Viking Mines Limited
ABN 38 126 200 280
Annual report
for the year ended 30 June 2016
Viking Mines Limited
ABN 38 126 200 280
CONTENTS
Corporate information
Operations report
Directors’ report
Auditor’s independence declaration
Statement of comprehensive income
Statement of financial position
Statement of changes in equity
Statement of cash flows
Notes to the financial statements
Directors’ declaration
Independent auditor’s report to the members
ASX additional information
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43
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Viking Mines Limited
ABN 38 126 200 280
CORPORATE INFORMATION
Directors
Executive Chairman:
Executive Director:
Non-Executive Director: Raymond Whitten
John (Jack) Gardner
Peter McMickan
Company secretary
Michael Langoulant
Registered office
Suite 2, Level 1, 47 Havelock Street
West Perth WA 6005
Website www.vikingmines.com Email: info@vikingmines.com
Ph: (61-8) 6313 5151
Fax (61-8) 9322 8892
Share registry
Computershare Investor Services Pty Limited
Level 11, 172 St Georges Terrace
Perth WA 6000
Email: web.queries@computershare.com.au
Ph: 1 300 787 272
Fax: (08) 9323 2033
Solicitor
Jackson MacDonald
Level 17, 225 St Georges Terrace
Perth WA 6000
Auditor
Rothsay Chartered Accountants
Level 1, Lincoln Building
4 Ventnor Avenue
West Perth WA 6005
Stock Exchange Listing
Australian Securities Exchange (ASX code: VKA; VKAO)
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Viking Mines Limited
ABN 38 126 200 280
OPERATIONS REPORT
Ghana Projects
The Viking Mines mineral licences are located in southern Ghana, West Africa (Figure 1) in one of the most strongly
gold endowed and tightly held geological provinces in the world, the Ashanti Gold Belt. Numerous multi-million ounce
gold deposits are located within and on the margins of the Ashanti Gold Belt, including two of the largest gold deposits
in the world, Obuasi and Tarkwa.
Figure 1: Viking Mines Gold Project Locations, Southern Ghana
Akoase Gold Project (Viking 100% - reducing to 0% upon completion of sale)
The Akoase project is located approximately 125km north-northwest of Accra in southern Ghana, with sealed road
access within 5km and grid power within 10km of the project area.
The Akoase prospecting licences are located in the northern part of the Ashanti gold belt. A number of major gold
mines and projects lie within this belt, including Newmont’s 8.7 million ounce Akyem gold project which is
approximately 25km southwest of the Akoase project area.
In June 2015 the Company announced that it is had executed a sale contract for the Akoase Gold Project for an overall
transaction value of US$10 million cash. The purchaser, Akoase Resources Limited (ARL) is the Chinese party that
controls Akroma Gold Limited, the owner of the Sian gold project located 12kms from Akoase. Sian has historically
reported an NI 43-101 Indicated and Inferred resource of 396,000 ounces.
During the year ARL paid the balance of the USD2 million non-refundable deposit to Viking. A further USD6 million
becomes payable upon completion of the sale.
The final payments of the USD2 million deposit were received by Viking in January 2016. Since that time Viking has
made significant progress in obtaining the necessary government approvals to transfer the Akoase tenements to ARL;
including responding to various Minerals Commission requisitions for additional information in relation to the sale.
Viking believes that obtaining a tax clearance from the Ghana Revenue Authority for its Ghanaian incorporated
subsidiary remains the only outstanding matter to be completed before Ministerial approval can be obtained. This
necessary tax clearance certificate is expected to be received in the September quarter.
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Viking Mines Limited
ABN 38 126 200 280
Once Ministerial approval for the transfer of the sale tenements is received a further US$6 million in Akoase sales
proceeds becomes immediately payable to Viking.
Non-payment of this amount may void the sale transaction and, in that event, the Akoase project ownership would then
remain with Viking with is no obligation upon Viking to refund any portion of the US$2 million deposit already paid by
ARL. Viking has no reason to expect that ARL may default on its sale completion obligations.
Akoase Sale Transaction Details
Viking has contracted to sell the Akoase gold project for total sales consideration of US$10 million as follows:
USD2,000,000 – already received by Viking
USD6,000,000 – to be paid in cash within 5 days after all conditions precedent have been satisfied. The only
remaining condition relates to Viking obtaining the Ghanaian Minister of Lands and Natural Resources
approval to the transfer of the sale tenement
US$ 2,000,000 – to be paid in cash as a gold production royalty
An Inferred mineral resource estimate, classified in accordance with the JORC (2012) Code, of 20.6 Mt @ 1.2 g/t Au
for 790,000 ounces of contained gold, at a 0.5 g/t Au cut-off was completed for the Akoase East deposit in September
2013.
West Star/Blue River Joint Venture Project (Viking 100% hard rock rights only)
The West Star/Blue River project is located approximately 185km west of Accra (Figure 1), with sealed road access
within 5km and grid power within 10km of the project area. No field activity was undertaken during the year.
Viking has 100% of the hard rock rights over the West Star/ Blue River project via joint venture agreements with the
tenement holder. The tenement holder and Joint Venture partner owns the alluvial rights on the West Star/Blue River
project.
As a result of alleged non-compliance with the Mining Act the tenement holder has received formal notification from
the Minerals Commission that the tenements have been rescinded/or will not be renewed.
Viking has sought legal opinion on this matter and has made submissions to the Minerals Commission in an endeavour
to protect its hard rock interests. Until this matter is resolved such that Viking project rights are confirmed Viking is
unable to undertake any further exploration activities on these tenements.
It is possible that Viking may not have its hard rock rights in this area re-affirmed.
Viking had planned a reconnaissance drill program to test a strong gold in soil anomaly located adjacent to the Salman
shear zone in the northern part of the West Star prospecting licence.
Mongolia Projects
Berkh Uul Coal Project (Viking 100%)
Berkh Uul is located 400 km north of Ulaanbaatar in northern Mongolia within the Orkhon-Selege coal district and
within 20km of the Russian border (Figures 2 and 3). The project is within 40km of rail access into Russian off-take
markets, in close proximity to water, infrastructure and transport.
The deposit consists of shallow, consistent coal seams of high quality bituminous coal amenable to open pit mining.
Viking had confirmed a local industrial demand for unwashed Berkh Uul coal, due to its low ash and relatively high
calorific value. Four MOU’s have been signed with the following government entities:
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Viking Mines Limited
ABN 38 126 200 280
Darkhan Thermal Power Plant - a major supplier of electricity to Mongolia’s second largest city, the
commercial and industrial centre of Darkhan, and the northern region of Mongolia. This plant is being
upgraded with coal consumption to increase from approximately 400,000t per year to approximately 600,000t
per year
Erdenet Power Plant - a major supplier of electricity to the Erdenet copper mine, located 180km west of
Darkhan City. The plant consumes approximately 250,000t of coal per year
Darkhan Metallurgical Plant - located close to Darkhan City, it is expanding its current 100,000 tpa steel
milling capacity.
Khutul Cement and Lime Plant, Mongolia’s largest cement manufacturer, located approximately 60km west of
Darkhan City, has plans to expand its coal consumption from the current 250,000 t per year to around 400,000t
to 500,000 t per year to meet growing domestic demand for its cement products.
The MOU’s state the government entities intent to enter into future purchase agreements for Berkh Uul project coal, and
establishes testing of a bulk sample as a basis for technical evaluation of the coal.
However in early 2015 a Mongolian Government review of the Law on Prohibiting Mineral Exploration and Extraction
near Water Sources, Protected Areas and Forests (commonly referred to as the “Long Name Law”) resulted in Viking
being advised that approximately 53% of the Berkh Uul prospecting licence falls within a headwaters of rivers zone and
is subject to a determination of an exclusion zone under the Long Name Law. This government determination impacts
upon the Company’s current coal resource.
After raising this determination Viking established that the Mineral Resource Authority of Mongolia (MRAM) and the
Ministry of Tourism, Green Development and Environment were prepared to review the exclusion zones at Berkh Uul.
Viking subsequently lodged a formal written submission with MRAM and a Government working group was formed to
review Viking’s submission. A field inspection of the project area was undertaken by representatives from the Ministry
of Tourism, Green Development and Environment, accompanied by two Company representatives in June 2106. Viking
expects to receive a formal response on the status of the government review process, following this field inspection, in
the September quarter.
The Berkh Uul deposit has a JORC (2012) coal resource of 38.3 Mt. Of this, 21.4Mt is classified as Indicated and
16.9Mt classified as Inferred. The coal is bituminous in rank (ASTM classification) with average in situ quality as
follows: Total Moisture 19.8%, Calorific Value 5,323 kcal/kg (air dried basis, adb), Ash 15.5% (adb), and Total
Sulphur 0.37% (adb).
The Berkh Uul resource is reported in the Mineral Resources Statement below in Tables 2and 3.
Khonkhor Zag Coal Project (Viking 100%)
Khonkor Zag is an anthracitic coal project located 1,400km southwest of Ulaanbaatar in Western Mongolia (Figure 2).
