 9.15g/t gold,
4m at 2.01g/t gold and 2m at 2.93g/t gold, warranting
further investigation.
A further a step-out AC traverse located 600m south and
along strike from SK1 intersected a 16m zone of low-grade
gold mineralisation (averaging 0.82g/t gold) that included
4m at 1.38g/t gold. This intersection may be related to
a potential linking structure between SK1 and the Sory
prospect, located some 1.2km to the south.
An additional RC hole completed on the eastern side
of SK1 intersected multiple zones of significant gold
mineralisation, including 10m at 2.33g/t gold, 2m
at 7.13g/t gold and 3m at 2.30g/t gold before being
abandoned short of the target depth. A re-drill of this hole
including 9m at 2.73 g/t gold in the RC pre-collar, and
sheared, chloritised sediments hosting minor pyrite
mineralisation without any significant associated gold
mineralisation in the DD tail.
The most recent drill results from SK1, SK2 and SK3
have demonstrated that excellent potential remains to
significantly grow the extent of Seko which will form the
basis of follow-up drilling during the forthcoming field
season.
Metallurgical Testwork
A total of 86 samples (20 oxide and 66 primary) collected
from RC and DD holes at SK1-3 were submitted for 24-
hour bottle roll cyanide leach analysis. Bottle roll cyanide
leach analysis provides a preliminary indication on the
recovery characteristics of the gold mineralisation.
The results from the bottle roll cyanide leach analysis were
highly encouraging. The primary zone samples averaged
94% recovery and the oxide samples 98% recovery when
compared to the original fire assay results.
14
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2019 Sory Prospect
Dabia Prospect
The Sory prospect is located approximately 1.5km south
The Dabia prospect, located approximately 1.5km north
of Seko within the Dandoko gold corridor (Figure 4). Sory
of Seko within the Dandoko gold corridor (Figure 4), was
was discovered by reconnaissance AC drilling across the
evaluated by a reconnaissance AC drilling program during
previously outlined auger gold anomalies during the 2018
the 2018 field season.
field season, which returned several significant intersections
including 14m at 1.31g/t gold from 48m, 5m at 2.82g/t gold
from 49m and 5m at 2.27g/t gold from 14m.
During the reporting period, final assay results were
received from the 146 AC holes completed along 8 traverses.
The AC holes successfully intersected gold mineralisation
Assay results received during the reporting period from 4
coincident with the auger anomalies, with grades of up
follow-up RC holes drilled along a single traverse returned
to 16.00g/t gold returned along with multiple intercepts
an intersection of 44m at 1.37g/t gold, including 14m at
of anomalous to low-grade mineralisation. Highlights
2.46g/t gold. A further 3 follow-up AC holes drilled into a
included: 25m at 2.50g/t gold including 4m at 5.03g/t gold,
separate auger geochemical anomaly 1km to the north
5m at 4.85g/t gold, 9m at 2.66g/t gold including 2m at
of the RC drill traverse intersected a wide zone of gold
5.91g/t gold, 12m at 1.09g/t gold including 4m at 2.14g/t gold
mineralisation over 35m averaging 1.00g/t gold, including
and 17m at 1.10g/t gold (Table 3).
4m at 3.40g/t gold (Table 3).
FIGURE 4: LOCATION OF COMPLETED AC, RC AND DD
HOLES OVER SEKO, DABIA AND SORY ALONG
WITH GRADE THICKNESS ANNOTATIONS
OVERLAIN ON GOLD AUGER GEOCHEMISTRY
The initial AC results from both Dabia and Sory were
considered highly encouraging with both prospects
representing high priority targets for further bedrock
gold discoveries along the lightly explored Dandoko gold
corridor.
Drilling was ongoing within the gold corridor at year-end
with assay results pending from the Selingouma prospect,
located 10km to the south of Seko, and from the Lomona
prospect, located 3km northeast of Seko (Figure 2b).
15
26600026700026800026900027000027100027200007001,400MetresDANDOKO ANDMOUSSALA PROJECTSDRILLING RESULTS GRADE THICKNESS OVERAUGER MAX GOLD IN HOLEAuger Max Gold in HoleTenement < 5 ppb> 5 - 10 ppb> 10 - 15 ppb> 15 - 25 ppb> 30 ppbSignificant Interval Grade Thickness = g/t X m0.5 - 5 5 - 10 10 - 2020 - 50>50 180917_V2N1 KilometresDabiaDisseSekoSoryOKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2019 TABLE 3: SUMMARY OF SELECTED SIGNIFICANT DRILL HOLE INTERSECTIONS – DABIA & SORY
AREA
HOLE ID
FROM (m)
TO (m)
Reverse Circulation
WIDTH (m)
GOLD (g/t)
SORY
includes
includes
includes
includes
includes
RCSR18-001
RCSR18-002
RCSR18-003
ACSR18-440
ACSR18-441
ACDB18-065
ACDB18-082
ACDB18-084
ACDB18-091
ACDB18-092
ACDB18-093
ACDB18-096
ACDB18-100
ACDB18-106
DABIA
ACDB18-118
ACDB18-123
ACDB18-127
ACDB18-133
ACDB18-136
ACDB18-152
ACDB18-189
ACDB18-192
ACDB18-206
includes
includes
includes
44
7
46
33
33
63
12
18
18
47
84
62
62
61
39
57
45
34
31
47
88
99
102
5
9
41
95
31
49
83
65
68
78
84
95
37
11
45
14
48
77
38
77
Aircore
14
53
24
51
85
74
66
62
40
74
49
36
32
48
89
108
104
6
11
43
96
36
51
90
90
72
79
86
97
44
15
1
7
2
44
5
14
2
35
6
4
1
12
4
1
1
17
4
2
1
1
1
9
2
1
2
2
1
5
2
7
25
4
1
2
2
7
4
2.07
1.02
1.75
1.37
2.36
2.46
1.40
1.00
1.50
3.40
16.00
1.09
2.14
2.00
2.03
1.10
1.34
1.78
2.01
2.85
2.60
2.66*
5.91
3.01
1.60
1.19
2.92
4.85
1.24
1.18*
2.50
5.03
10.20
6.59
1.03
1.27
1.82
* denotes hole ended in mineralisation.
Intervals are reported using a threshold where the interval has a 0.3g/t Au average or greater over the sample interval and selects all material greater
than 0.1g/t Au allowing for up to 2 samples of included dilution every 10m. Sampling was completed as 2m composites
16
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2019
KOUROUFING PROJECT
THE KOUROUFING PROJECT COVERS AN AREA OF 90.7KM2 WITHIN THE KENIEBA INLIER TO THE
EAST OF THE REGIONALLY SIGNIFICANT SMSZ OVER A TRACT OF UNEXPLORED PROTEROZOIC
BIRIMIAN GREENSTONES WITH IDENTIFIED NORTHEAST-TRENDING STRUCTURES IN A
COMPARABLE GEOLOGICAL SETTING TO THE 12KM-LONG GOLD CORRIDOR AT THE COMPANY’S
NEARBY DANDOKO PROJECT (FIGURE 1).
During the reporting year, Oklo announced that first-pass reconnaissance auger geochemical drilling covering 25%
of the project area had outlined a 6km-long gold corridor with composite grades of up to 14.40g/t gold and best
composite drill intersections of 8m at 14.35g/t gold, 5m at 2.18g/t gold and 15m at 1.25g/t gold (Figure 5). In October
2018, Oklo exercised its option to acquire 100% ownership of the Kouroufing Project.
Ongoing auger drilling covering the remainder of the Project area, including potential northern extensions of the
gold corridor into the Company’s adjoining Kossaya Project (Figure 1), was completed in early 2019. Assay results from
this program outlined a series of northeast gold trends in the south of the Project. In aggregate, these new results
defined a further 5.5km of gold anomalism in multiple trends with significant composite grades including: 6m at
6.97g/t gold, 6m at 1.12g/t gold, 11m at 1.09g/t gold, 4m at 1.09g/t gold and 4m at 3.59g/t gold (Figure 5).
The auger drilling was also successful in outlining the prominent Kome gold target in the southeast of the Project,
with peak composite grades of 6.32g/t gold, 3.32g/t gold and 1.20g/t gold (Figure 5).
A total of 13 AC drill traverses (203 holes) were completed over the main Kouroufing gold corridor (Central target) in
early 2019.
The 8 AC traverses covering a 1.5km strike length within the southern portion of the Central target returned 3 broad
(up to 40m down hole) intersections of over 1g/t gold, comprising 34m at 1.12g/t gold, 40m at 1.02g/t gold and 34m at
1.06g/t gold, including 2m at 7.31g/t gold. Higher grade intersections returned were 8m at 10.58g/t gold, including 2m
at 39.7g/t gold.
A further high-grade gold intersection of 6m at 29.41g/t gold, including 2m at 77.40g/t gold, along with multiple
zones of +1g/t gold mineralisation were returned from the 5 AC traverses completed in the north of the Central target.
The results from the first pass AC program were considered highly encouraging and a follow-up drilling program
comprising 182 AC holes, 9 RC holes and 1 DD hole was subsequently completed.
17
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2019 Highlights from the infill AC drilling completed over the southern portion of the Central target included:
•
•
•
•
•
•
16m at 11.07g/t gold from 4m; including 4m at 42.2g/t gold from 12m; including 2m at 29.9g/t gold from 12m
and 2m at 54.5g/t gold from 14m.
2m at 12.60g/t gold from 18m.
20m at 1.26g/t gold from 2m; including 2m at 7.61g/t gold from 18m.
2m at 7.30g/t gold from surface.
30m at 1.15g/t gold from 10m; including 2m at 8.11g/t gold from 14m.
34m at 1.06g/t gold from 26m; including 2m at 4.35g/t gold from 38m.
Highlights from the infill RC and DD drilling completed in the central portion of the Central target included:
•
•
•
•
•
8m at 2.96g/t gold from 62m; including 2m at 8.20g/t gold from 64m.
5m at 4.23g/t gold from 34m; including 2m at 9.26g/t gold from 35m.
1m at 20.90g/t gold from 17m.
18m at 0.95g/t gold from 45m; including 4m at 2.21g/t gold from 50m.
12m at 1.47g/t gold from 176m; including 4m at 2.29g/t gold from 178m.
Significant bedrock gold mineralisation was also intersected in 6 wide-spaced traverses of AC drilling completed over a 1.4km
extent of the nearby Kome target. Best results included 2m at 18.20g/t gold, 10m at 1.29g/t gold and 2m at 8.50g/t gold.
A summary of selected significant drill hole intersections from Kouroufing is provided in Table 4.
FIGURE 5: KOUROUFING PROJECT - LOCATION OF AC
DRILL TRAVERSES OVER AUGER DRILL HOLES
WITH MAX GOLD-IN-HOLE CONTOURS
18
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2019 TABLE 4: SUMMARY OF SELECTED SIGNIFICANT DRILL HOLE INTERSECTIONS FROM
KOUROUFING
HOLE ID
FROM (m)
TO (m)
Aircore
WIDTH (m)
GOLD (g/t)
ACKF18-011
ACKF18-012
ACKF18-015
ACKF18-016
ACKF18-030
ACKF18-031
ACKF18-035
ACKF18-036
ACKF18-040
ACKF18-041
ACKF18-042
ACKF18-057
ACKF18-061
ACKF18-064
ACKF18-089
ACKF18-068
ACKF18-070
ACKF18-073
ACKF18-074
includes
includes
includes
includes
ACKF18-075
includes
ACKF18-076
ACKF18-077
ACKF18-078
ACKF18-079
ACKF18-080
ACKF18-199
ACKF18-200
ACKF18-126
ACKF18-127
ACKF18-198
ACKF18-129
ACKF18-146
ACKF18-150
ACKF18-155
ACKF18-165
ACKF18-172
ACKF18-173
ACKF18-174
includes
includes
includes
includes
24
21
22
24
6
28
18
14
19
33
55
77
2
0
0
26
4
0
2
6
8
12
0
58
6
40
44
0
24
48
2
2
0
0
12
0
38
4
10
26
26
76
28
64
20
20
20
18
40
32
18
18
0
36
37
28
34
12
40
24
16
39
39
96
79
36
40
18
42
14
18
10
8
20
14
12
70
18
50
46
34
26
52
30
22
12
20
16
12
42
24
14
32
28
80
30
68
22
28
22
22
42
36
26
20
4
12
16
6
10
6
12
6
2
20
6
42
2
34
40
18
16
10
18
8
2
12
2
12
12
12
10
2
34
2
4
28
20
12
20
4
12
4
20
4
6
2
4
2
4
2
8
2
4
2
4
8
2
4
1.15
0.225
0.99
0.49
0.83
0.66*
0.89
3.96
0.67
1.61
0.62
5.68
1.12*
1.02
0.5
0.62
0.51
0.58
10.58
39.7
1.24
5.89
0.62
0.49
0.88
0.9
2.17
1.06
7.31
1.91
0.55
0.64
0.53
0.86
1.97
0.59
1.39
0.46
1.58
29.41
77.40
1.81
2.67
2.18
1.08
0.61
1.42
2.16
3.01
2.01
1.90
6.64
1.76
19
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2019
HOLE ID
ACKF18-175
ACKF18-176
ACKF18-177
ACKF18-179
ACKF19-230
ACKF19-246
ACKF19-253
ACKF19-271
ACKF19-279
ACKF19-284
ACKF19-286
ACKF19-287
ACKF19-304
ACKF19-305
ACKF19-308
ACKF19-339
ACKF19-349
ACKF19-350
ACKF19-351
ACKF19-353
ACKF19-354
ACKF19-362
ACKF19-363
ACKF19-364
ACKF19-365
ACKF19-366
ACKF19-367
ACKF19-377
includes
includes
includes
includes
includes
includes
includes
includes
includes
includes
includes
FROM (m)
30
4
16
16
20
22
22
6
18
0
0
24
36
0
4
12
12
14
2
18
0
0
10
24
44
46
10
14
4
10
14
14
46
6
26
38
50
2
18
4
6
6
12
32
TO (m)
34
26
18
22
22
24
24
8
20
10
30
26
38
4
20
16
14
16
22
20
10
2
20
32
54
48
40
16
16
20
30
18
60
14
60
40
54
14
52
48
40
32
14
36
WIDTH (m)
4
22
2
6
2
2
2
2
2
10
30
2
2
4
16
4
2
2
20
2
10
2
10
8
10
2
30
2
12
10
16
4
14
8
34
2
4
12
34
44
34
26
2
4
GOLD (g/t)
1.35
0.36
0.95
0.63
1.45
2.14*
3.41
4.69
12.60
0.51
0.68
3.05
2.28
1.25
11.07
42.20
29.90
54.50
1.26
7.61
0.59
7.30
0.46
1.15
1.56
3.48
1.15
8.11
0.58
0.37
0.67
1.44
0.65*
0.71
1.06
4.35
1.92
0.47
0.73
0.54
0.55
0.53
1.37
1.85
20
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2019
HOLE ID
FROM (m)
includes
includes
includes
includes
RDKF19-001
RCKF19-001
RCKF19-004
RCKF19-005
RCKF19-006
RCKF19-007
RCKF19-008
includes
RCKF19-009
45
50
57
79
34
35
79
62
64
4
56
6
17
12
176
178
69
TO (m)
Diamond
63
54
63
88
Reverse Circulation
39
37
80
70
66
5
62
10
18
13
188
182
73
WIDTH (m)
GOLD (g/t)
18
4
6
9
5
2
1
8
2
1
6
4
1
1
12
4
4
0.95
2.21
1.13
1.03
4.23
9.26
2.04
2.96
8.20
2.20
1.69
1.14
20.9
2.61
1.47
2.29
1.22
* denotes hole ended in mineralisation.
