1、 AMANI GOLD LIMITED(ABN 14 113 517 203)ANNUAL REPORT 2020 Amani Gold Limited Corporate Directory Page 1 Directors Klaus Eckhof Chan Sik Lap Grant Thomas Antony Truelove Tsang Sun King Maohuai Cong Qiuming Yu Company Secretary Nick Harding Registered Office 3/55 Gawler Place Adelaide SA 5000 Telephon
2、e:+61 1300 258 985 Auditors BDO Audit(WA)Pty Ltd 38 Station Street Subiaco Western Australia 6008 Share Registry Advanced Share Registry Limited 110 Stirling Highway Nedlands Western Australia 6009 Telephone:+61 8 9389 8033 Facsimile:+61 8 9262 3723 Website: Securities trade on the Australian Securi
3、ties Exchange ANL Amani Gold Limited Contents For the year ended 30 June 2020 Page 2 Chairmans Message 3 Review of Operations 4 Directors Report 17 Auditors Independence Declaration 32 Consolidated Statement of Profit or Loss and Other Comprehensive Income 34 Consolidated Statement of Financial Posi
4、tion 35 Consolidated Statement of Changes in Equity 36 Consolidated Statement of Cash Flows 38 Notes to the Consolidated Financial Statements 39 Directors Declaration 70 Independent Audit Report 71 Additional Shareholder Information 75 Amani Gold Limited Chairmans Message For the year ended 30 June
5、2020 Page 3 Dear Shareholders,I am pleased to present the 2020 Annual Report for Amani Gold Limited(ASX:ANL).This year has seen your Company focus on growing the resources at our flagship Giro Gold Project in the Democratic Republic of Congo.During the year Amani completed a substantial upgrade of t
6、he Kebigada gold deposit Mineral Resource to 124Mt 1.03g/t Au,for 4.1Moz gold(0.5g/t Au cut-off grade),within the Giro Gold Project which represents a 28%or 0.8Moz increase in contained gold over previous estimate of 75Mt 1.18g/t Au,for 2.9Moz gold(0.6g/t Au cut-off grade).The new Mineral Resource f
7、or Kebigada to over 4Moz gold is a milestone for Amani and confirms our strategy of targeted deeper drilling.Kebigada,even now,remains open at depth along the entire strike of the orebody.Giro Gold Project global resource for Kebigada and Douze Match deposits now exceeds 4.4Moz contained gold;with a
8、 total Indicated and Inferred Mineral Resource Estimate of 132Mt 1.04g/t Au,for 4.4Moz gold(0.5g/t Au cut-off grade).We believe we have a major gold deposit here at Giro,Amani now has a very solid resource base to move to our aim of significant gold production from a new African gold mine.During the
9、 later part of 2020 Amani plans to complete deep 200m spaced drilling at Kebigada.The planned drilling campaign will involve 4 core holes,each nominally 500m in length for a total of 2,000m.Previous planned drilling campaigns have been delayed due to the availability of diamond core drill rigs in DR
10、C because of border crossing closures(i.e.Covid-19 related closures).I look forward to more exploration successes at Giro Project this year.I take this opportunity to thank all our staff and contractors for their dedicated work in substantially advancing our gold projects this year.The Company takes
11、 this opportunity to acknowledged the ongoing support of our long term shareholders and welcomes new shareholders that have invested in Amani over the past year.Klaus Eckhof Chairman Amani Gold Limited Review of Operations For the year ended 30 June 2020 Page 4 REVIEW OF OPERATIONS GIRO GOLD PROJECT
12、,DEMOCRATIC REPUBLIC OF CONGO(Amani 55.25%)The Giro gold project comprises two exploration permits covering a surface area of 497km(PEs 5046 and 5049)and lies within the Kilo-Moto Belt of the DRC,a significant under-explored greenstone belt which hosts Randgold Resources 17 million-ounce Kibali grou
13、p of deposits within 35kms of Giro(Figure 1).The nearby Kibali gold project produces more than 600,000 oz gold per annum.The Giro gold project area is underlain by highly prospective volcano-sedimentary lithologies in a similar structural and lithological setting as the Kibali gold deposits.Both pri
14、mary and alluvial gold was mined from two main areas,the Giro and Tora areas,during Belgian rule and today these areas are mined extensively by artisanal miners.Infrastructure wise,Giro gold project is well situated,gifted with easy access to the well-maintained road to Kampala,Uganda which is highl
15、y developed.Amani has outlined a global gold resource for Kebigada and Douze Match deposits at Giro gold project of 4.4Moz contained gold;with a total Indicated and Inferred Mineral Resource Estimate of 132Mt 1.04g/t Au,for 4.4Moz gold(0.5g/t Au cut-off grade,Figures 1 and 2,Table 5 and refer ASX An
16、nouncement 19 March 2020).Figure 1.Map of Haute Uele Province of the Democratic Republic of Congo,showing the location of the Kebigada and Douze Match gold deposits and tenement,Giro Gold Project On 19 March 2020,Amani announced a substantial upgrade of the Kebigada gold deposit Mineral Resource(MRE
17、)to 124Mt 1.03g/t Au,for 4.1Moz gold(0.5g/t Au cut-off grade),within the Giro gold project(Figures 1 and 2,Table 1,see ASX Announcement 19 March 2020).The new MRE represents a 28%or 0.8Moz increase in contained gold over previous estimate of 75Mt 1.18g/t Au,for 2.9Moz gold(0.6g/t Au cut-off grade,Ta
18、ble 3,see ASX Announcement 27 August 2017).Amani Gold Limited Review of Operations For the year ended 30 June 2020 Page 5 The new Kebigada resource estimate follows diamond core drilling results(Priority One holes GRDD034 and GRDD035,Figure 2,see ASX Announcement 16 December 2019)which successfully
19、targeted deeper high-grade sulphide associated gold mineralisation within the central core of the Kebigada deposit.Drillholes GRDD034 and GRDD035 are 240m apart and both outlined high-grade gold mineralisation deeper than previously intersected at the Kebigada deposit.These gold assay results indica
20、te the potential for the Kebigada deposit to substantially grow via targeted deeper and along strike drilling.The new updated Kebigada mineral resource estimate incorporates the assay results from drillholes GRDD034 and GRD035 in addition to the following diamond core drillholes that were completed
21、post the maiden Kebigada maiden resource estimate;GRDD029-6.8m 3.62g/t Au from 70.3m,6.6m 7.75g/t Au from 90.4m and 3.35m 5.55g/t Au from 146.65m(incl.0.7m 23.2g/t Au from 146.65m).GRDD031-35.4m 1.07g/t Au from 188.1 and 38.4m 1.17g/t Au from 231m.GRDD032-10m 4.36g/t Au from 102m(incl.4.05m 9.3g/t A
22、u from 103.75m)and 88.1m 2.13g/t Au from 221.4m(incl.3m at 35.86g/t Au from 238m.GRDD034-58m 1.61g/t Au from 204m(including 11m 2.75g/t Au from 208m and 10m 3.26g/t Au from 228m and 4m 1.82g/t Au from 254m),23.65m 1.183g/t Au from 299m(including 1m 10.5g/t Au from 303m and 1m 3.72g/t Au from 308m)an
23、d 21m 0.76g/t Au from 335m(including 4m 1.48g/t Au from 335m and 1m 2.02g/t Au from 355m).GRD035-10.5m 1.08g/t Au from surface,4.5m 4.63g/t Au from 31.5m(incl.0.55m 27.3g/t Au from 32.45m),38.5m 2.22g/t Au from 278m(incl.3m 16.93g/t Au from 313m),3m 1.96g/t Au from 477m and 9m 1.89g/t Au from 484m(i
24、ncl.1m 12.9g/t Au from 487m).Kebigada Resource Estimate-Summary Amani commissioned H&S Consultants Pty Ltd(H&SC)to generate a Mineral Resource Estimate(MRE)for the Kebigada deposit(Figures 1 and 2,see ASX Announcement 19 March 2020),which forms part of the Giro gold project,located in northeast Demo
25、cratic Republic of Congo(DRC).The area assessed in the MRE contains 243 drillholes totalling 29,358m,including 29 diamond core(DD)holes and 214 reverse circulation(RC)holes.Typically for Kebigada deposit the DD core was sawn longitudinally in half,producing samples with an average weight of between
26、approximately 3 and 4 kg.The same half was continuously sampled on nominal 1 m intervals.The sample interval was adjusted in order to honour geological contacts.The RC samples were passed through a riffle splitter three times,after which approximately 5 kg was taken as a reference sample and 2 kg wa
27、s weighed and labelled for laboratory dispatch.The samples were crushed and split in an accredited laboratory to produce a 50g charge for fire assay with an Atomic Absorption(AA)finish.The mineralisation at Kebigada strikes at approximately 335 so the block model and data were rotated clockwise by 2
28、5 to best align model block with mineralisation.Wireframe surfaces were generated for base of laterite and base of saprolite using the drill hole logs and used to divide the mineralisation into three zones laterite,saprolite and fresh rock.Mineralisation dips 70 west(in rotated space)in the saprolit
29、e and fresh rock but is flat in the laterite zone.Barren intrusives occur within the mineralised zone and were assumed to be parallel to the gold mineralisation.H&SC produced a wireframe surface representing topography based on the drill hole collars.Amani Gold Limited Review of Operations For the y
30、ear ended 30 June 2020 Page 6 Figure 2.Map of Giro Gold Project,showing Kebigada and Douze Match deposits,tenement,surface geology,prospect locations,Au in soil anomalies and Peteku RC drillholes PTRC001-PTRC004 Gold concentration was estimated by recoverable MIK(multiple indicator kriging)on rotate
31、d composite data and model blocks using GS3 software,then compiled and evaluated in Datamine.H&SC assumed that Kebigada will be selectively mined by open pit and the estimates reflect a selective mining unit(SMU)of 5x5x5m.The majority of drilling at Kebigada is on a grid with a nominal spacing of 50
32、 m between drill lines and 50 m along the drill lines.The dominant sample length is 1.0 m and a nominal composite length of 2.0 m was chosen for data analysis and resource estimation.A three-pass search strategy was used for the resource estimates,with initial radii of 70 x70 x14m,and the search ell
33、ipse rotated parallel to the orientation of each zone.Blocks estimated in the first search pass and restricted to the central part of the deposit were classified as Indicated(effectively 50 x50m drill hole spacing),while all other estimated blocks were classified as Inferred.The MRE is restricted to
34、 an elevation of 560m,which is a nominal depth of 300m below surface.Amani Gold Limited Review of Operations For the year ended 30 June 2020 Page 7 The weathering zones-laterite,saprolite and fresh rock-were used to assign average measured densities to the block model and all tonnages are estimated
35、on a dry weight basis.There has been limited mining of the upper part of the Kebigada deposit in the Belgian colonial era and by artisanal miners.This is reflected in“No Sample”intervals in the drilling,which were used to generate an indicator model that identifies the proportion and location of voi
36、ds in the model.Tonnage and grade in the model were then depleted assuming that the highest-grade material was preferentially removed.The Kebigada MRE at a gold cut-off grade of 0.5 g/t has a strike length of approximately 1,400 m and a horizontal width up to 400 m.The MRE starts at surface and is r
37、eported to a maximum depth of 300 m.The resource estimates at a gold cut-off of 0.5 g/t are shown in Table 1 and resource estimates at a range of gold cut-offs in Table 2.The preferred gold cut-off grade of 0.5 g/t assumes that mineralisation can be mined economically at this grade in an open pit,ba
38、sed on the current metal price.Table 1.Kebigada H&SC MRE at 0.5 g/t Au Cut-off Grade Classification Tonnes(Mt)Au(g/t)Au(Moz)Indicated 69 1.09 2.4 Inferred 54 0.95 1.7 Total 124 1.03 4.1(significant figures do not imply precision and rounding may occur in totals)The resource estimate was validated in