It is strategically located within 40km of China’s Burgastai border port with an existing haul road adjoining the
tenement.
The current mining licence was granted in April, 2013, for a period of 30 years.
Government approvals have already been received for the Khonkhor Zag Environmental Impact Assessment, and the
Feasibility Study Report, which provides a clear pathway for any future mining, and coal production at Khonkhor Zag.
Excellent scope exists to develop Khonkhor Zag as a low cost, high margin premium coal project close to Chinese
markets.
No on-ground work was undertaken during the year. The Company is in the process of evaluating options for the
development of this project.
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Viking Mines Limited
ABN 38 126 200 280
Berkh Uul
Ulaanbaatar
Khonkhor Zag
Figure 2: Viking Mines Project Locations, Mongolia
Figure 3: Location of Berkh Uul Coal Project in Northern Mongolia
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Viking Mines Limited
ABN 38 126 200 280
Corporate
The Company’s plans for the 2016/7 financial year are to advance development/sale of the Mongolian coal projects,
complete the sale of the Akoase gold project in Ghana, and to actively seek a mineral project farm-in/acquisition
opportunity. The new project opportunities being considered will be complementary to the Company’s existing project
portfolio and consistent with its core objective to acquire near term production assets with potential to deliver
sustainable cash flow.
Mineral Resources Statement
The Mineral Resources statement for the Company, as at 30 June 2016 is summarized below:
Akoase Gold Project, southern Ghana, Viking 100% ownership reducing to 0% upon completion of sale
The Akoase East resource has been independently estimated by internationally recognized and qualified resource
consultancy GHD Pty Ltd in accordance with the JORC (2012) Code. An Inferred mineral resource estimate of 20.6 Mt
@ 1.2 g/t Au for 790,000 ounces of contained gold, at a 0.5 g/t Au cut-off was completed for the Akoase East deposit in
September 2013 (Table 1).
The Akoase East resource estimate is based on geological, drilling and assay information up to the end of August 2013.
It includes approximately 10,000 metres of historical Reverse Circulation (RC) drilling data, plus data from
approximately 10,000 metres of RC and 3,000 metres of diamond drilling completed by Viking between 2010 and
2013.
Table 1: Akoase East JORC (2012) Inferred Resource Estimate (September 2013)
Au g/t
1.2
1.2
1.3
1.5
Million tonnes
21.6
20.6
16.9
12.0
Oz Au (x 1,000)
800
790
710
570
TOTAL
Cut off (g/t Au)
0.4
0.5
0.75
1.0
BY WEATHERING TYPE
Oxide
Cut off (g/t Au)
0.4
0.5
0.75
1.0
Fresh
Cut off (g/t Au)
0.4
0.5
0.75
1.0
Ordinary Kriging whole block estimates using 25mE x 25mN x 10mRL parent block dimensions. Reported using gold
(Au) lower cut-off grades (preferred cut-off is 0.5 g/t Au). Using rounded figures in accordance with the Australian
JORC Code (2012) guidance on Mineral Resource Reporting.
Oz Au (x 1,000)
220
217
194
156
Oz Au (x 1,000)
581
570
518
417
Million tonnes
15.6
14.8
12.3
8.7
Million tonnes
5.9
5.7
4.6
3.2
Au g/t
1.2
1.2
1.3
1.5
Au g/t
1.2
1.2
1.3
1.5
Viking is not aware of any new information or data that materially affects the above resource calculation, and that all
material assumptions and technical parameters underpinning the estimated resource continue to apply and have not
materially changed.
The Akoase East resource estimate and associated report was completed by internationally recognised resource
consultants GHD Pty Ltd in September 2013. The resource estimate has been reviewed by Viking’s Competent person,
Mr Peter McMickan, who is a Member of the Australasian Institute of Mining and Metallurgy (AusIMM), member
number 105742.
Mr McMickan has approved to the Akoase East resource estimation as outlined in this report in accordance with the
requirements of the JORC Code (2012) and ASX Rules.
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Viking Mines Limited
ABN 38 126 200 280
Berkh Uul Coal Project, northern Mongolia, Viking 100% ownership
An Indicated and Inferred coal resource estimate, classified in accordance with the JORC (2012) Code, for the Berkh
Uul coal project was completed in March 2014. The resource estimate was completed for Auminco Mines Ltd by
internationally recognized and qualified consultancy group, RungePincockMinarco Ltd, and totals 38.3 Mt. Of this,
21.4Mt is classified as Indicated and 16.9Mt classified as Inferred (Table 2). The coal is bituminous in rank (ASTM
classification) with average in situ quality as follows: Total Moisture 19.8%, Calorific Value 5,323 kcal/kg (air dried
basis, adb), Ash 15.5% (adb), and Total Sulphur 0.37% (adb) (Table 3).
Tables 2and 3: Berkh Uul JORC (2012) Indicated and Inferred Resource Estimate (February 2014)
Table 2: Berkh Uul JORC (2012) Coal Resource Tonnage (million tonnes in situ)
Resource type
Seam
Open Cut
Underground
1
2
OC subtotal
1
2
UG subtotal
Grand Total
Measured
_
_
_
_
_
_
_
Indicated
Inferred
Total
4.4
2.6
7.0
8.2
6.2
14.4
21.4
3.5
0.3
3.9
8.3
4.8
13.1
16.9
7.9
3.0
10.9
16.5
10.9
27.4
38.3
Sum of columns may not equal the total due to rounding
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Viking Mines Limited
ABN 38 126 200 280
Table 3: Berkh Uul JORC (2012) Coal Resource Quality
Resource
type
category
Seam
Open Cut
Ind
Inf
1
2
subtotal
1
2
subtotal
TM
(%)
20.8
21.0
20.9
18.9
20.9
19.1
IM
(%)
13.5
13.7
13.6
12.0
13.8
12.1
Ash
(%
adb)
14.4
9.8
12.7
20.1
10.0
19.2
VM
(%
adb)
32.6
34.9
33.4
30.9
34.5
31.2
FC
(%
adb)
39.5
41.6
40.3
37.1
41.7
37.5
TS (%
adb)
CV
(kcal/kg
adb)
0.34
0.35
0.34
0.37
0.37
0.37
5373
5693
5493
5011
5684
5066
Rdis
1.35
1.31
1.33
1.39
1.32
1.38
OC subtotal
20.3
13.1
15.0
32.6
39.3
0.35
5342
1.35
Underground
Ind
Inf
1
2
subtotal
1
2
18.9
20.9
19.7
18.7
21
subtotal
19.6
12.2
13.7
12.8
12.0
13.8
12.6
18.8
10.3
15.2
19.6
10.6
16.3
31.3
33.9
32.4
31.0
33.8
32.0
37.8
42.0
39.6
37.4
41.8
39.0
0.34
0.42
0.37
0.35
0.43
0.38
5110
5681
5355
5050
5657
5272
1.38
1.32
1.35
1.39
1.32
1.36
UG subtotal
19.6
12.7
15.7
32.2
39.3
0.38
5313
1.36
Grand Total
39.3
Sum of columns may not equal the total due to rounding
15.5
12.8
19.8
32.3
0.37
5323
1.35
Note: Air Dried Basis(adb); TM- total Moisture; IM-Inherent Moisture; VM-Volatile Matter; FC – Fixed Carbon; TS-
Total Sulphur; CV- Calorific Value; Rdis- in situ Relative Density.
The principal author of the Berkh Uul resource estimate and associated report is Mr Brendan Stats, who is a
professional geologist with over 10 years’ experience in mining and mineral resource estimation. Mr Stats is a Senior
Geologist of RungePincockMinarco Pty Ltd and a Member of the Australasian Institute of Mining and Metallurgy
member number 311313.
Mr Stats is responsible for the Berkh Uul resource estimation and has sufficient experience that is relevant to the style
of mineralisation and type of deposit under consideration and for the activity to report a mineral resource. Mr Stats has
approved the Berkh Uul resource estimation as outlined in this report in accordance with the requirements of the JORC
Code (2012) and ASX Rules.
Peter McMickan
Executive Director
Forward Looking Statements: This document may include forward looking statements. Forward looking statements may include,
but are not limited to statements concerning Viking Mines Limited’s planned exploration programs and other statements that are not
historical facts. When used in this document, words such as “could”, “plan”, “estimate”, “expect”, “intend”, “may”, “potential”,
“should”, and similar expressions are forward looking statements. Although Viking Mines Limited believes that its expectations
reflected in these forward looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be
given that actual results will be consistent with these forward looking statements.
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Viking Mines Limited
ABN 38 126 200 280
DIRECTORS’ REPORT
Your Directors present their annual financial report on the consolidated entity (referred to hereafter as the “Group”) consisting
of Viking Mines Limited (the “Company” or “Parent”) and the entities it controlled at the end of, or during, the financial year
ended 30 June 2016. In order to comply with the Corporations Act, the Directors report as follows:
Directors
The following persons were Directors of the Company during the whole of the financial period and up to the date of this
report:
John William (Jack) Gardner (Executive Chairman)
Jack Gardner was appointed a Director on 27th July 2007. He graduated with Bachelor of Engineering from the University of
Melbourne in 1962 and has a Master of Business degree from Curtin University. He is a Fellow of The Institution of Engineers
Australia.