Intervals are reported using a threshold where the interval has a 0.3g/t Au average or greater over the sample interval and
selects all material greater than 0.1g/t Au allowing for up to 2 samples of included dilution every 10m. Sampling was completed
as 2m composites
21
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2019
A ground IP geophysical survey completed over the southern portion of the Kouroufing gold corridor outlined a series of
strong, NNW-trending resistivity and chargeability anomalies coincident with the significant AC gold intersections (Figure 6).
Inspection of the AC drill samples indicates that the gold mineralisation may be associated with alteration, sulphide
mineralisation (pyrite) and quartz veining developed within shear zones along the contact between felsic intrusives and
sediments. Extensive artisanal workings are also evident along this trend.
FIGURE 6: KOUROUFING PROJECT – LOCATION OF AC HOLES RESULTS
SUPERIMPOSED OVER INDUCED POLARISATION RESISTIVITY
SURVEY RESULTS
22
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!2848002850002852002854002856002858002860002862002864002866002868002870002872001372800137300013732001373400137360013738001374000137420013744001374600137480013750001375200137540013756001375800137600013762001376400137660013768002km12m @ 1.15 g/t34m @ 1.12 g/t40m @ 1.02 g/t18m @ 0.42 g/t12m @ 1.24 g/tinc 2m @ 5.89 g/t8m @ 10.58 g/tinc 2m @ 39.7 g/t34m @ 1.06 g/tinc 2m @ 7.31 g/t 4m @ 1.91 g/t20m @ 0.86 g/tinc 4m @ 1.97 g/t20m @ 0.46 g/tinc 2m @ 1.54 g/t2m @ 1.31 g/t4m @ 1.39 g/t18m @ 0.58 g/t28m @ 0.55 g/t20m @ 0.67 g/tinc 6m @ 1.61g/t 42m @ 0.62 g/tinc 2m @ 5.68 g/t2m @ 1.20 g/t2m @ 12.60 g/t4m @ 1.61 g/t2m @ 2.14 g/t2m @ 4.69 g/t2m @ 7.30 g/t30m @ 1.15 g/t10m @ 1.56 g/t8m @ 1.15 g/t44m @ 0.54 g/t26m @ 0.53 g/t34m @ 0.73 g/t2m @ 1.72 g/t4m @ 1.85 g/t16m @ 11.07 g/tinc 4m @ 42.20 g/t30m @ 0.68 g/tinc 2m @ 3.05 g/t20m @ 1.26 g/tinc 2m @ 7.61 g/t34m @ 1.06 g/tinc 2m @ 4.35 g/t190310_V3KOUROUFINGPROJECTAIRCORE HOLES ON RESISTIVITYSignificant Grade Thisckness Intervals are reported using a threshold where the interval has a 0.3g/t Au average or greater over the sample interval andselects all material greater than 0.10g/t Au allowing for up to 2 samples of included dilution every 10m, then calculating the grade thickness product of each of these intersections on a per interval basis.Significant Interval Grade Thickness = g/t X m0.5 - 5 5 - 10 10 - 2020 - 50>50 no significant interceptXm @ Xg/tAircore results previous release (g/t Au)Xm @ Xg/tAircore results this release (g/t Au)Artisanal workingsHigh ResistivityLow ResistivityN500 metreOKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2019 New Project Acquisitions – West Mali
During the year, Oklo entered into agreements to acquire 100% ownership of the Kossaya and Sari Projects covering a
combined area of 84km2 and strategically located to the immediate east of the Company’s flagship Dandoko Project (Figure 1).
First-pass auger drilling over portions of these projects completed during the reporting year (925 holes) defined a series of
north-south trends with significant composite grades including 7m at 4.29g/t gold, 5m at 0.53g/t gold, 4m at 0.61g/t gold and
5m at 0.59g/t gold (Figure 7).
FIGURE 7: KOUROUFING, KOSSAYA AND SARI PROJECTS - LOCATION
OF AUGER DRILL HOLES AND MAX GOLD IN HOLE VALUES
AND CONTOURS
Following receipt of the positive auger results, Oklo exercised its option to acquire a 65% interest in the Sari and Kossaya
Projects in June and July 2019 respectively, and continues to hold the option to acquire the remaining 35% interest by mid-
2020.
At the date of this report, Oklo’s footprint in West Mali was 491km2.
23
KOSSAYASARIKOUROUFING, KOSSAYA & SARI PROJECTSAUGER MAX GOLD IN HOLEAuger Max Gold in HoleTenement 0 - 10 ppb10 - 20 ppb20 - 50 ppb50 - 100 ppb100 - 150 ppb150 - 250 ppb250 - 500 ppb>500 ppbN2 KilometresArtisanal workings190526AC Drill traverse previous releaseResults previously release (g/t Au)Xm @ Xg/tARTISANAL WORKINGSKOUROUFING CENTRAL TARGETSIGNIFICANT AC DRILL RESULTS6m @ 29.41 g/t gold 16m @ 11.07 g/t gold2m @ 12.60 g/t gold 20m @ 1.26 g/t gold2m @ 7.30 g/t gold 30m @ 1.15 g/t gold34m @ 1.12 g/t gold 40m @ 1.02 g/t gold34m @ 1.06 g/t gold 8m @ 10.58 g/t goldKOME TARGET5m @ 0.59 g/t4m @ 0.61 g/t5m @ 0.53 g/t7m @ 4.29 g/tOKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2019 Other Projects – West Mali
No field work was conducted over the strategically located Moussala and Socaf projects (Figure 1) during the reporting year.
Other Projects – South Mali
During the reporting year, limited soil sampling programs were undertaken at the Yanfolila, Kolondieba and Sirakourou
projects.
No field work was conducted at the Solabougouda project.
Samit North Phosphate Project – Mali
No exploration activities were undertaken at this project during the year.
Kidal Uranium Project - Mali
No exploration activities were undertaken at this project during the year.
Interests Acquired After Reporting Date
In July 2019, Oklo exercised its option to acquire a 65% interest in the Kossaya Project as part of the Company’s plan to secure
projects in the area surrounding its flagship Dandoko project. Further details are set out in the section “Events subsequent
to the Reporting Date” below.
24
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2019 Corporate
CAPITAL RAISINGS
There were no capital raisings completed during the reporting year. A total of $225,000 was raised
from the exercise of options. The Company remains well-funded at the end of the year with cash
reserves of approximately $6.5 million, and with a further A$6 million (before costs) raised post year end,
refer section “Events subsequent to the Reporting Date” below.
BOARD & MANAGEMENT CHANGES
Following the resignation of Mr Michael Fotios in December 2018, Mr Simon O’Loughlin was appointed Non-Executive
Chairman. Mr O’Loughlin subsequently moved to a Non-Executive Director role following the appointment of Mr Mark
Connelly as Non-Executive Chairman in July 2019.
Competent Person’s Declaration
The information in this Annual Report that relates to Exploration Results is based on information compiled by geologists employed by Africa
Mining (a wholly owned subsidiary of Oklo Resources) and reviewed by Mr Simon Taylor, who is a member of the Australian Institute of
Geoscientists. Mr Taylor is the Managing Director of Oklo Resources Limited and holds shares in the Company. 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.
This report contains information extracted from previous ASX market announcements reported in accordance with the 2012 JORC Code and is
available for viewing at www.okloresources.com. Oklo Resources confirms that in respect of these announcements it is not aware of any new
information or data that materially affects the information included in any original ASX market announcement. The announcements are as
follows:
Dandoko Project:
Announcements dated 21st December 2016, 30th January 2017, 21st February 2017, 3rd March 2017, 7th March 2017, 15th March 2017, 30th March
2017, 6th April 2017, 26th April 2017, 29th May 2017, 21st June 2017, 12th July 2017, 25th July 2017, 14th August 2017, 16th August 2017, 4th September
2017, 28th November 2017, 5th December 2017, 20th December 2017, 5th February 2018, 22nd February 2018, 8th March 2018, 28th March 2018,
3rd May 2018, 16th May 2018, 22nd May 2018, 2nd July 2018, 6th August 2018, 28th August 2018 and 3rd September 2018, 19th September 2018,
23rd October 2018, 25th October 2018, 8th December 2018, 6th March 2019 and 15th August 2019.
Kouroufing Project:
Announcement dated 12th September 2018, 12th November 2018, 30th January 2019, 19th February 2019, 11th April 2019, 17th April 2019 and 27th
May 2019.
25
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2019 Financial
Report
26
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2019 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
2019.
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 Mark Connelly (appointed 16 July 2019)
Non-Executive Chairman
Mr Connelly has more than 30 years of experience in the mining industry, and has held senior executive
positions with Newmont Mining Corporation and Inmet Mining Corporation. He is the former Managing
Director and Chief Executive Officer of Papillon Resources Limited, a Mali-based gold developer which merged
with B2Gold Corp in a US$570 million deal. He was Chief Operating Officer of Endeavour Mining Corporation
following its merger with Adamus Resources, where he was Managing Director and CEO.
Mr Connelly has extensive experience in financing, development, construction and operation of mining
projects in a variety of commodities including gold, base metals and other resources in West Africa, Australia,
North America and Europe.
Current External Directorships
Past Directorships in last 3 years:
West African Resources Limited (ASX)
Tao Commodities Limited (ASX)
Calidus Resources Limited (ASX)
Primero Group Limited (ASX)
Emmerson plc (LSE)
Ausdrill Limited (ASX)
Tiger Resources Limited (ASX)
Saracen Mineral Holdings Limited (ASX)
Cardinal Resources Ltd (ASX)
B2 Gold Corp (TSX)
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. 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 and in senior positions. 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
Chesser Resources Limited (ASX)
Bod Australia (ASX)
Past Directorships in last 3 years:
ARC Exploration Limited (ASX)
Oklo Resources Limited and its Controlled Entities
Page 27
2019 Annual Report
27
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2019
DIRECTORS’ REPORT
Dr Madani Diallo MSc Geochem, PhD Geochem
Executive Director
Dr Diallo has an outstanding track record for over 30 years of successful exploration in Africa. During his
lengthy career Dr Diallo has directly led the teams that discovered large gold deposits including the multi-
million ounce deposits of Syama, Morila and Sadiola deposits in Mali and the Essakane deposit in Burkina
Faso. Dr Diallo is a director of several private companies focussed on precious and industrial minerals in the
West African region and was formerly a Director of the Sadiola Gold Mine (IamGold/AngloGold Ashanti JV). He
also advises private and government agencies involved with the financing of resource related projects in Mali.
He also holds the position of Vice-President of the Mali Chamber of Mines, President of the Association of
Geoscientists in Mali and is a 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 and was recently granted the medal of Officer of the Nation by the President of Mali.
Current External Directorships
Compass Gold Corporation (TSX-V)
UBA Bank Burkina Faso
Past Directorships in last 3 years:
Sadiola and Morila Gold Mine (joint venture)
Mr Simon O’Loughlin (appointed 24 December 2018)
Non-Executive Chairman
Mr O’Loughlin is the founding member of O’Loughlins Lawyers, an Adelaide based medium sized specialist
commercial law firm. For many years he has practiced both in Sydney and Adelaide, in the corporate and
commercial fields with, in more recent times, a particular focus on the resources sector. He also holds
accounting qualifications.
Mr O’Loughlin has extensive experience and involvement with companies in the small industrial and resources
sectors. He has also been involved in the listing and back-door listing of numerous companies on the ASX and
National Stock Exchanges. He is a former Chairman of the Taxation Institute of Australia (SA Division) and Save
the Children Fund (SA Division).