39、 several ways,including visual and statistical comparison of block and drill hole grades,examination of grade-tonnage data,and comparison with the previous MSA Group(Pty)Ltd(MSA)model(see ASX Announcement 27 August 2017).As expected,the model represents a smoothed version of the original samples,wit
40、h less of the local variability present in the sample data.Grade trends within the zone are aligned with the respective search and variogram orientations,and reasonably reflect interpreted trends in the mineralisation.The new model indicates a several areas where mineralisation is not closed-off and
41、 may continue,including at depth along the entire strike of the orebody and the western edge of the deposit.Table 2.Grade-Tonnage Data for Kebigada MRE(H&SC)Cut-off(Au g/t)Tonnes(Mt)Au(g/t)Au (Moz)0.0 429.6 0.45 6.19 0.3 205.8 0.78 5.13 0.4 158.8 0.90 4.61 0.5 123.7 1.03 4.10 0.6 98.2 1.16 3.65 0.7
42、78.4 1.29 3.24 0.8 62.8 1.42 2.86 0.9 50.5 1.56 2.53 1.0 41.0 1.70 2.24 1.2 27.9 1.98 1.78 1.3 23.4 2.12 1.60 1.5 17.0 2.40 1.31 2.0 8.7 3.04 0.85(significant figures do not imply precision)Amani Gold Limited Review of Operations For the year ended 30 June 2020 Page 8 Limited metallurgical testwork
43、demonstrates that higher grade mineralisation from Kebigada is amenable to CIL only or combined CIL and gravity recovery.Planned Exploration Activities Drillholes GRDD034 and GRDD035 are 240m apart(see ASX Announcement 19 March 2020)and have both outlined high-grade gold mineralisation deeper than p
44、reviously intersected at the Kebigada deposit.These gold assay results and the current Kebigada MRE indicate the potential for the Kebigada deposit to substantially grow via targeted deeper drilling along the entire strike of the orebody.During the later part of 2020 Amani plans to complete 200m spa
45、ced drilling north and south of drillholes GRDD034 and GRDD035 and similar spaced drillholes along the western edge of the deposit.This planned drilling campaign will involve 4 core holes,each nominally 500m in length for a total of 2,000m.Giro Gold Project-Global Mineral Resource Estimates Amani ha
46、s previously outlined a gold resource at Kebigada within the Giro gold project of 45.62Mt 1.46g/t Au,for 2.14Moz gold(0.9g/t Au cut-off grade)or 24.76Mt 1.27g/t Au,for 1.01Moz gold(0.6g/t Au cut-off grade,Table 3,see ASX Announcement 7 August 2017).Amani Gold Limited Review of Operations For the yea
47、r ended 30 June 2020 Page 9 Table 3.Grade-Tonnage Data for Kebigada MRE(MSA,August 2017)Classification Cut-Off(Au g/t)Tonnes(Mt)Au(g/t)Au(Moz)Indicated 0.6 24.76 1.27 1.01 0.9 16.48 1.53 0.81 1.3 7.56 2.08 0.50 1.5 5.21 2.38 0.40 Inferred 0.6 50.40 1.14 1.84 0.9 29.14 1.42 1.33 1.3 11.78 1.94 0.74 1
48、.5 8.63 2.15 0.60 Total 0.6 75.16 1.18 2.85 0.9 45.62 1.46 2.14 1.3 19.34 2.00 1.24 1.5 13.84 2.24 0.99(significant figures do not imply precision and rounding may occur in totals)Amani has previously outlined a gold resource at Douze Match within the Giro Gold Project of 8.1Mt 1.2g/t Au for 320Koz
49、gold at a cut-off grade of 0.5g/t Au(Table 4,see ASX Announcement 10 December 2018).Table 4.Grade-Tonnage Data for Douze Match MRE(H&SC,December 2018)Cut-off(Au g/t)Tonnes(Mt)Au (g/t)Au(Moz)0.0 73.0 0.3 0.59 0.1 42.2 0.4 0.54 0.2 20.5 0.7 0.44 0.3 12.9 0.9 0.38 0.4 10.0 1.1 0.35 0.5 8.1 1.2 0.32 0.6
50、 6.6 1.4 0.29 0.7 5.5 1.5 0.27 0.8 4.7 1.7 0.25 0.9 4.0 1.8 0.23 1.0 3.5 1.9 0.22(significant figures do not imply precision)Giro Gold Project global resource for Kebigada and Douze Match deposits now exceeds 4.4Moz contained gold using the upgrade Kebigada MRE;with a total Indicated and Inferred Mi
51、neral Resource Estimate of 132Mt 1.04g/t Au,for 4.4Moz gold(0.5g/t Au cut-off grade,Figure 1,Table 5 and see ASX Announcement 10 December 2018).Amani Gold Limited Review of Operations For the year ended 30 June 2020 Page 10 Table 5.Giro Gold Project Global MRE at 0.5 g/t Au Cut-off Grade Classificat
52、ion Kebigada Deposit Douze Match Deposit Combined Tonnes(Mt)Au (g/t)Au (Moz)Tonnes(Mt)Au (g/t)Au (Moz)Tonnes(Mt)Au (g/t)Au (Moz)Indicated 69 1.09 2.4 2.2 1.2 0.09 71 1.10 2.5 Inferred 54 0.95 1.7 5.8 1.2 0.23 60 0.98 1.9 Total 124 1.03 4.1 8.1 1.2 0.32 132 1.04 4.4(significant figures do not imply p
53、recision and rounding may occur in totals)Peteku Prospect On 6 January 2020,Amani announced that Reverse Circulation drilling operations(holes PTRC001-PTRC004)at Peteku prospect,Giro Gold Project,had returned the following significant high-grade gold assay results(refer ASX Announcements 4 November
54、2019 and 6 January 2020);PTRC004:3m 3.18 g/t Au from 36m,6m 1.13 g/t Au from 62m and 1m 3.39 g/t Au from 102m PTRC003:2m 1.53 g/t Au from 9m and 1m 1.59 g/t Au from 55m PTRC002:2m 3.45 g/t Au from 46m and 1m 1.56 g/t Au from 80m PTRC001:8m 1.24 g/t Au from 63m Peteku prospect is located approximatel
55、y 4km southwest of Kebigada gold deposit within Exploration Permit PE5046(Figure 2)and is currently an active artisanal gold mining site.Peteku pit is located within granite and mafic volcanic rocks.Primary target for the artisanal miners is oxide gold hosted by quartz veins.The Peteku quartz veins
56、and structures strike east-west and dip steeply to the north.Peteku is currently an active artisanal gold mining site with the pit approximate dimensions of 50m X 40m and 20m deep.RC holes PTRC001-PTRC004 were completed at depths of 77m to 120m and all have successfully targeted near surface gold mi
57、neralisation below a regional gold in soil anomaly(Figure 2).Drillhole PTRC004 was collared in granite and drilled with an inclination of 60 and an azimuth of 180 and targeted near surface gold mineralisation(Figure 2,Table 6).PTRC004 intersected intervals of carbonate-silica-chlorite altered mafic
58、volcanic with pyrite mineralization from 47m to 49m(2m interval containing 1%pyrite),from 53m to 57m(4m interval containing 1%pyrite),from 60m to 70m(10m interval containing 1-2%pyrite),from 82m to 87m(5m interval containing 1%pyrite)and 96m to 99m(3m interval containing 1%pyrite)and intervals of qu
59、artz veins with pyrite mineralisation from 99m to 103(4m interval containing 1%pyrite)m.This style of alteration and sulphide mineralisation of mafic volcanic and quartz veins are typically good indicators of gold mineralisation at Giro,specifically the Kebigada deposit.Best gold assay results;3m 3.
60、18 g/t Au from 36m,6m 1.13 g/t Au from 62m and 1m 3.39 g/t Au from 102m(Figure 4).Drillhole PTRC003 was collared in granite and drilled with an inclination of 60 and an azimuth of 180 and targeted near surface gold mineralisation(Figure 2,Table 6).PTRC003 did not intersect intervals of altered grani
61、te or quartz veins.Best gold assay results;2m 1.53 g/t Au from 9m Au and 1m 1.59 g/t Au from 55m(Figure 4).Drillhole PTRC002 was collared in granite and drilled with an inclination of 60 and an azimuth of 180 and targeted near surface gold mineralisation(Figure 2,Table 6).PTRC002 intersected interva
62、ls of silica altered granite with pyrite mineralization from 54m to 58m(4m interval containing 1%pyrite)and from 62m to 66m(4m interval containing 1%pyrite)and intervals of quartz veins with pyrite mineralisation from 8m to 10m(2m interval containing 1%pyrite)and from 83m to 84m(1m interval containi
63、ng 1%pyrite).This style of alteration and sulphide mineralisation of granite and quartz veins are typically good indicators of gold mineralisation at Giro.Best gold assay results;2m 3.45 g/t Au from 46m and 1m 1.56 g/t Au from 80m(Figure 5).Drillhole PTRC001 was collared in granite and drilled with
64、an inclination of 60 and an azimuth of 180 and targeted near surface gold mineralisation(Figure 2,Table 6).PTRC001 intersected intervals of silica altered granite with Amani Gold Limited Review of Operations For the year ended 30 June 2020 Page 11 pyrite mineralization from 43m to 71m(28m interval c
65、ontaining 1%pyrite)and from 91m to 98m(7m interval containing 1%pyrite)and an interval of quartz vein with pyrite mineralisation from 98m to 103m(5m interval containing 1%pyrite).This style of alteration and sulphide mineralisation of granite and quartz veins are typically good indicators of gold mi
66、neralisation at Giro.Best gold assay results;8m 1.24 g/t Au from 63m(Figure 6).As significant gold mineralisation has been intersected in these initial four drillholes,a further drilling program of circa 10 RC holes,each nominally 150m in length is planned.This drilling will target mineralisation al
67、ong strike and deeper below the Peteku open pit.Table 6.Peteku Drillhole Summary Drillhole No.Easting Northing Elevation Dip Azimuth EoH Commenced Completed UTM WGS85 UTM WGS84(m)(Degrees)(Magnetic)(m)Date Date Zone 35N Zone 35N PTRC001 745406 341988 856-60 180 120 12-Oct-19 14-Oct-19 PTRC002 745445
68、 341973 855-60 180 88 15-Oct-19 16-Oct-19 PTRC003 745494 341976 855-60 180 77 18-Oct-19 18-Oct-19 PTRC004 745494 341944 853-60 180 112 19-Oct-19 20-Oct-19 Figure 4.Peteku Prospect drillhole section PTR003 and PTR004,showing lithologies and gold assays Amani Gold Limited Review of Operations For the
69、year ended 30 June 2020 Page 12 Figure 5.Peteku Prospect drillhole section PTR002,showing lithologies and gold assays Figure 6.Peteku Prospect drillhole section PTR001,showing lithologies and gold assays Amani Gold Limited Review of Operations For the year ended 30 June 2020 Page 13 GADA GOLD PROJEC
70、T,DEMOCRATIC REPUBLIC OF CONGO(Amani 75%)Amani completed a Memorandum of Understanding in August 2019 with project owner SOCIT MINIRE DE KILO-MOTO SA(“SOKIMO”),to acquire six(6)highly prospective gold Exploration Permits in the DRC.LA SOCIT MINIRE DE KILO-MOTO SA(“SOKIMO”),a company incorporated und
71、er the law of the Democratic Republic of Congo,holds 100%of Exploration Permits 11796,11797,11798,11800,11816 and 11817(“Gada Gold Project”)located in north-east DRC within the Niangara,Dungu and Rungu Territories of the Haut Uele Province(see ASX announcement 19 August 2019,Figure 7).The Gada Proje
72、ct lies approximately 80kms to the west of Amanis Giro Gold Project,382kms by road.The Gada Project can be accessed by air via an unpaved airstrip at Dungu 50km from the Gada Project.The Dungu airstrip is 3kms in length and operated by MONUSCO(United Nations Organisation Stabilisation Mission in the
73、 Democratic Republic of Congo).Mobile network communication services with intermittent 3G/2G internet are available with field supplies such as food and fuel available at Dungu.Figure 7.Map of Haute Uele Province of the Democratic Republic of Congo showing the location of the Gada and Giro Gold Proj
74、ects Given the location,geology and scale of the Gada tenement package,as well as the early stage assessment carried out across the project,it is clear that the package is highly prospective for gold mineralisation.Local artisanal gold mining has been undertaken for many years within shallow pits of
75、 depth to generally less than 10m.Amani intends to conduct a modern exploration program to determine potential target areas for systematic exploration work,including extensive soil sampling and RC drilling programs over several of the best prospects at Gada.Field teams have already completed channel
