Alto Metals Limited (AME) 2018年年度報告「ASX」.pdf

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1、Alto Metals LimitedABN 62 159 819 173Annual Report 2018Disclaimer And Cautionary Statements.1Chairmans Letter.2Review Of Operations.3Directors Report.13Auditors Independence Declaration.23Consolidated Statement Of Profit Or Loss And Other Comprehensive Income.24Consolidated Statement Of Financial Po

2、sition.25Consolidated Statement Of Changes In Equity.26Consolidated Statement Of Cash Flows.27Notes To The Financial Statements.28Directors Declaration.51Independent Auditors Report.52Additional ASX Information.53Tenement Report.55DirectorsMr Terry Streeter(Non-executive Chairman)Mr Dermot Ryan(Exec

3、utive Director)Dr Jingbin Wang(Non-executive Director)Mr Terry Wheeler(Non-executive Director)Company SecretaryMr Patrick HolywellPrincipal registered officeSuite 9,12-14 Thelma Street,WEST PERTH,WA 6005Telephone 08 9381 2808Facsimile 08 9321 6084Website:.au Email:.au AuditorGrant Thornton Audit Pty

4、 LtdCentral ParkLevel 43,152-158 St Georges TerracePERTH WA 6000Telephone 08 9480 2000Facsimile 08 9322 7787Website:.au Email:.au Share RegistryAutomicLevel 2267 St Georges TerracePerth WA 6000Australian Securities ExchangeASX code:AMEContentsCorporate DirectoryAnnual Report 2018Disclaimer and Cauti

5、onary StatementsDisclaimerThis document has been prepared by Alto Metals Limited(the“Company”).It should not be considered as an invitation or offer to subscribe for or purchase any securities in the Company or as an inducement to make an invitation or offer with respect to those securities.No agree

6、ment to subscribe for securities in the Company will be entered into on the basis of this document.This document is provided on the basis that neither the Company nor its officers,shareholders,related bodies corporate,partners,affiliates,employees,representatives and advisers make any representation

7、 or warranty(express or implied)as to the accuracy,reliability,relevance or completeness of the material contained in the document and nothing contained in the document is,or may be relied upon as a promise,representation or warranty,whether as to the past or the future.The Company hereby excludes a

8、ll warranties that can be excluded by law.The document may contain forward-looking information and prospective financial material,which is predictive in nature and may be affected by inaccurate assumptions or by known or unknown risks and uncertainties,and may differ materially from results ultimate

9、ly achieved.All references to future production,production targets and resource targets and infrastructure access are subject to the completion of all necessary feasibility studies,permitting,construction,financing arrangements and infrastructure-related agreements.Where such a reference is made,it

10、should be read subject to this paragraph and in conjunction with further information about the Mineral Resources and Exploration Results,as well as the Competent Persons statements.All persons should consider seeking appropriate professional advice in reviewing the document and all other information

11、 with respect to the Company and evaluating the business,financial performance and operations of the Company.Neither the provision of the document nor any information contained in the document or subsequently communicated to any person in connection with the document is,or should be taken as,constit

12、uting the giving of investment advice to any person.Forward-looking statementsThis document may contain certain forward-looking statements.Such statements are only predictions,based on certain assumptions and involve known and unknown risks,uncertainties and other factors,many of which are beyond th

13、e Companys control.Actual events or results may differ materially from the events or results expected or implied in any forward-looking statement.The inclusion of such statements should not be regarded as a representation,warranty or prediction with respect to the accuracy of the underlying assumpti

14、ons or that any forward looking statements will be or are likely to be fulfilled.The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this document(subject to securities exchange disclosure requirements).The information in

15、this document does not take into account the objectives,financial situation or particular needs of any person.Nothing contained in this document constitutes investment,legal,tax or other advice.1Alto Metals LimitedReview of OperationsChairmans LetterAs a consequence,the Company has now collected ove

16、r 3,000 soil samples and completed 23,000 metres of aircore drilling and approximately 16,000 metres of reverse circulation(RC)drilling.This aircore and RC drilling has produced excellent grades of laterite and shallow oxide gold mineralisation at five prospects.We are also planning to undertake dee

17、per RC drilling of these prospects,into the higher grade primary zones,which we anticipate will substantially improve the mineral resource base.In addition,the Company has identified a number of extensive soil and/or laterite geochemical anomalies that point to the presence of undiscovered gold depo

18、sits at depth below the soil and laterite.These first class anomalies are being prepared for initial aircore drill testing and subsequent RC drilling.Following the completion of the new Sandstone mineral resource estimate,Alto intends to undertake a scoping study to assess the economic viability of

19、early production from a number of these mining projects,where early cashflow may be available to fund ongoing exploration.In closing,I would like to take the opportunity to thank you,our loyal shareholders,for your continued support during the year.I would also like to thank my fellow directors,staf

20、f,consultants and contractors for their contributions and dedication.I look forward to further exploration success as we edge closer to discovery and our production ambitions.Yours sincerely,Terry Streeter Chairman27 September 2018I am pleased to report that on 25 September 2018 we announced to the