Mr Gardner has a long and distinguished career in servicing the mining industry in Australia as well as in West Africa. As a
Director and General Manager of Minproc Engineers he was responsible for design and construction of gold and base metal
plants. He established Minproc in Ghana where the company became that country’s leading mining project engineers.
In Ghana he also headed Ghana Manganese Company (GMC) as Executive Chairman after negotiating the purchase of its
projects from the Government of Ghana. Privately owned, GMC grew from 300,000 tpa to 1.7 million tpa of manganese
carbonate shipments, until it was acquired for cash. Mr Gardner has been a Director of Mincor Resources Limited since its
inception and 1996 ASX listing.
Mr Gardner was also associated with Guinor from 1993, overseeing a number of expansions of the Lero heap leach project,
and was pivotal in the development of the 350,000 oz pa LEFA Corridor Project. Guinor was acquired by Crew Gold
Corporation Inc.
Peter McMickan (Executive Director)
Peter McMickan was appointed a Director on 27th July 2007. He graduated with an Honors Degree in Geology from the
University of Melbourne, Australia in 1977 and has post-graduate qualifications in Mineral Economics from Macquarie
University and is a Member of the Australasian Institute of Mining and Metallurgy.
His professional career has spanned 34 years worldwide with a number of major, well respected international exploration and
mining companies including Newmont, Pancontinental Mining, BP Minerals, Kalgoorlie Consolidated Gold Mines and
Homestake. He is a highly regarded geologist and manager, with a proven track record of business and technical success
throughout his career.
His recent experience covers corporate, senior management and technical supervision of mining, development and exploration
projects throughout Australia, Africa and Europe. He managed the mine geology, exploration and successful resource
development of Guinor’s Lero gold project in Guinea, West Africa. During his four years with the company, the company’s
exploration spend increased to US$1 million per month, which sustained the existing heap leach operation and resulted in
expansion of the resource to over 4Moz of gold in the space of two years. This expanded resource base underpinned a major
re-development of the Lero project to a 6Mtpa CIP/CIL operation producing 350,000 ounces of gold per year.
Raymond Whitten (Non-Executive Director & Deputy Chairman)
Raymond Whitten was appointed a director on 29 October 2014. Mr Whitten is an admitted solicitor with over 40 years’
experience having previously acted as President of the City of Sydney Law Society.
Mr Whitten is an experienced investor with a wide range of investment interests and has served as a Director of many private
and public companies. In 2005 as Chairman of the National Stock Exchange of Australia Limited (NSX) he was responsible
for its successful IPO on the ASX in 2005.
His current roles include serving as Chairman of Whittens & McKeough, a boutique Sydney law firm specialising in mergers
and acquisitions and corporate law. Mr Whitten was formerly the Deputy Chairman of the Safety, Return to Work and Support
Board (a board formed under statute responsible for determining the general policies and direction for the following agencies:
Workcover NSW, Motor Accidents Authority NSW and Lifetime Care and support Authority NSW).
Mr Whitten holds a Bachelor of Arts and Bachelor of Laws from the University of Sydney, a Masters of Laws from the
University of Technology, Sydney, is an accredited specialist in business law and is a Notary Public.
11
Viking Mines Limited
ABN 38 126 200 280
DIRECTORS’ REPORT
Interests in the shares and options of the Company and related bodies corporate
The following relevant interests in shares and options of the Company or a related body corporate were held by the directors
and their associates as at the date of this report.
Directors
John Gardner
Raymond Whitten
Peter McMickan
Company Secretary
Number of fully paid
ordinary shares
Number
over ordinary shares
of
options
22,507,643
42,095,782
4,046,837
3,000,000
12,244,503
250,000
Michael Langoulant
Mr Langoulant is a Chartered Accountant with almost 30 years' experience in corporate administration and fundraising for
public companies. Mr Langoulant had ten years with large international accounting firms, and has acted as chief financial
officer, company secretary and director for a number of publicly listed companies. Mr Langoulant established his own
corporate services consultancy firm in 1994.
Principal activity
The principal activity of the Group during the financial period was investment in mineral exploration projects.
Dividends
No dividend has been paid or declared since the start of the financial period and the Directors do not recommend the payment
of a dividend in respect of the financial period.
Review of operations
Information on the operations of the Group is set out in the review of Operations Report on pages 4 to 10 of this Annual
Report.
Significant changes in the state of affairs
Apart from as outlined in the Operations Report there have been no significant changes in the state of affairs of the Group to
the date of this report.
Matters subsequent to the end of the financial period
There has not been any matter or circumstance that has arisen after balance date that has significantly affected, or may
significantly affect, the operations of the Group, the results of those operations, or the state of affairs of the Group in future
financial periods.
Likely developments and expected results
Additional comments on expected results of certain operations of the Group are included in the review of operations and
activities.
Environmental legislation
The Group is subject to significant environmental legal regulations in respect to its exploration and evaluation activities in
Ghana. There have been no known breaches of these regulations and principles.
Indemnification and insurance of Directors and officers
During the financial period the Company has paid premiums in respect of a contract insuring all Directors and officers of the
Company and its controlled entities against liabilities incurred as Directors or officers to the extent permitted by the
Corporations Act 2001. Due to a confidentiality clause in the contract the amount of the premium has not been disclosed.
Meetings of Directors
During the financial period there were 7 formal Directors’ meetings. All other matters that required formal Board resolutions
were dealt with via written circular resolutions. In addition, the Directors met on an informal basis at regular intervals during
the financial period to discuss the Group’s affairs.
12
Viking Mines Limited
ABN 38 126 200 280
DIRECTORS’ REPORT
The number of meetings of the Company’s board of Directors attended by each director were:
J Gardner
R Whitten
P McMickan
Shares under option
Directors’ meetings
held
7
7
7
Directors’
meetings attended
7
7
7
Outstanding share options at the date of this report are as follows:
Grant Date
Date of expiry
Exercise price
Number of options
October – December 2014
December 2014
30 April 2017
15 November 2016
$0.09
$0.20
44,771,552
3,000,000
No option holder has any right under the options to participate in any other share issue of the Company or any other
controlled entity.
Shares issued on the exercise of options
During the current financial year there were no shares issued upon the exercise of options.
13
Viking Mines Limited
ABN 38 126 200 280
DIRECTORS’ REPORT
Remuneration Report
This report outlines the remuneration arrangements in place for the key management personnel of Viking Mines Limited (the
“Company”) for the financial year ended 30 June 2016. The information provided in this remuneration report in relation to the
current financial year has been audited as required by Section 308(3C) of the Corporations Act 2001.
The remuneration report details the remuneration arrangements for key management personnel (“KMP”) who are defined as
those persons having authority and responsibility for planning, directing and controlling the major activities of the Company
and the Group, directly or indirectly, including any Director (whether executive or otherwise) of the Company, and includes
all executives of the Company and the Group
Key Management Personnel
(i) Directors
J Gardner (Chairman)
R Whitten (Non-executive Deputy Chairman)
P McMickan (Executive Director)
(ii) Other executives
M Langoulant (Company Secretary)
Details of Directors’ and executives’ remuneration are set out under the following main headings:
A
B
C
D
Principles used to determine the nature and amount of remuneration
Details of remuneration
Employment contracts/Consultancy agreements
Share-based compensation
Principles used to determine the nature and amount of remuneration
A
The objective of the Company’s executive reward framework is to ensure reward for performance is competitive and
appropriate for the results delivered. The framework aims to align executive reward with the creation of value for
shareholders. The key criteria for good reward governance practices adopted by the Board are:
competitiveness and reasonableness
acceptability to shareholders
performance incentives
transparency
capital management
The framework provides a mix of fixed salary, consultancy agreement based remuneration, and share based incentives.
The broad remuneration policy for determining the nature and amount of emoluments of Board members and senior executives
of the Company is governed by the full Board. Although there is no separate remuneration committee the Board’s aim is to
ensure the remuneration packages properly reflect Directors and executives duties and responsibilities. The Board assesses the
appropriateness of the nature and amount of emoluments of such officers on a periodic basis by reference to relevant
employment market conditions with the overall objective of ensuring maximum stakeholder benefit from the retention and
motivation of a high quality Board and executive team.
The current remuneration policy adopted is that no element of any director/executive package be directly related to the
Company’s financial performance. Indeed there are no elements of any Director or executive remuneration that are dependent
upon the satisfaction of any specific condition. The overall remuneration policy framework however is structured in an
endeavour to advance/create shareholder wealth.
Non-executive Directors
Fees and payments to non-executive Directors reflect the demands which are made on, and the responsibilities of, the
Directors. Non-executive Directors’ fees and payments are reviewed annually by the Board and are intended to be in line with
the market.