76、 and rock sampling of several actively worked artisanal pits,returning exceptional gold assay results.The geology of the Gada Gold Project area consists of porphyritic granites and gneiss intruded by NE-SW trending rocks of the Kibalian volcano-sediments striking between 10 to 55 degrees with minera
77、lised subvertical and occasionally shallow dipping SE structures forming a mineralised open-ended corridor of approximately 10km long and at least 250m wide.In the northern Exploration Permits,there are also variably magnetic outcrops of banded iron formation which trend E-W along the contacts with
78、granites which occur along the eastern contact of Kibalian Amani Gold Limited Review of Operations For the year ended 30 June 2020 Page 14 volcano-sedimentary rocks with the granites.A second NE-SW trending elongated oval shaped intrusion of Kibalian volcano-sediments also lies within the southern p
79、art of the Exploration Permits on either side of the Bomokadi River.Figure 4.Map showing the potentially prospective strike length of mineralisation and the geology of tenement PR11816 and rock chip and channel sampling results Gada Gold Project The Gada Project area has complex with major NE-SW maj
80、or structures that are cut by NW-SE,NNE-SSW,E-W and ENE-WSW transfer faults which could host gold deposits at the intersections.The porphyritic granites also show some micro-folding and faulting which gives an indication of the general structural setting within the area(Figure 8).Mineralisation is h
81、osted in quartz veins and structures which are believed to be open at depth.Artisanal miners have mined quartz veins and associated structures at many places within the Gada Project area.Typically,high gold grades are mined by the artisanal miners,but the miners have been unable to carry out mining
82、below approximately 40m due to flooding and inability to dig through hard fresh rock.Initial exploration of the Gada tenements included site visits and rock chip and channel sampling of known gold occurrences,artisanal pits and mineralised outcrops were completed within tenement PR11816(see ASX anno
83、uncement 19 August 2019).The following prospects and artisanal pits were visited;Mazizi,Mbugo,Mabanda,Munguba,Arakaki,Mundial,Mangbetu,Gada,Medi Medi,Gbaka,Ndebi,Elu and Gomba and a total of 51 rock chip and channel samples were collected and assayed.Best assay results include;Mbugo Pit-8.99g/t Au(R
84、ock Chip),2m 10.6g/t Au and 1.6m 2.1g/t Au(Channel Samples).Mabanda Pit(Dubai)-0.5m 47.7g/t Au and 0.5m 13.4g/t Au(Channel Samples).Mabanda Pit(Dix Huit 18)-3.2m 6.41g/t Au(Channel Sample).Munguba Pit-1.14g/t Au(Rock Chip),1.5m 7.57g/t Au,1.2m 2.14g/t Au and 1m 1.44g/t Au(Channel Samples).Arikazi Pi
85、t-2m 11.16g/t Au(Channel Sample).Mangbetu Pit-5.12m 1.27g/t Au,incl.1m 3.8g/t Au(Channel Sample).Gada Gold Project-Planned Exploration Activities Amani plans to rapidly progressed exploration at Gada with Phase 1 soil sampling over previously identified Priority targets(Figure 5).Phase 1 Sampling is
86、 expected to start in the later part of 2020 and comprise 200 X 50 spaced Amani Gold Limited Review of Operations For the year ended 30 June 2020 Page 15 samples(704 samples).Phase 2 sampling will infill the Priority area and comprise 400 X 200 spaced samples(1074 samples,Figure 5).Soil sampling res
87、ults at Gada will determine the location of an initial 5,000m Reverse Circulation(RC)drilling campaign.This drilling campaign is expected to commence in the later part of 2020.Figure 5.Map showing the geology of tenement PR11816 and rock chip and channel sampling results and Phase 1(Red)and Phase 2(
88、Blue)soil sampling locations Gada Gold Project GOLD TRADING,TANZANIA(Amani 60%)Amani secured a Gold Dealer Licence in Tanzania in November 2019 via a 60%equity interest in Amago Trading Limited.The Gold Dealer Licence No.DL013/GTA/2019-2020 was granted to Amago by Ministry of Minerals Mining Commiss
89、ion,The United Republic of Tanzania.Amago Trading Limited sources gold from local artisanal miners from the Geita region of Tanzania.The gold is smelted at the Amago office and the local miners are paid at an agreed price.The gold is transported to a Hong Kong smelter by a security firm.Amago receiv
90、es payment for the smelted gold from the Hong Kong gold refinery the same day as is processed.Amago pays the Hong Kong smelter a processing fee of$8 US per ounce of smelted gold.Revenue is recognized when control of the goods and services have passed to the gold refinery and costs incurred or to be
91、incurred in respect of the transaction can be measured reliably.Control is considered passed to the gold refinery at the time of“delivery of goods to the customer”,hence revenue is recognized at a point in time.Amani temporarily ceased gold trading in Tanzania in early 2020 when Covid-19 made it dif
92、ficult for staff to travel and source gold in the Geita region.Amani Gold Limited Review of Operations For the year ended 30 June 2020 Page 16 Competent Persons Statement The information in this report that relates to exploration results,mineral resources and ore reserves is based on,and fairly repr
93、esents information and supporting documentation prepared by Mr Grant Thomas,a Competent Person who is a member of the Australasian Institute of Mining and Metallurgy and a member of the Australian Institute of Geoscientists.Mr Thomas is an employee and Chief Technical Officer of Amani Gold Limited.H
94、e has sufficient experience that is relevant to the style of mineralisation and type of deposits under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the“Australasian Code for Reporting of Exploration Results,Mineral Resource and
95、 Ore Reserves”.Mr Thomas consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.The information in this report that relates to the Giro Gold Project has been previously reported by the Company in compliance with JORC 2012 in vario
96、us market releases.The Company confirms that it is not aware of any new information or data that materially affects the information included in those earlier market announcements.Amani Gold Limited Directors Report For the year ended 30 June 2020 Page 17 Your Directors present their report together
97、with the financial statements of Amani Gold Limited and the entities it controlled at the end of,or during,the year ended 30 June 2020(“the consolidated entity”or“Group”)and the auditors report thereon.DIRECTORS The names and details of the Directors in office during or since the end of the financia
98、l year are as follows.Directors were in office for the entire year unless otherwise stated.Klaus Eckhof 1 Chairman Dip.Geol.TU,AusIMM(appointed Director on 30 January 2019)1 With effect from 9 April 2019,Mr Eckhof was appointed as the Companys Chairman.2 With effect from 28 August 2020,Mr Eckhof was
99、 appointed as Executive Chairman.Mr Eckhof is a geologist with more than 25 years experience identifying,exploring and developing mineral deposits around the world.Mr Eckhof worked for Mount Edon Gold Mines Ltd as Business Development Manager before it was acquired by Canadian mining company,Teck.In
100、 1994,he founded Spinifex Gold Ltd and Lafayette Mining Ltd,both of which successfully delineated gold and base metal deposits.Mr.Eckhof has spent numerous years developing contacts within the DRC with several mining deals being very successfully executed.In late 2003,Mr Eckhof founded Moto Goldmine
101、s,which acquired the Moto Gold Project in the DRC.There Mr Eckhof and his team raised over$100 million and delineated more than 12Moz of gold and delivered a feasibility study within four years from the commencement of exploration.Moto Goldmines was subsequently acquired by Randgold Resources for$48
102、8m,who poured first gold in September 2013.The resource now stands at some 22Moz of gold.Mr Eckhof previously served as Amanis Managing Director and Chief Executive Officer up to 12 August 2014,and as part-time Executive Chairman up to 27 March 2018.In the last three years,Mr Eckhof has been a direc
103、tor of Argent Minerals Limited(resigned 23 April 2018),AVZ Minerals Limited(resigned 26 June 2018),Okapi Resources Limited(retired 29 November 2019)and is current a director of and Lachlan Star Limited.Sik Lap Chan Managing Director and CEO MAusIMM,MAIG (appointed Director on 11 July 2017 and resign
104、ed 27 August 2020)Mr Sik Lap Chan holds a Bachelor of Science degree with first class honors in the Department of Earth Sciences from the University of Hong Kong in 2004.He subsequently obtained a Masters in Philosophy and lectured,both at the University of Hong Kong from 2013 to 2014.Mr Chan is a p
105、rofessional geologist and valuer with more than 12 years experience in the mining industry.He has been involved in the planning,implementation and supervision of various exploration programs,resources/reserve estimation,open pit and underground production,feasibility studies,JORC report compilation,
106、Engineering/Procurement/Construction(EPC)/Management,valuation and listing preparation for mineral assets in Australia,China,North America,Central and South-East Asia.Mr Chan has held senior management positions in diverse international exploration and mining companies providing him experience in co
107、rporate management,government liaisons,business development and environmental,health and safety.He has also undertaken a number of senior executive roles with mining consulting and valuation companies.Amani Gold Limited Directors Report For the year ended 30 June 2020 Page 18 In the last three years
108、 Mr Chan has not been,and is currently not,a director of any other ASX listed companies.Grant Thomas Executive Director BSc(Hon)(Director from 1 January 2018 to 16 November 2018.Reappointed as a Director on 21 December 2018 and resigned 17 August 2020)Mr Thomas is a geoscientist and experienced comp
109、any director having served as Managing Director of ASX listed Tianshan Goldfields Limited,Celsius Coal Limited and ActiveX Limited.He has also held senior positions with Rio Tinto Exploration(Australia,Brazil and China)and Hamersley Iron.Mr Thomas has over 35 years of professional experience coverin
110、g project acquisition,mineral exploration and resource project evaluations for several minerals,including diamonds,gold,iron ore,copper,lead,zinc,uranium,fluorspar and coal in Australia,China,South Africa,Tajikistan,Kazakhstan,Brazil,Cambodia and Mongolia.Mr Thomas has completed several substantial
111、capital raisings in London,Australia,Hong Kong and Singapore.He has also been involved with successful project leadership and exploration discoveries within Australia and China including;Homestead,Mount Sheila and Mount Sylvia(iron ore)and the 2.4Moz Au Xinjiang Gold Mountain and Kuan Gou(gold)disco
112、veries.In the past three years Mr Thomas has been a director of ASX listed companies ActivEX Limited(resigned 19 February 2018)and Kazakhstan Potash Corporation Limited(resigned 8 May 2019).Qiuming Yu Executive Director(appointed Director on 11 July 2017)Mr Qiuming Yu holds a Bachelors degree from N
113、anjing University of China.He has a wealth of mine investment,development and management experience.In 2006,Mr Yu initiated the creation of China Poly Group Energy Sector(Poly Energy Holdings Limited)(Poly Energy),the main business of which is the development of nonferrous metals and coal resources.
