65 / 112
AXIOM MINING LIMITED
ANNUAL REPORT 2015
63
Notes to the
financial statements
for the year ended 30 September 2015
GROUP FINANCIAL REPORT
17. Note to statement of cash flows
Reconciliation of loss from operations to net cash outflow from operating activities:
2015
$000
2014
$000
Loss for the period
(12,460)
(15,880)
Non-cash items
Depreciation and amortisation
326
206
Expense recognised in respect of shares issued in exchange for consulting services
10
714
Interest on lease liability
459
277
Impairment loss on mineral exploration expenditure
17
1,560
Share-based payments expense
902
703
Fair value (gains)/losses
86
–
Write-off of subsidiary
133
–
Net foreign exchange loss
–
16
Changes in operating assets and liabilities
–
(Increase) in other receivables
(354)
(772)
–
Increase in other payables
2,208
719
–
Increase in provisions
179
60
Net cash flows used from operations
(8,494)
(12,397)
18. Commitments
a. Expenditure commitments
Estimated capital expenditure required to maintain tenements by the balance sheet date, but not provided for, are payable
as follows:
2015
$000
2014
$000
Within one year
750
704
After one year but within five years
1,571
1,742
2,321
2,446
These commitments may be achieved by seeking exemptions, relinquishment or by joint venture arrangements.
During the year the company has spent less than the annual expenditure commitment under the amalgamated expenditure
arrangement. However, the company expects to meet any shortfall in this arrangement in future periods.
The company is in process of renewing its tenement licenses in the West Guadacanal area, and the Kolosori area is
subject to litigation matters.
Recoverability of the carrying amount of exploration assets is dependent on the successful exploration and commercial
exploitation of the tenements.