14
Viking Mines Limited
ABN 38 126 200 280
Remuneration Report (cont)
Directors’ fees
Two of the Directors are executives with the one being non-executive. Non-executive Directors receive a separate fixed fee for
their services as directors. The current non-executive Director fee is set at $25,000 per annum per non-executive director.
Retirement allowances for Directors
Apart from superannuation payments paid on salaries, there are no retirement allowances for Directors.
Executive pay
The executive pay and reward framework has the following components:
base pay and benefits such as superannuation
long-term incentives through participation in employee equity issues
Base pay
All executives are either full time employees or consultants that are paid on an agreed basis that have been formalised in
consultancy agreements.
Benefits
Apart from superannuation paid on executive salaries there are no additional benefits paid to executives.
Short-term incentives
There are no current short term incentive remuneration arrangements.
Employee/Consultant options
To ensure that the Company has appropriate mechanisms in place to continue to attract and retain the services of suitable
directors and employees, the Company has issued options to key personnel.
There have been no employee option issues during the financial period.
B
Details of remuneration
Amounts of remuneration
Details of the remuneration of the Directors and key management personnel (as defined in AASB 124 Related Party
Disclosures) of the Company and the Group for the year ended 30 June 2016 are set out in the following tables. There are no
elements of remuneration that are directly related to performance.
The key management personnel of the Group are the Directors of the Company and those executives that have authority and
responsibility for planning, directing and controlling the activities of the Group.
15
Viking Mines Limited
ABN 38 126 200 280
Remuneration of key management personnel
Year ended
30 June 2016
Name
Director
J Gardner
R Whitten
P McMickan
Key management personnel
M Langoulant**
Year ended
30 June 2015
Director
J Gardner
R Whitten
P McMickan
T Kroepelien*
Key management personnel
M Langoulant**
Post-
employment –
Share-based
payment
TOTAL
Salary and/or
fees
$
Superannuation
$
Option issues
$
33,699
16,712
86,433
-
50,000
25,000
134,553
-
-
3,201
1,588
33,261
-
-
-
10,931
-
-
-
-
-
-
-
-
-
-
-
$
36,900
17,300
119,694
-
50,000
25,000
145,484
-
-
* Mr Kroepelien resigned as a director in October 2014.
** Fees for bookkeeping, accounting and corporate administration services of $72,000 (2015:$72,000) were paid to a
company of which he is a director and shareholder.
C
Employment contracts/Consultancy agreements
On appointment to the Board, all non-executive Directors enter into a service agreement with the Company in the form of a
letter of appointment.
Share-based compensation
D
Options
Options are granted to employees and consultants as determined by the Board. There have been no options issued to key
management personnel during the last financial year.
16
Viking Mines Limited
ABN 38 126 200 280
DIRECTORS’ REPORT
Auditor independence and non-audit services
Section 307C of the Corporations Act 2001 requires our auditors, Rothsay Chartered Accountants, to provide the Directors of
the Company with an Independence Declaration in relation to the audit of the annual report. This Independence Declaration is
set out on the next page and forms part of this Directors’ report for the year ended 30 June 2016.
Non-audit services
The Company may decide to employ the auditor on assignments additional to their statutory audit duties where the auditor’s
expertise and experience with the Company and/or the consolidated entity are important. The Company has considered the
position and is satisfied that the provision of the non-audit services is compatible with the general standard of independence for
auditors imposed by the Corporations Act 2001. The auditor has not provided any material non-audit services meaning that
auditor independence was not compromised.
Proceedings on behalf of Company
No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings on behalf of
the Company, or to 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 part of those proceedings.
No proceedings have been brought or intervened in on behalf of the Company with leave of the Court under section 237 of the
Corporations Act 2001.
This report is made in accordance with a resolution of the Directors.
Jack Gardner
Executive Chairman
Perth, Western Australia
11th August 2016
17
Viking Mines Limited
ABN 38 126 200 280
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2016
Note
2
2
2
3
Other income
Other expenses
Loss before income tax expense
Income tax expense
Loss after income tax expense
Net loss for the year
Other comprehensive income
Exchange differences on translation
of foreign operations
Income tax relating to components
of other comprehensive income
Other comprehensive income, net
of tax
Total comprehensive loss for the
year
Loss attributable to:
Owners of the Company
Non-Controlling Interest
Total comprehensive loss
attributable to:
Owners of the Company
Non-Controlling Interest
Basic loss per share
(cents per share)
4
Consolidated
2016
$
2015
$
6,905
352,615
(799,029)
(2,445,616)
(792,124)
(2,093,001)
-
-
(792,124)
(2,093,001)
(792,124)
(2,093,001)
(50,940)
(74,963)
-
-
(50,940)
(74,963)
(843,064)
(2,167,964)
(792,124)
-
(792,124)
(835,144)
-
(843,064)
Cents
(0.3)
(2,093,001)
-
(2,093,001)
(2,167,964)
-
(2,167,964)
Cents
(1.0)
The above statement of comprehensive income should be read in conjunction with the accompanying notes.
19
Viking Mines Limited
ABN 38 126 200 280
STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2016
Note
Consolidated
2016
$
Current Assets
Cash and cash equivalents
Trade and other receivables
Total Current Assets
Non-Current Assets
Plant and equipment
Exploration project acquisition costs
Total Non-Current Assets
Total Assets
Current Liabilities
Trade and other payables
Borrowings
Total Current Liabilities
Total Liabilities
Net Assets
Equity
Issued capital
Reserves
Accumulated losses
Outside equity interest
Total Equity
6
7
8
9
10
11
12
13
2015
$
297,006
39,387
336,393
1,306,449
16,502
1,322,951
-
3,320,328
1,723
5,500,000
3,320,328
5,501,723
4,643,279
5,838,116
152,846
-
152,846
152,846
384,619
120,000
504,619
504,619
4,490,433
5,333,497
21,345,697
224,971
(16,339,010)
(741,225)
21,345,697
275,911
(15,546,886)
(741,225)
4,490,433
5,333,497
The above statement of financial position should be read in conjunction with the accompanying notes.
20
Viking Mines Limited
ABN 38 126 200 280
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2016
Issued
capital
Accumulated
losses
Share based
payments
reserve
Consolidated
$
$
$
Foreign
currency
translation
reserve
$
Outside
Equity
Interest
$
Total equity
$
Balance at 1 July 2014
16,852,732
(13,453,885)
244,000
106,874
(741,225)
3,008,496
Loss for the period
Other comprehensive
income
Total comprehensive loss
for the year
Shares issues, net of capital
raising costs
-
-
-
(2,093,001)
-
(2,093,001)
4,492,965
-
-
-
-
-
-
(74,963)
(74,963)
-
-
-
-
-
Balance at 30 June 2015
21,345,697
(15,546,886)
244,000
31,911
(741,225)
(2,093,001)
(74,963)
(2,167,964)
4,492,965
5,333,497
Balance at 1 July 2015
21,345,697
(15,546,886)
244,000
31,911
(741,225)
5,333,497
Loss for the period
Other comprehensive
income
Total comprehensive loss
for the year
Shares issues, net of capital
raising costs
-
-
-
-
(792,124)
-
(792,124)
-
-
-
-
-
-
(50,940)
(50,940)
-
-
-
-
-
(792,124)
(50,940)
(843,064)
-
Balance at 30 June 2016
21,345,697
(16,339,010)
244,000
(19,029)
(741,225)
4,490,433
The above statement of changes in equity should be read in conjunction with the accompanying notes.
21
Viking Mines Limited
ABN 38 126 200 280
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2016
Cash flows from operating activities
Payments to suppliers and employees
Interest received
Interest expense
Note
Consolidated
Inflows/
(Outflows)
2016
$
Inflows/
(Outflows)
2015
$
(698,337)
6,905
(7,600)
(719,855)
2,117
(23,464)
Net cash outflow from operating activities
21(a)
(699,032)
(741,202)
Cash flows from investing activities
Payments for exploration and evaluation
Proceeds from sale of financial assets
Proceeds from sale of mining properties
Proceeds from sale of plant
(264,370)
-
2,179,672
-
(561,410)
14,691
348,232
2,241
Net cash outflow from investing activities
1,915,302
(196,246)
Cash flows from financing activities
Proceeds from the issue of shares/options
Borrowings
Capital raising costs
Repayment of borrowings
Net cash inflow from financing activities
Net increase/(decrease) in cash held
Effect of exchange rate fluctuations on cash
Cash at the beginning of reporting period
-
-
-
(120,000)
(120,000)
1,468,437
120,000
(81,730)
(300,000)
1,206,707
1,096,270
269,257
(86,827)
297,006
(5,265)
33,014
Cash at the end of the reporting period
6
1,306,449
297,006
The above statement of cash flows should be read in conjunction with the accompanying notes.