Current External Directorships:
Past Directorships in last 3 years:
Bod Australia Limited (ASX)
Chesser Resources Limited (ASX)
Petratherm Limited (ASX)
ARC Exploration Limited (ASX)
Kibaran Resources Ltd (ASX)
Odin Mining Ltd (ASX)
Piedmont Lithium Limited (ASX)
Mr Michael Fotios B.Sc. (Hons. Geology) (resigned 24 December 2018)
Non-Executive Chairman
Mr Fotios is a geologist, specialising in economic geology with extensive experience in exploration throughout
Australia, taking projects from exploration to feasibility. Mr Fotios was recently the Executive Chairman of
Eastern Goldfields Limited, has previously held positions with Homestake Australia Limited and Sons of Gwalia
Limited and was formerly the Managing Director of Tantalum Australia NL (now ABM Resources Limited) and
Galaxy Resources Limited.
Oklo Resources Limited and its Controlled Entities
Page 28
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28
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2019
DIRECTORS’ REPORT
Current External Directorships:
Nil
Past Directorships in last 3 years:
Eastern Goldfields Limited (ASX)
General Mining Corporation Limited (ASX)
Horseshoe Metals Limited (ASX)
Investmet Limited
Scorpion Minerals Limited (ASX)
Redbank Copper Limited
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 2019 were $50,823,915 (30 June 2018: $50,071,457).
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 6 to 30 of the Annual Report.
The Group recorded an operating loss for the year of $1,006,272 (2018: $1,803,491). The 2019 result is
consistent with the size and operations of the Group.
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
On 16 July 2019, the Company appointed Mr Mark Connelly as Non-Executive Chairman of the Company. On
that same Date Mr Simon O’Loughlin moved to a Non-Executive Director position with the Company.
Oklo Resources Limited and its Controlled Entities
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29
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2019
DIRECTORS’ REPORT
On 18 July 2019, the Company exercised its option to acquire the Kossaya Project. As at the date of this
report, the Company has a 65% interest in the Kossaya Project (refer Note 3.2).
On 12 September 2019, the company completed a private placement by the issue of 57,142,857 fully paid
shares at an issue price of $0.5 per share to raise a total of $6,000,000.
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.
ENVIRONMENTAL REGULATION
The Group is aware of its environmental obligations and acts to ensure that its environmental commitments
are met.
The Group is not currently subject to significant environmental regulation in respect of its activities. The
Directors have considered compliance with the National Greenhouse and Energy Reporting Act 2007 which
requires entities to report annual greenhouse gas emissions and energy use. For the measurement period
from 1 July 2018 to 30 June 2019 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.
Oklo Resources Limited and its Controlled Entities
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30
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2019
DIRECTORS’ REPORT
NON-AUDIT SERVICES
An amount of $Nil (2018: $ 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 2019 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.
DIRECTORS’ INTERESTS IN SECURITIES OF THE GROUP
At the date of this report the relevant interests of the Directors in shares or options over shares of the Group
are:
DIRECTOR
ORDINARY SHARES
Mark Connelly
Simon Taylor
Madani Diallo
Simon O’Loughlin
NIL
5,260,000
7,111,355
613,200
OPTIONS
NIL
5,500,000
3,000,000
NIL
Unissued ordinary shares of the Company under option at the date of this report are as follows:
DATE OPTIONS GRANTED
EXPIRY DATE
ISSUE PRICE OF
SHARES
NUMBER UNDER OPTION
22 June 2016
11 August 2016
2 November 2016
22 December 2016
21 November 2018
21 November 2018
21 November 2018
21 November 2018
24 November 2018
24 November 2018
24 November 2018
24 November 2018
24 November 2018
15 December 2018
15 December 2018
22 June 2020
11 August 2020
2 November 2019
22 December 2019
21 November 2020
21 November 2020
21 November 2019
21 November 2019
24 November 2019
24 November 2020
24 November 2020
24 November 2019
24 November 2020
15 December 2019
15 December 2020
$0.30
$0.30
$0.20
$0.20
$0.49
$0.395
$0.455
$0.345
$0.35
$0.40
$0.40
$0.35
$0.40
$0.37
$0.42
1,500,000
1,500,000
250,000
1,000,000
3,875,000
1,000,000
3,875,000
1,000,000
1,050,000
800,000
250,000
250,000
250,000
125,000
150,000
At the date of this report the Group had on issue 411,997,778 ordinary shares and 16,875,000 options over
ordinary shares.
Oklo Resources Limited and its Controlled Entities
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2019 Annual Report
31
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2019
DIRECTORS’ REPORT
DIRECTORS’ MEETINGS
The table below sets out the number of Directors’ meetings held during the period and the number of
meetings attended by each as a Director.
NUMBER OF MEETINGS
ELIGIBLE TO ATTEND
11
22
3
3
NUMBER OF MEETINGS
ATTENDED
11
12
3
3
DIRECTOR
S O’Loughlin
M Fotios
S Taylor
M Diallo
Notes:
1. From date of appointment
2. To date of resignation
CORPORATE GOVERNANCE STATEMENT
The Company’s Corporate Governance Statement can be found on the Company’s website at the
following URL: https://www.okloresources.com/corporate/corporate-governance/.
Oklo Resources Limited and its Controlled Entities
Page 32
2019 Annual Report
32
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2019
DIRECTORS’ REPORT
AUDITED REMUNERATION REPORT
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 Simon O’Loughlin (appointed 24 December 2018)
Mr Michael Fotios (resigned 24 December 2018)
Mr Simon Taylor
Dr Madani Diallo
Mr Andrew Boyd
Position
Non-Executive Chairman
Non-Executive Chairman
Managing Director
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 Company has not engaged the services of external remuneration consultants to advise them on
Director and executive remuneration policy. At the Company’s 2018 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.
Oklo Resources Limited and its Controlled Entities
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33
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2019
DIRECTORS’ REPORT
Employment Contracts of Directors and Executives
As at 30 June 2019, all Directors and all executives, other than the Non-Executive Chairman, have formal
contracts with the Company. The Non-Executive Chairman is paid director’s fees under the terms agreed
to by a directors’ resolution. By way of a board resolution at a Board meeting held on 27 July 2017, it was
resolved that with effect from 1 July 2017, the remuneration of the Non-Executive Chairman be at the
rate of $50,000 per annum. From July 2018 there was a 7.5% increase in Chairman fees. In December
2018, on the resignation of Mr Fotios as Chairman and the appointment of Mr O’Loughlin as Chairman,
the agreed remuneration was set at $40,000 per annum plus applicable superannuation.
The terms during the past year and as at the date of this report are set out as follows:
Name
Position
Mr. Simon O’Loughlin
Mr. Michael Fotios
Mr. Simon Taylor
Dr. Madani Diallo
Mr. Andrew Boyd
Notes:
Non-Executive Chairman
Non-Executive Chairman
Managing Director
Executive Director
General Manager - Exploration
Annual Remuneration
FY 2019
20,0001
27,0002
345,000
272,9833
304,1514
1. Annual rate was $54,000 per annum, amount above reflects actual amounts paid until date of termination.
2. Annual rate is $40,000 per annum, amount above reflects actual amounts paid from date of appointment.
3. Dr Diallo is paid in Euro. The amount paid in Euro was €171,117
4. Mr Boyd is paid in US Dollars. The amount paid in US Dollars was USD217,550
The payment of statutory employment entitlements (such as superannuation contributions), where
applicable is in addition to the above amounts.
The non-executive directors’ fees are determined within an aggregate directors’ fee pool limit, which is
periodically recommended for approval by shareholders. The maximum currently stands at $300,000,
which was approved by shareholders at the Annual General Meeting on 23 November 2006.
Fees were paid to Delta Resource Management Pty Ltd, Makly SA and Cairn Geoscience Limited related
parties of Mr Fotios, Dr Diallo and Mr Boyd and with respect to consultancy services provided. These
amounts are included salaries and fees in the following schedule.
On 15 March 2018, the Company and the Managing Director entered into an executive services
agreement and with an effective date of 1 February 2018. This agreement includes normal leave and
superannuation entitlements. The agreement provides for a twelve (12) month notice period on
termination and that any unvested incentive securities will vest on termination. Effective 1 July 2018, the
remuneration for the Managing Director was increased to $345,000 plus applicable superannuation
entitlements.
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”). From 1 July 2017, the remuneration pursuant to the Makly Agreement was amended to be
€13,500 (A$21,898) per month/ €162,000 (A$262,773) per annum. The Company and Makly SA entered
in to a new agreement with an effective date 1 October 2018. This agreement has a three (3) year term
and provides for monthly remuneration of €14,513 (A$23,541) This agreement provides for normal three
(3) month notice periods on termination and that any unvested incentive securities will vest on
termination.
Oklo Resources Limited and its Controlled Entities
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34
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2019
DIRECTORS’ REPORT
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”). From 1 July
2018, the remuneration of Mr Boyd was amended to be USD132,000 (A$187,981) per annum assuming
approximately 10 days work a month, with additional days being at the rate of USD1,100 (A$1,566) per
day. The Company and Cairn Geoscience Limited entered into a new agreement with an effective date 1
October 2018. This agreement has a two (2) year term and provides for monthly remuneration of
USD12,000 (A$17,089) assuming approximately 10 days work a month, with additional days being at the
rate of USD1,200 (A$1,709) per day. This agreement provides for normal two (2) month notice periods on
termination and that any unvested incentive securities will vest on termination.
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 2019
SHORT-
TERM
Cash salary
& fees
$
POST
EMPLOYMENT
Superannuation
Contribution
$
SHARE BASED
PAYMENTS
Options
$
Shares
$
20,000
27,0001
345,000
272,9832
664,983
DIRECTORS
S O’Loughlin
M Fotios
S Taylor
M Diallo
Total
KEY MANAGEMENT PERSONNEL
Andrew Boyd
Total
Notes:
304,1513
969,134
1,900
-
32,775
-
34,675
-
34,675
-
-
-
-
-
-
-
TOTAL
TOTAL
$
21,900
27,000
377,775
272,983
699,658
Performance
related
0%
0%
0%
0%
-
-
-
-
-
-
-
304,151
1,003,809
0%
1. Fees paid to Delta Resource Management Pty Ltd
2. Fees paid to Makly S.A.
3. Fees paid to Cairn Geoscience Limited
Oklo Resources Limited and its Controlled Entities
Page 35
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35
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2019
DIRECTORS’ REPORT
Key Management Personnel of the Group 2018
SHORT-
TERM
Cash salary
& fees
$
50,0001
300,0002
229,0113
579,011
DIRECTORS
M Fotios
S Taylor
M Diallo
Total
KEY MANAGEMENT PERSONNEL
Andrew Boyd
Total
Notes:
287,1114
866,122
POST
EMPLOYMENT
Superannuation
Contribution
$
-
11,875
-
11,875
-
11,875
SHARE BASED
PAYMENTS
TOTAL
Options
$
164,581
542,609
329,163
1,036,353
305,120
1,341,473
Shares
$
-
-
-
-
-
-
TOTAL
$
214,581
854,484
558,174
1,627,239
592,231
2,219,470
Performance
related
77%
64%
59%
52%
1. Fees paid to Delta Resource Management Pty Ltd
2. For the period 1 July 2018 to 31 January 2019, these fees paid to Geeland Pty Ltd. From 1 February 2019,
fees were paid directly to Mr Taylor.
3. Fees paid to Makly SA
4. Fees paid to Cairn Geoscience Limited
Share–based compensation
The Company has historically engaged in share-based remuneration with the Directors. During the year
ended 30 June 2019, the Company did not grant any share-based compensation to any directors.
Historically, the grant of options to the Directors were not linked to performance. 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
Page 36
2019 Annual Report
36
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2019
DIRECTORS’ REPORT
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) M-Consulting sarl (Dr Madani Diallo – Executive Director)
M-Consulting is a company controlled by Dr Madani Diallo and which, from time to time, provides
geological consulting services in Mali.
Exploration/Geological consulting services in Mali1,2
2019
$
nil
nil
2018
$
54,126
54,126
Note 1: These amounts are not included in the key management personnel remuneration and are incurred
directly by subsidiary companies (Oklo Resources Mali in FY18).
Note 2: All amounts are included recorded as part of exploration expenditure on the statement of financial
position.
