Viking Mines Limited
ABN 38 126 200 280
Annual Report - 30 June 2018
1
CONTENTS
Corporate directory
Chairman’s letter
Operations report
Annual mineral resources statement
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
Shareholder information
3
4
5
7
11
19
21
22
23
24
25
43
44
47
2
Directors
Raymond Whitten
Charles William Thomas (appointed 29 November 2017)
Michael Andrew Cox (appointed 29 November 2017)
John William (Jack) Gardner (resigned 29 November 2017)
Peter McMickan (ceased 29 November 2017)
Company secretary
Dean Jagger
Notice of annual general meeting
The details of the annual general meeting of Viking Mines Limited are:
Date of Meeting: Thursday 29 November 2018
Registered office and principal
place of business
Level 29, 201 Elizabeth Street
Sydney NSW 2000 Australia
Telephone: +61 2 8072 1400
Facsimile: +61 2 8072 1440
Website: www.vikingmines.com
Share register
Auditor
Solicitors
Automic Registry Services
Level 3, 50 Holt Street
Surry Hills NSW 2010
Telephone: 1300 288 664 (within Australia)
Telephone: +61 2 9698 5414 (outside Australia)
Email: hello@automic.com.au
Rothsay Auditing
Level 1, Lincoln House, 4 Ventnor Avenue
West Perth WA 6005
Whittens & McKeough
Level 29, 201 Elizabeth Street
Sydney NSW 2000
Stock exchange listing
Viking Mines Limited shares are listed on the Australian Securities Exchange
(ASX code: VKA)
3
CHAIRMAN’S LETTER
Dear Fellow Shareholders,
Your Board of Directors is pleased to present the 2018 Viking Mines Limited (“Viking” or the “Company”)
annual report.
I am pleased to report that your company is in a strong cash position. As you can see from the accounts, we
held cash of $3.09 million at 30 June 2018. At the date of this letter, the USD3 million from the Akoase sale
remains outstanding. I can assure you that it remains a priority of the Board to ensure this amount is received
and the Board expects full receipt of the outstanding payments. Legal action is being considered and, if
necessary, will be taken to ensure that payment is made.
As we have previously announced, we are currently seeking suitable investment opportunities for Viking. We
are exploring the opportunity to sell the assets the Company holds in Mongolia. We will ensure that our
shareholders are informed of any opportunity as soon as we are able to.
On behalf of the Board I also thank our new investors and existing shareholders for your continued support,
and we look forward to keeping you informed of our progress during the 2019 financial year.
Yours faithfully
Raymond Whitten
Chairman
4
OPERATIONS REPORT
The focus of Viking Mines Limited (“Viking” or the “Company”) activities over the past year was to crystallise
receipt of the sale proceeds from the sale of its Ghana located Akoase gold project, while seeking new
projects to acquire.
Ghana Projects
Akoase Gold Project (Viking 100% - reducing to 0% upon completion of sale)
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, of which USD 8.0 million was to be paid in cash.
At the date of this report Viking has been paid USD5 million in sales proceeds.
The remaining USD 3 million was due in December 2017 and covered by a Guarantee of payment from
BXC Ghana Ltd. (Refer to ASX announcement re Deed of Acknowledgement May 2017).
The Board of Viking remains confident that the balance of the Akoase sale proceeds will be received.
Tumentu Gold Project (Viking 100%) [formerly part of West Star Joint Venture]
Viking previously held the hard rock rights to the West Star gold project, which is located approximately
185km west of Accra, with sealed road access within 5km and grid power within 10km of the project area.
The tenement holder and Joint Venture partner held the alluvial rights on the project.
As a result of alleged non-compliance with the Mining Act by the Joint Venture partner the original joint
venture tenements have been rescinded/or will not be renewed.
Notwithstanding the above Viking’s Ghanaian subsidiary has, lodged a prospecting licence application (the
Tumentu licence application) over the majority of the area of the previous West Star prospecting licence.
Viking is of the view that the new Tumentu prospecting licence application contains the most prospective
area from the previous joint venture. Upon the Tumentu licence being granted Viking will proceed with a
previously planned reconnaissance drill program to test a strong gold in soil anomaly located adjacent to
the Salman shear zone.
Mongolia Projects
The Company has two active projects in Mongolia.
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 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.
In 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.
During the year Viking continued its efforts to reverse/amend this ruling.
5
Khonkhor Zag Coal Project (Viking 100%)
Khonkor Zag is an anthracitic coal project located 1,400km southwest of Ulaanbaatar in Western
Mongolia 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.
No on-ground work was undertaken during the year. Joint venture partners are currently being sought to
assist with development of the project.
The board is currently reviewing this project, including whether it will opt to divest this asset.
Corporate
The Company has a strong cash position of $3.09 million as at 30 June 2018. In the 2018/2019 financial
year the company intends to commence drilling on the Tumentu gold project in Ghana following the
granting of the prospecting licence and will continue to seek sale opportunities for its Mongolian coal
projects.
It remains your Company’s policy to give priority to more mature exploration opportunities over
greenfields exploration due to the inherent lower risk, and shorter lead time to production.
Of the preferred overseas destinations, Ghana in particular presents advanced gold properties to the
Company. This is partly a consequence of your board’s long association there. The Company will
continue to build a suite of advanced resource projects.
The Company will carefully assess all projects presented to it with a view to exploiting its strong cash
position for the maximum benefit of all shareholders.
6
ANNUAL MINERAL RESOURCES STATEMENT
There has been no change to the Company’s mineral resource holdings compared to the previous financial year.
The Mineral Resources statement for the Company, as at 30 June 2018 is summarised below.
The Company confirms that it is not aware of any new information or data that materially affects the information
included in the Mineral Resources statement released to the market in an announcement on 13 October 2017 and,
in the case of estimates of Mineral Resources, that all material assumptions and technical parameters underpinning
the estimates in the market announcement continue to apply and have not materially changed. 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 announcement.
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)
TOTAL
Cut off (g/t Au)
Million tonnes
Au g/t
Oz Au (x 1,000)
0.4
0.5
0.75
1.0
21.6
20.6
16.9
12.0
BY WEATHERING TYPE
Oxide
1.2
1.2
1.3
1.5
800
790
710
570
Cut off (g/t Au)
Million tonnes
Au g/t
Oz Au (x 1,000)
0.4
0.5
0.75
1.0
Fresh
5.9
5.7
4.6
3.2
Cut off (g/t Au)
Million tonnes
0.4
15.6
1.2
1.2
1.3
1.5
Au g/t
1.2
7
220
217
194
156
Oz Au (x 1,000)
581
0.5
0.75
1.0
14.8
12.3
8.7
1.2
1.3
1.5
570
518
417
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.
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 was reviewed by Mr Peter McMickan. At the
time of review, Mr McMickan was Viking’s Competent Person and was a full time employee of Viking and a Member
of the Australasian Institute of Mining and Metallurgy, member number 105742.
At the time of review, Mr McMickan was responsible for the Akoase East resource estimation and had 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. At the time of review, Mr McMickan approved the Akoase East resource estimation
as outlined in this report in accordance with the requirements of the JORC Code (2012) and ASX Rules.
