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AXIOM MINING LIMITED
ANNUAL REPORT 2015
73
Independent auditor’s report
to the members of Axiom Mining Limited continued
GROUP FINANCIAL REPORT
AXIOM MINING LIMITEDAND CONTROLLED ENTITIES
ABN 119 698 770
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF
AXIOM MINING LIMITED AND CONTROLLED ENTITIES
Auditor’s Opinion
In our opinion:
a. the financial report of Axiom Mining Limited is 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
September 2015 and of its performance for the year ended on that date; and
ii.
complying with Australian Accounting Standards and the Corporations
Regulations 2001; and
b. the financial report also complies with International Financial Reporting Standards
as disclosed in Note 1.
Emphasis of matter
Without modifying our opinion:
(i) We draw attention to Note 2 (b) in the financial report which indicates that the
consolidated entity incurred a net loss of $12,460,000 and incurred net cash outflows
from operations of $8,494,000 and had no ongoing source of operating income for the
year ended 30 September 2015.
These conditions, along with other matters as set forth in Note 1, indicate the
existence of a material uncertainty which may cast significant doubt about the
consolidated entity’s ability to continue as a going concern and therefore, the
consolidated entity may be unable to realise its assets and discharge its liabilities in
the normal course of business and at the amounts stated in the financial report.
(ii) We draw attention to Note 11 that discloses the renewal progress of the West
Guadacanal tenement license which has not been renewed at the date of this financial
report. This condition indicates the existence of a material uncertainty which may cast
a significant doubt about the recoverability of capitalised expenditures in relation to the
West Guadacanal tenement. Should the license not be successfully renewed, the
carrying value of capitalised exploration expenditures relating to the West Guadacanal
tenement, amounting to $2,967,491 may be impaired as at 30 September 2015.
Hall Chadwick
Level 40, 2 Park Street
Sydney NSW 2000
Drew Townsend
PARTNER
21 December 2015
Report on the Rem
u
neration Report
We have audited the remuneration report included in
pages 5 to 9
of the directors’
report for the year ended 30 September 2015. The directors of
the company are
responsible for the preparation and presentation of the remuneration report in
accordance with Section 300A of the Corporations Act 2001. Our responsibility is to
express an opinion on the remuneration report, based on our audit conducted
in
accordance with Australian Auditing Standards.
Auditor’s Opinion
In our opinion the remuneration report of Axiom Mining Limited
for the year ended 30
September 2015 complies with Section 300A of the Corporations Act 2001.