Ausgold Limited (AUC) 2020年年度報告「ASX」.pdf

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1、AUSGOLD LIMITED-2020 ANNUAL REPORT2020Table of ContentsCORPORATE DIRECTORY.1MANAGING DIRECTORS LETTER.2REVIEW OF OPERATIONS.3DIRECTORS REPORT.15REMUNERATION REPORT(AUDITED).20 AUDITORS INDEPENDENCE DECLARATION.26CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME.27CONSOLIDATED S

2、TATEMENT OF FINANCIAL POSITION.28CONSOLIDATED STATEMENT OF CHANGES IN EQUITY.29CONSOLIDATED STATEMENT OF CASH FLOWS.30NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS.311.REPORTING ENTITY.312.BASIS OF PREPARATION.313 CHANGES IN ACCOUNTING POLICIES.314.SIGNIFICANT ACCOUNTING JUDGEMENTS,ESTIMATES AND AS

3、SUMPTIONS.335.SEGMENT REPORTING.346.PARENT ENTITY INFORMATION.347.FINANCIAL RISK MANAGEMENT.358.OTHER INCOME.379.INCOME TAX EXPENSE.3810.CASH AND CASH EQUIVALENTS.3811.SECURITY DEPOSITS.3912.EXPLORATION AND EVALUATION EXPENDITURE&PREPAYMENT.3913.FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS.

4、4014.PROPERTY,PLANT AND EQUIPMENT.4015.RIGHT-OF-USE ASSET AND LEASE LIABILITY.4116.TRADE AND OTHER PAYABLES.4217.PROVISIONS.4218.CONTRIBUTED EQUITY.4319.RESERVES.4420.ACCUMULATED LOSSES.4621.LOSS PER SHARE.4622.CASH FLOWS FROM OPERATING ACTIVITIES RECONCILIATION.4723.AUDITORS REMUNERATION.4724.COMMI

5、TMENTS.4825.RELATED PARTY DISCLOSURE.4826.KEY MANAGEMENT PERSONNEL.4827.CONTINGENT LIABILITIES.4928.EVENTS SUBSEQUENT TO REPORTING DATE.49DIRECTORS DECLARATION.50INDEPENDENT AUDIT REPORT.51 SHAREHOLDER INFORMATION.54 SCHEDULE OF MINERAL LICENCE INTERESTS.56 1DirectorsMr Richard Lockwood Non-Executiv

6、e ChairmanDr Matthew Greentree Chief Executive Officer and Managing DirectorMr Denis Rakich Executive DirectorMr Neil Fearis Non-Executive DirectorMr Geoffrey Jones Non-Executive DirectorCompany SecretaryMr Denis RakichRegistered OfficeLevel 16,AMP Building 140 St Georges Terrace PERTH WA 6000 Telep

7、hone:(08)9220 9890 Facsimile:(08)9220 9820 Web: Email:Securities ExchangeAustralian Securities Exchange(ASX)Level 40 Central Park 152-158 St Georges Terrace Perth WA 6000ASX Code:AUC FRA:AU4Share RegistryAutomic Group Level 2,267 St Georges Terrace Perth WA 6000 Telephone:1300 288 664AuditorsBDO Aud

8、it(WA)Pty Ltd 38 Station Street Subiaco WA 6008 Telephone:(08)6382 4600 Facsimile:(08)6382 4601BankersWestpac Banking Corporation Level 8,10 St Georges Terrace Perth WA 6000SolicitorsSquire Patton Boggs(AU)Level 21,300 Murray Street Perth WA 6000HopgoodGanim Lawyers Level 27,77 St Georges Terrace Pe

9、rth WA 6000All Mining Legal Suite 2,257 York Street Subiaco WA 6008Australian Business NumberABN 67 140 164 496Corporate Directory2Dear Fellow Shareholders,I am pleased to present the 2020 Annual Report for Ausgold Limited.During the year,the Company focussed on our flagship asset,the Katanning Gold

10、 Project(KGP),located in south-west Western Australia,where we continue to make progress to developing a significant standalone mining project.The year was marked with a further upgrade of the Mineral Resource at the KGP to 1.2Moz gold,together with the completion of a Scoping Study,both of which hi

11、ghlight the near-term development potential of the Project.The upgraded JORC 2012 Mineral Resource estimate for the KGP increased to 33.9 Mt at 1.1 g/t Au for 1.2 million ounces of gold.This represents another significant increase from the previous Resource estimate and another step forward for the

12、Project,highlighting the potential for a standalone mining operation and the considerable upside potential from near Resource exploration.Ausgold continued exploration with the aim of expanding the current mineable gold Resource with over 12,600m of drilling completed as well as geophysics programs

13、designed to directly target gold mineralisation.Drilling at Jinkas South intersected a broad zone of gold mineralisation at a significantly higher grade than the overall Resource grade.This drilling along the Jinkas South lode extends the gold mineralisation to over 600m north along strike on the ea

14、stern edge of the defined Resource,with the mineralisation open both north and south along strike.This continued exploration work has significantly improved our understanding of the geology at the KGP and is laying the foundations that will allow us to move the Project into production.Ausgold has gr

15、owing expectations regarding exploration potential,both near Resource and regionally.Air core drilling at the Burong prospect intersected mineralisation over a strike length of 1.2km,which is open for a further 10km extending eastward towards the Datatine Resource area.This newly identified minerali

16、sation area has potential to expand the KGPs current Mineral Resource.The Scoping Study,combined with Ausgolds ongoing exploration success,has highlighted the potential to further expand the KGPs current Mineral Resource with the aim of unlocking the regional potential within Ausgolds 4,000km2 tenem

17、ent holding on the underexplored Katanning greenstone belt in the Southwest Yilgarn Craton.Field work conducted by Ausgold,combined with a study of regional prospectivity,has identified 42 new regional targets within the tenements,with the most promising being within easy trucking distance of the KG

18、P.Subsequent to year end Ausgold completed a$6.3 million capital raising which included a$3m cornerstone investment from the highly experienced Canadian resource investment group Dundee Goodman Merchant Partners,together with a number of institutional investors.We are pleased to welcome Dundee as a

19、significant shareholder in Ausgold.Dundee shares our view on the significant potential of the region as a result of its completion of a thorough due-diligence process.The capital raising provides Ausgold with adequate funding to accelerate a large exploration campaign at the KGP,including a reverse

20、circulation drill campaign of 25,000m targeting gold mineralisation to increase the current 1.2 Moz gold Resource at the KGP.Additional work is underway within the regional tenement package,which includes mapping,reconnaissance rock chip sampling for both gold and PGM.Once again,I thank shareholders

21、 for their ongoing support,and I am confident that the financial year 2021 will continue to realise significant milestones as we move towards a development footing.We look forward to delivering further growth of the Resource at the KGP through exploration success,as well as updates on the progress o

22、f initial mine feasibility studies.2020/21 is shaping up to be an exciting year of growth for the Company and for our shareholders.I look forward to updating shareholders as we continue to advance the KGP.Matthew Greentree Managing DirectorManaging Directors Letter3PERTHWWe es st te er rn nA Au us s

23、t tr ra al li ia aLaverton40 Moz AuLeonora44 Moz AuMurchison35 Moz AuYamarna6.5 Moz AuTropicanaProject8 Moz AuKalgoorlie160 Moz AuBoddington30 Moz AuSouthernCross10 Moz AuDoolgunnaStationYamarnaProjectLake MagentaProjectYilgarnCratonKatanningGold ProjectKAT0025AD400 Kilometres 5.0 Moz Au1.0-5.0 Moz

24、Au0.25-1.0 Moz AuGreenstonesAusgold TenementsLEGENDReview of Operations FY2020Highlights Upgraded 1.2 million ounces Mineral Resource at the Katanning Gold Project(KGP)Scoping Study for KGP paves the way to develop a standalone gold mining operation New Reverse Circulation(RC)drilling results demons

25、trate potential to add significant high-grade ounces to the existing 1.2 million-ounce gold Resource at the KGP in the next Resource update 99 holes for 12,083m of RC and diamond drilling focused on the Central Zone completed with additional 30,000m program commenced to provide a significant Resourc

26、e upgrade in Q1 2021 Drilling extends the Jinkas South lode to over 600 metres strike length and builds on past results of 26m 6.6 g/t Au from 117m(including 4m 37.19 g/t Au from 119m),16m 6.21 g/t Au from 114m(including 4m 22.38 g/t Au),and 15m 3.66 g/t Au from 117m(including 5m 10.37 g/t Au)5m 13.

27、67 g/t Au from 120m,including 1m 65.8 g/t Au and 29m 1.84 g/t Au from 120m(including 15m 3.17 g/t Au)New drilling at Burong included 139 air-core(AC)holes for 4,298m and 9 RC holes for 1,136m,Burong confirms prospectivity with recent soils program confirming a number of new targets identified along

28、the 10km long Burong-Datatine trend The KGP lies along a major mineralised structural corridor with strike for 130kms and 42 gold targets and further potential for PGE Ni within a 4,000km2 strategic tenure position in the South West Yilgarn Craton Review of Operations FY2020Location of WA ProjectsRe

29、view of Operations FY2020 continued4Katanning Gold ProjectWESTERN AUSTRALIA(AUC 100%)Ausgold Limited(ASX:AUC)is an ASX listed exploration company which holds a dominant tenure position in the Katanning Greenstone Belt,controlling over 4,000km2 of ground in a historically underexplored region and hig

30、hly prospective for Archean gold and other minerals.The KGP lies within the Katanning Greenstone Belt and is located approximately 35km from the township of Katanning situated 275km south of Perth in the south-west Yilgarn Craton of Western Australia.The KGP lies within a major mineralised structura

31、l corridor,exploration to date has focused on a 7km belt hosting multi-lode gold mineralisation,including the advanced Central Zone,Dingo and Jackson gold deposits as well as several other highly prospective targets ready for initial and advanced follow-up drill testing.Figure 1-Katanning Gold Proje

32、ct Resource Block ModelReview of Operations FY2020 continued5Mineral Resource During the year Ausgold upgraded the JORC 2012 Mineral Resource estimate for the KGP to 33.9 Mt at 1.1 g/t Au for 1.2 million ounces of gold(Table 1).The Resource estimation was completed by SRK Consulting(Australasia)Pty

33、Ltd(SRK)in accordance with the 2012 JORC Code.Table 1-Summary Gold Resources for the KGPResource categoryTonnesGrade(g/t au)Contained gold(oz)Measured2.262.05149,000Indicated11.991.14440,690Inferred19.680.97611,340Total Resource33.931.101,201,030Notes to Table 1:The 2019 Mineral Resources for the Ce

34、ntral Zone deposit are reported using a 0.6 g/t Au cut-off applied to individual model cells located above 200 mRL(approximately 160 m depth)at Dingo,Datatine,Jackson,Olympia and White Dam and above 130mRL(approximately 230m depth)at Jinkas.Tonnes have been rounded to the nearest 100 tonnes,Au ounce

35、s have been rounded to the nearest 10 ounces.Scoping StudyIn November 2019 Ausgold announced the results of a Scoping Study on the KGP,which highlighted the potential of the KGP to support a viable standalone gold mining and processing operation.The Scoping Study outlined a base case for a 1.25 Mtpa

36、 mining operation capable of producing more than 350,000 ounces over an initial 7-year mine life.This has an attractive payback period of less than two and half years with an NPV of A$77M and an IRR of 28%based on a A$2,000 per ounce gold price.Significant gains on project economics are expected whe