22
Viking Mines Limited
ABN 38 126 200 280
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2016
Note 1: Statement of significant accounting policies
(a)
(b)
(c)
(d)
Basis of preparation
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 Company is
registered and domiciled in Australia.
Adoption of new and revised standards
Changes in accounting policies on initial application of Accounting Standards
In the year ended 30 June 2015, the Group has reviewed all of the new and revised Standards and Interpretations
issued by the AASB that are relevant to its operations and effective for the current annual reporting period. It has
been determined by the Group that there is no impact, material or otherwise, of the new and revised Standards and
Interpretations on its business and, therefore, no change is necessary to Group accounting policies.
The Group has also reviewed all new Standards and Interpretations that have been issued but are not yet effective
for the year ended 30 June 2016. As a result of this review the Directors have determined that there is no impact,
material or otherwise, of the new and revised Standards and Interpretations on its business and, therefore, no
change necessary to Group accounting policies.
Statement of compliance
The financial report was authorised by the Board of directors for issue on 11 August 2016.
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).
Basis of consolidation
The consolidated financial statements comprise the financial statements of Viking Mines Limited and its controlled
entities as at 30 June (the Group).
The financial statements of the controlled entities are prepared for the same reporting period as the Parent, using
consistent accounting policies.
In preparing the consolidated financial statements, all intercompany balances and transactions, income and expenses
and profit and losses resulting from intra-group transactions have been eliminated in full. Controlled entities are fully
consolidated from the date on which control is transferred to the Group and cease to be consolidated from the date on
which control is transferred out of the Group. Control exists where the Company has the power to govern the
financial and operating policies of an entity so as to obtain benefits from its activities.
(e)
Significant accounting judgements estimates and assumptions
The carrying amounts 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 exploration expenditure:
The Group’s main activity is exploration and evaluation for minerals. The nature of exploration activities are such
that it requires interpretation of complex and difficult geological models in order to make an assessment of the size,
shape, depth and quality of resources and their anticipated recoveries. The economic, geological and technical factors
used to estimate mining viability may change from period to period. In addition exploration activities by their nature
are inherently uncertain. Changes in all these factors can impact exploration asset carrying values.
Share-based payment transactions:
The Group measures the cost of equity-settled transactions with employees by reference to the fair value of the equity
instruments at the date at which they are granted. The fair value is determined by using a Black and Scholes model.
23
Viking Mines Limited
ABN 38 126 200 280
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2016
Note 1: Statement of significant accounting policies (continued)
(f)
(g)
(h)
Revenue recognition
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:
(i) Interest income
Interest revenue is recognised on a time proportionate basis that takes into account the effective yield on the financial
asset.
Cash and cash equivalents
Cash comprises cash at bank and in hand. Cash equivalents are short term, highly liquid investments that are readily
convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. Temporary
bank overdrafts are included in cash at bank and in hand. Permanent bank overdrafts are shown within borrowings in
current liabilities in the balance sheet.
For the purposes of the statement of cash flows, cash and cash equivalents consist of cash and cash equivalents as
defined above, net of outstanding bank overdrafts.
Income tax
Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation
authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted
by the balance sheet date.
Deferred income tax is provided on all temporary differences at the balance 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:
when the deferred income tax liability arises from the initial recognition of goodwill or of an asset or
liability in a transaction that is not a business combination and that, at the time of the transaction, affects
neither the accounting profit nor taxable profit or loss; or
when the taxable temporary difference is associated with investments in controlled entities, associates or
interests in joint ventures, and the timing of the reversal of the temporary difference can be controlled and it
is probable that the temporary difference will not reverse in the foreseeable future.
Deferred income tax assets are recognised for all 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 credits and unused tax losses can be utilised,
except:
when 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; or
when the deductible temporary difference is associated with investments in controlled entities, associates or
interests in joint ventures, in which case a deferred tax asset is only recognised to the extent that it is
probable that the temporary difference will reverse in the foreseeable future and taxable profit will be
available against which the temporary difference can be utilised.
24
Viking Mines Limited
ABN 38 126 200 280
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2016
Note 1: Statement of significant accounting policies (continued)
The carrying amount of deferred income tax assets is reviewed at each balance date and reduced to the extent that it
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.
Unrecognised deferred income tax assets are reassessed at each balance date and are recognised to the extent that it
has become probable that future taxable profit will allow the deferred tax asset to be recovered.
Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the financial
period 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 date.
Income taxes relating to items recognised directly in equity are recognised in equity and not in profit or loss.
Deferred tax assets and deferred tax liabilities are offset only if a legally enforceable right exists to set off current tax
assets against current tax liabilities and the deferred tax assets and liabilities relate to the same taxable entity and the
same taxation authority.
(i)
Other taxes
Revenues, expenses and assets are recognised net of the amount of GST except:
when the GST incurred on a purchase of goods and services is not recoverable from the taxation authority,
in which case the GST is recognised as part of the cost of acquisition of the asset or as part of the expense
item as applicable; and
receivables and payables, which are stated with the amount of GST included.
The net amount of GST recoverable from, or payable to, the taxation authority is included as part of receivables or
payables in the balance sheet.
Cash flows are included in the statement of cash flows on a gross basis and the GST component of cash flows
arising from investing and financing activities, which is recoverable from, or payable to, the taxation authority, are
classified as operating cash flows.
Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the
taxation authority.
(j)
Plant and equipment
Plant and equipment is stated at cost less accumulated depreciation and any accumulated impairment losses.
Depreciation is calculated on a straight-line basis over the estimated useful life of the assets as follows:
Office equipment – 20%
Plant and equipment – 20% - 40%
The assets' residual values, useful lives and amortisation methods are reviewed, and adjusted if appropriate, at each
financial period end.
(k)
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 is written down to its recoverable amount.
In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax
discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.
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 re-valued amount (in which case the impairment loss is
treated as a revaluation decrease).
25
Viking Mines Limited
ABN 38 126 200 280
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2016
Note 1: Statement of significant accounting policies (continued)
(l)
(m)
(n)
(o)
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 financial periods. 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 systematic
basis over its remaining useful life.
Trade and other payables
Trade payables and other payables are carried at amortised costs and represent liabilities for goods and services
provided to the Group prior to the end of the financial period that are unpaid and arise when the Group becomes
obliged to make future payments in respect of the purchase of these goods and services.
Provisions
Where applicable, provisions are recognised when the Group has a present obligation (legal or constructive) as a
result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to
settle the obligation and a reliable estimate can be made of the amount of the obligation.
When the Group expects some or all of a provision to be reimbursed, for example under an insurance contract, the
reimbursement is recognised as a separate asset but only when the reimbursement is virtually certain. The expense
relating to any provision is presented in the statement of comprehensive income net of any reimbursement.
If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that
reflects the risks specific to the liability.
When discounting is used, the increase in the provision due to the passage of time is recognised as a borrowing
cost.
Employee leave benefits
Wages, salaries, annual leave and sick leave
Liabilities for wages and salaries, including non-monetary benefits, annual leave and accumulating sick leave
expected to be settled within 12 months of the reporting date are recognised in other payables in respect of
employees’ services up to the reporting date. They are measured at the amounts expected to be paid when the
liabilities are settled. Liabilities for non-accumulating sick leave are recognised when the leave is taken and are
measured at the rates paid or payable.
Share-based payment transactions
Equity settled transactions:
The Group provides benefits to employees and consultants of the Group in the form of share-based payments,
whereby employees render services in exchange for shares or rights over shares (equity-settled transactions).
The cost of these equity-settled transactions with employees and consultants is measured by reference to the fair
value of the equity instruments at the date at which they are granted. The fair value is determined by using the
Black and Scholes model.
The cost of equity-settled transactions is recognised, together with a corresponding increase in equity, over the
period in which any performance and/or service conditions are fulfilled, ending on the date on which the relevant
employees become fully entitled to the award (the vesting period).
The cumulative expense recognised for equity-settled transactions at each reporting date until vesting date reflects
(i) the extent to which the vesting period has expired, and
(ii) the Group’s best estimate of the number of equity instruments that will ultimately vest. No adjustment is made
for the likelihood of market performance conditions being met as the effect of these conditions is included in the
determination of fair value at grant date. The statement of comprehensive income charge or credit for a period
represents the movement in cumulative expense recognised as at the beginning and end of that period.
26
Viking Mines Limited
ABN 38 126 200 280
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2016
Note 1: Statement of significant accounting policies (continued)
(p)
(q)
Issued capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options
are shown in equity as a deduction, net of tax, from the proceeds.
Earnings per share
Basic earnings per share is calculated as net profit attributable to members of the parent, adjusted to exclude any
costs of servicing equity (other than dividends) and preference share dividends, divided by the weighted average
number of ordinary shares.
Diluted earnings per share is calculated as net profit attributable to members of the parent, adjusted for:
costs of servicing equity (other than dividends) and preference share dividends;
the after tax effect of dividends and interest associated with dilutive potential ordinary shares that have been
recognised as expenses; and
other non-discretionary changes in revenues or expenses during the period that would result from the
dilution of potential ordinary shares, divided by the weighted average number of ordinary shares and
dilutive potential ordinary shares.