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 2 and 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
1
2
OC
subtotal
1
Underground
2
UG
subtotal
Grand
Total
Measure
d
_
Indicate
d
4.4
Inferre
d
3.5
_
_
_
_
_
_
2.6
7.0
8.2
6.2
14.4
21.4
0.3
3.9
8.3
4.8
13.1
16.9
Total
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
8
Table 3: Berkh Uul JORC (2012) Coal Resource Quality
Resource
type
category
Seam
Open Cut
Ind
1
2
IM (%)
TM
(%)
Ash
(%
adb)
VM (%
adb)
FC (%
adb)
TS (%
adb)
CV
(kcal/k
g adb)
Rdi
s
20.8
13.5
14.4
32.6
39.5
0.34
5373
1.35
21.0
13.7
9.8
34.9
41.6
0.35
5693
1.31
subtotal
20.9
13.6
12.7
33.4
40.3
0.34
5493
1.33
1
2
Inf
18.9
12.0
20.1
30.9
37.1
0.37
5011
1.39
20.9
13.8
10.0
34.5
41.7
0.37
5684
1.32
subtotal
19.1
12.1
19.2
31.2
37.5
0.37
5066
1.38
OC subtotal
20.3
13.1
15.0
32.6
39.3
0.35
5342
1.35
Underground
Ind
1
2
18.9
12.2
18.8
31.3
37.8
0.34
5110
1.38
20.9
13.7
10.3
33.9
42.0
0.42
5681
1.32
subtotal
19.7
12.8
15.2
32.4
39.6
0.37
5355
1.35
1
2
Inf
18.7
12.0
19.6
31.0
37.4
0.35
5050
1.39
21
13.8
10.6
33.8
41.8
0.43
5657
1.32
subtotal
19.6
12.6
16.3
32.0
39.0
0.38
5272
1.36
UG subtotal
19.6
12.7
15.7
32.2
39.3
0.38
5313
1.36
Grand
Total
19.8
12.8
15.5
32.3
39.3
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. Sum of columns may not equal the total due to
rounding
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.
9
A summary of the main governance arrangements and internal controls that Viking has put in place with respect to its
estimates of mineral resources and the estimation process include use of industry standard drilling and sub-sampling
techniques, a chain of custody for sample integrity, use of standards, blanks and duplicates in sample analysis, internal
database validation and use of internationally recognised independent resource consultants with internal peer review
of estimation assumptions and techniques. Should external review of the resource estimates be required, the Company
will engage a Competent Person.
The complete range of governance and internal controls for the resource estimates outlined above are included in Table
1 of ASX announcement dated 4 October 2013 for the Akoase East resource estimate, and Table 1 of ASX
Announcement dated 17 March 2014 for the Berkh Uul resource estimate.
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
10
Viking Mines Limited
Directors' report
30 June 2018
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 2018. In order to comply with the Corporations Act, the Directors report as follows:
Directors
The following persons were directors of Viking Mines Limited during the whole of the financial year and up to the date of
this report, unless otherwise stated:
Raymond Whitten (Chairman)
Charles William Thomas (appointed 29 November 2017)
Michael Andrew Cox (appointed 29 November 2017)
John William (Jack) Gardner (resigned 29 November 2017)
Peter McMickan (ceased 29 November 2017)
Principal activities
The principal activity of the Group during the financial period was investment in mineral exploration projects.
Dividends
There were no dividends paid, recommended or declared during the current or previous financial year.
Review of operations
The profit for the consolidated entity after providing for income tax amounted to $1,686,868 (30 June 2017: loss of
$3,481,078).
Significant changes in the state of affairs
There were no significant changes in the state of affairs of the consolidated entity during the financial year.
Matters subsequent to the end of the financial year
No matter or circumstance has arisen since 30 June 2018 that has significantly affected, or may significantly affect the
consolidated entity's operations, the results of those operations, or the consolidated entity's state of affairs in future
financial years.
Likely developments and expected results of operations
The Company continues to identify and evaluate new value-creating opportunities in the mining sector. The Company
continues its review of mineral project farm-in/acquisition opportunities with the objective of acquiring resource assets that
have the potential of being world class.
Tumentu Gold Project, Ghana
The Company is continuing through the due process with the Minerals Commission to be granted the prospecting licence
for Tumentu.
Berkh Uul Coat Project, Mongolia
The Company continues to seek resolution relating to changes to boundaries of protected areas affecting the Berkh Uul
prospecting licence and the Company continues to investigate its legal options in relation to this matter.
Khonkhor Zag Coal Project, Mongolia
The Company is currently reviewing this project and are exploring options with regards to divesting this asset.
11
Viking Mines Limited
Directors' report
30 June 2018
Environmental regulation
The Group is subject to significant environmental legal regulations in respect to its exploration and evaluation activities in
the countries where it holds tenements. There have been no known breaches of these regulations and principles.
Information on directors
Name:
Title:
Raymond Whitten
Chairman and Non-Executive Director
Experience and expertise:
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 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.
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.
Previously, Mr Whitten served as Chairman of Whittens & McKeough, a boutique
Sydney law firm specialising in mergers and acquisitions and corporate law. Mr
Whitten is now Special Counsel to that firm. 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).
Other current directorships:
Nil
Former directorships (last 3 years): Nil
Interests in shares:
45,926,307
12
Viking Mines Limited
Directors' report
30 June 2018
Name:
Title:
Charles William Thomas (appointed 29 November 2017)
Non-Executive Director
Experience and expertise:
Mr Thomas holds a Bachelor of Commerce from UWA majoring in Corporate Finance.
Mr Thomas is an Executive Director and Founding Partner of GTT a leading boutique
corporate advisory firm based in Australia.
Mr Thomas has worked in the financial service industry for more than a decade and
has extensive experience in capital markets as well as the structuring of corporate
transactions. Mr Thomas has significant experience sitting on numerous ASX boards
spanning the mining, resources and technology space. Mr Thomas’s previous
directorships include among others AVZ Minerals Ltd (ASX:AVZ), Liberty Resources
Ltd (ASX:LBY), Force Commodities Limited (ASX:4CE) and Applabs Technologies
Ltd (ASX:ALA) where he was responsible for the sourcing and funding of numerous
projects. Mr Thomas is currently the Managing Director of Marquee Resources
Limited (ASX:MQR) and Non-executive director of Toptung Ltd (ASX:TTW).
Other current directorships:
Managing director of Marquee Resources Limited (ASX: MQR) since 2016
Non-executive director of Toptung Ltd (ASX: TTW) since 2018
Former directorships (last 3 years): Non-executive director of AVZ Minerals Ltd (ASX: AVZ )
Interests in shares:
Non-executive director of Force Commodities Ltd (ASX: 4CE)
Non-executive director of Search Party Group Ltd (ASX: SP1)
Non-executive director of Liberty Resources Ltd (ASX: LBY)
Non-executive director of XTV Networks Ltd (ASX: XTV)
9,000,000
Name:
Title:
Michael Andrew Cox (appointed 29 November 2017)
Non-Executive Director
Experience and expertise:
Mr Cox holds both a B.Science (Geology) and a B.Law. He has run a private
corporate advisory services firm since 2008. He commenced his career as a mining
analyst for stockbroking firms followed by a role being responsible for the delineation
and grade control of a developing bentonite deposit. He then moved into various
board positions and corporate development roles with a number of listed and unlisted
public companies including NSX Ltd, CEAL Ltd, Syngas Ltd, Benitec Ltd, Queensland
Opals NL and MultiEmedia Ltd.