114、He has been instrumental in the development of a number of producing copper-zinc mines in China.In the last three years Qiuming Yu has not been,and is currently not,a director of any other ASX listed companies.Maohuai Cong Non-Executive Director(appointed Director on 27 August 2020)Mr Cong Mr Cong i
115、s currently General Director of Amani Consulting and Director of Shining Mining Limited,which is the Companys largest shareholder.Mr.Cong brings to the Board over 20 years of mining and construction experience in the DRC.In the last three years Maohuai Cong has not been,and is currently not,a direct
116、or of any other ASX listed companies.King Sun Tsang Non-Executive Director(appointed Director on 29 January 2020)Mr Tsang is a certified public accountant and experienced Company Director.Currently,he is the CFO and Co,Sec of Amber Hill Financial Holdings Limited which is a listed company in HKEX.Mr
117、 Tsang has 10 years of professional experience providing advice to businesses across various industries,with a particular focus on corporate finance and business advisory services.His career has spanned both the professional practice and commercial arenas and he has held executive roles with HKEX li
118、sted companies as Executive Director,Chief Financial Officer,and Company Secretary.Those roles aided in the development of a Amani Gold Limited Directors Report For the year ended 30 June 2020 Page 19 comprehensive understanding of businesses and provided exposure to management and oversight of sign
119、ificant corporate transactions(M&A),acquisitions and divestments,and financing initiatives.Mr Tsang holds a Juris Doctor Degree and Bachelor degree in Business and Finance from The Chinese University of Hong Kong and Hong Kong Polytechnic University respectively.In the last three years King Sun Tsan
120、g has not been,and is currently not,a director of any other ASX listed companies.Antony Truelove2 Non-Executive Director BSc(Hon)(Director since 27 March 2018)2 Mr Truelove is considered to be an Independent Non-Executive Director Mr Truelove is a geologist and experienced company director and is cu
121、rrently technical director of unlisted UK based companies Anglo Saxony Mining Ltd and Brazil Tungsten Holdings Ltd and COO of AIM listed company Panthera Resources Plc.Mr Truelove has previously floated,and served as Managing Director of,ASX listed company Southern Cross Goldfields Limited and has h
122、eld senior positions with Billiton,Newmont,Newcrest and Delta Gold.Mr Truelove has 35 years of professional experience in the resource industry covering project acquisition,mineral exploration and feasibility studies for gold and tin mineralisation.He has been involved with the discovery and definit
123、ion of over 15 million ounces of gold and 120,000t tin,plus associated zinc and indium.He also has considerable experience in base metals,iron ore and nickel exploration.Mr Truelove has experience working in Australia,Indonesia,India,China,UK,Germany,Zimbabwe,Brazil and West Africa.Mr Truelove gradu
124、ated from Adelaide University with a Bachelor of Science with First Class Honors in 1981.In the last three years Mr Truelove has not been,and is currently not,a director of any other ASX listed companies.COMPANY SECRETARY Nick Harding Craig McPherson BCom,CA Mr Harding was appointed as Company Secre
125、tary of Amani Gold Limited on 30 November 2019.Mr.McPherson was appointed as Company Secretary of Amani Gold Limited on 27 March 2018.He resigned as Company Secretary on 30 November 2019.CORPORATE STRUCTURE Amani Gold Limited is a limited liability company that is incorporated and domiciled in Austr
126、alia.During the financial year,it had the following subsidiaries:Amani Consulting sarl Giro Goldfields sarl Amani Minerals(HK)Limited Congold sasu Amago Trading Tanzania Limited Amago Resources Kenya Limited -Dissolved 8 May 2020 Burey Resources Pty Limited Amani Gold Limited Directors Report For th
127、e year ended 30 June 2020 Page 20 PRINCIPAL ACTIVITIES The principal activity of the consolidated entity during the course of the year was acquiring and exploring mineral interests,prospective for precious metals and energy in DRC.Gold trading was also carried out in Tanzania.RESULTS AND DIVIDENDS T
128、he consolidated loss after tax for the year ended 30 June 2020 was$3,983,939(30 June 2019:$32,856,510).No dividends were paid during the year and the Directors do not recommend payment of a dividend.EARNINGS PER SHARE Basic loss per share for the year was 0.06 cents(30 June 2019:1.35 cents).REVIEW O
129、F OPERATIONS/OPERATING AND FINANCIAL REVIEW The Group is engaged in mineral exploration in the Democratic Republic of Congo(“DRC”)and gold trading in Tanzania.A review of the Groups operations,including information on exploration activity and gold trading and results thereof,financial position,strat
130、egies and projects of the consolidated entity during the year ended 30 June 2020 is provided in this Financial Report and,in particular,in the Review of Operations section immediately preceding this Directors Report.The Groups financial position,financial performance and use of funds information for
131、 the financial year is provided in the financial statements that follow this Directors Report.The Group is primarily an exploration,although gold trading in Tanzania contributed in a minor way to operating revenue during the year.Gold trading was certainled in early 2020 due travel restrictions caus
132、ed by Covid-19.The Directors consider the Groups performance to be primarily based on the success of exploration activity,acquisition of additional prospective mineral interests and,in general,the value added to the Groups mineral portfolio during the course of the financial year.Whilst performance
133、can be gauged by reference to market capitalisation,that measure is also subject to numerous external factors.These external factors can be specific to the Group,generic to the mining industry and generic to the stock market as a whole and the Board and management would only be able to control a sma
134、ll number of these factors.The Groups business strategy for the financial year ahead and,in the foreseeable future,is to continue exploration activity on the Groups existing mineral project,identify and assess new mineral project opportunities in the DRC and review development strategies where indiv
135、idual projects have reached a stage that allows for such an assessment.Due to the inherent risky nature of the Groups activities,the Directors are unable to comment on the likely results or success of these strategies.The Groups activities are also subject to numerous risks,mostly outside the Boards
136、 and managements control.These risks can be specific to the Group,generic to the mining industry and generic to the stock market as a whole.The key risks,expressed in summary form,affecting the Group and its future performance include but are not limited to:Geological and technical risk posed to exp
137、loration and commercial exploitation success;Sovereign risk,change in government policy,change in mining and fiscal legislation;Prevention of access by reason of political or civil unrest,disease,outbreak of hostilities,inability to obtain regulatory or landowner consents or approvals,or native titl
138、e issues;force majeure events;change in metal market conditions;Amani Gold Limited Directors Report For the year ended 30 June 2020 Page 21 mineral title tenure and renewal risks;and capital requirement and lack of future funding.Amago Trading Limited sources gold from local artisanal miners from th
139、e Geita region of Tanzania.The gold trading activities were ceased in March 2020 when Covid-19 made it difficult for staff to travel and source gold in the Geita region.This is not an exhaustive list of risks faced by the Group or an investment in it.There are other risks generic to the stock market
140、 and the world economy as a whole and other risks generic to the mining industry,all of which can impact on the Group.SIGNIFICANT CHANGES IN STATE OF AFFAIRS In the opinion of the Directors,significant changes in the state of affairs of the Group that occurred during the year ended 30 June 2020 were
141、 as follows:On 16 August 2019,the Company announced a placement to raise up to$2.5M through the issue of 883M fully paid ordinary shares(New Shares)at a price of$0.003.On 22 October,the Company announced the completion of the placement.On 19 August 2019,the Company announced that it has signed a Mem
142、orandum of Understanding(MoU)with LA SOCIT MINIRE DE KILO-MOTO SA(“SOKIMO”),to acquire six(6)highly prospective gold Exploration Permits in the DRC(Gada Project).The MoU is for an initial six month period during which the company has the right to carry out legal and technical due diligence and to ex
143、plore the Gada Project tenements.Following the initial six month due diligence period,the Company at its discretion,will negotiate and enter into a definitive agreement with SOKIMO.On 29 January 2020,the Company announced that it has issued Convertible Notes with a face value of$2.1M(Notes)to a Hong
144、 Kong based investment company Neo Gold Limited(Neo Gold),with the proceeds available to the Company immediately as the New Shares offered under the Convertible Notes come within the Companys existing placement capacity under ASX Listing Rule 7.1.The Notes have a 24-month maturity from the date of i
145、ssue(Maturity Date)and will attract interest at a rate of 2.5%per annum,commencing from the date which is 4 months from the date of issue.Neo Gold may elect to convert all or part of the outstanding Notes at any time prior to the Maturity Date into new shares(“New Shares”)at$0.003 per share.The Comp
146、any also announced that it has received an additional commitment from Neo Gold that will raise up to a further$3.0 million through the issue of up to 1 billion fully paid ordinary shares(Placement Shares)at an issue price of$0.003 per share(Placement).Shareholder approval for the issue was received
147、at a General Meeting held on 25 March 2020.Completion of the Placement was duly approved at a General Meeting of shareholders held on 25 March 2020.On 20 April 2020,the Company completed the placement of 699,047,035 shares at$0.003 per share to Shining Mining Limited as approved by Shareholders at a
148、 reconvened General Meeting held on 8 April 2020 to settle a liability of$2,097,141 to Simon Cong,the sole shareholder of Shining Mining Limited.On 11 June 2020,the Company advised that Neo Gold had not completed the Placement and failed to pay the$3.0M,in breach of its contractual obligations.The C
149、ompany is currently considering its position which may include the possibility of legal action against Neo Gold.-The impact of the Coronavirus(COVID-19)pandemic is ongoing and while it has not significantly impacted the entity up to 30 June 2020,gold trading in Tanzania was certainled in early 2020
150、due travel restrictions caused by Covid-19.Planned exploration activities in DRC continued throughout the year and were not significantly interrupted by Covid-19.EVENTS SUBSEQUENT TO REPORTING DATE Since the end of the financial year and to the date of this report no matter or circumstance has arise
151、n which has significantly affected,or may significantly affect,the operations of the consolidated entity,the results of those Amani Gold Limited Directors Report For the year ended 30 June 2020 Page 22 operations or the state of affairs of the consolidated entity in subsequent financial years other
152、than the matters referred to below.On 23 June 2020,the Company announced that it had completed a bookbuild for a two tranche placement to sophisticated and professional investors to raise up to$2.55 million(“Placement”)to fund ongoing exploration activities at the Giro and Gada gold projects in the
153、DRC and meet ongoing working capital requirements.Under the fundraising,the Company agreed to issue up to 2,550 million fully paid ordinary shares at an issue price of 0.1 cents per share(Placement Shares),raising up to$2.55 million(before costs).Subject to receipt of Shareholder approval at a Gener
154、al Meeting scheduled to take place on Friday,14 August 2020,each Placement Share will include 1.5 free attaching listed options(Options),with each having an exercise price of 0.15 cents and expiry date three years from date of issue.Tranche 1 of the Placement,which comprised 1,003,700,000 Shares,was
155、 issued under the Companys existing placement capacity under ASX Listing Rule 7.1,and was completed on 2 July 2020.Tranche 2 of the Placement,for up to 1,548,800,000 shares,is subject to Shareholder approval at the General Meeting.Due to Covid-19 travel restrictions impacting on shareholders ability
156、 to physically attend and participate in the General Meeting that was scheduled for 14 August 2020 a motion put to a quorum of shareholders present to adjourn the meeting was carried.On 14 September Company advised shareholders that the adjourned General Meeting of Amani will be reconvened and held
157、on a fully virtual basis on Thursday 15 October 2020 commencing at 11.00am(Adelaide time,ACST).On 17 August 2020,Mr Grant Thomas resigned as Technical Director of the Company effective immediately.Mr Thomas has agreed to provide assistance for a three-month period to the Company to ensure a smooth t