(r)
Exploration and evaluation expenditure
Exploration costs are expensed as incurred. Acquisition costs are accumulated in respect of each separate area of
interest. Acquisition costs are carried forward where right of tenure of the area of interest is current and they are
expected to be recouped through the 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 and accumulated acquisition costs written off to the extent that they will
not be recovered in the future. Amortisation is not charged on acquisition costs carried forward in respect of areas
of interest in the development phase until production commences.
27
Viking Mines Limited
ABN 38 126 200 280
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2016
Note 2: Revenue and expenses
(a) Revenue from continuing operations
Other revenue
Interest received
Profit on sale of financial assets
Proceeds on sale of mining properties
(b) Expenses
Loss from ordinary activities before income tax
expense includes the following specific expenses:
Auditors’ fees
Consultants
Depreciation
Direct exploration and project evaluation
Employee costs
Foreign exchange loss
Impairment of exploration project acquisition costs
Interest expense
Loss on sale of plant
Takeover transaction costs
Note 3: Income tax
Income tax expense recognised in income statement
Current income tax
Current income tax payable
Income tax expense/(benefit) reported in statement of
comprehensive income
Reconciliation to income tax expense on accounting
loss
Accounting loss before tax
Tax expense (revenue) at the statutory income tax rate
of 30%
Sundry non-deductible expenses
Unrealised tax losses not recognised
Income tax expense
Consolidated
2016
$
2015
$
6,905
-
-
2,117
2,266
348,232
39,141
102,000
1,723
264,370
174,894
35,888
-
7,600
-
-
49,109
279,000
4,831
561,410
220,485
5,265
1,313,957
23,464
14,301
(285,444)
-
-
-
-
(792,124)
(2,093,001)
(237,637)
(627,900)
63,025
174,612
100,370
527,530
-
-
28
Viking Mines Limited
ABN 38 126 200 280
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2016
Note 3: Income tax (cont)
Unrecognised deferred tax balances
Deferred tax assets:
Share issue costs
Tax revenue losses
Deferred tax liabilities:
Net unrecognised deferred tax assets
Note 4: Earnings per share
Total basic loss per share (cents)
Consolidated
2016
$
2015
$
27,832
3,090,186
3,118,018
41,124
2,845,530
2,886,654
-
-
3,118,018
2,886,654
(0.3)
(1.0)
The loss and weighted average number of ordinary shares used in the calculation of basic
loss per share is as follows:
Net loss for the period
The weighted average number of ordinary shares
(792,124)
(2,093,001)
250,974,285
203,422,882
The diluted loss per share is not reflected as the result is anti-dilutive.
Note 5: Segment information
The Group has adopted AASB 8 Operating Segments which requires operating segments to be identified on the basis of
internal reports about components of the Group that are reviewed by the chief operating decision-maker in order to
allocate resources to the segment and to assess its performance. For management purposes, the Board of Directors of
the Company has been defined as the Chief Operating Decision Maker.
The Board of Viking Mines Limited reviews internal reports prepared as consolidated financial statements and strategic
decisions of the Group are determined upon analysis of these internal reports. During the period the Group operated
predominately in one business and two geographical segments, being the resources sector in Ghana and Mongolia.
Accordingly under the management approach outlined only one operating sector has been identified and no further
disclosures are required in the notes to the consolidated financial statements.
29
Viking Mines Limited
ABN 38 126 200 280
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2016
Note 6: Cash and cash equivalents
Cash at bank and on hand
Short term deposits
Consolidated
2016
$
581,512
724,937
1,306,449
2015
$
14,388
282,618
297,006
(a) Reconciliation to Statement of Cash Flows
The above figures agree to cash at the end of the financial period as shown in the Statement of Cash Flows.
(b) Cash at bank
These are interest bearing accounts at a weighted average interest rate of 0.5% (2015: 0.0%).
(c) Cash balances not available for use
Total cash balances not available for use are nil (2015: $28,585 ).
Note 7: Trade and other receivables
Current receivables
GST
Other receivables
Note 8: Plant and equipment
Consolidated
Opening balance
Acquired on takeover
Sold/scrapped during year
Depreciation charge
Closing net book value
Cost or fair value
Accumulated depreciation
Net carrying amount
The depreciation rates are as follows:
Plant and equipment 20-40%
11,397
5,105
16,502
2016
Total
$
1,723
-
-
(1,723)
33,235
4,902
38,137
2015
Total
$
3,516
22,077
(19,039)
(4,831)
-
1,723
6,116
(6,116)
-
6,116
(4,393)
1,723
30
Viking Mines Limited
ABN 38 126 200 280
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2016
Note 9: Exploration project acquisition costs
Opening balance
Acquired via takeover
Impairment charge
Sale of tenement proceeds
Acquisition costs in respect of areas of interest in
the exploration phase
Consolidated
2016
$
2015
$
5,500,000
-
-
(2,179,672)
3,000,000
3,813,957
(1,313,957)
-
3,320,328
5,500,000
The recoupment of exploration project acquisition costs carried forward is dependent upon the recoupment of costs through
successful development and commercial exploitation, or alternatively by sale of the respective areas.
In June 2015 the Company executed a sale and purchase agreement with Akoase resources Limited for the sale of the Akoase
gold project in Ghana. Due to the existence of significant uncertainty as to whether the sale would be completed the non-
refundable deposit funds received during the June 2015 financial year were taken directly to profit and loss.
However as at balance date the sale settlement process has progressed to a stage where the risk of the sale not completing has
been significantly reduced. As a result the sale proceeds received during the June 2016 financial year have been offset against
the carrying value of these tenements.
During the 2015 year the Company completed a takeover of 100% of the issued capital of Auminco Mines Limited for a total
consideration, including transaction costs, of $3,699,827. As part of this acquisition $3,813,957 was allocated to the Auminco
Mines coal tenements in Mongolia. The remaining amount of consideration was allocated to other assets and liabilities
assumed as part of the acquisition. This acquisition was considered to be an asset acquisition rather than a business
combination.
The acquisition is not deemed to be a business combination under AASB 3 Business Combinations as the assets and liabilities
acquired are not considered to represent a business.
A subsequent impairment charge was raised in the 2015 year to reflect both a subsequent Mongolian government
determination regarding the application of the Long Name Law upon the Berkh Uul coal project, plus the relinquishment of
certain Mongolian project areas acquired via the Auminco Mines takeover.
Note 10: Trade and other payables
Trade payables *
Other payables
* Trade payables are non-interest bearing and are normally paid on 30 day terms.
Note 11: Borrowings
During the 2015 year the Company obtained short term at call facilities totalling $150,000
were obtained from two directors. These loans were fully repaid during the current year.
129,123
23,723
152,846
360,369
24,250
384,619
-
120,000
31
Viking Mines Limited
ABN 38 126 200 280
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2016
Consolidated
2016
$
2015
$
Note 12: Issued capital
(a) Ordinary shares issued
250,974,285 (2015: 250,974,285) ordinary shares
21,345,697
21,345,697
Holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share
at shareholders’ meetings. In the event of winding up of the parent entity, ordinary shareholders rank after all creditors and are
fully entitled to any proceeds on liquidation.
(b) Movements in ordinary share capital:
Date
Details
1 July 2014
Balance at the beginning of the year
Option exercise
Prospectus issue
Takeover issue
Prospectus issue
Auminco debt acquisition
Director placement
Share issue costs
24 Sept 2014
24 Sept 2014
27 Oct 2014
27 Oct 2014
18 Dec 2014
18 Dec 2014
30 June 2015
30 June 2016
(c) Share options
Listed options exercisable at $0.09 on or before 30 April 2017
Unlisted options exercisable at $0.20 on or before 15 November 2016
(d) Movements in share options
Listed options exercisable at $0.09 on or before 30 April 2017
Opening balance
Issued
Closing balance
Unlisted options exercisable at $0.20 on or before 15 November 2016
Opening balance
Issued
Closing balance
Number of
shares
112,688,225
139
31,412,269
45,753,330
23,873,580
35,246,742
2,000,000
-
Issue
Price
0.18
0.038
0.037
0.038
0.02
0.038
$
16,852,732
25
1,193,666
1,692,873
907,196
704,935
76,000
(81,730)
250,974,285
21,345,697
250,974,285
21,345,697
Number of options
2016
2015
44,771,552
3,000,000
44,771,552
3,000,000
44,771,552
-
-
44,771,552
44,771,552
44,771,552
3,000,000
-
-
3,000,000
3,000,000
3,000,000
32
Viking Mines Limited
ABN 38 126 200 280
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2016
Note 13: Reserves
Share compensation reserve
Foreign currency translation reserve
Consolidated
2016
$
244,000
(19,029)
2015
$
244,000
31,911
224,971
275,911
(a) Share compensation reserve
The share compensation reserve is used to record the value of equity benefits provided to consultants and
directors as part of their remuneration. Refer Note 14.
