ACN 139 308 973
ANNUAL REPORT 2018
CORPORATE DIRECTORY/CONTENTS PAGE
CORPORATE DIRECTORY
Board of Directors
John Prineas ‐ Executive Chairman
Tim Hronsky ‐ Executive Director
Sarah Shipway ‐ Non‐Executive Director
Company Secretary
Sarah Shipway
Registered and Principal Office
Level 1, 115 Cambridge Street
WEST LEEDERVILLE WA 6007
Tel: + 61 8 9322 6600
Fax: + 61 8 9322 6610
Website: www.stgeorgemining.com.au
Email: info@stgeorgemining.com.au
Australian Business Number
ABN 21 139 308 973
Share Register
Computershare Investor Services Pty Ltd
Level 11
172 St Georges Terrace
PERTH WA 6000
Tel: 1300 850 505
Int: +61 8 9323 2000
Fax: + 61 8 9323 2033
Stock Exchange Code
SGQ – Ordinary Shares
Auditors
Stantons International
Bankers
Commonwealth Bank
CONTENTS
PAGE
Chairman’s Letter
Review of Operations
Directors’ Report
Consolidated Statement of Profit or
Loss and Other Comprehensive Income
Consolidated Statement
of Financial Position
Consolidated Statement
of Changes in Equity
Consolidated Statement
of Cash Flows
Notes to the Consolidated Financial Statements
Directors’ Declaration
Auditor’s Independence Declaration
Independent Auditor’s Report
Shareholder Information
Schedule of Tenements
3
4
13
21
22
23
24
25
46
47
48
51
53
St George Mining Limited – Annual Report 2018
P 2
CHAIRMAN’S LETTER
Dear Fellow Shareholders
On behalf of the Board of Directors, it is my pleasure to present St George Mining’s 2018 Annual Report.
Our outstanding exploration success during the year at the Mt Alexander Project confirmed the Company’s
credentials as an emerging nickel company with one of the most significant nickel sulphide discoveries in recent
times.
Broad intercepts of high‐grade nickel‐copper‐cobalt‐PGE mineralisation have been made over a strike of 4.5km
along the Cathedrals Belt, adding confidence to the resource potential at Mt Alexander.
We are buoyed by the results of the Company’s extensive drilling campaign over the past year that, in addition
to delivering some spectacular high‐grade nickel sulphide intercepts, have greatly helped us expand our
understanding of Mt Alexander’s geology. Every hole drilled adds to our geological understanding, which will
greatly assist in our quest to delineate significant mineable resources of nickel sulphide ore.
High‐grade polymetallic mineralisation that commences from shallow depths of 30 metres from surface,
excellent metallurgy and proximity to existing infrastructure suggest favourable economics for a potential mining
operation at Mt Alexander.
The Cathedrals Belt sits within a 200 square kilometre tenement package that remains underexplored with
untested targets that are prospective for additional nickel sulphide mineralisation. This provides an enviable
opportunity to expand our exploration across the wider Project area with the aim of establishing a nickel camp
with multiple deposits.
The nickel price has begun an upward trend with market experts forecasting significant increases as demand for
the metal surges in response to the growing electric vehicle sector.
The Company’s exploration success and potential has caught the attention of many investors in Australia and
internationally. We welcome all new shareholders to St George, and thank our long‐term shareholders for your
ongoing support.
Our Company is well positioned for a significant re‐rating in the coming year as we expand our resource potential
against the background of a strengthening nickel price.
John Prineas
Executive Chairman
St George Mining Limited – Annual Report 2018
P 3
REVIEW OF OPERATIONS
Massive nickel‐copper
sulphide mineralisation
at the
Mt Alexander Project:
Far left: drill core from
MAD56 which returned
assays of 7.5m @ 3.90%Ni,
1.74%Cu, 0.12%Co and
3.32g/t total PGEs from
57.8m, including 3.15m @
6.36%Ni, 2.92%Cu, 0.20%Co
and 5.03g/t total PGEs from
61.81m
Left and below: drill core
from MAD60 which returned
assays of 5.3m @ 4.95%Ni,
2.75%Cu, 0.16%Co and
4.55g/t total PGEs from
157.9m, including 3m @
6.40%Ni, 3.55%Cu, 0.21%Co
and 5.25g/t total PGEs from
159.38m
St George Mining Limited – Annual Report 2018
P 4
REVIEW OF OPERATIONS
MT ALEXANDER PROJECT
Multiple drill programmes were completed at the Mt Alexander Project during the year ending 30 June
2018, with a focus on scoping the scale of the Cathedrals Belt discovery.
Further massive nickel‐copper sulphides were intersected across a broad area, expanding the known
occurrence of high‐grade mineralisation along a 4.5km strike of the east‐northeast oriented Cathedrals Belt.
Figure 1 – plan view map of the Cathedrals Belt (over SAMSON FLEM Channel 18 [mid‐time] image)
showing the multiple intersections of massive nickel‐copper‐cobalt‐PGE sulphides (“$M”) within the large
SAMSON EM anomalies at the Investigators, Stricklands and Cathedrals prospects over a 4.5km strike of
the Cathedrals Belt.
An exploration milestone was achieved at the Stricklands Prospect in late 2017, with drill hole MAD71
delivering an outstanding 17.45m thick intersection of high‐grade nickel‐copper‐cobalt‐PGE sulphides
which returned assays of:
17.45m @ 3.01% Ni, 1.31% Cu, 0.13% Co and 1.68g/t total PGEs from 37.45m including the
massive sulphide zones of:
5.3m @ 4.39% Ni, 1.45% Cu, 0.21% Co and 2.09g/t total PGEs from 39.3m
and
2.02m @ 5.05% Ni, 2.01% Cu, 0.21% Co and 3.31g/t total PGEs from 50.6m
and
0.5m @ 3.68% Ni, 3.9% Cu, 0.17% Co and 2.68g/t total PGEs from 54.4m
St George Mining Limited – Annual Report 2018
P 5
REVIEW OF OPERATIONS
Resource definition drilling at each of the three prospects on the Cathedrals Belt – Investigators, Stricklands
and Cathedrals – is continuing.
The down plunge continuity of the mineralisation is also being tested by drilling with early success at
Investigators where the down plunge extent on the MAD60 line has been increased to 320 metres by drill
hole MAD108.
Figure 2 – schematic cross
section of the MAD60 line
(facing west) at
Investigators based on
interpretation of drill hole
data. The mineralised
ultramafic dips to the north‐
west, with MAD108 now
confirming a down plunge
extension with
mineralisation open in the
down plunge direction.
Figure 3 – Schematic long section of the Investigators Prospect (facing north) based on interpretation from
drill hole data. There are large prospective areas that remain untested by drilling.
St George Mining Limited – Annual Report 2018
P 6
REVIEW OF OPERATIONS
Figure 4 – drill core from MAD108 at Investigators
which returned assays of:
8.4m @ 2%Ni, 0.96% Cu, 0.06% Co,
2.59g/t total PGEs from 199m, including
1.37m @ 6.83% Ni, 2.88% Cu, 0.21% Co,
5.58g/t total PGEs from 206.03m
MAD108 confirmed intersections of mineralisation
on the MAD60 section at Investigators over a very
significant 320m plunge length with mineralisation
open to the north‐west.
Other significant intersections on the MAD60 line
include MAD60 which returned:
5.3m @ 4.95%Ni, 2.75%Cu, 0.16%Co, and
4.55g/t total PGEs from 157.9m.
Additional step‐out drilling will be completed to
test for further continuity of the down plunge strike
of mineralisation.
About the Mt Alexander Project:
The Mt Alexander Project is located 120km south‐southwest of the Agnew‐Wiluna Belt, which hosts
numerous world‐class nickel deposits. The Project comprises five granted exploration licences – E29/638,
E29/548, E29/962, E29/954 and E29/972.
The Cathedrals, Stricklands and Investigators nickel‐copper‐cobalt‐PGE discoveries are located on E29/638,
which is held in joint venture by St George Mining Limited (75%) and Western Areas Limited (25%). St
George is the Manager of the Project, with Western Areas retaining a 25% non‐contributing interest in the
Project (in regard to E29/638 only) until there is a decision to mine.
St George Mining Limited – Annual Report 2018
P 7
REVIEW OF OPERATIONS
Figure 5 – above left: a
map of Western
Australia showing the
location of St George’s
projects.
Below left: a map
showing the regional
location of the Mt
Alexander Project
south‐southwest of the
Agnew‐Wiluna Belt
and proximal to other
major nickel and gold
projects.
St George Mining Limited – Annual Report 2018
P 8
REVIEW OF OPERATIONS
EAST LAVERTON
Gold exploration at the East Laverton Project was escalated during the year. A new airborne magnetic
survey was completed in Q2 2018 and generated high resolution magnetic data for three priority gold
prospects – Ascalon, Athena and Bristol.
Ascalon and Athena are located along the Minigwal greenstone belt (see Figure 6). Drilling at these
prospects has intersected extensive differentiated dolerite intrusives with granophyric units. Granophyric
dolerites host many major gold deposits in the Yilgarn, including gold deposits at Kalgoorlie’s Golden Mile
and at Kambalda’s St Ives gold camp.
Successful exploration at other projects with dolerite hosts has shown that gold mineralisation is likely to
occur in magnetic breaks of the dolerite. These breaks can often be caused by cross‐cutting structures which
introduce ore forming fluids and destroy magnetite during the process of mineralisation.
The new magnetic survey at East Laverton has confirmed thick, linear dolerite units at Ascalon and Athena
with several cross‐cutting structures creating magnetic breaks. A drill programme will be scheduled for H2
2018 to test these targets.
Figure 6 ‐ the East Laverton tenements against FVD Bouguer gravity data with priority gold prospects
highlighted.
The Company also continues to review the nickel sulphide targets at the East Laverton Project, with
further drilling to be planned.
St George Mining Limited – Annual Report 2018
P 9
REVIEW OF OPERATIONS
HAWAII PROJECT
The Hawaii Project is an early stage project with potential to explore for undercover greenstones.
St George completed an augur soil survey at the Project in Q2 2018 to further investigate the prospective
ultramafics. The survey was completed with 1.6km lines, 160m sample spacings and 211 points.
Drill targets will be designed following a review of the soil survey results.
CORPORATE UPDATE
Capital Raisings
The Company completed two capital raisings during the year through the private placement of ordinary
shares to raise new funds.
In March 2018, St George issued a total of 22,360,002 ordinary shares at $0.18 per share to raise
$4,024,800.
In June 2018, St George issued a total of 19,335,711 fully paid ordinary shares at $0.14 per share to raise
$2,707,000.
EDI Tax Benefit
St George was approved by the Federal Government for participation in the Exploration Development
Incentive (EDI) which entitles eligible shareholders to a tax credit for the tax year ending 30 June 2018.
The record date for shareholder eligibility was 30 May 2018, with the tax credit available only to
Australian resident shareholders. The tax credit per share is $0.0003272.
JMEI Scheme
The EDI program has now been replaced by the JMEI (Junior Minerals Exploration Incentive) scheme. The
JMEI enables eligible exploration companies such as St George to generate tax credits by choosing to give
up a portion of their losses from greenfields mineral exploration expenditure.
These tax credits can then be distributed to investors who subscribe to newly issued shares in that eligible
entity during the applicable financial year.
For the financial year ending 30 June 2018, St George was allocated $750,000 of exploration credits which
were utilised for the private placement completed in June 2018.
For the financial year ending 30 June 2019, St George has been allocated $1,265,000 of exploration
credits. These are available for use in any capital raising completed up to 30 June 2019.
R&D Cash Rebate
St George received a cash payment of $1,887,392 under the Federal Government’s Research and
Development (R&D) Tax Incentive Scheme in September 2017.
The Company’s Income Tax Return for the financial year ended 30 June 2017 included research and
development expenditure which was eligible for the cash rebate.
St George Mining Limited – Annual Report 2018
P 10
REVIEW OF OPERATIONS
Bonus Options Issued to Shareholders
Listed Options: In October 2017, St George issued 24,665,885 listed options pursuant to a Bonus Issue
Prospectus dated 12 September 2017.