158、ransition to new management.On 27 August 2020,Mr Chan Sik Lap resigned as Managing Director of the Company effective immediately.Mr Chan has agreed to provide assistance for a three-month period to the Company to ensure a smooth transition to new management.Mr Klaus Eckhof will assume the role of Ex
159、ecutive Chairman in an interim capacity while a new Managing Director is sought.On 27 August 2020,Mr Maohuai Cong was appointed to the Board as a Non-Executive Director.Mr Cong is currently General Director of Amani Consulting and Director of Shining Mining Limited,which is the Companys largest shar
160、eholder.The impact of the Coronavirus(COVID-19)pandemic is ongoing and while it has not significantly impacted the entity up to 30 June 2020,it is not practicable to estimate the potential impact,positive or negative,after the reporting date.The situation is rapidly developing and is dependent on me
161、asures imposed by the Australian Government and other countries,such as maintaining social distancing requirements,quarantine,travel restrictions and any economic stimulus that may be provided.No other matter or circumstance has arisen since 30 June 2020 that has significantly affected,or may signif
162、icantly affect the entitys operations,the results of those operations,or the entitys state of affairs in future financial years.LIKELY DEVELOPMENTS AND EXPECTED RESULTS OF OPERATIONS The Companys objective is to maximise shareholder value through the discovery and delineation of significant mineral
163、deposits.The Directors will also continue to assess additional opportunities within the mineral and energy sectors in Central Africa.The Directors are unable to comment on the likely results from the Companys planned exploration and pre-development activities due to the speculative nature of such ac
164、tivities.Amani Gold Limited Directors Report For the year ended 30 June 2020 Page 23 DIRECTORS MEETINGS The number of meetings of the Companys Directors and the number of meetings attended by each Director during the year ended 30 June 2020 are:Directors meetings held during period of office Directo
165、rs meetings attended Klaus Eckhof 9 8 Chan Sik Lap(resigned 27 August 2020)9 8 Grant Thomas(resigned 18 August 2020)9 9 Yu Qiuming 9 5 Antony Truelove 9 8 Tsang King Sun(appointed 29 January 2020)2 2 There were 9 directors meetings held during the year.However,matters of Board business have also bee
166、n resolved by circular resolutions of Directors,which are a record of decisions made at a number of informal meetings of the Directors held to control,implement and monitor the Groups activities throughout the period.At present,the Company does not have any formally constituted committees of the Boa
167、rd.The Directors consider that the Group is not of a size nor are its affairs of such complexity as to justify the formation of special committees.DIRECTORS INTERESTS The interests of each Director in the securities of Amani Gold Limited at the date of this report are as follows:Fully Paid Ordinary
168、Shares Performance Rights (Expiring 11/11/22)Performance Rights (Expiring 27/5/22)Performance Rights (Expiring 31/12/20)Klaus Eckhof (appointed 30 January 2019)-137,500,000(4)240,000,000(2)-Chan Sik Lap -40,000,000(4)135,000,000(2)30,000,000(3)Grant Thomas 400,000 30,000,000(4)90,000,000(2)-Yu Qiumi
169、ng 600,000,000(1)137,500,000(4)180,000,000(2)30,000,000(3)Antony Truelove -15,000,000(2)-Tsang King Sun-(1)Mr Yu has a relevant interest in 600 million shares,as directors and controllers of Luck Winner Investment Limited which is the registered holder of 600 million shares in the Company.(2)Perform
170、ance rights vest over three equal tranches and convert into shares on a one-for-one basis in the event that the companys shares trade at minimum volume weighted average prices(tranche 1:$0.0075;tranche 2:$0.01;and tranche 3:$0.0125)for 10 consecutive trading days.(3)Performance rights vest over thre
171、e equal tranches and convert into shares on a one-for-one basis in the event that the companys shares trade at minimum volume weighted average prices(tranche 1:$0.02;tranche 2:$0.04;and tranche 3:$0.06)for 20 consecutive trading days.(4)Performance rights vest over three equal tranches and convert i
172、nto shares on a one-for-one basis in the event that the companys shares trade at minimum volume weighted average prices(tranche 1:$0.0075;tranche 2:$0.01;and tranche 3:$0.0125)for 10 consecutive trading days.Amani Gold Limited Directors Report For the year ended 30 June 2020 Page 24 SHARE OPTIONS AN
173、D PERFORMANCE RIGHTS As at the date of this report,the following unlisted options were on issue.Number Exercise Price Expiry Date Unlisted Options 7,500,000$0.03 31 December 2020 7,500,000$0.04 31 December 2020 7,500,000$0.05 31 December 2020 40,000,000$0.0075 27 May 2022 40,000,000$0.01 27 May 2022
174、 40,000,000$0.0125 27 May 2022 12,000,000$0.0075 15 Jan 2023 12,000,000$0.01 15 Jan 2023 12,000,000$0.0125 15 Jan 2023 There were no unlisted options issued to employees during the year under the Employee Option Plan.36 million unlisted options were issued to a corporate advisor during the year,with
175、 such options issued with shareholder approval.No unlisted options were exercised.19 million unlisted options expired on 2 November 2019.During the prior year,120 million unlisted options were issued to a corporate advisor.No unlisted options were exercised As at the date of this report,the followin
176、g performance rights were on issue.Number Vesting Price Expiry Date Performance Rights 20,000,000$0.02 31 December 2020 20,000,000$0.04 31 December 2020 20,000,000$0.06 31 December 2020 229,000,000$0.0075 27 May 2022 229,000,000$0.01 27 May 2022 229,000,000$0.0125 27 May 2022 10,000,000$0.0075 31 De
177、cember 2021 10,000,000$0.01 31 December 2021 10,000,000$0.0125 31 December 2021 116,666,666$0.0075 11 November 2022 116,666,667$0.01 11 November 2022 116,666,667$0.0125 11 November 2022 350 million performance rights were granted during the current year,in which all were issued to directors.No perfo
178、rmance rights vested during the year.During the prior year,777 million performance rights were granted,including 720 million which were issued to directors.No performance rights vested during the year.This report outlays the remuneration arrangements in place for the Directors of Amani Gold Limited.
179、The information provided in this remuneration report has been audited as required by section 308(3C)of the Corporations Act 2001.Remuneration Report Audited The Directors in office during the period are contained on Page 17 of this report.Other than the Directors there were no Key Management Personn
180、el.Amani Gold Limited Directors Report For the year ended 30 June 2020 Page 25 Remuneration philosophy The Board reviews the remuneration packages applicable to the executive Directors,Managing Director and Chief Executive Officer,and non-executive Directors on an annual basis.The broad remuneration
181、 policy is to ensure the remuneration package properly reflects the persons duties and responsibilities and level of performance and that remuneration is competitive in attracting,retaining and motivating people of the highest quality.Independent advice on the appropriateness of remuneration package
182、s is obtained,where necessary,although no such independent advice was sought during the financial year.Remuneration is not linked to past company performance but rather towards generating future shareholder wealth through share price performance.As a minerals explorer,the Company does not generate o
183、perating revenues or earnings and company performance,at this stage,can only be judged by exploration success and ultimately shareholder value.Market capitalisation is one measure of shareholder value but this is subject to many external factors over which the Company has no control.Consequently lin
184、king remuneration to past performance is difficult to implement and not in the best interests of the Company.Presently,total fixed remuneration for senior executives is determined by reference to market conditions and incentives for out performance are provided by way of options or performance right
185、s over unissued shares.The Directors believe that this best aligns the interests of the shareholders with those of the senior executives.Remuneration committee The Company does not have a formally constituted remuneration committee of the Board.The Directors consider that the Group is not of a size
186、nor are its affairs of such complexity as to justify the formation of a Remuneration committee.The Board assesses the appropriateness of the nature and amount of remuneration of Directors and senior managers on a periodical basis by reference to relevant employment market conditions with the overall
187、 objective of ensuring maximum stakeholder benefit from the retention of a high quality board and management team.Remuneration structure In accordance with best practice corporate governance,the structure of non-executive Directors and executive Director remuneration is separate and distinct.Non-exe
188、cutive Directors remuneration Objective The Board seeks to set aggregate remuneration at a level which provides the Company with the ability to attract and retain directors of the highest calibre,whilst incurring a cost which is acceptable to shareholders.Structure The Constitution and the ASX Listi
189、ng Rules specify that the aggregate remuneration of non-executive Directors shall be determined from time to time by a general meeting.An amount not exceeding the amount determined is then divided between the directors as agreed.The present limit of approved aggregate remuneration is$200,000 per yea
190、r.The Board aims to reviews the remuneration packages applicable to the non-executive Directors on a regular basis.The Board considers fees paid to non-executive directors of comparable companies when undertaking its review process.The Board determines the level of remuneration to be paid to non-exe
191、cutive Directors as considered appropriate in the circumstances.Non-executive Directors fees are currently$40,500 per annum.The remuneration of the non-executive Directors for the year ending 30 June 2020 is detailed in Table 2 of this report.Amani Gold Limited Directors Report For the year ended 30
192、 June 2020 Page 26 Executive Directors remuneration Objective The Company aims to reward Executive Directors with a level of remuneration commensurate with their position and responsibilities within the Company and so as to:align the interests of the Executive Directors with those of shareholders;li
193、nk reward with the strategic goals and performance of the Company;and ensure total remuneration is competitive by market standards.Structure Remuneration consists of the following key elements:Fixed remuneration Variable remuneration Fixed remuneration The level of fixed remuneration is set so as to
194、 provide a base level of remuneration which is both appropriate to the position and is competitive in the market.The Board aims to review fixed remuneration annually and the process consists of a review of companywide,business unit and individual performance,relevant comparative remuneration in the
195、market and internal and,where appropriate,external advice on policies and practice.The fixed component of the Executive Director remuneration for the year ending 30 June 2020 is detailed in Table 2 of this report.Variable remuneration Long Term Incentive(LTI)Objective The objective of the LTI plan i
196、s to reward executives and senior managers in a manner which aligns this element of remuneration with the creation of shareholder wealth.As such LTI grants are only made to executives who are able to influence the generation of shareholder wealth and thus have a direct impact on the Groups performan
197、ce.Structure LTI grants to executives are delivered in the form of options and performance rights.The issue of options/performance rights as part of the remuneration packages of executive and non-executive directors is an established practice of junior public listed companies and,in the case of the
198、Company,has the benefit of conserving cash whilst properly rewarding each of the directors.Remuneration is not linked to past group performance but rather towards generating future shareholder wealth through share price performance.Amani Gold Ltd listed on 14 December 2006 at 20c per share and the s
199、hare price at 30 June 2020 was 0.15 cents(2019:0.2 cents).With the exception of the 2017 year,the Company has recorded a loss each financial year to date as it carries out exploration activities on its tenements.The profit recorded in the 2017 year was due to the disposal of foreign subsidiaries.No
200、dividends have been paid.Amani Gold Limited Directors Report For the year ended 30 June 2020 Page 27 Service agreements Mr Eckhof is not employed under a formal employment or services agreement with Amani Gold Limited.The arrangement with Mr Eckhof is verbal and provides for a base payment of$120,00