Other current directorships:
Former directorships (last 3 years): Non-executive director of Syngas Limited (ASX: SYS)
Interests in shares:
Non-executive Chairman of NSX Limited (ASX: NSX) since 2009
Nil
'Other current directorships' quoted above are current directorships for listed entities only and excludes directorships of all
other types of entities, unless otherwise stated.
'Former directorships (last 3 years)' quoted above are directorships held in the last 3 years for listed entities only and excludes
directorships of all other types of entities, unless otherwise stated.
Company secretary
Dean Jagger (appointed 1 March 2018).
Michael Langoulant was Company secretary from the beginning of the period until 1 March 2018.
13
Viking Mines Limited
Directors' report
30 June 2018
Meetings of directors
The number of meetings of the company's Board of Directors ('the Board') held during the year ended 30 June 2018, and
the number of meetings attended by each director were:
Raymond Whitten
Charles Thomas (appointed 29 November 2017
Michael Cox (appointed 29 November 2017)
John Gardner (resigned 29 November 2017)
Peter McMickan (ceased 29 November 2017)
Held: represents the number of meetings held during the time the director held office.
Directors’
meetings
held
Directors’
meetings
attended
7
4
4
4
3
7
4
4
4
3
Remuneration report (audited)
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 2018. 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.
The remuneration report is set out under the following main headings:
●
●
●
●
●
Principles used to determine the nature and amount of remuneration
Details of remuneration
Employment contracts/Consultancy agreements
Share-based compensation
Additional disclosures relating to key management personnel
Principles used to determine the nature and amount of remuneration
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.
14
Viking Mines Limited
Directors' report
30 June 2018
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.
Directors’ fees
Non-executive Directors receive a separate fixed fee for their services as directors. The current Directors’ fee pool is
$200,000 per annum to be allocated at the discretion of the Board.
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.
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 2018 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.
2018
Non-Executive Directors:
Raymond Whitten
Charles Thomas *
Michael Cox **
John Gardner ***
Executive Directors:
Peter McMickan ****
Other Key Management
Personnel:
Michael Langoulant *****
Short-term benefits
Post-
employment
benefits
Long-term
benefits
Share-
based
payments
Cash salary
and fees
$
Cash
bonus
$
Non-
Super-
monetary annuation
$
$
Long
service
leave
$
Equity-
settled
$
Total
$
85,514
35,514
35,514
68,458
313,593
60,000
598,593
-
-
-
-
-
-
-
15
-
-
-
-
8,124
3,374
3,374
6,503
-
26,804
-
-
-
48,179
-
-
-
-
-
-
-
-
-
-
-
93,638
38,888
38,888
74,961
-
340,397
-
-
60,000
646,772
Viking Mines Limited
Directors' report
30 June 2018
C Thomas appointed 29 November 2017
M Cox appointed 29 November 2017
*
**
***
J Gardner resigned 29 November 2017
**** P McMickan ceased 29 November 2017
***** M Langoulant resigned as Company Secretary on 1 March 2018. Fees for bookkeeping, accounting and corporate
administration services of $60,000 (2017: $81,000) were paid to a company of which M Langoulant is a director and
shareholder.
Short-term benefits
Post-
employment
benefits
Long-term
benefits
Share-
based
payments
Cash salary
and fees
$
Cash
bonus
$
Non-
Super-
monetary annuation
$
$
Long
service
leave
$
Equity-
settled
$
Total
$
65,794
64,897
119,867
81,000
331,558
-
-
-
-
-
-
-
-
-
-
3,780
6,165
29,333
-
39,278
-
-
-
-
-
-
-
-
-
-
69,574
71,062
149,200
81,000
370,836
2017
Non-Executive Directors:
Raymond Whitten
John Gardner
Peter McMickan
Other Key Management
Personnel:
Michael Langoulant *
*
Fees for bookkeeping, accounting and corporate administration services $81,000 were paid to a company of which M
Langoulant is a director and shareholder.
Employment contracts/Consultancy agreements
As at the date of this report, there are no current employment contracts/consultancy agreements with any of the Directors.
Share-based compensation
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
Directors' report
30 June 2018
Additional disclosures relating to key management personnel
Shareholding
The number of shares in the company held during the financial year by each director and other members of key management
personnel of the consolidated entity, including their personally related parties, is set out below:
Balance at Received
as part of
the start of
the year
remuneration Additions
Disposals/
other
Balance at
the end of
the year
Ordinary shares
Raymond Whitten
Charles Thomas (appointed 29 November
4,200,000
2017) *
John Gardner (resigned 29 November 2017) ** 22,507,643
Peter McMickan (ceased 29 November 2017)
**
Michael Langoulant (resigned 1 March 2018) **
42,820,577
4,046,837
1,501,316
75,076,373
-
-
-
3,105,730
- 45,926,307
4,800,000
6,642,770
-
(29,150,413)
9,000,000
-
150,000
-
-
-
- 14,698,500
(4,196,837)
(1,501,316)
-
-
(34,848,566) 54,926,307
*
**
The balance at the start of the year represents the balance at date of appointment
The amount in "other" represents the balance at date of resignation
Michael Cox (appointed 29 November 2017) does not hold any shares in the Company.
This concludes the remuneration report, which has been audited.
Shares under option
Outstanding share options at the date of this report are as follows:
Grant date
7 April 2017
Expiry date
Exercise
price
Number
under option
Exercisable on or before 30 June 2020
$0.046 12,000,000
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.
Indemnity and insurance Directors of 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.
Indemnity and insurance of auditor
The company has not, during or since the end of the financial year, indemnified or agreed to indemnify the auditor of the
company or any related entity against a liability incurred by the auditor.
During the financial year, the company has not paid a premium in respect of a contract to insure the auditor of the company
or any related entity.
17
Viking Mines Limited
Directors' report
30 June 2018
Proceedings on behalf of the 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.
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.
Auditor's 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 2018.
This report is made in accordance with a resolution of directors, pursuant to section 298(2)(a) of the Corporations Act 2001.
On behalf of the directors
___________________________
27 September 2018
18
Viking Mines Limited
Contents
30 June 2018
Statement of profit or loss and other 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 of Viking Mines Limited
Shareholder information
General information
21
22
23
24
25
43
44
47
The financial statements cover Viking Mines Limited ('the Company') as a consolidated entity consisting of Viking Mines
Limited and the entities it controlled at the end of, or during, the year ('the Group'). The financial statements are presented
in Australian dollars, which is Viking Mines Limited's functional and presentation currency.
Viking Mines Limited is a listed public company limited by shares, incorporated and domiciled in Australia. Its registered
office is:
Level 29, 201 Elizabeth Street
Sydney NSW 2000
A description of the nature of the consolidated entity's operations and its principal activities are included in the directors'
report, which is not part of the financial statements.
The financial statements were authorised for issue, in accordance with a resolution of directors, on 27 September 2018. The
directors have the power to amend and reissue the financial statements.