21、market that during the year we had increased our Sandstone JORC 2012 Inferred Mineral Resources through shallow drilling at the Indomitable and Vanguard Gold Camps by 2.58Mt 1.49 g/t Au(124,00 ounces).This brings out total JORC 2012 Indicated and Inferred Mineral Resource inventory to 4.87Mt 1.7 g/t

22、 Au for 261,000 ounces.“The Companys immediate goal in 2019 is to delineate a minimum resource base of 500,000 ounces of gold,and then grow that over time to+1 million ounces”.Your company holds a 100%interest in 800km2 of granted tenements covering the majority of the Archaean Sandstone Goldfield,a

23、nd the primary objective continues to be the delineation of at least 1 million ounces of gold in one or more deposits which can become the basis for re-establishment of standalone oxide and primary gold mining and milling operations at Sandstone.Since the Sandstone Gold Project was acquired in 2016,

24、the exploration team has undertaken a carefully planned“minerals system approach”to exploration.This initially involved the compilation and review of a valuable database of past exploration activities and results.Important outcomes from this work were that all four+200,000 ounce deposits that had be

25、en mined were still open at depth or down plunge,were associated with a gold-in-laterite or gold-in-soil anomalies at or near surface,and were structurally controlled within certain iron rich host rocks.Alto initially flew detailed airborne magnetic surveys to map the geology and potential gold bear

26、ing structures below the areas of cover,and prioritised partly explored prospects based on previous explorers soil and shallow drilling results and conceptual geological/structural targets.Dear Shareholder,The 2018 financial year has seen Alto continue to progress exploration and evaluation at the h

27、ighly prospective Sandstone Gold Project in Western Australia.2Annual Report 2018Review of OperationsThe STRATEGY to turn that VISION into reality is to use a geologically driven“Mineral Systems Approach”to exploration,and thereby delineate at least 1 million ounces of gold in shallow deposits(200m

28、below surface)that can be economically mined,leading to sustainable exploration-driven profitability and growth.Medium to longer term,we aim to discover 5 million ounces of gold in high-grade deposits(200-500m below surface),which will serve as the foundation of major mining operations in the Yilgar

29、n of Western AustraliaAlto presently has 195,055,603 shares on issue,an experienced Board of Directors with extensive skills in exploration,geochemistry,mining,business and corporate governance,and a highly experienced exploration team,and 100%ownership of the Sandstone Gold Project.The Company has

30、also established an External Research Advisory Committee(ERAC)chaired by Emeritus Professor David Groves,who is a world renowned expert in Archaean orogenic gold deposits.The Company is also funding a PhD student at the University of Western Australia(UWA),to undertake an“Assessment of the potential

31、 orogenic gold endowment of the Sandstone Greenstone Belt”using a“mineral systems approach”.This research is being co-supervised by Professors Allan Trench and Michael Dentith of the Centre for Exploration Targeting,(UWA).IntroductionAlto Metals Limited(ASX:AME)is an Australian public company which

32、listed on the Australian Securities Exchange on the 20 December 2012.Between 2013 and 2014,uranium was the primary exploration target and a portfolio of projects prospective for sand hosted uranium deposits was assembled and explored.During 2015 and 2016,the Company actively searched for a low cost

33、under-explored brownfields gold project,in a non-remote area,where there was potential for discovery of at least one million ounces of gold in one or more deposits.Following a period of due diligence and shareholder approval,the Company in June 2016 completed the purchase of Sandstone Exploration Pt

34、y Ltd,the owner of the 800km2 Sandstone Gold Project,located 600km northeast of Perth in Western Australia.In September 2016,the Companys tenement applications were granted and active exploration commenced.“Altos Vison is to discover substantial Gold Resources&Reserves to recommence profitable minin

35、g operations at Sandstone in Western Australia”Gold camp with80 Moz endowment and growing3Alto Metals LimitedReview of OperationsAltos Sandstone Gold Project covers approximately 80%of the Archaean Sandstone Greenstone Belt and is comprised of five granted Exploration Licences,two Exploration Licenc

36、e applications,two granted Prospecting Licences and two Prospecting Licence applications.The Companys drilling focus over the past year has been the“Alpha Mafic Volcanic Domain”which encompasses the 35km long mafic volcanic sequence from Indomitable in the north to Maninga Marley in the south and up

37、 to Lord Nelson.The priority has been to drill test known,but under-explored prospects using aircore(AC)and reverse circulation(RC)drilling to determine and model the structural controls on mineralisation,and then test those models at progressively greater depths.Following on from successful drillin

38、g programs at a number of prospects,the Company lodged a Mining Lease application over the Indomitable Camp deposits on 23 July 2018.On the 25 September 2018,the Company announced maiden JORC 2012 Inferred Mineral Resources for the Vanguard Camp and Indomitable Camp gold deposits of 2.58Mt 1.49 g/t