201、0 per annum.Both parties may terminate the arrangement at any time by giving 1 months notice.Mr Chan is employed under an employment agreement with Amani Gold Limited which provides for base salary arrangements of HK$125,000 per month until 31 August 2019 and a base salary of HK$150,000 per month st
202、arting from 1 September 2019.In addition,Amani Gold Limited has paid HK$358,000 towards insurance for Mr.Chan during the current year.The agreement with Mr Chan provides for 3 months notice of intention to resign.Amani may terminate the agreement by giving 3 months notice.if a change of control even
203、t occurs Mr Chan will be entitled to a termination payment equal to 12 months cash salary in lieu of notice.Mr Thomas is employed under a written employment agreement with Amani Gold Limited which provides for base salary arrangements as follows:i)$19,500(plus superannuation)per month for the year e
204、nding 31 December 2019;and ii)$24,000(plus superannuation)per month from 1 January 2020.The agreement with Mr Thomas provides for 3 months notice of intention to resign.Amani may terminate the agreement by giving 3 months notice.If a change of control event occurs Mr Thomas will be entitled to a ter
205、mination payment equal to 12 months cash salary in lieu of notice.Mr.Yu Qiuming is not employed under a formal employment or services agreement with Amani Gold Limited.The arrangement with Mr.Yu Qiuming is verbal and provides for a base payment of$120,000 per annum.Both parties may terminate the arr
206、angement at any time by the giving 1 months notice.Mr.Tsang King Sun is not employed under a formal employment or services agreement with Amani Gold Limited.The arrangement with Mr.Tsang King Sun is verbal and provides for a base payment of$20,000 per month.On 16 May 2020 Mr Tsang agreed to change h
207、is remuneration to$3,000 per month.On 24 June 2020 Mr.Tsang moved to the role of non-executive director.Table 2:Director and other Executives Remuneration for the year ended 30 June 2020 Short Term Director Cash Salary/Fees$Non-Cash Benefits$Post Employment Superannuation$EquityValue of Incentive se
208、curities$Total$Incentive securities as a Percentage of Remuneration%K P Eckhof(i)2020 110,000-199,778 309,778 64%Chairman 2019 60,000-11,556 71,556 16%Chan Sik Lap(ii)2020 293,845 66,352 29,364 125,778 515,339 24%Managing Director 2019 241,822 8,079-24,000 273,901 9%G Thomas(iii)2020 237,000-22,515
209、65,333 324,848 20%Executive Director 2019 198,920-18,897 4,333 222,150 2%Yu Qiuming(iv)2020 157,500-195,111 352,611 55%Executive Director 2019 30,000-26,167 56,167 47%T Truelove(v)2020 36,000-8,667 44,667 19%Non-executive 2019 36,000-722 36,722 2%K S Tsang(vi)2020 59,833-59,833-Non-executive 2019-To
210、tal 2020 894,178 66,352 51,879 594,667 1,607,076 2019 566,742 8,079 18,897 66,778 660,496 (i)Mr Eckhof was appointed as a director on 30 January 2019.During the current year Mr.Eckhof was issued 137.5 million performance rights valued at$275,000.The value of the performance rights(including the perf
211、ormance rights issued in previous year)is recognised over the vesting period and the charge to the profit or loss account for the reporting period was$199,778(2019:$11,556).Mr Eckhof agreed to waive one months salary during the year.Amani Gold Limited Directors Report For the year ended 30 June 2020
212、 Page 28(ii)Mr Chan was appointed as a director on 11 July 2017 and with effect from 1 September 2017 was appointed in an executive role.From 1 April 2018,Mr Chan has been appointed as Managing Director and CEO.During the current year Mr.Chan was issued 40 million performance rights valued at$80,000
213、.The value of the performance rights(including the performance rights issued in previous year)is recognised over the vesting period and the charge to the profit or loss account for the reporting period was$125,778(2019:$24,000).Mr Chan agreed to waive one months salary during the year.(iii)Mr Thomas
214、 was appointed as an executive director on 21 December 2018.During the current year Mr Thomas was issued 30 million performance rights valued at$60,000.The value of the performance rights(including the performance rights issued in previous year)is recognised over the vesting period and the charge to
215、 the profit or loss account for the reporting period was$65,333(2019:$4,333).Mr Thomas agreed to waive one months salary during the year,(iv)Mr.Yu was appointed as a director on 11 July 2017.Mr.Yu did not receive any remuneration from the date of his appointment till 31 March 2019 following which re
216、muneration commenced.During the current year Mr Yu was issued 137.5 million performance rights valued at$275,000.The value of the performance rights(including the performance rights issued in previous year)is recognised over the vesting period and the charge to the profit or loss account for the rep
217、orting period was$195,111(2019:$26,167).Mr Yu was paid a further$37,500 cash introduction incentive during the year in relation to a referral of placement to the Company.The incentive was approved by Shareholders at the general meeting held 15 October 2019 and the related placement was completed on
218、22 October 2019.(v)Mr Truelove was appointed as a director on 27 March 2018.The value of the performance rights(including the performance rights issued in previous year)is recognised over the vesting period and the charge to the profit or loss account for the reporting period was$8,667(2019:$722).(v
219、i)Mr Tsang was appointed as an executive director on the 29 January 2020.On 24 June 2020 Mr Tsang moved to the role of non-executive director.Mr Tsang agreed to waive one months salary during the year and to change his Directors fee from$20,000 to$3,000 per month effective on 16 May 2020.Amani Gold
220、Limited Directors Report For the year ended 30 June 2020 Page 29 Performance Rights Granted as Compensation Details on performance rights that were granted as compensation to each key management person during the year ended 30 June 2020 and details on performance rights that vested during the year e
221、nded 30 June 2020 are as follows:Performance Rights Number granted Grant Date Fair value per right at grant date Exercise price per right Vesting price Expiry date Maximum total value of grant yet to vest Klaus Eckhof:11/11/2022 Rights-tranche 1 45,833,333 11/11/2019 0.002-$0.0075 11/11/2022$71,296
222、-tranche 2 45,833,333 11/11/2019 0.002-$0.01 11/11/2022$71,296 -tranche 3 45,833,334 11/11/2019 0.002-$0.0125 11/11/2022$71,296 27/05/22 Rights-tranche 1 80,000,000 27/05/19$0.0018-$0.0075 27/05/22$92,000-tranche 2 80,000,000 27/05/19$0.00173-$0.01 27/05/22$88,422-tranche 3 80,000,000 27/05/19$0.001
223、67-$0.0125 27/05/22$85,356 Chan Sik Lap:11/11/2022 Rights-tranche 1 13,333,333 11/11/2019 0.002-$0.0075 11/11/2022$20,741-tranche 2 13,333,333 11/11/2019 0.002-$0.01 11/11/2022$20,741-tranche 3 13,333,334 11/11/2019 0.002-$0.0125 11/11/2022$20,741 27/05/22 Rights-tranche 1 45,000,000 27/05/19$0.0018
224、-$0.0075 27/05/22$51,750-tranche 2 45,000,000 27/05/19$0.00173-$0.01 27/05/22$49,738-tranche 3 45,000,000 27/05/19$0.00167-$0.0125 27/05/22$48,013 31/12/20 Rights -tranche 1 10,000,000 18/12/18$0.003-$0.02 31/12/20$6,250-tranche 2 10,000,000 18/12/18$0.002-$0.04 31/12/20$4,167-tranche 3 10,000,000 1
225、8/12/18$0.001-$0.06 31/12/20$2,083 G Thomas:11/11/2022 Rights-tranche 1 10,000,000 11/11/2019 0.002-$0.0075 11/11/2022$15,556-tranche 2 10,000,000 11/11/2019 0.002-$0.01 11/11/2022$15,556-tranche 3 10,000,000 11/11/2019 0.002-$0.0125 11/11/2022$15,556 27/05/22 Rights-tranche 1 30,000,000 27/05/19$0.
226、0018-$0.0075 27/05/22$34,500-tranche 2 30,000,000 27/05/19$0.00173-$0.01 27/05/22$33,158-tranche 3 30,000,000 27/05/19$0.00167-$0.0125 27/05/22$32,008 Yu Qiuming:11/11/2022 Rights-tranche 1 45,833,333 11/11/2019 0.002-$0.0075 11/11/2022$71,296-tranche 2 45,833,333 11/11/2019 0.002-$0.01 11/11/2022$7
227、1,296-tranche 3 45,833,334 11/11/2019 0.002-$0.0125 11/11/2022$71,296 27/05/22 Rights-tranche 1 60,000,000 27/05/19$0.0018-$0.0075 27/05/22$69,000-tranche 2 60,000,000 27/05/19$0.00173-$0.01 27/05/22$66,317-tranche 3 60,000,000 27/05/19$0.00167-$0.0125 27/05/22$64,017 31/12/20 Rights -tranche 1 10,0
228、00,000 18/12/18$0.003-$0.02 31/12/20$6,250-tranche 2 10,000,000 18/12/18$0.002-$0.04 31/12/20$4,167-tranche 3 10,000,000 18/12/18$0.001-$0.06 31/12/20$2,083 T Truelove:27/05/22 Rights-tranche 1 5,000,000 27/05/19$0.0018 -$0.0075 27/05/22$5,750-tranche 2 5,000,000 27/05/19$0.00173-$0.01 27/05/22$5,52
229、6-tranche 3 5,000,000 27/05/19$0.00167-$0.0125 27/05/22$5,335 Amani Gold Limited Directors Report For the year ended 30 June 2020 Page 30 Performance rights will vest subject to meeting specific performance conditions.Tranche 1,2 and 3 performance rights have market vesting conditions being a daily
230、volume weighted average share price at the vesting price outlined in the table above over a minimum of 10 trading days(in the case of the 27/05/22 and 11/11/22 performance rights)and 20 trading days(in the case of the 31/12/20 performance rights).Market vesting conditions have not been met and the r
231、ights have not been converted into shares.Each right is converted to one ordinary share upon vesting.The performance rights vest when the vesting conditions are met.No performance rights will vest if the conditions are not satisfied,hence the minimum value of the performance rights yet to vest is ni
232、l.The maximum value of the performance rights yet to best has been determined as the amount of the grant date fair value of the perofrmance rights that is yet to be expensed.The fair values at grant date of performance rights issued were determined using a Black-Scholes option pricing model or Barri
233、er model simulation that takes into account the exercise price,the term of the rights,the share price at grant date and expected price volatility of the underlying share,and the risk free interest rate for the term of the rights.The model inputs for performance rights granted in year included:Perfor
234、mance rights granted Nov 19 Performance rights granted May 19 Performance rights granted Dec 18 Grant date 15/10/19 30/04/19 30/11/18 Expiry date 15/10/22 27/05/22 31/12/20 Share price at grant$0.002$0.002$0.005 Risk free rate 1.02%1.28%2.00%Volatility rate 210%140%110%Shareholdings of Key Managemen
235、t Personnel The numbers of shares in the Company held during the financial period by Directors and other Key Management Personnel,including shares held by entities they control,are set out below:Balance at 1 July 2019 Acquired Other Movements Balance at 30 June 2020 Directors Klaus Eckhof Nil-Nil Ch
236、an Sik Lap Nil-Nil G Thomas 400,000-400,000 Yu Qiuming 600,000,000-600,000,000 A Truelove Nil-Nil K S Tsang Nil1-Nil 1Balance represents the shares held at the date of appointment as a director Performance Rights of Key Management Personnel The numbers of performance rights in the Company held durin
237、g the financial period by Directors and other Key Management Personnel,including those held by entities they control,are set out below:Balance at 1 July 2019 Received as Remuneration Exercised/Vested Expired Balance at 30 June 2020 Directors Klaus Eckhof 240,000,000 137,500,000-377,500,000 Sik Lap C
238、han 165,000,000 40,000,000-205,000,000 Grant Thomas 90,000,000 30,000,000-120,000,000 Yu Qiuming 210,000,000 137,500,000-347,500,000 A Truelove 15,000,000-15,000,000 K S Tsang Nil1-Nil 1Balance represents the shares held at the date of appointment as a director Amani Gold Limited Directors Report Fo
239、r the year ended 30 June 2020 Page 31 Loans to key management personnel and their related parties There were no loans outstanding at the reporting date to key management personnel and their related parties.Use of Remuneration Consultants The Company did not use any remuneration consultants during th
240、e period.Voting at the groups 2019 Annual General Meeting The 2019 Remuneration Report tabled at the 2019 Annual General Meeting received a“yes”vote of 84.82%.End of Audited Remuneration Report INDEMNIFICATION AND INSURANCE OF OFFICERS AND AUDITORS The Companys Constitution requires it to indemnify
241、directors and officers of any entity within the consolidated entity against liabilities incurred to third parties and against costs and expenses incurred in defending civil or criminal proceedings,except in certain circumstances.An indemnity is also provided to the Companys auditors under the terms
242、of their engagement.Directors and officers of the consolidated entity have been insured against all liabilities and expenses arising as a result of work performed in their respective capacities,to the extent permitted by law.The insurance premium,amounting to$18,191(2019-$16,096)relates to:costs and
243、 expenses incurred by the relevant officers in defending proceedings,whether civil or criminal and whatever the outcome;other liabilities that may arise from their position,with the exception of conduct involving a wilful breach of duty or improper use of information or position to gain a personal a
244、dvantage.ENVIRONMENTAL REGULATIONS The consolidated entitys exploration activities in the Democratic Republic of Congo during the year were subject to environmental laws,regulations and permit conditions in that jurisdiction.There have been no known breaches of environmental laws or permit condition