Corporate Governance Statement
The Company’s Corporate Governance Statement can be found on the company’s website: www.vikingmines.com/
20
Viking Mines Limited
Statement of profit or loss and other comprehensive income
For the year ended 30 June 2018
Revenue
Expenses
Auditors' fees
Consultancy costs
Employee benefits expense
Direct exploration and project evaluation
Foreign exchange loss
Other expenses
Impairment of exploration project acquisition costs
Profit/(loss) before income tax expense
Note
Consolidated
2018
$
2017
$
4
2,789,859
387,542
(23,442)
(405,844)
(444,393)
(3,522)
133,491
(359,281)
-
(43,500)
(227,985)
(461,876)
(521,121)
(62,408)
(301,730)
(2,250,000)
1,686,868
(3,481,078)
Income tax expense
5
-
-
Profit/(loss) after income tax expense for the year attributable to the owners of
Viking Mines Limited
12
1,686,868
(3,481,078)
Other comprehensive income
Items that may be reclassified subsequently to profit or loss
Foreign currency translation
Other comprehensive income for the year, net of tax
Total comprehensive income for the year attributable to the owners of Viking
Mines Limited
(508,531)
(197,933)
(508,531)
(197,933)
1,178,337
(3,679,011)
Cents
Cents
Basic earnings per share
Diluted earnings per share
25
25
0.54
0.54
(1.21)
(1.21)
The above statement of profit or loss and other comprehensive income should be read in conjunction with the
accompanying notes
21
Viking Mines Limited
Statement of financial position
As at 30 June 2018
Assets
Current assets
Cash and cash equivalents
Trade and other receivables
Total current assets
Non-current assets
Property, plant and equipment
Exploration and evaluation
Total non-current assets
Total assets
Liabilities
Current liabilities
Trade and other payables
Total current liabilities
Total liabilities
Net assets
Equity
Issued capital
Reserves
Accumulated losses
Equity attributable to the owners of Viking Mines Limited
Non-controlling interest
Total equity
Note
Consolidated
2018
$
2017
$
6
7
8
9
3,090,051
20,145
3,110,196
2,063,442
24,650
2,088,092
1,522
277,289
278,811
-
250,000
250,000
3,389,007
2,338,092
207,873
207,873
335,295
335,295
207,873
335,295
3,181,134
2,002,797
10
11
12
22,537,072 22,537,072
27,038
(19,820,088)
2,744,022
(741,225)
(481,493)
(18,133,220)
3,922,359
(741,225)
3,181,134
2,002,797
The above statement of financial position should be read in conjunction with the accompanying notes
22
Viking Mines Limited
Statement of changes in equity
For the year ended 30 June 2018
Consolidated
Issued
capital
$
Reserves
$
Retained
profits
$
Outside
equity
interest
$
Total equity
$
Balance at 1 July 2016
21,345,697
224,971
(16,339,010)
(741,225)
4,490,433
Loss after income tax expense for the year
Other comprehensive income for the year, net
of tax
Total comprehensive income for the year
Transactions with owners in their capacity as
owners:
Contributions of equity, net of transaction costs
(note 10)
-
-
-
-
(3,481,078)
-
(3,481,078)
(197,933)
-
-
(197,933)
(197,933)
(3,481,078)
-
(3,679,011)
1,191,375
-
-
-
1,191,375
Balance at 30 June 2017
22,537,072
27,038
(19,820,088)
(741,225)
2,002,797
Consolidated
Issued
capital
$
Reserves
$
Accumulated
losses
$
Outside
equity
interest
$
Total equity
$
Balance at 1 July 2017
22,537,072
27,038
(19,820,088)
(741,225)
2,002,797
Profit after income tax expense for the year
Other comprehensive income for the year, net
of tax
Total comprehensive income for the year
-
-
-
-
1,686,868
(508,531)
-
(508,531)
1,686,868
-
-
-
1,686,868
(508,531)
1,178,337
Balance at 30 June 2018
22,537,072
(481,493)
(18,133,220)
(741,225)
3,181,134
The above statement of changes in equity should be read in conjunction with the accompanying notes
23
Viking Mines Limited
Statement of cash flows
For the year ended 30 June 2018
Cash flows from operating activities
Payments to suppliers and employees
Interest received
Note
Consolidated
2018
$
2017
$
(1,152,123)
5,809
(860,790)
12,298
Net cash used in operating activities
23
(1,146,314)
(848,492)
Cash flows from investing activities
Payments for property, plant and equipment
Payments for exploration and evaluation
Proceeds from sale of mining properties
Net cash from investing activities
Cash flows from financing activities
Proceeds from issue of shares
Share issue transaction costs
Net cash from financing activities
8
(1,522)
(104,315)
2,509,552
-
(521,121)
1,195,572
2,403,715
674,451
10
-
-
1,267,420
(76,045)
-
1,191,375
Net increase in cash and cash equivalents
Cash and cash equivalents at the beginning of the financial year
Effects of exchange rate changes on cash and cash equivalents
1,257,401
2,063,442
(230,792)
1,017,334
1,306,449
(260,341)
Cash and cash equivalents at the end of the financial year
6
3,090,051
2,063,442
The above statement of cash flows should be read in conjunction with the accompanying notes
24
Viking Mines Limited
Notes to the financial statements
30 June 2018
Note 1. Significant accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below. These policies
have been consistently applied to all the years presented, unless otherwise stated.
New or amended Accounting Standards and Interpretations adopted
Australian Accounting Standards and Interpretations that have recently been issued or amended but are not yet mandatory,
have not been early adopted by the consolidated entity for the annual reporting period ended 30 June 2018. A discussion of
those future requirements and their impact on the Group is as follows:
25
Viking Mines Limited
Notes to the financial statements
30 June 2018
Note 1. Significant accounting policies (continued)
New / revised pronouncement
Nature of change
AASB 9 Financial Instruments AASB 9:
Mandatory and
anticipated date
of application for
the group
1 July 2018
- replaces AASB 139 Financial
Instruments: Recognition and
Measurement;
- require entities to classify financial
assets and liabilities using a new method.
This is expected to result in changes in
the way the value of financial instruments
are recognised and forecasted.
- Financial assets including trade
receivables will be subject to a new
impairment model based on the concept
of ‘expected loss’. This new model will
require entities to recognise losses related
to doubtful debts earlier. The new
standard also prescribes new hedging
rules and guidance on recognition and
derecognition of financial instruments.
- The Group will apply the new standard
for all accounting periods starting on and
after 1 July 2018 to all applicable items
recognised. The cumulative effect of the
initial application will be recognised as an
adjustment to the opening balance of
retained earnings.
AASB 15:
- replaces AASB 118 Revenue, AASB 111
Construction Contracts and some
revenue-related Interpretations;
- establishes a new revenue recognition
model;- changes the basis for deciding
whether revenue is to be recognised over
time or at a point in time;
- provides new and more detailed
guidance on specific topics (e.g., multiple
element arrangements, variable pricing,
rights of return, warranties and
licensing);and
- expands and improves disclosures about
revenue.
