Alice Queen Limited (AQX) 2018年年度報告「ASX」.pdf

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1、 ALICE QUEEN LIMITED AND ITS CONTROLLED ENTITIES A.B.N.71 099 247 408 ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2018 CORPORATE DIRECTORY Directors Phillip Harman Chairman Andrew Buxton Managing Director Mark Kerr Non-Executive Director Company Secretary Anne Adaley Registered Office and Principal Pla

2、ce of Business Level 2,568 Chapel Street(Entrance Oxford Street)South Yarra VIC 3141 T:+61 3 8669 1408 W:.au Auditor MooreStephens Level18,530CollinsStreetMelbourneVIC3000T:+61 3 9608 0100 F:+61 3 9608 0192 Share Register Computershare Investor Services Pty Limited Yarra Falls,452 Johnston Street Ab

3、botsford Victoria 3067 T:1300 137 328 Securities Exchange Listing Australian Securities Exchange ASX Code:AQX CONTENTS CORPORATE PROFILE 1 CHAIRMANS LETTER 2 DIRECTORS REPORT 3 AUDITORS INDEPENDENCE DECLARATION 27 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME 28 CONSOLIDATE

4、D STATEMENT OF FINANCIAL POSITION 29 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 30 CONSOLIDATED STATEMENT OF CASHFLOWS 31 NOTES TO THE FINANCIAL STATEMENTS 32 DIRECTORS DECLARATION 55 INDEPENDENT AUDITORS REPORT 56 ADDITIONAL INFORMATION FOR LISTED PUBLIC COMPANIES 58 ALICE QUEEN LIMITED ANNUAL REP

5、ORT 30 JUNE 2018 1 CORPORATE PROFILE Alice Queen Limited is an Australian focused exploration company with the majority interests(84.5%and 90%respectively)in two exploration projects;the flagship Horn Island Gold Project,located in the Torres Strait,Queensland(Horn Island);and,the Mendooran Copper/G

6、old Porphyry Project,on the Molong Volcanic Arc in central New South Wales.Horn Island is a brownfields gold project prospective for gold bearing Carbo-Permian style vein/breccia.Horn Island comprises Exploration Permit EPM25520(Horn Island)as well as Exploration Permit EPM25418(Kaiwalagal)which inc

7、ludes the broader group of islands surrounding Horn Island.Gold was discovered on Horn Island in late 1800s and the first bulk mining undertaken in 1907.A more modern operation was established by Augold Pty Ltd in 1987 but was closed in 1989 for reasons which appear to have included the rapid deteri

8、oration of the gold price.In 1989 the Queensland government imposed a restriction over the area which precluded any further mining or exploration activity(RA 295).Alice Queen has successfully negotiated with the Queensland government to have RA295 repealed to allow exploration to recommence and has

9、since completed over 16,000 metres of diamond core drilling and built up an Inferred Resource of 7.9 million tonnes 1.9 g/t Au for 492,000 ounces of gold.In NSW,the Company has five tenements situated on the Molong Volcanic Arc,being EL8469(Mendooran),EL8563(Mendooran North),EL8565(Mendooran South)a

10、nd EL8646(Yarindury).Together these tenements have been chosen for their prospectivity for significant scale porphyry Cu/Au deposits.These projects were selected by the Companys Chief Technical Advisor,John Holliday,and are situated north,along strike,of the giant Cadia-Ridgeway mine(50m oz Au+9m to

11、nnes Cu)operated by Newcrest Mining Limited(ASX:NCM).John Holliday was formerly Chief Geoscientist and General Manager Property Generation at Newcrest and was a principal discoverer of Cadia.In April 2017,Alice Queen entered in to an Option and Farm In Agreement with Newcrest Operations Limited,a su

12、bsidiary of Newcrest Mining Limited(ASX:NCM)where Newcrest can spend$10 million over nine years to earn up to 80%of certain of the Companys NSW projects.ALICE QUEEN LIMITED ANNUAL REPORT 30 JUNE 2018 2 CHAIRMANS LETTER Dear Shareholder,It is with pleasure that I write to update you on a successful y

13、ear for Alice Queen Limited(“Alice Queen or the“Company”)on its third anniversary as an ASX listed company.During the year,the Company raised a further$5.50 million(before costs)in new equity to fund its ongoing exploration efforts at its flagship Horn Island gold project.This year the Company has a

14、chieved some significant milestones.In September 2017 the Company announced its maiden Mineral Resource.It reported 5.8 million tonnes at 2.01 g/t Au for 375 ounces of gold at the Inferred Resource level.More recently in August 2018,Alice Queen announced that its most recent Resource drilling progra

15、m had resulted in a significant upgrade of the Resource to 7.9 million tonnes 1.9g/t Au for a new total of 492,000 ounces of gold on at the Inferred Resource level.During October 2017,Newcrest Mining commenced its maiden drill program at the Companys joint venture at Mendooran in central New South W

16、ales.Three diamond core holes were drilled at Mendooran during the year with only modest success.There was no significant alteration or mineralization observed in the core but,encouragingly,the anticipated cover sequence was shallower than expected and the basement rocks that were intercepted were t

17、he correct age.Further drilling at Mendooran is planned.Significantly,in March 2018,the Company released the results from its maiden drill program at its second major gold prospect on Horn Island,the Southern Silicified Ridge(SSR)which is located approximately 2 km to the south of the historic Horn

18、island open pit.The Company had previously,in 2016,completed an extensive surface rock chip and channeling sampling program over the entire 3km strike length of the SSR.This has showed that there was surficial gold at strong grades at surface.The initial 9 hole diamond core program at SSR delivered

19、some significant gold intercepts with the best reported interval of 11 metres at 2.89 g/t Au from 70 metres down hole.The results of this program at SSR confirmed that the Company was indeed on to a second,potentially much larger,gold system than the historic open pit area,the area where its Inferre

20、d Resource is located.In July 2018,a summary of recently completed report by Structural Geologist Ben McCormack of Model Earth Pty Ltd was released to the market.The work concluded that the Horn Island pit deposit is part of a structurally controlled tension fault vein array dilation zone.It further

21、 proposed the notion that these dilation zones would plausibly occur quite frequently across Horn Island and thus the existing Horn Island pit gold Resource had strong potential to be built upon moving forward.A short while later the results of a detailed down hole geochemistry study,prepared by Sco

22、tt Halley of Mineral Mapping Pty Ltd was incorporated in to a technical webinar that the Company released to ASX.This significant new understanding of the Horn Island gold system can be viewed at the URL listed below.https:/ In summary,I believe the Company has made very good progress this year and

23、is well positioned to achieve some very exciting things in the year ahead.I thank Andrew Buxton and his team for making such significant progress.I also take this opportunity to thank you,the shareholder,for your ongoing support and look forward to updating you on the Companys progress during the ne

24、xt twelve months.Yours faithfully,Phillip Harman Chairman ALICE QUEEN LIMITED ANNUAL REPORT 30 JUNE 2018 3 DIRECTORS REPORT FOR YEAR ENDED 30 JUNE 2018 The Directors of Alice Queen Limited(“Alice Queen”and/or“the Company”)present their Report together with the financial report of the consolidated en

25、tity(referred to hereafter as the“Group”)consisting of Alice Queen Limited(the“Company”)and the entities it controlled at the end of,or during,the year ended 30 June 2018,unless otherwise stated.Directors The following persons held office as Directors of Alice Queen Limited during or since the end o

26、f the reporting period and up to the date of this report:Phillip Harman Non-Executive Chairman Date of Appointment:Director since 9 February 2009.Chairman until 24 September 2009.Re-elected Chairman 16 March 2012 until 13 November 2015.Re-elected Chairman 10 August 2016.Expertise and Experience Mr H

27、arman is a professional geophysicist who spent more than 30 years working for BHP Billiton in minerals exploration in a broad number of roles including Chief Geophysicist,Manager Discovery of Technology,and Exploration Manager in both South America and Western Australia.His experience in BHP spanned

28、 both technical and managerial roles here in Australia and overseas.He is broadly networked throughout the international mining business development and exploration community,has experience in creating and managing junior exploration companies and understands capital markets,having raised risk capit

29、al for exploration through the ASX and on AIM in London.Other current directorships Stellar Resources Limited Laguna Gold Limited.(unlisted)Deep Exploration Technology CRC Former directorships in the last 3 years Nil Interest in shares and options 545,456 fully paid ordinary shares held directly in

30、the Company;and 1,617,572 fully paid ordinary shares and 2,481,435 unlisted options over ordinary shares held indirectly in the Company.Andrew Buxton Managing Director Date of Appointment:13 November 2015 Expertise and Experience Andrew has 25 years of experience across a broad range of industries i

31、ncluding media,gaming,property and resources.He has specific experience in the area of corporate finance,capital raisings and generation of resources exploration projects.Andrew was the founder of Alice Queen in 2012.Prior to this he was the founding Managing Director of Kidman Resources Limited(ASX

32、:KDR).Other current directorships Nil Former directorships in the last 3 years Nil ALICE QUEEN LIMITED ANNUAL REPORT 30 JUNE 2018 4 DIRECTORS REPORT FOR YEAR ENDED 30 JUNE 2018 Interest in shares and options 62,012,009 fully paid ordinary shares and 8,116,050 unlisted options over ordinary shares he

33、ld directly in the Company;and 180,000 fully paid ordinary shares held indirectly in the Company.Mark Kerr Non-Executive Director Date of Appointment:13 November 2015 Expertise and Experience Mark is a director of Berkeley Consultants Pty Ltd which specialises in public relations and reputation mana

34、gement consultancy.He has specialist expertise in the areas of finance,marketing,property,political and issues management.Mark is also a director and adviser to various private companies.Marks community involvement currently extends to being a member of the Victorian Committee for the Juvenile Diabe

35、tes Research Foundation.He is also a committee member of the St Vincents Institute Charity Golf Day Committee.Other current directorships Hawthorn Resources Limited Contango Income Generator Limited Think Childcare Limited Former directorships in the last 3 years Contango Microcap Limited(7 December

36、 2009 until 13 October 2017)Interest in shares and options 16,024,169 fully paid ordinary shares and 1,366,050 unlisted options over ordinary shares held directly in the Company;and 14,421,753 fully paid ordinary shares held indirectly in the Company.Company Secretary Anne Adaley Date of Appointment

37、:25 November 2015.Anne has more than 25 years experience in the resources sector,including senior management roles with a number of listed public Australian exploration and mining companies.Anne is principal of Australian Mining Corporate and Administrative Services Pty Ltd(AMCAS)which provides a fu

38、ll range of consulting services and business support to management including accounting,financial services and company secretarial.Anne has also spent more than a decade as Company Secretary for several ASX listed public companies.Anne has served as Chief Financial Officer and Company Secretary to M

39、obecom Limited,Global Fortune Investment Limited,Tellus Resources Ltd and Monaro Mining NL,Company Secretary to Gulf Industrials Limited,Chief Financial Officer to Tectonic Gold Plc,Estrella Resources Ltd,Finance and Administration Manager to Climax Mining Limited and Company Secretary and Group Fin

40、ancial Controller to Gympie Gold Limited.ALICE QUEEN LIMITED ANNUAL REPORT 30 JUNE 2018 5 DIRECTORS REPORT FOR YEAR ENDED 30 JUNE 2018 Principal Activity The principal activity of the Company during the reporting period was mineral exploration and the development of its projects at Horn Island,Queen