The bonus listed options were issued to shareholders as at the record date of 19 September 2017 on a pro‐
rata basis of 1 option for every 10 ordinary shares held.
The new listed options have an expiry date of 30 September 2020 and an exercise price of $0.20. They
commenced trading on the ASX under the code ‘SGQOB’ on 4 October 2017.
Private Series Options: In February 2018, the Company issued a total of 12,442,406 private series options
with an exercise price of $0.25 and an expiry date on 23 April 2018.
A total of 100,724 of these options were exercised. The remaining 12,321,682 unlisted options expired
unexercised on 23 April 2018.
St George Mining Limited – Annual Report 2018
P 11
REVIEW OF OPERATIONS
Competent Person Statement:
The information in this report that relates to Exploration Targets, Exploration Results, Mineral Resources or Ore
Reserves is based on information compiled by Mr Benjamin Pollard, a Competent Person who is a Member of
The Australasian Institute of Mining and Metallurgy. Mr Pollard is employed by Cadre Geology and Mining Pty
Ltd which has been retained by St George Mining Limited to provide technical advice on mineral projects.
Mr Pollard has sufficient experience that is relevant to the style of mineralisation and type of deposit under
consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012
Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr
Pollard consents to the inclusion in the report of the matters based on his information in the form and context
in which it appears.
This ASX announcement contains information extracted from the following reports which are available on the
Company’s website at www.stgm.com.au:
5 July 2017 High Grade Nickel‐Copper‐Cobalt‐PGEs at Investigators
6 July 2017 Nickel Sulphide Exploration at Windsor is Escalated
19 July 2017 High Grade Nickel‐Copper‐Cobalt‐PGEs at Investigators
26 October 2017 Drilling Commences at Mt Alexander
30 October 2017 New EM Conductors at Windsor Nickel Sulphide Prospect
13 November 2017 Further High Grade Mineralisation at Mt Alexander
20 November 2017 Outstanding Intersection of Nickel‐Copper Sulphides
30 November 2017 Drilling at Mt Alexander – Update
7 December 2017 Further Nickel‐Copper Sulphides Intersected at Mt Alexander
11 December 2017 Drilling of EM Conductors at Windsor – Update
15 December 2017 Assays Confirm Best Ever Intersection at Mt Alexander
21 December 2017 Drilling Continues to Extend Mineralisation at Mt Alexander
9 January 2018 Assays Confirm Further High Grades at Mt Alexander
26 March 2018 St George Intersects Thick Nickel‐Copper Sulphides
4 April 2018 Nickel‐Copper Sulphide Drilling at Mt Alexander – Update
11 April 2018 Further Nickel‐Copper Sulphides intersected at Mt Alexander
19 April 2018 Nickel‐Copper Sulphide Drilling at Mt Alexander – Update
21 May 2018 Nickel‐Copper Sulphide Mineralisation Continues to Grow
4 June 2018 Assays Confirm High Grades at Mt Alexander
19 June 2018 New EM Conductors Ready for Drilling at Mt Alexander
21 June 2018 Assays Confirm Further High Grades at Mt Alexander
25 June 2018 Drill Programme Expanded at Mt Alexander
23 July 2018 High‐Grade Nickel‐Copper Sulphides in First Drill Hole
15 August 2018 Further High‐Grade Nickel‐Copper Sulphides
24 August 2018 Mt Alexander Continues to Deliver Outstanding Results
5 September 2018 Mt Alexander – Drilling Update
18 September 2018 More Strong Results at Mt Alexander
The Company confirms that it is not aware of any new information or data that materially affects the exploration
results included in any original market announcements referred to in this report and that no material change
in the results has occurred. The Company confirms that the form and context in which the Competent Person’s
findings are presented have not been materially modified from the original market announcements.
St George Mining Limited – Annual Report 2018
P 12
DIRECTORS’ REPORT
The Directors of St George Mining Limited submit the annual financial report of St George Mining Limited from
1 July 2017 to 30 June 2018. In compliance with the provisions of the Corporations Act 2001, the Directors report
as follows:
DIRECTORS
The names and particulars of the directors of the Company as at 30 June 2018, and at the date of this report, are
as follows. Directors were in office for the entire period unless otherwise stated.
JOHN PRINEAS B.EC LL.B F FIN
Executive Chairman
Appointed 19 October 2009
John is a founding shareholder and director of St George Mining Limited. His involvement in the mining sector
spans over 25 years with experience in commercial, legal and finance roles.
Prior to establishing St George Mining, John was Chief Operating Officer and Country Head of Dresdner Bank in
Sydney with a focus on project and acquisition finance for resources and infrastructure projects. John has
Economics and Law degrees from the University of Sydney and commenced his career as a lawyer in Sydney with
Allen, Allen & Hemsley.
During the past 3 years he has held no other listed company directorships.
TIM HRONSKY B.ENG (Geology) MAUSIMM, MSEG
Executive Director
Appointed 25 November 2009
Tim is a geologist with over 27 years international experience in the mineral exploration and mining industry,
including 15 years with Placer Dome Inc. After graduating from the West Australian School of Mines, Tim began
his career in a number of operational roles before being appointed as the Exploration Manager (Asia) for Placer
Dome.
Tim also undertook a number of corporate roles at Placer Dome related to business improvement, risk
management and assurance. Prior to joining St George Mining, Tim provided consulting services to a range of
clients in the global exploration and mining industry.
During the past 3 years he has held no other listed company directorships.
SARAH SHIPWAY CA, B.Com
Non‐Executive Director
Appointed 11 June 2015
Sarah Shipway was appointed Non‐Executive Director on 11 June 2015 and was appointed Company Secretary
of St George Mining on 22 March 2012. Ms Shipway has a Bachelor of Commerce from the Murdoch University
and is a member of the Institute of Chartered Accountants.
During the past 3 years she has also served as a director of the following listed companies:
Company
Beacon Minerals Limited
Date of Appointment
11 June 2015
Date of Resignation
Not applicable
St George Mining Limited – Annual Report 2018
P 13
DIRECTORS’ REPORT
COMPANY SECRETARY
Sarah Shipway was appointed Company Secretary on 22 March 2012. For details relating to Sarah Shipway,
please refer to the details on directors above.
DIRECTORS’ INTERESTS
At the date of this report the Directors held the following interests in St George Mining.
Name
Ordinary
Shares
Listed Options
John Prineas
Tim Hronsky
Sarah Shipway
12,214,221
2,562,500
500,000
1,021,422
106,250
‐
Class A
Performance
Rights
10
5
5
Class B
Performance
Rights
10
5
5
Class C
Performance
Rights
40
10
10
John Prineas and Sarah Shipway have no interest, whether directly or indirectly, in a contract or proposed
contract with St George Mining Limited during the financial year end.
Tim Hronsky through Essential Risk Solutions Ltd (“ERS”), of which Tim Hronsky is a Director, provides technical
consulting services to the Company.
PRINCIPAL ACTIVITIES
The principal activity of the Group is mineral exploration in Australia.
RESULTS AND REVIEW OF OPERATIONS
The results of the consolidated entity for the financial year from 1 July 2017 to 30 June 2018 after income tax
was a loss of $4,384,677 (2017: $4,289,216).
A review of operations of the consolidated entity during the year ended 30 June 2018 is provided in the “Review
of the Operations” immediately preceding this Directors’ Report.
LIKELY DEVELOPMENTS
The Group will continue its exploration activities over the next financial year with a focus on its key projects at
the East Laverton Project and Mt Alexander Project. Further commentary on planned activities over the
forthcoming year is provided in the “Review of Operations”.
The Board will continue to focus on creating value from the Group’s existing resource assets, as well as
considering new opportunities in the resources sector to complement the Group’s current projects.
SIGNIFICANT CHANGES IN STATE OF AFFAIRS
There has not been any significant change in the state of affairs of the Group during the financial year, other
than as noted in this financial report.
ENVIRONMENTAL ISSUES
The Group is aware of its environmental obligations with regards to its exploration activities and ensures that it
complies with all applicable regulations when carrying out exploration work.
St George Mining Limited – Annual Report 2018
P 14
DIRECTORS’ REPORT
DIVIDENDS PAID OR RECOMMENDED
The directors do not recommend the payment of a dividend and no amount has been paid or declared by way
of a dividend to the date of this report.
DIRECTORS’ MEETINGS
The following table sets out the number of meetings held during the year ended 30 June 2018 and the number
of meetings attended by each director.
Directors Meetings
Audit & Risk Committee
J Prineas
T Hronsky
S Shipway
Eligible to
Attend
9
9
9
Attended
9
7
9
Eligible to
Attend
‐
2
2
Attended
‐
2
2
Remuneration & Nomination
Committee
Eligible to
Attend
1
‐
1
Attended
1
‐
1
REMUNERATION REPORT – AUDITED
Remuneration policy
The remuneration policy of St George Mining Limited has been designed to align directors’ objectives with
shareholder and business objectives by providing a fixed remuneration component, which is assessed on an
annual basis in line with market rates. The Board of St George Mining Limited believes the remuneration policy
to be appropriate and effective in its ability to attract and retain the best directors to run and manage the
Company.
The Board’s policy for determining the nature and amount of remuneration for Board members is as follows:
The remuneration policy and setting the terms and conditions for the Executive directors and other senior
staff members is developed and approved by the Board based on local and international trends among
comparative companies and industry generally. It examines terms and conditions for employee incentive
schemes, benefit plans and share plans. Independent advice is obtained when considered necessary to
confirm that executive remuneration is in line with market practice and is reasonable within Australian
executive reward practices.
All executives receive a base salary (which is based on factors such as length of service and experience) and
superannuation.
The Group is an exploration entity, and therefore speculative in terms of performance. Consistent with
attracting and retaining talented executives, directors and senior executives are paid market rates
associated with individuals in similar positions within the same industry. Options and performance
incentives may be issued particularly as the entity moves from an exploration to a producing entity and key
performance indicators such as profit and production and reserves growth can be used as measurements
for assessing executive performance.
The Board policy is to remunerate non‐executive directors at market rates for comparable companies for
time, commitment and responsibilities. The Executive Directors, in consultation with independent advisors,
determine payments to the non‐executives and review their remuneration annually, based on market
practice, duties and accountability. The maximum aggregate amount of fees that can be paid to non‐
executive directors is subject to approval by shareholders at the Annual General Meeting and is currently
$250,000 per annum. Fees for independent non‐executive directors are not linked to the performance of
St George Mining Limited – Annual Report 2018
P 15
DIRECTORS’ REPORT
the Group. To align Directors’ interests with shareholder interests, the directors are encouraged to hold
shares in the Company.
Remuneration Consultants
The Company engaged BDO during the financial year ended 30 June 2017 to provide independent advice
on executive remuneration. No remuneration consultant was engaged in the current financial year.
Details of directors and executives
Directors
J Prineas
T Hronsky
S Shipway
Title
Executive Chairman
Executive Director
Non‐Executive Director
Date of Appointment
19 October 2009
25 November 2009
11 June 2015
Date of Retirement
Not Applicable
Not Applicable
Not Applicable
The Company does not have any executives that are not Directors.
Executive Directors’ remuneration and other terms of employment are reviewed annually by the non‐executive
director(s) having regard to performance against goals set at the start of the year, relative comparable
information and independent expert advice.
Except as detailed in the Director’s Report, no director has received or become entitled to receive, during or
since the financial year end, a benefit because of a contract made by the Group or a related body corporate with
a director, a firm of which a director is a member or an entity in which a director has a substantial financial
interest. This statement excludes a benefit included in the aggregate amount of emoluments received or due
and receivable by directors and shown in the Remuneration Report, prepared in accordance with the
Corporations Regulations, or the fixed salary of a full time employee of the Group.
Remuneration of directors and executives
Remuneration for the financial year ended 30 June 2018.