AASB 16:
- replaces AASB 117 Leases and some
lease-related Interpretations
- requires all leases to be accounted for
‘on-balance sheet’ by lessees, other than
short-term and low value asset leases
- provides new guidance on the
application of the definition of lease and
on sale and lease back accounting
- largely retains the existing lessor
accounting requirements in AASB 117
- requires new and different disclosures
about leases.
26
1 July 2018
1 July 2019
AASB 15 Revenue from
Contracts with Customers
AASB 16 Leases
Likely impact on initial
application
The Group will adopt this
standard from 1 July 2018.
The directors have
determined that the adoption
of this standard is unlikely to
have any material impact.
The Group will adopt this
standard from 1 July 2018.
The directors have
determined that the adoption
of this standard is unlikely to
have any material impact.
Management has completed
an assessment by reviewing
all leases. Based on the work
performed to date the findings
indicate that the application of
AASB16 will not have a
material impact on the
recognition of expenses for
rent, depreciation or financing
costs or on the recognition of
leased assets or lease
liabilities.
Viking Mines Limited
Notes to the financial statements
30 June 2018
Note 1. Significant accounting policies (continued)
Basis of preparation
These general purpose financial statements have been prepared in accordance with Australian Accounting Standards and
Interpretations issued by the Australian Accounting Standards Board ("AASB") and the Corporations Act 2001, as appropriate
for for-profit oriented entities. These financial statements also comply with International Financial Reporting Standards as
issued by the International Accounting Standards Board ("IASB").
The Company is registered and domiciled in Australia.
The financial statements have been approved and authorised for issue on 27 September 2018 by the Board of Directors.
Historical cost convention
The financial statements have been prepared under the historical cost convention, except for, where applicable, the
revaluation of available-for-sale financial assets, financial assets and liabilities at fair value through profit or loss, investment
properties, certain classes of property, plant and equipment and derivative financial instruments.
Critical accounting estimates
The preparation of the financial statements requires the use of certain critical accounting estimates. It also requires
management to exercise its judgement in the process of applying the consolidated entity's accounting policies. The areas
involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the
financial statements, are disclosed in note 2.
Parent entity information
In accordance with the Corporations Act 2001, these financial statements present the results of the consolidated entity only.
Supplementary information about the parent entity is disclosed in note 20.
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.
Subsidiaries are all those entities over which the consolidated entity has control. The consolidated entity controls an entity
when the consolidated entity is exposed to, or has rights to, variable returns from its involvement with the entity and has the
ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from
the date on which control is transferred to the consolidated entity. They are de-consolidated from the date that control ceases.
Intercompany transactions, balances and unrealised gains on transactions between entities in the consolidated entity are
eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of the impairment of the asset
transferred. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies
adopted by the consolidated entity.
Foreign currency translation
The financial statements are presented in Australian dollars, which is Viking Mines Limited's functional and presentation
currency.
Foreign currency transactions
Foreign currency transactions are translated into Australian dollars using the exchange rates prevailing at the dates of the
transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation
at financial year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in
profit or loss.
27
Viking Mines Limited
Notes to the financial statements
30 June 2018
Note 1. Significant accounting policies (continued)
Foreign operations
The assets and liabilities of foreign operations are translated into Australian dollars using the exchange rates at the reporting
date. The revenues and expenses of foreign operations are translated into Australian dollars using the average exchange
rates, which approximate the rates at the dates of the transactions, for the period. All resulting foreign exchange differences
are recognised in other comprehensive income through the foreign currency reserve in equity.
The foreign currency reserve is recognised in profit or loss when the foreign operation or net investment is disposed of.
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:
Interest income
Interest revenue is recognised on a time proportionate basis that takes into account the effective yield on the financial asset.
Income tax
The income tax expense or benefit for the period is the tax payable on that period's taxable income based on the applicable
income tax rate for each jurisdiction, adjusted by the changes in deferred tax assets and liabilities attributable to temporary
differences, unused tax losses and the adjustment recognised for prior periods, where applicable.
Deferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to be applied when the
assets are recovered or liabilities are settled, based on those tax rates that are enacted or substantively enacted, except for:
When the deferred income tax asset or liability arises from the initial recognition of goodwill or 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 nor
taxable profits; or
When the taxable temporary difference is associated with interests in subsidiaries, associates or joint ventures, and the
timing of the reversal can be controlled and it is probable that the temporary difference will not reverse in the foreseeable
future.
●
Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable that
future taxable amounts will be available to utilise those temporary differences and losses.
Current and non-current classification
Assets and liabilities are presented in the statement of financial position based on current and non-current classification.
An asset is classified as current when: it is either expected to be realised or intended to be sold or consumed in the
consolidated entity's normal operating cycle; it is held primarily for the purpose of trading; it is expected to be realised within
12 months after the reporting period; or the asset is cash or cash equivalent unless restricted from being exchanged or used
to settle a liability for at least 12 months after the reporting period. All other assets are classified as non-current.
A liability is classified as current when: it is either expected to be settled in the consolidated entity's normal operating cycle;
it is held primarily for the purpose of trading; it is due to be settled within 12 months after the reporting period; or there is no
unconditional right to defer the settlement of the liability for at least 12 months after the reporting period. All other liabilities
are classified as non-current.
Deferred tax assets and liabilities are always classified as non-current.
Cash and cash equivalents
Cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term, highly
liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and
which are subject to an insignificant risk of changes in value. For the statement of cash flows presentation purposes, cash
and cash equivalents also includes bank overdrafts, which are shown within borrowings in current liabilities on the statement
of financial position.
Trade and other receivables
Other receivables are recognised at amortised cost, less any provision for impairment.
28
Viking Mines Limited
Notes to the financial statements
30 June 2018
Note 1. Significant accounting policies (continued)
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).
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 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.
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.
29
Viking Mines Limited
Notes to the financial statements
30 June 2018
Note 1. Significant accounting policies (continued)
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.
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.
Goods and Services Tax ('GST') and other similar 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.
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.
30
Viking Mines Limited
Notes to the financial statements
30 June 2018
Note 2. Critical 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.
Note 3. Operating segments
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 has been defined as the
Chief Operating Decision Maker.
The Board 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.
Note 4. Revenue
Interest
Proceeds on sale of mining properties
Revenue
Note 5. Income tax expense
Numerical reconciliation of income tax expense and tax at the statutory rate
Profit/(loss) before income tax expense
Tax at the statutory tax rate of 27.5% (2017: 30%)
Tax effect amounts which are not deductible/(taxable) in calculating taxable income:
Impairment of project acquisition costs
Current year tax losses not recognised
Prior year tax losses not recognised now recouped
Income tax expense
31
Consolidated
2018
$
2017
$
5,809
2,784,050
12,298
375,244
2,789,859
387,542
Consolidated
2018
$
2017
$
1,686,868
(3,481,078)
463,889
(1,044,323)
-
675,000
463,889
-
(463,889)
(369,323)
369,323
-
-
-
Viking Mines Limited
Notes to the financial statements
30 June 2018
Note 5. Income tax expense (continued)
Deferred tax assets not recognised
Deferred tax assets not recognised comprises temporary differences attributable to:
Tax revenue losses
Share issue costs
Total deferred tax assets not recognised
Consolidated
2018
$
2017
$
2,844,588
30,058
3,642,038
32,971
2,874,646
3,675,009
The above potential tax benefit, which excludes tax losses, for deductible temporary differences has not been recognised in
the statement of financial position as the recovery of this benefit is uncertain.