41、sland and in New South Wales.Review of Operations and Financial Results Financial Results The Group incurred a loss after tax for the reporting period of$2,424,079(2017:$1,138,203 loss).Corporate activities Bonus Option Issue and Capital Raisings On 13 October 2017 the Company announced that 123,609

42、,736 of its listed options which expired on 30 September 2017 had been exercised and converted into fully paid shares in the Company.The Option conversion was fully underwritten by the Companys lead Manager,Argonaut,and raised$3,708,292 before costs of which$3,573,706 was received during the reporti

43、ng period.Argonaut received a fee of$202,993 for providing this service.The Option exercise was well supported by the Companys Top 20 shareholders along with some new strategic investors who received allocations via Argonauts sub underwriters.Funds raised were applied to the Companys resource defini

44、tion drilling at Horn Island.On 26 March 2018,Alice Queen announced that it had closed a share placement(Placement)fully subscribed via a private share Placement for the issue of 50,000,000 ordinary shares at an issue price of$0.04 per share raising$2,000,000(before costs).These shares were allotted

45、 and issued on 10 April 2018.The Placement received strong support from a number of the Companys existing shareholders as well as a number of new strategic investors.Funds raised through the Placement were applied to the drilling program at the Companys Horn Island gold project in the Torres Strait

46、and working capital.ALICE QUEEN LIMITED ANNUAL REPORT 30 JUNE 2018 6 DIRECTORS REPORT FOR YEAR ENDED 30 JUNE 2018 Review of Operations and Financial Results(Continued)Exploration activities Queensland Horn Island(Ngurupai)EPM 25520(84.5%owned)On 5 September 2017,Alice Queen announced the achievement

47、 of its most significant mile stone since listing in 2015,its maiden Mineral Resource at its flagship Horn Island gold project.The Mineral Resource Estimate MRE for the Pioneer Lode at Horn Island is 5.8 million tonnes at 2.01 g/t gold for 375,000 ounces of gold using a 0.75 g/t cut-off grade(See Fi

48、gure 1).Significantly,the MRE covers only approximately 30%of the historic pit prospect that is known to be mineralised and thus the Company is confident that there will be further upgrades to the Mineral Resource Estimate once the other 70%of the pit prospect has been drilled See Figure 2).Figure 1

49、 Horn Island Pit deposit mineral inferred resource estimate grade tonnage curve chart demonstrating robust resource grade.ALICE QUEEN LIMITED ANNUAL REPORT 30 JUNE 2018 7 DIRECTORS REPORT FOR YEAR ENDED 30 JUNE 2018 Review of Operations and Financial Results(Continued)On 20 October 2017 Alice Queen

50、confirmed the commencement of its Phase Two Resource drilling at Horn Island.The Company announced that it planned to drill approximately 7,300 metres of diamond core over two stages with the intention of upgrading its existing 375,000 oz Au Inferred Resource at Horn Island(figure 2&3).At the time A

51、lice Queen foreshadowed that drilling of Stage A would be completed by Christmas 2017 and that Stage B drilling would commence early in 2018.The Company remains on track with this guidance.On 24 January 2018 the Company released an update on its recent Horn Island drilling program.Part A of the Comp

52、anys Resource definition drilling program around the historic Horn Island open pit comprised 22 holes for 4,561 metres of diamond core drilling.Preliminary observations indicated a significant strike extent of gold bearing veins across the West pit and Welcome target areas.Significant gold intercept

53、s from that program included:5m 5.1 g/t Au from 36m(17NGD028)7m 5.2 g/t Au from 150m(17NGD034)1m 4.6 g/t Au from 72m(17NGD035)3m 5.4 g/t Au from 29m(17NGD036)5m 6.4 g/t Au from 46m(17NGD037)10m 2.4 g/t Au from 108(17NGD038)1m 5.9 g/t Au from 86m(17NGD039)3m 4.3 g/t Au from 95m(17NGD045)ALICE QUEEN L

54、IMITED ANNUAL REPORT 30 JUNE 2018 8 DIRECTORS REPORT FOR YEAR ENDED 30 JUNE 2018 Review of Operations and Financial Results(Continued)Figure 2 Location of Part A Resource definition drilling at Horn island historic open pit.Existing Mineral Resource area pictured in red shading.ALICE QUEEN LIMITED A

55、NNUAL REPORT 30 JUNE 2018 9 DIRECTORS REPORT FOR YEAR ENDED 30 JUNE 2018 Review of Operations and Financial Results(Continued)Figure 3.Green area representing the subject of Phase Two resource drilling at Horn Island On 2 May 2018,Alice Queen announced that it had received some bonanza grade results

56、(30 g/t Au)from its Resource definition drilling program at the Horn island open pit.The subject interval provided the following results:7m 22 g/t Au from 36m in hole 18NGD070(later revised to 7m 17 g/t Au after subsequent screen fire assay)and included bonanza grades of:o 1m 41.8 g/t Au from 38m o

57、1m 67.6 g/t Au from 43m TheCompanyseestheseresultsassignificantasitconfirmstheoccurrenceofpotentiallyhighergradezoneswithintheHornIslandpitdeposit.Access Agreement and Commencement of Drilling at Southern Silicified Ridge SSR On 27 November 2017,Alice Queen announced that it had signed an access agr

58、eement with the Kaurareg Aboriginal Land Trust(KALT)for the commencement of a maiden diamond core drill program at the SSR prospect on Horn Island.The SSR prospect is located approximately 2.8 kilometres south west of the historic open pit where the Companys current Inferred Resource of 375,000 ounc

59、es of gold is situated.Based on the results of the Companys previous surface sampling and rock chip program over the area,the SSR prospect has an extensive surface gold zone(See figure 4 and figure 5)with an interpreted mineralised strike length of 3.0 kilometres.On 21 March 2018,the Company announc

60、ed the first assay results from its maiden drilling program at Southern Silicified Ridge(SSR).The SSR is situated approximately 2 kilometres south west of the historic Horn Island open pit and based on the ALICE QUEEN LIMITED ANNUAL REPORT 30 JUNE 2018 10 DIRECTORS REPORT FOR YEAR ENDED 30 JUNE 2018

61、 Review of Operations and Financial Results(Continued)Companys previous mapping and sampling represents an opportunity for a significant scale gold system(figure 4&5).The geochemistry undertaken at the area by the Companys geological team,indicated a surface expression of anomalous gold along a 3km

62、corridor at SSR.Significant gold intercepts from this first part of the maiden drill program included:11m 2.89 g/t Au from 70m,including 3m 9.41 g/t Au from 78m(17NGD052)3m 1.04 g/t Au from 117m(17NGD050)5m 0.51 g/t Au from 46m(17NGD050)On 30 April 2018,Alice Queen announced to the market that it ha

63、d intersected further significant gold at its Southern Silicified Ridge(SSR)prospect at its flagship Horn Island gold project at Horn Island(figure 6).A 9 hole,1500 metre diamond core drilling program commenced in March 2018 and was completed in April 2018.The maiden drill program at SSR provided th

64、e following significant intervals:11m 2.89 g/t Au from 70m 12m 1.0 g/t Au from 31m 2m 5.56 g/t Au from 160m 11m 0.5 g/t Au from 44 m These results confirmed that,although early days in its development,the SSR is shaping up to be a second significant gold system that is additional to the Horn Island

65、open pit deposit.ALICE QUEEN LIMITED ANNUAL REPORT 30 JUNE 2018 11 DIRECTORS REPORT FOR YEAR ENDED 30 JUNE 2018 Review of Operations and Financial Results(Continued)Figure 4 Map of the eastern part of Horn Island showing SSR and historic open pit prospect areas ALICE QUEEN LIMITED ANNUAL REPORT 30 J

66、UNE 2018 12 DIRECTORS REPORT FOR YEAR ENDED 30 JUNE 2018 Review of Operations and Financial Results(Continued)Figure 5 Map of SSR showing interpreted mineralized vein and stock work zones along with target drill collar locations.ALICE QUEEN LIMITED ANNUAL REPORT 30 JUNE 2018 13 DIRECTORS REPORT FOR

67、YEAR ENDED 30 JUNE 2018 Review of Operations and Financial Results(Continued)Figure 6 SSR drill trace locations with significant gold intercepts highlighted.Significant Expansion of Horn Island Exploration Upside During the reporting period,Alice Queen commissioned three experts reports in specific

68、geological disciplines,on the Horn Island mineral system.These reports were as follows:Detailed geochemistry of the Horn Island mineral system Scott Halley of Mineral Mapping Pty Ltd Review of the structural framework of the Horn Island gold deposits Ben McCormack of Model Earth Pty Ltd Analysis of

69、Horn Island geophysical data Nigel Cantwell and Jason Meyers of Resource Potentials Pty Ltd A summary of the findings of these three reports was released to the ASX on 27 July 2018,which included the following highlights:The current Horn Island gold deposit is part of an extensive alteration system

70、and metal zonation trends that has all the characteristics of an Intrusion-related Gold System(IRGS)(figure1).This puts Horn Island in the same mineral system category as the major past and present,multi-million-ounce gold producers of north-east Queensland such as Kidston,Mt Leyshon,Ravenswood,Mung

71、ana-Red Dome and Mt Wright.Age dating has confirmed that Horn Island is of the same broad age as these other deposits.ALICE QUEEN LIMITED ANNUAL REPORT 30 JUNE 2018 14 DIRECTORS REPORT FOR YEAR ENDED 30 JUNE 2018 Review of Operations and Financial Results(Continued)Figure 7 Horn Island project schem

72、atic showing SSR and Horn Island Pit deposits(looking west).The alteration system at Horn Island covers an area of roughly 20 square kilometres of which the drilled part is only 0.35 square kilometres.The granite hosting the mineralisation can be subdivided by detailed litho-geochemistry into 10 fra

73、ctionation phases(figure 8),and significantly the cupola(most fractionated)phase of the system,which can be expected to host the strongest gold mineralisation,has not yet been located.Discovering this gold-mineralised cupola phase will be a key focus for exploration going forward.ALICE QUEEN LIMITED

74、 ANNUAL REPORT 30 JUNE 2018 15 DIRECTORS REPORT FOR YEAR ENDED 30 JUNE 2018 Review of Operations and Financial Results(Continued)Figure 8.Indicator of fractional crystallization of zircons from the Horn Island gold deposit.Various colors represent different fraction of the granites with most fractio

75、ned population represented by magenta and lest fractionated represented by blue values.The black ellipse shows points to plot in a strongly fractionated system like Kidston,Mt Leyshon or Mungana.The drilling to date at Horn Island has not intersected the most fractionated granite.Litho-geochemistry

76、studies of the relatively limited geochemical data across the alteration system to date show zonation patterns that suggest target areas for the gold-mineralised cupola phase based on the IRGS geochemical zonation model developed from studies of IRGS deposits worldwide.A major expansion of geochemic

77、al surveying across the alteration system is therefore in planning to better define target areas.Structural studies of the Horn Island old pit resource area have shown that the gold is contained in a large tension vein array setting with significant probable extensions away from the resource area wh

78、ich have only very limited drill testing(figure9).ALICE QUEEN LIMITED ANNUAL REPORT 30 JUNE 2018 16 DIRECTORS REPORT FOR YEAR ENDED 30 JUNE 2018 Review of Operations and Financial Results(Continued)Figure 9.Cross section(view northwest)of Horn Island gold deposit with components of the structural fr

79、ame work the gold mineralisation forms within tension vein cluster arrays(within southern and northern dilation zones),mineralisation is bounded by brittle shears.Geophysical data from the 1980s,recently found in contractor warehouses,once digitised,has revealed that magnetic,radiometric and induced