37、n current higher spot gold prices are considered.Moreover,new drilling is expected to demonstrate increased and higher-grade ounces and metallurgical testwork is expected to optimise the current study and provide the basis for further feasibility studies.The KGP is located 275km from Perth and close

38、 to high-quality infrastructure which supports the near-term development of the project.Project infrastructure includes:Granted mining licences Grid power Sealed roads Water Town of Katanning 35kms from site Accommodation AirstripCentral Zone Exploration During the year Ausgold completed RC and diam

39、ond drill programs totalling 13,680m2 within the Central Zone where the majority of the current JORC Resource of 1.2 Moz is located.(Figure 1 and Table 1).Subsequent to the capital raise in August 2020 Ausgold has committed to drilling a further 30,000m of RC and diamond drilling which will signific

40、antly add Resource ounces to the KGP and support feasibility studies in the near term.Drilling is designed to characterise gold mineralisation and geology within the Resource areas,and to test exploration targets downdip and along strike further adding Resource ounces.New drilling and geophysical su

41、rveys including Downhole Electromagnetic(DHEM)and detailed ground gravity have identied areas with potential for high-grade gold mineralisation.New drill holes have been used as a platform for further DHEM surveys with a further 18 DHEM targets identified within the Jinkas,Jinkas South and White Dam

42、 lodes.Recent drilling has focused on areas where the geological model and geophysical response have identified areas which are likely to host high-grade gold mineralisation within the Jinkas,White Dam and Jinkas South high-grade lodes,targeting host rock associations and the accompanying of pyrrhot

43、ite magnetite alteration zones within broad zones of gold mineralisation.New drilling shows high-grade gold mineralisation extends well beyond that estimated in the current Resource area,which should further improve the project economics.Jinkas SouthDrilling at Jinkas South has targeted areas extend

44、ing along strike from gold mineralisation previously intercepted(Figure 1,2 and 3)and now has shown the high-grade gold mineralisation at Jinkas South extends over 600m strike length and represents a separate parallel high grade shoot along the eastern edge of the defined Jinkas Resource(Figure 1 an

45、d 2).This newly identified high-grade gold mineralisation with grades significantly higher than the over-all Resource grade which remains open along strike will likely add significantly to the current Resource.Significant intercepts from RC drilling completed during the year include:29m 1.84 g/t Au

46、from 120m including 15m 3.17 g/t Au in BSRC0993 4m 2.03 g/t Au from 114m including 1m 7.46 g/t Au and 11m 1.16 g/t Au from 138m including 5m 2.06 g/t Au in BSRC0989 4m 2.03 g/t Au from 111m and 11m 1.16 g/t Au from 134m in BSRC0964 4m 2.25 g/t Au from 30m including 1m 7.84 g/t Au in BSRC0968 2m 4.62

47、 g/t Au from 102m including 1m 8.84 g/t Au in BSRC0972 12m 3.52 g/t Au from 120m including 3m 9.64 g/t Au in BSRC0916 18m 0.97 g/t Au from 120m including 1m 10.25 g/t Au from 123m in BSRC0914 20m 0.94 g/t Au from 119m and 1m 11.2 g/t Au from 142m BSRC0918;13m 1.11 g/t Au from 99m including 2m 2.18 g

48、/t Au from 107m and 1m 11.2 g/t Au from 142m in BSRC0918 22m 0.85 g/t Au from 132m in BSRC0909 23m 0.8 g/t Au from 126m in BSRC0910 1m 16.35 g/t Au from 73m and 17m 1.03 g/t Au from 93m in BSRC0927Jinkas South lode has applied geophysical methods to directly target extensions of this high-grade gold

49、 mineralisation including ground gravity and DHEM.Ausgold has directly targeted the high-grade gold mineralisation using geophysical methods along strike from previously intersected high grade mineralisation(Figure 2 and 3),including 26m 6.6 g/t Au from 117m(including 4m 37.19 g/t Au)in BSRC0814(ASX

50、 Release,3 April 2018);16m 6.21 g/t Au from 114m(including 4m 22.38 g/t Au)in BSRC0871(ASX Release,1 April 2019);15m 3.66 g/t Au from 117m(including 5m 10.37 g/t Au)in BSRC0859(ASX Release,18 May 2018).Review of Operations FY2020 continued6Figure 2 Jinkas Resource area with contoured gold grade show

51、n as gram metres(grade x width)Review of Operations FY2020 continued7Jinkas and White Dam LodesRC drilling within the Jinkas and White Dam Resource areas includes 13 holes for 1,824m targeting gold mineralisation where it is been poorly defined by previous drilling,including areas outside of the cur

52、rent Resource.The broad zones of gold mineralisation intersected by new drilling provides a platform for further targeted drilling using DHEM to target high grade shoots intersected along strike.Significant intercepts from this new RC drilling include:20m 0.87 g/t Au from 139m including 3m 2.66 g/t

53、Au and 2m 1.51 g/t Au in BSRC0973 17m 0.94 g/t Au from 66m including 1m 5.59 g/t Au BSRC0970 4m 2.41 g/t Au from 21m and 7m 1.02 g/t Au from 44m and 3m 1.79 g/t Au from 87m in BSRC0970 4m 2.25 g/t Au from 30m including 1m 7.84 g/t Au in BSRC0968 11m 1.16 g/t Au from 134m including 5m 2.06 g/t Au in

54、BSRC0989 8m 1.41 g/t Au from 109m including 3m 3.17 g/t Au in BSRC0969 8m 1.22 g/t Au from 72m including 3m 2.46 g/t Au in BSRC0979 10m 0.92 g/t Au from 116m including 3m 1.89 g/t Au in BSRC0988 8m 1.41 g/t Au from 109m including 4m 2.50 g/t Au in BSRC0969 18m 0.62 g/t Au from 192m including 3m 3.17

55、 g/t Au in BSRC0969These drill results continue to add higher-grade ounces to the existing 1.2-million-ounce gold Resource at the KGP.Targeted RC drilling has further extended higher-grade gold mineralisation within Jinkas South and Jinkas and White Dam lodes well beyond the current Resource areas.J

56、ackson The Jackson Resource area is located at the northern most portion of the Central Zone.New RC drilling targeted shallow mineralisation with seven holes for 480m.Drilling intersected 3m 3.21 g/t Au from 37m,including 1m 8.67 g/t Au in BSRC0906.Previously intersected high-grade mineralisation in

57、 the southern Jackson area includes 3m 6.55 g/t Au from 13m,and 4m 14.19 g/t Au from 114m including 1m 53.57g/t Au(Figure 1).Recent intercepts 440m north of the Jackson Resource area highlight northward extensions to mineralisation,including 2m 6.07 g/t Au in BSRC0804(ASX Release,28 May 2018)and now

58、 confirmed in recent drilling,with 3m 1.7 g/t Au from 67m in BSRC0922.New drilling suggests potential for more extensive high-grade mineralisation to be recognised within the southern Jackson Resource area.Further work is currently underway to delineate these high-grade shoots,which have already bee

59、n delineated in past drilling at Jackson where high-grade mineralisation remains open along strike.Significant intercepts include:3m 6.55 g/t Au from 13m including 2m 9.63 g/t Au from 13m in BSRC0886 4m 2.09 g/t Au from 102m in BSRC0886 16m 7.12 g/t Au from 14m including 3m 35.47 g/t Au from 18m in

60、BSRC0256 6m 9.55 g/t Au from 47m including 3m 18.77 g/t Au from 47m in BSRC0290 4m 14.19 g/t Au from 114m including 1m 53.57 g/t Au from 118m in BSRC0629 12m 3.12 g/t Au from 34m including 3m 7.38 g/t Au from 41m in BSRC0121 5m 5.74 g/t Au from 9m including 4m 7.05 g/t Au from 10m in BSRC0260 6m 4.2

61、4 g/t Au from 28m in PDHK030Figure 3 cross-section of the Jinkas South lodeReview of Operations FY2020 continued8Jinkas WestDuring the year the Company has conducted drilling immediately west of the historical Jinkas pit(Figure 2),targeting near-surface gold mineralisation.This area represents near

62、surface portions of the Jackson and White Dam lodes.New drilling has intersected mineralisation along a strike length of 350m in an area which was previously untested(Figure 2).New drilling has intersected near surface mineralisation,which includes:7m 1.79 g/t Au from 113m including 1m 9.33g/t Au fr

63、om 118m in BSRC0928 6m 1.51 g/t Au from 37m including 3m 2.63 g/t Au in BSRC0933 4m 1.06 g/t Au from 111m in BSRC0933,7m 1.42 g/t Au from 96m in BSRC0939,8m 0.97 g/t Au from 84m and 1m 4.98 g/t Au in BSRC0939 Jinkas NorthA grant for$150,000 under the Western Australian Governments Exploration Incent

64、ive Scheme(EIS)round 21 has been awarded to Ausgold.The EIS grant will fund RC and diamond drilling at Jinkas North to test the extensions of high-grade gold mineralisation north along strike from the Jinkas deposit(Figure 1).Ten holes for 2,200m are planned to be drilled along the trend identified

65、in recent drilling and ground gravity surveying.The drill targets will test the northern extensions of Jinkas,which extends along an 850m strike length from the main Jinkas deposit and within the gap in the current Resource located between the Olympia and Jinkas Resource areas.This EIS drilling has

66、the potential to identify additional high-grade gold mineralisation within the Central Zone and further the Companys understanding of the KGP.Fixed loop electromagnetic(FLEM)and detailed gravity programs are underway to target drilling for the RC program in the Jinkas North area,which will commence

67、in the September 2020 quarter.Rifle Range AreaWork is continuing with Government departments to gain access to the Rifle Range area immediately south of the Central Zone(Figure 6).Drilling confirms potential with 7m 0.45 g/t Au including 1m 1.07 g/t Au from 39m and 3m 0.71 g/t Au including 1m 1.33 g

68、/t Au in BRSC0828 in reconnaissance drilling confirming the presence of mineralised structures extending through this area.Regional Exploration Ausgold holds exploration rights over a landholding of more than 4,000km2 along a significant geological boundary separating the Boddington and Lake Grace T

69、erranes.Faults along this boundary are the same as those that host the gold mineralisation within the KGP.A new geological interpretation of the region based on field mapping has provided a framework under which to conduct exploration.Combined with the significant geochemical database collected by A

70、usgold and historical data,this has enabled the identification of 42 new regional target areas(Figure 8).The Company continues target work programs,including surface sampling,to prioritise the new targets for follow-up assessment,priority targets for drilling in the coming 12 months.Burong During th

71、e year Ausgold completed a maiden RC drill program of 9 shallow holes for 1,136m at the Burong prospect which was partly funded by the EIS.The new RC drilling tested bedrock gold mineralisation at Burong located 7km west from the Central Zone Resource area at the KGP.RC drilling conducted on two 200

72、m spaced sections has intersected bed-rock gold mineralisation beneath a coherent 100 ppb gold anomaly identified in AC drilling which extends over a 1.2 km strike length.RC drilling intersected gold mineralisation in all holes with the best results drilled on separate sections being:1m 6.47 g/t Au

73、from 101m in BSRC0950 at the bottom of hole 7m 0.49 g/t Au including 1m 1.49 g/t Au from 125m in BSRC0952Burong is located along a NE-striking thrust fault,which cross-cuts a NNW-striking thrust fault which controls the Central Zone.Gold mineralisation intersected in drilling has a moderate northerl