Note 6. Current assets - cash and cash equivalents
Cash at bank
Short term deposits
Consolidated
2018
$
2017
$
591,661
2,498,390
1,599,976
463,466
3,090,051
2,063,442
(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% (2017: 0.5%).
(c) Cash balances not available for use
Total cash balances not available for use are nil (2017: Nil).
Note 7. Current assets - trade and other receivables
Other receivables
GST
Consolidated
2018
$
2017
$
2,638
17,507
2,631
22,019
20,145
24,650
32
Viking Mines Limited
Notes to the financial statements
30 June 2018
Note 8. Non-current assets - exploration and evaluation
Capitalised exploration costs
Less: Accumulated amortisation
Consolidated
2018
$
2017
$
2,527,289
(2,250,000)
2,500,000
(2,250,000)
277,289
250,000
Reconciliations
Reconciliations of the written down values at the beginning and end of the current and previous financial year are set out
below:
Consolidated
Balance at 1 July 2016
Sale of tenement proceeds
Impairment charge
Balance at 30 June 2017
Additions
Balance at 30 June 2018
$
3,270,328
(770,328)
(2,250,000)
250,000
27,289
277,289
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.
Additions during the year relate to licence costs in Berkh Uul and additional investment in Khonkhor Zag project.
The Group has undertaken a review of the capitalised exploration costs and consider there to be no indication of impairment
to the carrying value of these assets. In 2017, an impairment charge was raised against the carrying value of the Group’s
coal tenements in Mongolia. The Group had been unable to advance development of its main coal tenement asset, Berkh
Uul due to post-acquisition government determinations. As a result the Group had written down these assets to a carrying
value of $250,000).
Note 9. Current liabilities - trade and other payables
Trade payables
Other payables
Refer to note 14 for further information on financial instruments.
Trade payables are non-interest bearing and are normally paid on 30 day terms.
Consolidated
2018
$
2017
$
112,501
95,372
132,970
202,325
207,873
335,295
33
Viking Mines Limited
Notes to the financial statements
30 June 2018
Note 10. Equity - issued capital
Ordinary shares - fully paid
313,717,856
313,717,856 22,537,072 22,537,072
Movements in ordinary share capital
Consolidated
2018
Shares
2017
Shares
2018
$
2017
$
Details
Balance
Share placement
Share issue costs
Balance
Balance
Date
Number of
Shares
Issue price
$
1 July 2016
250,974,285
21,345,697
25 Nov 2016
62,743,571
$0.020
1,267,420
-
$0.000
(76,045)
30 June 2017
313,717,856
22,537,072
30 June 2018
313,717,856
22,537,072
Movements in listed options exercisable at $0.09 on or before 30 April 2017
Details
Balance
Issued/(expired)
Balance
Balance
Date
1 July 2016
30 June 2017
30 June 2018
Number of
Options
44,771,552
(44,771,552)
-
-
Movements in unlisted options exercisable at $0.20 on or before 15 November 2016
Details
Balance
Issued/(expired)
Balance
Balance
Date
1 July 2016
30 June 2017
30 June 2018
Number of
Options
3,000,000
(3,000,000)
-
-
34
Viking Mines Limited
Notes to the financial statements
30 June 2018
Note 10. Equity - issued capital (continued)
Movements in unlisted options exercisable at $0.046 on or before 30 June 2020
Details
Balance
Issued/(expired)
Balance
Balance
Date
1 July 2016
Number of
Options
-
12,000,000
30 June 2017
12,000,000
30 June 2018
12,000,000
Ordinary shares
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.
Note 11. Equity - reserves
Foreign currency reserve
Share-based payments reserve
Consolidated
2018
$
2017
$
(725,493)
244,000
(216,962)
244,000
(481,493)
27,038
Foreign currency reserve
The reserve is used to recognise exchange differences arising from the translation of the financial statements of foreign
operations to Australian dollars. It is also used to recognise gains and losses on hedges of the net investments in foreign
operations.
Share-based payments reserve
The reserve is used to recognise the value of equity benefits provided to employees and directors as part of their
remuneration, and other parties as part of their compensation for services.
There have been no share based payments of shares and/or options issued to directors and consultants in any of the last
3 financial years.
35
Viking Mines Limited
Notes to the financial statements
30 June 2018
Note 11. Equity - reserves (continued)
Movements in reserves
Movements in each class of reserve during the current and previous financial year are set out below:
Consolidated
Balance at 1 July 2016
Foreign currency translation
Balance at 30 June 2017
Foreign currency translation
Balance at 30 June 2018
Note 12. Equity - accumulated losses
Accumulated losses at the beginning of the financial year
Profit/(loss) after income tax expense for the year
Accumulated losses at the end of the financial year
Note 13. Equity - dividends
Share based
payments
$
Foreign
currency
translation
$
Total
$
244,000
-
(19,029)
(197,933)
224,971
(197,933)
244,000
-
(216,962)
(508,531)
27,038
(508,531)
244,000
(725,493)
(481,493)
Consolidated
2018
$
2017
$
(19,820,088)
1,686,868
(16,339,010)
(3,481,078)
(18,133,220)
(19,820,088)
There were no dividends paid, recommended or declared during the current or previous financial year.
Note 14. Financial instruments
Financial risk management objectives
The consolidated entity's activities expose it to a variety of financial risks: market risk (including foreign currency risk, price
risk and interest rate risk), credit risk and liquidity risk. The consolidated entity's overall risk management program focuses
on the unpredictability of financial markets and seeks to minimise potential adverse effects on the financial performance of
the consolidated entity. The consolidated entity uses derivative financial instruments such as forward foreign exchange
contracts to hedge certain risk exposures. Derivatives are exclusively used for hedging purposes, i.e. not as trading or other
speculative instruments. The consolidated entity uses different methods to measure different types of risk to which it is
exposed. These methods include sensitivity analysis in the case of interest rate, foreign exchange and other price risks,
ageing analysis for credit risk and beta analysis in respect of investment portfolios to determine market risk.
Risk management is carried out by senior finance executives ('finance') under policies approved by the Board of Directors
('the Board'). These policies include identification and analysis of the risk exposure of the consolidated entity and appropriate
procedures, controls and risk limits. Finance identifies, evaluates and hedges financial risks within the consolidated entity's
operating units. Finance reports to the Board on a monthly basis.
36
Viking Mines Limited
Notes to the financial statements
30 June 2018
Note 14. Financial instruments (continued)
Market risk
Foreign currency risk
The consolidated entity undertakes certain transactions denominated in foreign currency and is exposed to foreign currency
risk through foreign exchange rate fluctuations. Foreign exchange risk arises from future commercial transactions and
recognised financial assets and financial liabilities denominated in a currency that is not the entity's functional currency. As
each of the individual entity within the group primarily transact in their own respective functional currency, foreign currency
risk is deemed to be minimal.
Price risk
The consolidated entity is not exposed to any significant price risk.