80、 polarisation(IP)data can play a key role also in locating the gold-mineralised cupola phase.The old IP data shows that the Horn Island mineralisation has a strong IP response(figures 10&11).ALICE QUEEN LIMITED ANNUAL REPORT 30 JUNE 2018 17 DIRECTORS REPORT FOR YEAR ENDED 30 JUNE 2018 Review of Oper

81、ations and Financial Results(Continued)Figure 10.Historic ground IP survey across Horn Island Pit area highlighting numerous chargeability highs(defined by red-magenta colours),majority of these targets remain untested.ALICE QUEEN LIMITED ANNUAL REPORT 30 JUNE 2018 18 DIRECTORS REPORT FOR YEAR ENDED

82、 30 JUNE 2018 Review of Operations and Financial Results(Continued)Figure 11.Historic ground IP survey across SSR highlighting numerous chargeability highs(defined by red-magenta colours)in associated with high grade gold bearing vein stock-work&intense zones of sericite alteration.Kaiwalagal EPM 25

83、418 Kaiwalagal EPM 25418 located in Queensland was granted for a term of five years from 25 January 2016 to 24 January 2021.The Company continued its desk top review of historic stream sediment samples and geophysics during the reporting period.New South Wales Mendooran Tenements EL 8469,EL 8563 and

84、 EL 8565(90%owned)During the reporting period,Newcrest Operations Limited(Newcrest),a subsidiary of Newcrest Mining Limited(ASX:NCM)completed an extensive geophysical study over the Mendooran tenements which included both magnetics and gravity.The study resulted in the identification of fifteen dril

85、l targets that fit the porphyry Cu-Au model with eight of those targets having been given a Priority 1 status for the focus of initial drilling.During the reporting period three mud rotary/diamond core drill holes were completed for a total of approximately 1,200 metres.ALICE QUEEN LIMITED ANNUAL RE

86、PORT 30 JUNE 2018 19 DIRECTORS REPORT FOR YEAR ENDED 30 JUNE 2018 Review of Operations and Financial Results(Continued)Looking Glass EL 8225(90%owned)On 6 December 2017,the Company announced that drilling of a second hole at Looking Glass has commenced.The holes targeted Cadia style porphyry Cu-Au m

87、ineralization and was co-funded by the NSW governments New Frontiers grants program.After careful consideration by the Companys Board of Directors as part of the half yearly review and having regard to the excessive depth to basement,the age of the basement rocks and the lack of mineralisation in bo

88、th holes that have been drilled there,a decision was made not to renew EL8225 Looking Glass.Accordingly,during the reporting period,the Group assessed the carrying value of its EL 8225 Looking Glass tenement to be$Nil,resulting in an impairment charge of$548,152.Tenement Summary Tenement Location Cu

89、rrent Holder(i)Interest Area(Blocks)Grant Date Expiry Date Minimum expenditure(current year)(ii)EPM 25520 Queensland Kauraru Gold Pty Ltd 100%24 08 Oct 2014 07 Oct 2019$2,200,000 EPM 25418 Queensland Kauraru Gold Pty Ltd 100%83 25 Jan 2016 24 Jan 2021$140,000 EL 8469 NSW Monzonite Metals Pty Ltd 100

90、%100 30 Sep 2016 30 Sep 2018(iii)Nil EL 8563 NSW Monzonite Metals Pty Ltd 100%28 12 May 2017 12 May 2019$25,000 EL 8565 NSW Monzonite Metals Pty Ltd 100%14 17 May 2017 17 May 2019 Nil EL8646 NSW Monzonite Metals Pty Ltd 100%86 12 Sep 2017 12 Sep 2019 Nil(i)Alice Queen Limited holds a majority intere

91、st in Kauraru Gold Pty Ltd(84.5%equity interest)and Monzonite Metals Pty Ltd(90%equity interest).(ii)Minimum expenditure current year totals$2,365,000(for further information refer to note 18 of the financial statements).(iii)EL 8469 is in the process of being renewed.Competent Person Statement The

92、information in report that relates to exploration results is based on information compiled by Mr Adrian Hell BSc(Hons)who is a full-time employee of Alice Queen Limited.Mr Hell is a member of the Australasian Institute of Mining and Metallurgy(AusIMM)and has sufficient experience that is relevant to

93、 the style of mineralisation and type of deposits under consideration and the activity being undertaken to qualify as a Competent Person as defined in the 2012 edition of the“Australasian Code for Reporting Exploration Results,Mineral Resources and Ore Reserves”.Mr Hell consents to the inclusion of

94、this information in the form and context in which it appears in this report.Changes in the State of Affairs There were no significant changes in the state of affairs of the Group during the reporting period ended 30 June 2018 other than as referred to in this report and the Financial Statements or n

95、otes thereto.Dividends The Directors recommend that no dividend be paid for the reporting period ended 30 June 2018(2017:Nil)nor have any amounts been paid or declared by way of dividend during the reporting period.ALICE QUEEN LIMITED ANNUAL REPORT 30 JUNE 2018 20 DIRECTORS REPORT FOR YEAR ENDED 30

96、JUNE 2018 Directors meetings The number of meetings of directors held during the year and the number of meetings attended by each director were as follows:BOARD MEETINGS DIRECTOR NUMBER ELIGIBLE TO ATTEND NUMBER ATTENDED P Harman 19 19 A Buxton 19 19 M Kerr 19 19 The Board does not have separately e

97、stablished committees dealing with audit,nomination,remuneration and risk management.The full Board carried out this role in accordance with the principles as set out in the Companys Corporate Governance Plan.Share options Details of unissued shares or interests of Alice Queen under option at the da

98、te of this report are:Details of options issued by the Company are set out in the capital and reserves note to the financial report.The names of persons who currently hold options are entered in the register of options kept by the Company pursuant to the Corporations Act 2001.This register may be in

99、spected free of charge.The persons entitled to exercise the options do not have,by virtue of the options,the right to participate in a share issue of any other body corporate.Shares issued on exercise of options During or since the end of the financial year,the Company issued 119,123,543(2017:22,053

100、,093)fully paid ordinary shares as a result of the exercise of listed options.Environmental Regulations The Group is subject to environmental regulations under the laws of the Commonwealth and State.The Board of Directors monitors compliance with environmental regulations and as at the date of this

101、report the Directors are not aware of any breach of such regulations during the reporting period.NUMBER OF SHARES UNDER OPTION CLASS OF SHARES EXERCISE PRICE OF OPTION EXPIRY DATE OF OPTIONS 11,100,000 Ordinary$0.03 14 December 2019 10,000,000 Ordinary$0.06 1 June 2019 20,000,000 Ordinary$0.056 14 D

102、ecember 2020 ALICE QUEEN LIMITED ANNUAL REPORT 30 JUNE 2018 21 DIRECTORS REPORT FOR YEAR ENDED 30 JUNE 2018 Indemnities given and insurance premiums paid to auditors and officers During the reporting period,the Company paid an insurance premium to insure the Directors and Officers of the Group.The O

103、fficers of the Company covered by the insurance policy include all Directors and the Company Secretary.The liabilities insured are legal costs that may be incurred in defending civil or criminal proceedings that may be brought against the officers in their capacity as officers of the Company,and any

104、 other payments arising from liabilities incurred by the officers in connection with such proceedings,other than where such liabilities arise out of conduct involving a willful breach of duty by the officers or the improper use by the officers of their position or of information to gain advantage fo

105、r themselves or someone else to cause detriment to the Company.Details of the amount of the premium paid in respect of the insurance policies are not disclosed as such disclosure is prohibited under the terms of the contract.The Company has entered into an agreement with the Directors and Officers t

106、o indemnify them against any claim and related expenses,which arise as a result of work completed in their respective capabilities.The Company has not otherwise,during or since the end of the financial year,except to the extent permitted by law,indemnified or agreed to indemnify any current or forme

107、r officer or auditor of the Company against a liability incurred as such by an officer or auditor.Likely Future Developments The Directors intend that the Group will continue exploration activities at its Horn Island Projects in Queensland and in New South Wales,as well as continually seeking furthe

108、r opportunities.Remuneration Report(Audited)This report details the nature and amount of each element of the emoluments of the key management personnel of the Group.Alice Queen received 48,761,481 or 97.87%votes in favor,1,062,988 or 2.13%against and 139,803 votes abstained out of 49,964,272 total v

109、otes received.The Company did not receive any specific feedback at the Annual General Meeting held on 29 November 2017.The policy of remuneration of Directors and other key management personnel is to ensure the remuneration package properly reflects the persons duties and responsibilities,and that r

110、emuneration is competitive in attracting,retaining and motivating people of the highest quality.There was no remuneration consultant used during the reporting period.Names and positions held by Key Management Personnel in office at any time during the reporting period are:P Harman Non-Executive Chai

111、rman(re-elected 10 August 2016)A Buxton Managing Director(appointed 13 November 2015)M Kerr Non-Executive Director(appointed 13 November 2015)ALICE QUEEN LIMITED ANNUAL REPORT 30 JUNE 2018 22 DIRECTORS REPORT FOR YEAR ENDED 30 JUNE 2018 Remuneration Report(Audited)(continued)KEY MANAGEMENT PERSONNEL

112、 POSITION DATE APPOINTED DATE RESIGNED CONTRACT DETAILS(DURATION&TERMINATION NOTICE PERIOD)PROPORTION OF ELEMENTS OF REMUNERATION RELATED TO PERFORMANCE PROPORTION OF ELEMENTS OF REMUNERATION NOT RELATED TO PERFORMANCE Non-Salary cash-based incentives%Shares /Units%Options /Rights%Shares /Units%Fixe

113、d salary /Fees%Total%DIRECTORS P Harman Non-Executive Chairman No fixed term-100 100 A Buxton Managing Director 13 Nov 15 No fixed term 6 months notice for termination-100 100 M Kerr Non-Executive Director 13 Nov 15 No fixed term-100 100 (a)Key Management Personnel Remuneration Details of remunerati

114、on Details of the nature and amount of each element of the emoluments of each of the key management personnel of the Group for the reporting period ended 30 June 2018 are set out in the following table:SHORT-TERM BENEFITS POST-EMPLOYMENT BENEFITS NAME SALARY&FEES$EQUITY(iii)$SUPER-ANNUATION$TOTAL$DI

115、RECTORS P Harman 42,250 37,308 4,014 83,572 A Buxton(i)325,300 159,892-485,192 M Kerr(ii)42,250 15,989 4,014 62,253 Total 409,800 213,189 8,028 631,017(i)A Buxton:Total remuneration of$485,192 includes consulting fees totalling$325,300(exclusive of GST)paid to Claremont Equities Pty Ltd during the r

116、eporting period,a company in which Mr.Buxton has an interest,for providing management services to the Alice Queen Group.This arrangement is based on normal commercial terms and conditions;(ii)M Kerr:Total remuneration of$62,2538 includes directors fees totalling$42,250 plus superannuation totalling$

117、4,014 paid and/or accrued during the reporting period.Directors fees of$42,250 were paid to Berkeley Consultants Pty Ltd,a company in which Mr.Kerr has an interest.(iii)On 14 December 2017,10,000,000 unlisted options were issued to Directors in total as approved by shareholders at the Annual General

118、 Meeting of the Company held on 29 November 2017.The expense in relation to equity relates to the fair value of these options issued to each director as part of compensation under the Companys Employees Share Option Plan.The options have a fair value of$393,000 in total which is amortised over the v