74、y dip and is closely associated with quartz veining in sulphidic mafic and ultramafic granulites.New drilling at the Burong prospect confirms the regional potential surrounding the KGP.Burong is located along a regionally significant NNW-striking thrust fault,which also hosts the Datatine deposit 10

75、km to the east.This new mineralised trend is open along strike and is parallel to a major NE striking regional fault,which extends eastward towards Datatine and is perpendicular to the main KGP structure.Further soil sampling is planned to target gold mineralisation along this newly defined minerali

76、sed trend,with AC and RC drilling planned to re-commence in the coming summer months.Southern KGP-Lukin area A total of 7 reconnaissance RC holes for 728m were drilled in the southern KGP Lukin area,targeting gold and multi-element(Ag,Cu,As)anomalies intersected by historic AC drilling(ASX releases;

77、19 Sept 2011,19 Apr 2012,1 May 2013 and 28 March 2018)which extends over 6km south of the principal Resource areas.The reconnaissance RC drill program was conducted at wide drill spacings along four separate sections covering 1.2km strike length(Figure 4).It is noted that gold mineralisation follows

78、 the magnetic trends,reflecting specific rock types(mafic gneiss)and pyrrhotite rich units.Higher gold grades are associated with disseminated pyrrhotite bands and zones of magnetite alteration.Significant intercepts in recent Lukin drilling(see also Figures 4 and 5)3m 5.3 g/t Au from 20m including

79、1m 14.55 g/t Au from 20m in BSRC0891 1m 2.64 g/t Au from 90m in BSRC0892Historical AC drilling has delineated a trend of gold mineralisation(0.1 g/t)which extends along the eastern side of a significant geophysical anomaly marking a large thrust fault(Figure 7).This thrust fault is a fundamental con

80、trol on gold mineralisation regionally along the entire strike length of the KGP and across the Southwest Yilgarn Craton.Primary mineralisation intersected in recent RC drilling suggests the southern KGP represents a significant target which to date has received relatively limited exploration.A new

81、RC program will commence in early 2021.Review of Operations FY2020 continued9Figure 4 Contoured gold grade 0.1 g/t Au on gravity image over the Southern KGP Review of Operations FY2020 continued10Western TrendsThe recent exploration program includes ground gravity,auger soils sampling(840 samples),a

82、nd a follow-up wide-spaced AC drill program of 98 holes for 3,506m to test large gold-in-soil anomalies along the two newly identified prospects collectively referred to as the Western Trends(Figure 6).New AC drilling intersected anomalous gold 100 ppb gold in regolith and fresh rock along wide-spac

83、ed drill holes(120m x 275m and 60m x 160m).Nanicup BridgeThis prospect is 30km east of the KGP,where gold mineralisation is identified over a strike length of 20km(Figure 7).Past exploration drilling intersected a large geochemical anomaly centred around a large structure parallel to the one control

84、ling the KGP.Past drilling intersected potassic alteration zone with variable sulphide contents including pyrite,chalcopyrite,bismuthinite and molybdenite.Significant RC drill intercepts include:15m 1.03g/t Au from 51m in 01NBRC008 4m 2.28g/t Au from 10m and 5.7m 1.85g/t Au from 25.7 m in 04NBDH004

85、3m 2.44g/t Au from 87m and 9m 0.79 g/t Au from 102m in 03NBRC009Ausgold plans to re-commence exploration at Nanicup Bridge in early 2021 with a detailed gravity program followed by RC drilling.Bullock PoolThis prospect is located 10km southwest of the KGP with gold mineralisation(0.1 g/t Au)identifi

86、ed over a strike length of 25km in past AC and RAB drilling(Figure 7).The area has received less exploration than the KGP or Nanicup Bridge,however gold mineralisation has been intersected in mafic-ultramafic and felsic bedrock(Figure 7).Historical RC intercepts include:12m 1.55g/t from 30m in 00BPR

87、C013 4m 2.34g/t from 36m in 00BPRC002 3m 2.02g/t from 21m in 00BPRC021Ausgold plans to re-commence exploration at Bullock Pool in early 2021 with a detailed gravity program followed by RC drilling.Figure 5 Cross-section through the Lukin prospectReview of Operations FY2020 continued11Figure 6 Simpli

88、fied geology KGP areaReview of Operations FY2020 continued12Figure 7 Gold trends surrounding KGP on aeromagnetic imageFigure 8 Regional Gravity image with regional tenementsReview of Operations FY2020 continued13Planned Activities for 2020/2021Following a$6.3 million capital raise subsequent to year

89、 end,Ausgold has planned a full work program for the 2020/2021 year,the program includes:Drill Programs A 25,000m RC drilling program targeting high-grade gold mineralisation to substantially increase the current 1.2m ounce KGP Resource FLEM and detailed gravity programs to target drilling for a pla

90、nned 2,200m RC drilling program in the Jinkas North area Applications for approvals to access the Rifle Range area immediately south of the Central Zone with drilling expected early 2021 EIS co-funded drilling(R21)targeting Jinkas North high-grade gold mineralisation Relogging and geochemical charac

91、terisation of the geology of the Jinkas and Jinkas South area focusing on the key host rock associations and the accompanying alteration zones.Regional sampling and gravity surveys to advance gold targets within the Southwest Yilgarn tenements and a review of PGE potential of the Red Hill Layer Mafi

92、c intrusive and EIS co-funded RC and diamond drilling.Further exploration drilling including AC and RC drilling on Burong-Datatine mineralised trend Initial exploration,geophysics and drilling programs at Lukin,Nanicup Bridge,Bullock Pool,Meinmuggin-Wishbone Trend and Lake Magenta targets.Studies Re

93、source upgrade planned for Q1 2021,this will incorporate new drilling results with over 12,000m completed and a further 25,000m of RC and diamond to be completed Metallurgical test work program including new diamond drilling to optimise the current Scoping study findings and provide the basis for Pr

94、e-feasibility studies Re-optimisation of mining optimisation completed in Scoping studies using upgraded metallurgy Baseline environmental studies including seasonal flora and fauna surveysLake Magenta Gold ProjectWESTERN AUSTRALIA(AUC 100%)The Lake Magenta Gold Project is located near the town of J

95、erramungup in the South West Yilgarn region of Western Australia.The project comprises E70/5044 and E70/5285 covering an area of 165km2.Previous exploration by Dominion Mining Limited in the early 2000s has outlined a large gold-in-soil anomaly with a strike length of over 17kms which is coincident

96、with a major arcuate structure identified in detailed airborne magnetics and regional gravity.This regional scale fold,which is interpreted as a control on gold mineralisation,is truncated by the Yandina Shear Zone.This deep-seated structure is known to host several significant gold deposits,includi

97、ng Tampia(Ramelius)and Griffins Find.Prior drilling has outlined a continuous zone of bedrock mineralisation along the length of the anomaly.Sparse core and impact drilling has confirmed that gold mineralisation extends at depth.During the year Ausgold completed a site visit and a desktop review of

98、existing geochemical data.Reprocessing of geophysics to enable a re-interpretation of the geology is underway,which will support drill planning of this large gold anomaly.Red Hill ProjectWESTERN AUSTRALIA(AUC 100%)The Red Hill Project,which is located 10km north of the town of Katanning,lies within

99、Ausgolds regional KGP tenure and covers an area of 350km2.A search of exploration records showed that a considerable amount of exploration had previously been completed on the layered mafic intrusive complex which includes airborne magnetics,surface geochemistry,auger sampling and drilling(nine RC h

100、oles and six diamond holes).Drilling has targeted near-surface vanadiferous magnetite mineralisation over three prospect areas.The largest of these was the Red Hill prospect,where mineralisation was identified over a strike length of 1.7km.Auger sampling has identified anomalous PGE and Au in soils

101、over the mafic intrusions.Ausgold is compiling existing data and conducting geological mapping to assess the extent of the intrusive complex that hosts the mineralisation and to better determine the economic potential of the project.Review of Operations FY2020 continued14Doolgunna Station JVWESTERN

102、AUSTRALIA(AUC 100%)The Doolgunna Station Project,located 150km north-east of Meekatharra in Western Australias Bryah Basin comprises E52/3031 covering 176km2 and is located approximately 13km to the west and along trend from the DeGrussa copper-gold operations of Sandfire Resources LimitedThe projec

103、t is the subject of a Farm-in Agreement with AIC Mines Limited(“AIC”)(ASX:A1M),under the terms which AIC has the right to earn a 70%interest in the project by spending a minimum of$2,150,000 over a period of four years.After the spending commitment is met,Ausgold can either retain a 30%contributing

104、interest or reduce to a 20%interest free-carried to a decision to mine.Yamarna JVWESTERN AUSTRALIA(AUC 49%)Ausgold has entered a Farm-in and Joint Venture Agreement with Great Boulder Resources Limited(ASX:GBR)(“Great Boulder”)with respect to the Yamarna Project(the“Project”).The Project includes th

105、e highly prospective Winchester nickel-copper prospect,located 125 km northeast of Laverton in Western Australia.Under the terms of the Agreement,Great Boulder issued 1,500,000 GBR shares to Ausgold as part consideration for acquiring an interest in the Project.Great Boulder has now earned a 51%inte

106、rest in the Project having spent$250,000 on exploration,and can earn an additional 24%(75%in total)by spending an additional$250,000.Upon Great Boulder meeting the minimum expenditure milestone,Ausgold will retain a 25%free-carried interest in the Project until a decision to mine.The Project,which i

107、s located 40km north along strike from Great Boulders Mt Venn Project,comprises exploration licences E38/2129 and ELA 38/3311 covering approximately 300km2 of the northern Mt Venn Greenstone Belt.Great Boulder has advised the Company that it plans an upcoming nickel exploration program with a combin

108、ation of extensional exploration at the Winchester Prospect plus regional reconnaissance on other nearby prospects.CracowQUEENSLAND(AUC 100%)Ausgold holds exploration licence EPM 17054 covering approximately 202km2 in the Cracow region,375km north-west of Brisbane,Queensland.The tenement covers exte

109、nsive areas of the Camboon volcanics which host the multi-million ounce Cracow epithermal gold deposit.No significant fieldwork was undertaken on this project during the year,and Ausgold is actively seeking a joint partner to fund future exploration.Competent Persons StatementsThe information in thi

110、s report that relates to the Mineral Resource estimates is based on work done by Mr Michael Lowry of SRK Consulting(Australasia)Pty Ltd and Dr Matthew Greentree of Ausgold Limited.Dr Greentree is Managing Director of and is a shareholder in Ausgold Limited.Dr Greentree takes responsibility for the i

111、ntegrity of the Exploration Results including sampling,assaying,QA/QC,the preparation of the geological interpretations and Exploration Targets.Mr Michael Lowry takes responsibility for the Mineral Resource estimate.Mr Lowry and Dr Greentree are Members of The Australasian Institute of Mining and Me

112、tallurgy and have sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration,and to the activity they are undertaking,to qualify as Competent Persons in terms of The Australasian Code for Reporting of Exploration Results,Mineral Resources and Ore Re

113、serves(JORC Code,2012 edition).The Competent Persons consent to the inclusion of such information in this report in the form and context in which it appears.The information in this report that relates to the Mineral Resource in Table 1 on page 5 is based on information announced to the ASX on 1 Nove

114、mber 2019.Ausgold confirms that it is not aware of any new information or data that materially affects the information included in the relevant market announcement and that all material assumptions and technical parameters underpinning the estimates in that announcement continue to apply and have no

115、t materially changed.Forward-Looking StatementsThis Report includes“forward-looking statements”as that term within the meaning of securities laws of applicable jurisdictions.Forward-looking statements involve known and unknown risks,uncertainties and other factors that are in some cases beyond Ausgo