The total amount due to M-Consulting sarl as at 30 June 2019 was $nil (Nil: 2018)
(ii)
Aggregate amounts of each of the above types of other transactions with key management
personnel of Oklo Resources Limited:
Amounts capitalised as part of exploration expenditure
Geological Consulting fees
2019
$
2018
$
nil
nil
54,126
54,126
Equity Instruments Held by Key Management Personnel
a) Shareholdings - Number of shares held by key management personnel:
2019
Directors
Simon O’Loughlin
Michael Fotios
Simon Taylor
Madani Diallo
Total
KEY MANAGEMENT PERSONNEL
Andrew Boyd
Total
Notes:
1. As at date of appointment
2. As at date of resignation
Balance
30 Jun 2018
613,2001
5,500,000
5,260,000
7,111,355
18,484,555
930,000
19,414,555
Acquisitions
Disposals
-
-
-
-
-
500,000
500,000
-
-
-
-
-
-
Balance
30 Jun 2019
613,200
5,500,0002
5,260,000
7,111,355
18,484,555
1,430,000
19,914,555
Oklo Resources Limited and its Controlled Entities
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37
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2019
DIRECTORS’ REPORT
(b) Options and Rights Holdings - Number of Options held by key management personnel
Options to expire on 7 December 2018 at an exercise price of $0.15
Directors
Andrew Boyd
Total
Balance
01.07.18
500,000
500,000
Granted as
compensation
Lapsed
Exercised
Vested and
Exercisable
Unvested
-
-
-
-
(500,000)
(500,000)
-
-
-
-
Balance
30.06.19
-
-
Options to expire on 18 June 2019 at an exercise price of $0.25
Directors
Madani
Diallo
Andrew Boyd
Total
Balance
01.07.18
1,000,000
1,000,000
2,000,000
Granted as
compensation
Lapsed
Disposals
Vested and
Exercisable
Unvested
Balance
30.06.19
-
-
-
(1,000,000)
(1,000,000)
(2,000,000)
-
-
-
-
-
-
-
-
-
-
-
-
Options to expire on 11 August 2019 at an exercise price of $0.25
Directors
Simon Taylor
Total
Balance
01.07.18
1,500,000
1,500,000
Granted as
compensation
Lapsed
Disposals
-
-
-
-
-
-
Vested and
Exercisable
1,500,000
1,500,000
Unvested
-
-
Balance
30.06.19
1,500,000
1,500,000
Options to expire on 22 December 2019 at an exercise price of $0.20
Directors
Michael
Fotios
Total
Balance
01.07.18
1,000,000
1,000,000
Granted as
compensation
Lapsed
Disposals
Vested and
Exercisable
Unvested
-
-
-
-
-
-
1,000,000
1,000,000
-
-
Options to expire on 22 June 2020 at an exercise price of $0.30
Directors
Madani
Diallo
Andrew Boyd
Total
Balance
01.07.18
500,000
1,000,000
1,500,000
Granted as
compensation
Lapsed
Disposals
Vested and
Exercisable
Unvested
-
-
-
-
-
-
-
-
-
500,000
1,000,000
1,500,000
-
-
-
Options to expire on 11 August 2020 at an exercise price of $0.30
Directors
Simon Taylor
Total
Balance
01.07.18
1,500,000
1,500,000
Granted as
compensation
Lapsed
Disposals
-
-
-
-
-
-
Vested and
Exercisable
1,500,000
1,500,000
Unvested
-
-
Options to expire on 21 November 2019 at an exercise price of $0.455
Directors
Michael
Fotios
Simon Taylor
Madani
Diallo
Total
Balance
01.07.18
625,000
2,000,000
1,250,000
3,875,000
Granted as
compensation
Lapsed
Disposals
Vested and
Exercisable
Unvested
-
-
-
-
-
-
-
-
-
-
-
-
625,000
2,000,000
1,250,000
3,875,000
-
-
-
-
Balance
30.06.19
1,000,000
1,000,000
Balance
30.06.19
500,000
1,000,000
1,500,000
Balance
30.06.19
1,500,000
1,500,000
Balance
30.06.19
625,000
2,000,000
1,250,000
3,875,000
Oklo Resources Limited and its Controlled Entities
Page 38
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38
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2019
DIRECTORS’ REPORT
Options to expire on 21 November 2019 at an exercise price of $0.345
Directors
Andrew Boyd
Total
Balance
01.07.18
1,000,000
1,000,000
Granted as
compensation
Lapsed
Disposals
-
-
-
-
-
-
Vested and
Exercisable
1,000,000
1,000,000
Unvested
-
-
Options to expire on 21 November 2020 at an exercise price of $0.49
Directors
Michael
Fotios
Simon Taylor
Madani
Diallo
Total
Balance
01.07.18
625,000
2,000,000
1,250,000
3,875,000
Granted as
compensation
Lapsed
Disposals
Vested and
Exercisable
Unvested
-
-
-
-
-
-
-
-
-
-
-
-
625,000
2,000,000
1,250,000
3,875,000
-
-
-
-
Options to expire on 21 November 2020 at an exercise price of $0.395
Directors
Andrew Boyd
Total
Balance
01.07.18
1,000,000
1,000,000
Granted as
compensation
Lapsed
Disposals
-
-
-
-
-
-
Vested and
Exercisable
1,000,000
1,000,000
Unvested
-
-
Balance
30.06.19
1,000,000
1,000,000
Balance
30.06.19
625,000
2,000,000
1,250,000
3,875,000
Balance
30.06.19
1,000,000
1,000,000
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.
Engagement of remuneration consultants
During the financial year, the Company did not engage any remuneration consultants to review the Key
Management Personnel remuneration for the year ended 30 June 2019.
Oklo Resources Limited and its Controlled Entities
Page 39
2019 Annual Report
39
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2019
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:
DIRECTORS’ REPORT
(a) comply with Accounting Standards and Corporations Regulations 2001 and other
Voting of shareholders at last year’s annual general meeting
mandatory professional reporting requirements; and,
(b) give a true and fair view of the financial position as at 30 June 2018 and of the performance
The Company received more than 97% of “yes” votes on its remuneration report for the 2018 financial
year. The company did not receive any specific feedback at the AGM or throughout the year on its
remuneration practices.
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.
This is the end of the Audited Remuneration Report.
3. The directors have been given the required declarations by the chief executive officer and chief
financial officer required by section 295A.
AUDITOR’S INDEPENDENCE DECLARATION
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.
The auditor’s independence declaration as required under Section 307C of the Corporations Act 2001 for
the year ended 30 June 2019 has been received and can be found on page 41.
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:
This report has been made in accordance with a resolution of the Board of Directors pursuant to s.298 (2)
of the Corporations Act 2001.
Signed
Simon Taylor
Managing Director
Simon Taylor
Managing Director
Sydney: 27 September 2019
Sydney: 28 September 2018
Oklo Resources Limited and its Controlled Entities
Page 75
2018 Annual Report
Oklo Resources Limited and its Controlled Entities
Page 40
2019 Annual Report
40
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2019
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 2019, 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, 27 September 2019
Oklo Resources Limited and its Controlled Entities
Page 41
2019 Annual Report
BDO Audit (WA) Pty Ltd ABN 79 112 284 787 is a member of a national association of independent entities which are all members of BDO Australia Ltd ABN 77 050 110 275,
an Australian company limited by guarantee. BDO Audit (WA) Pty Ltd and BDO Australia Ltd are members of BDO International Ltd, a UK company limited by guarantee, and
form part of the international BDO network of independent member firms. Liability limited by a scheme approved under Professional Standards Legislation.
41
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2019
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2019
Note
2019
$
2018
$
8.1
1.1
1.2
Continuing Operations
Other income
Employee benefits expense / Directors Fees
Superannuation
Provision for employee benefits
Share based payments expense
Professional fee expense
Legal expense
Administration expense
Business development
Travel and accommodation expense
Occupancy expense
Foreign exchange
Depreciation expense
Total Expenses
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
Items that may be reclassified subsequently to
profit or loss
Foreign currency translation differences for foreign
operations
Other comprehensive income for the year,
net of income tax
Total comprehensive profit/(loss) for the year
33,043
-
(392,000)
(34,675)
(20,025)
-
(120,500)
(3,021)
(225,728)
(239,743)
(106,484)
(73,748)
(12,278)
(1,218)
(1,229,420)
(1,196,377)
190,108
(3)
190,105
-
-
(350,000)
(11,875)
(26,648)
(821,044)
(109,000)
(22,621)
(221,489)
(144,788)
(128,304)
(36,076)
(70,085)
(368)
(1,942,298)
(1,942,298)
140,459
(1,652)
138,807
(1,006,272)
-
(1,803,491)
-
(1,006,272)
(1,803,491)
(1,006,272)
(1,803,491)
1,280,582
659,075
1,280,582
274,310
659,075
(1,144,416)
Oklo Resources Limited and its Controlled Entities
Page 42
2019 Annual Report
42
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2019
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
AND OTHER COMPREHENSIVE INCOME (Cont.)
FOR THE YEAR ENDED 30 JUNE 2019
Note
2019
$
2018
$
Loss attributable to:
Owners of the Company
Total Comprehensive Profit/(Loss) attributable to:
Owners of the Company
Loss and diluted loss per share for loss attributable
to the ordinary equity holders of the company:
1.3
(1,006,272)
(1,006,272)
(1,803,491)
(1,803,491)
274,310
274,310
659,075
(1,144,416)
(0.003)
(0.006)
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 43
2019 Annual Report
43
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2019
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2019
CURRENT ASSETS
Cash and cash equivalents
Trade and other receivables
2019
2018
Note
$
$
2.1
2.2
6,527,164
165,121
18,366,296
197,267
TOTAL CURRENT ASSETS
6,692,285
18,563,563
NON-CURRENT ASSETS
Property, plant and equipment
Exploration and evaluation expenditure
3.1
3.2
831,279
45,122,939
934,596
33,245,336
45,954,218
34,179,932
TOTAL ASSETS
52,646,503
52,743,495
CURRENT LIABILITIES
Trade and other payables
Provisions
2.3
2.4
1,775,914
46,674
2,645,389
26,649
TOTAL CURRENT LIABILITIES
1,822,588
2,672,038
TOTAL LIABILITIES
NET ASSETS
EQUITY
Contributed equity
Reserves
Accumulated losses
TOTAL EQUITY
1,822,588
2,672,038
50,823,915
50,071,457
4.1
4.2
4.3
62,317,143
5,753,276
(17,246,504)
61,925,515
4,386,174
(16,240,232)
50,823,915
50,071,457
The above Consolidated Statement of Financial Position should be read in conjunction with the
accompanying notes.
Oklo Resources Limited and its Controlled Entities
Page 44
2019 Annual Report
44
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2019
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2019
Balance at 1 July 2018
Loss for year
Other comprehensive income
Exchange differences on translation of
foreign operation
Total other comprehensive income
Total comprehensive loss for the year
Transactions with owners in their
capacity of owners
Contributions of equity, net of transaction
costs
Share based payments
Contributed
Equity
$
Accumulated
losses
$
Reserves
$
Total
$
61,925,515
-
(16,240,232)
(1,006,272)
4,386,174
-
50,071,457
(1,006,272)
-
-
-
-
-
(1,006,272)
1,280,582
1,280,582
1,280,582
1,280,582
1,280,582
274,310
391,628
-
-
-
-
86,520
391,628
86,520
Balance at 30 June 2019
62,317,143
(17,246,504)
5,753,276
50,823,915
Balance at 1 July 2017
Loss for year
Other comprehensive income
Exchange differences on translation of
foreign operation
Total other comprehensive income
Total comprehensive loss for the year
Transactions with owners in their
capacity of owners
Contributions of equity, net of transaction
costs
Share based payments
Contributed
Equity
$
Accumulated
losses
$
Reserve
$
Total
$
45,499,491
-
(14,436,741)
(1,803,491)
2,074,886
-
33,137,636
(1,803,491)
-
-
-
-
-
(1,803,491)
659,075
659,075
659,075
659,075
659,075
(1,144,416)
16,426,024
-
-
-
-
1,652,213
16,426,024
1,652,213
Balance at 30 June 2018
61,925,515
(16,240,232)
4,386,174
50,071,457
The above Consolidated Statement of Changes in Equity should be read in conjunction with the
accompanying notes.
Oklo Resources Limited and its Controlled Entities
Page 45
2019 Annual Report
45
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2019
CONSOLIDATED STATEMENT OF CASHFLOWS
FOR THE YEAR ENDED 30 JUNE 2019
CASH FLOW FROM OPERATING ACTIVITIES
Receipts for rent
Payments to suppliers and employees
Interest received
Note
2019
2018
$
$
26,883
(1,113,284)
190,105
-
(1,060,519)
138,807
Net cash outflow in operating activities
2.1
(896,296)
(921,712)
CASH FLOW FROM INVESTING ACTIVITIES
Payment for security deposit
Payments for exploration
Payments for plant and equipment
Payment for software
Payments for acquisition of Licences
-
(11,007,080)
(41,045)
(6,741)
(117,451)
-
(10,425,290)
(678,087)
(60,632)
(277,212)
Net cash outflow in investing activities
(11,172,317)
(11,441,221)
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from share issues (net of share issue costs)
Net cash provided by financing activities
219,090
219,090
15,932,348
15,932,348
Net increase in cash held
(11,849,523)
3,569,415
Cash at beginning of the year
18,366,296
14,792,611
Foreign exchange variances on cash
10,391
4,270
Cash at end of the year
2.1
6,527,164
18,366,296
The above Consolidated Statement of Cash Flows should be read in conjunction with the
accompanying notes.
Oklo Resources Limited and its Controlled Entities
Page 46
2019 Annual Report
46
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2019
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
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 2019 was authorised for issue in accordance with a resolution of the Directors
on 27 September 2019.
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;
• Presents comparative information where required for consistency with the current year's
presentation; and
• 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 2018.
•
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.
Adoption of New and Revised Standards and Change in Accounting Standards
Early adoption of accounting standards
The Group has not elected to apply any pronouncements before their operative date in the annual
reporting year beginning 1 July 2018.
Oklo Resources Limited and its Controlled Entities
Page 47
2019 Annual Report
47
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2019
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
ABOUT THIS REPORT (CONT)
New and amended standards adopted by the Group
A number of new or amended standards became applicable for the current reporting period for which the
Group has adopted:
• AASB 15 Revenue from Contracts with Customers; and
• AASB 9 Financial Instruments.
The new accounting policies are disclosed below. There is no impact on the Group for the year ended 30
June 2019.
AASB 15 Revenue from contracts with Customers
AASB 15 Revenue from contracts with Customers replaces AASB 118 Revenue. AASB 15 was adopted by
the Group on 1 July 2018. AASB 15 provides a single, principles-based five-step model to be applied to all
contracts with customers.