245、s while conducting operations in the Democratic Republic of Congo during the year.The Directors have considered compliance with the National Greenhouse and Energy Reporting Act 2007 which requires entities to report annual greenhouse gas emissions and energy use.For the measurement period 1 July 201
246、9 to 30 June 2020 the Directors have assessed that there are no current reporting requirements,but may be required to do so in the future.NON-AUDIT SERVICES The Company may decide to employ the auditor on assignments additional to their statutory audit duties where the auditors expertise and experie
247、nce with the Company and/or consolidated entity is important.During the year ended 30 June 2020 BDO Corporate Finance provided$1,750(2019:$2,500)in non-audit related services.Refer to Note 4 in the financial statements for further details.The directors are satisfied that the provision of non-audit s
248、ervices by the auditor did not compromise the auditor independence requirements of the Corporations Act.Amani Gold Limited Directors Report For the year ended 30 June 2020 Page 32 AUDITORS INDEPENDENCE DECLARATION The auditor,BDO Audit(WA)Pty Ltd,has provided the Board of Directors with an independe
249、nce declaration in accordance with section 307C of the Corporations Act 2001.The independence declaration is located on the next page.Signed in accordance with a resolution of Directors.Klaus Eckhof Chairman 30th September 2020 BDO Audit(WA)Pty Ltd ABN 79 112 284 787 is a member of a national associ
250、ation 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,andform part of the international BDO network of in
251、dependent a 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 NEIL SMITH TO THE DIRECTORS OF AMANI GOLD LIMITEDAs lead auditor
252、 of Amani Gold Limited for the year ended 30 June 2020,I declare that,to the best ofmy knowledge and belief,there have been:1.No contraventions of the auditor independence requirements of the Corporations Act 2001 inrelation to the audit;and2.No contraventions of any applicable code of professional
253、conduct in relation to the audit.This declaration is in respect of Amani Gold Limited and the entities it controlled during the period.Neil SmithDirectorBDO Audit(WA)Pty LtdPerth,30 September 2020Amani Gold Limited Consolidated Statement of Profit or Loss and Other Comprehensive Income For the year
254、ended 30 June 2020 Page 34 Notes 2020 2019$Revenue from continuing operations 2 820,448 631 Cost of sales (970,989)-Gross loss (150,541)631 Consultants and corporate costs (1,403,592)(663,989)Employee benefits expense (1,336,927)(476,326)Share based payments expense 3,14(638,037)(70,207)Depreciation
255、 expense (73,136)(62,846)Occupancy expenses (177,897)(61,331)Travel expenses (306,472)(549,269)Foreign exchange gain/(loss)109,327(26,413)Impairment of exploration and evaluation assets 11-(30,946,760)Other (6,664)Loss before related income tax (3,983,939)(32,856,510)Income tax(expense)/benefit 5-Lo
256、ss for the year after income tax (3,983,939)(32,856,510)Net Loss attributable to:Owners of Amani Gold Limited (3,801,519)(18,959,098)Non-controlling interest (182,420)(13,897,412)(3,983,939)(32,856,510)Other comprehensive income/(loss)Exchange differences on translation of foreign operations 658,342
257、 1,536,767 Total comprehensive loss for the year (3,325,597)(31,319,743)Total comprehensive loss attributable to:Owners of Amani Gold Limited (3,086,476)(17,350,534)Non-controlling interest (239,121)(13,969,209)(3,325,597)(31,319,743)Earnings/(Loss)per share for the year attributable to the members
258、of Amani Gold Limited Basic and diluted loss per share 6(0.06)cents(1.35)cents The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes.Amani Gold Limited Consolidated Statement of Financial Position As at 30 June 202
259、0 Page 35 Notes 2020 2019$Current Assets Cash and cash equivalents 8 1,129,978 3,521,896 Other receivables 9 417,785 28,068 Total Current Assets 1,547,763 3,549,964 Non-Current Assets Other receivables 9-11,000 Property,plant&equipment 10 148,217 257,093 Exploration and evaluation expenditure 11 23,
260、451,883 15,248,690 Total Non-Current Assets 23,600,100 15,516,783 Total Assets 25,147,863 19,066,747 Current Liabilities Trade and other payables 12 1,692,476 604,326 Funds received in advance 17 985,884 Total Current Liabilities 2,678,360 604,326 Non-Current Liabilities Interest-bearing convertible
261、 notes 18 2,100,000-Total Non-Current Liabilities 2,100,000-Total Liabilities 4,778,360 604,326 Net Assets 20,369,503 18,462,421 Equity Contributed equity 13 76,642,247 72,101,504 Reserves 15 12,336,495 10,929,517 Accumulated losses (54,659,846)(50,858,328)Capital and reserves attributed to the owne
262、rs of Amani Gold Limited 34,318,896 32,172,693 Non-controlling interest (13,949,393)(13,710,272)Total Equity 20,369,503 18,462,421 The above consolidated statement of financial position should be read in conjunction with the accompanying notes.Amani Gold Limited Consolidated Statement of Changes in
263、Equity For the year ended 30 June 2020 Page 36 Contributed Equity Accumulated Losses Option Premium Reserve Foreign Currency Translation Reserve Non-controlling interest Total Equity Share based Reserves$Balance at 1 July 2018 62,868,356(31,899,230)1,396,044 5,861,728 1,857,224 258,937 40,343,059 Lo
264、ss for the year-(18,959,098)-(13,897,412)(32,856,510)Exchange differences on translation of foreign operations-1,608,564(71,797)1,536,767 Total comprehensive loss for the year-(18,959,098)-1,608,564(13,969,209)(31,319,743)Transactions with equity holders in their capacity as equity holders Share and
265、 listed option issue 9,836,728-9,836,728 Share issue costs (603,580)-(603,580)Share based payments expense options issue -135,750-135,750 Transactions with non-controlling interests -70,207-70,207 Balance at 30 June 2019 72,101,504(50,858,328)1,531,794 5,931,935 3,465,788(13,710,272)18,462,421 Amani
266、 Gold Limited Consolidated Statement of Changes in Equity For the year ended 30 June 2020 Page 37 Foreign Currency Translation Reserve Contributed Equity Accumulated Losses Option Premium Reserve Share based Reserves Non-controlling interest Total Equity$Balance at 1 July 2019 72,101,504(50,858,328)
267、1,531,794 5,931,935 3,465,788(13,710,272)18,462,421 Loss for the year-(3,801,519)-(182,420)(3,983,939)Exchange differences on translation of foreign operations-715,042(56,700)658,342 Total comprehensive loss for the year-(3,801,519)-715,042(239,120)(3,325,597)Transactions with equity holders in thei
268、r capacity as equity holders Share issue 4,797,141-53,899-4,851,040 Share issue costs (256,399)-(256,399)Convertible note issues(net of costs)-Share based payments expense options issue -Share based payments expense rights -638,037-638,037 Transactions with non-controlling interests -Balance at 30 J
269、une 2020 76,642,246(54,659,847)1,585,693 6,569,972 4,180,830(13,949,392)20,369,503 The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes.Amani Gold Limited Consolidated Statement of Cash Flows for the year ended 30 June 2020 Page 38 Notes 202
270、0 2019$Cash Flows from Operating Activities Receipts from customers 795,876-Payments to suppliers and employees (2,122,434)(1,475,714)Interest received 815 631 Net Cash outflows from Operating Activities 21(1,325,743)(1,475,083)Cash Flows from Investing Activities Payments for plant and equipment (8
271、7,383)(5,450)Payments for exploration and development expenditure (7,636,362)(4,562,740)Payments for rental bonds -Net Cash outflows from Investing Activities (7,723,745)(4,568,190)Cash Flows from Financing Activities Proceeds from securities issues 4,797,141 7,814,228 Securities issue expenses (256
272、,399)(467,830)Repayment of loan -Proceeds from borrowings -1,348,963 Proceeds from issue of convertible notes 18 2,100,000-Net Cash inflows from Financing Activities 6,640,742 8,695,361 Net increase/(decrease)in Cash and Cash Equivalents (2,408,746)2,652,088 Cash and cash equivalents at the beginnin
273、g of the year 3,521,896 867,360 Effects of exchange rate fluctuations on the balances of cash held in foreign currencies 16,828 2,448 Cash and Cash Equivalents at End of Year 8 1,129,978 3,521,896 The above consolidated statement of cash flows should be read in conjunction with the accompanying note
274、s.Amani Gold Limited Notes to the Consolidated Financial Statements for the year ended 30 June 2020 Page 39 1.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES These general purpose financial statements have been prepared in accordance with Australian Accounting Standards,other authoritative pronouncements
275、 of the Australian Accounting Standards Board,Urgent Issues Group Interpretations and the Corporations Act 2001.The financial statements are for the consolidated entity consisting of Amani Gold Limited and its subsidiaries(the“group”or the“consolidated entity”).Amani Gold Limited is a listed for-pro
276、fit public company,incorporated and domiciled in Australia.During the year ended 30 June 2020,the consolidated entity conducted operations in Australia,and the Democratic Republic of Congo.The financial statements have also been prepared on a historical cost basis.Cost is based on the fair values of
277、 the consideration given in exchange for assets.The financial report is presented in Australian dollars.Going Concern Basis The financial report has been prepared on the basis of accounting principles applicable to a“going concern”which assumes the Group will continue in operation for the foreseeabl
278、e future and will be able to realise its assets and discharge its liabilities in the normal course of operations.The Group has operating cash inflows,including gold trading sales and interest income,and has incurred net cash outflows from operating and investing activities for the year ended 30 June
279、 2020 of$9,049,488(2019:$6,043,273).At 30 June 2020,the Group had cash balances of$1,129,978(2019:$3,521,896).In addition,on 31 January 2020,the World Health Organization(WHO)announced a global health emergency because of a new strain of coronavirus originating in Wuhan,China(COVID-19 outbreak)and t
280、he risks to the international community as the virus spreads globally beyond its point of origin.Because of the rapid increase in exposure globally,on 11 March 2020,the WHO classified the COVID-19 outbreak as a pandemic.These events are having a significant negative impact on world stock markets,cur
281、rencies and general business activities.The full impact of the COVID-19 outbreak continues to evolve at the date of this report.As at the date of this report,the Group is not able to estimate the full effects of the COVID-19 outbreak on its results,financial condition,or liquidity for the 2020 finan
282、cial year.If the pandemic continues,it may have a material adverse effect on the Groups results,financial position,and liquidity.The directors have prepared cash flow projections that support the ability of the Group to continue as a going concern.These cash flow projections assume the Group obtains
283、 sufficient additional funding from shareholders or other parties.If such funding is not achieved,the Group plans to reduce expenditure significantly,which may result in an impairment loss on the book value of exploration and evaluation expenditure recorded at reporting date.These conditions give ri
284、se to a material uncertainty that may cast doubt upon the Groups ability to continue as a going concern.The ongoing operation of the Group is dependent upon:The Group raising additional funding from shareholders or other parties;and/or The Group reducing expenditure in line with available funding.Th
285、e Group has the ability to seek to raise funds from shareholders or other investors and intends to raise such funds as and when required to complete its projects.Subsequent to year end,the Group announced that it had completed a bookbuild for a two tranche placement to sophisticated and professional
286、 investors to raise up to$2.55 million to fund ongoing exploration activities at the Giro and Gada gold projects in the DRC and meet ongoing working capital requirements.Under the fundraising,the Company agreed to issue up to 2,550 million fully paid ordinary shares at an issue price of 0.1 cents pe
287、r share,raising up to$2.55 million(before costs).Subject to receipt of Shareholder approval at a General Meeting scheduled to take place on Friday,14 August 2020,each Placement Share will include 1.5 free attaching listed options,with each having an exercise price of 0.15 cents and expiry date three
288、 years from date of issue.Tranche 1 of the Placement,which comprised 1,003,700,000 Shares,was issued under the Companys Amani Gold Limited Notes to the Consolidated Financial Statements for the year ended 30 June 2020 Page 40 existing placement capacity under ASX Listing Rule 7.1,and was completed o
289、n 2 July 2020.Tranche 2 of the Placement,for up to 1,548,800,000 shares,is subject to Shareholder approval at the General Meeting.Due to Covid-19 travel retrictions impacting on shareholders ability to physically attend and participate in the General Meeting that was scheduled for 14 August 2020 a m