119、esting period.Accordingly,$213,189 was expensed to the Consolidated Statement of Profit or Loss and Other Comprehensive Income for the year ended 30 June 2018.ALICE QUEEN LIMITED ANNUAL REPORT 30 JUNE 2018 23 DIRECTORS REPORT FOR YEAR ENDED 30 JUNE 2018 Remuneration Report(Audited)(continued)(a)Key

120、Management Personnel Remuneration(continued)Details of the nature and amount of each element of the emoluments of each of the key management personnel of the Group for the 2017 comparative period are set out in the following table:SHORT-TERM BENEFITS POST-EMPLOYMENT BENEFITS NAME SALARY&FEES$EQUITY$

121、SUPER-ANNUATION$TOTAL$DIRECTORS P Harman 25,000 10,103 2,375 37,478 A Buxton(i)250,000 10,103-260,103 M Kerr(ii)25,000 10,103 2,375 37,478 FORMER DIRECTORS/EXECUTIVES B Fulton(iii)4,167 -396 4,563 J Holliday(iv)6,747 -396 7,143 J Williams 4,167 -396 4,563 Total 315,081 30,309 5,938 351,328(i)A Buxto

122、n:Total remuneration of$260,103 includes consulting fees totalling$250,000(exclusive of GST)paid to Claremont Equities Pty Ltd during the reporting period,a company in which Mr.Buxton has an interest,for providing management services to the Alice Queen Group.This arrangement is based on normal comme

123、rcial terms and conditions;(ii)M Kerr:Total remuneration of$37,478 includes directors fees totalling$25,000 plus superannuation totalling$2,375 paid and/or accrued during the reporting period.Directors fees of$25,000 were paid to Berkeley Consultants Pty Ltd,a company in which Mr.Kerr has an interes

124、t.(iii)B Fulton:Total remuneration of$4,563 reflects directors fees totalling$4,167 plus superannuation totalling$396 paid during the period 1 July 2016 to 10 August 2016.Directors fees of$4,167 were paid to Maplefern Pty Ltd,a company in which Mr.Fulton has an interest.(iv)J Holliday:Total remunera

125、tion of$4,563 is comprised of directors fees totalling$4,167 plus superannuation totalling$396 paid during the reporting period and consulting fees totalling$2,580 paid to Holliday Geoscience Pty Ltd during the period 1 July 2016 to 10 August 2016,a company in which Mr.Holliday has an interest,for p

126、roviding consulting,geological and management services to the Alice Queen Group in addition to the duties of a non-executive director.This arrangement is based on normal commercial terms and conditions.Performance income as a proportion of total income No bonuses were paid to Key Management Personne

127、l during the reporting period nor during the comparative period.ALICE QUEEN LIMITED ANNUAL REPORT 30 JUNE 2018 24 DIRECTORS REPORT FOR YEAR ENDED 30 JUNE 2018 Remuneration Report(Audited)(continued)(b)Options issued as part of remuneration There were no options granted as compensation to Key Managem

128、ent Personnel during the reporting period or during the comparative period.(c)Shares Issued on Exercise of Compensation Options There were no options exercised during the reporting period or the comparative period that were granted as compensation in prior periods.(d)Other Information The number of

129、securities in the Company held by each of the Key Management Personnel,including their related parties,during the 2018 reporting period and the 2017 comparative period,is set out below:Shares held by Key Management Personnel 2018 BALANCE 01 July 2017 PURCHASED ACQUIRED ON EXERCISE OF LISTED OPTIONS

130、BALANCE 30 JUNE 2018 DIRECTORS P Harman 2,163,028-2,163,028 A Buxton 43,402,009-17,500,000 60,902,009 M Kerr 21,130,614-9,315,308 30,445,922 Total 66,695,651-26.815.308 93.510.959 2017 BALANCE 01 July 2016 PURCHASED BALANCE ON RESIGNATION BALANCE 30 JUNE 2017 DIRECTORS P Harman 1,442,018 721,010-2,1

131、63,028 A Buxton 25,818,670 17,583,339-43,402,009 M Kerr 20,297,281 833,333-21,130,614 FORMER DIRECTORS/EXECUTIVES-B Fulton 17,359,516-(17,359,516)(i)-J Holliday 18,694,863-(18,694,863)(i)-J Williams 830,761-(830,761)(i)-Total 84,443,109 19,137,682(36,885,140)66,695,651 (i)B Fulton,J Holliday and J W

132、illiams resigned on 10 August 2016.No shares were granted as compensation to key management personnel during the 2018 reporting period.ALICE QUEEN LIMITED ANNUAL REPORT 30 JUNE 2018 25 DIRECTORS REPORT FOR YEAR ENDED 30 JUNE 2018 Remuneration Report(Audited)(continued)Options and right holdings held

133、 by Key Management Personnel 2018 BALANCE 01 JULY 2017 RECEIVED AS REMUNERATION LISTED OPTIONS EXERCISED BALANCE 30 JUNE 2018 DIRECTORS P Harman 731,435 1,750,000-2,481,435 A Buxton 25,908,724 7,500,000(17,500,000)15,908,724 M Kerr 9,931,358 750,000(9,315,308)1,366,050 Total 36,571,517 10,000,000(26

134、,815,308)19,756,209 2017 BALANCE 01 JULY 2016 RECEIVED AS REMUNERATION LISTED OPTIONS GRANTED OPTIONS EXERCISED BALANCE ON RESIGNATION(i)BALANCE 30 JUNE 2017 DIRECTORS P Harman 115,385 616,050 721,010(721,010)-731,435 A Buxton-616,050 27,892,674(2,600,000)-25,908,724 M Kerr-616,050 10,148,641(833,33

135、3)-9,931,358 FORMER DIRECTORS/EXECUTIVES B Fulton-J Holliday-J Williams-Total 115,385 1,848,150 38,762,325(4,154,343)-36,571,517(i)B Fulton,J Holliday and J Williams resigned on 10 August 2016.END OF AUDITED REMUNERATION REPORT ALICE QUEEN LIMITED ANNUAL REPORT 30 JUNE 2018 26 DIRECTORS REPORT FOR Y

136、EAR ENDED 30 JUNE 2018 Events Subsequent to Reporting Date On 26 September 2018,the Company announced the closing of a private share placement(Placement)to sophisticated investors to raise$1,002,500(before costs)at an issue price of$0.015 per share.The Placement comprised of 66,833,333 fully paid sh

137、ares of which 59,033,333 of the Placement securities is not subject to shareholder approval and will fall within the Companys 15%placement capacity under ASX Listing Rule 7.1.The remaining 7,800,000 of the Placement securities are proposed to be issued in response to commitments from Directors of th

138、e Company and are therefore subject to shareholder approval which is proposed to be sought at the Companys upcoming Annual General Meeting.In conjunction with the Placement,the Company will also conduct a non-underwritten non-renounceable entitlement issue to existing shareholders(on the basis of 1

139、new share for every 4 shares held)at the same price(1.5 cents)to raise up to a further$2 million(approximately)(“Entitlement Issue”).Funds raised pursuant to the Placement and Entitlement Issue will be applied towards:An Induced Polarization(IP)survey to assist in determining the highest priority Cu

140、pola Phase drilling targets at the Horn Island pit gold deposit and Southern Silicified Ridge(SSR);To assist the Company in seeking to procure an option and farm in agreement with an industry major in respect of certain areas within its Horn Island gold project;and Working Capital.Other than as stat

141、ed elsewhere in this report,Directors are not aware of any other matters or circumstances at the date of this report that have significantly affected or may significantly affect the operations,the results of the operations or the state of affairs of the Group in subsequent financial years.Non-Audit

142、Services The Board has considered the non-audit services provided during the year by the auditor and is satisfied that the provision of those non-audit services during the year is compatible with,and did not compromise,the auditor independence requirements of the Corporations Act 2001 for the follow

143、ing reasons:All non-audit services were subject to the corporate governance procedures adopted by the Company and have been reviewed by the Board to ensure they do not impact upon the impartiality and objectivity of the auditor;and The non-audit services do not undermine the general principles relat

144、ing to auditor independence as set out in APES 110 Code of Ethics for Professional Accountants,as they did not involve reviewing or auditing the auditors own work,acting in a management or decision-making capacity for the Company,acting as an advocate for the Company or jointly sharing risks and rew

145、ards.Details of the amounts paid to the auditors of the Group,Moore Stephens,and its related practices for audit and non-audit services provided during the year are set out in Note 30 to the Financial Statements.A copy of the auditors independence declaration as required under s307C of the Corporati

146、ons Act 2001 is included on page 19 of this financial report and forms part of this Directors report.Signed in accordance with a resolution of the Directors.Philip Harman Chairman 28 September 2018 AUDITORS INDEPENDENCE DECLARATION UNDER S 307C OF THE CORPORATIONS ACT 2001 TO THE DIRECTORS OF ALICE

147、QUEEN LIMITED&CONTROLLED ENTITIES I declare that,to the best of my knowledge and belief,during the year ended 30 June 2018,there have been:i.no contraventions of the auditor independence requirements as set out in the Corporations Act 2001 in relation to the audit;and ii.no contraventions of any app

148、licable code of professional conduct in relation to the audit.MOORE STEPHENS AUDIT(VIC)ABN 16 847 721 257 ANDREW JOHNSON Partner Audit&Assurance Services Melbourne,Victoria 28 September 2018 ALICE QUEEN LIMITED ANNUAL REPORT 30 JUNE 2018 28 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHE

149、NSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2018 NOTE 2018 2017$Revenue from continuing operations 85,200 95,622 Expenses from continuing operations:Other operating expenses 5(356,736)(277,904)Compliance costs (145,804)(107,766)Consultancy expenses (449,785)(130,048)Depreciation&amortisation (9,306)(3,0

150、53)Employee benefits,management fees and on costs (987,130)(695,998)Impairment expense 11(548,152)-Other costs (12,366)(37,025)Loss before income tax (2,424,079)(1,156,172)Income tax expense relating to the ordinary activities 6-Net loss for the year (2,424,079)(1,156,172)Loss of non-controlling int

151、erest 79,543 17,969 Loss attributable to parent entity shareholders (2,344,536)(1,138,203)Other comprehensive income,net of tax -Total comprehensive loss (2,344,536)(1,138,203)Earnings/Loss per Share:Basic loss per share(cents per share)17(0.79)(0.51)Diluted loss per share(cents per share)17(0.79)(0

152、.51)The accompanying notes form part these financial statements.ALICE QUEEN LIMITED ANNUAL REPORT 30 JUNE 2018 29 CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2018 NOTE 2018 2017$ASSETS Current Assets Cash and cash equivalents 21 514,359 805,316 Trade and other receivables 7 165,532 56

153、,181 Prepayments 8-2,633 Total Current Assets 679,891 864,130 Non-Current Assets Property,plant&equipment 9 42,533 27,038 Investments 10 19,200 16,000 Exploration and evaluation expenditure 11 8,354,403 3,875,504 Security deposits 12 76,228 53,303 Total Non-Current Assets 8,492,364 3,971,845 Total A

154、ssets 9,172,255 4,835,975 LIABILITIES Current Liabilities Trade and other payables 13 1,337,293 614,850 Provision for annual leave 14 24,788 1,632 Total Current Liabilities 1,362,081 616,482 Total Liabilities 1,362,081 616,482 Net Assets 7,810,174 4,219,493 EQUITY Share capital 15 13,319,811 7,866,1