39、Au for 124,000 ounces which were prepared by Dr Spero Carras of Carras Mining Pty Ltd(Carras Mining).(See Tables 2&3)Together with existing deposits at Lord Henry and Lord Nelson estimated in 2017 by Snowden Mining Industry Consultants Pty Ltd(Snowden),Altos total JORC 2012 compliant mineral resourc

40、e inventory now consists of Indicated and Inferred Mineral Resources of 4.87Mt 1.67 g/t Au for 261,000 ounces.(See Tables 1,2&3 for Mineral Resource details and classification).Sandstone Gold Project Mineral ResourcesSandstone Gold Project-Drill Testing of Gold Targets Table 1.Sandstone Gold Project

41、 Total Mineral Resources(JORC 2012)at 25 September 2018 DepositClassificationReporting cut-off(g/t Au)Tonnes(kt)Grade(g/t Au)Containedgold(oz)Lord Henry1Indicated0.81,2001.665,000TOTAL INDICATED1,2001.665,000Lord Henry1Inferred0.81101.34,000Lord Nelson2Inferred0.89802.268,000Indomitable Camp3+Vangua

42、rd CampInferred0.52,5801.49124,000TOTAL INFERRED3,6701.7196,000TOTAL INDICATED&INFERRED4,8701.7261,000Note 1.ASX Release 16 May 2017.“Maiden Lord Henry JORC 2012 Mineral Resource of 69,000oz.”Note 2.ASX Release 28 April 2017.“Lord Nelson Mineral Resource Increased to 68,000oz.”Note 3.ASX Release 25

43、Sept 2018.“Maiden Gold Resource at Indomitable&Vanguard Camps,Sandstone WA4Annual Report 2018Review of OperationsDetails of the Inferred Mineral Resources for each of the deposits in the Vanguard Camp and Indomitable Camp and their classification is shown in Table 2,and by rock type in Table 3 below

44、.Table 2.Inferred Mineral Resources(JORC 2012)of the Vanguard Camp and Indomitable Camp DepositsGold CampDepositClassificationTonnes(kt)Grade(g/t Au)Containedgold(oz)VANGUARDVanguardInferred6231.7435,000Vanguard NorthInferred2332.0315,000INDOMITABLEIndomitableInferred7871.1128,000Indomitable NorthIn

45、ferred2991.4013,000PiperInferred1381.025,000Tiger MothInferred5041.7328,000TOTAL RESOURCESInferred2,5841.49124,000Notes to Accompany Table 2:All Mineral Resources are estimated under guideline of JORC 2012.For reporting purposes,Table 1 and Table 2 totals have been rounded.Rounding may result in som

46、e slight discrepancies in totals reported.Only material within the A$2,000 per ounce gold price optimised Whittle pit shells is reported as Inferred Resource The drilling density was sufficient to have defined the Resources as Indicated,however due to the lack of definitive bulk density information

47、all the Resources have been placed in the Inferred category and use nominal assigned regional bulk densities.Parameters used to define intersections are listed below InferredMineral ResourceMinimum Mining Width downhole(with 0.5m edge dilution)Intersection Selection with a cut-off grade of High cut

48、gold applied to all mineralisationVanguard3m0.5g/t Au30g/t AuVanguard North3m0.5g/t Au20g/t AuIndomitable Non-alluvial5m0.5g/t Au20g/t AuIndomitable Alluvial5m0.3 g/t Au20g/t AuIndomitable North Non-alluvial5m0.5g/t Au15g/t AuIndomitable North Alluvial3m0.5g/t Au15g/t AuPiper3m0.5g/t Au10g/t AuTiger

49、 Moth3m0.5g/t Au25g/t AuTable 3.Inferred Mineral Resources(JORC 2012)for Vanguard Camp and Indomitable Camp Gold Deposits by Rock TypeRock TypeTonnes(kt)Grade(g/t Au)ContainedGold(oz)Laterite/Pisolite6741.0623,000Oxide8371.3035,000Transition7551.8545,000Fresh3182.0721,000TOTAL2,5841.49124,000Note:Al

50、l Mineral Resources figures reported in the tables above are current at 25 September 2018.Mineral Resource estimates are not precise calculations,being dependent on the interpretation of limited information on the location,shape and continuity of the occurrence and on the available sampling results.