The Company has considered AASB 15 and determined that there is no impact on the financial statements
as the Group is not generating sales revenue at this stage.
The Group’s new revenue accounting policy is detailed below:
Revenue is recognised when or as the Group transfers control of goods or services to a customer at the
amount to which the Group expects to be entitled. If the consideration promised includes a variable
component, the Group estimates the expected consideration for the estimated impact of the variable
component at the point of recognition and re-estimated at every reporting period.
AASB 9 Financial Instruments
AASB 9 Financial Instruments replaces the provisions of AASB 139 Financial Instruments: Recognition and
Measurement that relate to the recognition, classification and measurement of financial assets and
financial liabilities, derecognition of financial instruments, impairment of financial assets and hedge
accounting. The adoption of AASB 9 Financial Instruments from 1 July 2018 did not give rise to any
transitional adjustments.
The new accounting policies (applicable from 1 July 2018) are set out below.
Classification and measurement:
Except for certain trade receivables the Group initially measures a financial asset at its fair value plus, in
the case of a financial asset not at fair value through profit or loss, transaction costs.
Under AASB 9 financial assets are subsequently measured at fair value through profit or loss (FVPL),
amortised cost, or fair value through other comprehensive income (FVOCI). The classification is based on
two criteria: The Group’s business model for managing the assets; and whether the instruments’
contractual cash flows represent ‘solely payments of principal and interest’ on the principal amount
outstanding (the ‘SPPI criterion’).
Oklo Resources Limited and its Controlled Entities
Page 48
2019 Annual Report
48
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2019
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
ABOUT THIS REPORT (CONT)
Impairment:
From 1 July 2018, the Group will assess, on a forward-looking basis, any expected credit losses (ECLs)
associated with any debt instruments carried at amortised cost and FVOCI. ECLs are based on the
difference between the contractual cash flows due in accordance with the contract and all the cash flows
that the Company expects to receive. The shortfall is then discounted at an approximation to the asset’s
original effective interest rate.
The Group assesses at each balance date whether there is objective evidence that a financial asset or
group of financial assets is impaired. For trade and other receivables, the Group applies the simplified
approach permitted by AASB 9, which requires expected lifetime losses to be recognised from initial
recognition of the receivables. The expected credit losses on these financial assets are estimated using a
provision matrix based on the Group’s historical credit loss experience.
New and amended standards not yet adopted by the Group
Certain new accounting standards and interpretations have been published that are not mandatory for
the 30 June 2019 reporting period. The Group’s assessment of the impact of these new standards and
interpretations that may have an impact on the Group is set out below:
AASB 16 Leases
This standard is applicable to annual reporting periods beginning on or after 1 January 2019. The standard
replaces AASB 117 'Leases' and for lessees will eliminate the classifications of operating leases and finance
leases. Subject to exceptions, a 'right-of-use' asset will be capitalised in the statement of financial
position, measured at the present value of the unavoidable future lease payments to be made over the
lease term. The exceptions relate to short-term leases of 12 months or less and leases of low-value assets
(such as personal computers and small office furniture) where an accounting policy choice exists whereby
either a 'right-of-use' asset is recognised or lease payments are expensed to profit or loss as incurred. A
liability corresponding to the capitalised lease will also be recognised, adjusted for lease prepayments,
lease incentives received, initial direct costs incurred and an estimate of any future restoration, removal
or dismantling costs.
Straight-line operating lease expense recognition will be replaced with a depreciation charge for the
leased asset (included in operating costs) and an interest expense on the recognised lease liability
(included in finance costs). In the earlier periods of the lease, the expenses associated with the lease
under AASB 16 will be higher when compared to lease expenses under AASB 117. However EBITDA
(Earnings Before Interest, Tax, Depreciation and Amortisation) results will be improved as the operating
expense is replaced by interest expense and depreciation in profit or loss under AASB 16.
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
Oklo Resources Limited and its Controlled Entities
Page 49
2019 Annual Report
49
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2019
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
ABOUT THIS REPORT (CONT)
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 50
2019 Annual Report
50
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2019
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
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
2.4. PROVISIONS
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
4.3. ACCUMULATED LOSSES
5. RISK
5.1. FINANCIAL RISK MANAGEMENT
6. GROUP STRUCTURE
6.1. SUBSIDIARIES
7. UNRECOGNISED ITEMS
7.1. COMMITMENTS
7.2. CONTINGENCIES
7.3. 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. REMUNERATION OF AUDITIORS
8.5. OTHER ACCOUNTING POLICIES
52
52
52
54
55
56
56
57
57
58
58
58
60
63
63
65
65
66
66
71
71
72
72
72
73
74
74
77
78
79
79
Oklo Resources Limited and its Controlled Entities
Page 51
2019 Annual Report
51
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2019
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
1. FINANCIAL PERFORMANCE
1.1. FINANCE INCOME
Interest revenue
2019
$
190,108
2018
$
140,459
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:
2019
$
2018
$
-
-
-
-
-
-
Accounting loss before taxation
(1,006,272)
(1,803,491)
Tax on loss at standard rate at 27.5% (2018:
27.5%)
Share based payments
Tax effect of permanent differences
Tax effect of timing differences
Deferred tax asset losses not recognised
Income tax expense
Deferred tax assets/(liabilities) not recognised
Unrecognised deferred tax asset losses
Unrecognised deferred tax asset - other
Unrecognised deferred tax liability- other
(276,725)
-
210,422
(45,226)
111,529
-
2,601,123
75,539
(7,057)
2,669,605
(495,960)
225,787
184,555
(25,453)
111,072
-
2,724,021
105,877
-
2,829,898
Key estimates and judgements
The recoupment of tax losses carried forward as at 30 June 2019 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 52
2019 Annual Report
52
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2019
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
1.2 INCOME TAX (CONT)
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
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
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:
2019
(0.003)
2018
(0.006)
$ (1,006,272)
$ (1,803,491)
353,833,293
312,951,033
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 2019 as potential ordinary
shares. As at 30 June 2019, the company has on issue 20,375,000 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 2019
Other than the placement of 57,142,857 shares to raise $6,000,000 in September 2019 (refer
Note 7.3), there have not been any conversions, calls, subscriptions or other share issues after 30
June 2019.
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.
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
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 2019 the segment information reported was analysed on the basis of geographical
Region (Australia and Mali). During the year to 30 June 2019, 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.
The following is an analysis of the Group’s revenue and results by reportable segment:
Australia
2019
$
-
2018
$
-
(1,196,377)
(1,943,950)
Mali
2019
$
-
Group
2018
$
2019
$
-
(1,196,377)
-
2018
$
-
(1,943,950)
190,105
140,459
190,105
140,459
-
-
(1,006,272)
(1,803,491)
-
-
-
-
- (1,006,272)
-
(1,803,491)
(1,006,272)
(1,803,491)
Segment revenue
Other Expenses
Net Finance
Income
Exploration
expense
Segment result
Loss before tax
The following is an analysis of the Group’s assets by reportable operating segment:
Segment
assets
Australia
Mali
Total assets
30 June 2019
30 June 2018
$
6,524,424
46,122,079
52,646,503
$
18,462,704
34,280,791
52,743,495
The following is an analysis of the Group’s liabilities by reportable operating segment:
Segment liabilities
Australia
Mali
Total liabilities
30 June 2019
174,737
1,647,851
1,822,588
30 June 2018
$
114,314
2,557,724
2,672,038
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
2. WORKING CAPITAL PROVISIONS
2.1. CASH AND CASH EQUIVALENTS
Cash at bank
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:
Depreciation
Foreign exchange movements
Provision for employee benefits
Shares based payments
Changes in assets and liabilities:
(Increase) / decrease in receivables
Increase / (decrease) in payables
2019
$
2018
$
6,527,164
6,527,164
18,366,296
18,366,296
(1,006,272)
(1,803,491)
1,218
(26,960)
20,025
-
368
71,045
26,648
821,044
68,971
46,722
(27,529)
(9,797)
Net cash (used in) operating activities
(896,296)
(921,712)
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 shares
relating to the acquisition of the Kouroufing licence (refer Note 3.2) and the vesting of options issues
in previous financial periods. Full details of the options issued during the year are set out in Note 8.1.
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
2.2. TRADE AND OTHER RECEIVABLES
Current
Trade debtors
Other debtors
Security deposit
GST Receivable
Note
2019
$
6,160
118,714
19,140
21,107
165,121
5.1
2018
$
-
79,959
19,140
98,168
197,267
Accounting Policy
Trade and other receivable assets that are held for collection of contractual cash flows where those
cash flows represent solely payments of principal and interest are measured at amortised cost.
Interest income from these financial assets is included in finance income using the effective interest
rate method. Any gain or loss arising on derecognition is recognised directly in profit or loss and
presented in other gains/(losses), together with foreign exchange gains and losses. Impairment
losses are presented as separate line items in the statement of profit or loss.
The Group assesses on a forward looking basis the expected credit losses associated with its financial
assets carried at amortised cost. The impairment methodology applied depends on whether there
has been a significant increase in credit risk. For trade receivables and other receivable, the Group
applies the simplified approach permitted by AASB 9, which requires expected lifetime losses to be
recognised from initial recognition of the receivables.
2.3. TRADE AND OTHER PAYABLES
Current
Trade payables
Accrued expenses
PAYG Taxes Payable
2019
$
1,411,422
329,341
35,151
1,775,914
2018
$
1,962,203
654,611
28,575
2,645,389
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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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
2.4. PROVISIONS
Current
Provision for Employee Benefits
2019
$
46,674
46,674
2018
$
26,649
26,649
Accounting Policy
Short-term employee benefits are benefits, other than termination benefits, that are expected to be
settled wholly within 12 months after the end of the period in which the employees render the
related service. Examples of such benefits include wages and salaries, annual leave, non-monetary
benefits and accumulating sick
leave. Short-term employee benefits are measured at the
undiscounted amounts expected to be paid when the liabilities are settled.
3.
INVESTED CAPITAL
3.1. PROPERTY, PLANT AND EQUIPMENT
Office and field equipment:
At cost
Accumulated depreciation
Software:
At cost
Accumulated Depreciation
Motor vehicles
At cost
Accumulated depreciation
Land and buildings:
At cost
Accumulated depreciation
Total property, plant & equipment – written down value
2019
$
667,515
(350,689)
316,826
101,375
(66,613)
34,762
522,585
(389,270)
133,315
432,292
(85,916)
346,376
831,279
2018
$
596,549
(242,314)
354,235
90,089
(42,429)
47,660
498,278
(325,533)
172,745
412,185
(52,229)
359,956
934,596
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
3.1 PROPERTY PLANT AND EQUIPMENT (CONT.)
Movements in carrying amounts
2019
Opening net book value
Additions
Disposals
Depreciation capitalised to
exploration and evaluation
asset
Depreciation Expense
Exchange differences
Balance at 30 June 2019
2018
Opening net book value
Additions
Disposals
Depreciation capitalised to
exploration and evaluation
asset
Depreciation Expense
Exchange differences
Balance at 30 June 2018
Office and field
equipment
$
354,235
40,241
-
(107,157)
(1,218)
30,725
316,826
$
151,408
249,473
-
Software
$
47,660
6,741
-
(24,184)
-
4,545
34,762
$
-
60,632
-
Motor
Vehicles
$
172,745
-
-
(63,737)
-
24,307
133,315
$
-
195,626
-
Land and
Buildings
$
359,956
-
-
(33,687)
-
20,107
346,376
$
148,280
232,987
-
Total
$
934,596
46,982
-
(228,765)
(1,218)
79,684
831,279
$
299,688
738,718
-
(58,613)
(368)
12,335
354,235
(14,006)
-
1,034
47,660
(33,644)
-
10,763
172,745
(27,646)
-
6,335
359,956
(133,909)
(368)
30,467
934,596
Key estimates and judgements (PPE)
The estimations of useful lives, residual values and depreciation methods require significant
management judgements and are regularly reviewed. If they need to be modified, the depreciation
and amortisation expense is accounted for prospectively from the date of the assessment until the end
of the revised useful life (for both the current and future years).
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.
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
3-5 years
5 years
10 years
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
3.2. EXPLORATION AND EVALUATION
At written down value
Opening net book amount
Acquisitions
Additions / Expenditure
Foreign exchange differences
Closing net book amount
2019
$
2018
$
45,122,939
33,245,336
33,245,336
251,152
9,997,697
1,628,754
45,122,939
19,042,353
779,996
12,815,739
607,248
33,245,336
The Group has recognised an impairment of $Nil (2018: $Nil) with respect to the carrying value of
capitalised exploration and evaluation expenditure.
Exercise of Option to Acquire Kouroufing Project
On 25 October 2018, the Company announced that, having fulfilled its minimum expenditure
obligations totalling €117,000 (approx. A$174,000), it had exercised its option to acquire the
Kouroufing permits by the issue of 648,641 fully paid shares in the Company equal to a value of
70,000,000 FCFA (A$172,534). Further details of the terms of the Kouroufing Option are set out in
the annual financial statements for the year ended 30 June 2018.
At 30 June 2019, the Company has a 65% interest in the Kouroufing Project. The remaining 35% will
be granted on 25 October 2019 (one year after the exercise of the option).