116、ld Limiteds control.These forward-looking statements include,but are not limited to,all statements other than statements of historical facts contained in this presentation,including,without limitation,those regarding Ausgold Limiteds future expectations.Readers can identify forward-looking statement

117、s by terminology such as“aim,”“anticipate,”“assume,”“believe,”“continue,”“could,”“estimate,”“expect,”“forecast,”“intend,”“may,”“plan,”“potential,”“predict,”“project,”“risk,”“should,”“will”or“would”and other similar expressions.Risks,uncertainties and other factors may cause Ausgold Limiteds actual r

118、esults,performance,production or achievements to differ materially from those expressed or implied by the forward-looking statements(and from past results,performance or achievements).These factors include,but are not limited to,the failure to complete and commission the mine facilities,processing p

119、lant and related infrastructure in the time frame and within estimated costs currently planned;variations in global demand and price for coal and base metal materials;fluctuations in exchange rates between the U.S.Dollar,and the Australian dollar;the failure of Ausgold Limiteds suppliers,service pro

120、viders and partners to fulfil their obligations under construction,supply and other agreements;unforeseen geological,physical or meteorological conditions,natural disasters or cyclones;changes in the regulatory environment,industrial disputes,labour shortages,political and other factors;the inabilit

121、y to obtain additional financing,if required,on commercially suitable terms;and global and regional economic conditions.Readers are cautioned not to place undue reliance on forward-looking statements.The information concerning possible production in this announcement is not intended to be a forecast

122、.They are internally generated goals set by the board of directors of Ausgold Limited.The ability of the company to achieve any targets will be largely determined by the companys ability to secure adequate funding,implement mining plans,resolve logistical issues associated with mining and enter into

123、 any necessary off take arrangements with reputable third parties.Although Ausgold Limited believes that its expectations reflected in these forward-looking statements are reasonable,such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent

124、with these forward-looking statements.15Directors ReportThe Directors present their report together with the financial statements,on the consolidated entity consisting of Ausgold Limited and the entity it controlled for the financial year ended 30 June 2020.Ausgold Limited(“Ausgold”or“the Company”)a

125、nd its controlled entity(collectively known as the“Group”or“consolidated entity”)are domiciled in Australia.Principal ActivitiesThe consolidated entitys principal activities during the financial year were the exploration for gold and other precious and base metals.Directors and Company SecretaryThe

126、Directors and Company Secretary of the Company during or since the end of the financial year are:Richard Lockwood,Non-Executive Chairman,Non-Executive Director since 12 November 2010 and Non-Executive Chairman since 2 September 2012Experience and expertiseInvestment professional with 45 years experi

127、ence in mining,funds management and resource investment.QualificationsNoneOther current directorshipsNoneFormer directorships in last 3 yearsNoneSpecial responsibilitiesChair of the BoardChair of Audit&Risk CommitteeChair of Remuneration and Nominations CommitteeInterests in shares and optionsOrdina

128、ry shares 46,480,471Options 4,000,000 Performance Rights 7,000,000Neil Fearis,Non-Executive Director Since 15 April 2016Experience and expertiseCorporate lawyer with 40 years experience in commercial law,M&A,capital raisings and corporate reconstructions with a focus on the mining and resource secto

129、rs.QualificationsLL.B(Hons)FAICD,F FINOther current directorshipsJacka Resources LimitedFormer directorships in last 3 yearsGolden Cross Resources Limited(resigned 21 January 2019)Special responsibilitiesMember of the BoardMember of Audit and Risk CommitteeMember of Remuneration and Nominations Comm

130、itteeInterests in shares and optionsOrdinary shares 7,000,000Options 4,000,000Performance Rights 3,000,000Directors ReportDirectors Report continued16Geoffrey Jones,Non-Executive Director Since 29 July 2016 Experience and expertiseCivil engineer with over 30 years experience in construction,engineer

131、ing,mineral processing and project development in Australia and overseas.QualificationsBE(Civil),FIEAust,CPEngOther current directorshipsFirefly Resources LimitedGR Engineering Services LimitedFormer directorships in last 3 yearsBlackham Resources Limited(resigned 24 December 2018)Azumah Resources L

132、imited(resigned 18 July 2018)Special responsibilitiesMember of the BoardMember of Audit and Risk CommitteeMember of Remuneration and Nominations CommitteeInterests in shares and optionsOrdinary shares 6,250,000Options 4,000,000Performance Rights 3,000,000Matthew Greentree,Chief Executive Officer and

133、 Managing Director Chief Executive Officer since 10 April 2017 and Managing Director since 19 April 2018Experience and expertiseGeologist with 20 years experience in mineral exploration across Australia and overseas.Providing a strong technical focus on the Groups operations and able to draw on expe

134、rience from working on more than 60 mineral projects.QualificationsPhD,BSc Geology(Hons),MAusIMM,MAIG,MAICDOther current directorshipsNoneFormer directorships in last 3 yearsNoneSpecial responsibilitiesMember of the BoardMember of Audit and Risk CommitteeMember of Remuneration and Nominations Commit

135、teeInterests in shares and optionsOrdinary shares 3,500,000Options 10,000,000Performance Rights 12,000,000Denis Rakich,Executive Director and Company Secretary Since 31 January 2013Experience and expertiseAccountant with 35 years experience in resource sector,legal,financial and corporate management

136、.QualificationsBBusOther current directorshipsNoneFormer directorships in last 3 yearsSamson Oil and Gas Limited(resigned 23 July 2019)Special responsibilitiesMember of the BoardMember of Audit and Risk CommitteeMember of Remuneration and Nominations CommitteeInterests in shares and optionsOrdinary

137、shares 18,998,681Options 4,000,000Performance Rights 10,000,000Directors Report continued17Directors MeetingsThe number of meetings of the Board of Directors held during the financial year ended 30 June 2020 and the number attended by each director are as follows:Board of DirectorsNominations and Re

138、muneration CommitteeAudit CommitteeDirectorHeldAttendedHeldAttendedHeldAttendedR Lockwood75-N Fearis77-G Jones75-M Greentree77-D Rakich77-In addition to these meetings,during the year the Directors considered and passed two circular resolutions pursuant to clause 72 of the Companys Constitution.Divi

139、dendsNo dividends have been declared or paid since the end of the previous financial year.Significant Changes in the State of AffairsThere were no significant changes in the state of affairs of the consolidated entity during the financial year.Likely Developments and Expected Results of OperationsTh

140、e Companys objectives is to continue to explore for gold at the Katanning Gold Project(“KGP”)in Western Australia,with a view to increasing the overall size of the geological resource and to commence feasibility studies for the future development of the project,whilst at the same time,exploring for

141、gold and other precious and base metals in other parts of Australia.Environmental RegulationsThe Groups exploration activities are governed by a range of environmental legislation,To the best of the Directors knowledge,the Group has adequate systems in place to ensure compliance with the requirement

142、s of the applicable environmental legislation and is not aware of any material breach of those requirements during the financial year up to the date of this report.Review of OperationsExplorationInformation on the Groups operations at its Katanning Gold Project and other projects set out in the Oper

143、ations Review on pages 3 14 of this report.FinancialThe Group recorded a consolidated loss of$1,823,335(2019:$1,781,417)for the financial year ended 30 June 2020.At 30 June 2020,the Group had$1,025,802(2019:$298,479)in cash and cash equivalents.The Directors have prepared a cash flow forecast for th

144、e next 12 months period reflecting the need for further funding.While the Directors are reasonably confident this will occur,the timing and extent of any additional funding is always uncertain.Directors Report continued18Convertible SecuritiesOptionsTotal options on issue at the date of this reportG

145、rant dateExpiry dateExercise priceOpening balanceGrantedExercisedLapsedClosing balance11 Dec 201530 Nov 2019$0.089,579,235-(9,579,235)-11 Nov 201630 Nov 2020$0.0816,000,000-16,000,0009 Feb 20176 Feb 2020$0.052510,000,000-(10,000,000)-3 Aug 201731 Jul 2020$0.065,000,000-(5,000,000)-3 Aug 201731 Jul 2

146、020$0.085,000,000-(5,000,000)-20 Jul 20176 Feb 2020$0.05252,500,000-(2,500,000)-9 Jan 201831 Dec 2021$0.063,700,000-3,700,00051,779,235-(32,079,235)19,700,000Performance RightsTotal ordinary shares which are subject to performance rights at the date of this reportGrant dateVesting dateExercise price

147、Opening balanceGrantedLapsedClosing balance29 Nov 201830 Sep 2019$0.0019,000,000-(19,000,000)-8 Nov 201930 Apr 2021$0.00-35,000,000-35,000,00019,000,00035,000,000(19,000,000)35,000,000Events Subsequent to Reporting DateOn 6 August 2020,Ausgold announced that it had received binding commitments from

148、institutional and sophisticated investors for a share placement to raise$6,348,705 before costs to underpin an extensive exploration and resource expansion drill program at its 100%-owned Katanning Gold Project in Western Australia.The new shares to be issued under the placement are priced at$0.0327

149、 which represents a discount to the volume weighted average price over the last five days of trading prior to the Companys trading halt on Monday,3 August 2020.Pursuant to this placement,the Company issued a total of 194,150,000 shares on 12 August 2020.The COVID-19 pandemic has developed rapidly in

150、 2020,with a significant number of cases worldwide.Measures taken by various governments to contain the virus have affected economic activity.The Company has taken a number of measures to monitor and mitigate the effects of COVID-19,such as safety and health measures for its staff(such as social dis

151、tancing and working from home)and securing the supply of materials that are essential to its activities.At this stage,the impact on the Companys activities has not been significant and based on their experience to date the Directors expect this to remain the case.The Company will continue to follow

152、the various government policies and advice and,in parallel,will do its utmost to continue its operations in the best and safest way possible without jeopardising the health of its staff.Other than the above,no matter or circumstance has arisen as at the date of this report that has significantly aff

153、ected,or may have significantly affected,the consolidated entitys operations,the results of those operations,or the consolidated entitys state of affairs in future financial years.Indemnification of DirectorsIndemnificationThe Company has agreed to indemnify the current Directors and officers of the

154、 Company against all liabilities to another person(other than the company or a related body corporate)that may arise from their designated position in the Company,except where the liability arises out of conduct involving a lack of good faith or breach of duty.The agreement stipulates that the Compa

155、ny will meet the maximum extent permitted by law,the amount of any such liabilities,including costs and expenses.Insurance premiumsThe Company paid a premium during the year in respect of a Director and Officer liability insurance policy,insuring the Directors of the Company,the Company Secretary,an

156、d all executives of the Company against a liability incurred in that capacity to the extent permitted by the Corporations Act 2001.Directors Report continued19Indemnity and insurance of auditorThe Company has not,during or since the end of the financial year,indemnified or agreed to indemnify the au

157、ditor of the Company or any related entity against a liability incurred by the auditor.During the financial year,the Company has not paid a premium in respect of a contract to insure the auditor of the Company or any related entity.Proceedings on behalf of the CompanyAs far as the Directors are awar

158、e,no person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings on behalf of the Company,or to intervene in any proceedings to which the Company is a party,for the purpose of taking responsibility on behalf of the Company for the conduct of all or p

159、art of those proceedings.Corporate GovernanceThe 2020 Corporate Governance Statement is available on the Companys website at .Non-Audit ServicesDuring the year,BDO Audit(WA)Pty Ltd,the Companys auditor,has performed other services in addition to the audit and review of the financial statements.Detai