155、09 Reserves 16 743,098 182,040 Minority interest (113,355)(33,812)Accumulated losses (6,139,380)(3,794,844)Total Equity 7,810,174 4,219,493 The accompanying notes form part these financial statements.ALICE QUEEN LIMITED ANNUAL REPORT 30 JUNE 2018 30 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR TH

156、E YEAR ENDED 30 JUNE 2018 2018 ISSUED CAPITAL OPTION RESERVE ASSET REVELAUATION RESERVE ACCUMULATED LOSSES NON-CONTROLLING INTEREST TOTAL$Balance as at 1 July 2017 7,866,109 182,040-(3,794,844)(33,812)4,219,493 Total loss and comprehensive income for the period -(2,344,536)(79,543)(2,424,079)Transac

157、tions with owners,recorded directly in equity Issue of share capital 5,787,694-5,787,694 Fair value of Options issued-557,858-557,858 Investments-3,200-3,200 Share issue costs(333,992)-(333,992)Balance as at 30 June 2018 13,319,811 739,898 3,200(6,139,380)(113,355)7,810,174 2017 ISSUED CAPITAL OPTIO

158、N RESERVE ASSET REVELAUATION RESERVE ACCUMULATED LOSSES NON-CONTROLLING INTEREST TOTAL$Balance as at 1 July 2016 5,078,811 -(2,656,641)(15,843)2,406,327 Total loss and comprehensive income for the period-(1,138,203)(17,969)(1,156,172)Transactions with owners,recorded directly in equity -Issue of sha

159、re capital 2,928,086 -2,928,086 Fair value of Options issued-182,040 -182,040 Share issue costs (140,788)-(140,788)Balance as at 30 June 2017 7,866,109 182,040 -(3,794,844)(33,812)4,219,493 The accompanying notes form part these financial statements.ALICE QUEEN LIMITED ANNUAL REPORT 30 JUNE 2018 31

160、CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2018 NOTE 2018 2017$Cash Flows from Operating Activities Cash payments in the course of operations (1,535,415)(935,983)Proceeds from Government Grant 83,673 95,547 Interest received 1,528 75 Interest paid (8)(2,137)Net cash used in oper

161、ating activities 21(1,450,222)(842,498)Cash Flows from Investing Activities Payments for exploration and evaluation expenditure (4,251,319)(1,593,546)Payments for property,plant and equipment (20,193)(22,964)Payments for security deposits (22,925)(20,000)Net cash from investing activities (4,294,437

162、)(1,636,510)Cash Flows from Financing Activities Proceeds from issue of shares 2,213,989 2,298,279 Proceeds from exercise of options 3,573,706 134,586 Payments for share issue costs (333,993)(140,787)Net cash used in financing activities 5,453,702 2,292,078 Net(decrease)/increase in cash held and ca

163、sh equivalents (290,957)(186,930)Cash and cash equivalents at the beginning of the period 805,316 992,246 Cash and cash equivalents at the end of the period 21 514,359 805,316 The accompanying notes form part these financial statements.ALICE QUEEN LIMITED ANNUAL REPORT 30 JUNE 2018 32 NOTES TO THE C

164、ONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2018 1.Nature of operations Alice Queen Limited is a public company,limited by shares,domiciled and incorporated in Australia and listed on the Australian Securities Exchange.The consolidated entity(the“Group”)consists of Alice Queen Limite

165、d(the“Company”)and the entities it controlled at the end of,or during,the year ended 30 June 2018.The principal activity of the Group during the reporting period was mineral exploration in Queensland and New South Wales.2.Basis of preparation Statement of Compliance The consolidated general purpose

166、financial statements of the Group have been prepared in accordance with Australian Accounting Standards,Australian Accounting Interpretations and other authoritative pronouncements of the Australian Accounting Standards Board.Australian Accounting Standards incorporate International Financial Report

167、ing Standards(IFRS)as issued by the International Accounting Standards Board.Compliance with Australian Accounting Standards ensure that the financial statements and notes also comply with IFRS.The consolidated financial statements for the year ended 30 June 2018(including comparatives)were approved

168、 and authorised for issue by the board of Directors on 28 September 2018.Historical Cost Convention The financial report has been prepared on an accrual basis and is based on the historical costs modified,where applicable by the measurement at fair value of selected non-current assets,financial asse

169、ts and financial liabilities.Functional and presentation currency Both the functional and presentation currency of the Group is in Australian dollars.Critical accounting estimates and judgements The preparation of a financial report in conformity with Australian Accounting Standards requires managem

170、ent to make judgments,estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities,income and expenses.The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under th

171、e circumstances,the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources.Actual results may differ from these estimates.The estimates and underlying assumptions are reviewed on an ongoing basis.Revis

172、ions to accounting estimates are recognised in the period in which the estimate is revised.In particular,information about significant areas of estimation uncertainty and critical judgements in applying accounting policies that have the most significant effect on the amount recognised in the consoli

173、dated financial statements are described in the following notes:-Note 3:Going concern;-Note 7:Income tax expense.-Note 10:Impairment of available for sale assets;and-Note 11:Impairment of exploration and evaluation expenditure.ALICE QUEEN LIMITED ANNUAL REPORT 30 JUNE 2018 33 NOTES TO THE CONSOLIDAT

174、ED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2018 3.Significant accounting policies Basis of consolidation All intra-group balances,transactions,income and expenses and profit and losses between entities in the consolidated group have been eliminated in full on consolidation.The non-controllin

175、g interest in the results and equity of subsidiaries is shown separately in the consolidated statement of profit or loss and other comprehensive income,consolidated statement of financial position and consolidated statement of changes in equity respectively.Non-controlling interests,presented as par

176、t of equity,represent the portion of the subsidiary companies profit or loss and net assets that is not held by the Group.The Group attributes total comprehensive income or loss of subsidiaries between the owners of the parent and the non-controlling interest based on their respective ownerships.Goi

177、ng concern basis During the year ended 30 June 2018 the Group recorded a loss of$2,344,536(2017:$1,138,203),had net cash outflows from operating activities of$1,450,222(2017:$842,498)and had net current liabilities of$682,190.Notwithstanding the Groups loss-making position,the financial report has b

178、een prepared using the going concern basis.The Directors have determined that future capital raisings will be required in order to continue the exploration and development of the Companys mineral tenements to achieve a position where they can prove exploration reserves.The ability of the Company to

179、continue as a going concern is dependent upon the Company raising additional capital sufficient to meet the Companys exploration commitments.Should there be no funding available exploration of the areas of interest may be put on hold.The recoverability of the exploration asset is dependent upon the

180、continued exploration of each area of interest.The Directors have prepared a cash flow forecast for the foreseeable future reflecting this expectation and the effect upon the Company.The achievement of the forecast is dependent upon the future capital raising,the outcome of which is uncertain.Furthe

181、r,subsequent to year end the Company has raised$1,002,500(before costs)via a private share Placement for the issue of 66,833,333 ordinary shares at an issue price of$0.015 per share.In conjunction with the Placement,the Company will also conduct a non-underwritten non-renounceable entitlement issue

182、to existing shareholders(on the basis of 1 new share for every 4 shares held)at the same price(1.5 cents)to raise up to a further$2 million(approximately)(“Entitlement Issue”).In conjunction with the Placement,the Company will also conduct a non-underwritten non-renounceable entitlement issue to exi

183、sting shareholders(on the basis of 1 new share for every 4 shares held)at the same price(1.5 cents)to raise up to a further$2 million(approximately)(“Entitlement Issue”).Funds raised pursuant to the Placement and Entitlement Issue will be applied towards:An Induced Polarization(IP)survey to assist i

184、n determining the highest priority Cupola Phase drilling targets at the Horn Island pit gold deposit and Southern Silicified Ridge(SSR);To assist the Company in seeking to procure an option and farm in agreement with an industry major in respect of certain areas within its Horn Island gold project;a

185、nd Working Capital.Refer to Note 32 and ASX announcement released on 26 September 2018.Estimates When preparing the interim financial statements,management undertakes a number of judgements,estimates and assumptions about recognition and measurement of assets,liabilities,income and expenses.The actu

186、al results may differ from the judgements,estimates and assumptions made by management,and will seldom equal the estimated results.ALICE QUEEN LIMITED ANNUAL REPORT 30 JUNE 2018 34 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2018 Significant accounting policies(continue

187、d)Contingent liabilities A contingent liability of the acquiree is assumed in a business combination only if such a liability represents a present obligation and arises from a past event,and its fair value can be measured reliably.Transaction costs Transaction costs that the Group incurs in connecti

188、on with a business combination,such as finders fees,legal fees,due diligence fees,and other professional and consulting fees,are expensed as incurred.Subsidiaries Subsidiaries are entities controlled by the Company.Control exists when the Company has the power,directly or indirectly,to govern the fi

189、nancial and operating policies of an entity so as to obtain benefits from its activities.In assessing control,potential voting rights that presently are exercisable or convertible are taken into account.The financial statements of subsidiaries are included in the consolidated financial statements fr

190、om the date that control commences until the date that control ceases.Transactions eliminated and consolidation Intragroup balances and any unrealised gains and losses or income and expenses arising from intragroup transactions,are eliminated in preparing the consolidated financial statements.Where

191、a controlled entity issues shares to non-controlling interests which does not result in loss of control by the Company,any gain or loss arising on the Companys interest in the controlled entity is recognised directly in equity.Property,plant and equipment Owned assets Items of property,plant and equ

192、ipment are stated at cost less accumulated depreciation(see below)and impairment losses(see Impairment accounting policy below).Depreciation Depreciation is charged to the profit or loss using the straight line method from the date of acquisition.Computer and Office equipment are depreciated at rate

193、s between 25%and 33%.Trade and other receivables Trade and other receivables are stated at their amortised cost less impairment losses.Cash and cash equivalents Cash and cash equivalents comprise cash balances and at call deposits.Available for sale financial assets The Groups investments in equity

194、securities are classified as available for sale financial assets and are recognised initially at fair value plus any directly attributable transaction costs.Subsequent to initial recognition,they are measured at fair value and changes therein,other than impairment losses are recognised directly as a

195、 separate component of equity.When an investment is derecognised the cumulative gain or loss in equity is reclassified to profit or loss.ALICE QUEEN LIMITED ANNUAL REPORT 30 JUNE 2018 35 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2018 Significant accounting policies(co

196、ntinued)Share capital Transaction costs Transaction costs of an equity transaction are accounted for as a deduction from equity,net of any related income tax benefit.Dividends There have been no dividends paid or declared in the period or in the previous reporting period.Share based payment transact

197、ions The grant date fair value of share-based payment awards granted to employees is recognised as an employee expense,with a corresponding increase in equity,over the period that the employees unconditionally become entitled to the awards.The amount recognised as an expense is adjusted to reflect t

198、he number of awards for which the related service and non-market vesting conditions are expected to be met,such that the amount ultimately recognised as an expense is based on the number of awards that do not meet the related service and non-market performance conditions at the vesting date.For shar

199、e-based payment awards with non-vesting conditions,the grant date fair value of the share-based payment is measured to reflect such conditions and there is no true-up for differences between expected and actual outcomes.Leases accounting policy note Leases of fixed assets,where substantially all the

200、 risks and benefits incidental to the ownership of the asset but not the legal ownership are transferred to entities in the consolidated group,are classified as finance leases.Finance leases are capitalised by recognising an asset and a liability at the lower of the amounts equal to the fair value o