(b)
Foreign currency translation reserve
The foreign currency translation reserve represents foreign exchange movements on the translation of financial
statements for controlled entities from the functional currency into the presentation currency of Australian
dollars.
Note 14: Share based payments
Share based payments consists of unlisted options issued to directors and consultants. The expense is recognised in the
Statement of Comprehensive Income and Statement of Changes in Equity. The following share-based payment
arrangements were in place during the current and prior periods:
Number
Grant date
Expiry Date
Exercise price $
Fair value at
grant date
10,000,000
Unlisted employee
options – 31 Aug
2014
Fair value of options granted
The fair value of the equity-settled share options granted to directors has been estimated as at the date of grant using the
Black and Scholes model taking into account the terms and conditions upon which the options were granted.
31/08/2014
26/11/2012
$0.011
$0.18
The following table lists the inputs to the Black and Scholes model used:
Dividend yield %
Expected volatility %
Risk-free interest rate %
Life of option
Exercise price
Grant date share price
Unlisted
31August 2014
Nil
80%
3.00%
21 months
$0.18
$0.08
The expected life of the options is based on historical data and is not necessarily indicative of exercise patterns that may
occur. The expected volatility reflects the assumption that the historical volatility is indicative of future trends, which
may also not necessarily be the actual outcome. No other features of options granted were incorporated into the
measurement of fair value.
33
Viking Mines Limited
ABN 38 126 200 280
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2016
Note 15: Financial instruments
(a) Capital risk management
Prudent capital risk management implies maintaining sufficient cash and marketable securities to ensure continuity of
tenure to exploration assets and to be able to conduct the Group’s business in an orderly and professional manner. The
Board monitors its future capital requirements on a regular basis and will when appropriate consider the need for raising
additional equity capital or to farm-out exploration projects as a means of preserving capital.
(b) Categories of financial instruments
The Group’s principal financial instruments comprise of cash and short-term deposits.
The main purpose of these financial instruments is to raise finance for the Group’s operations. The Group has various
other financial assets and liabilities such as receivables and trade payables, which arise directly from its operations. It
is, and has been throughout the period under review, the Group’s policy that no trading in financial instruments shall be
undertaken.
(c) Financial risk management objectives
The Group is exposed to market risk (including, interest rate risk and equity price risk), credit risk and liquidity risk.
The main risks arising from the Group’s financial instruments are interest rate risk and credit risk. The Board reviews
and agrees policies for managing each of these risks and they are summarised below.
(d) Market risk
There has been no change to the Group’s exposure to market risks or the manner in which it manages and measures the
risk from the previous period.
(i) Interest rate risk management
All cash balances attract a floating rate of interest. Excess funds that are not required in the short term are placed on
deposit for a period of no more than 6 months. The Group’s exposure to interest rate risk and the effective interest rate
by maturity periods is set out below.
Interest rate sensitivity analysis
As the Group has no interest bearing borrowings its exposure to interest rate movements is limited to the amount of
interest income it can potentially earn on surplus cash deposits.
At 30 June 2016, if interest rates had changed by +/- 50 basis points and all other variables were held constant, the
Group’s after tax loss would have been $2,000 (2015: $2,000) lower/higher as a result of higher/lower interest income
on cash and cash equivalents.
(e) Credit risk management
Credit risk relates to the risk that counterparties will default on their contractual obligations resulting in financial loss to
the Group. The Group has adopted a policy of only dealing with credit worthy counterparties and obtaining sufficient
collateral or other security where appropriate, as a means of mitigating the risk of financial loss from any defaults.
34
Viking Mines Limited
ABN 38 126 200 280
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2016
Note 15: Financial instruments (cont)
(f) Liquidity risk management
Prudent liquidity risk management implies maintaining sufficient cash and marketable securities to ensure continuity of
tenure to exploration assets and to be able to conduct the Group’s business in an orderly and professional manner. Cash
deposits are only held with major financial institutions.
2016
Financial assets
Cash and cash equivalents
Trade and other receivables
Financial liabilities
Trade and other payables
Borrowings
2015
Financial assets
Cash and cash equivalents
Trade and other receivables
Financial liabilities
Trade and other payables
Borrowings
Weighted
Average
Interest
Rate
0.5%
0.5%
Less than 1
month
1-3 months
3 months
– 1 year
5 +
years
1,306,450
16,502
1,322,952
152,846
-
152,846
1,170,106
297,006
38,137
335,144
384,619
-
384,619
(49,475)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
120,000
120,000
(120,000)
-
-
-
-
-
-
-
-
-
-
-
-
Total
1,306,450
16,502
1,322,952
152,846
-
152,846
1,170,106
297,006
38,137
335,144
384,619
120,000
504,619
(169,475)
Note 16: Commitments and contingencies
Exploration expenditure commitments
Minimum exploration expenditure commitments do not apply in either Ghana or Mongolia as those governments do not
impose a minimum spend per licence. The exploration expenditure commitment is based on a work program system,
whereby at the time for each renewal of a licence, the Company provides an outline of work planned and expected
expenditure.
35
Viking Mines Limited
ABN 38 126 200 280
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2016
Note 17: Key management personnel disclosures
(a) Directors
At the date of this report the directors of the Company are:
JW Gardner – Executive Chairman
R Whitten – Non-executive Deputy Chairman
P McMickan – Executive director
(b) Key management personnel
M Langoulant – Company secretary
(c) Key management personnel compensation
Short-Term
Post-employment
Consolidated
2016
$
136,844
38,050
2015
$
209,553
10,931
174,894
220,484
Detailed remuneration disclosures of directors and key management personnel are contained on pages 15 to 17of this report.
(d) Share based remuneration
No options have been provided as remuneration for key management personnel in the last two years.
36
Viking Mines Limited
ABN 38 126 200 280
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2016
Note 17: Key management personnel disclosures (cont)
(d) Option holdings of key management personnel (cont)
Details of options provided as remuneration, together with the terms and conditions of the shares and options can be found
in section D of the remuneration report. The following options were granted to directors subject to continuity of
employment vesting conditions.
Balance at the
beginning of
the financial
period
Granted during
the financial
period
Expired
during the
financial
period
Balance at the
end of the
financial
period
Vested and
exercisable at
the end of the
financial period
2016
Name
Director
J Gardner
R Whitten
P McMickan
-
-
-
Other key management personnel
M Langoulant
-
2015
Name
Director
J Gardner
R Whitten
P McMickan
T Kroepelien*
Balance at
the
beginning of
the financial
period
1,500,000
-
2,500,000
1,000,000
Other key management personnel
M Langoulant
1,000,000
* Resigned in October 2014.
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Granted
during the
financial
period
Expired
during the
financial
period
Balance at
the end of
the financial
period
Vested and
exercisable at
the end of the
financial
period
-
-
-
-
-
(1,500,000)
-
(2,500,000)
(1,000,000)
(1,000,000)
-
-
-
-
-
-
-
-
-
-
37
Viking Mines Limited
ABN 38 126 200 280
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2016
(e) Equity holdings of key management personnel
The number of shares in the Company held during the financial period by each director of the Company and key
management personnel of the Group, including their personally related parties, are set out below
2016
Director -Ordinary shares
Balance at start of
year
Movement during
the year
Balance at the end of
the financial year
J Gardner
R Whitten
P McMickan
Key management personnel
M Langoulant
2015
Director - Ordinary shares
J Gardner
R Whitten
P McMickan
Key management personnel
M Langoulant
22,507,643
42,095,782
4,046,837
1,501,316
-
-
-
-
10,487,643
-
3,046,837
12,020,000
42,095,782
1,000,000
875,000
626,316
22,507,643
42,095,782
4,046,837
1,501,316
22,507,643
42,095,782
4,046,837
1,501,316
38
Viking Mines Limited
ABN 38 126 200 280
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2016
Note 18: Related party disclosure
The ultimate parent entity in the wholly-owned group and the ultimate Australian parent entity is Viking Mines Limited. The
consolidated financial statements include the financial statements of Viking Mines Limited and the controlled entities listed in
the following table:
Name of entity
Country of
incorporation
Class of shares
Equity holding
2016
%
2015
%
Auminco Mines Ltd
Bold Resources Ltd
Auminco Coal Pty Ltd
Auminco Coal LLC
Khonkhor Zag Coal LLC
BRX LLC
Salkhit Altai LLC
Associated Goldfields Pty Ltd
Ghana Mining Investments Pty Ltd
Kiwi International Resources Pty Ltd
Abore Mining Company Ltd
Obenemase Gold Mines Ltd
Resolute Amansie Ltd
Kiwi Goldfields Ltd
Australia
Australia
Australia
Mongolia
Mongolia
Mongolia
Mongolia
Australia
Australia
Australia
Ghana
Ghana
Ghana
Ghana
Ordinary
Ordinary
Ordinary
Ordinary
Ordinary
Ordinary
Ordinary
Ordinary
Ordinary
Ordinary
Ordinary
Ordinary
Ordinary
Ordinary
100
100
100
100
100
100
100
100
100
100
90*
90*
90*
100
100
100
100
100
100
100
100
100
100
100
90*
90*
90*
100
The only transactions between Viking Mines Limited and its controlled entities during this financial year consisted of loans
between Viking Mines Limited and its controlled entities.