160、ls of the amount paid to the auditor and its related practices for other assurance services are set out below:20202019Other services Valuation of performance rights$3,500$2,020Total$3,500$2,020The Auditors Independence DeclarationThe Auditors Independence Declaration is included on page 26 of the an

161、nual report.Remuneration ReportThe Remuneration Report which has been audited is set out on pages 20 to 25 and forms part of the Directors Report.This report is signed in accordance with a resolution of the Directors.For and behalf of the DirectorsDenis Rakich DirectorPerth,Western Australia29 Septe

162、mber 202020Remuneration Report(Audited)Remuneration ReportThe Directors present this Remuneration Report prepared in accordance with the requirements of the Corporations Act 2001 on the consolidated entity for the financial year ended 30 June 2020.This Remuneration Report forms part of the Directors

163、 Report.Key Management PersonnelKey management personnel are defined as those persons having authority and responsibility for planning,directing and controlling the major activities of the consolidated entity,directly or indirectly,including any Director(whether executive or otherwise)of the Company

164、.The key management personnel of Ausgold comprise the Directors who are as follows:Richard Lockwood(Non-Executive Chairman)Neil Fearis(Non-Executive Director)Geoffrey Jones(Non-Executive Director)Matthew Greentree(Chief Executive Officer and Managing Director)Denis Rakich(Executive Director and Comp

165、any Secretary)OverviewThe Board is responsible for determining and reviewing remuneration arrangements for its Directors and executives.The performance of the consolidated entity depends on the quality of its Directors and executives.The remuneration philosophy is to attract,motivate and retain high

166、 performance and high quality personnel.The remuneration framework for the executives comprise a fixed cash component and where applicable,superannuation contributions and the issue of share options,performance rights or other share-based incentives which are intended to provide competitive rewards

167、to attract high calibre executives.Any issuance of share options to Directors will require the prior approval of shareholders.The Company remunerates Non-Executive Directors for their time,commitment and responsibilities.The fees paid to Non-Executive Directors are set at levels which reflect both t

168、he responsibilities of,and the time commitments required from each Non-Executive Director to discharge his duties and are not linked to the performance of the Company.Non-Executive Directors fees are set by the Board within the maximum aggregate amount of fees approved by shareholders at a general m

169、eeting.The Non-Executive Directors maximum aggregate cash fee pool is currently$120,000 per annum.Options are also offered to employees(including Executive Directors)at the discretion of the Board.Performance criteria are one of the several elements utilised by the Board in assessing the issue of op

170、tions to employees.Length of service with the Company,past and potential contribution of the person to the Group is also considered when awarding options to employees.The issuance of options is not linked to the performance of the Company.As an exploration company,the Board does not consider the com

171、panys trading result at year end as one of the performance indicators when determining whether to issue options to employees.There is no Board policy in relation to limiting the recipient exposure to risk in relation to securities.The table below sets out summary information about the movements in s

172、hareholder wealth for the following financial periods:20202019201820172016Revenue($000)-4801004Net loss before tax($000)(1,823)(1,781)(1,137)(2,673)(4,346)Net loss after tax($000)(1,823)(1,781)(1,137)(2,673)(4,346)Share price at the start of the year($)$0.014$0.028$0.025$0.052$0.04Share price at the

173、 end of the year($)$0.042$0.014$0.028$0.025$0.05Dividends($)-Basic loss per share(cents)(0.19)(0.26)(0.22)(0.78)(1.55)Diluted loss per share(cents)N/AN/AN/AN/AN/AService AgreementsNon-Executive DirectorsThe Non-Executive Directors maximum fees payable in aggregate is$120,000.Set out below is the rem

174、uneration paid to Non-Executive Directors during the reporting period:NameRoleCommencement dateFixed annual remunerationRichard LockwoodNon-Executive Chairman12 November 2010NilNeil FearisNon-Executive Director15 April 2016$25,000 Geoffrey JonesNon-Executive Director29 July 2016$21,900 including sup

175、erannuationRemuneration Report(Audited)continued21Executive DirectorsRemuneration and other terms of employment for the executives are formalised in service agreements.The principal provisions of the agreements relating to remuneration are set out below:NameRoleCommencement dateFixed annual remunera

176、tion including superannuationTermination notice periodMatthew GreentreeChief Executive Officer and Managing Director10 April 2017$210,4506 monthsDenis RakichExecutive Director and Company Secretary31 January 2013$157,3006 monthsUse of Remuneration ConsultantsDue to the size of the Companys operation

177、s,the Company has not engaged remuneration consultants to review and measure its remuneration policy and strategy.However,the Board reviews remuneration strategy periodically and if required,will engage remuneration consultants in the future to assist with this process.Voting and Comments Made at Th

178、e Companys 2019 Annual General MeetingThe Company received 99.88%of votes in favour of its remuneration report for the 2019 financial year at the 2019 AGM.The Company did not receive any specific feedback from shareholders at the annual general meeting or during the financial year regarding its remu

179、neration practices.Details Of RemunerationThe table below shows the fixed and variable remuneration for key management personnel for the financial year ended 30 June 2020:2020Short-term benefitsLong-term benefitsPost-employment benefitsShare-based paymentsTotalCash salary&feesAnnual leave1Other fees

180、2Long service leave3SuperannuationOptions&rightsDirectorsR Lockwood-$4,178-$46,538$50,716N Fearis$25,000-$4,178-$19,945$49,123G Jones$20,000-$4,178-$1,900$19,945$46,023M Greentree$192,400$8,778$4,178$3,174$18,050$79,779$306,359D Rakich$144,000$8,077$4,178$2,388$13,300$66,483$238,426Total$381,400$16,

181、855$20,890$5,562$33,250$232,690$690,6471-Annual leave relates to movements in annual leave provision during the year and annual leave payment made.2-Other fees include the attributable non-cash benefit applied by virtue of the Companys Directors and Officers Liability policy.3-Long service leave rel

182、ates to movements in long service leave provision during the year.Remuneration Report(Audited)continued22The table below shows the fixed and variable remuneration for key management personnel for the financial year ended 30 June 2019:2019Short-term benefitsLong-term benefitsPost-employment benefitsS

183、hare-based paymentsTotalCash salary&feesAnnual leave2Other fees3Long service leave4SuperannuationOptions&rightsDirectorsR Lockwood-$3,487-$53,913$57,400N Fearis1$25,000-$3,487-$26,957$55,444G Jones$20,000-$3,487-$1,900$26,957$52,344M Greentree$192,400$12,414$3,487$3,165$18,050$83,668$313,184D Rakich

184、$144,000$4,846$3,487$12,414$13,709$67,392$245,848Total$381,400$17,260$17,435$15,579$33,659$258,887$724,2201-Directors fees of$25,000 plus GST2-Annual leave relates to movements in annual leave provision during the year and annual leave payment made.3-Other fees include the attributable non-cash bene

185、fit applied by virtue of the Companys Directors and Officers Liability policy.4-Long service leave relates to movements in long service leave provision during the year.Options and performance rights are offered to key management personnel having regard,among other things,to the length of service wit

186、h the Group,and the past and potential contribution of the person to the Group.The issuance of the options is not linked to the performance of the Company.The percentage of fixed remuneration to total remuneration is as follows:DirectorsFixed remunerationPerformance-based remuneration%consisting of

187、options&rights202020192020201920202019R Lockwood-92%94%92%94%N Fearis100%100%40%45%40%49%G Jones100%100%43%51%43%51%M Greentree100%100%26%26%26%27%D Rakich100%100%28%27%28%27%No key management personnel appointed during the period received a payment for agreeing to accept a position with the Group.P

188、erformance RightsThe Performance Rights Plan is used to reward the Directors for their performance and to align their remuneration with the creation of shareholder wealth.The Performance Rights are issued for nil consideration and no consideration will be payable upon the vesting of the Performance

189、Rights.Each Performance Right entitles the holder to be issued with one Ausgold share.The plan was approved by the shareholders on 8 November 2019.The grant date of the Performance Rights was 8 November 2019 and,subject to satisfaction of the vesting conditions,the Performance Rights will vest on 30

190、 April 2021.The fair value per right is$0.008.The vesting conditions for the Performance Rights are as follows:Employment at the end of the measurement period(Employment Condition)Performance of the Company relative to the performance of the S&P/ASX 300 Metals and Mining Index for the period based o

191、n Total Shareholder Return(“TSR”)(Performance Condition)In order to meet the Employment Condition,the relevant Related Party must be employed by the Company at the end of the measurement period.At the end of the measurement period,the Companys performance will be determined by reference to the Compa

192、nys TSR for the period,which will be compared against the S&P/ASX 300 Metals and Mining Index.The TSR calculation will be based on the percentage change in the share price of the Company over the measurement period.The percentage change will be calculated by comparing the 20 day volume weighted aver

193、age price in the 20 business day period immediately before the start and end of the measurement period.Remuneration Report(Audited)continued23The Companys TSR compared against the S&P/ASX 300 Metals and Mining Index will determine the proportion of Performance Rights that will vest,as set out below:

194、Relative TSR over the measurement periodPortion of Performance Rights vestedBelow the 50th percentile0%At the 50th percentile50%Between the 50th and 75th percentilePro-rata between 50%and 100%Above the 75th percentile100%Number of Performance Rights holdings of the Company held by key management per

195、sonnel or their related entities as at 30 June 2020 are as follows:Grant dateVesting dateBalance at start of yearGranted during the yearRights to deferred sharesBalance at end of year(unvested)Maximum value yet to vest*VestedForfeitedNumberNumberNumber%Number%Number$29 Nov 1830 Sep 194,000,0005-(4,0

196、00,000)100-8 Nov 1930 Apr 21-7,000,000-7,000,00046,538Richard Lockwood4,000,0007,000,000-(4,000,000)7,000,00046,53829 Nov 1830 Sep 192,000,0005-(2,000,000)100-8 Nov 1930 Apr 21-3,000,000-3,000,00019,945Neil Fearis12,000,0003,000,000-(2,000,000)3,000,00019,94529 Nov 1830 Sep 192,000,0005-(2,000,000)1

197、00-8 Nov 1930 Apr 21-3,000,000-3,000,00019,945Geoffrey Jones22,000,0003,000,000-(2,000,000)3,000,00019,94529 Nov 1830 Sep 196,000,0005-(6,000,000)100-8 Nov 1930 Apr 21-12,000,000-12,000,00079,779Matthew Greentree36,000,00012,000,000-(6,000,000)12,000,00079,77929 Nov 1830 Sep 195,000,0005-(5,000,000)

198、100-8 Nov 1930 Apr 21-10,000,000-10,000,00066,483Denis Rakich45,000,00010,000,000-(5,000,000)-10,000,00066,483Total rights19,000,000535,000,000-(19,000,000)35,000,000232,690*The maximum value of the deferred shares yet to vest has been determined as the amount of the grant date fair value of the rig

199、hts yet to be expensed.1-Relevant interest held through Pendomer Investments Pty Ltd2-Relevant interest held as trustee of The Lee Jones Superannuation Fund3-Relevant interest held through M&J Greentree Nominees Pty Ltd4-Relevant interest held as trustee of the Rakich Retirement Fund5-Issued in 2019

200、 under the same vesting conditions.The grant date of the Performance rights was 29 November 2018 and the fair value of per right was$0.0193.Remuneration Report(Audited)continued24Terms and conditions of the share-based payment arrangementGrant dateVesting&exercise dateExpiry DateExercise PriceValue