201、f the leased property or the present value of the minimum lease payments,including any guaranteed residual values.Lease payments are allocated between the reduction of the lease liability and the lease interest expense for the period.Leased assets are depreciated on a straight-line basis over the sh

202、orter of their estimated useful lives or the lease term.Lease payments for operating leases,where substantially all the risks and benefits remain with the lessor,are recognised as expenses in the periods in which they are incurred.Lease incentives under operating leases are recognised as a liability

203、 and amortised on a straight-line basis over the lease term.Trade and other payables Trade and other payables are stated at their amortised cost.Trade payables are non-interest bearing and are normally settled on 30-day terms.Finance income and finance expense Finance income and finance expense comp

204、rises interest payable on borrowings calculated using the effective interest method,interest earned,dividend income,unwind of discount on provisions and the net change in the fair value of derivative financial instruments recognised in profit or loss.Interest income is recognised in the statement of

205、 comprehensive income as it accrues,using the effective interest method.Dividend income is recognised in the statement of comprehensive income on the date the entitys right to receive payments is established.ALICE QUEEN LIMITED ANNUAL REPORT 30 JUNE 2018 36 NOTES TO THE CONSOLIDATED FINANCIAL STATEM

206、ENTS FOR THE YEAR ENDED 30 JUNE 2018 3.Significant accounting policies(continued)Impairment Financial assets A financial asset is assessed at each reporting date to determine whether there is any objective evidence that it is impaired.A financial asset is considered to be impaired if objective evide

207、nce indicates that one or more events have had a negative effect on the estimated future cash flows of that asset.An impairment loss in respect of a financial asset measured at amortised cost is calculated as the difference between its carrying amount,and the present value of the estimated future ca

208、sh flows discounted at the original effective interest rate.An impairment loss in respect of an available-for-sale financial asset is calculated by reference to its fair value.Individually significant financial assets are tested for impairment on an individual basis.The remaining financial assets ar

209、e assessed collectively in groups that share similar credit risk characteristics.Non-financial assets The carrying amounts of the Groups non-financial assets,other than inventories and deferred tax assets,are reviewed at each balance sheet date to determine whether there is any indication of impairm

210、ent.If any such indication exists,the assets recoverable amount is estimated.For goodwill and intangible assets that have indefinite lives or that are not yet available for use,the recoverable amount is estimated each year at the same time.An impairment loss is recognised whenever the carrying amoun

211、t of an asset or its cash-generating unit exceeds its recoverable amount.Impairment losses are recognised in the statement of comprehensive income,unless an asset has previously been revalued,in which case the impairment loss is recognised as a reversal to the extent of that previous revaluation wit

212、h any excess recognised through profit or loss.Impairment losses recognised in respect of cash generating units are allocated first to reduce the carrying amount of any goodwill allocated to the units and then to reduce the carrying amount of the other assets in the unit(group of units)on a pro rata

213、 basis.Exploration and evaluation assets Exploration and evaluation assets are assessed for impairment if sufficient data exists to determine technical feasibility and commercial viability or facts and circumstances suggest that the carrying amount exceeds the recoverable amount.Exploration and eval

214、uation assets are tested for impairment when any of the following facts and circumstances exist:the term of exploration licence in the specific area of interest has expired during the reporting period or will expire in the near future,and is not expected to be renewed;substantive expenditure on furt

215、her exploration for and evaluation of mineral resources in the specific area are not budgeted nor planned;exploration for and evaluation of mineral resources in the specific area have not led to the discovery of commercially viable quantities of mineral resources and the decision was made to discont

216、inue such activities in the specified area;or sufficient data exists to indicate that,although a development in the specific area is likely to proceed,the carrying amount of the exploration and evaluation asset is unlikely to be recovered in full from successful development or by sale.Calculation of

217、 recoverable amount The recoverable amount of assets is the greater of their fair value less costs to sell and value in use.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 ti

218、me value of money and the risks specific to the asset.For an asset that does not generate largely independent cash inflows,the recoverable amount is determined for the cash-generating unit to which the asset belongs.ALICE QUEEN LIMITED ANNUAL REPORT 30 JUNE 2018 37 NOTES TO THE CONSOLIDATED FINANCIA

219、L STATEMENTS FOR THE YEAR ENDED 30 JUNE 2018 3.Significant accounting policies(continued)Reversals of impairment An impairment loss is reversed only to the extent that the assets carrying amount does not exceed the carrying amount that would have been determined,net of depreciation or amortisation,i

220、f no impairment loss had been recognised.An impairment loss in respect of goodwill is not reversed.Exploration and evaluation expenditure Exploration and evaluation costs,including the costs of acquiring licenses,are capitalised as exploration and evaluation assets on an area of interest basis.Costs

221、 incurred before the Group has obtained the legal rights to explore an area are recognised in the statement of comprehensive income.Exploration and evaluation assets are only recognised if the rights of the area of interest are current and either:the expenditures are expected to be recouped through

222、successful development and exploitation of the area of interest;or activities in the area of interest have not at the reporting date,reached a stage which permits a reasonable assessment of the existence or other wise of economically recoverable reserves and active and significant operations in,or i

223、n relation to,the area of interest are continuing.Segment reporting The Group determines and presents operating segments based on the information that internally is provided to the Managing Director,who is the Groups chief operating decision maker.An operating segment is a component of the Group tha

224、t engages in business activities from which it may earn revenue and incur expenses,including revenues and expenses that relate to transactions with any of the Groups other components.An operating segments results are reviewed regularly by the Managing Director to make decisions about resources to be

225、 allocated to the segment and assess its performance,and for which discrete financial information is available.Segment results that are reported to the Managing Director include items directly attributable to a segment as well as those that can be allocated on a reasonable basis.The Groups primary f

226、ormat for segment reporting is on the same basis as is used internally for evaluating operating segment performance and deciding how to allocate resources to operating segments.Income tax Income tax expense for the year comprises current and deferred tax.Income tax is recognised in the profit or los

227、s,except to the extent that it relates to items recognised directly in equity or in other comprehensive income.Current tax is the expected tax payable on the taxable income for the year,using tax rates enacted or substantially enacted at the balance sheet date,and any adjustment to tax payable in re

228、spect of previous years.Deferred tax is provided using the balance sheet liability method,providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes.The following temporary differences are not

229、 provided for:the initial recognition of assets or liabilities that affect neither accounting nor taxable profit and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future.The amount of deferred tax provided is based on the exp

230、ected manner of realisation or settlement of the carrying amount of assets and liabilities,using tax rates enacted or substantively enacted at the balance sheet date.A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which

231、the asset can be utilised.Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised.ALICE QUEEN LIMITED ANNUAL REPORT 30 JUNE 2018 38 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2018 3.Significant accountin

232、g policies(continued)Tax consolidation Alice Queen Ltd and its wholly owned Australian resident entities have formed a tax-consolidated Group with Alice Queen Holding Pty Ltd joining the existing tax consolidated group with effect from 13 November 2015,and are therefore taxed as a single entity from

233、 that date.The Head entity within the tax-consolidated group is Alice Queen Ltd.Kauraru Gold Pty Ltd and Monzonite Metals Pty Ltd are not part of the Alice Queen Ltd tax consolidated group as these companies are not wholly owned by Alice Queen Holdings Pty Ltd.Goods and services tax Revenue,expenses

234、 and assets are recognised net of the amount of goods and services tax(GST),except where the amount of GST incurred is not recoverable from the taxation authority.In these circumstances,the GST is recognised as part of the cost of acquisition of the asset or as part of the expense.Receivables and pa

235、yables are stated with the amount of GST included.The net amount of GST recoverable from,or payable to,the Australian Taxation Office is included as a current asset or liability in the statement of financial position.Cash flows are included in the statement of cash flows on a gross basis.The GST com

236、ponents of cash flows arising from investing and financing activities which are recoverable from,or payable to,the Australian Taxation Office are classified as operating cash flows.Employee benefits Wages,salaries,annual leave,sick leave and non-monetary benefits Liabilities for employee benefits fo

237、r wages,salaries,annual leave and sick leave that are expected to be settled within 12 months of the reporting date represent present obligations resulting from employees services provided to reporting date,are calculated at undiscounted amounts based on remuneration wage and salary rates that the G

238、roup expects to pay as at reporting date including related on-costs,such as workers compensation insurance and payroll tax.Earnings per share The Group presents basic and diluted earnings per share(EPS)data for its ordinary shares.Basic EPS is calculated by dividing the profit or loss attributable t

239、o ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding during the period.Diluted EPS is determined by adjusting the profit or loss attributable to ordinary shareholders and the weighted average number of ordinary shares outstanding for the effects of all

240、 dilutive potential ordinary shares.Provisions A provision is recognised in the statement of financial position when the Group has a present legal or constructive obligation as a result of a past event,and it is probable that an outflow of economic benefits will be required to settle the obligation.

241、If the effect is material,provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and,when appropriate,the risks specific to the liability.The unwinding of the discount is recognised as a finance co

242、st.Site restoration Mine rehabilitation costs will be incurred by the Group should the projects at the occupied mining sites be abandoned.The Group assesses its mine rehabilitation provision at each reporting date.The ultimate rehabilitation costs are uncertain and cost estimates can vary in respons

243、e to many factors.These uncertainties may result in future actual expenditure differing from the amount provided.Due to the early stages of the drilling and overall project life,no provision has been recorded at the balance date but a contingent liability disclosed.ALICE QUEEN LIMITED ANNUAL REPORT

244、30 JUNE 2018 39 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2018 3.Significant accounting policies(continued)Determination of fair values A number of the Groups accounting policies and disclosures require the determination of fair value,for both financial and non-financ

245、ial assets and liabilities.Fair values have been determined for measurement and/or disclosure purposes based on the following methods.When applicable,further information about the assumptions made in determining fair values is disclosed in the notes specific to that asset or liability.Trade and othe

246、r receivables The fair value of trade and other receivables is estimated as the present value of future cash flows,discounted at the market rate of interest at the reporting date.Share based payment transactions The fair value of the options granted is measured using a Black-Scholes formula taking i

247、nto account the terms and conditions upon which the options were granted.Measurement inputs include share price at grant date,exercise price of the instrument,expected volatility(based on historic share performance),risk-free interest rate(based on government bonds),and dividend yield.Non-derivative

248、 financial liabilities The Group initially recognises debt securities issued and subordinated liabilities on the date that they are originated.All other financial liabilities(including liabilities designated at fair value through profit or loss)are recognised initially on the trade date at which the

249、 Group becomes a party to the contractual provisions of the instrument.The Group derecognises a financial liability when its contractual obligations are discharged or cancelled or expire.Financial assets and liabilities are offset and the net amount presented in the statement of financial position w

250、hen,and only when,the Group has a legal right to offset the amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously.The Groups non-derivative financial liabilities are loans and borrowing and trade and other payables.Such financial liabilit

251、ies are recognised initially at fair value plus any directly attributable transaction costs.Subsequent to initial recognition these financial liabilities are measured at amortised cost using the effective interest rate method.ALICE QUEEN LIMITED ANNUAL REPORT 30 JUNE 2018 40 NOTES TO THE CONSOLIDATE

252、D FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2018 3.Significant accounting policies(continued)New accounting standards and interpretations In the current period,the Group has adopted all of the new and revised Standards and Interpretations issued by the Australian Accounting Standards Board(the

253、 AASB)that are relevant to its operations and effective for reporting periods beginning on 1 July 2017.The Group has not elected to early adopt any new standards or amendments.The directors note that the impact of the initial application of the Standards and Interpretation is not yet known or is not