Interest rate risk
Interest rate risk is deemed to be minimal as the consolidated entity exposure on interest risk mainly on its cash at bank.
Credit risk
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the
consolidated entity. The consolidated entity has a strict code of credit, including obtaining agency credit information,
confirming references and setting appropriate credit limits. The consolidated entity obtains guarantees where appropriate to
mitigate credit risk. The maximum exposure to credit risk at the reporting date to recognised financial assets is the carrying
amount, net of any provisions for impairment of those assets, as disclosed in the statement of financial position and notes to
the financial statements. The consolidated entity does not hold any collateral.
The consolidated entity deemed its credit risk to be minimal as its financial assets are mainly cash held at financial institutions.
Liquidity risk
The consolidated entity manages liquidity risk by maintaining adequate cash reserves and available borrowing facilities by
continuously monitoring actual and forecast cash flows and matching the maturity profiles of financial assets and liabilities.
Remaining contractual maturities
The following tables detail the consolidated entity's remaining contractual maturity for its financial instrument liabilities. The
tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which
the financial liabilities are required to be paid. The tables include both interest and principal cash flows disclosed as remaining
contractual maturities and therefore these totals may differ from their carrying amount in the statement of financial position.
Consolidated - 2018
Non-derivatives
Non-interest bearing
Trade payables
Other payables
Total non-derivatives
Consolidated - 2017
Non-derivatives
Non-interest bearing
Trade payables
Other payables
Total non-derivatives
Weighted
average
interest rate
%
1 year or less
$
Between 1
and 2 years
$
Between 2
and 5 years
$
Over 5 years
$
Remaining
contractual
maturities
$
-
-
112,501
95,372
207,873
-
-
-
-
-
-
-
-
-
112,501
95,372
207,873
Weighted
average
interest rate
%
1 year or less
$
Between 1
and 2 years
$
Between 2
and 5 years
$
Over 5 years
$
Remaining
contractual
maturities
$
-
-
132,970
202,325
335,295
-
-
-
-
-
-
-
-
-
132,970
202,325
335,295
37
Viking Mines Limited
Notes to the financial statements
30 June 2018
Note 14. Financial instruments (continued)
The cash flows in the maturity analysis above are not expected to occur significantly earlier than contractually disclosed
above.
Fair value of financial instruments
Unless otherwise stated, the carrying amounts of financial instruments reflect their fair value.
Note 15. Key management personnel disclosures
Directors
The following persons were directors of Viking Mines Limited during the financial year:
Raymond Whitten
Charles William Thomas (appointed 29 November 2017)
Michael Andrew Cox (appointed 29 November 2017)
John (Jack) Gardner (resigned 29 November 2017)
Peter McMickan (ceased 29 November 2017)
Other key management personnel
The following person also had the authority and responsibility for planning, directing and controlling the major activities of the
consolidated entity, directly or indirectly, during the financial year:
Michael Langoulant (resigned 1 March 2018)
Compensation
The aggregate compensation made to directors and other members of key management personnel of the consolidated entity
is set out below:
Short-term employee benefits
Post-employment benefits
Note 16. Remuneration of auditors
Consolidated
2018
$
2017
$
598,593
48,179
331,558
39,278
646,772
370,836
During the financial year the following fees were paid or payable for services provided by , the auditor of the company, and
its network firms:
Audit services - Rothsay Auditing
Audit or review of the financial statements
Audit services - Other firms
Audit or review of the financial statements
38
Consolidated
2018
$
2017
$
22,000
23,500
-
20,000
Viking Mines Limited
Notes to the financial statements
30 June 2018
Note 17. Contingent assets
The Company is expecting to receive USD 3 million in sales proceeds relating the June 2015 sale of Akoase gold project in
Ghana. This is now overdue and the Company is still in the process of obtaining advice, including legal advice, regarding
this outstanding payment. Although the money has not yet been received, the Company remains confident it will be received.
Note 18. Commitments
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.
Note 19. Related party transactions
Parent entity
Viking Mines Limited is the parent entity.
Subsidiaries
Interests in subsidiaries are set out in note 21.
Key management personnel
Disclosures relating to key management personnel are set out in note 15 and the remuneration report included in the
directors' report.
Transactions with related parties
During the year, the company paid:
* $28,043 to a company related to Raymond Whitten for legal services.
* $5,000 to a company related to Raymond Whitten for travel services.
* $60,000 to a company related to Michael Langoulant for fees relating to Mr Langoulant's professional services in subsidiary
company Resolute Amansie Ltd.
* $60,000 to a company related to Charles Thomas for general corporate, investor relations and project introduction services.
Receivable from and payable to related parties
The following balances are outstanding at the reporting date in relation to transactions with related parties:
Current payables:
Trade payables to other related party
Loans to/from related parties
There were no loans to or from related parties at the current and previous reporting date.
Terms and conditions
All transactions were made on normal commercial terms and conditions and at market rates.
Consolidated
2018
$
2017
$
9,302
-
39
Viking Mines Limited
Notes to the financial statements
30 June 2018
Note 20. Parent entity information
Set out below is the supplementary information about the parent entity.
Statement of profit or loss and other comprehensive income
Profit/(Loss) after income tax
Total comprehensive income
Statement of financial position
Total current assets
Total assets
Total current liabilities
Total liabilities
Equity
Issued capital
Share-based payments reserve
Accumulated losses
Total equity
Parent
2018
$
2017
$
628,781
(3,130,160)
628,781
(3,130,160)
Parent
2018
$
2017
$
2,779,629
493,403
2,781,151
2,291,348
149,573
288,551
149,573
288,551
22,537,072 22,537,072
244,000
(20,778,275)
244,000
(20,149,494)
2,631,578
2,002,797
Guarantees entered into by the parent entity in relation to the debts of its subsidiaries
The parent entity had no guarantees in relation to the debts of its subsidiaries as at 30 June 2018 and 30 June 2017.
Contingent liabilities
The parent entity had no contingent liabilities as at 30 June 2018 and 30 June 2017.
Capital commitments - Property, plant and equipment
The parent entity had no capital commitments for property, plant and equipment as at 30 June 2018 and 30 June 2017.
Significant accounting policies
The accounting policies of the parent entity are consistent with those of the consolidated entity, as disclosed in note 1, except
for the following:
●
●
●
Investments in subsidiaries are accounted for at cost, less any impairment, in the parent entity.
Investments in associates are accounted for at cost, less any impairment, in the parent entity.
Dividends received from subsidiaries are recognised as other income by the parent entity and its receipt may be an
indicator of an impairment of the investment.
40
Viking Mines Limited
Notes to the financial statements
30 June 2018
Note 21. Interests in subsidiaries
The consolidated financial statements incorporate the assets, liabilities and results of the following subsidiaries in accordance
with the accounting policy described in note 1:
Name
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
*
100% of rights to profits
Principal place of business /
Country of incorporation
Ownership interest
2017
2018
%
%
Australia
Australia
Australia
Australia
Australia
Australia
Australia
Australia
Australia
Australia
Ghana
Ghana
Ghana
Ghana
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
90.00%
90.00%
90.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
90.00%
90.00%
90.00%
100.00%
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.