Short‐Term Benefits
Post
Employment
Benefits
Superannuation Long Service
Long Term
Benefits
Equity Settled
Share‐Based
Payments
Shares/Options
Leave
$
25,019
21,059
‐
‐
8,550
7,125
$
‐
‐
‐
‐
‐
‐
$
‐
‐
‐
‐
‐
‐
Total
$
292,497
246,824
272,846
235,823
99,959
83,508
Non
Monetary
(i)
$
4,123
4,088
3,846
3,906
1,409
1,383
Directors
Salary
and Fees
Termination
Payment
$
263,355
221,677
269,000
231,917
90,000
75,000
$
‐
‐
‐
‐
‐
‐
J Prineas
2018
2017
T Hronsky
2018
2017
S Shipway
2018
2017
Total
2018
2017
(i)
622,355
528,594
33,569
28,184
Non monetary benefits are for directors’ and officers’ liability and legal expense insurance premiums.
9,378
9,377
665,302
566,155
‐
‐
‐
‐
‐
‐
St George Mining Limited – Annual Report 2018
P 16
DIRECTORS’ REPORT
Employment contracts of directors and executives
The terms and conditions under which key management personnel and executives are engaged by the Company
are formalised in contracts between the Company and those individuals.
The Company has entered into an executive services agreement with Mr John Prineas whereby Mr Prineas
receives remuneration of $263,335 per annual plus statutory superannuation. From 1 July 2018 Mr Prineas
remuneration is $350,000 per annum plus statutory superannuation. Mr Prineas may terminate the agreement
by giving 12 months’ notice. The executive services agreement has no fixed period and continues until
terminated.
The Company has entered into a service agreement with Ms Sarah Shipway whereby Ms Shipway receives
remuneration of $40,000 per annum plus statutory superannuation and $50,000 for Non‐Executive Director and
Company Secretary respectively. From 1 July 2018 Ms Shipway remuneration is $62,460 per annum plus
statutory superannuation and $80,000 for Non‐Executive Director and Company Secretary respectively.
The Company has entered into a consultancy contract with Essential Risk Solutions (“ERS”) and Mr Hronsky
whereby a base service fee of $269,000 per annum. ERS may terminate the Agreement by giving 3 months’
notice. The consultancy contract with ERS has no fixed period and continues until terminated.
INDEMNIFICATION AND INSURANCE OF DIRECTORS AND OFFICERS
In accordance with the constitution, except as may be prohibited by the Corporations Act 2001, every Officer or
agent of the Company shall be indemnified out of the property of the entity against any liability incurred by
him/her in his/her capacity as Officer or agent of the Company or any related corporation in respect of any act
or omission whatsoever and howsoever occurring or in defending any proceedings, whether civil or criminal.
During the year the Company agreed to pay an annual insurance premium of $9,378 (2017: $9,377) in respect
of directors’ and officers’ liability and legal expenses’ insurance contracts, for directors, officers and employees
of the Company. The insurance premium relates to:
Costs and expenses incurred by the relevant officers in defending proceedings, whether civil or criminal, and
whatever the outcome.
Other liabilities that may arise from their position, with the exception of conduct involving a willful breach
of duty.
During the year 100 Performance Shares were converted to fully paid ordinary shares, 80 Performance Shares
were held by Directors’.
Shareholdings of key management personnel
Directors
John Prineas
Timothy Hronsky
Sarah Shipway
Total
Balance at
1 July 2017
Granted as
remuneration
Net other change
(i)
Balance at
30 June 2018
10,214,221
1,062,500
‐
11,276,721
‐
‐
‐
‐
2,000,000
1,500,000
500,000
4,000,000
12,214,221
2,562,500
500,000
15,276,721
(i) 80 Performance Shares converted to fully paid ordinary shares on 20 March 2018.
St George Mining Limited – Annual Report 2018
P 17
John Prineas
Timothy Hronsky
Sarah Shipway
Total
(i)
Directors
John Prineas
Timothy Hronsky
Sarah Shipway
Total
Directors
John Prineas
Timothy Hronsky
Sarah Shipway
Total
(i)
DIRECTORS’ REPORT
Directors
John Prineas
Timothy Hronsky
Sarah Shipway
Total
Balance at
1 July 2016
Granted as
remuneration
Net other change
10,214,221
1,062,500
‐
11,276,721
‐
‐
‐
‐
‐
‐
‐
‐
Balance at
30 June 2017
10,214,221
1,062,500
‐
11,276,721
Listed Options, exercisable at $0.20 on or before 30 September 2020, holdings of key management personnel
Directors
Balance at
1 July 2017
Granted as
remuneration
Net other change
(i)
Balance at
30 June 2018
‐
‐
‐
‐
‐
‐
‐
‐
1,021,422
106,250
‐
1,127,672
1,021,422
106,250
‐
1,127,672
Issued under Bonus Issue Prospectus dated 12 September 2017
Class E Unlisted Option holdings of key management personnel
Granted as
remuneration
Net other change
(ii)
Balance at
30 June 2018
Balance at
1 July 2017
(i)
‐
300,000
‐
300,000
Balance at
1 July 2016
(i)
Granted as
remuneration
‐
300,000
‐
300,000
‐
‐
‐
‐
‐
‐
‐
‐
‐
(300,000)
‐
(300,000)
‐
‐
‐
‐
Net other change
Balance at
30 June 2017
‐
‐
‐
‐
‐
300,000
‐
300,000
The Class E Unlisted Options were granted on 27 November 2015 and vested 12 months from the date of
issue.
(ii) Expired during the year.
Performance Shareholdings of key management personnel
Directors
Balance at
1 July 2017
Granted as
remuneration
Net other change
(ii)
Balance at
30 June 2018
John Prineas
Timothy Hronsky
Sarah Shipway
Total
40
30
10
80
‐
‐
‐
‐
(40)
(30)
(10)
(80)
‐
‐
‐
‐
St George Mining Limited – Annual Report 2018
P 18
DIRECTORS’ REPORT
Directors
Balance at
1 July 2016
Granted as
remuneration
(i)
Net other change
Balance at
30 June 2017
John Prineas
Timothy Hronsky
Sarah Shipway
Total
(i)
‐
‐
‐
‐
40
30
10
80
‐
‐
‐
‐
40
30
10
80
On satisfaction of certain milestone events, each Performance Share convert into 50,000 ordinary shares
in which case John Prineas would become entitled to a further 2,000,000 ordinary shares, Timothy
Hronsky a further 1,500,000 ordinary shares and Sarah Shipway a further 500,000 ordinary shares.
Conversion of performance on satisfaction of certain milestones on 20 March 2018.
(ii)
END OF REMUNERATION REPORT
SHARE OPTIONS
Unissued shares
At the date of this report the Company had 24,579,714 listed options on issue. During the financial year ended
30 June 2018, 281,895 options had been converted into fully paid ordinary shares.
At the date of this report the Company had on issue the below unlisted options:
Unlisted Options Class Number of Options
Unlisted Options
3,500,000
Exercise Price $ Expiry Date
$0.25
On or before 2 December 2019
During the financial year ended 30 June 2018, and at the date of this report, none of these unlisted options were
converted into fully paid ordinary shares.
Option holders do not have any rights to participate in any issues of shares of other interests in the Company or
any other entity.
PROCEEDINGS ON BEHALF OF THE COMPANY
No person has applied for leave of court to bring proceedings on behalf of the Company or intervene in any
proceedings to which the Company is a party for the purpose of taking responsibility on behalf of the Company
for all or any part of those proceedings.
The Company was not a party to any such proceedings during the year.
CORPORATE GOVERNANCE STATEMENT
St George Mining is committed to ensuring that its policies and practices reflect a high standard of corporate
governance. The Board has adopted a comprehensive framework of Corporate Governance Guidelines.
Throughout the 2018 financial year the Company’s governance was consistent with the Corporate Governance
Principles and Recommendations (3rd edition) published by the ASX Corporate Governance Council.
The Group’s Corporate Governance Statement can be viewed at www.stgm.com.au.
St George Mining Limited – Annual Report 2018
P 19
DIRECTORS’ REPORT
EVENTS SUBSEQUENT TO BALANCE DATE
On 15 August 2018 the Company issued 140 performance rights to Directors’ and employees of the Company.
The Performance Rights were approved at the Shareholder meeting held on 16 July 2018.
Except for the above no other matters or circumstances have arisen since the end of the financial year which
significantly affected or could significantly affect the operations of the consolidated entity, the results of those
operations, or the state of affairs of the consolidated entity in future financial years.
AUDITOR’S INDEPENDENCE DECLARATION
The auditor’s independence declaration for the year ended 30 June 2018 has been received and can be found
on page 47 of the financial report.
Non Audit Services
The Company’s auditor, Stantons International, did not provide any non‐audit services to the Company during
the financial year ended 30 June 2018.
Signed in accordance with a resolution of the directors made pursuant to s 298(2) of the Corporations Act 2001.
On behalf of the directors
JOHN PRINEAS
Executive Chairman
St George Mining Limited
Dated 28 September 2018
St George Mining Limited – Annual Report 2018
P 20
FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2018
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND
OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2018
Australian Dollar ($)
Note
30 JUNE 2018
$
30 JUNE 2017
$
REVENUE
Interest
Other income – Research and Development Tax
Incentive
EXPENDITURE
Administration expenses
Exploration expenditure written off
LOSS BEFORE INCOME TAX
3
3
4
5
53,412
90,170
1,887,393
2,339,861
(1,463,653)
(4,861,829)
(4,384,677)
(1,058,950)
(5,660,297)
(4,289,216)
Income Tax
6(a)
‐
‐
NET LOSS ATTRIBUTABLE TO MEMBERS OF THE
COMPANY
(4,384,677)
(4,289,216)
Other comprehensive income
TOTAL COMPREHENSIVE INCOME (LOSS)
‐
(4,384,677)
‐
(4,289,216)
TOTAL COMPREHENSIVE INCOME (LOSS)
ATTRIBUTABLE TO MEMBERS OF THE
COMPANY
LOSS PER SHARE
Basic and diluted – cents per share
(4,384,677)
(4,289,216)
15
(1.70)
(1.75)
The above consolidated statement of profit or loss and other comprehensive
income should be read in conjunction with the accompanying notes
St George Mining Limited – Annual Report 2018
P 21
FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2018
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2018
Australian Dollar ($)
Note
30 JUNE 2018
$
30 JUNE 2017
$
CURRENT ASSETS
Cash and cash equivalents
Trade and other receivables
Other assets
TOTAL CURRENT ASSETS
NON CURRENT ASSETS
Security bond
Plant and equipment
TOTAL NON CURRENT ASSETS
TOTAL ASSETS
CURRENT LIABILITIES
Trade and other payables
Provisions
TOTAL CURRENT LIABILITIES
TOTAL LIABILITIES
NET ASSETS
EQUITY
Issued capital
Reserves
Accumulated losses
TOTAL EQUITY
16(a)
9(a)
9(b)
10
12
5,948,692
38,623
189,939
6,177,254
1,000
14,145
15,145
4,773,546
85,543
169,425
5,028,514
1,000
24,685
25,685
6,192,399
5,054,199
1,401,598
27,903
1,429,501
2,225,921
26,089
2,252,010
1,429,501
2,252,010
4,762,898
2,802,189
13(a)
13(b)
14
30,514,215
212,142
(25,963,459)
4,762,898
24,142,945
430,876
(21,771,632)
2,802,189
The above consolidated statement of financial position should be
read in conjunction with the accompanying notes
St George Mining Limited – Annual Report 2018
P 22
FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2018
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2018
Australian ($)
BALANCE AT 1 JULY 2017
Loss for the year
Other comprehensive income
Total comprehensive loss
Shares issued during the year
Option/Share based payments
Options exercised during the year
Expiry of options
Share and option issue expenses
BALANCE AT 30 JUNE 2018
BALANCE AT 1 JULY 2016
Loss for the year
Other comprehensive income
Total comprehensive loss
Shares issued during the year
Option based payments
Options exercised during the year
Expiry of options
Share and option issue expenses
BALANCE AT 30 JUNE 2017
SHARE CAPITAL
ACCUMULATED LOSSES
$
$
24,142,945
‐
‐
‐
6,731,800
145,000
61,415
‐
(566,945)
30,514,215
18,277,130
‐
‐
‐
6,474,821
‐
220
‐
(609,226)
24,142,945
(21,771,632)
(4,384,677)
‐
(4,384,677)
‐
‐
‐
192,850
‐
(25,963,459)
(17,673,531)
(4,289,216)
‐
(4,289,216)
‐
‐
‐
191,115
‐
(21,771,632)
SHARE OPTION
RESERVE
$
430,876
‐
‐
‐
9,500
‐
‐
(192,850)
(35,384)
212,142
352,841
‐
‐
‐
‐
269,150
‐
(191,115)
‐
430,876
TOTAL EQUITY
$
2,802,189
(4,384,677)
‐
(4,384,677)
6,741,300
145,000
61,415
‐
(602,329)
4,762,898
956,440
(4,289,216)
‐
(4,289,216)
6,474,821
269,150
220
‐
(609,226)
2,802,189
The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes
St George Mining Limited – Annual Report 2018
P 23
FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2018
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2018
Australian Dollar ($)
CASH FLOWS FROM OPERATING ACTIVITIES
Expenditure on mining interests
Payments to suppliers and employees
Interest received
Other – GST
Research and Development Incentive Grant
Net cash outflow from operating activities
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of tenements
Purchase of plant and equipment
Net cash outflow from investing activities
CASH FLOW FROM FINANCING ACTIVITIES
Issue of shares and options net of
capital raising costs
Net cash flows from financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at the beginning of
the financial year
CASH AND CASH EQUIVALENTS AT THE END
OF THE FINANCIAL YEAR
Note
30 JUNE 2018
$
30 JUNE 2017
$
16(b)
(5,669,941)
(1,354,844)
57,336
42,996
1,887,393
(5,037,060)
‐
(4,041)
(4,041)
(4,223,279)
(970,772)
84,134
(24,492)
2,339,861
(2,794,548)
‐
(3,896)
(3,896)
6,216,247
6,216,247
6,134,965
6,134,965
1,175,146
3,336,521
4,773,546
1,437,025
16(a)
5,948,692
4,773,546
The above consolidated statement of cash flows should be
read in conjunction with the accompanying notes
St George Mining Limited – Annual Report 2018
P 24
NOTES TO THE FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2018
1
CORPORATE INFORMATION
The financial report of St George Mining Limited (“St George Mining” or “the Company”) for the year ended 30
June 2018 was authorised for issue in accordance with a resolution of the directors on 28 September 2018.