51、The totals contained in Table 1 have been rounded to reflect the relative uncertainty of the estimate.Rounding may cause some computational discrepancies.Mineral Resources are reported in accordance with the Australasian Code for Reporting of Exploration Results,Mineral Resources and Ore Reserves(Th

52、e Joint Ore Reserves Committee Code JORC 2012 Edition).5Alto Metals LimitedReview of OperationsReview of OperationsCompetent Person StatementsThe information in this report that relates to 2018 Vanguard and Indomitable Camp InferredMineral Resources is based on resource estimation by Dr.Spero Carras

53、 of Carras Mining Pty Ltd.Dr Carras has disclosed that a related party of his is a very minor security holder in the Company.Dr.Carras is a Fellow of the Australasian Institute Mining and Metallurgy(AusIMM)and has over 40 years experience relevant to the style of mineralisation and type of deposit u

54、nder consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee(JORC)Australasian Code for Reporting of Exploration Results,Mineral Resources and Ore Reserves.Dr.S.Carras consents to the inclusion in t

55、he report of the matters based on the information in the context in which it appears.The information in this Report that relates to Exploration Results is based on information compiled by Mr Dermot Ryan,who is an employee of XServ Pty Ltd and a Director and security holder of the Company.Mr Ryan is

56、a Fellow of the Australasian Institute of Mining and Metallurgy and has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration,and to the activities undertaken,to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore R

57、eserves Committee(JORC)Australasian Code for Reporting of Exploration Results,Mineral Resources and Ore Reserves.Mr Ryan consents to the inclusion in the report of the matters based on the information in the context in which it appears.Mineral Resource Governance StatementThe Vanguard Camp and Indom

58、itable Camp Mineral Resources are reported as at 25 September 2018.Governance of Altos Mineral Resources and the estimation process is a key responsibility of the executive management of the Company.The Managing Director of the Company oversees the reviews and technical evaluations of the Mineral Re

59、source estimates.The Company has a number of governance processes in place to manage the Mineral Resource estimates in line with industry best practice.All Mineral Resource estimates are prepared by qualified professionals following JORC Code compliant procedures that ensure representative and unbia

60、sed samples are obtained with appropriate QA/QC practices in place.Mineral Resource estimates for the Vanguard Camp and Indomitable Camp deposits are based on information compiled by Carras Mining,who are resource estimators with over 40 years experience in Archaean geology.6Annual Report 2018Review

61、 of OperationsMoth deeper and down plunge,where extra ounces of gold can be rapidly added.With targeted RC drilling there is potential to double the existing mineral resource base to 500,000 ounces.The Vanguard prospect in returned high grade gold assay results,and five new mineralised structures we

62、re discovered.The primary mineralisation is hosted in differentiated mafic volcanic rocks,including dolerite,which is considered a favourable host rock for large gold deposits in Western Australia.Exploration Activities and ResultsDuring the year,the Company completed 373 AC drill holes(23,194m)and

63、tested 13 target areas,and completed 121 RC drill holes(15,947m)and tested 7 target areas.Prospects tested with RC drilling included Vanguard,Vanguard North,Maninga Marley,Indomitable,Lord Nelson and Lord Henry.Prospects aircore drilled included Vanguard,Maninga Marley,Kurrajong,Tiger Moth,Piper,Mus

64、keteer,Indomitable,Indomitable North and East,Bulchina and Bulchina South and Sandstone North.The next stage at Sandstone is to RC drill test the Vanguard,Vanguard North,Indomitable,Indomitable North and Tiger Location of Vanguard Camp&AC/RC Drill Holes Over Satellite ImageryVanguard Camp Geology,NN

65、W Trending Interpreted Mafic Volcanic Suite&Targets7Alto Metals LimitedReview of OperationsVanguard Prospect-Long Section Showing Plunging Mineralised StructuresThe Indomitable Camp area is located approximately 20 kilometres southeast of the Sandstone township in an area covered by extensive alluvi

66、um.Relatively shallow aircore and RC drilling has identified a number of laterite and saprolite hosted(oxide)gold occurrences which occur in highly oxidised,high-magnesium basalts and differentiated basaltic units.The gold mineralisation is structurally controlled within plunging“shoots”or“stockwork

67、s”of quartz veins.Location of Indomitable Camp prospects&AC/RC Drill Holes Over Satellite ImageryGeology Plan,showing 1,000m Wide Striking“Indomitable Structural Corridor”&Targets8Annual Report 2018Review of OperationsAircore Drilling at Indomitable ProspectIndomitable Prospect-Long Section showing

68、Deep Oxidation ProflieThe deposits of interest are Indomitable,Indomitable North,Tiger Moth and Tiger Moth North,all of which lie on major mineralised structures,and have potential for higher grades and tonnages down plunge to the northwest.Piper is a small laterite resource which requires further w

69、ork.The Indomitable deposit is located within an area of alluvium which covers deeply weathered,high-magnesium basalts,differentiated basalts and ultramafic units.There is no outcrop within the area that surrounds the Indomitable deposit.At a depth of 10m,a gold bearing pisolitic horizon is located

70、above the saprolite hosted deposits,separated from the main mineralised bodies by a zone of gold depletion about 10m thick.Gold mineralisation is related to stockwork quartz veining within saprolite,and although supergene processes have laterally redistributed the mineralisation envelope,the mineral

71、ised horizons in general,strike northwest and dip approximately 20 to the west.9Alto Metals LimitedReview of OperationsThe Tiger Moth deposit is located within an area of alluvium covering deeply weathered,high-magnesium basalts and differentiated basalt units.There is no outcrop within the area tha