290、otion put to a quorum of shareholders present to adjourn the meeting was carried.On 11 September Company advised shareholders that the adjourned General Meeting of Amani will be reconvened and held on a fully virtual basis on Thursday 15 October 2020 commencing at 11.00am(Adelaide time,ACST).In the
291、longer term,the development of economically recoverable mineral deposits found on the Groups existing or future exploration properties depends on the ability of the Group to obtain financing through equity financing,debt financing or other means.If the Groups exploration programs are ultimately succ
292、essful,additional funds will be required to develop the Groups properties and to place them into commercial production.The ability of the Group to arrange such funding in the future will depend in part upon the prevailing capital market conditions as well as the business performance of the Group.The
293、re can be no assurance that the Group will be successful in its efforts to arrange additional financing,if needed,on terms satisfactory to the Group.If adequate financing is not available,the Group may be required to delay,reduce the scope of,or eliminate its current or future exploration activities
294、 or relinquish rights to certain of its interests.Failure to obtain additional financing on a timely basis could cause the Group to forfeit its interests in some or all of its properties and reduce or terminate its operations.Should the Group not be able to continue as a going concern,it may be requ
295、ired to realise its assets and discharge its liabilities other than in the ordinary course of business,and at amounts that differ from those stated in the financial statements and that the financial report does not include any adjustments relating to the recoverability and classification of recorded
296、 asset amounts or liabilities that might be necessary should the group not continue as a going concern.Adoption of New and Revised Standards and change in Accounting Standards Early adoption of accounting standards The Group has not elected to apply any pronouncements before their operative date in
297、the annual reporting year beginning 1 July 2019.New and amended standards adopted by the Group A new or amended standards became applicable for the current reporting period for which the Group has adopted:AASB 16 Leases AASB 16 Leases Effective 1 July 2019,AASB 16 has replaced AASB 117 Leases and IF
298、RIC 4 Determining whether an Arrangement Contains a Lease.AASB16 provides a single lessee accounting model,requiring the recognition of assets and liabilities for all leases,together with options to exclude leases where the lease term is 12 months or less,or where the underlying asset is of low valu
299、e.AASB 16 substantially carries forward the lessor accounting in AASB 117,with the distinction between operating leases and finance leases being retained.The Group does not have significant leasing activities acting as a lessor.(a)Transition Method and Practical Expedients Utilised The Group adopted
300、 AASB 16 using the modified retrospective approach,with recognition of transitional adjustments on the date of initial application(1 July 2019),without restatement of comparative figures.The Group elected to apply the practical expedient to not reassess whether a contract is,or contains,a lease at t
301、he date of initial application.Contracts entered into before the transition date which were not identified as leases under AASB 17 and IFRIC 4 were not reassessed.The definition of a lease under AASB 16 was applied only to contracts entered into or changed on or after 1 July 2019.Amani Gold Limited
302、Notes to the Consolidated Financial Statements for the year ended 30 June 2020 Page 41 1.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES continued AASB 16 provides for certain optional practical expedients,including those related to the initial adoption of the standard.The Group applied the following pra
303、ctical expedients when applying AASB 16 to leases previously classified as operating leases under AASB 117:Apply a single discount rate to a portfolio of leases with reasonably similar characteristics;Exclude initial direct costs from the measurement of right-of-use assets at the date of initial app
304、lication for leases where the right-of-use asset was determined as if AASB 16 had been applied since the commencement date;Reliance on previous assessments on whether leases are onerous as opposed to preparing an impairment review under AASB 36 as at the date of initial application;and Applied the e
305、xemption not to recognise right-of-use assets and liabilities for leases with less than 12 months of lease term remaining as of the date of initial application.As a lessee,the Group previously classified leases as operating or finance leases based on its assessment of whether the lease transferred s
306、ubstantially all of the risks and rewards of ownership.Under AASB 16,the Group recognises right-of-use assets and lease liabilities for most leases.However,the Group has elected not to recognise right-of-use assets and lease liabilities for some leases of low value assets based on the value of the u
307、nderlying asset when new or for short-term leases with a lease term of 12 months or less.The impact of the adoption of the standard on the group was not material.New and amended standards not yet adopted by the Group Certain new accounting standards and interpretations have been published that are n
308、ot mandatory for 30 June 2020 reporting year and have not been early adopted by the group.The only significant new accounting standard not yet adopted relates to Interpretation 23 Uncertainty over Income Tax Treatments,however management do not believe this to have a significant impact on the groups
309、 financial statements.There are no other significant Australian Accounting Standards and Interpretations that were recently issued or amended but are not yet effective and have not been early adopted by the Group for the year ended 30 June 2020.Gold Trading Amani secured Gold Dealer Licence in Tanza
310、nia in November 2019 via a 60%equity interest in Amago Trading Limited.The Gold Dealer Licence No.DL013/GTA/2019-2020 was granted to Amago by Ministry of Minerals Mining Commission,The United Republic of Tanzania.Amago Trading Limited sources gold from local artisanal miners from the Geita region of
311、 Tanzania.The gold is smelted at the Amago office and the local miners are paid at an agreed price.The gold is transported to a Hong Kong smelter by a security firm.Amago receives payment for the smelted gold from the Hong Kong gold refinery the same day as is processed.Amago pays the Hong Kong smel
312、ter a processing fee of$8 US per ounce of smelted gold.Revenue is recognized when control of the goods and services have passed to the gold refinery and costs incurred or to be incurred in respect of the transaction can be measured reliably.Control is considered passed to the gold refinery at the ti
313、me of“delivery of goods to the customer”,hence revenue is recognized at a point in time.Amani Gold Limited Notes to the Consolidated Financial Statements for the year ended 30 June 2020 Page 42 1.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES continued Statement of Compliance These financial statements
314、were authorised for issue on 30 September 2020.The consolidated financial statements comprising the financial statements and notes thereto,comply with International Financial Reporting Standards(IFRS)as issued by the International Accounting Standards Board(IASB).Basis of Consolidation The consolida
315、ted financial statements comprise the financial statements of Amani Gold Limited(the“Company”)and subsidiaries.Subsidiaries are all entities over which the group has control.The group controls an entity when the group is exposed to,or has rights to variable returns from its involvement with the enti
316、ty and has the ability to affect those returns through its power to direct the activities of the entity.The financial statements of the subsidiaries are prepared for the same reporting period as the parent company,using consistent accounting policies.In preparing the consolidated financial statement
317、s,all intercompany balances and transactions,income and expenses and profit or losses resulting from intra-group transactions have been eliminated in full.Subsidiaries are fully consolidated from the date on which control is transferred to the consolidated entity and cease to be consolidated from th
318、e date on which control is transferred out of the consolidated entity.Parent Entity Financial Information The financial information for the parent entity,Amani Gold Limited,disclosed in Note 23 has been prepared on the same basis as the consolidated financial statements.Cash and cash equivalents Cas
319、h and cash equivalents include cash on hand,deposits held at call with banks and other short-term highly liquid investments readily convertible to cash.Foreign currency transactions and balances The functional and presentation currency of Amani Gold Limited is Australian dollars.Transactions in fore
320、ign currencies are initially recorded in the functional currency at the exchange rates ruling at the date of the transaction.Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the end of the reporting period.Foreign currency transacti
321、ons are translated into the functional currency using the exchange rates ruling at the date of the transaction.Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the end of the reporting period.Foreign exchange gains and losses result
322、ing from settling foreign currency transactions,as well as from restating foreign currency denominated monetary assets and liabilities,are recognised in profit or loss,except when they are deferred in other comprehensive income as qualifying cash flow hedges or where they relate to differences on fo
323、reign currency borrowings that provide a hedge against a net investment in a foreign entity.Amani Gold Limited Notes to the Consolidated Financial Statements for the year ended 30 June 2020 Page 43 1.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES continued Non-monetary items that are measured in terms o
324、f historical cost in a foreign currency are translated using the exchange rate as at the date of the initial transaction.Non-monetary items measured at fair value in a foreign currency are translated using the exchange rate at the date the fair value was determined.The functional currencies of the o
325、verseas subsidiaries are as follows:Democratic Republic of Congo,Hong Kong,Tanzania and Kenya subsidiaries United States Dollars(USD).At the end of the reporting period,the assets and liabilities of these overseas subsidiaries are translated into the presentation currency of Amani Gold Limited at th
326、e closing rate at the end of the reporting period and income and expenses are translated at the weighted average exchange rates for the year.All resulting exchange differences are recognised in other comprehensive income as a separate component of equity(foreign currency translation reserve).On disp
327、osal of a foreign entity,the cumulative exchange differences recognised in foreign currency translation reserves relating to that particular foreign operation is recognised in profit or loss.Taxes Income tax Deferred income tax is provided for on all temporary differences at reporting date between t
328、he tax base of assets and liabilities and their carrying amounts for financial reporting purposes.No deferred income tax will be recognised from the initial recognition of an asset or liability,excluding a business combination,where there is no effect on accounting or taxable profit or loss.Deferred
329、 tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or liability is settled.Deferred tax is credited in the statement of profit or loss and other comprehensive income except where it relates to items that may be credited directly to equity,in which
330、 case the deferred tax is adjusted directly against equity.Deferred income tax assets are recognised to the extent that it is probable that future tax profits will be available against which deductible temporary differences can be utilised.The amount of benefits brought to account or which may be re
331、alised in the future is based on the assumption that no adverse change will occur in income taxation legislation and the anticipation that the Group will derive sufficient future assessable income to enable the benefit to be realised and comply with the conditions of deductibility imposed by the law
332、.The carrying amount of deferred tax assets is reviewed at each reporting date and only recognised to the extent that sufficient future assessable income is expected to be obtained.At the reporting date,the Directors have not made a decision to elect to be taxed as a single entity.In accordance with
333、 Australian Accounting Interpretations,“Substantive Enactment of Major Tax Bills in Australia”,the financial effect of the legislation has therefore not been brought to account in the financial statements for the year ended 30 June 2020,except to the extent that the adoption of the tax consolidation would impair the carrying value of any deferred tax assets.Deferred tax assets and deferred tax lia
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