St George Mining Limited is a company limited by shares, incorporated in Australia on 19 October 2009. The
consolidated financial statements of the Company for year ended 30 June 2018 comprise of the Company and its
subsidiaries together referred to as the Group or consolidated entity.
The nature of the operations and principal activity of the Group is mineral exploration.
2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(a)
Statement of compliance
The financial report complies with Australian Accounting Standards, which include Australian equivalents to
International Financial Reporting Standards (“AIFRS”). Compliance with AIFRS ensures that the financial report,
comprising the financial statements and notes thereto, complies with International Financial Reporting Standards
(“IFRS”).
(b)
Basis of Preparation of the Financial Report
The financial report is a general‐purpose financial report, which has been prepared in accordance with the
requirements of the Corporations Act 2001, Accounting Standards and Interpretations and complies with other
requirements of the law. The financial report has also been prepared on a historical cost basis.
The financial report is presented in Australian dollars. The following accounting policies have been approved by
the consolidated entity, except as noted below.
Going Concern
The directors have prepared the financial statements on a going concern basis, which contemplates continuity of
normal business activities and the realisation of assets and extinguishment of liabilities in the ordinary course of
business.
The Consolidated Entity has recorded a net accounting loss of $4,384,677 and net operating cash outflows of
$5,037,060 for the year ended 30 June 2018.
At 30 June 2018 the Company held a cash balance of $5,948,692.
The Board is confident that the Group will have sufficient funds to finance its operations in the 2018/2019 Financial
Year.
(c)
Principles of Consolidation
The consolidated financial statements incorporate all of the assets, liabilities and results of the parent St George
Mining Limited and all of the subsidiaries (including any structured entities). Subsidiaries are entities the parent
controls. The parent controls an entity when it is exposed to, or has rights to, variable returns from its involvement
with the entity and has the ability to affect those returns through its power over the entity. A list of the subsidiaries
is provided in Note 21.
The assets, liabilities and results of all subsidiaries are fully consolidated into the financial statements of the Group
from the date on which control is obtained by the Group. The consolidation of a subsidiary is discontinued from
the date that control ceases. Intercompany transactions, balances and unrealised gains or losses on transactions
St George Mining Limited – Annual Report 2018
P 25
NOTES TO THE FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2018
between Group entities are fully eliminated on consolidation. Accounting policies of subsidiaries have been
changed and adjustments made where necessary to ensure uniformity of the accounting policies adopted by the
Group.
Equity interests in a subsidiary not attributable, directly or indirectly, to the Group are presented as “non
controlling interests". The Group initially recognises non‐controlling interests that are present ownership interests
in subsidiaries and are entitled to a proportionate share of the subsidiary's net assets on liquidation at either fair
value or at the non‐controlling interests' proportionate share of the subsidiary's net assets. Subsequent to initial
recognition, non‐controlling interests are attributed their share of profit or loss and each component of other
comprehensive income. Non‐controlling interests are shown separately within the equity section of the statement
of financial position and statement of comprehensive income.
(d)
Significant accounting estimates and judgements
The carrying amount of certain assets and liabilities are often determined based on estimates and assumptions of
future events. The key estimates and assumptions that have a significant risk of causing a material adjustment to
the carrying amounts of certain assets and liabilities within the next annual reporting period are:
Deferred taxation
The potential deferred tax asset arising from the tax losses and temporary differences have not been recognised
as an asset because recovery of the tax losses is not yet considered probable (refer note 6).
Capitalised exploration costs
The Group expenses all exploration and evaluation expenditure incurred.
Subsidiary Loans
Provision has been made for all unsecured loans with subsidiaries as it is uncertain if and when the loans will be
recovered. All inter‐company loans have been eliminated on consolidation.
(e)
Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the
revenue can be reliably measured. The following specific recognition criteria must also be met before revenue is
recognised:
Interest
Interest revenue is recognised using the effective interest method.
(f)
Employee benefits
Provision is made for the Group’s liability for employee benefits arising from services rendered by employees to
balance date. Employee benefits expected to be settled within one year together with entitlements arising from
wages and salaries and annual leave which will be settled after one year, have been measured at the amounts
expected to be paid when the liability is settled, plus related on‐costs. Other employee benefits payable later than
one year have been measured at the present value of the estimated cash outflows to be made to those benefits.
Contributions are made by the Group to employee superannuation funds and are charged as expenses when
incurred.
St George Mining Limited – Annual Report 2018
P 26
NOTES TO THE FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2018
(g)
Research & Development Tax Incentives
Refundable tax incentives are accounted for as a government grant under AASB 120 Accounting for Government
Grants and Disclosure of Government Assistance.
(h)
Exploration and evaluation expenditure
Exploration and evaluation expenditure on areas of interest are expensed as incurred. Costs of acquisition will
normally be expensed but will be assessed on a case by case basis and may be capitalised to areas of interest and
carried forward where right of tenure of the area of interest is current and they are expected to be recouped
through sale or successful development and exploitation of the area of interest or, where exploration and
evaluation activities in the area of interest have not yet reached a stage that permits reasonable assessment of
the existence of economically recoverable reserves.
When an area of interest is abandoned or the directors decide that it is not commercial, any accumulated
acquisition costs in respect of that area are written off in the financial period the decision is made. Each area of
interest is also reviewed at the end of each accounting period and accumulated costs written off to the extent that
they will not be recoverable in the future. Where projects have advanced to the stage that directors have made a
decision to mine, they are classified as development properties. When further development expenditure is
incurred in respect of a development property, such expenditure is carried forward as part of the cost of that
development property only when substantial future economic benefits are established. Otherwise such
expenditure is classified as part of the cost of production or written off where production has not commenced.
(i)
Income Tax
Current income tax refunded/(expensed) charged to profit or loss is tax refundable/(payable). Those amounts
recognised are expected to be recovered from/(paid to) the relevant taxation authority.
Deferred income tax is provided on all temporary differences at the balance sheet date between the tax bases of
assets and liabilities and their carrying amounts for financial reporting purposes.
Deferred income tax liabilities are recognised for all taxable temporary differences:
except where the deferred income tax liability arises from the initial recognition of an asset or liability in
a transaction that is not a business combination and, at the time of the transaction, affects neither that
accounting profit nor taxable profit or loss; and,
in respect of taxable temporary differences associated with investments in subsidiaries, associates and
interests in joint ventures, except where the timing of the reversal of the temporary differences will not
reverse in the foreseeable future.
Deferred income tax assets are recognised for all the deductible temporary differences, carry‐forward of unused
tax assets and unused tax losses, to the extent that it is probable that taxable profit will be available against which
the deductible temporary differences, and the carry‐forward of unused tax assets and unused tax losses can be
utilised:
except where the deferred income tax asset relating to the deductible temporary difference arises from
the initial recognition of an asset or liability in a transaction that is not a business combination and, at the
time of the transaction, affects neither the accounting profit nor taxable profit or loss; and,
in respect of deductible temporary differences with investments in subsidiaries, associates and interest in
joint ventures, deferred tax assets in the foreseeable future and taxable profit will be available against
which the temporary differences can be utilised.
St George Mining Limited – Annual Report 2018
P 27
NOTES TO THE FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2018
The carrying amount of deferred income tax is reviewed at each balance sheet date and reduced to the extent
that is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income
tax asset to be utilised.
Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year
when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or
substantively enacted at the balance sheet date.
Income taxes relating to items recognised directly in equity are not in the income statement.
(j)
Goods and services tax (GST)
Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred
is not recoverable from the Australian Taxation 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 in the
consolidated Statement of Financial Position are shown inclusive of GST.
The net amount of GST recoverable from, or payable to, the ATO is included as a current asset or liability in the
Consolidated Statement of Financial Position.
Cash Flows are included in the Consolidated Statement of Cash Flows net of GST. The GST components of cash
flows arising from investing and financial activities which are recoverable from, or payable to, the ATO are
classified as operating cash flows.
(k)
Plant and equipment
Plant and equipment is stated at cost less accumulated depreciation and any accumulated impairment losses.
Depreciation is calculated on a diminishing value basis over the estimated useful life of the assets as follows:
Class of Fixed Asset
Plant and Equipment
‐ Year 1
‐ Subsequent Years
Depreciation Rate
18.75%
37.50%
The assets' residual values and useful lives are reviewed, and adjusted if appropriate, at each financial year end.
(l)
Earnings per share
Basic earnings per share is calculated as net loss attributable to members of the Company, adjusted to exclude
any costs of servicing equity (other than dividends) and preference share dividends, divided by the weighted
average number of ordinary shares, adjusted for any bonus element.
(m)
Cash and cash equivalents
Cash and short‐term deposits in the consolidated Statement of Financial Position comprise cash at bank and in
hand and short‐term deposits with an original maturity of three months or less.
For the purposes of the consolidated Statement of Cash Flows, cash and cash equivalents consist of cash and
cash equivalents as defined above, net of outstanding bank overdrafts.
St George Mining Limited – Annual Report 2018
P 28
NOTES TO THE FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2018
(n)
Impairment of assets
The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any
such indication exists, or when annual impairment testing for an asset is required, the Group makes an estimate
of the asset’s recoverable amount. An asset’s recoverable amount is the higher of its fair value; less costs to sell
and its value in use and is determined for an individual asset, unless the asset does not generate cash inflows that
are largely independent of those from other assets or groups of assets and the asset’s value in use cannot be
estimated to be close to its fair value. In such cases the asset is tested for impairment as part of the cash‐
generating unit to which it belongs. When the carrying amount of an asset or cash‐generating unit exceeds its
recoverable amount, the asset or cash‐generating unit is considered impaired and it is written down to its
recoverable amount.