72、t surrounds the Tiger Moth deposit.A gold bearing pisolitic horizon is located above the saprolite hosted deposits at a depth of 10m below the surface,separated from the main mineralised body by a zone of gold depletion about 10m thick.Tiger Moth Long Section Showing Plunging Mineralised Structure10

73、Annual Report 2018Review of OperationsNew Gold Targets Generated by Soil SamplingDuring the year,Alto completed the capture of previous explorers soil geochemical data into a relational database.However,due to the historic fragmented tenement position at Sandstone,and the variable nature of the nume

74、rous soil programs and analytical techniques applied,the data formed a“patchwork”of data which was unable to be levelled.The image processed soil geochemical data did however illustrate two key points:significant gold deposits such as Bulchina,Lord Nelson and Lord Henry(and presumably historic depos

75、its such as Hacks and Oroya)all displayed a recognisable surface geochemical signature within soils or laterite,which led or could have led to their discovery,and a number of litho-structural targets of interest to Alto were either not covered or only partially covered by previous explorers surface

76、geochemical programs.As a result of this work,Alto has completed the collection of over 3,000 soil samples,over new conceptual gold targets,and over areas where gold had already been detected in soils,but the anomaly was not fully defined.This work,when integrated with the“patchwork”of historical so

77、il and drill hole geochemistry has generated a number of high priority drill targets for drill testing in FY2019.These geochemical targets which require drill testing include:Valiant,Superb,Edale 1 and Edale 2,Hancocks,Bulletin and Chance.Any or all of these targets have the potential to become anot

78、her Bulchina(250,000oz mined)or Lord Nelson(207,000oz mined).See Image right.Sandstone Gold Project-Imaged Processed Gold-in Soil Anomalies over Magnetic ImageAircore Drill Rig at Indomitable East11Alto Metals LimitedReview of OperationsExploration Risk Mineral exploration and development are high-r

79、isk undertakings,and there is no assurance that exploration of the Tenements will result in the discovery of an economic deposit.Even if an apparently viable deposit is identified there is no guarantee that it can be economically exploited.The future exploration activities of the Company may be affe

80、cted by a range of factors including geological conditions,limitations on activities due to permitting requirements,availability of appropriate exploration equipment,exploration costs,seasonal weather patterns,unanticipated operational and technical difficulties,industrial and environmental accident

81、s and many other factors beyond the control of the Company.Business StrategiesThe primary objective of the Company continues to be the delineation of at least 1 million ounces of gold in one or more deposits which can become the basis for re-establishment of standalone oxide and primary gold mining

82、and milling operations at Sandstone.The Companys immediate goal in 2019 is to delineate a minimum resource base of 500,000 ounces of gold,and then grow that over time to+1 million ounces.Exploration TargetsAny discussion in relation to the potential quantity and grade of Exploration Targets is only

83、conceptual in nature.12Annual Report 2018Notes to the Financial Statements13Directors Report?Alto Metals LimitedNotes to the Financial Statements14Directors Report?Annual Report 201815Directors Report?Alto Metals LimitedNotes to the Financial Statements16Directors Report?Annual Report 201817Director

84、s Report?Corporations Act 2001?Corporations Act 2001?Code of Ethics for Professional Accountants?Alto Metals LimitedNotes to the Financial Statements18Directors Report?Annual Report 201819Directors Report?(1)Mr Terry Streeter was appointed to the board on 13 March 2018 and replaced Dr Jingbin Wang w

85、ho remained as a Non-Executive Director.(2)Mr Patrick Holywell was appointed as Company Secretary on 28 February 2018 and replaced Mr Sam Middlemas.All fees paid to Patrick Holywell are paid to his private company PWT Corporate Pty Ltd.All fees paid to Sam Middlemas are paid to his private company S

86、parkling Investments Pty Ltd.(3)The amounts shown above are amounts paid for services provided by Dermot Ryan through his private company Xserv Pty Ltd.(4)Fees paid to Stephen Stone are paid to his private company Westone Pty Ltd and Stepstone Pty Ltd.(5)The amounts shown above are amounts paid for

87、services provided by Anna Mao through her private company Mega Capital Resources Ltd.Anna Mao resigned from the board on 12 October 2016.(6)The amounts shown above for William Robinson includes$10,020 paid to his private company Value Added Resources Pty Ltd for geophysical consulting services.Mr Ro

88、binson resigned from the Board on 2 December 2016.?Alto Metals LimitedNotes to the Financial Statements20Directors Report?(i)Option holdings?(ii)Shareholdings?KMP?KMP?(1)Appointed 13 March 2018.(2)Appointed 28 February 2018.(3)Resigned 28 February 2018.(4)Appointed 12 October 2016.(5)Appointed 2 Dec

89、ember 2016.(6)Resigned 12 October 2016.(7)Resigned 2 December 2016.(8)Appointed 15 July 2016.?Annual Report 201821Directors Report(iii)Performance rights?KMP?KMP?(1)Appointed 13 March 2018.(2)Appointed 28 February 2018.(3)Resigned 28 February 2018.(4)Appointed 12 October 2016.(5)Appointed 2 December