201、per right at grant date%vested8 November 201930 April 202130 April 2021$0.00$0.0080%DirectorsPerformance RightsValue grantedValue expensedR Lockwood$56,000$24,416N Fearis$24,000$10,464G Jones$24,000$10,464M Greentree$96,000$41,855D Rakich$80,000$34,879Total$280,000$122,078Option HoldingsNumber of op

202、tions held by key management personnel or their related entities as at 30 June 2020 is set out below:NameOpening balanceGrantedExercisedLapsedClosing balanceVested&exercisableUnvestedR Lockwood8,000,000-(4,000,000)4,000,0004,000,000-N Fearis14,000,000-4,000,0004,000,000-G Jones24,000,000-4,000,0004,

203、000,000-M Greentree310,000,000-10,000,00010,000,000-D Rakich48,000,000-(4,000,000)4,000,0004,000,000-Total34,000,000-(8,000,000)26,000,00026,000,000-1-Relevant interest held through Pendomer Investments Pty Ltd2-Relevant interest held as trustee of The Lee Jones Superannuation Fund3-Relevant interes

204、t held through M&J Greentree Nominees Pty Ltd4-Relevant interest held as trustee of the Rakich Retirement FundShare HoldingsNumber of shares held by the Directors of the Company or their related entities as at 30 June 2020 is set out below:NameOpening balanceAcquiredRevised on exercise of optionsOth

205、er changesBalance at resignationClosing balanceR Lockwood44,230,4712,250,000-46,480,471N Fearis15,025,7731,974,227-7,000,000G Jones23,000,0003,250,000-6,250,000M Greentree33,150,000350,000-3,500,000D Rakich417,048,6811,950,000-18,998,681Total72,454,9259,774,227-82,229,1521-Relevant interest held thr

206、ough Pendomer Investments Pty Ltd2-Relevant interest held as trustee of The Lee Jones Superannuation Fund3-Relevant interest held through M&J Greentree Nominees Pty Ltd4-Relevant interest held as trustee of the Rakich Retirement Fund Remuneration Report(Audited)continued25Key Management Personnel Tr

207、ansactions With the CompanyElstree Nominees Pty LtdElstree Nominees Pty Ltd(“Elstree”)provides the Group with office premises and associated facilities.All services provided by Elstree to the Group are at cost.Mr Denis Rakich is a Director of Elstree and serves as Executive Director and Company Secr

208、etary at Ausgold.The total amount charged by Elstree during the financial year was$126,425 plus GST(2019:$120,724)of which$20,625 plus GST(2019:$21,341)remained owing to Elstree as at 30 June 2020.Amounts were due and payable under normal commercial terms.Loans to Key Management PersonnelNo loans ha

209、ve been granted to key management personnel during the financial year ended 30 June 2020.END OF REMUNERATION REPORTThis report is signed in accordance with a resolution of the Directors.For and behalf of the DirectorsDenis Rakich DirectorPerth,Western Australia29 September 202026BDO Audit(WA)Pty Ltd

210、 ABN 79 112 284 787 is a member of a national association of independent entities which are all members of BDO Australia Ltd ABN 77 050 110 275,an Australian company limited by guarantee.BDO Audit(WA)Pty Ltd and BDO Australia Ltd are members of BDO International Ltd,a UK company limited by guarantee

211、,andform part of the international BDO network of independent member firms.Liability limited by a scheme approved under Professional Standards Legislation.Tel:+61 8 6382 4600Fax:+61 8 6382 .au38 Station StreetSubiaco,WA 6008PO Box 700 West Perth WA 6872AustraliaDECLARATION OF INDEPENDENCE BY PHILLIP

212、 MURDOCH TO THE DIRECTORS OF AUSGOLD LIMITEDAs lead auditor of Ausgold Limited for the year ended 30 June 2020,I declare that,to the best of myknowledge and belief,there have been:1.No contraventions of the auditor independence requirements of the Corporations Act 2001 inrelation to the audit;and2.N

213、o contraventions of any applicable code of professional conduct in relation to the audit.This declaration is in respect of Ausgold Limited and the entity it controlled during the period.Phillip MurdochDirectorBDO Audit(WA)Pty LtdPerth,29 September 2020Auditors Independence Declaration27Note2020$2019

214、$Revenue from continuing operations 611 4,002 Other income8 141,606 23,872 Net movement in financial assets(39,000)30,019 Impairment exploration expenses(646,457)(528,716)Corporate and administration expenses(717,392)(775,270)Share-based payments expenses(232,690)(258,887)Occupancy expenses(53,809)(

215、101,505)Other expenses(71,669)(82,468)Accounting expenses(51,265)(64,647)Depreciation expenses(119,232)(17,198)Finance costs(16,970)(4,704)Legal fees(17,068)(5,915)Loss before income tax(1,823,335)(1,781,417)Income tax benefit/(expense)9-Net loss attributable to members(1,823,335)(1,781,417)Other co

216、mprehensive income/(loss)Other comprehensive income/(loss)-Total comprehensive income/(loss)for the period(net of tax)(1,823,335)(1,781,417)Loss per share for the period attributable to the members of Ausgold LimitedBasic loss per share(cents per share)(0.19)(0.26)Diluted loss per share(cents per sh

217、are)N/A N/A The Consolidated Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction with the accompanying notes.Consolidated Statement of Profit or Loss and Other Comprehensive IncomeFOR THE YEAR ENDED 30 JUNE 202028Note2020$2019$ASSETSCurrent assetsCash and cash eq

218、uivalents10 1,025,802 298,479 Trade and other receivables 21,016 13,308 Security deposits11 94,611 94,611 Prepayment for exploration assets12 1,362 6,872 Financial assets at fair value13 42,000 81,000 Total current assets 1,184,791 494,270 Non-current assetsProperty,plant and equipment14 58,423 51,2

219、10 Exploration and evaluation expenditure12 43,657,287 41,951,739 Right-of-use assets15 166,088 123,863 Total non-current assets 43,881,798 42,126,812 Total assets 45,066,589 42,621,082 LIABILITIESCurrent liabilitiesTrade and other payables16 261,101 420,523 Lease liabilities15 95,918 30,318 Provisi

220、ons17 105,320 165,091 Total current liabilities 462,339 615,932 Non-current liabilitiesLease liabilities15 76,011 88,804 Provisions17 1,157,439 1,169,653 Total non-current liabilities 1,233,450 1,258,457 Total liabilities 1,695,789 1,874,389 NET ASSETS 43,370,800 40,746,693 EQUITYContributed equity1

221、8 69,043,641 64,828,889 Reserves19 5,612,657 5,379,967 Accumulated losses20(31,285,498)(29,462,163)TOTAL EQUITY 43,370,800 40,746,693 The Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes.Consolidated Statement of Financial PositionAS AT 30 JUNE 2

222、02029NotesContributed Equity$Accumulated Losses$Reserves$Total Equity$Balance as at 1 July 2019 64,828,889(29,462,163)5,379,967 40,746,693 Net loss for the year-(1,823,335)-(1,823,335)Other comprehensive income/(loss)-Total comprehensive loss-(1,823,335)-(1,823,335)Transactions with owners,recorded

223、directly in equityShares issued 4,443,600 -4,443,600 Share issued costs(228,848)-(228,848)Share-based payments-232,690 232,690 Total transactions with owners 4,214,752 -232,690 4,447,442 Balance as at 30 June 202018 69,043,641(31,285,498)5,612,657 43,370,800 NotesContributed Equity$Accumulated Losse

224、s$Reserves$Total Equity$Balance as at 1 July 2018 63,131,789(27,680,746)5,121,080 40,572,123 Net loss for the year-(1,781,417)-(1,781,417)Other comprehensive income/(loss)-Total comprehensive loss-(1,781,417)-(1,781,417)Transactions with owners,recorded directly in equityShares issued 1,800,000 -1,8

225、00,000 Share issued costs(102,900)-(102,900)Share-based payments-258,887 258,887 Total transactions with owners 1,697,100 -258,887 1,955,987 Balance as at 30 June 201918 64,828,889(29,462,163)5,379,967 40,746,693 The Consolidated Statement of Changes in Equity should be read in conjunction with the

226、accompanying notes.Consolidated Statement of Changes in EquityFOR THE YEAR ENDED 30 JUNE 202030Note2020$2019$Cash flows from operating activitiesInterest received 611 4,002 Payments to suppliers and employees(1,008,817)(910,335)Receipts from rebates and claims 141,606 23,872 Net cash flows used in o

227、perating activities22(866,600)(882,461)Cash flows from investing activitiesPayments for plant and equipment(14,861)(11,698)Payments for exploration expenditure(2,492,837)(2,618,111)Security deposits paid-(500)Net cash flows used in investing activities(2,507,698)(2,630,309)Cash flows from financing

228、activitiesRepayment of lease obligations(113,133)(19,517)Proceeds from the issue of share capital 4,443,602 1,800,000 Transaction costs related to issues of shares and options(228,848)(186,141)Net cash flows generated by financing activities 4,101,621 1,594,342 Net increase/(decrease)in cash and cas

229、h equivalents 727,323(1,918,428)Cash and cash equivalents at the beginning of the period 298,479 2,216,907 Cash and cash equivalents at the end of the period10 1,025,802 298,479 The Consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes.Consolidated Statement

230、of Cash FlowsFOR THE YEAR ENDED 30 JUNE 202031Notes to the Consolidated Financial StatementsFOR THE YEAR ENDED 30 JUNE 20201.Reporting EntityAusgold Limited(“Ausgold”or“parent entity”or“Company”)and its controlled entity(collectively known as“the Group”or“consolidated entity”)are domiciled in Austra

231、lia.The annual financial report of the Group for the financial year ended 30 June 2020 was authorised for issue in accordance with a resolution of the Directors on 29 September 2020.The consolidated entitys principal activities during the financial year were the exploration for gold and other precio

232、us metals.2.Basis of Preparation The consolidated annual financial report is a general purpose financial report which has been prepared in accordance with the requirements of the Corporations Act 2001,Australian Accounting Standards and authoritative pronouncements of the Australian Accounting Stand

233、ards Board(AASB)and complies with International Financial Reporting Standards(IFRS)as issued by the International Accounting Standards Board(IASB).The financial report has also been prepared on a historical cost basis except for assets and liabilities which are required to be measured at fair value.