In assessing the value in use, the estimated future cash flows are discounted to their present value using a pre‐tax
discount rate that reflects current market assessments of the time value of money and the risks specific to the
asset. Impairment losses relating to continuing operations are recognised in those expense categories consistent
with the function of the impaired asset unless the asset is carried at revalued amount (in which case the
impairment loss is treated as a revaluation decrease).
An assessment is also made at each reporting date as to whether there is any indication that previously recognised
impairment losses may no longer exist or may have decreased. If such indication exists, the recoverable amount
is estimated. A previously recognised impairment loss is reversed only if there has been a change in the estimates
used to determine the asset’s recoverable amount since the last impairment loss was recognised. If that is the
case the carrying amount of the asset is increased to its recoverable amount. That increased amount cannot
exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been
recognised for the asset in prior years. Such reversal is recognised in profit or loss unless the asset is carried at
revalued amount, in which case the reversal is treated as a revaluation increase. After such a reversal the
depreciation charge is adjusted in future periods to allocate the asset’s revised carrying amount, less any residual
value, on a systemic basis over its remaining useful life.
(o)
Contributed equity
Ordinary shares and options are classified as contributed equity. Incremental costs directly attributable to the
issue of new shares or options are shown in equity as a deduction, net of GST, from the proceeds.
(p)
Investments
All investments are initially recognised at cost, being the fair value of the consideration given and including
acquisition charges associated with the investment.
After initial recognition, investments, which are classified as held for trading and available‐for‐sale, are measured
at fair value. Gains or losses on investments held for trading are recognised in the consolidated profit or loss.
Gains or losses on available‐for‐sale investments are recognised as a separate component of equity until the
investment is sold, collected or otherwise disposed of, or until the investment is determined to be impaired, at
which time the cumulative gain or loss previously reported in equity is included in the profit or loss.
(q)
Financial assets
Financial assets and financial liabilities are recognised in the Consolidated Statement of Financial Position when
the Group becomes party to the contractual provisions of the financial instrument. A financial asset is
derecognised when the contractual rights to the Consolidated Statement of Cash Flows from the financial assets
expire or are transferred and no longer controlled by the entity. A financial liability is removed from the
Consolidated Statement of Financial Position when the obligation specified in the contract is discharged or
cancelled or expires.
St George Mining Limited – Annual Report 2018
P 29
NOTES TO THE FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2018
Financial assets and financial liabilities classified as held for trading are measured at fair value through the profit
or loss.
Upon initial recognition a financial asset or financial liability is designated as at fair value through the profit or loss
when:
(a)
(b)
an entire contract containing one or more embedded derivatives is designated as a financial asset or
financial liability at fair value through the profit or loss;
doing so results in more relevant information, because either:
(i)
(ii)
it eliminates or significantly reduces a measurement or recognition inconsistency that would
otherwise arise from measuring assets or liabilities or recognizing gains or losses on them on
different bases; or
a group of financial assets, financial liabilities or both is managed and its performance is evaluated
on a fair value basis, in accordance with a documented risk management or investment strategy,
and information about the group is provided internally on that basis to key management
personnel.
Investments in equity instruments that do not have a quoted market price in an active market, and whose fair
value cannot be reliably measured are not designated as at fair value through the profit or loss.
A gain or loss arising from a change in the fair value of a financial asset or financial liability classified as at fair value
through the profit or loss is recognised in the profit or loss.
Financial assets not measured at fair value comprise:
(a)
loans and receivables being non‐derivative financial assets with fixed or determinable payments that are
not quoted in an active market. These are measured at amortised cost using the effective interest rate
method;
held‐to‐maturity investments being non‐derivative financial assets with fixed or determinable payments
and fixed maturity that will be held to maturity. These are measured at amortised cost using the effective
interest method; and
investments in equity instruments that do not have a quoted market price in an active market and the
fair value of which cannot be reliably measured. These are measured at cost together with derivatives
that are linked to and must be settled by the delivery of such investments.
(b)
(c)
Available‐for‐sale financial assets are non‐derivative financial assets, which are designated as available‐for‐sale or
that are not classified as loans and receivables, held‐to‐maturity investments or financial assets as at fair value
through the profit and loss.
A gain or loss arising from a change in the fair value of an available‐for‐sale financial asset is recognised directly in
equity, through the Consolidated Statement of Changes in Equity (except for impairment losses and foreign
exchange gains or losses) until the financial asset is derecognised at which time the cumulative gain or loss
previously recognised in equity is recognised in the profit or loss.
Regular way purchases of financial assets are accounted for as follows:
financial assets held for trading – at trade date
held‐to‐maturity investments – at trade date
loans and receivables – at trade date
available‐for‐sale financial assets – at trade date
Except for the following all financial liabilities are measured at amortised cost using the effective interest rate
method:
St George Mining Limited – Annual Report 2018
P 30
NOTES TO THE FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2018
(a)
(b)
financial liabilities at fair value through the profit and loss and derivatives that are liabilities measured at
fair value;
financial liabilities that arise when a transfer of financial asset does not qualify for de‐recognition or are
accounted for using the continuing involvement approach.
The amortised cost of a financial asset or a financial liability is the amount initially recognised minus principal
repayments, plus or minus cumulative amortisation of any difference between the initial amount and maturity
amount and minus any write‐down for impairment or un‐collectability.
(r)
Business combinations
Business combinations occur where an acquirer obtains control over one or more businesses and results in the
consolidation of its assets and liabilities.
A business combination is accounted for by applying the acquisition method, unless it is a combination involving
entities or businesses under common control. The acquisition method requires that for each business combination
one of the combining entities must be identified as the acquirer (i.e. parent entity). The business combination will
be accounted for as at the acquisition date, which is the date that control over the acquiree is obtained by the
parent entity. At this date, the parent shall recognise, in the consolidated accounts, and subject to certain limited
exceptions, the fair value of the identifiable assets acquired and liabilities assumed. In addition, contingent
liabilities of the acquiree will be recognised where a present obligation has been incurred and its fair value can be
reliably measured.
The acquisition may result in the recognition of goodwill or a gain from a bargain purchase. The method adopted
for the measurement of goodwill will impact on the measurement of any non‐controlling interest to be recognised
in the acquiree where less than 100% ownership interest is held in the acquiree.
The acquisition date fair value of the consideration transferred for a business combination plus the acquisition
date fair value of any previously held equity interest shall form the cost of the investment in the separate financial
statements. Consideration may comprise the sum of the assets transferred by the acquirer, liabilities incurred by
the acquirer to the former owners of the acquiree and the equity interests issued by the acquirer.
Fair value uplifts in the value of pre‐existing holdings are taken to the statement of comprehensive income. Where
changes in the value of such equity holdings had previously been recognised in other comprehensive income, such
amounts are recycled to profit or loss.
Included in the measurement of consideration transferred is any asset or liability resulting from a contingent
consideration arrangement. Any obligation incurred relating to contingent consideration is classified as either a
financial liability or equity instrument, depending upon the nature of the arrangement. Rights to refunds of
consideration previously paid are recognised as a receivable. Subsequent to initial recognition, contingent
consideration classified as equity is not remeasured and its subsequent settlement is accounted for within equity.
Contingent consideration classified as an asset or a liability is remeasured each reporting period to fair value
through the statement of comprehensive income unless the change in value can be identified as existing at
acquisition date.
All transaction costs incurred in relation to the business combination are expensed to the statement of
comprehensive income.
(s)
Adoption of new and revised standards
The Group has consistently applied the following accounting policies to all periods presented in the financial
statements. The Group has considered the implications of new and amended Accounting Standards applicable for
annual reporting periods beginning after 1 January 2017 but determined that their application to the financial
statements is either not relevant or not material.
St George Mining Limited – Annual Report 2018
P 31
NOTES TO THE FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2018
(t)
Comparative information
Comparative information is amended where appropriate to ensure consistency in presentation with the current
year.
3
REVENUE
CONSOLIDATED
30 JUNE 2018
$
CONSOLIDATED
30 JUNE 2017
$
Interest income
Research and Development Tax Incentive (i)
53,412
1,887,393
90,170
2,339,861
(i)
The Research and Development rebate $1,887,393 is in relation to the year ended 30 June 2017 (2017:
$2,339,861 in relation to the year ended 30 June 2016).
4
ADMINISTRATION EXPENSES
Administration expenses include the following expenses:
Employee benefit expense
Wages and salaries
Accrued leave
Accrued leave paid out
Defined contribution superannuation expense
Other administration costs
Accounting fees
Consulting fees
Administrative fees
Legal fees
Publications and subscriptions
Presentations and seminars
Share registry costs
Travel expenses
Other
CONSOLIDATED
30 JUNE 2018
$
CONSOLIDATED
30 JUNE 2017
$
499,925
32,884
(31,070)
45,111
546,850
9,430
106,862
36,778
82,747
38,884
122,265
84,066
206,450
229,321
916,803
316,678
15,512
‐
30,084
362,274
29,655
27,110
34,613
40,498
48,604
69,653
51,131
129,278
266,134
696,676
5
EXPLORATION EXPENDITURE WRITTEN OFF
Exploration expenditure written off
Tenement acquisition costs
CONSOLIDATED
30 JUNE 2018
$
4,861,829
‐
4,861,829
CONSOLIDATED
30 JUNE 2017
$
5,177,716
482,581
5,660,297
St George Mining Limited – Annual Report 2018
P 32
NOTES TO THE FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2018
6
INCOME TAX
(a)
Prima facie income tax benefit at 27.5% (2017: 27.5%) on loss from ordinary activities is reconciled to
the income tax provided in the financial statements
Loss before income tax
Income tax calculated at 27.5% (2017: 27.5%)
Tax effect of;‐
Sundry – temporary differences
Section 40‐880 deduction
Future income tax benefit not brought to account
Income tax benefit
(b)
Deferred tax assets
CONSOLIDATED
30 JUNE 2018
$
(4,384,677)
(1,205,786)
CONSOLIDATED
30 JUNE 2017
$
(4,289,216)
(1,179,534)
(5,488)
(125,480)
1,336,754
‐
(19,371)
(96,189)
1,295,094
‐
The potential deferred tax asset arising from the tax losses and temporary differences have not been recognised
as an asset because recovery of tax losses is not yet probable.
Australian accumulated tax losses (i)
Provisions ‐ net of prepayments
Section 40‐880 deduction
Unrecognised deferred tax assets relating
to the above temporary differences
CONSOLIDATED
30 JUNE 2018
$
3,499,248
(6,352)
309,543
CONSOLIDATED
30 JUNE 2017
$
2,123,470
(12,652)
260,823
3,802,439
2,371,641
(i)
The Australian accumulated tax losses opening balance at 30 June 2017 has been restated due to the 30
June 2017 Research and Development rebate $1,887,393 being received during the 2017/2018 financial
year.
The benefits will only be obtained if:
(i)
(ii)
(iii)
The Group derives future assessable income of a nature and of an amount sufficient to enable the benefit
from the deduction for the losses to be realised;
The Group continues to comply with the conditions in deductibility imposed by the Law; and
No change in tax legislation adversely affect the Group in realising the benefits from the deductions or
the losses.
7
AUDITOR’S REMUNERATION
Auditing and review of the Group’s financial statements
CONSOLIDATED
30 JUNE 2018
$
35,292
35,292
CONSOLIDATED
30 JUNE 2017
$
25,133
25,133
St George Mining Limited – Annual Report 2018
P 33
NOTES TO THE FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2018
8
(a)
KEY MANAGEMENT PERSONNEL
Details of key management personnel
Directors
John Prineas
Timothy Hronsky
Sarah Shipway
Executive
John Prineas – Executive Chairman
Timothy Hronsky – Executive Director
(b)
Compensation of key management personnel
Salaries and fees
Non‐monetary
Post employment benefits – superannuation
9
CURRENT ASSETS
(a)
Trade and Other Receivables
Current
CONSOLIDATED
30 JUNE 2018
$
CONSOLIDATED
30 JUNE 2017
$
622,355
9,378
33,569
665,302
528,594
9,377
28,184
566,155
CONSOLIDATED
30 JUNE 2018
$
38,623
38,623
CONSOLIDATED
30 JUNE 2017
$
85,543
85,543
Other receivables include amounts outstanding for goods and services tax (GST) of $35,302 (2017: $78,297) and
interest receivable of $3,321 (2017: $7,246).