254、 reasonably estimable and is currently being assessed.At the date of authorisation of the financial statements,the Standards and Interpretations that were issued but not yet effective are listed below to the extent relevant to the Group.The Directors do not anticipate that the adoption of the new st

255、andards applicable in the next financial year will have a material impact on the Group.Standard/Interpretation Effective for annual reporting periods beginning on or after Expected to be initially applied in the financial year ending AASB 9 Financial Instruments 1 January 2018 30 June 2019 AASB 15 R

256、evenue from Contract with Customers 1 January 2018 30 June 2019 AASB 2014-10 Amendments to Australian Accounting Standards Sale or Contribution of Assets between an Investor and its Associate or Joint Venture and AASB 2015-10 Amendments to Australian Accounting Standards Effective Date of Amendments

257、 to AASB 10 and AASB 128 1 January 2018 30 June 2019 AASB 2016-5 Amendments to Australian Accounting Standards Classification and Measurement of Share-based Payment Transactions 1 January 2018 30 June 2019 AASB Interpretation 22 Foreign Currency Transactions and Advance Consideration 1 January 2018

258、30 June 2019 AASB 16 Leases 1 January 2019 30 June 2020 ALICE QUEEN LIMITED ANNUAL REPORT 30 JUNE 2018 41 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2018 4.Segment reporting During the reporting period,the Company operated predominantly in one operating segment,being m

259、ineral exploration.The results and financial position of the Company are prepared for the Managing Director on a basis consistent with Australian Accounting Standard AASB 8 operating segments,and therefore no additional disclosure in relation to the revenues,profit or loss,assets and liabilities hav

260、e been made.5.Loss before income tax 2018$2017$The result for the year includes the following specific items:Other operating expenses:-Insurance 44,042 53,977-Marketing and conference costs 13,669 32,982-Rent 48,677 23,293-Share registry fees 86,353 68,340-Travel,Meals&Accommodation 100,456 43,990-I

261、T consumables,software and services 10,131 4,053-Other costs 53,408 51,269 356,736 277,904 ALICE QUEEN LIMITED ANNUAL REPORT 30 JUNE 2018 42 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2018 6.Income tax expense Numerical reconciliation of income tax expense to prima fac

262、ie tax payable 2018 2017$Loss before tax continuing operations 2,424,079 1,156,172 Prima facie income tax expense at the Australian tax rate of 27.5%(2016 28.5%)(666,622)(317,947)Increase/(decrease)in income tax expense due to:-Tax adjustment to accounting loss-Non-deductible expenses 161,411 50,362

263、-Capital raising costs(91,848)(38,717)-Available to sell assets 880-Effect of deferred tax assets for tax losses not brought to account 1,756,190 870,646-Effect of net deferred tax assets not brought to account(1,160,011)(564,344)Income tax expense current and deferred-The Company and its 100%owned

264、controlled entity have formed a tax consolidated group.The head entity of the tax consolidated group is Alice Queen Limited.The tax consolidated group has potential revenue tax losses of$19,218,682(2017:$18,156,494)and capital loss of$12,200,397.The non-wholly owned subsidiaries have separate income

265、 tax reporting obligations to the Company and its tax consolidated group.The deductible temporary differences and tax losses do not expire under current tax legislation.Deferred tax assets have not been recognised in respect of these items because it is not probable that future taxable profit will b

266、e available against which the Group can utilise benefits.The utilisation of tax losses is dependent on the Group satisfying the continuity of ownership test or the same business test at the time the tax losses are applied against taxable income.7.Trade and other receivables 2018$2017$Current GST rec

267、eivable 164,782 54,396 Other receivables 750 1,785 165,532 56,181 8.Prepayments 2018$2017$Rent-2,633 ALICE QUEEN LIMITED ANNUAL REPORT 30 JUNE 2018 43 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2018 9.Property,plant and equipment Field Equipment Office Furniture Office

268、 Equipment Computer Equipment Motor Vehicle Total GROSS CARRYING AMOUNT Balance at 1 July 2016-7,284-7,284 Additions 2,475-1,499 18,990 22,964 Balance at 30 June 2017 2,475-8,783 18,990 30,248 Additions-13,852 2,455 8,495-24,802 Balance at 30 June 2018 2,475 13,852 2,455 17,279 18,990 55,050 ACCUMUL

269、ATED DEPRECIATION Balance at 1 July 2016-157-157 Additions 52-3,002-3,002 Balance at 30 June 2017 52-3,159-3,211 Additions 619 924 286 3,679 3,798 9,306 Balance at 30 June 2018 671 924 286 6,838 3,798 12,517 NET BOOK VALUE 30 June 2017 2,423-5,624 18,990 27,037 30 June 2018 1,804 12,928 2,168 10,441

270、 15,192 42,533 10.Investments 2018$2017$Investments available for sale at fair value 19,200 16,000 The Company has 800,000 shares in Renascor Resources Ltd(formerly Renaissance Uranium Limited).At 30 June 2018,the Directors compared the carrying value of the investment to market value being$19,200(2

271、017:$16,000).This was based on a closing price of$0.024 at 30 June 2018(2017:0.02 cents).ALICE QUEEN LIMITED ANNUAL REPORT 30 JUNE 2018 44 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2018 11.Exploration and evaluation expenditure 2018$2017$Opening balance 3,875,504 1,85

272、6,500 Additions 5,027,051 2,019,004 Impairment of exploration and evaluation assets*(548,152)-Closing balance 8,354,403 3,875,504 The ultimate recoupment of balances carried forward in relation to areas of interest still in the exploration or valuation phase is dependent on successful development,an

273、d commercial exploitation,or alternatively sale of the respective areas.The Group shall conduct impairment testing where indicators of impairment are present at the reporting date.*In December 2017,the Company completed the drilling of a second hole at EL8225-Looking Glass tenement in NSW.The hole t

274、argeted Cadia style porphyry Cu-Au mineralization and was co-funded by the NSW governments New Frontiers grants program.After careful consideration by the Companys Board of Directors and having regard to the excessive depth to basement,the age of the basement rocks and the lack of mineralisation in

275、both holes that have been drilled there,a decision was made to relinquish EL8225 Looking Glass.Accordingly,as at 31 December 2017,the Group assessed the carrying value of its EL 8225 Looking Glass tenement to be$Nil,resulting in an impairment charge of$548,152.12.Security deposits 2018$2017$Non-curr

276、ent Security Deposit 76,228 53,303 76,228 53,303 13.Trade and other payables 2018$2017$Current Trade payables 1,287,143 281,271 Accruals 24,000 295,846 Payroll liabilities 26,149 37,733 1,337,292 614,850 14.Provisions 2018$2017$Annual leave 24,788 1,632 ALICE QUEEN LIMITED ANNUAL REPORT 30 JUNE 2018

277、 45 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2018 15.Issued capital 2018 2017$457,479,607(2017:281,223,141)fully paid ordinary shares 13,926,873 8,139,179 Shares Issue costs (607,063)(273,070)13,319,810 7,866,109 i)Reconciliation of share issued during the reporting

278、period is set out below:2018 ISSUE PRICE 2018 2017 ISSUE PRICE 2017 NUMBER$NUMBER$Balance at the beginning of the period 281,223,141 7,866,109 184,500,498 5,078,811 Shares issued during the period and fully paid 10 Oct 2016:Share Placement 28,950,000 0.030 868,500 14 Dec 2016:Shares issued on exerci

279、se of listed options 277,100 0.030 8,313 31 Jan 2017:Shares issued on exercise of listed options 2,600,000 0.030 78,000 14 Mar 2017:Shares issued on exercise of listed options 1,609,093 0.030 48,273 13 Apr 2017:Share Placement 55,000,000 0.035 1,925,000 31 Jan 2017:Shares issued on exercise of liste

280、d options 712,200 0.03 21,366 31 Jan 2017:Shares issued on exercise of listed options 2,650,000 0.03 79,500 31 Jan 2017:Shares issued on exercise of listed options 3,300,000 0.03 99,000 31 Jan 2017:Shares issued on exercise of listed options 4,079,700 0.03 122,391 31 Jan 2017:Shares issued on exerci

281、se of listed options 6,820,250 0.03 204,608 31 Jan 2017:Shares issued on exercise of listed options 89,180,716 0.03 2,675,421 12 Oct 2017:Shares issued on exercise of listed options underwritten 12,380,677 0.03 371,420 13 Oct 2017:Placement 7,132,923 0.03 213,988 10 Apr 2018:Placement 50,000,000 0.0

282、4 2,000,000 Capital raising costs (333,993)(140,788)Balance at the end of the period 457,479,607 13,319,810 281,223,141 7,866,109 Each ordinary share carries the right to one vote at shareholders meetings and is entitled to participate in any dividends or other distributions of the Group.ii)Options

283、At reporting date,the Group had the following options on issue:11,100,000 unlisted options over ordinary shares with an exercise price of$0.038 each,exercisable on or before 14 December 2019.10,000,000 unlisted listed options over ordinary shares with an exercise price of$0.03 each,exercisable on or

284、 before 1 June 2019.20,000,000 unlisted listed options over ordinary shares with an exercise price of$0.056 each,exercisable on or before 14 June 2020.ALICE QUEEN LIMITED ANNUAL REPORT 30 JUNE 2018 46 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2018 16.Reserves 2018$201

285、7$Option reserve Opening balance 182,040-Additions 557,858 182,040 Closing balance 739.898 182,040 Asset revaluation reserve Opening balance -Additions 3,200-Closing balance 3,200-Total reserves 743,098 182,040 The option reserve represents the fair value of options granted to employees and supplier

286、s for services provided to the Group.The fair value is determined in accordance with Note 26 and is expensed when in the period in which the services are received.17.Earnings per share 2018$2017$Loss after income tax from continuing operations(basic and diluted)(2,344,536)(1,156,172)Weighted average

287、 number of ordinary shares used in calculating basic earnings per share 295,793,838 227,050,840 Weighted average number of ordinary shares used in calculating diluted earnings per share 295,793,838 227,050,840 Basic earnings per shares(cents per share)(0.79)(0.51)Diluted earnings per shares(cents pe

288、r share)(0.79)(0.51)ALICE QUEEN LIMITED ANNUAL REPORT 30 JUNE 2018 47 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2018 18.Commitments for expenditure The Company has minimum expenditure commitments to meet the conditions under which the properties are granted.These mini

289、mum expenditure commitments total$2,365,000 and are comprised of$2,340,000 in total over the term of the Exploration Licences held in Queensland and$25,000 in total for the term of the agreed work plan for the Exploration Licences held in New South Wales.The aggregation of expenditure commitments ov

290、er the full length of the terms of the licences is permitted in both Queensland and New South Wales(for further information refer to the Tenement Summary included in the Directors Report).These minimum commitments may vary from time to time,subject to approval by the grantor of titles or by variatio

291、n of contractual agreements.The expenditure represents potential expenditure which may be reduced by entering into sale,joint venture or relinquishment of the interests and may vary depending upon the results of exploration.Should expenditure not reach the required level in respect of each area of i

292、nterest,the Companys interest could be either reduced or forfeited.19.Leasing commitments 2018$2017$Operating Lease Minimum lease payments under non-cancellable operating leases:-not later than one year 107,549 53,108-between one year and five years 91,653-199,202 53,108 20.Contingent liabilities an