234、The financial statements were authorised for issue by the Board of Directors on 29 September 2020.The Group has adopted all the new,revised or amending Accounting Standards and Interpretations issued by the AASB that are mandatory for the current reporting period(see details below).All new,revised o

235、r amending Accounting Standards or Interpretations that are not mandatory have not been early adopted.New and revised Standards and amendments thereof and Interpretations effective for the current year that are relevant to the Group include:AASB 2018 Amendments to Australian Accounting Standards Ann

236、ual Improvements 2015-2017 cycle AASB 2016 Amendments to Australian Accounting Standards Definition of a BusinessThe adoption of these Accounting Standards and Interpretations did not have any significant impact on the financial performance or position of the Group.3.Changes in Accounting Policies T

237、he Group has adopted the following new and revised Accounting Standards,amendments and interpretations as of 1 July 2019:IFRIC 23 Uncertainty over income Tax TreatmentsIFRIC 23 provides guidance on the accounting for current and deferred tax liabilities and assets in circumstances in which there is

238、uncertainty over income tax treatments.The consolidated entity has adopted IFRIC from 1 July 2019.The impact of adoption is not material to the financial statements.AASB 16 LeasesThe impact of the adoption of the leasing standard AASB 16 Leases,and the new accounting policy are disclosed below:The G

239、roup has adopted AASB 16 Leases from 1 July,but has not restated comparatives for the reporting periods prior to the adoption,as permitted under the specific transitional provisions in the standard applying the Modified Retrospective Approach.The Groups retained earnings and net assets were unaffect

240、ed by the transition at 1 July 2019.Accounting policyUntil 1 July 2019,leases of property,plant and equipment were classified as either finance or operating leases.Payments made under operating leases(net of any incentives received from the lessor)were charged to profit or loss on a straight-line ba

241、sis over the period of the lease.From 1 July 2019,leases are recognised as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the Group.Each lease payment is allocated between the liability and finance cost.The finance cost is charged to

242、profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.The right-of-use asset is depreciated over the shorter of the assets useful life and the lease term on a straight-line basis.Notes to the Consolidated

243、Financial Statements continued323.Changes in Accounting Policies(Contd)AASB 16 Leases(contd)Assets and liabilities arising from a lease are initially measured on a present value basis.Lease liabilities include the net present value of the following lease payments:Fixed payments(including in-substanc

244、e fixed payments),less any lease incentives receivable.Variable lease payments that are based on an index or a rate.Amounts expected to be payable by the lessee under the residual value guarantees,The exercise price of a purchase option if the lessee is reasonably certain to exercise that option.Pay

245、ment of penalties for terminating the lease,if the lease term reflects the lessee exercising that option.The lease payments are discounted using the interest rate implicit in the lease.If the rate cannot be determined,the lessees incremental borrowing rate is used,being the rate that the lessee woul

246、d have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions.Right-of-use assets are measured at cost comprising the following:The amount of the initial measurement of the lease liability.Any lease payment made at

247、 or before the commencement date less any lease incentives received.Any initial direct costs.Any restoration costs.Payments associated with short-term leases and lease of low-value assets are recognised on a straight-line basis as an expense in profit or loss.Short-term leases are leases with a leas

248、e term of 12 months or less.Low-value assets are assets with a replacement value of less than$5,000.Adjustments recognised on adoption of AASB 16 On adoption,the Group recognised lease liabilities in relation to leases which had previously been classifies as“operating leases”under the principles of

249、AASB 117 Leases.These liabilities were measured at the present value of the remaining lease payments,discounted using the lessees incremental borrowing rates as of 1 July 2019.The weighted average lessees incremental borrowing rate applied to the lease liabilities on 1 July 2019 was 3.8%.For leases

250、previously classified as finance lease,the Group recognised the carrying amount of the lease asset and lease liability immediately before the transition as the carrying amount of the right-of-use asset and the lease liability as the date of initial application.The measurement principles of AASB 16 a

251、re only applied after that date.On 1 July 2019,the Company held one lease,for the principal office based in Perth.The Company assessed which business model applied to the lease and classified its lease into the appropriate AASB category.The office lease was reclassified from an operating lease which

252、 was recorded as an administration expense in the profit or loss,as payments were made each month under the previous AASB 117,to recognising a lease liability and a right-of-use asset(“ROU)in its statement of financial position under the new AASB 16.Refer to note 15 for further details.Initial recog

253、nitionThe Company elected to value the ROU asset using the first modified retrospective approach,without restating prior year comparatives.The liability was measured at the present value of the remaining lease payments.Discounted using the Groups incremental borrowing rate of 3.8%as at 1 July 2019.T

254、he initial amount recognised for each asset and liability is the same and uses the same current borrowing rate.01 July 2019Operating lease commitments as at 1 July 2019(AASB 117)136,792Operating lease commitments discounted based on the weighted average(5,255)Short-term leases not recognised as a ri

255、ght-of-use asset(AASB 16)-Low-value assets leases not recognised as a right-of-use asset(AASB 16)-Right-of-use asset(AASB 16)131,537 Lease liabilities-current(AASB 16)58,121Lease liabilities-non-current(AASB 16)73,416131,537Reduction in opening retained profits as at 1 July 2019-Notes to the Consoli

256、dated Financial Statements continued333.Changes in Accounting Policies(Contd)AASB 16 Leases(contd)Subsequent recognitionThe Company will recognise a lease liability based on the discounted payments required under the lease.The lease liability is to be measured with reference to an estimate of the le

257、ase term,including optional lease periods,if Ausgold is reasonably certain to exercise an option to extend the lease.Ausgold will use the cost model to recognise the ROU asset and amortise it over the remaining 2.2 years of its term.4.Significant Accounting Judgments,Estimates and AssumptionsThe pre

258、paration of the Groups consolidated financial statements requires management to make judgements,estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements,and the reported amounts of revenues and expenses during the repor

259、ting period.Estimates and assumptions are continuously evaluated and are based on managements experience and other factors,including expectations of future events,which are believed to be reasonable under the circumstances.However actual outcomes would differ from these estimates if different assump

260、tions were used and different conditions existed.The Group has identified the following area where significant judgements,estimates and assumptions are required,and where actual results were to differ,may materially affect the financial position or financial results reported in future periods.Share-

261、based paymentsThe Group measures the cost of equity-settled transactions with employees by reference to the fair value of the equity instruments at the date at which they are granted.The fair value is determined using an appropriate option pricing model and these observable inputs are the best estim

262、ates available at the time of performing the calculation but are subject to variability and may be materially different if hindsight was to be used.Exploration and evaluation expenditureThe Groups policy with regards to exploration and evaluation expenditure,including the costs of acquiring licences

263、 and permits,are capitalised as exploration and evaluation assets on an area of interest basis.Under this method,exploration and evaluation expenditure is carried forward on the following basis:i.Each area of interest is considered separately when deciding whether,and to what extent,to carry forward

264、 or write off exploration and evaluation costs.ii.Exploration and evaluation expenditure related to an area of interest is carried forward provided that the rights to tenure of the area of interest are current and that one of the following conditions is met:-such evaluation costs are expected to be

265、recouped through successful development and exploitation of the area of interest or alternatively,by its sale;or-exploitation and/or evaluation activities in the area of interest have not yet reached a stage which permits a reasonable assessment of the existence or otherwise of economically recovera

266、ble reserves and active and significant operations in relations to the area are continuing.Exploration and evaluation costs accumulated in respect of each particular area of interest include only net direct expenditure.Impairment of assetsAt each reporting date,the Group assesses whether there is an

267、y indication that individual assets are impaired.Where impairment indicators exist,recoverable amount is determined and impairment losses are recognised in the statement of profit or loss and other comprehensive income where the assets carrying value exceeds its recoverable amount.Recoverable amount

268、 is the higher of an assets fair value less costs to sell and value in use.For the purpose of assessing value in use,the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks s

269、pecific to the asset.Where it is not possible to estimate recoverable amount for an individual asset,recoverable amount is determined for the cash-generating unit to which the asset belongs.Rehabilitation ProvisionThe Group assesses its rehabilitation provision at each reporting date.Significant jud

270、gment is required in determining the provision for rehabilitation as there are many factors that will affect the ultimate liability payable to rehabilitate the existing mine sites,including future disturbances caused by further development,changes in technology and changes in regulations.When these

271、factors change or become known in the future,such differences will impact the mine rehabilitation provision in the period in which the change becomes known.Notes to the Consolidated Financial Statements continued344.Significant Accounting Judgments,Estimates and Assumptions(Contd)Incremental borrowi

272、ng rateWhere the interest rate implicit in a lease cannot be readily determined,an incremental borrowing rate is estimated to discount future lease payments to measure the present value of the lease liability at the lease commencement date.Such a rate is based on what the entity estimates it would h

273、ave to pay a third party to borrow the funds necessary to obtain in an asset of a similar value to the right-of-use asset,with similar terms,security and economic environment.Key estimatesCoronavirus(COVID-19)pandemicJudgment has been exercised in considering the impacts that the Coronavirus(COVID-1

274、9)pandemic has had,or may have,on the Group based on known information.This consideration extends to the nature of the products and services offered,customers,supply chain,staffing and geographic regions in which the Group operates.Other than as addressed in specific notes,there does not currently a

275、ppear to be either any significant impact upon the financial statements or any significant uncertainties with respect to events or conditions which may impact unfavourably as at the reporting date or subsequently as a result of the Coronavirus(COVID-19)pandemic.5.Segment ReportingOperating segments

276、are reported in a manner consistent with the internal reporting to the Chief Operating Decision Maker which has been identified by the Group as the Board of Directors.The Group has identified its operating segments based on the internal reports that are reviewed and used by the Board of Directors in

277、 assessing performance and determining the allocation of resources.Reportable segments disclosed are based on aggregating operating segments,where the segments have similar characteristics.The Groups sole activity is mineral exploration and resource development wholly with Australia,therefore it has

278、 aggregated all operating segments into the one reportable segment being mineral exploration.The reportable segment is represented by the primary statements forming this financial report.6.Parent Entity InformationThe financial statements of the parent entity are set out below:Parent Entity 2020$Par

279、ent Entity 2019$Current assets 1,059,912 316,805 Non-current assets 42,604,030 40,722,374 Total Assets 43,663,942 41,039,179 Current liabilities 145,868 214,999 Non-current liabilities 147,274 77,486 Total Liabilities 293,142 292,485 NET ASSETS 43,370,800 40,746,694 Contributed equity 75,928,083 71,

280、713,331 Reserves 5,612,657 5,379,968 Accumulated losses(38,169,940)(36,346,605)TOTAL EQUITY 43,370,800 40,746,694 Loss for the year(1,823,335)(1,781,416)Other comprehensive income/(loss)-Total comprehensive loss for the year(1,823,335)(1,781,416)Notes to the Consolidated Financial Statements continu

281、ed357.Financial Risk ManagementOVERVIEWThe overall financial risk management strategy focuses on the unpredictability of the financial markets and seeks to minimise the potential adverse effects on financial performance and protect financial security.The Group have exposure to the following risks fr

282、om their use of financial instruments:Credit risk Liquidity risk Market risk(including interest rate risk)This note presents information about the consolidated entitys exposure to each of the above risks,their objectives,policies and processes for measuring and managing risk and the management of ca

283、pital.Ausgolds risk management framework is supported by the Board,management and the Audit and Risk Committee.The Board is responsible for approving and review the consolidated entity risk management strategy and policy.Management is responsible for monitoring that appropriate processes and control

284、s are in place effectively and efficiently manage risk.The Audit and Risk Committee is responsible for identifying,monitoring and managing significant business risks faced by consolidated entity and considering the effectiveness of its internal control system.Due to the size of the Companys operatio

285、ns,the Audit and Risk Committee comprises of the full Board.The consolidated entity holds the following financial instruments:2020$2019$Financial assetsCash and cash equivalents 1,025,802 298,479 Trade and other receivables 21,016 13,308 Security deposits 94,611 94,611 Financial assets at fair value

286、 42,000 81,000 1,183,429 487,398 Financial liabilitiesTrade and other payables 261,101 420,523 Lease liabilities 171,929 119,122 433,030 539,645 CREDIT RISKCredit risk is the risk of financial loss to the consolidated entity if counterparty to a financial instrument fails to meet its contractual obl

287、igations and arises principally from the Groups cash and cash equivalents,deposits with banks and financial institutions.For banks and financial institutions,only independently rated parties with a minimum rating of“A”are accepted.The consolidated entity does not hold any credit derivatives to offse

288、t its credit exposure.The credit quality of financial assets that are neither past due or impaired will be measured at fair value,with the gains or losses being recognised in profit or loss.2020$2019$Trade receivablesCounterparties without external credit ratingGroup 1 1 115,627 107,919 Group 2 2-11