GST amounts are non‐interest bearing and have repayment terms applicable under the relevant government
authorities. No trade and other receivables are impaired or past due.
(b)
Other Assets
Prepayments
Other receivables
Deposit
CONSOLIDATED
30 JUNE 2018
$
CONSOLIDATED
30 JUNE 2017
$
148,939
21,000
20,000
189,939
149,425
‐
20,000
169,425
St George Mining Limited – Annual Report 2018
P 34
NOTES TO THE FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2018
10
PLANT AND EQUIPMENT
Plant and Equipment
At Cost
Accumulated depreciation
Total plant and equipment
Plant and Equipment
Carrying amount at the beginning of the year
Additions
Disposals
Depreciation expense
Total carrying amount at end of year
CONSOLIDATED
30 JUNE 2018
$
CONSOLIDATED
30 JUNE 2017
$
71,542
(57,397)
14,145
24,685
4,032
(4,559)
(10,013)
14,145
82,518
(57,833)
24,685
34,431
3,896
‐
(13,642)
24,685
11
EXPLORATION, EVALUATION AND ACQUISITION EXPENDITURE
The Group has capitalised acquisition expenditure on the basis that either the expenditure is expected to be
recouped through future successful development or alternatively sale of the areas of interest concerned or on the
basis that it is not yet possible to assess whether it will be recouped.
Balance at the beginning of the year
Additions/(write‐off)
Balance at the end of the year
12
CURRENT LIABILITIES
Trade and other payables
CONSOLIDATED
30 JUNE 2018
$
‐
‐
‐
CONSOLIDATED
30 JUNE 2018
$
1,401,598
1,401,598
CONSOLIDATED
30 JUNE 2017
$
482,581
(482,581)
‐
CONSOLIDATED
30 JUNE 2017
$
2,225,921
2,225,921
Trade payables are non‐interest bearing and are settled on normal commercial trade terms.
St George Mining Limited – Annual Report 2018
P 35
NOTES TO THE FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2018
13
ISSUED CAPITAL
Australian Dollar $
Issued and paid up capital
(a)
At the beginning of the reporting period
August 2016: 43,165,470 shares issued at $0.15 per share
June 2017: 1,100 shares issued at $0.20 per share
March 2018: 22,360,002 shares issued at $0.18 per share
March 2018: 250,000 shares issued at $0.20
March 2018: 250,000 shares issued at $0.18
March 2018: 277,778 shares issued at $0.18
June 2018: 19,335,711 shares issued at $0.14 per share
Exercise of Options
Transactions costs arising from issue of shares
At reporting date 298,116,211 (30 June 2017: 250,360,825)
fully paid ordinary shares
Movements in Ordinary Shares
At the beginning of the reporting period
Shares issued during the year
Conversion of performance shares
Options exercised during the year
At reporting date
Movements in Performance Shares
At the beginning of the reporting period
Changes to performance shares issued during the year (i)
Issued during the year
At reporting date
(i)
100 Performance shares converted on 20 March 2018.
(b) Option Reserve
Movements in options reserve
CONSOLIDATED
30 JUNE 2018
$
CONSOLIDATED
30 JUNE 2017
$
24,142,945
‐
‐
4,024,800
50,000
45,000
50,000
2,707,000
61,415
(566,945)
18,277,130
6,474,821
220
‐
‐
‐
‐
‐
‐
(609,226)
30,514,215
24,142,945
Number
250,360,825
42,473,491
5,000,000
281,895
298,116,211
Number
207,194,255
43,165,470
‐
1,100
250,360,825
Number
Number
100
(100)
‐
‐
100
‐
‐
100
CONSOLIDATED
30 JUNE 2018
$
CONSOLIDATED
30 JUNE 2017
$
At the beginning of the year
Options expensed over the vesting period
Listed options
Expiry of options transferred to accumulated losses (i)
Option based payments (ii)
Options issue expense
At reporting date
430,876
‐
‐
(192,850)
9,500
(35,384)
212,142
352,841
‐
‐
(191,115)
269,150
‐
430,876
(i)
(ii)
The Company had on issue 600,000 Class E Options under the Company’s Employee Incentive Option Plan.
On 28 November 2017 600,000 Class E Options expired, unexercised.
The Company issued 95,000 Listed Options for services rendered.
St George Mining Limited – Annual Report 2018
P 36
NOTES TO THE FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2018
A summary of the outstanding options at 30 June 2018 in the Company is listed below:
Class
Listed Options
Unlisted Options
Number of Options
25,579,714
3,500,000
Exercise Price
$0.20
$0.25
Expiry Date
30 September 2020
02 December 2019
14
ACCUMULATED LOSSES
Accumulated losses at the beginning of the year
Loss for the year
Expiry of options
Accumulated losses at the end of the year
15
LOSS PER SHARE
Basic loss per share after income tax attributable to
members of the Company (cents per share)
Diluted loss per share (cents per share)
Weighted average number of shares on issue during the
financial year used in the calculation of basic earnings
per share
Weighted average number of ordinary shares for
diluted earnings per share
CONSOLIDATED
30 JUNE 2018
$
(21,771,632)
(4,384,677)
192,850
(25,963,459)
CONSOLIDATED
30 JUNE 2017
$
(17,673,531)
(4,289,216)
191,115
(21,771,632)
CONSOLIDATED
30 JUNE 2018
$
CONSOLIDATED
30 JUNE 2017
$
(1.70)
(1.70)
(1.75)
(1.75)
2018
Number
2017
Number
258,509,084
244,564,911
258,509,084
244,564,911
16
NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
(a)
Reconciliation of cash and cash equivalents
For the purposes of the consolidated statement of cash flows, cash and cash equivalents consist of cash at bank
and in hand and short‐term deposits with an original maturity of three months or less, net of outstanding bank
overdrafts.
Current – cash at bank
CONSOLIDATED
30 JUNE 2018
$
5,948,692
5,948,692
CONSOLIDATED
30 JUNE 2017
$
4,773,546
4,773,546
St George Mining Limited – Annual Report 2018
P 37
NOTES TO THE FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2018
(b)
Reconciliation of loss after tax to net cash flows from operations
Loss after income tax
Share based payments
Depreciation expense
(Increase)/decrease in assets
Trade and other receivables
Other assets
Increase/(decrease) in liabilities
Trade and other payables
Provisions
CONSOLIDATED
30 JUNE 2018
$
(4,384,677)
209,500
10,013
50,653
(3,248)
(921,115)
1,814
(5,037,060)
CONSOLIDATED
30 JUNE 2017
$
(4,289,216)
‐
13,642
(22,490)
369,063
1,118,941
15,512
(2,794,548)
17
(i)
(ii)
SHARE/OPTION BASED PAYMENTS
On 20 March 2018 the Company issued 95,000 Listed Options at $0.10 per option for services rendered
to the Company.
On 2 December 2016 the Company issued 3,500,000 Unlisted Options as consideration for advisory
services. Using the Black & Scholes option mode and based on the assumptions below, the Unlisted
Options were ascribed the following value:
Class of Option
Number
of
Options
Valuation
Date
Unlisted Options 3,500,000 02.12.2016
Market
Price
of
Shares
$0.14
Exercise
Price
Expiry
Date
$0.25
02.12.2019
Risk
Free
Interest
Rate
1.98%
Volatility
(discount)
Indicative
Value per
Option
107%
$0.077
(iii)
The Company agreed and Shareholders approved at the Company’s Annual General Meeting held on 27
November 2015 to allot and issue a total 600,000 Class E Options to Mr Timothy Hronsky and Mr Matthew
McCarthy. The options expired unexercised on 28 November 2017.
The terms and conditions of the options are detailed in the Notice of Annual General Meeting dated 27
October 2015.
Using the Black & Scholes option model and based on the assumption below, the Class E Options were
ascribed the following value:
Class of
Options
Number
Options
Valuation
Date
Class E
Options
600,000 27.11.2015
Market
Price of
Shares
$0.07
Exercise
Price
Expiry Date Risk Free
Interest
Rate
2.09%
Volatility
(discount)
110%
Indicative
Value per
Option
$0.01210
$0.50
28.11.2017
St George Mining Limited – Annual Report 2018
P 38
NOTES TO THE FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2018
Of the above options granted, the following were issued to Mr Timothy Hronsky (key management
personnel):
Grant Date
27 November 2015
Class
Class E Unlisted Options
Number
300,000
A summary of the movements of all the Company options issued as share based payments is as follows:
Options outstanding as at 1 July 2016
Granted
Forfeited
Exercised
Expired
Options outstanding as at 1 July 2017
Granted
Forfeited
Exercised
Expired
Options outstanding as at 30 June 2018
Options exercisable as at 30 June 2018
Options exercisable as at 30 June 2017
Number
11,932,576
3,500,000
‐
‐
(11,332,576)
4,100,000
37,183,291
‐
(281,895)
(12,921,682)
28,079,714
28,078,714
4,100,000
Weighted
Average Exercise
Price $
0.245
0.250
‐
‐
‐
0.289
0.200
‐
‐
‐
0.206
‐
‐
The weighted average remaining contractual life of options outstanding at the year‐end was 2.15 years (2017:
0.17 years). The weighted average exercise price of outstanding options at the end of the report period was $0.206
(2017: $0.289).
18
(a)
COMMITMENTS AND CONTINGENCIES
Commitment
Mineral exploration commitments
The Group has the following minimum exploration expenditure requirements in connection with its exploration
tenements.
Not later than one year
Later than one year but not later than two years
(b)
Contingent liabilities and commitments
2018
$
759,345
216,796
976,141
2017
$
386,429
526,048
912,477
The Group fully owns two subsidiaries, Desert Fox Resources Pty Ltd and Blue Thunder Resources Pty Ltd, the main
activities of which are exploration. The effect of these subsidiaries is to make the St George Mining owned
subsidiaries contractually responsible for any transactions undertaken by the subsidiary. The parent entity has
provided certain guarantees to third parties whereby certain liabilities of the subsidiary are guaranteed. The Group
has not made guarantees to third parties at 30 June 2018.
St George Mining Limited – Annual Report 2018
P 39
NOTES TO THE FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2018
19
EVENTS SUBSEQUENT TO BALANCE DATE
On 15 August 2018 the Company issued 140 performance rights to Directors’ and employees of the Company. The
Performance Rights were approved at the Shareholder meeting held on 16 July 2018.
Except for the above no other matters or circumstances have arisen since the end of the financial year which
significantly affected or could significantly affect the operations of the consolidated entity, the results of those
operations, or the state of affairs of the consolidated entity in future financial years.
20
(a)
FINANCIAL INSTRUMENTS
Interest Rate Risk
The Group’s exposure to interest rate risk, which is the risk that the financial instrument’s value will fluctuate as a
result of changes in market interest rates and the effective weighted average interest rates on those financial
assets and financial liabilities, is as follows:
2018
Note
Financial assets
Cash and cash equivalents
Trade and other receivables
Other assets
Security bond
Financial liabilities
Trade and other payables
2017
16(a)
9(a)
‐
‐
12
Note
Floating
interest
rate
Fixed
interest
rate
Non‐
interest
bearing
Total
Weighted
average
interest
rate
$
$
$
$
%
3,916,436 2,010,586
‐
‐
‐
‐
‐
‐
21,669
38,623
41,000
1,000
5,948,691
38,623
41,000
1,000
0.90%
‐
‐
‐
‐
‐
1,401,598
1,401,598
‐
Floating
interest
rate
Fixed
interest
rate
Non‐
interest
bearing
Total
Weighted
average
interest
rate
$
$
$
$
%
Financial assets
Cash and cash equivalents
Trade and other receivables
Other assets
Security bond
16(a)
9(a)
9(b)
4,704,961
‐
‐
‐
‐
‐
‐
‐
68,585
85,543
20,000
1,000
4,773,546
85,543
20,000
1,000
1.92%
‐
‐
‐
Financial liabilities
Trade and other payables
12
‐
‐
2,225,921
2,225,921
‐
Based on the balances at 30 June 2018 a 1% movement in interest rates would increase/decrease the loss for the
year before taxation by $59,270 (2017: $47,049).