Kossaya and Sari Projects
On 19 July 2018, the Company announced that it had signed agreements to acquire 100% ownership
of the Kossaya and Sari Projects, both located within 5km of the Company’s flagship Dandoko Project
in West Mali. The terms of the acquisitions are:
Sari Project
Oklo has the option to acquire 100% ownership of the Sari Permit on the following terms:
1. Payment of 10,000,000 FCFA (approx. A$24,680) on execution of the Agreement.
2. On the first anniversary of the Agreement, Oklo can earn a 65% interest in the Permit for a
further payment of 10,000,000 FCFA (approx. A$24,680) or the equivalent in Oklo shares at the
election of the grantor subject to Oklo completing a minimum expenditure totalling Euro
€117,000 (approx. A$190,000) in the first year. Oklo may at its sole discretion terminate the
Agreement at any time prior to the first anniversary by giving ten (10) days written notice having
met the minimum expenditure requirement.
3. On the second anniversary of the Agreement, Oklo can earn the remaining 35% interest in the Permit for
a further payment of 10,000,000 FCFA (approx. A$24,680) or the equivalent in Oklo shares at the election
of the grantor.
On 12 June 2019, the Company announced that, having fulfilled its minimum expenditure obligations, it had
exercised its option to acquire the Sari permits by the payment of 10,000,000 FCFA (A$24,815). At 30 June
2019, the Company has a 65% interest in the Sari Project.
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
3.2 EXPLORATION AND EVALUATION (CONT.)
Kossaya
Oklo has the option to acquire 100% ownership of the Permit on the following terms:
1. Payment of 40,000,000 FCFA (approx. A$98,720) on execution of the Agreement.
2. On the first anniversary of the Agreement, Oklo can earn a 65% interest in the Permit for a
further payment of 60,000,000 FCFA (approx. A$148,080) or the equivalent in Oklo shares at the
election of the grantor, subject to Oklo completing a minimum expenditure totalling Euro
€100,000 (approx. A$162,206) in the first year. Oklo may at its sole discretion terminate the
Agreement at any time prior to the first anniversary by giving ten (10) days written notice having
met the minimum expenditure requirement.
Subsequent to Reporting date, on 18 July 2019, the Company announced that, having fulfilled its
minimum expenditure obligations, it had exercised its option to acquire the Sari permits by the
payment of 40,000,000 FCFA (A$98,496). As at the date of this report, the Company has a 65%
interest in the Kossaya Project.
Kandiole
Oklo agreed to purchase 100% interest in the Kandiole Permit for cash and the issue of fully paid
ordinary shares in the Company on the following terms:
1.
Payment of $200,000 in cash or shares within 2 business days of the Completion Date.
2. The issue of 1,319,261 Oklo shares (equivalent to $500,000) within 2 business days of the
Completion Date.
3. The issue of 791,557 Oklo shares (equivalent to $300,000) within 2 business days following the
date on which Oklo or its nominee is registered by the Mali Ministry of Mines as the 100% owner
of the Permit.
4. Oklo will assume all the rights, duties and obligations, including, but not limited to the obligation
to pay a 1% net smelter return royalty in relation to the Permit, which can be purchased by Oklo
for US$1,400,000 (A$1,891,125)at any time in which Oklo or its nominee has an interest, or a
right to an interest, in the Permit.
As at 30 June 2019, Oklo has paid the amounts in items 1 and 2 above.
Key estimates and judgements
The recoverability of the carrying amount of the exploration and evaluation assets is dependent on
the successful development and commercial exploitation, or alternatively, sale of the respective area
of interest.
The Group reviews the carrying value of exploration and evaluation expenditure on a regular basis to
determine whether economic quantities of reserves have been found or whether further exploration
and evaluation work is underway or planned to support continued carry forward of capitalised costs.
This assessment requires judgement as to the status of the individual projects and their estimated
recoverable amount.
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
3.2 EXPLORATION AND EVALUATION (CONT.)
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.
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.
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
4. CAPITAL STRUCTURE AND FINANCING ACTIVITIES
4.1. CONTRIBUTED EQUITY
(a) Issued and paid up capital
Fully paid ordinary shares
62,317,143
61,925,515
2019
$
2018
$
Number of
shares
Number of
shares
2019
2018
2019
$
2018
$
(b) Movements in shares on issue
Beginning of the year
Issued during the year
Issued during the year (i)
Issued during the year (ii)
Issued during the year (iii)
Transaction costs on issue
End of the year
352,706,280 285,228,236
- 67,478,044
-
648,641
-
500,000
1,000,000
-
2,148,641 67,478,044
-
-
354,854,921 352,706,280
61,925,515
-
172,539
75,000
150,000
397,539
(5,911)
62,317,143
45,499,491
17,229,783
-
-
-
17,229,783
(803,759)
61,925,515
(i)
(ii)
(iii)
Issue of shares on 25 October 2018 as part of the acquisition of the Kouroufing Project (refer
Note 3.2). These shares were issued at a price of $0.266 per share.
Exercise of options in December 2018. These options had an exercise price of 15c per share
and an expiry date of 7 December 2018.
Exercise of options in December 2018 and January 2019. These options had an exercise
price of 15c per share and an expiry date of 21 January 2019.
(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 2019 there were 20,375,000 (2018: 25,875,000) unissued ordinary shares for which options
were outstanding.
During the year a total of 1,500,000 options were exercised. Refer Note 8.1.
During the year a total of 4,000,000 options lapsed.
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
4.1 CONTRIBUTED EQUITY (CONT.)
(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.
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
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
Share based payments expense
Capitalised as part of exploration expenditure
Balance at the end of the year
2019
$
2018
$
567,416
(91,659)
1,280,582
1,847,998
659,075
567,416
3,818,758
-
86,520
3,905,278
2,166,545
821,044
831,169
3,818,758
Total reserves
5,753,276
4,386,174
The Foreign Currency Translation Reserve records exchange differences arising on the translation of
foreign controlled subsidiaries.
The Share option 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. The amount relates to the issue of share-based
payments that vested during the year and relate to the licences held by Africa Mining sarl (a
subsidiary company). Refer to Note 8.1.
4.3. ACCUMULATED LOSSES
Accumulated losses at the beginning of the financial
year
Loss after tax for the year
during the year
Balance at the end of the year
2019
$
2018
$
(16,240,232)
(14,436,741)
(1,006,272)
(17,246,504)
(1,803,491)
(16,240,232)
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
5. RISK
5.1. 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 $6,527,164
(2018: $18,366,296) being the total of the carrying values of cash and cash equivalents and other
financial assets as at the Reporting Date.
The group applies the AASB 9 simplified approach to measuring expected credit losses which uses a
lifetime expected
loss allowance for all trade receivables. These provisions are considered
representative across all customers of the Group based on recent sales experience, historical collection
rates and forward-looking information that is available.
Trade and other receivables
Trade Debtors
Security and other deposits
Other
Cash at bank and short-term bank deposits
AAA
2019
$
2018
$
-
6,160
19,140
139,821
165,121
19,140
178,127
197,267
6,527,164
18,366,296
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
5.1 FINANCIAL RISK MANAGEMENT (CONT.)
(b) Cash flow interest rate risk
The Group’s exposure to the risks of changes in market interest rates relate to its cash deposits. All
other financial assets and liabilities in the form of receivables and payables are non-interest bearing.
The Company had external borrowings amounting to $Nil as at 30 June 2019 (2018: $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
2019
Fixed Interest Rate
Maturing
Floating
Interest Rate
Within
1 Period
1-5
Periods
Non-Interest
Bearing
2019
$
2019
$
2019
$
2019
$
Total
2019
$
0.1%
5,856,872
-
5,856,872
-
-
-
-
-
-
-
-
-
-
-
-
-
-
670,292
6,527,164
670,292
6,527,164
1,822,588
1,822,588
1,822,588
1,822,588
Weighted
Average
Effective
Interest
Rate
2018
%
Fixed Interest Rate
Maturing
Floating
Interest Rate
Within
1 Period
1-5
Periods
Non-Interest
Bearing
2018
$
2018
$
2018
$
2018
$
Total
2018
$
0.5%
17,920,873
-
0.5%
-
17,920,873
-
-
-
-
-
-
-
-
-
-
-
-
-
-
445,423
18,366,296
197,267
642,690
197,267
18,563,563
2,645,389
2,645,389
2,645,389
2,645,389
2019
Financial assets:
Cash at bank
Trade and other
receivables
Total financial assets
Financial liabilities:
Trade and other
payables
Total financial
liabilities
2018
Financial assets:
Cash at bank
Trade and other
receivables
Total financial assets
Financial liabilities:
Trade and other
payables
Total financial
liabilities
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
5.1 FINANCIAL RISK MANAGEMENT (CONT.)
Sensitivity Analysis
At the reporting date, the variable interest profile of the Group’s interest bearing financial
instruments were:
Financial assets
2019
$
5,856,872
2018
$
17,920,873
A change of 0.1% (2018 - 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. 0.1% (2018 - 0.25%) is considered reasonable in light of current market expectations of
interest rate movements and the current low interest environment.
0.1% (2018- 0.25%) increase
0.1% (2018- 0.25%) decrease
2019
$
5,857
5,857
2018
$
44,802
(44,802)
(c) Liquidity risk
The Group’s objective is to match the terms of funding sources to the terms of the assets or
operations being financed. The Group aims to hold sufficient reserves of cash or cash equivalents to
help manage the fluctuations in working capital requirements and provide the flexibility for
investment into long-term assets without the need to raise debt.
Maturities of financial liabilities
The following tables analyse the Group’s and the parent entity’s financial liabilities into relevant
maturity groupings based on the remaining period at the reporting date to the contractual maturity
date. The amounts disclosed in the table are the contracted undiscounted cash flows.
Group:
at 30 June 2019
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
1,775,914
-
-
-
-
-
1,775,914
$
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
5.1 FINANCIAL RISK MANAGEMENT (CONT.)
Group:
at 30 June 2018
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
2,645,389
-
-
-
-
-
2,645,389
$
(d) 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 manageable and hedging policies were not
adopted. The Company, through the Managing Director and the Chief Financial Officer regularly
monitor movements in the foreign currencies that the Company is exposed to. If appropriate, and
from time to time, the Company may enter into forward foreign exchange contract to minimise its
exposure to foreign exchange risks. The Company also has foreign currency denominated accounts
that are utilised to manage this risk. The Company 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
2019
2018
2019
2018
Euro/CFA
USD
116,634
705
292,346
4,523
1,511,475
128,092
1,652,531
881,983
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.
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
5.1 FINANCIAL RISK MANAGEMENT (CONT.)
Financial Assets
+10% Appreciation
-10% Depreciation
Financial Liabilities*
+10% Appreciation
-10% Depreciation
Euro
US Dollars
2019
2018
2019
2018
(12,959)
10,603
(26,577)
32,483
(78)
64
(411)
503
137,407
(167,942)
150,230
(183,615)
11,645
(14,232)
80,180
(97,998)
* 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 at 30 June 2019 there were no outstanding forward foreign exchange contracts.
(e) 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.
Oklo Resources Limited and its Controlled Entities
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
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:
Equity Interest
Investment of Parent
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
2019
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%
2018
100%
100%
100%
100%
100%
100%
100%
100%
100%
75%
2019
2,550
2,434
2,434
2,434
2,434
2,434
2,434
2,434
2,550
-
2018
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%
-
-
-
-
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
7. UNRECOGNISED ITEMS
7.1. COMMITMENTS
EXPENDITURE COMMITMENTS
(a) Capital expenditure commitments
No capital expenditure commitments were contracted for
at reporting date.
(b) Mineral tenement commitments (including under
acquisition agreements)
- 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
2019
$
2018
$
-
-
5,694,310
562,753
6,257,063
-
-
-
6,257,063
4,236,862
4,654,890
8,891,752
6,032
-
6,032
8,897,784
7.2. 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$493,600) 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, and
current director Dr Madani Diallo.
As part of the acquisition of the Kandiole Permit, the Company will assume all the rights, duties and
obligations of the Permit, including, but not limited to the obligation to pay a 1% net smelter return
royalty to the current owner. Oklo has the right to purchase this for US$1,400,000 (A$1,993,450) at
any time in which Oklo or its nominee has an interest, or a right to an interest, in the Permit.
As part of the agreement to acquire the Kouroufing Project, Oklo agreed that in the event that Oklo
elects to apply for an Exploitation Licence (Mining Licence) in relation to any part of Kouroufing
Project, Oklo shall grant Kouroufing Gold S.A. (current owner) a 5% equity interest in the Licence and a
1% NSR (Net Smelter Return) royalty. Kouroufing Gold will then grant Oklo the right to acquire
Kouroufing Gold’s equity interest in the Licence for a fixed price of US$1,000,000 (A$1,423,893)
payable in cash.
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
7.2 CONTINGENCIES (CONT.)
In July 2018, the Company entered into an agreement to acquire the Kossaya Project. The acquisition
terms, including future amounts payable (commitments) to Sogetrac sarl (current owner), are set out
in Note 3.2. As part of the acquisition of the Kossaya Project, Oklo agreed that in the event that Oklo,
elects to apply for Mining License in relation to any part of the Kossaya Project, Oklo shall cause the
Mining Licence to be issued to a new entity (NewCo) and grant Sogetrac a 5% equity interest in NewCo
and also cause Newco to grant Sogetrac a 1% NSR royalty. Sogetrac will then grant to Oklo the right to
acquire Sogetrac’s ownership interest in Newco for a fixed price of US$1,000,000 (A$1,423,893)
payable in cash.
In July 2018, the Company entered into an agreement to acquire the Sari Project. The acquisition
terms, including future amounts payable (commitments) to Ecosud sarl (current owner), are set out in
Note 3.2. As part of the acquisition of the Sari Project, Oklo agreed that in the event that Oklo elects
to apply for Mining License in relation to any part of the Sari Project, Oklo shall cause the Mining
Licence to be issued to a new entity (Sari NewCo) and grant Ecosud a 5% equity interest in Sari NewCo
and also cause Sari Newco to grant Ecosud a 1% NSR royalty. Ecosud will then grant to Oklo the right
to acquire Ecosud’s ownership interest in Sari Newco for a fixed price of US$1,000,000 (A$1,423,893)
payable in cash, and the right to Ecosud’s 1% NSR for a fixed price of US$1,000,000 (A$1,423,893).