90、 2016.(6)Resigned 12 October 2016.(7)Resigned 2 December 2016.(8)Appointed 15 July 2016.?Alto Metals LimitedNotes to the Financial Statements22Directors Report Grant Thornton Audit Pty Ltd ACN 130 913 594 a subsidiary or related entity of Grant Thornton Australia Ltd ABN 41 127 556 389 Grant Thornto

91、n refers to the brand under which the Grant Thornton member firms provide assurance,tax and advisory services to their clients and/or refers to one or more member firms,as the context requires.Grant Thornton Australia Ltd is a member firm of Grant Thornton International Ltd(GTIL).GTIL and the member

92、 firms are not a worldwide partnership.GTIL and each member firm is a separate legal entity.Services are delivered by the member firms.GTIL does not provide services to clients.GTIL and its member firms are not agents of,and do not obligate one another and are not liable for one anothers acts or omi

93、ssions.In the Australian context only,the use of the term Grant Thornton may refer to Grant Thornton Australia Limited ABN 41 127 556 389 and its Australian subsidiaries and related entities.GTIL is not an Australian related entity to Grant Thornton Australia Limited.Liability limited by a scheme ap

94、proved under Professional Standards L.auCentral Park,Level 43 152-158 St Georges Terrace Perth WA 6000 Correspondence to:PO Box 7757 Cloisters Square Perth WA 6850 T+61 8 9480 2000 F+61 8 9480 2050 E W .au Auditors Independence Declaration To the Directors of Alto Metals Limited In accordance with t

95、he requirements of section 307C of the Corporations Act 2001,as lead auditor for the audit of Alto Metals Limited for the year ended 30 June 2018,I declare that,to the best of my knowledge and belief,there have been:a no contraventions of the auditor independence requirements of the Corporations Act

96、 2001 in relation to the audit;and b no contraventions of any applicable code of professional conduct in relation to the audit.GRANT THORNTON AUDIT PTY LTD Chartered Accountants M P Hingeley Partner Audit&Assurance Perth,27 September 2018 Alto Metals LimitedNotes to the Financial Statements24Consoli

97、dated Statement Of Profit Or LossAnd Other Comprehensive IncomeThe accompanying notes form part of these financial statements.Annual Report 201825Consolidated Statement Of Financial Position?Alto Metals LimitedNotes to the Financial Statements26Consolidated Statement Of Changes In Equity?Annual Repo

98、rt 201827Consolidated Statement Of Cash Flows?Alto Metals LimitedNotes to the Financial Statements28?Annual Report 2018Notes to the Financial Statements29?Alto Metals LimitedNotes to the Financial Statements30?Class of Fixed Asset Depreciation Rate?Acquired intangible assets?Subsequent measurement?A

99、nnual Report 2018Notes to the Financial Statements31?Alto Metals LimitedNotes to the Financial Statements32?Annual Report 2018Notes to the Financial Statements33?Alto Metals LimitedNotes to the Financial Statements34?Annual Report 2018Notes to the Financial Statements35?Alto Metals LimitedNotes to t

100、he Financial Statements36?Annual Report 2018Notes to the Financial Statements37?Alto Metals LimitedNotes to the Financial Statements38?Annual Report 2018Notes to the Financial Statements39?Alto Metals LimitedNotes to the Financial Statements40?Annual Report 2018Notes to the Financial Statements41?Al

101、to Metals LimitedNotes to the Financial Statements42?Annual Report 2018Notes to the Financial Statements43?Alto Metals LimitedNotes to the Financial Statements44?Annual Report 2018Notes to the Financial Statements45?Alto Metals LimitedNotes to the Financial Statements46?(i)Fair value measurement hie

102、rarchy?Annual Report 2018Notes to the Financial Statements47?Credit risk exposures?Alto Metals LimitedNotes to the Financial Statements48?(i)Interest rate risk?Sensitivity Analysis?Annual Report 2018Notes to the Financial Statements49?Alto Metals LimitedNotes to the Financial Statements50?Annual Rep

103、ort 201851Directors DeclarationIn accordance with a resolution of the Board of Directors of Alto Metals Limited,I state that:In the opinion of the Directors:!the financial statements and notes set out on pages 24 to 50 are in accordance with the Corporations Act 2001,including:-complying with Accoun

104、ting Standards,the Corporations Regulations 2001 and other mandatory professional reporting requirements;-giving a true and fair view of the Groups financial position as at 30 June 2018 and of its performance for the financial year ended on that date;-the audited remuneration disclosures set out on

105、pages 17 to 22 of the Directors report comply with Accounting Standards AASB 124 Related Party Disclosures and the Corporations Regulations 2001;and-the financial statements and notes also comply with International Financial Reporting Standards.!there are reasonable grounds to believe that the Compa