293、d contingent assets With reference to Note 3:Site restoration,mine rehabilitation costs would be incurred by the Group at the Horn Island site upon a decision to abandon the project.In this event,managements best estimate of the present value of the future rehabilitation costs that would be required

294、 is 150,000(2017:$50,000).No other contingent assets or liabilities are noted by the Group at 30 June 2018.ALICE QUEEN LIMITED ANNUAL REPORT 30 JUNE 2018 48 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2018 21.Statements of cash flows 2018$2017$Reconciliation of cash and

295、 cash equivalents Cash and cash equivalents at the end of the year as shown in the Consolidated Statements of Cash Flows is reconciled to the related items in the Consolidated Statement of Financial Position as follows:Cash at bank and on hand 514,359 805,316 Reconciliation of net loss from ordinary

296、 activities after tax to net cash used in operating activities Loss from ordinary activities after tax(2,344,536)(1,156,172)Depreciation costs 9,307 3,053 Amortisation costs -Costs of the Share Offer -Impairment expense 548,152-Minority interest(79,543)(1,035)Share based payment 557,858 243,540 Chan

297、ges in assets and liabilities:Trade and other receivables(109,351)31,350 Prepayments 2,633 13,471 Trade and other payables(57,898)23,018 Provisions 23,156 276 Net cash used in operating activities(1,450,222)(842,499)22.Financial Instruments The Board of Directors has overall responsibility for the e

298、stablishment and oversight of the risk management framework.Risk management policies are established to identify and analyse the risks faced by the Group,to set appropriate risk limits and controls,and to monitor risks and adherence to limits.These policies are informally reviewed from time to time

299、to reflect changes in market conditions and the Groups activities.The main risks arising from the Groups financial instruments are credit risk,liquidity risk,interest rate risk and market risk.The summaries below present information about the Groups exposure to each of these risks,their objectives,p

300、olicies and processes for measuring and managing risk,the management of capital and financial instruments.Credit risk Credit risk arises mainly from the risk of counterparties defaulting on the terms of their agreements.The carrying amounts of the following assets represent the Groups maximum exposu

301、re to credit risk in relation to financial assets:2018$2017$Cash and cash equivalents 514,359 805,316 Trade and other receivables 165,532 56,181 679,891 861,497 The Groups maximum exposure to credit risk at the reporting date by geographic region was:Australia 679,891 861,497 ALICE QUEEN LIMITED ANN

302、UAL REPORT 30 JUNE 2018 49 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2018 24.Financial Instruments(continued)The Group mitigates credit risk on cash and cash equivalents and security deposits held in Australia by dealing with regulated banks in Australia.Impairment lo

303、sses None of the Groups trade and other receivables are past due(2017:Nil).Currency risk The Group has no exposure to currency risk arising from financial instruments.Market risk Market risk is the risk that changes in market prices will affect the Groups income or the value of its holdings of finan

304、cial instruments.Equity price risk arises from available-for-sale equity securities held by the Group.Liquidity risk Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due.The Groups approach to managing liquidity is to ensure,as far as possible

305、,that it will always have sufficient liquidity to meet its liabilities when due,under both normal and stressed conditions,without incurring unacceptable losses or risking damage to the Groups reputation.The following are the contractual maturities of financial liabilities,including estimated interes

306、t payments:Carrying amount$Contractual cash flows$Less than one year$Between one and five years$More than five years$30 June 2018 Trade and other payables 1,337,292(1,337,292)(1,337,292)-30 June 2017 Trade and other payables 614,850(614,850)(614,850)-Ultimate responsibility for liquidity management

307、rests with the Board of Directors.The Group manages liquidity risk by maintaining adequate funding and monitoring of future rolling cash flow forecasts of its operations,which reflect managements expectations of expected settlement of financial assets and liabilities.Interest rate risk The Groups st

308、atement of profit or loss and other comprehensive income is affected by changes in interest rates due to the impact of such changes on interest income from cash and cash equivalents.At balance date,the Group had the following mix of financial assets and liabilities exposed to variable interest rate

309、risk that are not designated as cash flow hedges:2018$2017$Cash and cash equivalents 514,359 805,316 Security deposits 76,228 53,303 590,587 858,619 Sensitivity analysis A change of 100 basis points in interest rates at reporting date would have increased/(decreased)equity and loss for the period by

310、 the amounts shown below.This analysis assumes that all other variables remain constant.The analysis is performed on the same basis for the comparative period.Impact on loss for the period 5,906 8,586 ALICE QUEEN LIMITED ANNUAL REPORT 30 JUNE 2018 50 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FO

311、R THE YEAR ENDED 30 JUNE 2018 24.Financial Instruments(continued)Capital management i)Capital Management Management controls the capital of the Group in order to maximise the return to shareholders and ensure that the Group can fund its operations and continue as a going concern.Management effective

312、ly manages the Groups capital by assessing the Groups financial risks and adjusting its capital structure in response to changes in these risks and in the market.These responses include the management of debt levels,working capital requirements,distributions to shareholders and share issues.Net fair

313、 values of financial assets and liabilities The carrying amounts of financial assets and liabilities of the Company and the Group,for the year ended 30 June 2018 and 30 June 2017,approximate their net fair values,given the short time frames to maturity and or variable interest rates.Fair value hiera

314、rchy The table below analyses financial instruments carried at fair value,by valuation method.The different levels have been defined as follows:Level 1:Quotes prices(unadjusted)in active markets for identical assets or liabilities.Level 2:Inputs other than quoted prices included within Level 1 that

315、are observable for the asset or liability,either directly(i.e.as prices)or indirectly(i.e.derived from prices).Level 3:Inputs for the asset or liability that are not based on observable market data(unobservable inputs).Level 1 Level 2 Level 3 Total$30 June 2018 Investments-available-for-sale 19,200-

316、19,200 30 June 2017 Investments-available-for-sale 16,000-16,000 25.Key Management Personnel disclosures The key management personnel compensation comprised:2018$2017$Short-term employee benefits 409,800 315,081 Post-employment benefits 213,189 5,938 Share based payments 8,028 30,309 631,017 351,328

317、 Key management personnel remuneration has been included in the Remuneration Report section of the Directors Report.ALICE QUEEN LIMITED ANNUAL REPORT 30 JUNE 2018 51 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2018 26.Share based payments(a)Employee share option plan Al

318、l options granted to employees under the Companys Shares Option Plan will convert to fully paid ordinary shares in Alice Queen Limited,which confer a right of one ordinary share for every option held.A reconciliation of share-based payment arrangements that existed during the reporting period and at

319、 the end of the comparative 2017 reporting period are set out below:2018 NUMBER WEIGHTED AVERAGE EXERCISE PRICE 2017 NUMBER OPTIONS WEIGHTED AVERAGE EXERCISE PRICEIssued to directors Balance at the beginning of the period 11,100,000-Granted 20,000,000$0.056 11,100,000$0.038 Forfeited -Exercised -Exp

320、ired -Outstanding at the end of the period 31,100,000 11,100,000 Exercisable at year end 11,100,000 -The following share-based payment arrangements were in existence during the reporting period:OPTIONS SERIES NUMBER GRANTED NUMBER VESTED GRANT DATE EXPIRY DATE VESTING DATE EXERCISE PRICE FAIR VALUE

321、AT GRANT DATE Series(i)1,848,150 1,848,150 14 Dec 2016 14 Dec 2019 14 Dec 2017$0.038$0.0164 Series(ii)9,251,850 9,251,850 14 Dec 2016 14 Dec 2019 14 Dec 2017$0.038$0.0164 Series(iii)10,000,000 Nil 14 Dec 2017 14 Dec 2020 14 Dec 2018$0.056$0.0393 Series(iv)10,000,000 Nil 27 Mar 2018 14 Dec 2020 14 De

322、c 2018$0.056$0.0221 INPUTS INTO THE MODEL SERIES(i)&(ii)SERIES(iii)SERIES(iv)Grant date share price$0.027$0.064$0.042 Exercise price$0.038$0.056$0.056 Expected volatility 105%92%95.97%Option life 3 years 3 years 3 years Risk-free interest rate 1.88%2.06%2.11%The life of the options is based on the h

323、istorical exercise patterns,which may not eventuate in the future.ALICE QUEEN LIMITED ANNUAL REPORT 30 JUNE 2018 52 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2018 26.Share based payments(continued)(b)Other The following share-based payment arrangements were in existen

324、ce during the reporting period(2017:Nil):OPTIONS SERIES NUMBER GRANTED NUMBER VESTED GRANT DATE EXPIRY DATE VESTING DATE EXERCISE PRICE FAIR VALUE AT GRANT DATE Series(vi)10,000,000 10,000,000 3 Nov 2017 1 Jun 2019 3 Nov 2017$0.06$0.0264 INPUTS INTO THE MODEL SERIES(vi)Grant date share price$0.06 Ex

325、ercise price$0.06 Expected volatility 93%Option life 1.5 years Risk-free interest rate 1.90%The life of the options is based on the historical exercise patterns,which may not eventuate in the future 27.Related parties Related party transactions during the reporting period and comparative reporting p

326、eriod are as follows:2018 i)As reported in the Remuneration Report:-Directors fees totalling$42,250(2017:$25,000)exclusive of GST were paid to Berkeley Consultants Pty Ltd,a company in which Mr.Mark Kerr has an interest;and-Consulting fees totalling$325,300(2017:$250,000)exclusive of GST were paid t

327、o Claremont Equities Pty Ltd a company in which Mr.Andrew Buxton has an interest,for providing management services to the Alice Queen Group.This arrangement is based on normal commercial terms and conditions.ii)Key management personnel equity holdings are disclosed in the Remuneration Report in the

328、Directors Report.iii)No amounts in addition to those disclosed in the Remuneration Report in the Directors Report were paid or payable to Directors of the Group at the end of the reported period.iv)Interests in controlled entities are disclosed in Note 28.2017 i)As reported in the Remuneration Repor

329、t:-Directors fees totalling$4,167(2016:$16,667)exclusive of GST were paid to Maplefern Pty Ltd,a company in which Mr.Bruce Fulton has an interest.-Consulting fees totalling$2,580(2016:$36,736)exclusive of GST were paid to Holliday Geoscience Pty Ltd,a company in which Mr.Holliday has an interest,for

330、 providing consulting,geological and management services to the Alice Queen Group in addition to the duties of a non-executive director.This arrangement is based on normal commercial terms and conditions.ALICE QUEEN LIMITED ANNUAL REPORT 30 JUNE 2018 53 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

331、 FOR THE YEAR ENDED 30 JUNE 2018 28.Related parties(continued)ii)On 30 June 2016,the Group obtained a loan from Mr Andrew Buxton,Managing Director to the amount of$433,771.The funds are to be used to fund Phase 2 of the Drilling program at Horn Island.No fees are payable to Mr Buxton in connection w

332、ith the loan facility.Interest on the facility will accrue at a rate of 6%per annum.The total amount owing to Mr Buxton on this loan was offset against subscription money due from Mr Buxton totalling$449,500.17(14,983,339 ordinary shares at$0.03 per share)for participating in the Companys Share Plac

333、ement in October 2016.29.Parent entity disclosures Company 2018 2017$Result of the parent entity Net loss(1,708,108)(1,028,056)Other comprehensive income-Total comprehensive loss(1,708,108)(1,028,056)Financial position of the parent entity at year end Current assets 525,175 782,152 Non-current assets 8,144,229 3,608,417 Total assets 8,669,404 4,390,569 Current liabilities 121,245 145,862 Non-curre