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.
7.3. EVENTS OCCURING AFTER THE REPORTING PERIOD
On 16 July 2019, the Company appointed Mr Mark Connelly as Non-Executive Chairman of the
Company. On that same Date Mr Simon O’Loughlin moved to a Non-Executive Director position with
the Company.
On 18 July 2019, the Company exercised its option to acquire the Kossaya Project. As at the date of this
report, the Company has a 65% interest in the Kossaya Project (refer Note 3.2).
On 12 September 2019, the company completed a private placement by the issue of 57,142,857 fully
paid shares at an issue price of $0.105 per share to raise a total of $6,000,000.
Other than the above, there has not been any matter or circumstance that has arisen since the end of
the financial year, that has significantly affected or may significantly affect the operations of the Group,
the results of those operations, or the state of affairs of the Group in future financial years.
Oklo Resources Limited and its Controlled Entities
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
8. OTHER INFORMATION
8.1. SHARE BASED PAYMENTS
Note
2019
$
2018
$
(a) Recognised share based payments
Expense recognised for director or key management
personnel services
Expense recognised for consulting services (capitalised as
exploration expenditure)
Being
Amounts Expensed
Share-based payments expensed during the year
Recognised as expense
Amount Capitalised
Share-based payments capitalised during the year
Fair value of issue of options to consultants and
employees on 24 November 2017 with expiry date of 24
November 2020 and 12 months vesting conditions
Fair value of issue of options to consultants and
employees on 24 November 2017 with expiry date of 24
November 2019 and 12 months vesting conditions
Fair value of issue of options to consultants and
employees on 24 November 2017 with expiry date of 24
November 2020 and 24 months vesting conditions
Recognised as Exploration and Evaluation Expenditure
(Asset)
Total amount recognised share based payments
Notes:
(i)
(i)
(i)
-
707,190
86,520
86,520
945,023
1,652,213
-
-
-
821,044
821,044
739,595
55,392
64,384
15,220
17,690
15,908
9,500
86,520
86,520
831,169
1,652,213
(i) On 24 November 2017, the board approved the issue of a total of 1,300,000 options with
deferred vesting conditions to a consultant and employees of the Group pursuant to the
Employee Option Plan. A total of three classes of options with deferred vesting conditions were
issued on this date. The options have been valued using an option pricing model. Details of the
options issued are set out in the table below, including the values and inputs used in the option
pricing model.
Oklo Resources Limited and its Controlled Entities
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
8.1 SHARE BASED PAYMENTS (CONT.)
Issue Date
Expiry Date
Number of Options
Exercise Price
Risk free rate
Vesting Conditions
Volatility
Value per option
Total value of all options
Amount capitalised to EED in prior
Periods
Amount capitalised to EED in current
Period
Amount capitalised to EED in future
periods
(b)
Summary of Options Granted
24 November 2017 24 November 2017 24 November 2017
24 November 2020 24 November 2019 24 November 2020
250,000
$0.35
1.5%
12 months
80%
$0.13164
$32,910
$17,690
800,000
$0.40
1.5%
12 months
80%
$0.14972
$119,776
$64,384
250,000
$0.40
1.5%
24 months
80%
$0.14972
$37,430
$9,500
$55,392
$15,220
$15,908
-
-
$12,021
2019
2018
Outstanding at beginning of year
Net issued year ending 2018
Exercised (i)
Exercised (ii)
Lapsed (iii)
Lapsed (iv)
Outstanding at end of the year
Vested and Exercisable at end of
the year
Number of
Options
25,875,000
Weighted
Average
Exercise Price
$0.324
(500,000)
(1,000,000)
(1,000,000)
(3,000,000)
20,375,000
$0.15
$0.15
$0.22
$0.25
$0.369
Number of
Options
Weighted
Average
Exercise Price
$0.20
-
-
-
-
-
$0.324
23,297,825
2,577,175
-
-
-
-
25,875,000
20,125,000
$0.368
24,425,000
$0.320
(i)
(ii)
(iii)
(iv)
In December 2018, 500,000 unlisted options with an exercise price of $0.15 and an expiry date
of 7 December 2018 were exercised in full.
In December 2018 and January 2019 total of 1,000,000 unlisted options with an exercise price
of $0.15 and an expiry date of 27 January 2019 were exercised in full
On 28 April 2019, 1,000,000 unlisted options with an exercise price of $0.22 and an expiry date
of 28 April 2019 lapsed.
On 17 June 2019, 3,000,000 unlisted options with an exercise price of $0.25 and an expiry date
of 17 June 2019 lapsed.
(c) Weighted average remaining contractual life
The weighted average remaining contractual life of the share options outstanding as at 30 June 2019 is
0.76 years (2018: 1.56 years).
Oklo Resources Limited and its Controlled Entities
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
8.1 SHARE BASED PAYMENTS (CONT.)
(d) Range of exercise prices
The range of exercise prices for options outstanding at the end of the year is $0.20 to $0.49 (2018:
$0.15 to $0.49).
(e) Weighted fair average value
The weighted fair average value of options granted during the year was $Nil per option (2018: $0.14).
(f) Share option plan
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 recognised as an expense with a corresponding increase in
equity over the vesting period. The cumulative charge to profit or loss is calculated based on the grant
date fair value of the award, the best estimate of the number of awards that are likely to vest and the
expired portion of the vesting period. The amount recognised in profit or loss for the period is the
cumulative amount calculated at each reporting date less amounts already recognised in previous
periods.
The 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.
Key estimates and judgements
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 2018
annual general meeting, executives and employees may be granted options at the discretion of the
directors.
Each share option converts into one ordinary share of Oklo Resources Limited on exercise. No amounts
are paid or are payable by the recipient on receipt of the option. The options carry neither rights of
dividends nor voting rights. Options may be exercised at any time from the date of vesting to the date
of their expiry.
Options issued to directors are not issued under the Scheme but are subject to approval by
shareholders.
Oklo Resources Limited and its Controlled Entities
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
8.2
RELATED PARTY TRANSACTIONS
Directors and other key management personnel
The directors of Oklo Resources Limited during the financial year were:
- Mr Simon O’Loughlin – Chairman from 24 December 2018
- Mr. Michael Fotios - Chairman to 24 December 2018
- Mr Simon Taylor - Managing Director
- Dr Madani Diallo - Executive Director
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)
2019
$
969,134
34,675
-
1,003,809
2018
$
$
866,122
11,875
1,341,473
2,219,470
2019
$
2018
$
27,000
225,000
27,000
225,000
(i) This amount is included in key management personnel remuneration.
Amounts recognised as exploration expenditure
Director fees (ii)
Consulting fees (ii)
Geological Consulting Fees
272,983
304,151
-
577,134
(ii) These amounts are included in key management personnel remuneration.
229,011
287,111
54,126
570,248
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
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 properties1
Total contractual commitments
2019
$
2018
$
6,521,988
41,866,030
48,388,018
18,459,051
31,759,305
50,218,356
796,211
-
796,211
2,098,425
-
2,098,425
62,317,143
(18,630,614)
3,905,278
47,591,807
61,925,514
(17,624,342)
3,818,758
48,119,930
(1,006,272)
-
(1,006,272)
(1,803,491)
-
(1,803,491)
-
-
-
491,258
491,258
6,032
548,611
554,643
Note 1 – this is the minimum required exploration expenditure and balance of acquisition costs pursuant
to the Kandiole and Kossaya Agreements (refer Note 3.2)
There are no parent company guarantees in place at the Reporting date.
Oklo Resources Limited and its Controlled Entities
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
8.4
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
2019
$
51,478
-
51,478
2018
$
58,917
-
58,917
8.5
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.
Oklo Resources Limited and its Controlled Entities
Page 79
2019 Annual Report
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OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2019
DIRECTORS’ DECLARATION
DIRECTORS’ DECLARATION
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES
ABN 53 121 582 607
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES
DIRECTORS’ DECLARATION
ABN 53 121 582 607
The directors of the Company declare that:
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
1. The financial statements, comprising the consolidated statement of profit or loss and other
cash flows, consolidated statement of changes in equity, accompanying notes, are in accordance
comprehensive income, consolidated statement of financial position, consolidated statement of
with the Corporations Act 2001 and:
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,
(a) comply with Accounting Standards and Corporations Regulations 2001 and other
(b) give a true and fair view of the financial position as at 30 June 2018 and of the performance
mandatory professional reporting requirements; and,
for the year ended on that date of the consolidated entity.
(b) give a true and fair view of the financial position as at 30 June 2019 and of the
2.
performance for the year ended on that date of the consolidated entity.
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.
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.
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.
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
This declaration is made in accordance with a resolution of the Board of Directors and is signed for and on
Board.
behalf of the directors by:
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
Simon Taylor
Managing Director
Sydney: 27 September 2019
Sydney: 28 September 2018
Oklo Resources Limited and its Controlled Entities
Oklo Resources Limited and its Controlled Entities
Page 75
Page 80
2018 Annual Report
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80
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2019
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 2019, 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 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 2019 and of its
financial performance for the year ended on that date; and
(ii)
Complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under
those standards are further described in the Auditor’s responsibilities for the audit of the Financial
Report section of our report. We are independent of the Group in accordance with the 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.
2019 Annual Report
Page 81
81
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2019
AUDITOR’S REPORT
Accounting for Exploration and Evaluation Assets
Key audit matter
How the matter was addressed in our audit
At 30 June 2019 the Group held a significant
carrying value of Exploration and Evaluation
Assets as disclosed in Note 3.2.
Judgement is applied in determining the
treatment of exploration expenditure in
accordance with Australian Accounting Standard
AASB 6 Exploration for and Evaluation of Mineral
Resources. In particular:
· Whether the conditions for capitalisation
are satisfied;
· Which elements of exploration and
evaluation expenditures qualify for
recognition;
·
Recognition and valuation of purchase
consideration for tenement acquisitions;
and
· Whether facts and circumstances indicate
that the exploration and expenditure
assets should be tested for impairment.
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 director’s minutes;
Considering whether any such areas of
interest had reached a stage where a
reasonable assessment of economically
recoverable reserves existed;
Verifying, on a sample basis, evaluation
expenditure capitalised during the year for
compliance with the recognition and
measurement criteria of AASB 6;
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 to the financial
report.
Oklo Resources Limited and its Controlled Entities
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82
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2019
AUDITOR’S 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 2019, 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.
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_responsibilities/ar1.pdf
This description forms part of our auditor’s report.
Oklo Resources Limited and its Controlled Entities
Page 83
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83
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2019
AUDITOR’S REPORT
Report on the Remuneration Report
Opinion on the Remuneration Report
We have audited the Remuneration Report included in pages 33 to 40 of the directors’ report for the
year ended 30 June 2019.
In our opinion, the Remuneration Report of Oklo Resources Limited, for the year ended 30 June 2019,
complies with section 300A of the Corporations Act 2001.
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, 27 September 2019
Oklo Resources Limited and its Controlled Entities
Page 84
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84
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2019
ASX ADDITIONAL INFORMATION
As at 16 SEPTEMBER 2019
The Australian Securities Exchange Limited, in respect of listed public companies, requires the following
information:
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
229
264
112
366
251
1,222
Percentage of
Holders
18.7%
21.7%
9.2%
29.9%
20.5%
100.0%
Number of Shares
82,248
752,202
920,012
16,808,852
393,434,464
411,997,778
Percentage
of Shares
0.0%
0.2%
0.2%
4.1%
95.5%
100.0%
(b)
Marketable Parcels
The number of shareholdings held in less than a marketable parcel is 444 holders with 595,669
shares. The required marketable parcel is $500 (4,348 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
Resolute Mining Limited
1832 Asset Management LP
Hawkestone Group
Ruffer LLP
57,380,440
37,596,176
31,056,632
27,100,000
23,184,948
13,93%
9.13%
7.54%
6.58%
5.63%
(d)
Voting Rights
The Constitution of Oklo Resources Limited provides that every member present or by proxy,
attorney or other representative will have one vote for each fully paid share held by that
member.
Options do not carry any voting rights.
Oklo Resources Limited and its Controlled Entities
Page 86
2019 Annual Report
85
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2019
ASX ADDITIONAL INFORMATION
As at 16 SEPTEMBER 2019
Top Twenty Shareholders of Oklo Resources Limited – Ordinary Shares:
HSBC Custody Nominees (Australia) Limited
Resolute (Treasury) Pty Ltd
J P Morgan Nominees Australia Pty Limited
Citicorp Nominees Pty Limited
ACK Pty Ltd
Hawkestone Resources Pty Ltd
GP Securities Pty Ltd
Capricorn Mining Pty Ltd
TT Capital Nominees Pty Ltd
CS Third Nominees Pty Limited
Zero Nominees Pty Ltd
Calama Holdings Pty Ltd
Elliott Services Pty Ltd
Sacrosanct Pty Ltd
Jimbzal Pty Ltd
Jimzbal Pty Ltd
Equity Trustees Limited
Auralandia Pty Ltd
Pasagean Pty Limited
Mrs Louise Hawke
Totals: Top 20 Holders of ORDINARY Shares (TOTAL)
Total Remaining Holders Balance
Fully Paid Ordinary
Shares
121,846,907
36,298,232
26,148,259
20,043,290
16,510,331
14,100,000
12,705,500
8,000,000
5,922,417
5,560,826
5,000,000
3,903,750
3,280,653
2,725,000
2,666,667
2,593,333
2,537,381
2,500,000
2,500,000
2,060,001
296,902,547
115,095,231
Percentage
of
Total
(%)
29.57
8.81
6.35
4.86
4.01
3.42
3.08
1.94
1.44
1.35
1.21
0.95
0.80
0.66
0.65
0.63
0.62
0.61
0.61
0.50
72.07
27.93
Oklo Resources Limited and its Controlled Entities
Page 87
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86
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2019
ASX ADDITIONAL INFORMATION
As at 16 SEPTEMBER 2019
2.