Note 22. Events after the reporting period
No matter or circumstance has arisen since 30 June 2018 that has significantly affected, or may significantly affect the
consolidated entity's operations, the results of those operations, or the consolidated entity's state of affairs in future financial
years.
Note 23. Reconciliation of profit/(loss) after income tax to net cash used in operating activities
Profit/(loss) after income tax expense for the year
1,686,868
(3,481,078)
Consolidated
2018
$
2017
$
Adjustments for:
Foreign exchange differences
Unwinding of the discount on provisions
Impairment of project acquisition costs
Proceeds from sale of mining properties
Change in operating assets and liabilities:
Decrease/(increase) in trade and other receivables
Increase in trade and other payables
Net cash used in operating activities
(133,492)
-
-
(2,783,800)
62,408
521,121
2,250,000
(375,244)
4,505
79,605
(8,148)
182,449
(1,146,314)
(848,492)
41
Viking Mines Limited
Notes to the financial statements
30 June 2018
Note 24. Non-cash investing and financing activities
There were no non-cash investing and financing activities during the year (2017: Nil)
Note 25. Earnings per share
Profit/(loss) after income tax attributable to the owners of Viking Mines Limited
1,686,868
(3,481,078)
Consolidated
2018
$
2017
$
Basic earnings per share
Diluted earnings per share
Cents
Cents
0.54
0.54
(1.21)
(1.21)
Number
Number
Weighted average number of ordinary shares used in calculating basic earnings per share
313,717,856
288,276,627
Weighted average number of ordinary shares used in calculating diluted earnings per share
313,717,856
288,276,627
The diluted loss per share is not reflected as the result is anti-dilutive.
42
Viking Mines Limited
Directors' declaration
30 June 2018
In the directors' opinion:
●
●
●
●
the attached financial statements and notes comply with the Corporations Act 2001, the Accounting Standards, the
Corporations Regulations 2001 and other mandatory professional reporting requirements;
the attached financial statements and notes comply with International Financial Reporting Standards as issued by the
International Accounting Standards Board as described in note 1 to the financial statements;
the attached financial statements and notes give a true and fair view of the consolidated entity's financial position as at
30 June 2018 and of its performance for the financial year ended on that date; and
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 directors have been given the declarations required by section 295A of the Corporations Act 2001.
Signed in accordance with a resolution of directors made pursuant to section 295(5)(a) of the Corporations Act 2001.
On behalf of the directors
___________________________
27 September 2018
43
Viking Mines Limited
Shareholder information
30 June 2018
The shareholder information set out below was applicable as at 21 September 2018
Distribution of equitable securities
Analysis of number of equitable security holders by size of holding:
Number
of holders
of options
Number
of holders
of ordinary ordinary
over
1 to 1,000
1,001 to 5,000
5,001 to 10,000
10,001 to 100,000
100,001 and over
Holding less than a marketable parcel
Equity security holders
Twenty largest quoted equity security holders
The names of the twenty largest security holders of quoted equity securities are listed below:
BARBARY COAST INVESTMENTS PTY LTD
GTT GLOBAL OPPORTUNITIES PTY LTD
GREENLINE INVESTMENTS PTY LTD
MURDOCH CAPITAL PTY LTD (GLOVAC SUPERFUND A/C)
ALISSA BELLA PTY LTD (THE C&A TASSONE SUPER A/C)
TORONA PTY LTD (ANYWHERE TRAVEL A/C)
MOUNTS BAY INVESTMENTS PTY LTD (CALVER CAPITAL A/C)
SYRACUSE CAPITAL PTY LTD (R TASSONE S/F A/C)
SYRACUSE CAPITAL PTY LTD (THE ROCCO TASSONE S/F A/C)
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
MR JOHN WILLIAM GARDNER & MRS JANET LEIGH GARDNER (JOHN WILLIAM
GARDNER SUPERANNUATION A/C)
FERGUSON SUPERANNUATION PTY LTD (FERGUSON SUPERFUND A/C)
RODBY HOLDINGS PTY LTD (SP TENG FAMILY A/C)
MRS ANTHEA JOHNSTON
NEWTON HOLDINGS PTY LTD (NEWTON BUILDING CO P/F A/C)
MR FAWZI KASSAB
MR BUYANTOGTOKH DASHDELEG
MANSON GROUP PTY LIMITED (MANSON GROUP SUPER FUND A/C)
MR MICHAEL ANTHONY DEL CASALE & MRS SHEREE LOUISE DEL CASALE (D C
SUPERANNUATION A/C)
RODBY HOLDINGS PTY LTD
shares
shares
23
22
62
217
226
550
163
-
-
-
-
1
1
-
Ordinary shares
% of total
shares
issued
Number held
32,710,675
25,000,000
12,000,000
8,000,000
7,636,016
6,687,887
6,000,000
5,835,821
5,164,179
5,029,658
5,000,000
5,000,000
4,593,814
4,500,000
4,325,570
4,300,826
4,132,358
4,026,867
3,886,466
3,627,397
10.43
7.97
3.83
2.55
2.43
2.13
1.91
1.86
1.65
1.60
1.59
1.59
1.46
1.43
1.38
1.37
1.32
1.28
1.24
1.16
157,457,534
50.18
47
Viking Mines Limited
Shareholder information
30 June 2018
Unquoted equity securities
Unlisted options issued 7 April 2017, exercisable at $0.046 on or before 30 June 2020.
12,000,000
1
Substantial holders
Substantial holders in the company are set out below:
Number
on issue
Number
of holders
R Whitten
GTT Global Opportunities Pty Ltd
Jaytu Pty Ltd ATF (John William Gardner Superannuation Fund)
Voting rights
The voting rights attached to ordinary shares are set out below:
Ordinary shares
% of total
shares
issued
Number held
42,095,782
28,000,000
20,140,414
13.42
8.93
6.42
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.
Tenement schedule
Licence name,
Licence type
Akoase West,
Prospecting licence
Akoase East,
Prospecting licence
Akoase South East,
Prospecting licence
Location
Licence Holder/ JV
Partners*
Viking Mines Ownership
Southern Ghana
Resolute Amansie Ltd
Southern Ghana
Resolute Amansie Ltd
Southern Ghana
Resolute Amansie Ltd
100% (reducing to zero
upon sale completion)
100% (reducing to zero
upon sale completion)
100% (reducing to zero
upon sale completion)
West Star**,
Prospecting licence
Southern Ghana
West Star Mining Compant
Ltd / Resolute Amansie Ltd
100% hardrock only*
Tumentu,
Prospecting licence
application
Berkh Uul,
Exploration licence
Khonkhor Zag,
Mining lease
Southern Ghana
Resolute Amansie Ltd
100%
Selenge province, Mongolia
BRX LLC
100%
Govi Altai province, Mongolia Salkhit Altai LLC
100%
48
Viking Mines Limited
Shareholder information
30 June 2018
Resolute Amansie Ltd is a 100% owned subsidiary of Viking Mines Ltd
West Star Mining Company Ltd is a joint venture partner in the West Star gold project
BRXL LLC is a 100% owned subsidiary of Viking Mines Ltd
Salkhit Altai LLC is a 100% owned subsidiary of Viking Mines Ltd
* Subject to revocation / renewal dispute with Minerals Commission
49