St George Mining Limited – Annual Report 2018
P 40
NOTES TO THE FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2018
(b)
Credit Risk
The maximum exposure to credit risk, excluding the value of any collateral or other security, at balance date to
recognised financial assets is the carrying amount of those assets, net of any allowance for doubtful debts, as
disclosed in the statement of financial position and notes to the financial report.
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.
(c)
Net Fair Values
The carrying amount of financial assets and financial liabilities recorded in the financial statements represent their
respective net fair value and is determined in accordance with the accounting policies disclosed in note 2 to the
financial statements.
(d)
Financial Risk Management
The Group’s financial instruments consist mainly of deposits with recognised banks, investment in bank bills up to
90 days, accounts receivable and accounts payable. Liquidity is managed, when sufficient funds are available, by
holding sufficient funds in a current account to service current obligations and surplus funds invested in bank bills.
The directors analyse interest rate exposure and evaluate treasury management strategies in the context of the
most recent economic conditions and forecasts. The main risks the Group is exposed to is through its financial
instruments is the depository banking institution itself, holding the funds, and interest rates. The Group's credit
risk is minimal as being an exploration Company, it has no significant financial assets other than cash and term
deposits.
(e)
Foreign Currency Risk
The Group is not exposed to any foreign currency risk as at 30 June 2018.
(f)
Market Price Risk
The Group is not exposed to market price risk as it does not have any investments other than an interest in the
subsidiaries.
21
RELATED PARTIES
The Company has entered into a consultancy contract with Essential Risk Solutions (“ERS”) and Mr Hronsky
whereby a base service fee of $269,000 per annum. ERS may terminate the Agreement by giving 3 months’ notice.
The consultancy contract with ERS has no fixed period and continues until terminated.
The Group has 100% owned subsidiaries Blue Thunder Resources Pty Ltd and Desert Fox Resources Pty Ltd.
At 30 June 2018 balances due from the subsidiaries were:
Australian Dollar ($)
Blue Thunder Resources Pty Ltd
Desert Fox Resources Pty Ltd
30 JUNE 2018
$
7,891,273
20,515,935
28,407,208
30 JUNE 2017
$
5,322,115
18,412,177
23,734,292
These amounts comprise of funds provided by the parent company for exploration activities. The amounts were
fully provided for as at 30 June 2018.
St George Mining Limited – Annual Report 2018
P 41
NOTES TO THE FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2018
22
SEGMENT REPORTING
For management purposes, the Group is organised into one main operating segment, which involves the
exploration of minerals in Australia. All of the Group’s activities are interrelated, and discrete financial information
is reported to the Board as a single segment. Accordingly, all significant operating decisions are based upon
analysis of the Group as one segment.
The financial results from this segment are equivalent to the financial statements of the Group as a whole.
The accounting policies applied for internal reporting purposes are consistent with those applied in the
preparation of these financial statements.
23
JOINT VENTURES
The Group recognises that joint ventures are a key mechanism for sharing of risk on individual exploration projects.
Where appropriate for a particular project, the Group will consider a joint venture with a suitable party in order
to share the exploration risk. Those funds otherwise set aside for the project will be employed to advance another
project.
24
(a)
PARENT COMPANY DISCLOSURE
Financial Position as at 30 June 2018
Australian Dollar ($)
Assets
Current assets
Non‐current assets
Total assets
Liabilities
Current liabilities
Non‐current liabilities
Total liabilities
Net assets
Equity
Issued capital
Reserves
Accumulated losses
Total equity
(b)
Financial Performance for the year ended 30 June 2018
Australian Dollar $
Profit (loss) for the year
Other comprehensive income
Total comprehensive income (loss)
30 JUNE 2018
$
30 JUNE 2017
$
6,078,493
14,145
6,092,638
1,429,499
‐
1,429,499
4,663,139
4,925,854
24,687
4,950,541
2,252,009
‐
2,252,009
2,698,532
30,514,215
212,142
(26,063,218)
4,663,139
24,142,945
430,876
(21,875,289)
2,698,532
30 JUNE 2018
$
(4,380,779)
‐
(4,380,779)
30 JUNE 2017
$
(3,889,361)
‐
(3,889,361)
St George Mining Limited – Annual Report 2018
P 42
NOTES TO THE FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2018
(c)
Guarantees entered into by the Parent Entity
Other than as disclosed in Note 18(b) the parent entity has not provided guarantees to third parties as at 30 June
2018.
25
NEW ACCOUNTING STANDARDS FOR APPLICATION IN FUTURE PERIODS
Accounting Standards issued by the AASB that are not yet mandatorily applicable to the Group, together with an
assessment of the potential impact of such pronouncements on the Group when adopted in future periods, are
discussed below:
AASB 9: Financial Instruments and associated Amending Standards (applicable for annual reporting period
commencing 1 January 2018)
The Standard will be applicable retrospectively (subject to the provisions on hedge accounting outlined below)
and includes revised requirements for the classification and measurement of financial instruments, revised
recognition and derecognition requirements for financial instruments and simplified requirements for hedge
accounting.
The key changes that may affect the Group on initial application include certain simplifications to the
classification of financial assets, simplifications to the accounting of embedded derivatives, upfront
accounting for expected credit loss, and the irrevocable election to recognise gains and losses on investments
in equity instruments that are not held for trading in other comprehensive income. AASB 9 also introduces a
new model for hedge accounting that will allow greater flexibility in the ability to hedge risk, particularly with
respect to hedges of non‐financial items. Should the entity elect to change its hedge policies in line with the
new hedge accounting requirements of the Standard, the application of such accounting would be largely
prospective.
The directors anticipate that the adoption of AASB 9 will not have a material impact on the Group’s financial
statements.
AASB 15: Revenue from Contracts with Customers (applicable to annual reporting periods commencing on or
after 1 January 2018).
When effective, this Standard will replace the current accounting requirements applicable to revenue with a
single, principles‐based model. Apart from a limited number of exceptions, including leases, the new revenue
model in AASB 15 will apply to all contracts with customers as well as non‐monetary exchanges between
entities in the same line of business to facilitate sales to customers and potential customers.
The core principle of the Standard is that an entity will recognise revenue to depict the transfer of promised
goods or services to customers in an amount that reflects the consideration to which the entity expects to be
entitled in exchange for the goods or services. To achieve this objective, AASB 15 provides the following five‐
step process:
‐
‐
‐
‐
‐
identify the contract(s) with a customer;
identify the performance obligations in the contract(s);
determine the transaction price;
allocate the transaction price to the performance obligations in the contract(s); and
recognise revenue when (or as) the performance obligations are satisfied.
The transitional provisions of this standard permit an entity to either: restate the contracts that existed in
each prior period presented per AASB 108, Accounting Policies, Changes in Accounting Estimates and Errors
(subject to certain practical expedients in AASB 15), or recognise the cumulative effect of retrospective
St George Mining Limited – Annual Report 2018
P 43
NOTES TO THE FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2018
application to incomplete contracts on the date of initial application. There are also enhanced disclosure
requirements.
The directors anticipate that the adoption of AASB 15 will not have a material impact on the Group’s revenue
recognition and disclosures.
AASB 16: Leases (applicable to annual reporting periods commencing on or after 1 January 2019).
When effective, this Standard will replace the current accounting requirements applicable to leases in AASB
117: Leases and related interpretations. AASB 16 introduces a single lessee accounting model that eliminates
the requirement for leases to be classified as either operating leases or finance leases. Lessor accounting
remains similar to current practice.
The main changes introduced by the new Standard are as follows:
‐
‐
‐
‐
recognition of the right‐to‐use asset and liability for all leases (excluding short term leases with less than
12 months of tenure and leases relating to low value assets);
depreciating the right‐to‐use assets in line with AASB 116: Property, Plant and Equipment in profit or loss
and unwinding of the liability in principal and interest components;
inclusion of variable lease payments that depend on an index or a rate in the initial measurement of the
lease liability using the index or rate at the commencement date;
application of a practical expedient to permit a lessee to elect not to separate non‐lease components and
instead account for all components as a lease; and
‐
additional disclosure requirements.
The transitional provisions of AASB 16 allow a lease to either retrospectively apply the Standard to
comparatives in line with AASB 108 or recognise the cumulative effect of retrospective application as an
adjustment to opening equity at the date of initial application.
The directors anticipate that the adoption of this amendment will not have a material impact on the Group’s
financial statements.
AASB 2014‐10: Amendments to Australian Accounting Standards – Sale or Contribution of Assets between an
Investor and its Associate or Joint Venture (applicable to annual reporting periods commencing on or after 1
January 2018).
This Standard amends AASB 10: Consolidated Financial Statements with regards to a parent losing control
over a subsidiary that is not a “business” as defined in AASB 3: Business Combinations to an associate or joint
venture and requires that:
‐ a gain or loss (including any amounts in other comprehensive income (OCI)) be recognised only to the
extent of the unrelated investor’s interest in that associate or joint venture;
‐
the remaining gain or loss be eliminated against the carrying amount of the investment in that associate
or joint venture; and
‐ any gain or loss from remeasuring the remaining investment in the former subsidiary at fair value also be
recognised only to the extent of the unrelated investor’s interest in the associate or joint venture. The
remaining gain or loss should be eliminated against the carrying amount of the remaining investment.
St George Mining Limited – Annual Report 2018
P 44
NOTES TO THE FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2018
The directors anticipate that the adoption of this amendment will not have a material impact on the Group’s
financial statements.
AASB 2016‐5 Amendments to Australian Accounting Standards ‐ Classification and Measurement of Share‐
based Payment Transactions (applicable to annual reporting periods commencing on or after 1 January 2018).
The AASB issued amendments to AASB 2 Share‐based Payment that address three main areas:
‐
‐
the effects of vesting conditions on the measurement of a cash‐settled share‐based payment transaction;
the classification of a share‐based payment transaction with net settlement features for withholding tax
obligations; and
‐ accounting where a modification to the terms and conditions of a share‐based payment transaction
changes its classification from cash settled to equity settled.
On adoption, entities are required to apply the amendments without restating prior periods, but
retrospective application is permitted if elected for all three amendments and other criteria are met. Early
application of this amendment is permitted.
The directors anticipate that the adoption of this amendment will not have a material impact on the Group’s
financial statements.
AASB 2016‐6 Amendments to Australian Accounting Standards – Applying AASB 9 Financial Instruments with
AASB 4 Insurance Contracts applicable for annual reporting period commencing 1 January 2018)
The amendments address concerns arising from implementing the new financial instruments standard, AASB
9, before implementing AASB 17 Insurance Contracts, which replaces AASB 4. The amendments introduce
two options for entities issuing insurance contracts: a temporary exemption from applying AASB 9 and an
overlay approach. The temporary exemption is first applied for reporting periods beginning on or after 1
January 2018. An entity may elect the overlay approach when it first applies AASB 9 and apply that approach
retrospectively to financial assets designated on transition to AASB 9. The entity restates comparative
information reflecting the overlay approach if, and only if, the entity restates comparative information when
applying AASB 9. These amendments are not applicable to the Group.
St George Mining Limited – Annual Report 2018
P 45
DIRECTOR’S DECLARATION
In the opinion of the Directors of St George Mining Limited (“the Company”)
(a)
The financial statements and the notes and the additional disclosures included in the directors’ report
designated as audited of the Group are 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 2018 and of its
performance for the year ended that date; and
(ii)
Complying with Accounting Standards and Corporations Regulations 2001, and:
(b)
(c)
There are reasonable grounds to believe that the Company will be able to pay its debts as and when
they become due and payable.
The financial statements and notes comply with International Financial Reporting Standards as disclosed
in note 2.
This declaration has been made after receiving the declarations required to be made to the directors in
accordance with section 295A of the Corporations Act 2001 for the financial year ended 30 June 2018.
Signed in accordance with a resolution of the Directors made pursuant to section 295(5) of the Corporations Act
2001.