106、ny will be able to pay its debts as and when they become due and payable;and !this declaration has been made after receiving the declarations required to be made to the Directors in accordance with section 295A of the Corporations Act 2001 for the financial year ended 30 June 2018.On behalf of the B

107、oard Terry Streeter Chairman 27 September 2018 Grant Thornton Audit Pty Ltd ACN 130 913 594 a subsidiary or related entity of Grant Thornton Australia Ltd ABN 41 127 556 389 Grant Thornton refers to the brand under which the Grant Thornton member firms provide assurance,tax and advisory services to

108、their clients and/or refers to one or more member firms,as the context requires.Grant Thornton Australia Ltd is a member firm of Grant Thornton International Ltd(GTIL).GTIL and the member firms are not a worldwide partnership.GTIL and each member firm is a separate legal entity.Services are delivere

109、d by the member firms.GTIL does not provide services to clients.GTIL and its member firms are not agents of,and do not obligate one another and are not liable for one anothers acts or omissions.In the Australian context only,the use of the term Grant Thornton may refer to Grant Thornton Australia Li

110、mited ABN 41 127 556 389 and its Australian subsidiaries and related entities.GTIL is not an Australian related entity to Grant Thornton Australia Limited.Liability limited by a scheme approved under Professional Standards L.auCentral Park,Level 43 152-158 St Georges Terrace Perth WA 6000 Correspond

111、ence to:PO Box 7757 Cloisters Square Perth WA 6850 T+61 8 9480 2000 F+61 8 9480 2050 E W .au Independent Auditors Report To the Members of Alto Metals Limited Report on the audit of the financial report Opinion We have audited the financial report of Alto Metals Limited(the Company)and its subsidiar

112、ies(the Group),which comprises the consolidated statement of financial position as at 30 June 2018,the consolidated statement of profit or loss and other comprehensive income,consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended,and notes to the

113、 consolidated financial statements,including a summary of significant accounting policies,and the Directors declaration.In our opinion,the accompanying financial report of the Group is in accordance with the Corporations Act 2001,including:a giving a true and fair view of the Groups financial positi

114、on as at 30 June 2018 and of its performance for the year ended on that date;and b complying with Australian Accounting Standards and the Corporations Regulations 2001.Basis for opinion We conducted our audit in accordance with Australian Auditing Standards.Our responsibilities under those standards

115、 are further described in the Auditors Responsibilities for the Audit of the Financial Report section of our report.We are independent of the Group in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Et

116、hical Standards Boards APES 110 Code of Ethics for Professional Accountants(the Code)that are relevant to our audit of the financial report in Australia.We have also fulfilled our other ethical responsibilities in accordance with the Code.We believe that the audit evidence we have obtained is suffic

117、ient and appropriate to provide a basis for our opinion.Material uncertainty related to going concern We draw attention to Note 1 in the financial statements,which indicates that the Group incurred a net loss of$624,026 during the year ended 30 June 2018.As stated in Note 1,these events or condition

118、s,along with other matters as set forth in Note 1,indicate that a material uncertainty exists that may cast doubt on the Groups ability to continue as a going concern.Our opinion is not modified in respect of this matter.Key audit matters Key audit matters are those matters that,in our professional

119、judgement,were of most significance in our audit of the financial report of the current period.These matters were addressed in the context of our audit of the financial report as a whole,and in forming our opinion thereon,and we do not provide a separate opinion on these matters.In addition to the m

120、atter described in the Material uncertainty related to going concern section,we have determined the matters described below to be the key audit matters to be communicated in our report.Key audit matter How our audit addressed the key audit matter Exploration and Evaluation Assets Note 1(e)&13 At 30

121、June 2018 the carrying value of exploration and evaluation assets was$8,727,068.In accordance with AASB 6 Exploration for and Evaluation of Mineral Resources,the Group is required to assess at each reporting date if there are any triggers for impairment which may suggest the carrying value is in exc

122、ess of the recoverable value.The process undertaken by management to assess whether there are any impairment triggers in each area of interest involves an element of management judgement.This area is a key audit matter due to the significant judgement involved in determining the existence of impairm

123、ent triggers.Our procedures included,amongst others:obtaining the management reconciliation of capitalised exploration and evaluation expenditure and agreeing to the general ledger;reviewing managements area of interest considerations against AASB 6;conducting a detailed review of managements assess

124、ment of trigger events prepared in accordance with AASB 6 including;o tracing projects to statutory registers,exploration licenses and third party confirmations to determine whether a right of tenure existed;o enquiry of management regarding their intentions to carry out exploration and evaluation a

125、ctivity in the relevant exploration area,including review of managements budgeted expenditure;o understanding whether any data exists to suggest that the carrying value of these exploration and evaluation assets are unlikely to be recovered through development or sale;assessing the accuracy of impai

126、rment recorded for the year as it pertained to exploration interests;evaluating the competence,capabilities and objectivity of managements experts in the evaluation of potential impairment triggers;and assessing the appropriateness of the related financial statement disclosures.Information other tha