* 100% of rights to profits
39
Viking Mines Limited
ABN 38 126 200 280
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2016
Note 19: Parent Entity Disclosures
Financial position
Assets
Current assets
Non-current assets
Total assets
Liabilities
Current liabilities
Total liabilities
Equity
Issued capital
Retained earnings
Reserves
Total equity
Financial performance
Loss for the year
Other comprehensive income
Total comprehensive profit /( loss)
Note 20: Events after the balance sheet date
30 June 2016
$
30 June 2015
$
770,278
3,320,328
293,107
5,500,000
4,090,606
5,793,107
149,024
149,024
480,598
480,598
21,345,697
(17,160,115)
244,000
21,345,697
(16,277,188)
244,000
3,941,582
5,312,509
30 June 2016
$
30 June 2015
$
(882,927)
-
(2,168,024)
-
(882,927)
(2,168,024)
There has not been any matter or circumstance that has arisen after balance date that has significantly affected, or may
significantly affect, the operations of the Group, the results of those operations, or the state of affairs of the Group in future
financial periods.
40
Viking Mines Limited
ABN 38 126 200 280
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2016
Note 21: Reconciliation of loss after income tax to net cash outflow from operating activities
a) Reconciliation of loss from ordinary activities after income tax to
net cash outflow from operating activities
Net loss for the year
Depreciation
Foreign exchange movements
Proceeds from sale of financial assets
Exploration and evaluation
Impairment of project acquisition costs
Proceeds from sale of mining properties
Proceeds from sale of PPE
Write back of 2014 takeover expenses
(Increase) / decrease in trade and other receivables
Increase / (decrease) in trade payables and
provisions
Net cash outflow from operating activities
b) Non-cash financing and investing activities
Nil
Note 21: Auditors’ remuneration
The auditors of the Group are Rothsay Chartered Accountants.
Assurance services
Rothsay Chartered Accountants:
Audit and review of financial statements
Other firms
Audit and review of financial statements
Total remuneration for audit services
Other services
Rothsay Chartered Accountants:
Other firms:
Total remuneration for other services
Total auditors’ remuneration
Consolidated
2016
$
2015
$
(792,124)
(2,093,001)
1,723
35,886
-
264,370
-
-
-
-
22,885
4,831
5,265
(14,691)
561,410
1,313,957
(348,232)
(2,241)
(285,444)
(9,760)
(231,772)
126,704
(699,032)
(741,202)
Consolidated
2016
$
23,000
16,141
39,141
-
-
-
2015
$
35,000
14,109
49,109
-
-
-
39,141
49,109
41
Viking Mines Limited
ABN 38 126 200 280
DIRECTORS’ DECLARATION
1.
In the opinion of the directors:
a.
the accompanying financial statements and notes are in accordance with the Corporations Act 2001 including:
i. giving a true and fair view of the consolidated entity’s financial position as at 30 June 2016 and of its
performance for the financial year then ended; 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 thereto are in accordance with International Financial Reporting Standards issued
by the International Accounting Standards Board.
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 year ended 30 June 2016.
This declaration is signed in accordance with a resolution of the Board of Directors.
Jack Gardner
Chairman
Perth, Western Australia
11 August 2016
42
Viking Mines Limited
ABN 38 126 200 280
ADDITIONAL INFORMATION
The shareholder information set out below was applicable as at 31 July 2016.
A. Distribution of equity securities
Analysis of numbers of equity security holders by size of holding:
1
1,001
10,001
100,001
1,000
10,000
1,000,000
and over
There were 156 holders of less than a marketable parcel of ordinary shares.
B. Equity security holders
Twenty largest quoted equity security holders – ordinary shares
Name
RESOLUTE MINING LTD
BARBARY COAST INVESTMENTS PTY LTD
GREENLINE INVESTMENTS PTY LTD
BARBARY COAST INVESTMENTS PTY LIMITED
J P MORGAN NOMINEES AUSTRALIA LIMITED
BARBARY COAST INVESTMENTS PTY
LIMITED
RODBY HOLDINGS PTY LTD
TORONA PTY LIMITED
ASLAN EQUITIES PTY LTD
JAYTU PTY LTD
GILT NOMINEES PTY LTD
ONE MANAGAED INVT FUNDS LTD<1 A/C>
MR JOHN WILLIAM GARDNER + MRS JANET LEIGH
GARDNER
NEWTON HOLDINGS PTY LTD
GILT NOMINEES PTY LTD
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
MR BUYANTOGTOKH DASHDELEG
MANSON GROUP PTY LIMITED
MR TRYGVE KROEPELIEN
RODBY HOLDINGS PTY LTD
Class of equity security
Ordinary shares
17
94
339
46
496
No. held % of issued
shares
31,607,143
14,060,908
12,000,000
8,244,737
8,204,338
7,000,036
6,796,296
6,867,887
5,714,286
5,507,643
5,504,517
5,000,000
5,000,000
4,325,570
4,284,000
4,212,104
4,132,358
4,026,867
3,874,000
3,627,397
12.59
5.60
4.78
3.29
3.27
2.79
2.71
2.66
2.28
2.19
2.19
1.99
1.99
1.72
1.71
1.68
1.65
1.60
1.54
1.45
149,810,087
59.69
45
Viking Mines Limited
ABN 38 126 200 280
ADDITIONAL INFORMATION
Twenty largest quoted equity security holders – April 2017 options
Name
BARBARY COAST INVESTMENTS PTY LTD
GREENLINE INVESTMENTS PTY LTD
RODBY HOLDINGS PTY LTD
TORONA PTY LIMITED
GILT NOMINEES PTY LTD
EMERALD PARTNERS PTY LTD
MR BUYANTOGTOKH DASHDELEG
INTEQ LIMITED
GILT NOMINEES PTY LTD
RODBY HOLDINGS PTY LTD
NEWTON HOLDINGS PTY LTD
EMERALD PARTNERS PTY LTD
AMABEL PTY LTD
BELMONT AUST PTY LTD
INTEQ LIMITED
BRESRIM NOMINEES PTY LTD
MR KR THORNTON & MRS AS THORNTON
GLENEAGLES ADVISORS PTY LTD
HJK HOLDINGS PTY LTD
C. Substantial shareholders
Substantial shareholders in the Company are set out below:
Ordinary shares
R Whitten
Resolute Group Ltd
Jaytu Pty Ltd ATF (John William Gardner Superannuation)
No. held % of issued
options
6,460,655
3,000,000
2,265,432
2,229,296
1,834,839
1,725,000
1,668,330
1,598,000
1,428,000
1,209,133
1,030,893
788,816
714,133
675,000
670,432
657,895
621,627
570,463
552,895
14.43
6.70
5.06
4.98
4.10
3.85
3.73
3.57
3.19
2.70
2.30
1.76
1.60
1.51
1.50
1.47
1.39
1.27
1.23
31,803,924
71.04
Number
Held
Percentage
42,095,782
31,607,143
22,507,643
16.77
12.59
8.97
D. Voting rights
The voting rights attaching to each class of equity securities are set out below:
Ordinary shares
On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll
each share shall have one vote.
46
Viking Mines Limited
ABN 38 126 200 280
E. Tenement schedule
Ghana
Licence name
Location
Licence type
Licence Holder/ JV
Partners*
Viking Mines Ownership
Akoase West
southern Ghana
Prospecting licence
Akoase East
southern Ghana
Prospecting licence
RAL
RAL
100%(reducing to zero)
100%(reducing to zero)
Blue River**
southern Ghana
Mining lease
BRMCL/RAL
100% hardrock only**
West Star(1)**
southern Ghana
Prospecting licence
WMCL/RAL
100% hardrock only**
West Star (2)**
southern Ghana
Mining lease
WMCL/RAL
100% hardrock only**
Akoase South-East
southern Ghana
Prospecting licence
RAL
100% (reducing to zero)
RAL = Resolute Amansie Ltd is a 100% owned subsidiary of Viking Mines Ltd
BRMCL = Blue River Mining Company Ltd., WMCL = West Star Mining Company Ltd, both joint venture partners in the West
Star/Blue River gold projects
* Reducing to zero subject to completion of the Akoase Sale Agreement
** Subject to revocation/renewal dispute with Minerals Commission
Mongolia
Licence name
Location
Licence type
Licence
Holder/JV
Partners*
Viking Mines
ownership
Berkh Uul
Selenge province, Mongolia
Exploration licence
BRX LLC
100%
Khonkhor Zag
Govi Altai province, Mongolia
Mining lease
Salkhit Altai
LLC
100%
* BRX LLC, and Salkhit Altai LLC are 100% owned subsidiaries of Viking Mines Ltd.
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