On behalf of the Board
John Prineas
Executive Chairman
Dated: 28 September 2018
Perth, Western Australia
St George Mining Limited – Annual Report 2018
P 46
PO Box 1908
West Perth WA 6872
Australia
Level 2, 1 Walker Avenue
West Perth WA 6005
Australia
Tel: +61 8 9481 3188
Fax: +61 8 9321 1204
ABN: 84 144 581 519
www.stantons.com.au
Stantons International Audit and Consulting Pty Ltd
trading as
Chartered Accountants and Consultants
28 September 2018
Board of Directors
St George Mining Limited
Level 1, 115 Cambridge Street
WEST LEEDERVILLE WA 6007
Dear Directors
RE:
ST GEORGE MINING LIMITED
In accordance with section 307C of the Corporations Act 2001, I am pleased to provide the
following declaration of independence to the directors of St George Mining Limited.
As Audit Director for the audit of the financial statements of St George Mining Limited for the year
ended 30 June 2018, I declare that to the best of my knowledge and belief, there have been no
contraventions of:
(i)
the auditor independence requirements of the Corporations Act 2001 in relation to the audit;
and
(ii)
any applicable code of professional conduct in relation to the audit.
Yours sincerely
STANTONS INTERNATIONAL AUDIT AND CONSULTING PTY LTD
(Trading as Stantons International)
(An Authorised Audit Company)
Samir Tirodkar
Director
Liability limited by a scheme approved
under Professional Standards Legislation
P 47
Stantons International Audit and Consulting Pty Ltd
trading as
Chartered Accountants and Consultants
INDEPENDENT AUDITOR’S REPORT
TO THE MEMBERS OF
ST GEORGE MINING LIMITED
Report on the Audit of the Financial Report
Opinion
PO Box 1908
West Perth WA 6872
Australia
Level 2, 1 Walker Avenue
West Perth WA 6005
Australia
Tel: +61 8 9481 3188
Fax: +61 8 9321 1204
ABN: 84 144 581 519
www.stantons.com.au
We have audited the financial report of St George Mining Limited (the Company) and its subsidiaries (the Group),
which comprises the statement of financial position as at 30 June 2018, the statement of profit or loss and other
comprehensive income, the statement of changes in equity and the statement of cash flows for the year then
ended, and notes to the financial statements, 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 2018 and of its financial
performance for the year then ended; 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 Company in accordance with the auditor independence requirements of 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 believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
Key Audit Matters
We have defined the matter described below to be key audit matter to be communicated in our report. 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. This matter was 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 this matter.
We have determined that there are no key audit matters to communicate in our report.
Other Information
The directors are responsible for the other information. The other information comprises the information included
in the Company’s annual report for the year ended 30 June 2018, but does not include the financial report and our
auditor’s report thereon.
Our opinion on the financial report does not cover the other information and accordingly we do not express any
form of assurance opinion thereon.
Liability limited by a scheme approved
under Professional Standards Legislation
P 48
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 Company 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 Company 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.
As part of an audit in accordance with Australian Auditing Standards, we exercise professional judgement and
maintain professional scepticism throughout the audit. An audit involves performing procedures to obtain audit
evidence about the amounts and disclosures in the financial report.
The procedures selected depend on the auditor's judgement, including the assessment of the risks of material
misstatement of the financial report, whether due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the entity's preparation of the financial report that gives a true and fair view in
order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing
an opinion on the effectiveness of the entity's internal control.
The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as
fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of
accounting estimates made by the Directors, as well as evaluating the overall presentation of the financial report.
We conclude on the appropriateness of the Directors' use of the going concern basis of accounting and, based on
the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast
significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the
financial report or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the
audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the
Company to cease to continue as a going concern.
We evaluate the overall presentation, structure and content of the financial report, including the disclosures, and
whether the financial report represents the underlying transactions and events in a manner that achieves fair
presentation.
We obtain sufficient appropriate audit evidence regarding the financial information of the entities or business
activities within the Company to express an opinion on the financial report.
We communicate with the Directors regarding, among other matters, the planned scope and timing of the audit
and significant audit findings, including any significant deficiencies in Internal control that we identify during our
audit.
P 49 The Auditing Standards require that we comply with relevant ethical requirements relating to audit engagements.
We also provide the Directors with a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all relationships and other matters that may reasonably
be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with the Directors, we determine those matters that were of most significance in
the audit of the financial report of the current period and are therefore key audit matters. We describe these
matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in
extremely rare circumstances, we determine that a matter should not be communicated in our report because the
adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such
communication.
Report on the Remuneration Report
We have audited the Remuneration Report included in pages 15 to 19 of the directors’ report for the year ended
30 June 2018. The directors of the Company are responsible for the preparation and presentation of the
Remuneration Report in accordance with section 300A of the Corporations Act 2001. Our responsibility is to
express an opinion on the Remuneration Report, based on our audit conducted in accordance with Australian
Auditing Standards
Opinion on the Remuneration Report
In our opinion, the Remuneration Report of St George Mining Limited for the year ended 30 June 2018 complies
with section 300A of the Corporations Act 2001.
STANTONS INTERNATIONAL AUDIT AND CONSULTING PTY LTD
(Trading as Stantons International)
(An Authorised Audit Company)
Samir Tirodkar
Director
West Perth, Western Australia
28 September 2018
P 50 SHAREHOLDER INFORMATION
1
Distribution of holders
As at 28 September 2018 the distribution of shareholders was as follows:
Ordinary shares
Size of holding
1 – 1,000
1,001 –5,000
5,001 – 10,000
10,001 – 100,000
100,001 and over
Total
2
Voting rights
Number of holders
227
565
599
1,630
461
3,482
There are no restrictions to voting rights attached to the ordinary shares. On a show of hands every member
present in person will have one vote and upon a poll, every member present or by proxy will have one vote each
share held.
3
Substantial shareholders
The company has no substantial shareholders who have notified the Company in accordance with Section 671B
of the Corporation Act 2001.
4
Top 20 shareholders
The names of the 20 largest shareholders on the share register as at 28 September 2018, who hold 27.62% of
the ordinary shares of the Company, were as follows;
Shareholder
John Prineas
Impulzive Pty Ltd
HSBC Custody Nominees (Australia) Limited
Mr Paul Sumade Lee
Fox Resources Limited
Ms Betty Frilingos
Oceanic Capital Pty ltd
Allcap Pty ltd (S&L Capannolo Family A/C>
Citicorp Nominees Pty Ltd
Mr Robert Addison Ramsey
Mr John David Brauman
Mrs Karen Dawson
Impulzive Pty Ltd
AWD Consultants Pty Ltd
Mr David Davidson
Chaos Investments Pty Ltd
J P Morgan Nominees Australia Limited
Mr Timothy Matthew Shaun Hronsky
Mr Christopher Bell + Mrs Jennifer Bell (C&J Bell Superfund A/C>
Yarandi Investments Pty Ltd
Number
10,355,021
8,354,990
5,829,807
4,770,833
4,725,000
4,500,000
4,350,000
3,971,386
3,780,677
3,502,843
3,150,994
3,144,470
3,096,480
3,000,000
3,000,000
2,800,000
2,733,761
2,562,500
2,400,000
2,325,000
St George Mining Limited – Annual Report 2018
P 51
SHAREHOLDER INFORMATION
5
Top 20 listed option holders
The names of the 20 largest listed option holders on the share register as at 28 September 2018, who hold
32.29% of the ordinary shares of the Company, were as follows;
Shareholder
HSBC Custody Nominees (Australia) Limited
Mr John Prineas
Impulzive Pty Ltd
Allcap Pty ltd (S&L Capannolo Family A/C>
Mr Paul Lee
Mr Christopher John Girling + Ms Yvette Louise Clark
Oceanic Capital Pty ltd
Mr Barry Lipscombe + Mrs Frances Lipscombe
James Prineas Pty ltd
Mrs Karen Dawson
Impulzive Pty Ltd
Mr Christopher Bell + Mrs Jennifer Bell (C&J Bell Superfund A/C>
Citicorp Nominees Pty Limited
Heyward Ham Super Pty Ltd
Northmead Holdings Pty Ltd
Mr Jeremy James Coleman
Allcap Pty Ltd
Harmanis Holdings Pty Ltd
Berenes Nominees Pty Ltd
Blujak Pty Ltd
6
Consistency with business objectives
Number
878,449
835,502
835,499
766,614
477,083
450,000
420,000
380,570
350,000
314,447
309,648
232,500
229,364
200,000
200,000
183,154
177,700
170,000
150,000
150,000
The Company has used its cash and assets in a form readily convertible to cash that it had at the time of listing
in a way the consistent with its stated objectives.
St George Mining Limited – Annual Report 2018
P 52
TENEMENT INFORMATION
St George Mining Limited mineral interests as at 28 September 2018
TENEMENT SCHEDULE – EAST LAVERTON/LAKE MINIGWAL:
Tenement ID
Registered Holder
Location
E39/0981
E39/0982
E39/0985
E39/1066
E39/1229
E39/1461
E39/1472
E39/1473
E39/1474
E39/1475
E39/1476
E39/1467
E39/1492
E39/1518
E39/1519
E39/1520
E39/1521
E39/1549
E39/1572
E39/1608
E39/1666
E39/1667
E39/1722
E39/1779
E39/1852
E39/2026
E39/2027
E39/2028
E39/2029
E39/2030
E39/2031
Desert Fox Resources Pty Ltd
East Laverton Property
Desert Fox Resources Pty Ltd
Desert Fox Resources Pty Ltd
Desert Fox Resources Pty Ltd
Desert Fox Resources Pty Ltd
Desert Fox Resources Pty Ltd
Desert Fox Resources Pty Ltd
Desert Fox Resources Pty Ltd
Desert Fox Resources Pty Ltd
Desert Fox Resources Pty Ltd
Desert Fox Resources Pty Ltd
Desert Fox Resources Pty Ltd
Desert Fox Resources Pty Ltd
Desert Fox Resources Pty Ltd
Desert Fox Resources Pty Ltd
Desert Fox Resources Pty Ltd
Desert Fox Resources Pty Ltd
Desert Fox Resources Pty Ltd
Desert Fox Resources Pty Ltd
Desert Fox Resources Pty Ltd
Desert Fox Resources Pty Ltd
Desert Fox Resources Pty Ltd
Desert Fox Resources Pty Ltd
Desert Fox Resources Pty Ltd
Desert Fox Resources Pty Ltd
Desert Fox Resources Pty Ltd
Desert Fox Resources Pty Ltd
Desert Fox Resources Pty Ltd
Desert Fox Resources Pty Ltd
Desert Fox Resources Pty Ltd
Desert Fox Resources Pty Ltd
East Laverton Property
East Laverton Property
East Laverton Property
East Laverton Property
East Laverton Property
East Laverton Property
East Laverton Property
East Laverton Property
East Laverton Property
East Laverton Property
East Laverton Property
East Laverton Property
East Laverton Property
East Laverton Property
East Laverton Property
East Laverton Property
East Laverton Property
East Laverton Property
East Laverton Property
East Laverton Property
East Laverton Property
East Laverton Property
East Laverton Property
East Laverton Property
East Laverton Property
East Laverton Property
East Laverton Property
East Laverton Property
East Laverton Property
East Laverton Property
St George Mining Limited – Annual Report 2018
P 53
TENEMENT INFORMATION
TENEMENT SCHEDULE – MT ALEXANDER/HAWAII:
Tenement ID
Registered Holder
Location
E29/638
E29/548
E29/954
E29/962
E29/972
E36/741
Blue Thunder Resources Pty Ltd
Blue Thunder Resources Pty Ltd
Blue Thunder Resources Pty Ltd
Blue Thunder Resources Pty Ltd
Blue Thunder Resources Pty Ltd
Blue Thunder Resources Pty Ltd
Mt Alexander
Mt Alexander
Mt Alexander
Mt Alexander
Mt Alexander
Hawaii
St George Mining Limited – Annual Report 2018
P 54
St George Mining Limited ACN 139 308 973 Level 1, 115 Cambridge Street, PO Box 1305, West Leederville WA 6007
www.stgeorgemining.com.au P 08 9322 6600 F 08 9322 6610
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