289、5,627 107,919 DepositsAA 1,025,804 298,479 1,025,804 298,479 1-Group 1 Existing customers(less than 6 months)2-Group 2 Existing customers(more than 6 months)with no defaults in the past.Notes to the Consolidated Financial Statements continued367.Financial Risk Management(Contd)CREDIT RISK(CONTD)Expo

290、sure to credit riskThe carrying amount of the consolidated entitys financial assets represents the maximum credit exposure.The consolidated entitys maximum exposure to credit risk at reporting date was:2020$2019$Financial assetsCash and cash equivalents 1,025,802 298,479 Trade and other receivables

291、21,016 13,308 Security deposits 94,611 94,611 1,141,429 406,398 LIQUIDITY RISKLiquidity risk arises from the financial liabilities of the consolidated entity and the consolidated entitys subsequent ability to meet their obligations to repay their financial liabilities as and when they fall due.The f

292、ollowing are the contractual maturities of financial liabilities on an undiscounted basis,including estimated interest payments.Cash flows for liabilities without fixed amount or timing are based on conditions existing at year end.2020$2019$Financial assetsCash and cash equivalents 261,101 420,523 T

293、rade and other receivables 171,929 119,122 433,030 539,645 Ultimate responsibility for liquidity risk management lies with the Board of Directors.The Board has determined an appropriate liquidity risk management framework for the management of the Companys short,medium and long-term funding and liqu

294、idity management requirements.The Company manages liquidity risk by maintaining adequate reserves and regularly monitoring budgeted and actual cash flows and matching the maturity profiles of financial assets,expenditure commitments and liabilities.The amounts disclosed in the table are the actual u

295、ndiscounted cash flows.Balance due within 12 months equal their carrying amounts as the impact of discounting is not significant.Less than 6 months6 to 12 monthsBetween 1 to 2 yearsTotalCarrying amountContractual maturity of financial liabilities$Consolidated-30 June 2020Trade and other payables261,

296、101-261,101261,101Lease liabilities47,22448,69576,010171,929171,929308,32548,69576,010433,030433,030Less than 6 months6 to 12 monthsBetween 1 to 2 yearsTotalCarrying amountContractual maturity of financial liabilities$Consolidated-30 June 2019Trade and other payables420,523 -420,523420,523Lease liab

297、ilities14,95415,36588,803119,122119,122435,47715,36588,803539,645539,645Notes to the Consolidated Financial Statements continued377.Financial Risk Management(Contd)MARKET RISKMarket risk is the risk that changes in market prices,such as interest rates and foreign exchange rates that will affect the

298、consolidated entitys income or the value of its holdings of financial instruments.The objective of market risk management is to manage and control market risk exposures within acceptable parameters,while optimising return.Interest rate riskThe consolidated entitys exposure to interest rate primarily

299、 relates to the consolidate entitys cash and cash equivalents.The consolidated entity manages market risk by monitoring levels of exposure to interest rate risk and assessing market forecasts for interest rates.At reporting date,the interest rate profile of the Groups interest bearing financial inst

300、ruments was:2020$2019$Variable rate financial instrumentsFinancial assets1,025,802298,479Financial liabilities171,929119,1221,197,731417,601The Group manages its interest rate risk by monitoring available interest rates while maintaining an overriding position of security whereby the majority of cas

301、h and cash equivalents are held in AA-rated bank accounts.The Groups weighted average effective interest rate is 0.06%(2019:0.49%).CAPITAL RISK MANAGEMENTWhen managing capital,the Boards objective is to ensure the consolidated entity continues as a going concern as well as to maintain optimal return

302、s to shareholders and benefits for other stakeholders.The Board also aims to maintain a capital structure that ensures the lowest cost of capital available to the consolidated entity.The Board is constantly is constantly adjusting the capital structure to take advantage of favourable costs of capita

303、l or high return on assets.As the market is constantly changing,management may issue new shares,sell assets to reduce the Companys liability or consider entering joint venture agreements to further exploration of the tenements.The Board seeks to maintain a balance between the higher returns that mig

304、ht be possible with higher levels of borrowings and the advantages and security afforded by a sound capital position although there is no formal policy regarding gearing levels.There were no changes in the consolidated entitys approach to capital management during the year.The consolidated entity is

305、 not subject to any externally imposed capital requirements.FAIR VALUE MEASUREMENTSThe fair value of financial assets and liabilities are determined in accordance with generally accepted pricing models based on estimated future cash flow and observable market prices.8.Other IncomeOther income is rec

306、ognised when the amount can be reliably measured and control of the right to receive income is passed to the Group.2020$2019$Other income 29,361 23,872 ATO cash boost*50,000 -Reimbursement for water bores drilling 62,245 -141,606 23,872*The Government has provided temporary cash flow support to smal

307、l and medium business entities that employ staff during the economic downturn associated with coronavirus.Through the Australian Taxation Office(ATO),the Company has received an initial tax-free cash boost of$50,000,delivered through credits in the activity statement system.An additional cash flow b

308、oost will apply from June to September.These credits are equal to the total boost credited for March to June 2020.Notes to the Consolidated Financial Statements continued389.Income Tax ExpenseThe income tax expense or benefit(revenue)is the tax payable on the current periods taxable income based on

309、the applicable income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses.2020$2019$Reconciliation between tax expenses and pre-tax net lossLoss before income tax expense(1,823,335)(1,787,417)Income

310、tax benefit calculated at 27.5%(2019:27.5%)(501,417)(489,890)Tax effects on amounts which are not tax deductible 62,374 63,170 Deferred tax asset not brought to account 439,043 426,720 Income tax benefit-2020$2019$Deferred tax assets not brought to accountUnsued tax losses 63,439,123 59,939,377 Timi

311、ng differences(42,703,545)(41,736,456)Capital raising cost in equity 318,990 227,085 Tax at 25%(2019:27.5%)5,263,642 5,068,252 Deferred tax assets and liabilities are recognised for temporary difference,between the carrying amounts of assets and liabilities for financial reporting purposes and their

312、 respective tax bases,at the tax rates expected to apply when then assets are recovered or liabilities settled,based on those tax rates which are enacted or substantively enacted for each jurisdiction.Deferred tax assets are recognised only if it is probable that future taxable amounts will be avail

313、able to utilise those temporary differences and losses.10.Cash and Cash EquivalentsCash and cash equivalents include cash at bank and in hand,deposits held at call with financial institutions,other short-term highly liquid deposits with an original maturity of three months or less that are readily c

314、onvertible to known amounts of cash.2020$2019$Current assetsCash at bank and in hand 1,025,802 298,479 1,025,802 298,479 RECONCILIATION TO CASH AT THE END OF THE FINANCIAL YEARThe above figures are reconciled to cash at the end of the financial year as shown on the consolidated statement of cash flo

315、ws as follows:2020$2019$Current assetsCash at bank and in hand 1,025,802 298,479 Balance as per Consolidated Statement of Cash Flows 1,025,802 298,479 RISK EXPOSUREThe consolidated entitys exposure and a sensitivity analysis for financial assets and liabilities are discussed in Note 7.The maximum ex

316、posure to credit risk at the end of the reporting period is the carrying amount of each class of cash and cash equivalents mentioned above.Notes to the Consolidated Financial Statements continued3911.Security DepositsSecurity deposits are non-derivative financial assets with fixed or determinable pa

317、yments and fixed maturities that the Groups management has the positive intention and ability to hold to maturity.2020$2019$Current assetsBalance at the start of the period 94,611 94,111 Addiitons/(Reversals)-500 94,611 94,611 12.Exploration and Evaluation Expenditure&PrepaymentExploration and evalu

318、ation expenditure encompasses expenditure incurred in connection with the exploration for and evaluation of mineral resources before the technical feasibility and commercial viability of extracting a mineral resource are demonstrable.These costs are only carried forward to the extent that they are e

319、xpected to be recouped through the successful development of the area or where activities in the area have not yet reached a stage that permits reasonable assessment of the existence of economically recoverable reserves.Exploration and evaluation expenditure incurred is accumulated for each area of

320、interest and recorded as an asset if:the right to tenure of the area of interest are current:and at least one of the following conditions is also met:-the exploration and evaluation expenditure are expected to be recouped through successful development and exploitation of the area of interest,or alt

321、ernatively,by its sales;and-exploration and evaluation activities in the area of interest have not at the reporting date reached a stage which permits a reasonable assessment of the existence or otherwise of economically recoverable reserves,and active and significant operations in,or in relation to

322、,the areas of interest are continuing.For each area of interest,expenditure incurred on the exploration of tenements is capitalised and recognised as an exploration and evaluation asset.Exploration and evaluation assets are measured at cost at recognition.The Directors assesses whether there is any

323、indication of impairment of an area of interest basis,bi-annually.If any such indication exists,the consolidated entity shall estimate the recoverable amount of the assets.For areas of interest that are not considered to have any commercial value,or where exploration rights are no longer current,the

324、 capitalised amounts are written off against the provision and any remaining amounts are charged against profit.Recoverability of the carrying amount of the exploration and evaluation assets is dependent on successful development and commercial exploitation,or alternatively,sale of the respective ar

325、eas of interest.2020$2019$Non-current assetsExploration,evaluation,prepayment and development costs carried forward in respect of areas of interest(net of amounts written off)Exploration and evaluation expenditure 43,608,219 41,951,739 Prepayment for exploration assets 1,362 6,872 Acquisition of ten

326、ements-Dumbleyung Project 49,068 -43,658,64941,958,611Reconcilation:Carrying amount at start of year 41,958,611 39,886,421 Exploration expenditure 2,345,133 2,548,076 Partial disposal-Yamarna Project-(50,981)Provision for rehabilitation-96,939 Prepayment for exploration assets 1,362 6,872 Expenditur

327、e written off(646,457)(528,716)Carrying amount at the end of the period 43,658,649 41,958,611 The ultimate recoupment of exploration and evaluation expenditure is dependent upon the successful development and commercial exploitation,or alternatively,sale of the respective areas.The Directors have re

328、viewed the impairment indicators as per AASB 6:Exploration and Evaluation of Mineral Resources and have concluded that there is an impairment of$646,457(2019:$528,716)which resulted in the expenditure being written off at the reporting date.Notes to the Consolidated Financial Statements continued401

329、3.Financial Assets at Fair Value Through Profit or LossThe Group classifies equity investments that are held for trading as financial assets at fair value through profit or loss.The financial assets consist of ordinary shares which have been valued at fair value and have no fixed maturity date or co

330、upon rate.The value of these financial assets has been determined directly by reference to published price quotations in an active market.Changes in the value of the financial assets are recorded in net loss on financial assets in profit or loss.2020$2019$Current assetsShares carried at fair value 4

331、2,000 81,00042,00081,00014.Property,Plant and EquipmentItems of property,plant and equipment are initially recorded at cost,being the fair value of the consideration provided plus incidental costs directly attributable to the acquisition,and depreciated.Each class of property,plant and equipment is

332、carried at cost or fair value less,where applicable,any accumulated depreciation.The carrying amount of plant and equipment is reviewed annually to ensure it is not in excess of the recoverable amount from these assets.The recoverable amount is assessed on the basis of the expected net cash flows wh

333、ich will be received from the assets employment and subsequent disposal.Depreciation is provided on plant and equipment.Items of property,plant and equipment are depreciated using the diminishing value method over their estimated useful lives to the consolidated entity.The assets residual values and useful lives are reviewed and adjusted,if appropriate,at each of the statement of financial positio