UNLISTED OPTIONS ISSUED BY THE COMPANY
The Company has the following unlisted options and option holders as detailed below.
Unlisted options do not carry any voting rights.
(a) Unlisted options: @ $0.20, 2 November 2019
Size of Holding
Percentage
of Holders
Number of
Options
Percentage
of Options
1-1,000 options
1,001 - 5,000 options
5,001 – 10,000 options
10,000 – 100,000 options
100,001 options and over
Total
-
-
-
-
100.0%
100.0%
These options were issued under the Company’s Employee Share Option Plan
-
-
-
-
250,000
250,000
-
-
-
-
100.0%
100.0%
Number of
Options
Holders
-
-
-
-
1
1
(b) Unlisted options: @ $0.345, 21 November 2019
Size of Holding
1-1,000 options
1,001 - 5,000 options
5,001 – 10,000 options
10,000 – 100,000 options
100,001 options and over
Total
Number of
Options
Holders
-
-
-
-
1
1
Percentage
of Holders
Number of
Options
Percentage
of Options
-
-
-
-
100.0%
100.0%
-
-
-
-
1,000,000
1,000,000
-
-
-
-
100.0%
100.0%
These options were issued under the Company’s Employee Share Option Plan
(c) Unlisted options: @ 0.455, 21 November 2019
Size of Holding
Percentage
of Holders
Number of
Options
Percentage
of Options
Number of
Options
Holders
-
-
-
-
3
3
1-1,000 options
1,001 - 5,000 options
5,001 – 10,000 options
10,000 – 100,000 options
100,001 options and over
Total
-
-
-
-
100.0%
100.0%
Holders of 20% or more – Unlisted options: @ $0.455, 21 November 2019
-
-
-
-
3,875,000
3,875,000
-
-
-
-
100.0%
100.0%
Option holder
Mr Madani Diallo
Jimbzal Pty Ltd
Total
Unlisted
options
1,250,000
2,000,000
3,250,000
Percentage
of
Total
32.26%
51.61%
83.87%
Oklo Resources Limited and its Controlled Entities
Page 88
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87
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2019
ASX ADDITIONAL INFORMATION
As at 16 SEPTEMBER 2019
(d) Unlisted options: @ $0.35, 24 November 2019
Size of Holding
1-1,000 options
1,001 - 5,000 options
5,001 – 10,000 options
10,000 – 100,000 options
100,001 options and over
Total
Number of
Options
Holders
-
-
-
5
6
11
Percentage
of Holders
Number of
Options
Percentage
of Options
-
-
-
45.5%
54.5%
100.0%
-
-
-
250,000
1,050,000
1,300,000
-
-
-
19.2%
80.8%
100.0%
These options were issued under the Company’s Employee Share Option Plan
(e) Unlisted options: @ $0.37, 15 December 2019
Size of Holding
1-1,000 options
1,001 - 5,000 options
5,001 – 10,000 options
10,000 – 100,000 options
100,001 options and over
Total
Number of
Options
Holders
-
-
-
-
1
1
Percentage
of Holders
-
-
-
-
100.0%
100.0%
Number
of
Options
-
-
-
-
125,000
125,000
Percentage
of Options
-
-
-
-
100.0%
100.0%
Holders of 20% or more – Unlisted options @ $0.37, 15 December 2019
Option holder
AS Cubed Pty Ltd
Total
Unlisted
options
125,000
125,000
Percentage
of
Total
100.00%
100.00%
(f) Unlisted options: @ $0.20, 22 December 2019
Size of Holding
Percentage
of Holders
Number of
Options
Holders
-
-
-
-
1
1
Holders of 20% or more – Unlisted options @ $0.20, 22 December 2019
1-1,000 options
1,001 - 5,000 options
5,001 – 10,000 options
10,000 – 100,000 options
100,001 options and over
Total
Number
of
Options
-
-
-
-
1,000,000
1,000,000
-
-
-
-
100.0%
100.0%
-
-
-
-
100.0%
100.0%
Percentage
of Options
Option holder
Hades Corporation (WA) Pty Ltd
Total
Unlisted
options
1,000,000
1,000,000
Percentage
of
Total
100.00%
100.00%
Oklo Resources Limited and its Controlled Entities
Page 89
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OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2019
ASX ADDITIONAL INFORMATION
As at 16 SEPTEMBER 2019
(g) Unlisted options: @ $0.30, 22 June 2020
Size of Holding
1-1,000 options
1,001 - 5,000 options
5,001 – 10,000 options
10,000 – 100,000 options
100,001 options and over
Total
Number of
Options
Holders
-
-
-
-
2
2
Percentage
of Holders
Number of
Options
Percentage
of Options
-
-
-
-
100.0%
100.0%
-
-
-
-
1,500,000
1,500,000
-
-
-
-
100.0%
100.0%
Holders of 20% or more – Unlisted options @ $0.30, 22 June 2020
Option holder
Mr Madani Diallo
MS Susan Boyd
Total
Unlisted
options
500,000
1,000,000
1,500,000
Percentage
of
Total
33.3%
66.7%
100%
(h) Unlisted options: @ $0.30, 11 August 2020
Size of Holding
Number of
Options
Percentage
of Holders
Number of
Options
Holders
-
-
-
-
1
1
Holders of 20% or more - Unlisted options @ $0.30, 11 August 2020
1-1,000 options
1,001 - 5,000 options
5,001 – 10,000 options
10,000 – 100,000 options
100,001 options and over
Total
-
-
-
-
1,500,000
1,500,000
-
-
-
-
100.0%
100.0%
Percentage
of Options
-
-
-
-
100.0%
100.0%
Option holder
Unlisted options
Jimbzal Pty Ltd
Total
1,500,000
1,500,000
Percentage
of
Total
100,00%
100,00%
(i) Unlisted options: @ $0.395, 21 November 2020
Size of Holding
1-1,000 options
1,001 - 5,000 options
5,001 – 10,000 options
10,000 – 100,000 options
100,001 options and over
Total
Number of
Options
Holders
-
-
-
-
1
1
Percentage
of Holders
Number of
Options
Percentage
of Options
-
-
-
-
100.0%
100.0%
-
-
-
-
1,000,000
1,000,000
-
-
-
-
100.0%
100.0%
These options were issued under the Company’s Employee Share Option Plan
Oklo Resources Limited and its Controlled Entities
Page 90
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OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2019
ASX ADDITIONAL INFORMATION
As at 16 SEPTEMBER 2019
(j) Unlisted options: @ $0.49, 21 November 2020
Size of Holding
1-1,000 options
1,001 - 5,000 options
5,001 – 10,000 options
10,000 – 100,000 options
100,001 options and over
Total
Number of
Options
Holders
-
-
-
-
3
3
Percentage
of Holders
Number of
Options
Percentage
of Options
-
-
-
-
100.0%
100.0%
-
-
-
-
3,875,000
3,875,000
-
-
-
-
100.0%
100.0%
Holders of 20% or more – Unlisted options @ $0.49, 21 November 2020
Option holder
Mr Madani Diallo
Jimbzal Pty Ltd
Total
Unlisted
options
1,250,000
2,000,000
3,250,000
Percentage
of
Total
32.26%
51.61%
83.87%
(k) Unlisted options: @ $0.40, 24 November 2020 (vested 24 November 2018)
Size of Holding
1-1,000 options
1,001 - 5,000 options
5,001 – 10,000 options
10,000 – 100,000 options
100,001 options and over
Total
Number of
Options
Holders
-
-
-
5
3
8
Percentage
of Holders
Number of
Options
Percentage
of Options
-
-
-
62.5%
37.5%
100.0%
-
-
-
250,000
550,000
800,000
-
-
-
31.2%
68.8%
100.0%
These options were issued under the Company’s Employee Share Option Plan
(l) Unlisted options: @ $0.40, 24 November 2020 (vesting 24 November 2019)
Size of Holding
1-1,000 options
1,001 - 5,000 options
5,001 – 10,000 options
10,000 – 100,000 options
100,001 options and over
Total
Number of
Options
Holders
-
-
-
-
1
1
Percentage
of Holders
Number of
Options
Percentage
of Options
-
-
-
-
100.0%
100.0%
-
-
-
-
250,000
250,000
-
-
-
-
100.0%
100.0%
These options were issued under the Company’s Employee Share Option Plan
Oklo Resources Limited and its Controlled Entities
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OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2019
ASX ADDITIONAL INFORMATION
As at 16 SEPTEMBER 2019
(m) Unlisted options: @ $0.40, 24 November 2020
Size of Holding
1-1,000 options
1,001 - 5,000 options
5,001 – 10,000 options
10,000 – 100,000 options
100,001 options and over
Total
Number of
Options
Holders
-
-
-
-
2
2
Percentage
of Holders
Number of
Options
Percentage
of Options
-
-
-
-
100.0%
100.0%
-
-
-
-
250,000
250,000
-
-
-
-
100.0%
100.0%
These options were issued under the Company’s Employee Share Option Plan
(n) Unlisted options @ $0.42, 15 December 2020
Size of Holding
1-1,000 options
1,001 - 5,000 options
5,001 – 10,000 options
10,000 – 100,000 options
100,001 options and over
Total
Number of
Options
Holders
-
-
-
-
1
1
Percentage
of Holders
Number of
Options
Percentage of
Options
-
-
-
-
100.0%
100.0%
-
-
-
-
150,000
150,000
-
-
-
-
100.0%
100.0%
Holders of 20% or more – Unlisted options @ $0.42, 15 December 2020
Option holder
AS Cubed Pty Ltd
Total
Unlisted
options
150,000
150,000
Percentage
of
Total
100.00%
100.00%
Oklo Resources Limited and its Controlled Entities
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2019 Annual Report
91
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2019
ASX ADDITIONAL INFORMATION
As at 16 SEPTEMBER 2019
3.
COMPANY SECRETARY
The name of the Company Secretary is Louisa Martino.
4.
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:
5.
REGISTERS OF SECURITIES
Computershare Investor Services Pty Ltd
Level 11,
172 St Georges Terrace
Perth, WA, 6000
6.
STOCK EXCHANGE LISTING
Australian Securities Exchange Limited
(ASX Code: OKU)
7.
RESTRICTED SECURITIES
The Company has the following restricted securities: nil
8.
ON MARKET BUY-BACK
The company does not have a current on market buy-back facility.
Oklo Resources Limited and its Controlled Entities
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ASX ADDITIONAL INFORMATION
As at 16 SEPTEMBER 2019
9.
TENEMENT DIRECTORY
Granted tenements as at the date of this report:
Country
Location
Prospect
Tenement Number Ownership
Holder
Status
North East
Mali
West
Mali
Mali
South Mali
Kidal
Tessalit
Samit Nord
Aite Sud
Dandoko
09/3639/MM-SG
DU 08/12/2009
09/3640/MM-SG
DU 08/12/2009
11/0463/MM-SG
DU 16/02/2011
2015-1279/MM-SG
DU 15/05/2015
2018-2644/MM-SG
DU 10/08/2017
Boutouguissi-
Sud
2018-2647/MM SG
DU 10/08/2017
Aourou
Gombaly
Moussala
Yanfolila
Yanfolila Est
Solabougouda
Sirakourou
Kolondieba
Kolondieba
Nord
2018-2648/MM-SG
DU 10/08/2017
2018-2646/MM-SG
DU 23/08/2019
2019-2493/ MM-SG
DU 23/12/2015
2018-2783/MM-SG
DU 22/08/2017
2016-4075/MM-SG
DU 08/11/2016
2016-4847/MM-SG
DU 30/12/2016
2016-4753/MM-SG
DU 29/12/2016
2018-2645/MM-SG
DU 10/08/2017
2016-2164/MM-SG
DU 16/06/2016
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
Oklo Uranium
Mali Ltd sarl
Oklo Uranium
Mali Ltd sarl
Oklo Uranium
Mali Ltd sarl
Oklo Resources
Mali sarl
Africa Mining
sarl
SOCAF sarl
SOCAF sarl
Africa Mining
sarl
Africa Mining
sarl
Africa Mining
sarl
Oklo Resources
Mali sarl
Africa Mining
sarl
Africa Mining
sarl
Africa Mining
sarl
Oklo Resources
Mali sarl
The Company has entered into agreements in respect of the following tenements:
Country
Location
Prospect
Tenement Number Ownership
Holder
Force majeure
Force majeure
Force majeure
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Re-application
Re-Application
Granted
Granted
Status
Earn in
Mali
West Mali
Kouroufing
Kandiole
Kossaya
2018-2494/MM-SG
DU 31/07/2018
2016-4848/MM-SG
2013-0513/MM-SG
DU 19/02/2013
65%
Kouroufing Gold
S.A.
-
Xinga Gold sarl
Being acquired
65%
Sogetrac Sarlu
Earn in
Sari
Being issued
65%
Ecosud sarl
Earn in
Oklo Resources Limited and its Controlled Entities
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OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2019 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