127、n the financial report and auditors report thereon The Directors are responsible for the other information.The other information comprises the information included in the Groups annual report for the year ended 30 June 2018,but does not include the financial report and our auditors report thereon.Ou

128、r opinion on the financial report does not cover the other information and we do not express any form of assurance conclusion thereon.In connection with our audit of the financial report,our responsibility is to read the other information and,in doing so,consider whether the other information is mat

129、erially inconsistent with the financial report or our knowledge obtained in the audit or otherwise appears to be materially misstated.If,based on the work we have performed,we conclude that there is a material misstatement of this other information,we are required to report that fact.We have nothing

130、 to report in this regard.Responsibilities of the Directors for the financial report The Directors of the Company are responsible for the preparation of the financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such

131、internal control as the Directors determine is necessary to enable the preparation of the financial report that gives a true and fair view and is free from material misstatement,whether due to fraud or error.In preparing the financial report,the Directors are responsible for assessing the Groups abi

132、lity to continue as a going concern,disclosing,as applicable,matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or to cease operations,or have no realistic alternative but to do so.Auditors responsibilities for t

133、he audit of the financial report Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement,whether due to fraud or error,and to issue an auditors report that includes our opinion.Reasonable assurance is a high level of assuranc

134、e,but is not a guarantee that an audit conducted in accordance with the Australian Auditing Standards will always detect a material misstatement when it exists.Misstatements can arise from fraud or error and are considered material if,individually or in the aggregate,they could reasonably be expecte

135、d to influence the economic decisions of users taken on the basis of this financial report.A further description of our responsibilities for the audit of the financial report is located at the Auditing and Assurance Standards Board website at:http:/www.auasb.gov.au/auditors_responsibilities/ar2.pdf.

136、This description forms part of our auditors report.Report on the remuneration report Opinion on the remuneration report We have audited the Remuneration Report included in pages 17 to 22 of the Directors report for the year ended 30 June 2018.In our opinion,the Remuneration Report of Alto Metals Lim

137、ited,for the year ended 30 June 2018 complies with section 300A of the Corporations Act 2001.Responsibilities The Directors of the Company are responsible for the preparation and presentation of the Remuneration Report in accordance with section 300A of the Corporations Act 2001.Our responsibility i

138、s to express an opinion on the Remuneration Report,based on our audit conducted in accordance with Australian Auditing Standards.GRANT THORNTON AUDIT PTY LTD Chartered Accountants M P Hingeley Partner Audit&Assurance Perth,27 September 2018 Alto Metals Limited56?NameNumber%1 WINDSONG VALLEY PTY LTD

139、31,055,19815.922 SINOTECH(HONG KONG)CORPORATION LIMITED15,900,0008.153 ENTERPRISE METALS LTD12,000,0006.154 MR STEPHEN STONE 8,787,5004.515 CROWNLUXE INVESTMENT LTD7,500,0003.856 MR DERMOT RYAN&MRS VIVIENNE RYAN 4,096,6672.107 PETER ERMAN PTY LIMITED 4,000,0002.058 AJAVA HOLDINGS PTY LTD4,000,0002.0

140、59 MR BRUCE ROBERT LEGENDRE3,548,5001.8210 OSSART HOLDINGS PTY LTD 3,000,0001.5411 CITICORP NOMINEES PTY LIMITED2,657,6061.3612 MR ROBERT WILMOT CREASY 2,506,9041.2913 ALL-STATES FINANCE PTY LTD2,000,0001.0314 MICJUD PTY LTD 1,883,3330.9715 ROSANE PTY LTD 1,781,8350.9116 MR DERMOT RYAN&MRS VIVIENNE

141、RYAN 1,669,2370.8617 MS LUCIANA CARLA DA SILVA1,550,0000.7918 MR CHRISTOPHER CLEGG&MRS TAMARA CLEGG1,425,0000.7319 MR WILLIAM JOHN ROBERTSON&MRS JUNE DIANE ROBERTSON1,389,2370.7120 MR DERMOT RYAN&MRS VIVIENNE RYAN 1,254,2370.64Total112,005,25457.43?Substantial ShareholderNumber%WINDSONG VALLEY PTY L

142、TD 31,055,19815.92SINOTECH(HONG KONG)CORPORATION LIMITED15,900,0008.15ENTERPRISE METALS LTD12,000,0006.15?Additional ASX InformationAnnual Report 201857?Number of security holders by size of holding:HoldersTotal Units1-1,000335157,9971,001-5,0004751,269,9315,001-10,0002111,698,56910,001-100,00028410,618,815100,001 and over214181,310,291Total1,519195,055,603?HolderPerformancerightsPerformanceSharesDERMOT RYAN3,750,000-STEPHEN STONE-12,500,000BRUCE LEGENDRE-12,500,000OTHER HOLDERS3,000,000-6,750,00025,000,000?Additional ASX InformationAlto Metals Limited58?Tenement ReportAs at 30 June .au